JUNE 2020 INVESTOR PRESENTATION - Comstock Companies

CHCIJUNE 2020

INVESTOR PRESENTATION

Comstock Holding Companies, Inc.NASDAQ: CHCI

Disclosures

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 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. Additional information concerning

important risks and uncertainties can be found under the heading “Risk Factors” in our most recent Annual Report on Form 10-K,

as filed with the Securities and Exchange Commission. 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.

While every attempt 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 square foot measurements

are subject to change without notice.

2JUNE 2020

Comstock at a Glance

A PLATFORM FOR GROWTH DESIGNED TO CREATE VALUE FOR ALL STAKEHOLDERS

Comstock Holding Companies, Inc. (NASDAQ: CHCI) is a leading developer, operator, and asset manager of mixed-use and transit-oriented properties in the Washington, D.C. area where we primarily focus on select high-growth urban and transitioning “sub-urban” markets. As a vertically integrated real estate operating company and investor, we have several revenue sources.

• We invest capital on behalf of our asset management clients and institutional real estate investors in office, retail, residential and mixed-use properties, generally retaining an economic interest for the Company and providing management services to those properties, enabling the Company to increase its assets under management (“AUM”).

• Comstock is at the forefront of the urban transformation of one of the most dynamic real estate markets in the nation, Washington DC’s Dulles Corridor, where it is developing a ~7M square foot portfolio of mixed-use and transit-oriented properties located adjacent to key Metro stations on the new Silver Line (the “Anchor Portfolio”).

• Comstock recently entered Arlington’s premier mixed-use and transit-oriented submarket, the Rosslyn-Ballston Corridor, acquiring a 211,000 square foot office tower located at the Clarendon Metro station through a joint venture with institutional capital partners, retaining an economic interest and management responsibilities.

• Comstock affiliates have been selected by multiple jurisdictions as the operating partner for Public-Private Partnerships responsible for development of mixed-use and transit-oriented developments that include large-scale public infrastructure elements.

3101 Wilson Blvd @ Clarendon Metro

1900 Reston Metro Plaza @ Reston Station Metro

43805 Central Station Dr @ Ashburn Metro

3JUNE 2020

Comstock at a Glance

5 BUILDINGS

750K SFADDITIONS TO AUM

$1.6MACQUISITION FEES

~$285MCAPITAL RAISED AND DEPLOYED

$25.3M2019 REVENUES

$3.3M2019 EBITDA

$7MQ1 2020 REVENUE

$502KQ1 2020 EBITDA

CUSTOMERSCorporate Real Estate OwnersInstitutional Real Estate InvestorsFamily OfficesFinancial Institutions

Governmental Institutions

ASSET TYPESMixed-Use Transit Oriented RetailOfficeMultifamilyHotelParkingPublic Infrastructure

SERVICESAsset Management

Asset Acquisition and Disposition

Leasing and Marketing

Design, Planning, and Entitlements

Development and Construction

Property Management

Facility Management

Environmental Engineering & COVID-19 Services

1.4MCOMMERCIAL SF

805MULTIFAMILY UNITS

600K+ SF2019 AND YTD 2020 LEASING ACTIVITY

OPERATING PORTFOLIO

454KCOMMERCIAL SF

318MULTIFAMILY UNITS

UNDER CONSTRUCTION Delivering 2020 & 2021

1.8MOFFICE AND RETAIL SF

1,600MULTIFAMILY UNITS

2/450HOTELS/KEYS

FUTURE DEVELOPMENT PIPELINE

ASSETS UNDER MANAGEMENT

CHCI

2019 + 2020 YTD ACQUISITIONS

82%leased

90%leased

79%pre-leased

*All totals are approximate and subject to change.

4JUNE 2020

How Comstock Generates Revenues

ASSET MANAGEMENT SERVICES

• Asset management fees are earned pursuant to a long-term asset management agreement through 2027 on the Anchor Portfolio, and pursuant to asset management agreements related to other properties on shorter term contracts

• Management fees derived from multiple services:

— Asset management fees as a percentage of managed portfolio revenues

— Construction management fees as a percentage of costs associated with development of managed assets

— Property management fees as a percentage of revenues generated by managed portfolio assets

— Disposition fees as a percentage of the sales price of the disposition asset

• Anchor Portfolio managed pursuant to cost plus contract for downside protection

• Incentive fees as a percentage of free cashflow of AUM assets above a specified preferred return on invested capital

