Comstock Holding Companies reported higher revenue and adjusted EBITDA for the third quarter of 2026, alongside continued growth in its managed-asset portfolio and real estate ventures. Revenue rose 34% from a year earlier, while adjusted EBITDA more than doubled.
The company also cited leasing progress at its Reston Station properties and new activity in its multifamily and data-center platforms. CEO Christopher Clemente said Comstock was on track to deliver record results in 2026.
Financial results
- Third-quarter revenue was $17.9 million, up 34% from $13.3 million a year earlier. Revenue for the first nine months was $57.9 million, up 49% from $38.9 million.
- Net income was $588,000, compared with $541,000 in the third quarter of 2025. Diluted earnings per share were 6 cents, versus 5 cents.
- Adjusted EBITDA rose 112% to $2.3 million from $1.1 million. For the first nine months, it increased 121% to $11.8 million.
- Year-to-date net income reached $11.4 million, compared with $3.6 million in the first nine months of 2025. The third-quarter result included a $1 million unrealized loss on the company’s Jericho equity investments, partially reversing a significant gain in the second quarter. The year-to-date gain on those investments remained $3.7 million higher than a year earlier.
Portfolio and operating updates
- Comstock’s managed portfolio grew to 115 assets, up from 91 a year earlier. It added 24 assets year over year, including 12 contracts secured by its ParkX subsidiary in the third quarter.
- ParkX revenue increased 65% year over year in the quarter and 84% for the first nine months.
- The stabilized commercial portfolio was 92% leased. Comstock executed 12 commercial leases in the quarter, covering about 62,000 square feet of office and retail space; year to date, it had executed 27 leases covering about 502,000 square feet.
- The stabilized residential portfolio was 91% leased, with 699 units leased during the first nine months.
- At Reston Station, the five office towers were 98% leased or reserved. Interior build-outs are underway for Booz Allen Hamilton’s headquarters, which will occupy more than 300,000 square feet, and for other significant tenants.
- The 419-unit BLVD Haley apartment building at Reston Station was 50% leased at quarter-end. Comstock also said sales at JW Marriott Residences Reston Station continued to outperform other condominium sales in the Reston submarket.
- At The Row at Reston Station, an expansion of the JW Marriott hotel conference center is scheduled for delivery in the fourth quarter. Ebbitt House, the first expansion of Washington’s Old Ebbitt Grill, was scheduled to open in November 2026.
Real estate ventures
- Comstock’s Institutional Venture Platform secured a purchase agreement to acquire The Ascher, a 672-unit multifamily property in Charlotte, North Carolina.
- The platform also received development approval for LITEC, a planned 147-unit multifamily project in Rockville, Maryland.
- In its Data Center Platform, an Oklahoma joint venture secured surface development rights covering 1,000 acres during the quarter, bringing its total to about 7,000 acres. Development planning has begun for the first of several large-scale data-center campuses.
The results show growth in both Comstock’s operating business and its managed portfolio. The investment valuation loss affected third-quarter net income, while the company’s revenue and adjusted EBITDA both rose substantially from a year earlier.