Comstock Holding Companies, Inc. announced its financial results for the third quarter ended September 30, 2024. The company reported revenue of $12.995 million for Q3 2024, a decrease from $14.463 million in Q3 2023. Net income for the quarter was $2.377 million, down from $4.685 million in the prior year period.
Adjusted EBITDA for the third quarter of 2024 stood at $3.133 million, a decrease from $5.605 million in Q3 2023. Diluted earnings per share also saw a decline, reporting $0.23 for Q3 2024 compared to $0.46 for Q3 2023. The company's managed portfolio expanded to 72 assets in Q3 2024, up from 46 assets in Q3 2023.
For the nine months ended September 30, 2024, year-to-date revenue increased to $34.386 million from $33.705 million in the same period of 2023. However, year-to-date net income decreased to $4.233 million from $5.914 million, and year-to-date Adjusted EBITDA decreased to $6.220 million from $8.258 million. Management attributed the decreases in Adjusted EBITDA primarily to higher net income in 2023 due to the recognition of material supplemental incentive fee revenue, partially offset by significant increases in recurring fee-based property and parking management revenue in 2024.
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