CHCI OCTOBER 2020 INVESTOR PRESENTATION - Comstock Holding Companies, Inc. NASDAQ: CHCI
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CHCI
OCTOBER 2020
INVESTOR PRESENTATION
Comstock Holding Companies, Inc.
NASDAQ: CHCI
Disclosures
This release includes “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. You should not
place undue reliance on any forward-looking statement, which speaks only as of the date made. Additional information concerning
important risks and uncertainties can be found under the heading “Risk Factors” in our most recent Annual Report on Form 10-K, as
filed with the Securities and Exchange Commission. Our actual results could differ materially from these projected or suggested by
the forward-looking statements. Comstock claims the protection of the safe harbor for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995 for all forward-looking statements contained herein. Comstock specifically disclaims
any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or
otherwise.
While every attempt has been made to ensure the accuracy of included measurements, all future development measurements are
based on available information at the time of production of this Investor Presentation and therefore all square foot measurements
are subject to change without notice.
JUNE 2020 2
Comstock at a Glance
A PLATFORM FOR GROWTH DESIGNED TO
CREATE VALUE FOR ALL STAKEHOLDERS
Comstock Holding Companies, Inc. (NASDAQ: CHCI) is a leading
developer, operator, and asset manager of mixed-use and transit-oriented
properties in the Washington, D.C. area where we primarily focus on select
high-growth urban and transitioning “sub-urban” markets. As a vertically
integrated real estate operating company and investor, we have several
revenue sources.
• We 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, enabling the
Company to increase its assets under management (“AUM”).
• Comstock is at the forefront of the urban transformation of one of 43805 Central Station Dr @ Ashburn Metro
the most dynamic real estate markets in the nation, Washington DC’s
Dulles Corridor, where it is developing a ~7M square foot portfolio
of mixed-use and transit-oriented properties located adjacent to key
Metro stations on the new Silver Line (the “Anchor Portfolio”).
• Comstock recently entered Arlington’s premier mixed-use and
transit-oriented submarket, the Rosslyn-Ballston Corridor, acquiring a
211,000 square foot office tower located at the Clarendon Metro station
through a joint venture with institutional capital partners, retaining an
economic interest and management responsibilities.
• Comstock affiliates have been selected by multiple jurisdictions as
the operating partner for Public-Private Partnerships responsible for
development of mixed-use and transit-oriented developments that
include large-scale public infrastructure elements.
3101 Wilson Blvd 1900 Reston Metro Plaza
@ Clarendon Metro @ Reston Station Metro
JUNE 2020 3
Comstock at a Glance
ASSETS UNDER 2019 + 2020 YTD
MANAGEMENT CHCI ACQUISITIONS
OPERATING UNDER CONSTRUCTION FUTURE DEVELOPMENT
PORTFOLIO Delivering 2020 & 2021 PIPELINE
$25.3M 5
2019 REVENUES BUILDINGS
1.4M 454K 1.8M
79%
COMMERCIAL SF
82%
COMMERCIAL SF
pre-leased
OFFICE AND RETAIL SF
$3.3M 750K SF
2019 EBITDA ADDITIONS TO AUM
805 90%
318 1,600 $7M $1.6M
MULTIFAMILY UNITS MULTIFAMILY UNITS MULTIFAMILY UNITS Q1 2020 REVENUE ACQUISITION FEES
600K+ SF 2/450 $502K ~$285M
2019 AND YTD 2020 HOTELS/KEYS Q1 2020 EBITDA CAPITAL RAISED
LEASING ACTIVITY AND DEPLOYED
CUSTOMERS ASSET TYPES SERVICES
Corporate Real Estate Mixed-Use Transit Oriented Asset Management
Owners Retail Asset Acquisition and
Institutional Real Estate Office Disposition
Investors
Multifamily Leasing and Marketing
Family Offices
Hotel Design, Planning, and
Financial Institutions Entitlements
Parking
Governmental Institutions Public Infrastructure Development and
Construction
Property Management
Facility Management
Environmental Engineering &
COVID-19 Services
*All totals are approximate and subject to change.
