Revenue Performance - Revenue for 2024 reached $51.3 million, a 14.7% increase from $44.7 million in 2023[104] - Revenue for 2024 increased to $51.294 million, up 14% from $44.721 million in 2023[153] - Total revenue for the year ended December 31, 2024, was $51.3 million, an increase of 14.4% from $44.7 million in 2023[240] - Revenue from asset management increased to $31.5 million in 2024, up from $29.3 million in 2023, representing a growth of 7.4%[240] - Revenue from Incentive Fees decreased to $1.5 million in 2024 from $4.8 million in 2023, reflecting a significant decline[131] - The Company recognized incentive fee revenue of $1.5 million in 2024, a significant decrease from $4.8 million in 2023[242] Income and Profitability - Net income for 2024 was $14.6 million, compared to $7.8 million in 2023, reflecting a significant increase[104] - Net income for 2024 was $14,560,000, compared to $7,784,000 in 2023, representing an increase of 87%[153] - Basic net income per share rose to $1.48 in 2024 from $0.81 in 2023, a growth of 82%[153] - Diluted net income per share rose to $1.41 in 2024 from $0.77 in 2023, reflecting an increase of 83.1%[248] - The effective tax rate for 2024 was -35.76%, primarily due to a valuation allowance release of $6.5 million, compared to 4.51% in 2023[243] Operating Costs and Expenses - Total operating costs and expenses increased by 15.3% to $41.0 million in 2024, up from $35.6 million in 2023[106] - Operating costs and expenses for 2024 totaled $41.007 million, an increase of 15% from $35.557 million in 2023[153] - Asset management and corporate operating expenses increased to $23.8 million in 2024 from $21.6 million in 2023[275] - ParkX operating expenses rose significantly to $7.1 million in 2024, compared to $4.2 million in 2023, marking an increase of approximately 69.0%[275] - Stock compensation expenses slightly decreased to $0.9 million in 2024 from $1.0 million in 2023[275] Cash and Liquidity - Cash and cash equivalents as of December 31, 2024, were $28.8 million, with an additional $10.0 million available from the Credit Facility[119] - Cash and cash equivalents at the end of 2024 were $28.761 million, an increase of 53% from $18.788 million at the end of 2023[159] - Net cash provided by operating activities increased to $10,675,000 in 2024 from $9,003,000 in 2023, a change of $1,672,000[121] Assets and Investments - Total assets increased to $64.867 million in 2024, up from $49.939 million in 2023, reflecting a growth of 30%[151] - The Company had $111.1 million of net operating loss carryforwards as of December 31, 2024[109] - The Company’s investments in real estate ventures decreased from $7,077,000 in 2023 to $6,228,000 in 2024, reflecting a change in fair value of $(320,000)[212] - Revenue from unconsolidated investments in real estate ventures increased from $24,877,000 in 2023 to $28,115,000 in 2024, representing a growth of approximately 9.0%[217] Tax and Valuation - The company recorded a $3.8 million income tax benefit in 2024, compared to a provision of $0.4 million in 2023, resulting in a net change of $4.2 million[109] - The company released $6.5 million of the valuation allowance for deferred tax assets, indicating management's confidence in future taxable income[145] - The Company had total deferred tax assets of $16.3 million as of December 31, 2024, after accounting for a valuation allowance of $17.1 million[245] Management and Agreements - The Company operates as a single reportable operating segment, primarily generating revenue from real estate services through asset and property management contracts[274] - The Company entered into a Business Management Agreement with Springfield Holdings, LLC, effective February 1, 2024, for management services[264] - CAM is entitled to an annual payment of at least $1.0 million under the 2022 asset management agreement[252] - The 2022 asset management agreement will terminate on January 1, 2035, with automatic one-year renewals unless a non-renewal notice is given[255] Other Financial Metrics - Adjusted EBITDA for 2024 was $11,597,000, an increase from $10,423,000 in 2023, driven by significant increases in recurring fee-based property and parking management revenue[115][116] - Total stockholders' equity increased to $52.369 million in 2024, compared to $37.216 million in 2023, marking a rise of 41%[151] - The Company recorded a gain of $672,000 in interest income for 2024, significantly up from $96,000 in 2023[153] - The increase in interest income was $576,000 in 2024, totaling $672,000 compared to $96,000 in 2023, marking a 600.0% increase[108]

