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Comstock(CHCI) - 2024 Q1 - Quarterly Report
CHCIComstock(CHCI)2024-05-14 21:11

Revenue Performance - Total revenue for Q1 2024 was 10,638million,a3.510,638 million, a 3.5% increase from 10,275 million in Q1 2023[189]. - Asset management revenue was 6,255million,accountingfor58.86,255 million, accounting for 58.8% of total revenue, while property management and parking management revenues were 2,745 million (25.8%) and 1,638million(15.41,638 million (15.4%) respectively[174]. - Interest income for Q1 2024 was 141 million, a significant increase from 0inQ12023[200].−Totalotherincome(expense)forthequarterwas0 in Q1 2023[200]. - Total other income (expense) for the quarter was (30) million, a 381millionimprovementfrom381 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 0.3millionincreaseinpersonnelexpenses[176].−CostofrevenueforQ12024was0.3 million increase in personnel expenses[176]. - Cost of revenue for Q1 2024 was 8,885 million, an increase of 562millionor6.8562 million or 6.8% compared to 8,323 million in Q1 2023[200]. - Total operating costs and expenses rose to 9,488million,reflectinga9,488 million, reflecting a 534 million increase or 6.0% from 8,954millioninthepreviousyear[200].NetIncomeandTax−NetincomeforQ12024was8,954 million in the previous year[200]. Net Income and Tax - Net income for Q1 2024 was 910 million, compared to 754millioninQ12023[189].−TheeffectivetaxrateforQ12024wasimpactedbystateincometaxesandstockcompensationadjustments,withaprovisionforincometaxof754 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 0.5millionincreaseinrecurringpropertymanagementfee−basedrevenue[190].−Futuredevelopmentactivitieswillfocusonfee−basedservicesratherthandirectfinancialinvolvement,ensuringalimitedfinancialroleinnewprojects[171].RealEstateVentures−Gain(loss)onrealestateventuresimprovedtoalossof0.5 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 218millionimprovementfromalossof218 million improvement from a loss of 411 million in the prior year[200].