Comstock : Q126 Investor Presentation
CHCI
Published on 05/14/2026 at 04:23 pm EDT
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G›1 2026 INVESTOR PRESENTATION
C O M S T O C K H 0 L D I N G C O M P A N I E S , I N C . I N a s d a q : C H C I
This Dresentation 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 "anticiDate," "believe," "estimate," "may," "intend," "exDect," "will," "should," "seeks" or other similar expressions. Forward-looking statements are based largely on our exDectations and involve inherent risks and uncertainties, many of which are beyond our control. You should not Dlace undue reliance on any forward-looking statement, which speaks only as of the date made. Any number of imDortant factors could cause actual results to differ materially from those projected or suggested by the forward-looking statements. Comstock sDecifically disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future developments, or otherwise.
While every attemDt 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 sauare foot measurements are subject to change without notice.
Comstock Overview Visionary Leadership
Why Comstock
Q1 2026 UDdate
Institutional Venture Platform (IVP)
10
Data Center Platform (DCP)
Service Offering Expansion - Mall Management
12
Our Managed Portfolio
1319
ESG: Creating Positive lmDacts
20
S!JDDIem ental Information
LeadershiD and Board
23-24
Corporate Structure Overview
25
Our Services
26
Reconciliation of Non-GAAP Financial Measures
27
Comstock is the Premier Commercial Developer and Real Estate Services Provider in the Washington, D.C. Region
Leading asset manager, aeveloDer, ana operator of mixed-use ana transit-orientea Droperties
Since 1985, we nave acquired, aeveloDed, operates, and solo millions of square feet of resiaential, commercial, and mixea-use Droperties
Our rapidly expanaing Dortfolio of nigh-auality managed assets includes Reston Station and Louaoun Station, two of tne largest and most Drominent mixea-use, transit-oriented aeveloDments in the Mid-Atlantic
Extraordinarv alaces. Exceational exaeriences. Proven results. I
Chris Clemente - Chairman and CEO
Founded Comstock (Nasdaq: CHCI) in 1985
Led acauisition, development, oDeration, and sale of millions of square
feet of residential, commercial, and mixed-use Droperties
Guided Comstock's successful transformation from homebuilder to leading commercial developer and real estate services provider
Controlling CHCI shareholder and Managing Partner of Comstock
Partners, LC (Anchor Portfolio owner)
Dwight Schar - Strategic Advisor & Principal, Comstock Partners, LC
Founder and former Chairman & CEO of NVR, Inc. (NYSE: NVR),
a Fortune 500 homebuilder
Led NVR in develoDing hundreds of thousands of homes across multiDle states, generating billions in annual revenue
Strategic Advisor to CHCI; Instrumental in its business transformation and the visionary behind its fee-based, asset-light, debt-free business model that is based on the successful model he imDlemented at NVR
Significant CHCI shareholder and Principal of Comstock Partners, LC
(Anchor Portfolio owner)
See slides 2C-24 for full listing of Comstock's leadership team and Board of Directors
See slide 25 for additional details on the relationship between Comstock Partners, LV and Comstock Holding Companies, Inc. (CHCI)
Why Comstock
:¿› DYNAMIC & RESILIENT t?i BUSINESS MODEL
Fee-Dasea, asset-light, and debt-free Dlatform mitigates risk and arives consistent revenue growtn
Long-term asset management agreements generate reliable fee-Dased and suDplemental revenue and include cost-Dlus aownsiae Drotection
Vertically integrated oDerating suDsiaiaries Drovide DroDerty management services tnat generate diverse recurring fee revenue streams
Strategic investments offer aaditional revenue sources ana generate impressive ROIC
PROVEN
EXPERTISE
Four decades of exDerience aelivering thousands of resiaential units ana millions of square feet of mixed-use proDerties