JUNE 2020 4
How Comstock Generates Revenues
As a vertically integrated real estate operating company and real estate
investor, we generate revenue in several ways in connection with the ASSET MANAGEMENT SERVICES
properties we acquire, develop, and/or manage. Our multiple revenue
sources generally include fee-based revenue generated by providing
• Asset management fees are earned pursuant to a long-term asset
multiple services in connection with AUM properties, partnership income
management agreement through 2027 on the Anchor Portfolio,
generated by co-investing with our institutional partners in certain
and pursuant to asset management agreements related to other
AUM properties, performance-based incentive income generated
when transaction related events occur and when the performance of an properties on shorter term contracts
AUM property meets certain financial metrics, and income generated
• Management fees derived from multiple services:
by providing supplemental real estate related services, including
environmental remediation and COVID-19 related services. — Asset management fees as a percentage of managed portfolio
revenues
COMMERCIAL REAL ESTATE ACQUISITION FEE STREAM
— Construction management fees as a percentage of costs
associated with development of managed assets
• Investment origination fee for equity capital raised
• Loan Origination fee for capital markets/debt placements — Property management fees as a percentage of revenues
• Fees related to ongoing Asset Management and Property generated by managed portfolio assets
Management Services
— Disposition fees as a percentage of the sales price of the
disposition asset
COMSTOCK REAL ESTATE SERVICES (CRES)
• Anchor Portfolio managed pursuant to cost plus contract
for downside protection
• CRES provides supplemental services related to real estate
brokerage, equity and debt originations, and title insurance services
• Incentive fees as a percentage of free cashflow of AUM assets
• Comstock Environmental provides variety of environmental above a specified preferred return on invested capital
remediation and industrial hygiene management services, including
COVID-19 related services • Leasing fees for new lease originations and lease renewals
• CRES generates supplemental fee income from our highly qualified
personnel and serve as a potential catalyst for joint venture and
strategic acquisitions
JUNE 2020 5
Comstock Fee Structure
ASSET MANAGEMENT FEES SUPPLEMENTAL FEES
Development Equity
Asset Property Promote Loan Leasing
+ Construction Acquisition Disposition Investment
Management Management Incentive Fee Origination Management
Management Origination
ANCHOR PORTFOLIO (*) - FULL SERVICE ASSET MANAGEMENT CONTRACTS
Reston / Loudoun Station
EXISTING
Office X X X X X X X
Residential X X X X X X X
Retail X X X X X X X
Parking X X X X X X X
CONSTRUCTION
Reston / Loudoun Station
Office X X X X X X X X
UNDER
Residential X X X X X X X X
Retail X X X X X X X X
Parking X X X X X X X X
CO-COMMITTED ASSET
The Hartford
X X X X X
Building
MANAGED PORTFOLIO - SELECT-SERVICE ASSET MANAGEMENT CONTRACTS
Tysons Gateway X
Richmond
X
Station
Bella Collina X
Momentum @
X
Shady Grove
Herndon X X X X X X X X
*Covered under the greater of the cost plus fee or market rate fee structure.
JUNE 2020 6
Comstock Leadership and Principal
Owners of Anchor Portfolio
CHRIS CLEMENTE DWIGHT SCHAR
Chairman & CEO of Comstock Holding Companies, Inc. Chairman of NVR
Managing Director & Principal of Comstock Partners, LC, Owner of Washington Redskins, Principal of Comstock Partners, LC,
(Owner of Anchor Portfolio) (Owner of Anchor Portfolio)
35 years industry experience 50 years industry experience
Chris Clemente founded the Comstock organization in 1985 and has guided its Dwight Schar co-owns Comstock Partners, LC with Christopher Clemente. Mr. Schar
growth and diversification since its inception. Mr. Clemente managed the growth of has been active in the real estate development industry since 1969 when he joined
Comstock as a private enterprise until the 2004 initial public offering of Comstock Ryan Homes in Ohio. Mr. Schar excelled in his management roles at Ryan Homes
Homebuilding Companies, Inc. (NASDAQ: CHCI), now known as Comstock and led the expansion of Ryan Homes in the Washington, D.C. market in the 1970’s.
