CubeSmart
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Real Estate : Equity Real Estate Investment Trusts (REITs) | Mid Cap Blend
Company profile

CubeSmart operates as a self-managed and self-administered real estate company. The Company focuses on the ownership, operation, management, acquisition and development of self-storage properties in the United States. Its self-storage properties are designed to offer storage space for its residential and commercial customers. Its storage facilities offer lockers, mini storage units and large 10 feet x 30 feet storage rooms. The Company offers various storage options, including household and personal storage, business storage, vehicle and car storage, recreational vehicle (RV) storage, boat storage, motorcycle storage, moving storage and military storage. It also offers CubeSmart Services. As of December 31, 2016, the Company owned 475 self-storage properties located in 23 states and in the District of Columbia. In addition, as of December 31, 2016, it had managed 316 stores for third parties. Its self-storage properties are located in metropolitan areas, as well as suburban areas.

Closing Price
$41.57
Day's Change
-0.33 (-0.79%)
Bid
--
Ask
--
B/A Size
--
Day's High
41.68
Day's Low
40.91
Volume
(Average)
Volume:
981,972

10-day average volume:
1,008,937
981,972

Comstock Holding Companies Reports 2020 Results

5:30 pm ET March 31, 2021 (Globe Newswire) Print

On March 31, 2021, Comstock Holding Companies, Inc., (NASDAQ: CHCI) (the "Company"), announced financial results for the year ended December 31, 2020:

Highlights of 2020 year-end financial results:

Company 2020 highlights:

"The Covid-19 pandemic created many challenges for our industry in 2020. I am pleased to report that as a result of the commitment of our dedicated team of commercial real estate professionals, Comstock was able to generate growth in our top and bottom lines, most notably increasing our year over year net income by 133% while increasing revenues in all aspects of our operations," said Christopher Clemente, Chairman and CEO of Comstock Holding Companies Inc. "Our success in 2020 demonstrates the financial stability provided by our long-term asset management agreements, the quality of our portfolio assets and the continued strong demand for our real estate and real estate related services."

About Comstock Holding Companies, Inc.

Comstock Holding Companies, Inc. ("Comstock" or "CHCI") is a developer, operator, and asset manager of mixed-use and transit-oriented development properties in the greater Washington, D.C. metropolitan area, where we focus primarily on select high-growth urban and transitioning "sub-urban" markets. We provide a broad range of real estate asset management services, including development and construction management services, leasing and property management services, debt and equity financing origination, and other real estate related services. Our customers primarily include private and institutional owners and investors in the real estate properties that we manage and various governmental bodies that have a vested interest in public-private partnerships responsible for the development of certain properties that we develop and manage. CHCI's managed portfolio includes two of the largest transit-oriented, mixed-use developments in the Washington, D.C. area; Reston Station, a five million square foot transit-oriented and mixed-use development in Reston, Virginia, and Loudoun Station, a nearly 2.5 million square foot transit-oriented, mixed-use development in Ashburn, Virginia, as well as other additional development assets. We also invest capital on behalf of our asset management clients and institutional real estate investors in office, retail, residential and mixed-use properties, generally retaining an economic interest for the Company and providing management services to those properties, thereby enabling the Company to increase its assets under management in order to realize competitive advantages of scale and enhance our overall returns. The Company also provides additional fee-based real estate services, including corporate planning, capital markets, brokerage, title insurance, design, and environmental consulting and engineering services, to properties in the Company's managed portfolio and to other clients in the U.S. Mid-Atlantic Region.

Comstock Holding Companies, Inc. is publicly traded on NASDAQ under the symbol CHCI. For more information, visit www.ComstockCompanies.com

Cautionary Statement Regarding Forward-Looking Statements

This release may include "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by use of words such as "anticipate," "believe," "estimate," "may," "intend," "expect," "will," "should," "seeks" or other similar expressions. Forward-looking statements are based largely on our expectations and involve inherent risks and uncertainties, many of which are beyond our control. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements. Additional information concerning important risk factors and uncertainties can be found under the heading "Risk Factors" in our latest Annual Report on Form 10-K, as filed with the Securities and Exchange Commission. Comstock specifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Company:

Comstock Holding Companies, Inc.