Leaaersnip team comDining deep local market knowledge witn extensive, national-level institutional exDerience
Strong track recora in aeveloping, entitling, ana managing comDlex real estate Drojects across multiple states in the Mid-Atlantic ana Soutneastern U.S. region
"Z SCALABLE GROWTH L.....J PLATFORM
Preaictable revenue streams proviae visiDility into future earnings ana foundation for continued growtn
ExDanding managed portfolio, develoDment DiDeline, ana strategic investments drive further arive scalability ana profitability
Focus on Dremier real estate assets in suDply-constrainea markets capitalizes on ongoing flight-to-auality demana
By the Numbers:
REVENUE = 23% CAGR ADJUSTED EBITDA 31% CAGR
Our platform drives consistent growth, preserves flexibility, and generates cash -all with minimal risk
2022 Asset Management Agreement (2022 AMA) that covers our most significant properties (the Anchor Portfolio) generates consistent asset management fee revenue and provides cost-plus protection
($ in M) Revenue
$70
%60
%50
$40
$9.0
$10.4
$11.6
$13.4
($ in M) Adjusted EBITDA
$16.0
$J4.0
512.0
510.0
3 vertically-integrated operating subsidiaries (CHCI Commercial, CHCI Residential, ParkX) generate multiple fee-based orooerty management and other revenue streams from long-term agreements
One-time suoolemental asset management fee income provides additional upside:
$30
s2o $3.4
$2.2
560
%40
Leasing, financing, acauisition, development, and construction management fees
B1O
$2.0
FY 2022-25 avg/year '$4.4 million
2O2O
2021
2O22
2O23
2O24
2025 O1 2026 YTD
Incentive fees on stabilized/newly delivered assets
FY 2022-25 age/year - $3.4 million
CostPIus
Asset + Pro oerty Management (Non-Cost-Plus)
Suoplemental Fees
Incentive Fees
Adjusted EBITDA
Predictable cash flow generation and streamlined balance sheet provide enhanced agility when pursuing strategic growth opportunities (capital re-investment, acquisitions, etc.)
We expect this upward trajectory to continue in 2026 and beyond
See slide 2/ for reconciliation of Adjusted SBIIDA to more directly comparable GAAP financial measure
DELIVERING SUPERIOR VALUE
LTM 3/31/2026 As of 3/31/2026
Addusted EBITDA MultiDle Net Cash/Market Cap*
PEERS 13.7X PEERS -215%
2020-3/312026
% Stock
Price Increase
PEERS -59%
As of 3/31/2026
Debt
PEERS $4B
LTM 3/31/2026
ROE
PEERS -3%
2020-2025CAGR
Addusted EBITDA Growth
PEERS 5%
as mv a
Note. Peers include RBG Smith (RBGE), BXP Inc (BXP), Brondywine Realty (BDN), Piedmont Realty (PDM), Armada Hollies (AHH), Cousins Properties (BUZ), American Assets Trust (AAT) and One Liberty Properties (OLP). Peer metrics (including debt) represents straight average
Includes related party accounts receivable in net cosh.
Q1 2026 Update
QTD
38%
REVENUE
NET INCOME 2 %O
6%
ADJUSTED EBITDA
32%
AUM
▪
▪
Operational
Highlights
▪
Stabilized Commercial managed portfolio is 93% leased; 7 commercial leases executed in O1 cove ing aDproximate!y 38,000 sqft. of office and etaiI sDaces.
Residentia managed po t*o!io is 94% leased; 150 units leased in Q1.
ParkXsubsidlary revenue +c eased 1O6%vs. pro year; 13 new contacts secu ed In O1 include 5 new third-party contracts
The JW Marriott Residences Rest on Station ecentIy set a new eco d *o the most
va Table condominiu m sa!e in the histo y of Vi ginia with a $10.25 million closing, easily eclipsing the Drevious record o* $5.95 mi!lion
Sig ni*icant development assets deIive ing/opening soon in The Row at Reston Station.
BLVD Haley, a 419-unit uxury residentia towe - partially deIive ed in Q4 2025, scheduled to be *u !y deIive ed by Q2 2026.
Ebbitt House, the first-ever expansion of D.C 's c Old Ebbitt G
See slide 2/ for reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure "See next slide for additional recent transaction highlights"
REVENUE BY LINE OF BUSINESS
(YTD)
.. 4% Supplemental
fee revenue
30%
' .''''
