Asset manager Comstock's Q3 revenue rises 3%

Reuters11-13

Asset manager Comstock's Q3 revenue rises 3%

Overview

Comstock Q3 revenue increased 3% to $13.3 mln, net income decreased to $0.5 mln
Adjusted EBITDA for Q3 declined due to higher operating costs from ParkX expansion
Company secured significant office leases post-Q3, boosting YTD commercial leasing

Outlook

Comstock expects new ParkX contracts to commence in Q4, expanding revenue streams
Company secured over 310,000 sqft of new office leases post-Q3
Comstock anticipates fee-based revenue from new JW Marriott assets

Result Drivers

COMMERCIAL LEASING - Significant office leases signed post-quarter end, boosting YTD commercial leasing to over 500,000 sqft
PARKX EXPANSION - Investment in ParkX expansion drives headcount growth and adds new fee-based revenue streams
RECURRING REVENUE GROWTH - 30% increase in recurring, fee-based revenue from property management subsidiaries

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 Revenue		$13.32 mln
Q3 EPS		$0.05
Q3 Net Income		$541,000
Q3 Adjusted EBITDA		$1.07 mln

Press Release: ID:nBw6CWsHKa

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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