Christopher Guthrie, 703-230-1292

Chief Financial Officer

Source: Comstock Holding Companies, Inc.

COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share data)

                                                                                                                                                                                        December 31, 2020  December 31, 2019
ASSETS
Current assets:
Cash and cash equivalents                                                                                                                                                               $     7,032        $     3,511
Trade receivables, net                                                                                                                                                                  1,482              1,886
Trade receivables - related parties                                                                                                                                                     3,598              3,644
Prepaid and other assets, net                                                                                                                                                           242                274
Total current assets                                                                                                                                                                    12,354             9,315
Equity method investments at fair value                                                                                                                                                 6,307              8,421
Fixed assets, net                                                                                                                                                                       266                278
Operating lease right-of-use assets                                                                                                                                                     7,914              114
Goodwill                                                                                                                                                                                1,702              1,702
Intangible assets, net                                                                                                                                                                  36                 103
TOTAL ASSETS                                                                                                                                                                            $     28,579       $     19,933
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accrued personnel costs                                                                                                                                                                 $     2,442        $     2,916
Accounts payable                                                                                                                                                                        523                1,438
Accrued liabilities                                                                                                                                                                     964                166
Short term operating lease liabilities                                                                                                                                                  569                --
Short term notes payable - due to affiliates, net of discount                                                                                                                           --                 5,706
Short term notes payable                                                                                                                                                                5                  77
Total current liabilities                                                                                                                                                               4,503              10,303
Long term notes payable - due to affiliates                                                                                                                                             5,500              --
Long term notes payable, net of deferred financing charges                                                                                                                              --                 1,212
Long term operating lease liabilities, net of current portion                                                                                                                           7,361              61
TOTAL LIABILITIES                                                                                                                                                                       $     17,364       $     11,576
Commitments and contingencies (Note 10)
STOCKHOLDERS' EQUITY
Series C preferred stock, $0.01 par value, 20,000,000 shares authorized, 3,440,690 shares issued and outstanding with a liquidation preference of $17,203 at December 31, 2020 and 2019 $     6,765        $     6,765
Class A common stock, $0.01 par value, 59,779,750 shares authorized, 7,953,729 and 7,849,756 issued and 7,868,159 and 7,764,186 outstanding at December 31, 2020 and 2019, respectively 79                 78
Class B common stock, $0.01 par value, 220,250 shares authorized, issued and outstanding at December 31, 2020 and 2019                                                                  2                  2
Additional paid-in capital                                                                                                                                                              $     200,147      $     199,372
Treasury stock, at cost (85,570 shares Class A common stock)                                                                                                                            (2,662        )    (2,662        )
Accumulated deficit                                                                                                                                                                     (193,116      )    (195,198      )
TOTAL EQUITY                                                                                                                                                                            $     11,215       $     8,357
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                                                                                                                              $     28,579       $     19,933

COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands, except per share data)

                                                        For the years ended December 31,
                                                        2020              2019
Revenue
Asset management                                        $    21,923       $    19,605
Real estate services                                    6,803             5,712
Total revenue                                           28,726            25,317
Operating expenses
Direct costs - asset management                         18,445            16,561
Direct costs - real estate services                     4,097             4,611
General and administrative                              2,956             1,487
Sales and marketing                                     661               383
Operating income                                        2,567             2,275
Interest expense                                        (379        )     (474        )
Other income, net                                       112               225
Income before income tax expense                        2,300             2,026
Income tax expense                                      (25         )     (2          )
Loss on equity method investments carried at fair value (193        )     (560        )
Net income from continuing operations                   2,082             1,464
Net loss from discontinued operations, net of tax       --                (571        )
Net income                                              $    2,082        $    893
Income per share from continuing operations
Basic net income per share                              $    0.26         $    0.22
Diluted net income per share                            $    0.24         $    0.22
Loss per share from discontinued operations
Basic net loss per share                                $    --           $    (0.09  )
Diluted net loss per share                              $    --           $    (0.09  )
Income per share
Basic net income per share                              $    0.26         $    0.13
Diluted net income per share                            $    0.24         $    0.13
Basic weighted average shares outstanding               8,056             6,617
Diluted weighted average shares outstanding             8,539             6,799

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