Comstock Adjusted Ebitda More Than Doubles on 34% Revenue Growth
Third-quarter revenue reached $17.9 million as the managed-asset platform added 24 assets year over year.
Comstock Holding Companies (CHCI) reported third-quarter revenue of $17.9 million, up 34% from a year earlier, and Adjusted EBITDA of $2.3 million, up 112%.
The real estate company said the year-over-year pace slowed from 74% revenue growth in the second quarter and 38% in the first. Chairman and Chief Executive Officer Christopher Clemente said the company achieved double-digit revenue growth for the eighth consecutive quarter and was well on track to deliver record results in 2026.
Net income was $0.6 million, or $0.06 a share, up 9% from $0.5 million a year earlier. The quarter included a $1.0 million unrealized loss on Jericho Energy Ventures equity investments, which the company said partially reversed a significant gain in the second quarter.
The company said the increases in Adjusted EBITDA were primarily driven by continued expansion of the managed portfolio, which brought higher recurring fee-based revenue from its three operating property management subsidiaries and higher asset management fee revenue. Supplemental leasing fees and acquisition fees also contributed.
The managed portfolio stood at 115 assets, including 12 new contracts secured by ParkX in the third quarter. ParkX revenue was up 65% versus the prior year.
The stabilized commercial portfolio was 92% leased. The company executed 12 commercial leases in the quarter covering about 62,000 square feet of office and retail space. The stabilized residential portfolio was 91% leased. Reston Station’s five Trophy-class office towers were 98% leased or reserved, with interior build-outs underway for Booz Allen Hamilton’s 300,000-plus square-foot headquarters and other tenants. The recently delivered 419-unit BLVD Haley at Reston Station was 50% leased at period end.
The Institutional Venture Platform secured a purchase agreement for The Ascher, a 672-unit value-add multifamily property in Charlotte, North Carolina, and development approval for a 147-unit LITEC multifamily development in Rockville, Maryland.
The Oklahoma joint venture with Jericho Energy Ventures secured 1,000 acres of surface development rights in the third quarter and now holds about 7,000 acres in total. The company said development plans have commenced for the first of several large-scale data center campuses.
Clemente said the company is building a stronger, more diversified company through growth of operating subsidiaries, expanding relationships with third-party asset owners, and opportunities to extend the integrated platform beyond the Washington, D.C. region.
For the nine months ended September 30, revenue was $57.9 million, up 49% from $38.9 million a year earlier. Net income was $11.4 million, and Adjusted EBITDA was $11.8 million. Diluted earnings were $1.05 a share.
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