50%
20%
Asset Management
Property Management ParkX Management
' CHCI Commercial and CHCI Residential
CHCI's
Institutional
Venture
Assets
Operated
by
Institutional-Quality
Teams
Platform: Institutional-Quality
Our Institutional Venture Platform ("IVP") is resigned to pair Comstock's operational exDertise with the capital resources of our institutional partners to co-invest in real estate opDortunities that have the Dotential to produce strong, risK-aajustea returns.
Assets acauired unaer the IVP are tyDically structured as a joint venture with a majority eauity partner that recognizes Comstock's vertically integratea operating Dlatform and tracK record of acquiring, reDranding, and managing properties.
We mantan a discpined apDroach rhen anayzing IVP investments, ensuing stategic portfolo alignment ana structures grortn potentia - Dotn rom tne recurring
revenue steams generated by the real estate servces re Drovde and the long-term capital gans realized Dy our hands-on asset vaue ennancement eforts. We align our interests with our institutional partners to deliver a tailorea investment solution designer to maximize return on invested caDital for all staKenolaers.
The Reed (March 2026)
Woodland Pointe (April 2026)
The Hartford (2019) BLVD Forty Four (2021) BLVD Ansel (2022)
Rockville, Md.
417-unit multifamily property located adjacent to Shady Grove station on Metro's Red Line
Herndon, Va.
6.77-acre office campus with "300k sqft. of office space and 1 major tenant (Peraton)
Ou VP e a n a a eg o u a e n ue o eek add o a o k h gh a ue oppo un e
COMSTOCK See slide IB for additional details on our investment portfolio Nasdaq: CHCI 10
CHCI's
Center
Data
Platform:
Potential
Accelerating
Growth
Through
Strategic
Partnerships
We recently announced the launch of our Data Center Platform ("DCP"), a logical exDansion of our Institutional Venture Platform that focuses on low-risk, high-reward oint venture opportunities in one of the world's most coveted asset classes. Details on our current DCP endeavors are summarized below.
Oklahoma - Jericho Energy Ventures (TSXV: JEV; OTCID: JROOF; FRA: JLM)
Recently entered agreement to form joint venture with JEV covering portfolio of land to be entitled to permit large-scale data center campus development
Will capitalize on CHCI development expertise and leverage JEV's control of*18,000 acres of subsurface land and energy assets
Direct access to abundance of natural gas Drovides ability to deliver low-cost, high-performance power solutions that are "behind the meter" and FASTER TO MARKET, as well as potential carbon sequestration
Small initial capital investment in JEV to further align interests of strategic partners
Mid-Atlantic
Asset management agreement with subsidiary of Comstock Partners, LC (CHCI affiliate entity)("CP") to provide data center development services for CP-owned land parcels located in areas of the Mid-Atlantic U.S. region that are in the oath of data center expansions
Similar to existing asset management agreements with CP, CHCI will receive recurring fee revenue and potential su oolemental fee revenue with no capital investment
Negotiated a Purchase and Sale Agreement on behalf of CP whereby purchaser, a leading developer of data center campuses, will acauire the parcels upon securing applicable entitlements and cower su only agreements, expected to occur in 2027
Asset management agreement provides CHCI significant profit share unon successful land sale and allows for additional fee-based revenue for development services provided to the purchaser from 2027-2030
Our goal is to capitalize on the ever-growing demand for data center capacity and deliver potentially significant returns from this rapidly growing sector
CHCI
Expands
Service
Experience Matters:
Include Mall Management
Offerings
O
We recently announced our latest service offering expansion as we assumed management of Dulles Town Center, a 1.4 million-sauare-foot regional shoDDing mall located in Dulles, Virginia.
Located nearDuleslnternationaIAkport(AD)M Droxmltytotwooftheweathest counties in the U.S., Dulles Town Center is Loudoun County's largest and only fully enclosed suDer-regional mall and has a strong mix of retail and entertainment tenants.
Effective May 1, we assumed full resDonsibility for the day-to-day operation of Dulles Town Center, including property management, leasing, tenant relations, coordination of on-site activities and vendors, and marketing oversight. We will also provide strategic asset direction services to DroDerty ownershiD, which includes the evaluation of redevelopment options that could increase overall utilization of the land where Dulles Town Center is situated.
