Harbor Custom Development, Inc.

Harbor Custom Development, Inc. engages in the construction, sale, and management of residential properties. Its portfolio includes single-family lots, multi-family properties, and home communities. The company was founded by Sterling Griffin in February 2014 and is headquartered in Tacoma, WA.

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Harbor Custom Development is a real estate, and land development cycle including land acquisition, entitlements, construction of project infrastructure, home building, marketing, sales, and management of various residential projects. As a land developer and builder of apartments, condominiums, single-family homes, and luxury homes, Harbor Custom Development's business strategy is to acquire, and develop land strategically based on an understanding of population growth patterns, entitlement restrictions, infrastructure development, and geo-economic forces.

Harbor Custom Development Inc announced the pricing of a public offering expected to generate gross proceeds of roughly $10 million.  The company will offer more than 1.9 million shares of common stock and a corresponding amount of warrants.

Harbor Custom Development prices public offering to fund real estate construction and development

TACOMA, Wash., May 16, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) ("Harbor," "Harbor Custom Homes®," or the "Company"), a real estate company involved in all aspects of the land development cycle, today announced the pricing of a public offering of an aggregate of 1,951,218 shares of its common stock (or pre-funded warrants in lieu thereof) and warrants to purchase 1,951,218 shares of common stock, at a combined public offering price of $5.125 per share (or pre-funded warrant in lieu thereof) and accompanying warrant. The warrants will have an exercise price of $5.00 per share, will be exercisable immediately upon issuance, and will expire five years from the date of issuance. The closing of the offering is expected to occur on or about May 18, 2023, subject to the satisfaction of customary closing conditions.

Harbor Custom Development, Inc. Announces Pricing of $10 Million Public Offering

Harbor Custom Development, Inc. (NASDAQ:HCDI ) Q1 2023 Results Conference Call May 15, 2023 12:30 PM ET Company Participants Sterling Griffin - CEO, President and Chairman of the Board Lance Brown - Chief Financial Officer Jeff Habersetzer - Chief Operating Officer Operator Thank you for standing by, and welcome to the Harbor Custom Development Incorporated First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Harbor Custom Development, Inc. (HCDI) Q1 2023 Earnings Call Transcript

Harbor Custom Development has reported its financial results for the first quarter, which ended March 31, 2023. The company's CEO Sterling Griffin noted that, compared to the year-ago quarter's record performance, its results during 1Q were unfavorably impacted by ongoing challenges in the housing market, including higher interest rates and inflationary pressures.

Harbor Custom Development sees growth opportunities as summer selling and rental season approaches

TACOMA, Wash., May 15, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative real estate company involved in all aspects of the land development cycle, today announced its financial results for the first quarter ended March 31, 2023.

Harbor Custom Development, Inc. Reports 2023 First Quarter Financial Results

Harbor Custom Development announced that its CEO Sterling Griffin will retire from the company, effective July 12.  Jeff Habersetzer, Harbor's chief operating officer, general counsel and corporate secretary, is expected to be named interim CEO.

Harbor Custom Development CEO Sterling Griffin to retire in July

Harbor Custom Development, Inc. Announces Executive Team Transition

Real estate specialist Harbor Custom Development (NASDAQ: HCDI ) — which focuses on all aspects of the land development cycle — announced this morning that it's one step closer to securing a deal for a 36-unit townhome project in Washington. HCDI stock jumped sharply on the news, gaining more than 200% at one point before settling at a gain of over 80% as of this writing.

Why Is Harbor Custom Development (HCDI) Stock Up Today?

Harbor Custom Development Inc announced that buyer Kitsap Community Resources waived all contingencies in the sale of Mills Crossing townhomes in Bremerton, Washington.  Kitsap contracted to purchase Mills Crossing for $14.25 million and anticipates closing on or before June 16, the company said.

Harbor Custom Development buyer waives contingency in $14.25M townhomes sale

Mills Crossing will provide affordable housing to Kitsap County area residents. TACOMA, Wash, May 10, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) ("Harbor," "Harbor Custom Homes®," or the "Company"), a real estate company involved in all aspects of the land development cycle, today announced Kitsap Community Resources waived all contingencies in the sale of Mills Crossing townhomes in Bremerton, Washington and has released their $400,0000 of non-refundable earnest money to Harbor.

Harbor Custom Development, Inc. Announces Buyer Waives All Contingencies on $14,250,000 Sale of Townhomes

TACOMA, Wash, May 04, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. ("Harbor," "Harbor Custom Homes®," or the "Company"), (NASDAQ: HCDI; HCDIP; HCDIW, HCDIZ), an innovative real estate company involved in all aspects of the land development cycle, today announced the date of the Company's first quarter 2023 earnings release and earnings conference call.

Harbor Custom Development, Inc. Announces Date of First Quarter 2023 Earnings Release and Earnings Conference Call

TACOMA, Wash, April 28, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), a real estate company involved in all aspects of the land development cycle, today announced it has entered into a contract to sell the land and site improvements for the future Bridge View Trail apartments in Port Orchard, WA to a leading, fully integrated global real estate company for $11,000,000. The anticipated closing of the property would occur on or before June 30, 2023, upon the buyer's satisfaction and waiver of their feasibility contingency.