• Leasing fees for new lease originations and lease renewals

COMSTOCK REAL ESTATE SERVICES (CRES)

• CRES provides supplemental services related to real estate brokerage, equity and debt originations, and title insurance services

• Comstock Environmental provides variety of environmental remediation and industrial hygiene management services, including COVID-19 related services

• CRES generates supplemental fee income from our highly qualified personnel and serve as a potential catalyst for joint venture and strategic acquisitions

COMMERCIAL REAL ESTATE ACQUISITION FEE STREAM

• Investment origination fee for equity capital raised

• Loan Origination fee for capital markets/debt placements

• Fees related to ongoing Asset Management and Property Management Services

As a vertically integrated real estate operating company and real estate investor, we generate revenue in several ways in connection with the properties we acquire, develop, and/or manage. Our multiple revenue sources generally include fee-based revenue generated by providing multiple services in connection with AUM properties, partnership income generated by co-investing with our institutional partners in certain AUM properties, performance-based incentive income generated when transaction related events occur and when the performance of an AUM property meets certain financial metrics, and income generated by providing supplemental real estate related services, including environmental remediation and COVID-19 related services.

5JUNE 2020

Comstock Fee StructureASSET MANAGEMENT FEES SUPPLEMENTAL FEES

Asset Management

Property Management

Development + Construction Management

Acquisition Disposition Promote Incentive Fee

Loan Origination

Equity Investment Origination

Leasing Management

ANCHOR PORTFOLIO (*) - FULL SERVICE ASSET MANAGEMENT CONTRACTS

Reston / Loudoun Station

Office X X X X X X X

Residential X X X X X X X

Retail X X X X X X X

Parking X X X X X X X

Reston / Loudoun Station

Office X X X X X X X X

Residential X X X X X X X X

Retail X X X X X X X X

Parking X X X X X X X X

CO-COMMITTED ASSETThe Hartford Building

X X X X X

MANAGED PORTFOLIO - SELECT-SERVICE ASSET MANAGEMENT CONTRACTS

Tysons Gateway X

Richmond Station

X

Bella Collina X

Momentum @ Shady Grove

X

Herndon X X X X X X X X

EX

ISTI

NG

UN

DE

RC

ON

STR

UC

TIO

N

*Covered under the greater of the cost plus fee or market rate fee structure.

6JUNE 2020

Comstock Leadership and Principal Owners of Anchor Portfolio

CHRIS CLEMENTEChairman & CEO of Comstock Holding Companies, Inc. Managing Director & Principal of Comstock Partners, LC, (Owner of Anchor Portfolio)

35 years industry experience

DWIGHT SCHARChairman of NVR Owner of Washington Redskins, Principal of Comstock Partners, LC, (Owner of Anchor Portfolio)


Chris Clemente founded the Comstock organization in 1985 and has guided its growth and diversification since its inception. Mr. Clemente managed the growth of Comstock as a private enterprise until the 2004 initial public offering of Comstock Homebuilding Companies, Inc. (NASDAQ: CHCI), now known as Comstock Holding Companies, Inc. (“Comstock” or “Company”). Since the IPO, Mr. Clemente has served as Chairman of the Board and CEO of Comstock and is the largest individual stockholder of the Company. Mr. Clemente chairs Comstock’s Executive Committee, which charts strategic direction, evaluates acquisition opportunities, and oversees strategic partnerships, including multiple public-private partnerships where Comstock is the operating partner. Mr. Clemente co-owns Comstock Partners, LC with Dwight Schar and other family members, a family-owned, private company founded in 1999 to focus on commercial real estate development and investment. Mr. Clemente is also Managing Member at Comstock Partners, LC.

Dwight Schar co-owns Comstock Partners, LC with Christopher Clemente. Mr. Schar has been active in the real estate development industry since 1969 when he joined Ryan Homes in Ohio. Mr. Schar excelled in his management roles at Ryan Homes and led the expansion of Ryan Homes in the Washington, D.C. market in the 1970’s. Mr. Schar left Ryan Homes to form NV Land and NV Homes in 1977. After much success in the 1980’s, Mr. Schar orchestrated NV Homes’ acquisition of the much larger Ryan Homes in 1987, renaming the combined companies NVR, Inc. (“NYSE: NVR”). Mr. Schar served as President and CEO of NVR until 2005 and as Executive Chairman of the Board of Directors and Chairman of the Executive Committee of NVR. Mr. Schar is part-owner of the NFL Washington Redskins football team and was a managing partner of private equity firm, Red Zone Capital (“Red Zone”). Among other holdings, Red Zone owned Johnny Rockets Restaurants and Red Zebra Radio Stations. In 2007, Red Zone acquired Dick Clark Productions, owner of numerous popular entertainment assets including, the Golden Globe Awards, the Country Music Awards and Dick Clark’s Rockin’ New Year’s Eve.