The Comstock team has 200+ years of combined regional mall leasing and oDerating experience and an unDaralleled Dlacemaking resume. Our proven ability to align oDerations, leasing strategy, and strategic caDital Dlanning while successfully navigating complex mixed-use and retail environments will further enhance Dulles Town Center's market Dosition and create enduring value for retail tenants, shoppers, and stakeholders alike.
The addition of regional mall management and leasing services further diversifies our fee-based revenue sources and strengthens our growth platform
Our
Managed Portfolio
DRIVING NEAR-TERM AND LONG-TERM GROWTH
iuu
OPERATING ASSETS
COMMERCIAL RESIDENTIAL
15 Operating Assets 8 Operating Assets
2.6M SF 2,100+ units, 2.5M SF
HOSPITALITY PARKX
lJWMarriott 2Starbucks 34Garages, 4oSecurltyand Hotel Locatons 26KSpaces o herLocations',
290K SF, 248 keys 9,s00+ hrs/week
2
UNDER
CONSTRUCTION
11
DEVELOPMENT PIPELINE
COMMERCIAL
1 Asset 6K SF
COMMERCIAL
5 Assets
1.SM SF
RESIDENTIAL
1 Asset
419 units, 430K SF
RESIDENTIAL HOSPITALITY
5 Assets 1 Hotel
*2,300 units, 2.5M SF 220K SF, 240 keys
yep p p p
'Excludes 26 properties where parking management services are also provided to avoid double-counting,' hours/week total is representative of all security & other locations, including duplicates
TheDemandforTrophy-ClassOfficeSpaceinRestonStation
In Q425, we finalized muItiDIe new office leases with Booz Allen Hamilton that cover more than 310,000 soft. across 1800 and 1870 Reston Row Plaza, our newest Trophy -class towers located in The Row at Reston Station.
1800 Reston Row Plaza is currently 83% leased/reserved. 1870 Reston Row Plaza, which was delivered in Q425, is 100% leased.
In Q126, we executed more than 30,000 soft of commercial leases in Reston Station. We are currently in negotiations with both new and existing tenants to occuDy the office sDace that remains available.
Of the 1.3 million sqft. of Trophy-Class office space in Reston Station's five premium office towers, 96% is currently leased/reserved.
Our commercial assets remain among the most sought-after properties in the region, as return-to-work initiatives increase the demand for Trophy office space
'Total sqft. from all signed leases, including renewals
Attracting Premier Tenants and Partners
MAJOR OFFICE TENANTS
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SECURIPORT.
LOUDOUN
VIRGINIA
rcon or i c oa ¥r a e «r n
MAJOR RETAIL LEASES
Booz
Allen
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RAZER'* Peraton
@S«»ecr Jñaa$ TOUS ks}OUR5 I*lO<>
STRATEGIC PARTNERS
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FreddieMac
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@ MetLife
¥'A L K E R D IJ N L O P
DIVCOWEST.
NEWMARK
AUM FINANCIAL PERFORMANCE
2020
%Increase
LTM 3/31/26
REVENUE
$52M
177%
-+
$144M
NOI
$22M
200%
$66M
COMMERCIAL
2020
%Increase
Q1 2026
SQFT
1.8M
44%
2.6M
LEASED %
79%
14%
93O "
RESIDENTIAL
2020
%Increase
Q1 2026
# UNITS
1,123
91%
2,148
LEASED %
73O
2 top
94Oâ
HOSPITALITY
2020
%Increase
Q1 2026
#HOTELS
NEW
1
#FOOD&BEVERAGE
NEW
2
PARKX
2020
%Increase
Q1 2026
# GARAGES
3
1033%
34
PARKING SPACES
8,000
224%
25,946
SECURITY & OTHER
NEW
40
HOURS/WEEK
NEW
9,526
'Stabilized assets only
ANCHOR PORTFOLIO )
At a Glance: Our Managed Portfolio
Two of the largest and most prominent mixed-use, transit-oriented developments in the Mid-Atlantic region; include legacy assets owned by Comstock Partners that CHCI develoDs, manages, and operates
RESTON STATION
LOUDOUN STATION
90 acres
Size
50 acres
Metro Silver Line: Wiehle-Reston
Location
Metro Silver Line: Ashburn
3.1M sqft.