Company Overview - Comstock Holding Companies, Inc. reported earnings for the quarter and fiscal year ended December 31, 2024, in a press release dated March 21, 2025[5]. - The company is listed on the Nasdaq Capital Market under the trading symbol CHCI[4]. - Christopher Clemente serves as the Chairman and Chief Executive Officer of Comstock Holding Companies, Inc.[11]. Regulatory Compliance - The report is filed under the Securities Exchange Act of 1934, indicating compliance with regulatory requirements[6]. - The press release is attached as Exhibit 99.1, providing detailed financial information[7].

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Revenue Performance - Revenue for the three months ended September 30, 2024, was $12.995 million, a decrease of 10.2% compared to $14.463 million in the same period of 2023[99]. - Total revenue for the nine months ended September 30, 2024, was $34.386 million, a 2.0% increase from $33.705 million in 2023[105]. Asset Management - Asset management revenue decreased by $3.226 million, or 30.4%, from $10.606 million in 2023 to $7.380 million in 2024[100]. - Asset management revenue decreased by $2.876 million, or 12.8%, while property management revenue increased by $970,000, or 12.5%[105]. Property Management - Property management revenue increased by $648,000, or 24.9%, from $2.605 million in 2023 to $3.253 million in 2024[100]. Parking Management - Parking management revenue saw a significant increase of $1.110 million, or 88.7%, from $1.252 million in 2023 to $2.362 million in 2024[100]. Operating Costs and Expenses - Total operating costs and expenses increased by 10.4% in 2024, totaling $10.167 million compared to $9.206 million in 2023[102]. - Cost of revenue rose by $1.026 million, or 12.0%, from $8.557 million in 2023 to $9.583 million in 2024[102]. - Operating costs and expenses rose by 10.2% to $29.181 million, primarily due to a $1.7 million increase in personnel expenses[107]. Net Income and Cash Flow - The net income for the nine months ended September 30, 2024, was $4.233 million, compared to $5.914 million in the same period of 2023[99]. - Net cash provided by operating activities for the nine months ended September 30, 2024, was $2.905 million, compared to a net cash used of $362,000 in 2023[120]. - The company experienced a $3.3 million increase in net operating cash activity, primarily due to improved accounts receivable collections[121]. Other Income and Tax - Other income increased by $0.8 million, driven by a $0.5 million rise in interest income and a $0.4 million improvement in real estate ventures[108]. - Provision for income tax was $1.1 million in 2024, up from $0.6 million in 2023, reflecting a higher estimated tax rate[109]. Portfolio and Development - The managed portfolio includes 72 assets as of September 30, 2024, with a total size of approximately 4.1 million square feet[90]. - The development pipeline consists of 5 commercial assets totaling approximately 1.5 million square feet and 6 residential assets with 2,599 units, representing approximately 2.8 million square feet[92]. - The company aims to expand its managed portfolio and grow revenue while maximizing shareholder value in the greater Washington, D.C. area[97]. - The company plans to continue focusing on expanding its managed portfolio in property and parking management to drive future revenue growth[106]. Adjusted EBITDA - Adjusted EBITDA for the nine months ended September 30, 2024, was $6.220 million, down from $8.258 million in 2023[119]. Cash and Credit Facilities - Cash and cash equivalents as of September 30, 2024, were $21.1 million, with an additional $10.0 million available from credit facilities[116].