7JUNE 2020

Reshaped Management Team Combines Local Expertise with Institutional Asset Management Experience

TIMOTHY STEFFANEVP of Asset Management,

Leasing & Development


MIKE DAUGARDSVP of Acquisitions


JOHN HARRISONSVP of Development

38 years of industry experience

STEVE TRAUNERManaging Director CRES


CHRISTOPHER GUTHRIECFO & EVP


RANDI KILLENSVP of Human Resources


SHARON FITZGERALDManaging Director of Commercial

Property Management


JUBAL THOMPSONGeneral Counsel & EVP


MICHAEL GUALTIERISVP of Finance & Corporate

Controller


KRIS GREENVP of Residential Property

Management


JOSEPH SQUERIDirector & EVP of Strategy and,

Corporate Development


TRACY SCHARSVP of Marketing & Brand

Management


DYLAN CLEMENTEVP of Park X Management


8JUNE 2020

1985Company Founded as for-sale

homebuilder (“HB”) in northern

VA

|

1997HB expanded

into Raleigh, NC Market

|

1999Comstock Partners (“CP”) founded as

CRE developer

Comstock History

2000CP begins

acquiring land for Reston Stn &

Loudoun Stn

|

2001CP delivers 1st

office building (Current HQ) at Reston Station

2004IPO Comstock Homebuilding

Companies, Inc. (NASDAQ: CHCI)

|

2005Began first mixed-use

project, Eclipse at Potomac Yard

CHCI buys first of several stabilized apt communities

2006CP wins RFP to develop Reston Station Transit

Facility in P3 with Fairfax County

CHCI expands HB operations

in Carolinas and GA through acquisitions

2008Delivered Eclipse at Potomac Yard

|

2010CP begins Loudoun

Stn Phase I residential

2011CHCI delivers

& sells first merchant built

apartment development

2012CHCI changes name to Comstock Holding

Companies, Inc. (NASDAQ: CHCI)

CHCI divests HB subsidiaries in NC, SC,

and GA

CP delivers BLVD at Loudoun Stn and begins Phase II of Loudoun Stn

commercial

|

2013CP delivers Reston Stn

Transit Facility

2016CP delivers AMC Theatre and 1st

office building in Loudoun Stn

|

2016-2018 CHCI transforms

operations to focus on CRE development

and asset management

2017CHCI acquires JK

Environmental Services, rebrands

asComstock

Environmental Services, LC

CP wins RFP for P3 Herndon

downtown redevelopment

CP begins Loudoun Stn

Phase II residential

2018-2019CP acquires land to

further expand Reston Stn neighborhood, creating Reston

Row District

|

2019CHCI and CP form venture and acquire Hartford Bldg

in Arlington, VA

2019CP & CHCI amend AMA expanding

fee based services and adding greater of market-rate or cost plus

feature and incentive fees

CHCI completes wind-down of HB and recapitalizes Balance Sheet

CP acquires CMC office portfolio, further expanding Reston Stn

neighborhood and Anchor Portfolio

2019Reston Stn leads market with

500k+ sf of office space leases

|

2020CP acquires CMC 6, further

expanding the Reston Station neighborhood and the Anchor

Portfolio AMA and delivers Loudoun Phase II residential

CHCI expands Hartford Bldg venture, admitting institutional capital and

placing institutional debt

2018CHCI begins transformation of operating platform to real

estate related fee based services company, merging

staff with CP

CHCI and CP enter Asset Management Agreement (“AMA”) covering Anchor

Portfolio

CP delivers Loudoun Stn Metro garage in P3 with Loudoun

County

2014CP begins BLVD at

Reston Stn

|

2015CP wins RFP to develop

Metro Garage at Loudoun Stn in P3 with

Loudoun County

1985 − PRESENT

HB= Home Builder CP=Comstock Partners

9JUNE 2020

Focusing on Select High-Growth Urban & Transitioning “Sub-Urban” Markets

TRANSIT-ORIENTED DEVELOPMENTSIrreplaceable locations adjacent to key Metro stations on DC area’s new Silver Line, which is designed to accommodate over 5M passengers annually when Phase II is fully operational in 2021