Holding Companies, Inc. (“Comstock” or “Company”). Since the IPO, Mr. Clemente Mr. Schar left Ryan Homes to form NV Land and NV Homes in 1977. After much
has served as Chairman of the Board and CEO of Comstock and is the largest success in the 1980’s, Mr. Schar orchestrated NV Homes’ acquisition of the much
individual stockholder of the Company. Mr. Clemente chairs Comstock’s Executive larger Ryan Homes in 1987, renaming the combined companies NVR, Inc. (“NYSE:
Committee, which charts strategic direction, evaluates acquisition opportunities, NVR”). Mr. Schar served as President and CEO of NVR until 2005 and as Executive
and oversees strategic partnerships, including multiple public-private partnerships Chairman of the Board of Directors and Chairman of the Executive Committee of
where Comstock is the operating partner. Mr. Clemente co-owns Comstock NVR. Mr. Schar is part-owner of the NFL Washington Redskins football team and
Partners, LC with Dwight Schar and other family members, a family-owned, private was a managing partner of private equity firm, Red Zone Capital (“Red Zone”).
company founded in 1999 to focus on commercial real estate development and Among other holdings, Red Zone owned Johnny Rockets Restaurants and Red
investment. Mr. Clemente is also Managing Member at Comstock Partners, LC. Zebra Radio Stations. In 2007, Red Zone acquired Dick Clark Productions, owner of
numerous popular entertainment assets including, the Golden Globe Awards, the
Country Music Awards and Dick Clark’s Rockin’ New Year’s Eve.
JUNE 2020 7
Reshaped Management Team Combines Local Expertise
with Institutional Asset Management Experience
TIMOTHY STEFFAN CHRISTOPHER GUTHRIE JUBAL THOMPSON JOSEPH SQUERI
EVP of Asset Management, CFO & EVP General Counsel & EVP Director & EVP of Strategy and,
Leasing & Development 19 years industry experience 21 years industry experience Corporate Development
35 years industry experience 33 years industry experience
MIKE DAUGARD RANDI KILLEN MICHAEL GUALTIERI TRACY SCHAR JOHN HARRISON
SVP of Acquisitions SVP of Human Resources SVP of Finance & Corporate SVP of Marketing & Brand SVP of Development
21 years industry experience 18 years industry experience Controller Management 38 years of industry experience
16 years industry experience 31 years industry experience
STEVE TRAUNER SHARON FITZGERALD KRIS GREEN DYLAN CLEMENTE
Managing Director CRES Managing Director of Commercial VP of Residential Property VP of Park X Management
25 years industry experience Property Management Management 5 years industry experience
35 years industry experience 12 years industry experience
JUNE 2020 8
Comstock History
1985 2012
Company CHCI changes name
Founded to Comstock Holding
as for-sale 2004 Companies, Inc. 2018
homebuilder IPO Comstock (NASDAQ: CHCI) CHCI begins transformation
(“HB”) in northern Homebuilding 2016 of operating platform to real
VA Companies, Inc. CHCI divests HB CP delivers AMC estate related fee based 2019
(NASDAQ: CHCI) subsidiaries in NC, SC, Theatre and 1st services company, merging CP & CHCI amend AMA expanding
| and GA office building in
| staff with CP fee based services and adding
1997 2008 Loudoun Stn greater of market-rate or cost plus
HB expanded 2005 Delivered Eclipse CP delivers BLVD at | CHCI and CP enter Asset feature and incentive fees
into Raleigh, NC Began first at Potomac Yard Loudoun Stn and begins Management Agreement
