-
4Q homebuilding revenue of $21.2 million compared to $2.1 million in
4Q last year
-
4Q net income from continuing operations of $1.2 million compared to
net loss of $(2.1) million in 4Q last year
-
Net new orders for 2013 increased 147% to 126 units, compared to 51
units in 2012
-
Backlog at year-end 2013 of 28 units valued at $12.3 million, compared
to 9 units valued at $5.4 million at year-end 2012
-
Community count increased to 11 at year-end 2013 from five at year-end
2012
-
Comstock's pipeline of controlled land inventory expanded to 493 lots
at year-end 2013 from 354 lots at year-end 2012.
RESTON, Va.--(BUSINESS WIRE)--
Comstock Holding Companies, Inc. (NASDAQ:CHCI) ("Comstock" or the
"Company"), a leading homebuilding and multi-faceted real estate
development and services company focused on the Washington, D.C.
metropolitan area, today announced results for the fourth quarter and
full year ended December 31, 2013.
"As expected, we resumed growth and regained operating profitability in
2013. Homebuilding revenue, settlements, average settlement prices,
gross margin, overhead leverage and net income from continuing
operations all improved substantially, reflecting improving economic
conditions and growing demand for new homes in our core market of
Washington, D.C.," said Chairman and CEO Christopher Clemente. "Our
success in more than doubling our open community count, from five at
year-end 2012 to 11 at year-end 2013 contributed to the significant
increase of net new orders for the year.
"With additional communities planned for opening in 2014 and a growing
pipeline of controlled land inventory, Comstock is well positioned to
capitalize further on the favorable market trends in the Washington,
D.C. region and to generate another year of growth. Although unusually
harsh winter conditions will have an impact on deliveries and revenue in
the first quarter of this year, new orders YTD have kept pace with 2013
and currently our backlog is above year-ago levels, giving us confidence
that we will achieve our objective of continuing the pattern of growth
that began with 2013."
Fourth-Quarter and Full Year 2013 Financial Results
Net new orders of homes increased to 22 for the three months ended
December 31, 2013 from 4 in the same period last year. For the year
ended December 31, 2013, net new orders increased to 126 from 51 in
2012. Backlog totaled 28 units (representing $12.3 million in revenue)
as of December 31, 2013 compared to 9 units (representing $5.4 million
in revenue) as of December 31, 2012. Average backlog price decreased in
2013 to $441,000 from $602,000 in the same period last year, as a result
of changes in product mix.
Total revenue for the fourth quarter of 2013 was $21.3 million ($21.2
million from 44 home settlements) compared to $2.6 million ($2.1 million
from 4 home settlements) for the fourth quarter of 2012. The Company
reported net income from continuing operations of $1.2 million for the
fourth quarter of 2013 compared to a net loss from continuing operations
of $(2.1) million for the same period in 2012. In the fourth quarter of
2013, net loss attributable to the Company totaled $(1.2) million, or
$(0.07) per diluted share, compared to $(2.0) million, or $(0.09) per
diluted share, in the same period in 2012. Included in net income from
continuing operations and net loss attributable to the Company in 2013
was a $1.1 million write-off of costs related to a cancelled land
purchase agreement. Excluding this write-off for the fourth quarter of
2013, net income from continuing operations and net loss attributable to
the Company was $2.3 million and $(0.1) million, respectively.
For the year ended December 31, 2013, total revenue was $54.6 million
($53.8 million from 107 home settlements) compared to $14.3 million
($11.6 million from 45 settlements) for 2012. Net loss attributable to
the Company totaled $(2.0) million, or $(0.10) per diluted share,
compared to $(5.7) million, or $(0.28) per share for 2012.
Backlog and 2013 Revenue Update (see Exhibit 1)
As of December 31, 2013, the Company had a total backlog of 28 units
representing $12.3 million in revenue. Total revenue settled was $53.8
million, representing 107 units. Backlog detail by community is as
follows:
|
•
|
Hampshires
|
|
73 townhome lots and 38 single-family lots in the Lamond Riggs
neighborhood in northeast Washington, D.C. As of December 31 2013,
there were two single-family units and five townhomes units in
backlog, with average revenue of $740,000 and $493,000, respec
|
tively.
|
|
|
|
|
|
|
|
•
|
Shady Grove |
|
36 townhome lots, 3 single-family lots and 117 multi-family lots
across the street from the Shady Grove Metro station in Rockville,
MD (Montgomery County). As of December 31, there were six townhome
units in backlog with average revenue of $590,000.
|
|
|
|
|
|
|
|
|
•
|
Falls Grove |
|
110 townhome lots and 19 single-family lots off Route 28 in
Manassas, VA (Prince William County). As of December 31, there were
11 units in backlog with average revenue of $295,000.
|
|
|
|
|
|
|
|
|
•
|
Eastgate
|
|
66 finished "six-plex" lots in Chantilly, VA (Loudoun County).
