Comstock Holding Companies, Inc. (NASDAQ:CHCI) ("Comstock" or
the "Company"), a multi-faceted real estate development, asset
management and real estate related services company focused on
the Washington, DC market, today announced that it has
named Christopher Guthrie as Chief Financial Officer and Principal
Financial Officer and Christopher Conover as EVP-Finance and
Strategic Planning, effective as of June 12, 2018.
Mr. Guthrie, 39, has served as Chief Financial
Officer of Comstock Partners, LC, since 2013 and brings over 15
years of accounting and finance experience, previously working for
Red Zone Capital Management, a private equity fund owned by Dwight
Schar and Daniel Snyder. He has also previously served as an
audit and transaction services manager at PwC (where he obtained
his CPA). Mr. Guthrie will succeed Mr. Conover as Chief
Financial Officer of the Company.
Mr. Conover, 36, has served as our Chief
Financial Officer since 2015 and previously served as VP Finance
and Corporate Controller at the Company since 2012. In his
role as EVP-Finance and Strategic Planning, Mr. Conover will focus
on strategic tax planning; corporate strategy; SEC reporting
oversight; and investor relations.
Additionally, effective as of June 12, 2018, A.
Clayton Perfall has resigned as a director and as Chairman of our
Audit Committee. James McCutcheon, an existing director who
has been on the Company’s Audit Committee since December of 2004,
has been appointed as the Chairman of the Audit Committee.
Additionally, David Guernsey, also an existing director since 2004,
has agreed to join the Company’s Audit Committee.
"The transformation of our operating platform is
proceeding as planned,” said Christopher Clemente, Chairman
and Chief Executive Officer. “Mr. Guthrie is a tremendous addition
to the Comstock executive management team given his deep knowledge
of the anchor portfolio of transit-oriented, mixed-use assets under
management and his financial background and management experience.
Additionally, Mr. Guthrie’s appointment as CFO enables Mr. Conover
to focus on execution of strategic corporate initiatives, including
the marshalling of resources necessary to monetize the Company’s
significant $143M tax asset.”
For additional details on the above referenced
transactions, refer to the disclosures within the Company’s Form
8-K, filed with the Securities and Exchange Commission on June 18,
2018.
The Company's latest investor relations presentation describing
the strategic vision of the Company can be found at
www.ComstockCompanies.com.
About Comstock Holding Companies,
Inc.
CHCI is a multi-faceted real estate development,
asset management and real estate related services company that,
since 1985, has designed, developed, constructed and managed
several thousand residential units and millions of square feet of
residential and mixed-use projects throughout the Washington, DC
metropolitan market and in other key markets in the southeastern
United States. In early 2018, CHCI transitioned its operating
platform from being primarily focused on developing on-balance
sheet, for-sale, homebuilding projects to being focused on
commercial real estate development, asset management and real
estate related services. As a result, CHCI began operating through
two real estate focused platforms, CDS Asset Management ("CAM") and
Comstock Real Estate Services ("CRES"). CAM provides real estate
development, asset management, and property management services,
while CRES provides development supply chain services, including
capital markets, real estate brokerage, environmental consulting
and design services in the Washington, DC metropolitan area and in
New Jersey and Pennsylvania. Anchoring the transition of CHCI is a
long-term asset management agreement covering two of the largest
transit-oriented, mixed-use developments in the Washington, DC
area; Reston Station, a 3 million square foot transit-oriented,
mixed-use development located in Reston, VA, and Loudoun Station, a
2.5 million square foot transit-oriented, mixed-use development in
Ashburn, VA, as well as other additional development assets.
Comstock's substantial experience in entitling, designing,
developing, and managing a diverse range of properties including
apartments, single-family homes, townhomes, mid-rise condominiums,
high-rise condominiums and mixed-use (residential and commercial)
properties, as well as large scale commercial parking garages and
infrastructure projects, has positioned the Comstock organization
as a premier developer and real estate related service provider in
the mid-Atlantic Region. The Company is a publicly traded company,
trading on NASDAQ under the symbol CHCI. For more information about
CHCI or its businesses, please visit www.ComstockCompanies.com.
Cautionary Statement Regarding
Forward-Looking Statements
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.
Some factors which may affect the accuracy of the forward-looking
statements apply generally to the real estate industry, while other
factors apply directly to us. Any number of important factors which
could cause actual results to differ materially from those in the
forward-looking statements include, without limitation: completion
of Comstock's financial accounting and review procedures; general
economic and market conditions, including interest rate levels; our
ability to service our debt; inherent risks in investment in real
estate; our ability to compete in the markets in which we operate;
economic risks in the markets in which we operate, including
actions related to government spending; delays in governmental
approvals and/or land development activity at our projects;
regulatory actions; fluctuations in operating results; our
anticipated growth strategies; shortages and increased costs of
labor or building materials; the availability and cost of land in
desirable areas; adverse weather conditions or natural disasters;
our ability to raise debt and equity capital and grow our
operations on a profitable basis; the reliance of substantially all
of our revenues derived from our provision of management services
to a limited number of companies; the Asset Management Agreement
and other agreements with clients are subject to termination; and
our continuing relationships with affiliates. Additional
information concerning these and other important risk and
uncertainties can be found under the heading "Risk Factors" in our
Annual Report on Form 10-K, as filed with the Securities and
Exchange Commission, for the fiscal year ended December 31,
2017. 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.
Company: Comstock Holding Companies, Inc.
Christopher Guthrie, 703-230-1292 Chief Financial Officer
Comstock Holding Companies (NASDAQ:CHCI)
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