Market mixed-use Phase II of Loudoun Stn 2016-2018
| (“AMA”) covering Anchor CHCI completes wind-down of HB
project, Eclipse commercial CHCI transforms
| Portfolio and recapitalizes Balance Sheet
at Potomac Yard 2010 operations to
1999 CP begins | focus on CRE
Comstock Partners CHCI buys first of Loudoun 2013 development CP delivers Loudoun Stn Metro CP acquires CMC office portfolio,
(“CP”) founded as several stabilized Stn Phase I CP delivers Reston Stn and asset garage in P3 with Loudoun further expanding Reston Stn
CRE developer apt communities residential Transit Facility management County neighborhood and Anchor Portfolio
1985 − PRESENT
2000 2006 2011 2014 2017 2018-2019 2019
CP begins CP wins RFP to CHCI delivers CP begins BLVD at CHCI acquires JK CP acquires land to Reston Stn leads market with
acquiring land develop Reston & sells first Reston Stn Environmental further expand Reston Stn 500k+ sf of office space leases
for Reston Stn & Station Transit merchant built | Services, rebrands neighborhood, creating Reston |
Loudoun Stn Facility in P3 with apartment as Row District
Fairfax County development 2015 2020
| Comstock |
CP wins RFP to develop CP acquires CMC 6, further
Environmental
2001 CHCI expands Metro Garage at 2019 expanding the Reston Station
Services, LC
CP delivers 1st HB operations Loudoun Stn in P3 with CHCI and CP form venture neighborhood and the Anchor
office building in Carolinas and Loudoun County CP wins RFP and acquire Hartford Bldg Portfolio AMA and delivers Loudoun
(Current HQ) at GA through for P3 Herndon in Arlington, VA Phase II residential
Reston Station acquisitions downtown
redevelopment CHCI expands Hartford Bldg venture,
admitting institutional capital and
CP begins placing institutional debt
Loudoun Stn
Phase II residential
HB= Home Builder CP=Comstock Partners
JUNE 2020 9
Focusing on Select High-Growth Urban
& Transitioning “Sub-Urban” Markets
TRANSIT-ORIENTED
DEVELOPMENTS
Irreplaceable locations
adjacent to key Metro
stations on DC area’s new
Silver Line, which is designed
to accommodate over 5M
passengers annually when
Phase II is fully operational
in 2021
STRONG SUBMARKET
ECONOMIC
FUNDAMENTALS
Thriving Northern Virginia
fundamentals including YOY
job growth at 4.4% in Q1-20
and among highest median
household income in nation
RESILIENT ECONOMY
The Washington, DC MSA
is diverse and resilient,
demonstrating strong job
growth in most years and
ability to recover from market
slowdowns faster than most
other markets
JUNE 2020 10Since Transforming Operating Platform, Comstock Has
Added More Than 4M SF of Assets Under Management
Q1 2018 CURRENT DIFFERENCE
COMMERCIAL 958,000 SF 3,250,000 SF 2,292,000 SF
MULTIFAMILY 2,000,000 SF 3,200,000 SF 1,200,000 SF
HOTELS 0 400,000 SF 400,000 SF
RETAIL 314,000 SF 475,000 SF 161,000 SF
TOTAL SF 3,272,000 SF 7,325,000 SF 4,050,000 SF
Number of commercial assets 7 15 8
Number of multifamily assets 6 (1,400 units) 10 (2,800 units) 4
Number of hotel assets 0 (0 Keys) 2 (450 Keys) 2
TOTAL number of assets 13 27 14
Figures are approximate and include pipeline of development assets.
JUNE 2020 11Increasing AUM Through Acquisition of Stabilized
Assets and Development of Anchor Portfolio
7.0
6.0
5.0
Sqft (millions)
4.0
3.0
2.0
1.0
0
2019 2020 2021 2022 2023 2024 2025
Operating Under construction / Development pipeline Additions from acquisitions
Figures and timing are approximate and include pipeline of development assets.