During 2013, the Company settled 53 units and 4 units were in
backlog as of December 31, 2013 with average revenue of $398,000.
|
|
|
|
|
|
|
|
|
•
|
Maxwell Square |
|
45 finished townhome lots in the Historic district of downtown
Fredrick, MD (Frederick County). Closing on the property took place
in September 2013. Construction and sales began during the first
quarter of 2014.
|
|
|
|
|
|
|
|
|
•
|
Hall Crest
|
|
42 townhome lots in Sterling, VA (Loudoun County). Closing on the
property took place in September 2013. Development, construction,
and sales are anticipated to begin in the second quarter of 2014.
|
|
|
|
|
|
|
|
|
•
|
Oaks of Highlands
|
|
24 finished single-family lots located in Fredericksburg, VA
(Stafford County). Closing on the property took place in December
2013. Construction and sales activities are anticipated to begin in
mid 2014.
|
|
|
|
|
|
|
|
Recent Developments
|
•
|
|
In December 2013, the Company raised approximately $4.0 million of
equity capital through a newly formed subsidiary, Comstock Investors
VIII, L.C. ("Comstock VIII'). The private placement provides capital
related to the current and planned construction of The Townes at
Hall Crest in Sterling, VA and the Maxwell Square condominium in
Frederick, MD. Accredited investors participating in Comstock VIII
include unrelated third parties as well as members of the Company's
management team and certain members of the Board of Directors of the
Company. The terms of the offering include a preferred return of 20%
per annum compounded annually on capital account balances.
|
|
|
|
•
|
|
On December 31, 2013, the Company completed a $9.2 million financing
with Cardinal Bank consisting of a $3.7 million acquisition and
development loan, a $3.5 million revolving construction loan and a
$2.0 million letter of credit facility (collectively, the "Hall
Cardinal Loan"). Proceeds of the Hall Cardinal Loan are to be used
to finance the development of the Townes at Hall Crest in Sterling,
VA.
|
|
|
|
|
About Comstock Holding Companies, Inc.
Comstock is a homebuilding and multi-faceted real estate development and
services company that builds a wide range of housing products under its
Comstock Homes brand through its wholly owned subsidiary, Comstock Homes
of Washington, LC. Our track record of developing numerous successful
new home communities and more than 5,500 homes, together with our
substantial experience in building a diverse range of products including
apartments, single-family homes, townhomes, mid-rise condominiums,
high-rise condominiums and mixed-use (residential and commercial)
developments has positioned Comstock as a leading residential developer
and homebuilder in the Washington, D.C. metropolitan area. Comstock is a
publicly traded company, trading on NASDAQ under the symbol CHCI. For
more information about Comstock or its new home communities, please
visit www.comstockhomes.com.
Cautionary Statement Regarding Forward-Looking Statements
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 the 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.
Some factors which may affect the accuracy of the forward-looking
statements apply generally to the real estate industry, while other
factors apply directly to us. Any number of important factors which
could cause actual results to differ materially from those in the
forward-looking statements include, without limitation: general economic
and market conditions, including interest rate levels; our ability to
service our debt; inherent risks in investment in real estate; our
ability to compete in the markets in which we operate; economic risks in
the markets in which we operate, including actions related to government
spending; delays in governmental approvals and/or land development
activity at our projects; regulatory actions; fluctuations in operating
results; our anticipated growth strategies; shortages and increased
costs of labor or building materials; the availability and cost of land
in desirable areas; adverse weather conditions or natural disasters; our
ability to raise debt and equity capital and grow our operations on a
profitable basis; and our continuing relationships with affiliates.
Additional information concerning these and other important risk and
uncertainties can be found under the heading "Risk Factors" in our
Annual Report on Form 10-K, as filed with the Securities and Exchange
Commission, for the fiscal year ended December 31, 2013. 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.