STRONG SUBMARKET ECONOMIC FUNDAMENTALSThriving Northern Virginia fundamentals including YOY job growth at 4.4% in Q1-20 and among highest median household income in nation

RESILIENT ECONOMYThe Washington, DC MSA is diverse and resilient, demonstrating strong job growth in most years and ability to recover from market slowdowns faster than most other markets

10JUNE 2020

Since Transforming Operating Platform, Comstock Has Added More Than 4M SF of Assets Under Management

Q1 2018 CURRENT DIFFERENCE

COMMERCIAL 958,000 SF 3,250,000 SF 2,292,000 SF

MULTIFAMILY 2,000,000 SF 3,200,000 SF 1,200,000 SF

HOTELS 0 400,000 SF 400,000 SF

RETAIL 314,000 SF 475,000 SF 161,000 SF

TOTAL SF 3,272,000 SF 7,325,000 SF 4,050,000 SF

Number of commercial assets 7 15 8

Number of multifamily assets 6 (1,400 units) 10 (2,800 units) 4

Number of hotel assets 0 (0 Keys) 2 (450 Keys) 2

TOTAL number of assets 13 27 14

Figures are approximate and include pipeline of development assets.

11JUNE 2020

Increasing AUM Through Acquisition of Stabilized Assets and Development of Anchor Portfolio

0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2019 2020 2021 2022 2023 2024 2025

Operating Under construction / Development pipeline

Sqft

(mill

ions

)

Additions from acquisitions

Figures and timing are approximate and include pipeline of development assets.

12JUNE 2020

Mixed-Use and Transit Oriented Reston Station Attracting Quality Tenants

17.8%

15.1%

10.2%

22.0%OTHER

Based on net sq ft. Includes vacant spaces and expansion spaces at 1900 Reston Metro Plaza.

5.8% 5.4%

4.8%

4.3%

etc.

3.6%

2.3%

2.3%2.2%

2.1%

1.9%

13JUNE 2020

Reston Station Represents the Beginning Transformation of Dulles Corridor

Reston Station is among the largest mixed-use, transit-oriented developments in the Washington D.C. MSA and led the market with more than 500,000 sf of office leases in 2019

Located midway between Dulles Airport and Tysons Corner, the urban core of Reston Station surrounds the only fully integrated transit facility in northern VA

Metro’s Wiehle Reston-East Station is situated at center of Reston Station neighborhood and will accommodate upwards of 25,000 daily commuters when Phase II of the Silver Line opens in late 2020 or early 2021

Spanning the Dulles Toll Road, the 40+ acre Reston Station neighborhood is being developed in four distinct districts:

• Metro Plaza District

• Reston Row District(also known as Promenade District)

• Commerce District

• West District

RESTON STATION ASSETS OVERVIEW*

5M SF MIXED USE DEVELOPMENT

2M SF TROPHY-CLASS & CLASS-A OFFICE

210K SF RESTAURANTS, DESTINATION RETAIL

400+ KEYS FULL SERVICE & EXTENDED STAY HOTELS (2)

2,000+ RESIDENTIAL UNITS

7,500+ PARKING SPACES

500K+ SF LEASING ACTIVITY 2019Reston Row District and West District in foreground and Commerce District in background.

Commerce District in foreground. Metro Plaza and West District in background.

*All numbers are approximate and residential totals include buildings by others.

14JUNE 2020

Loudoun Station Is The First Transit-oriented, Mixed-use Development in Loudoun County

Loudoun Station, located at the terminus of Phase II of Metro’s Silver Line in Ashburn, VA is Loudoun County’s first Metro connected development. Currently the neighborhood is connected to Metrorail via non-stop commuter bus to Reston Station. Loudoun Station will be the terminus of the Silver Line upon completion.

Phase II of Metro’s Silver Line is under construction and scheduled to commence passenger service in late 2020 or early 2021.

More than 1 million SF of mixed-use development completed. Loudoun Station will be the terminus of the Silver Line Metro upon completion.*

• 1,000 residential units

• 500K SF of Class-A Office Space

• 150K of destination retail

• 5,000+ parking spaces

Phase I and II looking north from Metro station.

Loudoun Station neighborhood with future phases in foreground.*All numbers are approximate.