JUNE 2020 12Mixed-Use and Transit Oriented
Reston Station Attracting Quality Tenants
5.8% 5.4%
4.8%
4.3%
10.2%
3.6%
2.3%
17.8% 2.3%
2.2%
2.1%
1.9%
22.0% 15.1%
OTHER
etc.
Based on net sq ft. Includes vacant spaces and expansion spaces at 1900 Reston Metro Plaza.
JUNE 2020 13Reston Station Represents the Beginning
Transformation of Dulles Corridor
Reston Station is among the largest mixed-use,
transit-oriented developments in the Washington D.C.
MSA and led the market with more than 500,000 sf of
office leases in 2019
Located midway between Dulles Airport and Tysons
Corner, the urban core of Reston Station surrounds the
only fully integrated transit facility in northern VA
Metro’s Wiehle Reston-East Station is situated at center
of Reston Station neighborhood and will accommodate
upwards of 25,000 daily commuters when Phase II of the
Silver Line opens in late 2020 or early 2021
Spanning the Dulles Toll Road, the 40+ acre Reston Station
neighborhood is being developed in four distinct districts: Commerce District in foreground. Metro Plaza and West District in background.
• Metro Plaza District • Commerce District
• Reston Row District • West District
(also known as Promenade District)
RESTON STATION ASSETS OVERVIEW*
5M SF MIXED USE DEVELOPMENT
2M SF TROPHY-CLASS & CLASS-A OFFICE
210K SF RESTAURANTS, DESTINATION RETAIL
400+ KEYS FULL SERVICE & EXTENDED STAY HOTELS (2)
2,000+ RESIDENTIAL UNITS
7,500+ PARKING SPACES
500K+ SF LEASING ACTIVITY 2019
Reston Row District and West District in foreground and Commerce District in background.
*All numbers are approximate and residential totals include buildings by others.
JUNE 2020 14Loudoun Station Is The First Transit-oriented,
Mixed-use Development in Loudoun County
Loudoun Station, located at the
terminus of Phase II of Metro’s Silver
Line in Ashburn, VA is Loudoun County’s
first Metro connected development.
Currently the neighborhood is
connected to Metrorail via non-stop
commuter bus to Reston Station.
Loudoun Station will be the terminus of
the Silver Line upon completion.
Phase II of Metro’s Silver Line is
under construction and scheduled to
commence passenger service in late
2020 or early 2021. Phase I and II looking north from Metro station.
More than 1 million SF of mixed-use
development completed. Loudoun
Station will be the terminus of the
Silver Line Metro upon completion.*
• 1,000 residential units
• 500K SF of Class-A Office Space
• 150K of destination retail
• 5,000+ parking spaces
Loudoun Station neighborhood with future phases in foreground.
*All numbers are approximate.
JUNE 2020 15Stabilized Operating Assets
PROJECT NAME LOCATION ASSET CLASS OFFICE GSF UNITS RETAIL SF
BLVD RESTON Reston Station Multifamily/Retail NA 448 8,700
FOUNDING FARMERS Reston Station Retail/Dining NA NA 12,500
1900 RESTON METRO PLAZA Reston Station Office/Retail 371,000 NA 8,500
1850 CENTENNIAL PARK Reston Station Office/Retail 107,000 NA 3,000
11400 COMMERCE PARK Reston Station Office/Retail 124,000 NA 12,400
11440 COMMERCE PARK Reston Station Office 162,000 NA NA
11480 COMMERCE PARK Reston Station Office 133,000 NA NA
1886 METRO CENTER DR Reston Station Office 90,000 NA NA
BLVD LOUDOUN - PHASE I Loudoun Station Multifamily/Retail NA 357 62,000
43777 CENTRAL STATION Loudoun Station Office 52,000 NA NA
AMC THEATRES Loudoun Station Retail NA NA 62,000
THE HARTFORD BUILDING Clarendon Office/Retail 196,000 NA 16,000
805 units
TOTAL 1,235,000 185,100
~1,000,000 SF
PARK X RESTON Reston Station Parking NA 1,687 spaces NA
PARK X COMMERCE Reston Station Parking NA 1,629 spaces NA
PARK X LOUDOUN Loudoun Station Parking NA 1,518 spaces 21,000
PARK X HARTFORD Clarendon Parking NA 520 spaces NA
Figures are approximate and include future development assets.