|
|
|
|
|
|
|
|
|
Exhibit 1
Settled Revenue by Community
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended Dec. 31, 2013 (000s)
|
|
|
|
|
|
|
|
|
|
|
Community
|
|
|
|
Settled
|
|
|
Settled
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eastgate Villas |
|
|
|
29
|
|
|
$11,620 |
|
|
|
The Hampshires - Singles
|
|
|
|
7
|
|
|
5,103
|
|
|
|
The Hampshires - Towns
|
|
|
|
8
|
|
|
4,490
|
|
|
|
Penderbrook Square (Sold Out Q1)
|
|
|
|
-
|
|
|
-
|
|
|
|
The Eclipse (Sold Out Q2)
|
|
|
|
-
|
|
|
-
|
|
|
|
Total
|
|
|
|
44
|
|
|
$21,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended Dec. 31, 2013 (000s)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Community
|
|
|
|
Settled
|
|
|
Settled
Revenue
|
|
|
|
Eastgate Villas |
|
|
|
53
|
|
|
$20,504 |
|
|
|
The Hampshires - Singles
|
|
|
|
20
|
|
|
14,787
|
|
|
|
The Hampshires - Towns
|
|
|
|
13
|
|
|
7,246
|
|
|
|
Penderbrook Square (Sold Out Q1)
|
|
|
|
2
|
|
|
365
|
|
|
|
The Eclipse (Sold Out Q2)
|
|
|
|
19
|
|
|
10,904
|
|
|
|
Total
|
|
|
|
107
|
|
|
$53,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2013
|
|
|
December 31,
2012
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
$
|
11,895
|
|
|
|
$
|
3,539
|
|
|
|
Restricted cash
|
|
|
|
|
2,458
|
|
|
|
|
3,203
|
|
|
|
Trade receivables
|
|
|
|
|
346
|
|
|
|
|
1,611
|
|
|
|
Real estate inventories
|
|
|
|
|
39,843
|
|
|
|
|
27,781
|
|
|
|
Property, plant and equipment, net
|
|
|
|
|
243
|
|
|
|
|
222
|
|
|
|
Other assets
|
|
|
|
|
2,094
|
|
|
|
|
2,343
|
|
|
|
TOTAL ASSETS
|
|
|
|
$
|
56,879
|
|
|
|
$
|
38,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
$
|
7,506
|
|
|
|
$
|
4,691
|
|
|
|
Notes payable - secured by real estate inventories
|
|
|
|
|
22,701
|
|
|
|
|
19,492
|
|
|
|
Notes payable - due to affiliates, unsecured
|
|
|
|
|
4,687
|
|
|
|
|
5,041
|
|
|
|
Notes payable - unsecured
|
|
|
|
|
2,580
|
|
|
|
|
3,096
|
|
|
|
Income taxes payable
|
|
|
|
|
346
|
|
|
|
|
-
|
|
|
|
TOTAL LIABILITIES
|
|
|
|
|
37,820
|
|
|
|
|
32,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Class A common stock, $0.01 par value, 77,266,500 shares authorized,
18,445,638
|
|
|
|
|
|
|
|
|
|
and 17,627,826 issued and outstanding, respectively
|
|
|
|
|
186
|
|
|
|
|
176
|
|
|
|
Class B common stock, $0.01 par value, 2,733,500 shares authorized,
issued and outstanding
|
|
|
|
|
27
|
|
|
|
|
27
|
|
|
|
Additional paid-in capital
|
|
|
|
|
170,811
|
|
|
|
|
170,070
|
|
|
|
Treasury stock, at cost (426,633 shares Class A common stock)
|
|
|
|
|
(2,480
|
)
|
|
|
|
(2,480
|
)
|
|
|
Accumulated deficit
|
|
|
|
|
(164,379
|
)
|
|
|
|
(162,349
|
)
|
|
|
TOTAL COMSTOCK HOLDING COMPANIES, INC. EQUITY
|
|
|
|
|
4,165
|
|
|
|
|
5,444
|
|
|
|
Non-controlling interest
|
|
|
|
|
14,894
|
|
|
|
|
935
|
|
|
|
TOTAL EQUITY
|
|
|
|
|
19,059
|
|
|
|
|
6,379
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
$
|
56,879
|
|
|
|
$
|
38,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
|
|
|
Twelve months ended December 31,
|
|
|
|
|
|
2013
|
|
2012
|
|
|
2013
|
|
2012
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue—homebuilding
|
|
|
$
|
21,212
|
|
|
$
|
2,154
|
|
|
|
$
|
53,806
|
|
|
$
|
11,633
|
|
|
|
Revenue—other
|
|
|
|
60
|
|
|
|
486
|
|
|
|
|
808
|
|
|
|
2,669
|
|
|
|
Total revenue
|
|
|
|
21,272
|
|
|
|
2,640
|
|
|
|
|
54,614
|
|
|
|
14,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales—homebuilding
|
|
|
|