Commercial
"700,000 sqft.
2,700+ units
Residential
1,200+ units
JW Marriott Reston Station
HosDital ity
Future boutique hotel (TBD)
Founding Farmers; VIDA Fitness, Ebbitt House, Davios, Tous les Jours, Starbucks, CVS, and more
Restaurants/Retail
All numbers ore estimates at full build-out
AMC Theaters, Starbucks, Juleps Kentucky Tavern,
Curry Pizza House, Famous Toastery, Senor Tequila's, and more
At a Glance: Our Managed Portfolio
INVESTMENT ASSETS ProDerties that are Dartially or wholly-owned by CHCI, and for which CHCI provides various real estate services
THE HARTFORD
BLVD FORTY FOUR
THE REED
COMSTOCK 41"
BLVD ANSEL
'Image represents rendering of planned future affordable housing development that was recently approved by the City of Rockville Planning Commission
At a Glance: Our Managed Portfolio
NAME
UNDER CONSTRUCTION
CLASS
BLVD HALEY
Reston Seaton
MuItifamily/Retai!
427,000
419
2026
JEWEL BOX
Reston Slaflon
Reta!I
5,786
N/A
2026
UNDER CONSTRUCTION SUBTOTAL
432,786
419 Units
DEVELOPMENT PIPELINE
ONE GRAMERCY
LoudounSaflon
Ofie
187,000
N/A
2027
BLVD GRAMERCY WEST (A)
LoudounSaton
Offce/Relay
187,000
N/A
2028
BLVD GRAMERCY WEST (B)
LoudounSaflon
OfieReta%
187,000
N/A
2028
ONE COMMERCE
Reston Slaflon
Ofie
462,000
N/A
2029
BLVD WEST
Reston Seaton
MMUamJy
237,000
227
2030
BOUTIQUE DUAL-USE HOTEL
Reston Slaflon
Nobel
220,000
240 Keys
2029
COMMERCE DISTRICT PHASE II
Reston Slaflon
MuIt!fa mily
455,000
450
2029
LOUDOUN STATION PHASE IV (2)
LoudounSaton
MuItifamily/Retai!
259,000
249
2028
LOUDOUN STATION PHASE IV (3)
LoudounSaton
MuItifamily/Retai!
310,000
300
2028
MIDLINE DISTRICT
Reston Slaflon
MuIt!fam!Iy/Reta!I
1,200,000
1,100
2028
1891 METRO CENTER DR
Reston Seaton
Office
512,000
N/A
2030
DEVELOPMENT SUBTOTAL
4,216,000
240 Keys/2,326 Units
Figures ore approximate, include future de velopment assets, and completion dotes ore s ubject to oDjustments based on market conditions.
We recognize that development of real estate can nave significant imDact, Dositive or negative, for tne surrounding community tne region, and the environment tnat we all share. SupDorting and fostering tnese initiatives in a rational way is instrumental in maKing our communities Detter places to live, work, and play wnile simultaneously Dolstering asset value, reaucing risk, ana Dositively imDacting all stakeholaers.
All buildings at Reston Metro Plaza LEED silver or above
1902 and 1900 Reston Metro Plaza and The Hartford Building in Arlington
LEED gold certified
I i
The Hartford Building is Energy Star certified
in addition to buildings at Reston Metro Plaza, 43777 Loudoun Station and Commerce Districts
Transit-oriented projects encourages use of and promotes public transportation to reduce the carbon footprint
Electric Charging Stations
Bike Racks, Bike Repair Rooms,
Bike to Work Events and Bike Share Program
CarbonCure Concrete
E
2025 Best Places to Work
& Best Workplaces for Commuters
Community Involvement
Annual Summerbration, Arts Program, Community Donations, Sponsored Community Events, Habitat for Humanity
Smoke Free Buildings
Non Corrosive and Non Toxic Ice Melt
Green Cleaning:
use environmentally-friendly practices and low toxicity cleaning products
Nasdaq: CHCI
Disclaimer
Comstock Holding Companies Inc. published this content on May 14, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 14, 2026 at 20:22 UTC.