JUNE 2020 16Active Development Pipeline
ESTIMATED
PROJECT NAME LOCATION SQUARE FEET TYPE COMPLETION
1906 RESTON METRO PLAZA Reston Station 203K Office 2020
BLVD GRAMERCY EAST AND BLVD FLATS Loudoun Station 419K 318 units 2020
1902 RESTON METRO PLAZA Reston Station 225K Office 2021
HERNDON DOWNTOWN Herndon 339K 273 units 2023
ONE GRAMERCY Loudoun Station 175K Office 2023
ONE RESTON ROW Reston Station 315K Office 2023
BLVD GRAMERCY WEST Loudoun Station 304K 249 units 2023
MARRIOTT HOTEL AND CONDOS Reston Station 465K Hotel / 90 units 2023
ONE COMMERCE Reston Station 385K Office Build-to-suit
BLVD RESTON ROW AND RETAIL Reston Station 355K 250 units 2023
TWO RESTON ROW Reston Station 222K Office 2024
BLVD WEST Reston Station 219K 200 units 2024
BLVD COMMERCE Reston Station 220K 200 units 2024
FUTURE PHASES 1.2M 500 units
TOTAL 5M 1,990 units
Figures are approximate, include future development assets, and completion dates are subject to adjustments based on market conditions.
JUNE 2020 17Northern VA Office Market
Next 24 Months
OFFICE MARKET SUPPLY/DEMAND FORECAST WASHINGTON METRO AREA Demand: 5.5 million SF
(24 MONTHS ENDING SEPTEMBER 2021) New Supply: 7.5 million SF
5
Millions of Square Feet
38%
4 48%
Preleased
Preleased 64%
3 Preleased
2
1
0
Northern Virginia Suburban Maryland D.C.
Demand Development Pipeline
OPPORTUNITY: METRO-ADJACENT OUTPERFORMING OFFICE VACANCY RATE: NORTHERN VIRGINIA 3Q 2019
20%
18%
16%
Vacancy Rate
14%
12%
10%
8%
Within 1/4 mile radius Class A in Reston and Tysons All Northern Virginia
of silver line station
Source: Newmark Knight Frank.
JUNE 2020 18Big Tech Focus on Northern Virginia Transforming
Region into Silicon Valley of the East
The Silver Line consists of 23 miles of new track and 11 new commuter rail
stations. Constructed in two phases, the first phase opened in 2014 and the
second phase will open in late 2020 or early 2021. Phase I includes four stations in
Tysons Corner and one station in the Dulles Corridor at Comstock’s Reston Station,
which serves as terminus of Phase I of Silver Line. Phase II will extend the Silver Line
from Reston Station to Dulles International Airport and into Loudoun County, adding
six stations and terminating at Comstock’s Loudoun Station development.
Commuter parking facilities are provided only at the Reston Station terminus
of Phase I, and five of the six stations of Phase II. No commuter parking is
provided at the stations at Tysons Corner, Reston Town Center Station
and Dulles Airport Station.