15JUNE 2020

Stabilized Operating AssetsPROJECT NAME LOCATION ASSET CLASS OFFICE GSF UNITS RETAIL SF

BLVD RESTON Reston Station Multifamily/Retail NA 448 8,700

FOUNDING FARMERS Reston Station Retail/Dining NA NA 12,500

1900 RESTON METRO PLAZA Reston Station Office/Retail 371,000 NA 8,500

1850 CENTENNIAL PARK Reston Station Office/Retail 107,000 NA 3,000

11400 COMMERCE PARK Reston Station Office/Retail 124,000 NA 12,400

11440 COMMERCE PARK Reston Station Office 162,000 NA NA

11480 COMMERCE PARK Reston Station Office 133,000 NA NA

1886 METRO CENTER DR Reston Station Office 90,000 NA NA

BLVD LOUDOUN - PHASE I Loudoun Station Multifamily/Retail NA 357 62,000

43777 CENTRAL STATION Loudoun Station Office 52,000 NA NA

AMC THEATRES Loudoun Station Retail NA NA 62,000

THE HARTFORD BUILDING Clarendon Office/Retail 196,000 NA 16,000

TOTAL 1,235,000 805 units~1,000,000 SF

185,100

PARK X RESTON Reston Station Parking NA 1,687 spaces NA

PARK X COMMERCE Reston Station Parking NA 1,629 spaces NA

PARK X LOUDOUN Loudoun Station Parking NA 1,518 spaces 21,000

PARK X HARTFORD Clarendon Parking NA 520 spaces NA

Figures are approximate and include future development assets.

16JUNE 2020

Active Development Pipeline

PROJECT NAME LOCATION SQUARE FEET TYPEESTIMATED

COMPLETION

1906 RESTON METRO PLAZA Reston Station 203K Office 2020

BLVD GRAMERCY EAST AND BLVD FLATS Loudoun Station 419K 318 units 2020

1902 RESTON METRO PLAZA Reston Station 225K Office 2021

HERNDON DOWNTOWN Herndon 339K 273 units 2023

ONE GRAMERCY Loudoun Station 175K Office 2023

ONE RESTON ROW Reston Station 315K Office 2023

BLVD GRAMERCY WEST Loudoun Station 304K 249 units 2023

MARRIOTT HOTEL AND CONDOS Reston Station 465K Hotel / 90 units 2023

ONE COMMERCE Reston Station 385K Office Build-to-suit

BLVD RESTON ROW AND RETAIL Reston Station 355K 250 units 2023

TWO RESTON ROW Reston Station 222K Office 2024

BLVD WEST Reston Station 219K 200 units 2024

BLVD COMMERCE Reston Station 220K 200 units 2024

FUTURE PHASES 1.2M 500 units

TOTAL 5M 1,990 units

Figures are approximate, include future development assets, and completion dates are subject to adjustments based on market conditions.

17JUNE 2020

Northern VA Office Market

OFFICE MARKET SUPPLY/DEMAND FORECAST WASHINGTON METRO AREA (24 MONTHS ENDING SEPTEMBER 2021)

0

1

2

3

4

5

Northern Virginia

Mill

ions

of S

qua

re F

eet

Suburban Maryland D.C.

Demand Development Pipeline

48%Preleased 64%

Preleased

38%Preleased

OPPORTUNITY: METRO-ADJACENT OUTPERFORMING OFFICE VACANCY RATE: NORTHERN VIRGINIA 3Q 2019

Vac

ancy

Rat

e

8%

10%

12%

14%

16%

18%

Within 1/4 mile radius of silver line station

Class A in Reston and Tysons All Northern Virginia

20%

Source: Newmark Knight Frank.

Next 24 MonthsDemand: 5.5 million SFNew Supply: 7.5 million SF

18JUNE 2020

Big Tech Focus on Northern Virginia Transforming Region into Silicon Valley of the East

The Silver Line consists of 23 miles of new track and 11 new commuter rail stations. Constructed in two phases, the first phase opened in 2014 and the second phase will open in late 2020 or early 2021. Phase I includes four stations in Tysons Corner and one station in the Dulles Corridor at Comstock’s Reston Station, which serves as terminus of Phase I of Silver Line. Phase II will extend the Silver Line from Reston Station to Dulles International Airport and into Loudoun County, adding six stations and terminating at Comstock’s Loudoun Station development.

Commuter parking facilities are provided only at the Reston Station terminus of Phase I, and five of the six stations of Phase II. No commuter parking is provided at the stations at Tysons Corner, Reston Town Center Station and Dulles Airport Station.

