CHCI APRIL 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. APRIL 2020 2
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 offjce, 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 43805 Central Station Dr @ Ashburn Metro 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 offjce tower located at the Clarendon Metro station through a joint venture with institutional capital partners, retaining an economic interest and management responsibilities. • Comstock affjliates 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 1900 Reston Metro Plaza @ Clarendon Metro @ Reston Station Metro APRIL 2020 3
Comstock at a Glance ASSETS UNDER COMSTOCK REAL 2019 + 2020 YTD MANAGEMENT ESTATE SERVICES ACQUISITIONS OPERATING UNDER CONSTRUCTION FUTURE DEVELOPMENT $5.7M 5 PORTFOLIO Delivering 2020 & 2021 PIPELINE 2019 REVENUES BUILDINGS 1.4M 454K 1.8M 79% 5 750K SF 82% pre-leased leased COMMERCIAL SF COMMERCIAL SF OFFICE AND RETAIL SF MARKETS SERVED ADDITIONS TO AUM DC 805 318 1,600 $1.6M 90% VA leased MULTIFAMILY UNITS MULTIFAMILY UNITS MULTIFAMILY UNITS MD ACQUISITION FEES PA 600K+ SF 2/450 ~$285M NJ 2019 AND YTD 2020 HOTELS/KEYS CAPITAL RAISED LEASING ACTIVITY AND DEPLOYED CUSTOMERS ASSET TYPES SERVICES Corporate Real Estate Mixed-Use Transit Oriented Asset Management Owners Retail Asset Acquisition and Institutional Real Estate Disposition Offjce Investors Multifamily Leasing and Marketing Family Offjces Hotel Design, Planning, and Financial Institutions Entitlements Parking Governmental Institutions Development and Public Infrastructure Construction Property Management Facility Management Environmental Engineering & COVID-19 Services *All totals are approximate and subject to change. APRIL 2020 4
How Comstock Generates Revenues As a vertically integrated real estate operating company and real estate ASSET MANAGEMENT SERVICES 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 • Asset management fees are earned pursuant to a long-term asset multiple services in connection with AUM properties, partnership income management agreement through 2027 on the Anchor Portfolio, generated by co-investing with our institutional partners in certain and pursuant to asset management agreements related to other AUM properties, performance-based incentive income generated properties on shorter term contracts when transaction related events occur and when the performance of an AUM property meets certain fjnancial metrics, and; income generated • Management fees derived from multiple services: by providing supplemental real estate related services, including environmental remediation and COVID-19 related services. — Asset management fees as a percentage of managed portfolio revenues COMMERCIAL REAL ESTATE ACQUISITION FEE STREAM — Construction management fees as a percentage of costs associated with development of managed assets • Investment origination fee for equity capital raised — Property management fees as a percentage of revenues • Loan Origination fee for capital markets/debt placements generated by managed portfolio assets • Fees related to ongoing Asset Management and Property Management Services — Disposition fees as a percentage of the sales price of the disposition asset COMSTOCK REAL ESTATE SERVICES (CRES) • Anchor Portfolio managed pursuant to cost plus contract for downside protection • CRES provides supplemental services related to real estate brokerage, equity and debt originations, and title insurance services • Incentive fees as a percentage of free cashfmow of AUM assets • Comstock Environmental provides variety of environmental above a specifjed preferred return on invested capital remediation and industrial hygiene management services, including COVID-19 related services • Leasing fees for new lease originations and lease renewals • CRES generates supplemental fee income from our highly qualifjed personnel and serve as a potential catalyst for joint venture and strategic acquisitions APRIL 2020 5
Comstock Fee Structure ASSET MANAGEMENT FEES SUPPLEMENTAL FEES Development Equity Asset Property Promote Loan Leasing + Construction Acquisition Disposition Investment Management Management Incentive Fee Origination Management Management Origination ANCHOR PORTFOLIO ( * ) - FULL SERVICE ASSET MANAGEMENT CONTRACTS Reston / Loudoun Station EXISTING Offjce 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 CONSTRUCTION Offjce X X X X X X X X UNDER 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 ASSET The Hartford X X X X X Building MANAGED PORTFOLIO - SELECT-SERVICE ASSET MANAGEMENT CONTRACTS Tysons Gateway X Richmond X Station Bella Collina X Momentum @ X Shady Grove Herndon X X X X X X X X *Covered under the greater of the cost plus fee or market rate fee structure. APRIL 2020 6
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