JUNE 2020 19Reston Market
Reston is located in Fairfax County in Northern Virginia $60.00
• Fairfax County is a major business center and one of the most desirable communities
$50.00
in the Washington metropolitan area (#1 populous jurisdiction in the DC Metro region,
#2 wealthiest county in the nation, 3.6% unemployment rate vs. 4.0% national average)
$40.00
Office Rent PSF
• Since 2014, rents in the Reston Station area have increased 57.1% due to new construction,
renovated buildings, and new walkable amenities, including Metro rail $30.00
• Silver Line will provide 7 rail stations in Dulles Corridor with Reston Station representing the
Terminus of Phase I, and the largest commuter parking garage $20.00
Reston Town Center commands a rent premium over older and less walkable micro-markets
$10.00
within Reston
• Historically has experienced not only the lowest vacancy rate in Reston but one of the lowest $-
rates of any micro-market in the Washington DC region 1900 Reston
Metro Plaza
Reston Town
Center
Reston Class A Reston Class B
overall overall
Reston Station achieving comparable rents to Reston Town Center
• New buildings, ample parking, abundant amenities, and on-site Metro station attracting corporate relocations
from Reston Town Center and elsewhere
• Led DC market with 500K+ SF of new office leases in 2019 with Big Tech companies and federal contractors
• Silver Line will be completed in late 2020 or early 2021 and is projected to serve 5M+ commuters annually
The Dulles Corridor is well positioned to outperform the broader market from a demand perspective with a fully funded defense budget
and strong growth from big tech tenants specializing in cloud computing and cyber security
Commerce District Wiehle-Reston East Metro Metro Plaza District Reston Row District
JUNE 2020 20Loudoun Market
Loudoun County is located in the northeastern portion of Virginia and is less than 24 miles outside of
#1
Washington D.C.
Loudoun County is the fastest growing and highest earning county in the U.S. with job growth of 68%
Job Growth
since 2000 and a median household income of ~$125K, nearly triple that of the national average
in the United States
More than $3.5B has been invested in Loudoun County between July 2016 and April 2019, bringing the
three-year total to more than $7.2 billion in commercial real estate investment
Silver Line will add 7 Rail Stations in the Dulles Corridor with Loudoun Station representing the Terminus
of Phase II
#1
Wealthiest County
in the Nation
Loudoun County benefits from its close proximity to the Dulles International Airport
• Washington Dulles International Airport is the second busiest Trans-Atlantic airport on the East Coast
serving more than 24M passengers annually with year-round flights to over 125 destinations around
the world
2.5%
Unemployment Rate
vs. 4.0% national average
36YEARS
Median Age
JUNE 2020 21Appendix
Reconciliation of Non-GAAP financial
measures (unaudited)
2019 2020
(in thousands) Full Year Q1
Total revenue 25,317 6,966
Total expenses 23,042 6,775
Operating income 2,275 191
Other income, net 225 9
Interest expense (474) (164)
(Loss) gain on equity method investments carried at fair value (560) (47)
(Loss) income before income tax expense 1,466 (11)
Income tax expense (2) (1)
Net (loss) income from continuing operations 1,464 (12)
+ interest expense 474 164
+ Income tax expense 2 1
+ D&A 301 89
+ stock compensation 479 213
+ Loss on equity method investments carried at fair value 560 47
EBITDA 3,280 502
Note: EBITDA is a non-GAAP financial measure calculated as presented in the table above. CHCI considers EBITDA to be an appropriate supplemental measure of its operating performance, along with net income
from continuing operations and operating income. The Company believes that EBITDA provides useful information to investors because by excluding the effects of certain amounts, such as interest, income tax
expense, depreciation and amortization, stock compensation and loss on equity method investments carried at fair value, EBITDA may facilitate a comparison of current operating performance with historical
operating performance and with the performance of other asset management businesses. EBITDA does not represent cash generated by operating activities in accordance with GAAP and should not be considered
an alternative to net income from continuing operations or operating income, as an indicator of the Company’s financial performance, or as a measure of CHCI’s liquidity.
JUNE 2020 23CHRISTOPHER GUTHRIE
Chief Financial Officer
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