Financial Results - Comstock Holding Companies, Inc. reported earnings for the quarter ended September 30, 2024[3]. - The press release was issued on November 7, 2024, detailing the financial results[3]. - The report is not deemed "filed" under the Securities Exchange Act of 1934[4]. Company Information - The company is registered under the Nasdaq Capital Market with the trading symbol CHCI[1]. - The company has not elected to use the extended transition period for new financial accounting standards[2]. - Christopher Clemente serves as the Chairman and Chief Executive Officer of Comstock Holding Companies, Inc.[6].

Core Insights - Comstock Holding Companies, Inc. (CHCI) reported a significant increase in revenues and net income for Q2 2024, with net income per share rising to 9 cents from 5 cents year-over-year and revenue increasing by 20% to $10.8 million, marking the 16th consecutive quarter of revenue growth [1][2] Financial Performance - The company's net income for the quarter was $1 million, nearly doubling from $0.5 million in the same quarter last year [3] - Revenue growth was primarily driven by a 103% increase in fee-based Property & Parking Management revenues, supported by the addition of 24 new assets under management [3] - Operating costs rose by 14% to $9.5 million, influenced by the expanded portfolio and increased SG&A expenses, while adjusted EBITDA grew by 56% to $1.6 million [4] Business Model and Strategy - Comstock's asset-light and debt-free business model has consistently delivered positive results, with fee-based management revenues providing a stable income source [2] - The expansion of the managed portfolio, particularly in developments like Reston Station, has strengthened the revenue base and provided recurring income [2] Leasing and Occupancy - The company executed six new commercial leases covering over 60,000 square feet, with a residential portfolio occupancy rate of 97% and a 7% in-place rent growth compared to the previous year [5] Balance Sheet Overview - As of June 30, 2024, Comstock reported cash and cash equivalents of $17.4 million, total assets of $48.6 million, and stockholders' equity increased to $39.2 million, reflecting a 5.2% rise from the end of 2023 [6] Project Developments - Significant progress was made on major projects, including the JW Marriott Hotel & Residences and two Trophy-Class office towers at The Row at Reston Station, with pre-sales for JW Marriott-branded residences exceeding expectations [7]

Revenue Growth - Revenue for the three months ended June 30, 2024, was $10,753,000, representing a 19.9% increase from $8,967,000 in the same period of 2023[82] - Total revenue increased by 11.2% in 2024, reaching $21.39 million compared to $19.24 million in 2023, driven by a $1.7 million increase in recurring fee-based revenue from property and parking management subsidiaries[87] - The total operating revenue from asset management was $12.25 million, accounting for 57.2% of total revenue, while parking management revenue surged by 66.5% to $3.70 million[87] Revenue Breakdown - Asset management revenue increased by $624,000, or 11.6%, to $5,991,000, while property management revenue rose by $183,000, or 7.3%, to $2,703,000[83] - Parking management revenue surged by $979,000, or 90.6%, to $2,059,000, driven by the expansion of the managed portfolio[83] Operating Costs and Expenses - Total operating costs and expenses for the three months ended June 30, 2024, were $9,526,000, an increase of 14.4% from $8,324,000 in 2023[84] - Operating costs and expenses rose by 10.0% to $19.01 million in 2024, primarily due to a $1.2 million increase in personnel expenses and a $0.3 million increase in reimbursable expenses[88] - The cost of revenue increased by $1,226,000, or 16.0%, primarily due to a net increase in personnel expenses[84] Financial Performance - Adjusted EBITDA for the six months ended June 30, 2024, was $3.09 million, up from $2.65 million in 2023, reflecting significant increases in recurring fee-based property and parking management revenue[93] - Interest income for the six months ended June 30, 2024, was $0.31 million, a $0.31 million increase compared to 2023, due to interest earned on previously inactive money market sweep accounts[89] - The provision for income tax increased to $0.6 million in 2024 from $0.3 million in 2023, driven by a $0.9 million increase in pre-tax income[90] Cash Flow and Liquidity - Net cash used in operating activities improved by $1.41 million, decreasing to $(0.97) million in 2024 from $(2.37) million in 2023[97] - The company experienced a $1.4 million decrease in net cash used in operating activities, influenced by increased accounts receivable collections[98] - Cash and cash equivalents as of June 30, 2024, were $17.4 million, with an additional $10.0 million available from the credit facility, indicating adequate liquidity[95] Portfolio and Development - The managed portfolio includes 69 assets, with a total size of approximately 10 million square feet projected at full build-out[76] - The commercial portfolio's leasing rate is currently at 82%, while the residential portfolio boasts a 97% leasing rate[75] - The development pipeline includes 5 commercial assets totaling approximately 1.5 million square feet and 6 residential assets with 2,599 units, representing approximately 2.8 million square feet[76] Strategic Focus - The company aims to maintain a limited financial role in future development activities, focusing on fee-based services[79] - Management is committed to maximizing shareholder value while capitalizing on growth opportunities in the Washington, D.C. area[80]