Harbor Custom Development, Inc. Contracts to Sell Bridge View Trail Apartment Site in Port Orchard, WA for $11,000,000

Harbor Custom Development Inc's CEO Sterling Griffin said the company remains confident in its diversified portfolio and long-term success after navigating real estate market challenges during 2022. “As we near completion of construction and continue to make progress with the rent up of our first wave of multi-family projects, we believe 2023 will be a new chapter for Harbor Custom Development,” Griffin said in a statement accompanying the company's fourth quarter and full year 2022 financial results.

Harbor Custom Development says 2023 will be ‘a new chapter'

TACOMA, Wash., March 31, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative real estate company involved in all aspects of the land development cycle, today announced its financial results for the fourth quarter and full year ended December 31, 2022.

Harbor Custom Development, Inc. Reports Fourth Quarter and Full Year 2022 Results

TACOMA, Wash, March 24, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. ("Harbor," "Harbor Custom Homes®," or the "Company"), (NASDAQ: HCDI; HCDIP; HCDIW, HCDIZ), an innovative real estate company involved in all aspects of the land development cycle, today announced the date of the Company's fourth quarter and full year 2022 earnings release and earnings conference call.

Harbor Custom Development, Inc. Announces Date of Fourth Quarter and Full Year 2022 Earnings Release and Earnings Conference Call

TACOMA, Wash, March 21, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative real estate company involved in all aspects of the land development cycle, today announced the Company has regained compliance with the continued listing standards of the Nasdaq Capital Market.

Harbor Custom Development, Inc. Announces Regaining Nasdaq Compliance

Harbor Custom Development Inc (NASDAQ:HCDI) has announced that it anticipates receiving engineering approval in the fourth quarter of 2023 for the first phase of Grandis Pond, a 438-acre master-planned community in Blaine, Washington. In its current configuration, Harbor said Grandis Pond is comprised of 872 single-family lots, 120 multi-family units and approximately 10 acres of dedicated neighborhood commercial space.

Harbor Custom Development provides update on 992 unit Grandis Pond development in Blaine, Washington

TACOMA, Wash, March 09, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative real estate company involved in all aspects of the land development cycle, today announced that it anticipates receiving engineering approval in the fourth quarter of 2023 for the first phase of Grandis Pond, a 438-acre master-planned community in Blaine, Washington.

Harbor Custom Development, Inc. Provides Update on Grandis Pond a 992 Unit Master Planned Community in Blaine, WA

TACOMA, Wash, March 08, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative real estate company involved in all aspects of the land development cycle, today announced that based on its preliminary results, it does not expect to meet its guidance targets for 2022 of full year revenue and adjusted EBITDA of $61 to $65 million and $(7) million to $(5) million loss, respectively.  The primary drivers of the miss were a cancellation of a sale of real estate in Punta Gorda, Florida, which was previously under contract and expected to close in the fourth quarter of 2022; cost overruns associated with two fee build projects that are now in final stages of completion; and an impairment charge that was recorded to one of the Company's multi-family properties. Harbor plans to provide full year financial results by March 31, 2023.

Harbor Custom Development, Inc. Provides Preliminary 2022 Guidance Update

Harbor Custom Development Inc. (NASDAQ:HCDI) announced that it has downsized its land development infrastructure division, reducing the company's total head count by 56% since the third quarter. The real estate development firm also said it has sold off $7.5 million in heavy equipment that was previously utilized by the land development infrastructure division, eliminating about $1.1 million in annual depreciation expense.

Harbor Custom Development reduces annual cash outlay, sharpens focus on residential real estate projects

TACOMA, Wash., March 06, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative real estate company involved in all aspects of the land development cycle, today announced the Company has downsized its land development infrastructure division, reducing the Company's total head count by 56% since Q3 while selling off $7.5 million in heavy equipment that was previously utilized by the land development infrastructure division.

Harbor Custom Development, Inc. Downsizes Land Development Infrastructure Division - Reducing Head Count by 56%

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Harbor Custom Development Inc. (NASDAQ:HCDI) has announced it will effect a 1-for-20 reverse stock split of its issued and outstanding shares of common stock in a move that is aimed at maintaining compliance with the Nasdaq's minimum bid price requirement.  The company noted that stockholders voted to authorize the reverse stock split in a range of 1-for-3 to 1-for-25 on February 17, 2023, and its directors voted to authorize the exact ratio for the reverse split of 1-for-20 on February 27.

Harbor Custom Development announces reverse stock split

TACOMA, Wash, March 03, 2023 (GLOBE NEWSWIRE) -- Harbor Custom Development, Inc. (Nasdaq: HCDI, HCDIP, HCDIW, HCDIZ) (“Harbor,” “Harbor Custom Homes®,” or the “Company”), an innovative real estate company involved in all aspects of the land development cycle, today announced it will effect a 1-for-20 reverse stock split of its issued and outstanding shares of common stock (the “reverse split”).  Harbor's stockholders voted to authorize a reverse stock split in a range of 1-for-3 to 1-for-25 on February 17, 2023, and Harbor's directors voted to authorize the exact ratio for the reverse split of 1-for-20 on February 27, 2023.

Harbor Custom Development, Inc. Announces Reverse Stock Split

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