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].

18 TABLE OF CONTENTS Item 5. Certain matters disclosed in this Annual Report on Form 10-K may include forward-looking statements. These statements can be identified by the fact that they do not relate strictly to historical or current facts. They use words such as "aim," "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will be," "will continue," "will likely result," "would," and other words and terms of similar meaning in conjunction with a discussion o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Class A Common Stock, par value $0.01 CHCI NASDAQ Capital Market CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Comstock Holding Companies, Inc. (Exact Name of Registrant as Specified in its Charter) TH 1900 Reston Metro Plaza, 10 Floor Reston, Virginia 20190 (Address of principal executive offices) (Zip Code) Check the appropriate box below if the Form 8-K filing is intended to simultaneously sati ...

Revenue Growth and Performance - Revenue increased by 12.9% in 2023, driven by a $1.7 million increase primarily from the expansion of the managed portfolio and a $0.9 million increase in incentive fees[150] - The company’s asset management revenue grew by 12.9% to $10.6 million, contributing 73.3% of total revenue in Q3 2023[150] - Total revenue increased by 12.3% to $33.7 million in 2023, driven by a $3.7 million increase, primarily from portfolio expansion and higher incentive fees[155] - Asset management revenue grew by 7.5% to $22.5 million, contributing 66.8% of total revenue[155] - Property management revenue increased by 13.2% to $7.7 million, representing 22.9% of total revenue[155] - Parking management revenue surged by 54.0% to $3.5 million, accounting for 10.3% of total revenue[155] Managed Portfolio and Asset Details - The managed portfolio includes 46 assets, with 17 assets in the development pipeline representing 5.8 million square feet, projected to grow to 65 assets and nearly 10 million square feet at full build-out[141][137] - Commercial properties in the managed portfolio total 13 assets with 2.0 million square feet, 92% leased, while residential properties include 6 assets with 97% leased units[142] - The company’s Anchor Portfolio includes Reston Station, Loudoun Station, and Herndon Station, strategically located along Metro’s Silver Line[138] Operating Costs and Expenses - Operating costs and expenses increased by 3.0% in 2023, primarily due to a $0.1 million increase in recoverable costs and rent expense[152] - Operating costs and expenses rose by 12.0% to $26.5 million, mainly due to a $1.5 million increase in personnel expenses[157] Net Income and Financial Performance - Net income from continuing operations for Q3 2023 was $4.7 million, compared to $3.7 million in Q3 2022[149] - Adjusted EBITDA for the nine months ended September 30, 2023, was $8.3 million, compared to $7.1 million in 2022[169] Discontinued Operations and Asset Management Agreement - The company completed the sale of Comstock Environmental Services, LLC (CES) on March 31, 2022, reflecting it as a discontinued operation in financial statements[144] - On June 13, 2022, the company executed a new asset management agreement (2022 AMA) extending through 2035, increasing base fees and introducing a mark-to-market incentive fee[145] Other Income and Expenses - Other income (expense) decreased by $0.7 million, primarily due to a $1.0 million net decrease in mark-to-market valuations of real estate ventures[158] - Provision for income tax increased by $0.2 million to $0.3 million in 2023, driven by higher pre-tax income and a higher estimated tax rate[154] Cash Flow and Liquidity - Net cash used in operating activities was $0.4 million in 2023, a $2.2 million decrease from 2022, primarily due to changes in net working capital[174] - The company had $10.9 million in cash and cash equivalents and $10.0 million in available borrowings on its credit facility as of September 30, 2023[163] Parking Management Revenue - Parking management revenue increased by 37.0% to $1.3 million in Q3 2023, driven by higher activity in managed parking assets[150]

Credit Facility - Due to Af iliates TABLE OF CONTENTS ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Comstock Holding Companies, Inc. (Exact name of registrant as specified in its charter) __________________________________________________________________________ Delaware 20-1164345 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification ...

The Company maintains certain non-cancelable operating leases that contain various renewal options. (See Note 6 for additional information) The Company may also value its non-financial assets and liabilities, including items such as long-lived assets, at fair value on a nonrecurring basis if it is determined that impairment has occurred. Such fair value measurements typically use significant unobservable inputs (Level 3), unless a quoted market price (Level 1) or quoted prices for similar instruments, quote ...

The following table summarizes our cash flows for the periods indicated (in thousands): | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------|-------|-----------------------|----------|------------| | Continuing operations | | Year Ended \n2022 | December | 31, \n2021 | | Net cash provided by (used in) operating activities | $ | 8,397 | $ | 8,688 | | Net cash provided by (used in) investing activities | | (2,099) | | 1,276 | | Net cash provided by ( ...