Financial Performance - Comstock Holding Companies, Inc. reported earnings for the quarter ended June 30, 2024, with a focus on financial performance and operational metrics[3] - The press release detailing the earnings was issued on August 8, 2024, highlighting key financial results[3] Growth Potential - The company is classified as an emerging growth company, indicating potential for future growth and development[2]

Revenue Performance - Total revenue for Q1 2024 was $10,638 million, a 3.5% increase from $10,275 million in Q1 2023[189]. - Asset management revenue was $6,255 million, accounting for 58.8% of total revenue, while property management and parking management revenues were $2,745 million (25.8%) and $1,638 million (15.4%) respectively[174]. - Interest income for Q1 2024 was $141 million, a significant increase from $0 in Q1 2023[200]. - Total other income (expense) for the quarter was $(30) million, a $381 million improvement from $(411) million in Q1 2023[200]. Cost and Expenses - Operating costs and expenses increased by 6.0% in 2024, primarily due to a $0.3 million increase in personnel expenses[176]. - Cost of revenue for Q1 2024 was $8,885 million, an increase of $562 million or 6.8% compared to $8,323 million in Q1 2023[200]. - Total operating costs and expenses rose to $9,488 million, reflecting a $534 million increase or 6.0% from $8,954 million in the previous year[200]. Net Income and Tax - Net income for Q1 2024 was $910 million, compared to $754 million in Q1 2023[189]. - The effective tax rate for Q1 2024 was impacted by state income taxes and stock compensation adjustments, with a provision for income tax of $210 million[194]. Portfolio and Development - The managed portfolio includes 65 assets totaling nearly 10 million square feet, with a commercial leasing rate of 93% excluding newly delivered properties[166][168]. - The company plans to deliver 5 commercial assets and 6 residential assets in the next 12 to 24 months, representing approximately 1.5 million square feet and 2.8 million square feet respectively[168]. - The company added 20 additional assets to its managed portfolio in 2024, contributing to a $0.5 million increase in recurring property management fee-based revenue[190]. - Future development activities will focus on fee-based services rather than direct financial involvement, ensuring a limited financial role in new projects[171]. Real Estate Ventures - Gain (loss) on real estate ventures improved to a loss of $193 million, a $218 million improvement from a loss of $411 million in the prior year[200].

Company Overview - Comstock Holding Companies, Inc. reported earnings for the quarter ended March 31, 2024[9]. - The company is classified as an emerging growth company under the Securities Act of 1933[6]. - The company is headquartered at 1900 Reston Metro Plaza, Reston, Virginia[2]. - Christopher Clemente serves as the Chairman and Chief Executive Officer[16]. - The company’s telephone number is (703) 230-1985[4]. Financial Reporting - The press release was issued on May 14, 2024, detailing the financial results[9]. - The report is not deemed "filed" under the Securities Exchange Act of 1934[10]. - The report includes an interactive data file embedded within the Inline XBRL document[8]. - The financial statements and exhibits are part of the filing requirements[11]. - The company has not elected to use the extended transition period for new financial accounting standards[6].