16,329
|
|
|
|
1,543
|
|
|
|
|
41,596
|
|
|
|
9,692
|
|
|
|
Cost of sales—other
|
|
|
|
252
|
|
|
|
533
|
|
|
|
|
808
|
|
|
|
3,484
|
|
|
|
Impairment charges and write-offs, net
|
|
|
|
1,070
|
|
|
|
-
|
|
|
|
|
348
|
|
|
|
2,358
|
|
|
|
Sales and marketing
|
|
|
|
541
|
|
|
|
159
|
|
|
|
|
1,975
|
|
|
|
624
|
|
|
|
General and administrative
|
|
|
|
1,761
|
|
|
|
2,334
|
|
|
|
|
6,735
|
|
|
|
8,034
|
|
|
|
Interest, real estate taxes and indirect costs related to inactive
projects
|
|
|
|
3
|
|
|
|
153
|
|
|
|
|
408
|
|
|
|
2,135
|
|
|
|
Operating income (loss)
|
|
|
|
1,316
|
|
|
|
(2,082
|
)
|
|
|
|
2,744
|
|
|
|
(12,025
|
)
|
|
|
Other income, net
|
|
|
|
68
|
|
|
|
26
|
|
|
|
|
267
|
|
|
|
18
|
|
|
|
Income (loss) before income tax (expense) benefit
|
|
|
|
1,384
|
|
|
|
(2,056
|
)
|
|
|
|
3,011
|
|
|
|
(12,007
|
)
|
|
|
Income tax (expense) benefit
|
|
|
|
(149
|
)
|
|
|
6
|
|
|
|
|
(346
|
)
|
|
|
2,484
|
|
|
|
Net income (loss) from continuing operations
|
|
|
|
1,235
|
|
|
|
(2,050
|
)
|
|
|
|
2,665
|
|
|
|
(9,523
|
)
|
|
|
Discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss) from discontinued operations
|
|
|
|
-
|
|
|
|
14
|
|
|
|
|
(4
|
)
|
|
|
(98
|
)
|
|
|
Gain on sale of real estate from discontinued operations
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
6,466
|
|
|
|
Income tax expense from discontinued operations
|
|
|
|
-
|
|
|
|
(6
|
)
|
|
|
|
-
|
|
|
|
(2,484
|
)
|
|
|
Net income from discontinued operations
|
|
|
|
-
|
|
|
|
8
|
|
|
|
|
(4
|
)
|
|
|
3,884
|
|
|
|
Net income (loss)
|
|
|
|
1,235
|
|
|
|
(2,042
|
)
|
|
|
|
2,661
|
|
|
|
(5,639
|
)
|
|
|
Less: Net income (loss) from continuing operations attributable to
non-controlling interests
|
|
|
|
2,411
|
|
|
|
(37
|
)
|
|
|
|
4,691
|
|
|
|
(77
|
)
|
|
|
Less: Net income from discontinued operations attributable to
non-controlling interests
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
103
|
|
|
|
Net loss attributable to Comstock Holding Companies, Inc. |
|
|
$
|
(1,176
|
)
|
|
$
|
(2,005
|
)
|
|
|
$
|
(2,030
|
)
|
|
$
|
(5,665
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) income per share from:
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
(0.06
|
)
|
|
$
|
(0.11
|
)
|
|
|
$
|
(0.10
|
)
|
|
$
|
(0.47
|
)
|
|
|
Discontinued operations
|
|
|
|
-
|
|
|
|
0.01
|
|
|
|
|
-
|
|
|
|
0.19
|
|
|
|
Net loss per share
|
|
|
$
|
(0.06
|
)
|
|
$
|
(0.10
|
)
|
|
|
$
|
(0.10
|
)
|
|
$
|
(0.28
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (loss) income per share from:
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
|
|
$
|
(0.06
|
)
|
|
$
|
(0.11
|
)
|
|
|
$
|
(0.10
|
)
|
|
$
|
(0.47
|
)
|
|
|
Discontinued operations
|
|
|
|
-
|
|
|
|
0.01
|
|
|
|
|
-
|
|
|
|
0.19
|
|
|
|
Net loss per share
|
|
|
$
|
(0.06
|
)
|
|
$
|
(0.10
|
)
|
|
|
$
|
(0.10
|
)
|
|
$
|
(0.28
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average shares outstanding
|
|
|
|
20,753
|
|
|
|
19,970
|
|
|
|
|
20,681
|
|
|
|
19,970
|
|
|
|
Diluted weighted average shares outstanding
|
|
|
|
20,753
|
|
|
|
19,970
|
|
|
|
|
20,681
|
|
|
|
19,970
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Comstock Holding Companies, Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations
|
|
|
$
|
(1,176
|
)
|
|
$
|
(2,013
|
)
|
|
|
$
|
(2,026
|
)
|
|
$
|
(9,446
|
)
|
|
|
Income (loss) from discontinued operations
|
|
|
|
-
|
|
|
|
8
|
|
|
|
|
(4
|
)
|
|
|
3,781
|
