Revenue and Income - Revenue for 2021 was $31.1 million, an increase of 38.3% compared to $22.5 million in 2020[104] - Net income from continuing operations for 2021 was $16.0 million, significantly up from $2.1 million in 2020[102] - The asset management revenue increased by 40.4% to $22.5 million in 2021, driven by a $3.0 million increase in base asset management fees[104] - Net income from continuing operations for the year ended December 31, 2021, was $16,039,000, compared to $2,141,000 for the year ended December 31, 2020, representing a significant increase[120] - Adjusted EBITDA for 2021 was $5,798,000, up from $3,445,000 in 2020, indicating a growth of approximately 68.5%[120] Operating Costs and Expenses - Operating costs and expenses increased by 31.2% in 2021, totaling $26.0 million compared to $19.8 million in 2020[105] - Net cash provided by operating activities increased by $5.1 million in 2021, driven by a $2.8 million increase in net working capital and a $2.3 million rise in net income from continuing operations[123] Tax Benefits - The benefit from income taxes was $11.2 million in 2021, compared to an immaterial expense in 2020, primarily due to a partial release of a deferred tax asset valuation allowance[107] - The company recorded an $11.3 million income tax benefit in Q2 2021, representing a partial release of the valuation allowance on deferred tax assets[136] Assets and Development - The company managed a portfolio comprising 34 operating assets, including 14 commercial assets totaling approximately 2.2 million square feet and 6 multifamily assets totaling 1,636 units as of December 31, 2021[95] - The company has 18 development pipeline assets consisting of approximately 2.0 million square feet of planned commercial development and approximately 1,900 multifamily units[95] Cash and Liquidity - Cash and cash equivalents as of December 31, 2021, were $15.8 million, with an additional $4.5 million available from the Credit Facility[116] - The total net increase in cash from continuing operations for 2021 was $9,737,000, compared to $5,000,000 in 2020[128] - The company has adequate liquidity and capital availability to fund its current operations and meet existing debt commitments[119] - The company primarily financed its operations through internally generated funds and borrowings from credit facilities[118] Goodwill and Impairment - A total of $1.7 million in goodwill impairment charges was recorded in 2021, reflecting a significant write-off of the remaining goodwill balance[133] Share Repurchase - As of December 31, 2021, there were 404,000 shares of Class A common stock available for repurchase under the share repurchase program[122] Strategic Focus - The company is focused on leveraging its 30-plus years of experience in the greater Washington, D.C. area to capitalize on positive growth trends[100] Sale of Assets - The company completed the sale of Comstock Environmental Services for approximately $1.4 million on March 31, 2022[97] Investing Activities - Net cash provided by investing activities decreased by $0.4 million in 2021, primarily due to a $2.0 million real estate investment, partially offset by a $1.7 million increase in distributions from real estate ventures[124]
Comstock(CHCI) - 2021 Q4 - Annual Report