19JUNE 2020

Reston MarketReston is located in Fairfax County in Northern Virginia

• Fairfax County is a major business center and one of the most desirable communities in the Washington metropolitan area (#1 populous jurisdiction in the DC Metro region, #2 wealthiest county in the nation, 3.6% unemployment rate vs. 4.0% national average)

• Since 2014, rents in the Reston Station area have increased 57.1% due to new construction, renovated buildings, and new walkable amenities, including Metro rail

• Silver Line will provide 7 rail stations in Dulles Corridor with Reston Station representing the Terminus of Phase I, and the largest commuter parking garage

Reston Town Center commands a rent premium over older and less walkable micro-markets within Reston

• Historically has experienced not only the lowest vacancy rate in Reston but one of the lowest rates of any micro-market in the Washington DC region

Reston Station achieving comparable rents to Reston Town Center

• New buildings, ample parking, abundant amenities, and on-site Metro station attracting corporate relocations from Reston Town Center and elsewhere

• Led DC market with 500K+ SF of new office leases in 2019 with Big Tech companies and federal contractors

• Silver Line will be completed in late 2020 or early 2021 and is projected to serve 5M+ commuters annually

The Dulles Corridor is well positioned to outperform the broader market from a demand perspective with a fully funded defense budget and strong growth from big tech tenants specializing in cloud computing and cyber security

1900 Reston Metro Plaza

Reston Town Center

Reston Class A overall

$60.00

Offi

ce R

ent P

SF

$ -

$10.00

$20.00

$30.00

$40.00

$50.00

Reston Class B overall

Metro Plaza DistrictWiehle-Reston East MetroCommerce District Reston Row District

20JUNE 2020

Loudoun MarketLoudoun County is located in the northeastern portion of Virginia and is less than 24 miles outside of Washington D.C.

Loudoun County is the fastest growing and highest earning county in the U.S. with job growth of 68% since 2000 and a median household income of ~$125K, nearly triple that of the national average

More than $3.5B has been invested in Loudoun County between July 2016 and April 2019, bringing the three-year total to more than $7.2 billion in commercial real estate investment

Silver Line will add 7 Rail Stations in the Dulles Corridor with Loudoun Station representing the Terminus of Phase II

Loudoun County benefits from its close proximity to the Dulles International Airport

• Washington Dulles International Airport is the second busiest Trans-Atlantic airport on the East Coast serving more than 24M passengers annually with year-round flights to over 125 destinations around the world

#1Job Growth

in the United States

2.5%Unemployment Rate

vs. 4.0% national average

#1Wealthiest County

in the Nation

36 YEARSMedian Age

Loudoun Station I and II with future phases of development and metro station in foreground.

21JUNE 2020

Appendix

Reconciliation of Non-GAAP financial measures (unaudited)

2019 2020

(in thousands) Full Year Q1

Total revenue 25,317 6,966

Total expenses 23,042 6,775

Operating income 2,275 191

Other income, net 225 9

Interest expense (474) (164)

(Loss) gain on equity method investments carried at fair value (560) (47)

(Loss) income before income tax expense 1,466 (11)

Income tax expense (2) (1)

Net (loss) income from continuing operations 1,464 (12)

+ interest expense 474 164

+ Income tax expense 2 1

+ D&A 301 89

+ stock compensation 479 213

+ Loss on equity method investments carried at fair value 560 47

EBITDA 3,280 502

Note: EBITDA is a non-GAAP financial measure calculated as presented in the table above. CHCI considers EBITDA to be an appropriate supplemental measure of its operating performance, along with net income from continuing operations and operating income. The Company believes that EBITDA provides useful information to investors because by excluding the effects of certain amounts, such as interest, income tax expense, depreciation and amortization, stock compensation and loss on equity method investments carried at fair value, EBITDA may facilitate a comparison of current operating performance with historical operating performance and with the performance of other asset management businesses. EBITDA does not represent cash generated by operating activities in accordance with GAAP and should not be considered an alternative to net income from continuing operations or operating income, as an indicator of the Company’s financial performance, or as a measure of CHCI’s liquidity.

23JUNE 2020

comstockcompanies.com | 1886 Metro Center Dr, Reston, VA 20190 | 703. 230.1985

CHRISTOPHER GUTHRIEChief Financial Officer

703.230.1146

JUNE 2020 INVESTOR PRESENTATION - Comstock Companies

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