|
|
|
Net loss
|
|
|
$
|
(1,176
|
)
|
|
$
|
(2,005
|
)
|
|
|
$
|
(2,030
|
)
|
|
$
|
(5,665
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMSTOCK HOLDING COMPANIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31,
|
|
|
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
(unaudited)
|
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
$
|
1,235
|
|
|
$
|
(2,042
|
)
|
|
|
Adjustment to reconcile net income to net cash used in operating
activities
|
|
|
|
|
|
|
|
|
Amortization of loan discount and deferred financing fees
|
|
|
|
|
62
|
|
|
|
49
|
|
|
|
Depreciation expense
|
|
|
|
|
23
|
|
|
|
15
|
|
|
|
Provision for bad debt
|
|
|
|
|
-
|
|
|
|
60
|
|
|
|
Undistributed earnings from unconsolidated joint venture
|
|
|
|
|
(43
|
)
|
|
|
-
|
|
|
|
Impairment charges and write-offs, net
|
|
|
|
|
970
|
|
|
|
-
|
|
|
|
Amortization of stock compensation
|
|
|
|
|
91
|
|
|
|
519
|
|
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Restricted cash
|
|
|
|
|
249
|
|
|
|
(3
|
)
|
|
|
Trade receivables
|
|
|
|
|
1,535
|
|
|
|
(361
|
)
|
|
|
Real estate inventories
|
|
|
|
|
(1,588
|
)
|
|
|
(10,138
|
)
|
|
|
Other assets
|
|
|
|
|
(106
|
)
|
|
|
100
|
|
|
|
Accrued interest
|
|
|
|
|
261
|
|
|
|
101
|
|
|
|
Accounts payable and accrued liabilities
|
|
|
|
|
(1,191
|
)
|
|
|
989
|
|
|
|
Income taxes payable
|
|
|
|
|
149
|
|
|
|
-
|
|
|
|
Net cash provided by (used in) operating activities
|
|
|
|
|
1,647
|
|
|
|
(10,711
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment
|
|
|
|
|
(16
|
)
|
|
|
(52
|
)
|
|
|
Release of insurance deposit
|
|
|
|
|
1,000
|
|
|
|
-
|
|
|
|
Net cash provided by (used in) investing activities
|
|
|
|
|
984
|
|
|
|
(52
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from notes payable
|
|
|
|
|
15,058
|
|
|
|
11,324
|
|
|
|
Payments on notes payable
|
|
|
|
|
(11,795
|
)
|
|
|
(2,229
|
)
|
|
|
Loan financing costs
|
|
|
|
|
(55
|
)
|
|
|
(180
|
)
|
|
|
Distributions to non-controlling interests
|
|
|
|
|
(1,997
|
)
|
|
|
-
|
|
|
|
Contributions from non-controlling interests
|
|
|
|
|
4,000
|
|
|
|
945
|
|
|
|
Taxes paid related to net share settlement of equity awards
|
|
|
|
|
(135
|
)
|
|
|
-
|
|
|
|
Net cash provided by financing activities
|
|
|
|
|
5,076
|
|
|
|
9,860
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
|
|
7,707
|
|
|
|
(903
|
)
|
|
|
Cash and cash equivalents, beginning of period
|
|
|
|
|
4,188
|
|
|
|
4,442
|
|
|
|
Cash and cash equivalents, end of period
|
|
|
|
$
|
11,895
|
|
|
$
|
3,539
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosure for non-cash activity:
|
|
|
|
|
|
|
|
|
Interest paid, net of interest capitalized
|
|
|
|
$
|
28
|
|
|
$
|
(82
|
)
|
|
|
Reduction in proceeds from sale of Cascades Apartment and increase
in other assets related to amounts placed in escrow upon settlement
of Cascades Apartments sale
|
|
|
|
$
|
-
|
|
|
$
|
-
|
|
|
|
Increase in class A common stock par value in connection with
issuance of stock compensation and warrants exercise
|
|
|
|
$
|
2
|
|
|
$
|
-
|
|
|
|
Increase in treasury stock and accrued liabilities for
net-settlement of stock compensation
|
|
|
|
$
|
-
|
|
|
$
|
41
|
|
|
Comstock Holding Companies, Inc.
Joe Squeri, 703-230-1229
Chief
Financial Officer
or
Investor Relations:
LHA
Jody
Burfening / Harriet Fried, 212-838-3777
hfried@lhai.com
Source: Comstock Holding Companies, Inc.
News Provided by Acquire Media