Harbor Custom Development Results Presentation Deck
August 2023, 19 slides
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harbor custom development earnings presentation | Harbor Custom Development
forward looking statements | Harbor Custom Development
key executives jeff | Harbor Custom Development
unique business model provides flexibility for the monetization of land at various stages we acquire land we entitle and permit property we develop land with horizontal infrastructure we construct homes and family apartment buildings we monetize our real estate assets at various stages to capitalize on current market conditions harbor at a glance we are a real estate developer and builder that participates in each phase of the land to home development cycle mand sis era | Harbor Custom Development
commentary solid execution despite moderation in demand environment sales increase of year over year gross loss of million compared to million in prior year comparable period incurred impairment losses of million at pacific ridge and which were the primary drivers of the gross loss in the period cost management and balance sheet to support growth implemented further actions to improve operating posture and drive cost reductions operating expense decreased in from the comparable period closed million gross public offering provides capital to support operations and execute our strategy near term momentum remains solid closed mills crossing family in june family rent up at pacific ridge and phase progressing six completed homes in hills creek and summit rock communities listed for sale closed two homes five lots and four lots during the quarter exploring sale and construction opportunities for bridge view trail entitled land project corporate update appointed as interim chief executive officer and interim president effective appointed as chief accounting officer effective | Harbor Custom Development
real estate assets by state geographic and product diversification market total units lots owned total units lots controlled owned controlled real estate assets owned units by expected sales total a tot | Harbor Custom Development
strategic shifts in our approach three months ended june we flexed our approach in we increased our focus on high demand family products which have longer build cycles ranging from to months construction is completed at pacific ridge and and continues to progress at and rent up continues to progress at pacific ridge and mills crossing sold for million in progressing on our plan to reduce our exposure to the market and sold four lots in executing our plan to build homes and sell lots in the market and sold two homes and five lots in i | Harbor Custom Development
to financial overview year over year comparison revenue to million gross profit to million gross margin to net income to million basic to to million | Harbor Custom Development
six months to financial overview year over year comparison revenue to million gross profit to million gross margin to net income to million basic to to million | Harbor Custom Development
balance sheet liquidity position balance sheet provides platform for future growth opportunities capitalization summary liquidity real estate leverage ratio cash and cash equivalents total debt stockholders equity net debt total capital ratio unrestricted cash and cash equivalents revolver availability liquidity construction loans real estate assets real estate leverage ratio highlights ended with million liquidity real estate leverage ratio at book value at million nun so a | Harbor Custom Development
primary sources uses of capital capital sources capital uses highlights continued net investment of million into our real estate assets paid down debt and financing fees of million balanced approach to capital allocation fund working capital needs invest in real estate assets debt reduction financing fees melds construction loans | Harbor Custom Development
committed to investing in our future we continued to build our real estate assets during the six months ended june positioning us for potential future growth alt | Harbor Custom Development
appendix | Harbor Custom Development
capitalization table as of june common stock outstanding options unvested restricted stock warrants common warrants warrants common placement warrants series a preferred stock warrants preferred total | Harbor Custom Development
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offices contact harbor custom development pacific avenue suite | Harbor Custom Development
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