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COMSTOCK Comstock Holding Companies Reports Third Quarter 2021 Results WASHINGTON , D.C. and RESTON , Va . , Nov. 15 , 2021 ( GLOBE NEWSWIRE ) -- On November 15 , 2021 , Comstock Holding Companies , Inc. , ( NASDAQ : CHCI ) ( the " Company " ) , announced financial results for the three and nine months ended September 30 , 2021 : Highlights of Third Quarter 2021 , as compared to Third Quarter 2020 : Total revenue from continuing operations increased by 73 % to $ 10.2 million during the third quarter 2021 , as compared to $ 5.9 million during the same period of the prior year . 1 Operating income from continuing operations increased by 525 % to $ 3.1 million during the third quarter 2021 , as compared to $ 0.5 million during the same period of the prior year . | Net income increased by 590 % to $ 2.9 million during the third quarter 2021 , as compared to $ 0.4 million during the same period of the prior year . Highlights of nine months ended September 30 , 2021 , as compared to nine months ended September 30 , 2020 : Total revenue from continuing operations increased by 47 % to $ 23.3 million during the nine months ended September 30 , 2021 , as compared to $ 15.8 million during the same period of the prior year . ☐ Operating income from continuing operations increased by 116 % to $ 4.1 million during the nine months ended September 30 , 2021 , as compared to $ 1.9 million during the same period of the prior year . Net income increased by 803 % to $ 14.4 million during the nine months ended September 30 , 2021 , as compared to $ 1.6 million during the same period of the prior year . " Comstock's results this quarter further demonstrate the benefits of our asset - light , revenue generating strategy that is designed to provide above average return on invested capital with minimal exposure to market risks , " said Christopher Clemente , Chairman and CEO of Comstock Holding Companies , Inc. “ I am confident that our experienced management team , our vertically integrated operating platform , and our market leading portfolio of strategically located transit - oriented assets in one of America's best real estate markets positions Comstock well to continue delivering positive results . I look forward to reporting on our continued progress in coming periods . " About Comstock Holding Companies , Inc. Comstock Holding Companies , Inc. ( " Comstock " ) is a real estate investor , developer , operator , asset manager and real estate services company that , since 1985 has developed , constructed , acquired and managed several thousand residential units and millions of square feet of residential and mixed - use properties throughout the Washington , D.C. region and other markets in the southeastern United States . Comstock is at the forefront of the urban transformation of Washington , DC's Dulles Corridor , where its managed portfolio includes two of the largest transit - oriented , mixed - use developments in the Washington , D.C. area , Reston Station and Loudoun Station . Comprised of more than 3 million square feet of stabilized residential , retail and office properties and an additional approximately 4 million square feet of current and planned development , Comstock is a market leader in one of the best real estate markets in the nation . In addition to its highly sought - after transit - oriented and mixed - use developments , Comstock acquires stabilized properties in partnership with institutional and high net worth real estate investors . Such ventures generally rely on Comstock's vertically integrated real estate services and asset management platform pursuant to long - term asset management contracts that provide the company co - investment opportunities , current period income and performance - based incentives . Comstock Holding Companies , Inc. is publicly traded on NASDAQ under 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 )