Revenue and Income - Revenue for the three months ended March 31, 2022, was $8.731 million, a 27.6% increase from $6.840 million in the same period of 2021[109]. - The company reported a net income of $1.747 million for the three months ended March 31, 2022, compared to a net income of $247,000 in the same period of 2021[109]. - Net income from continuing operations for Q1 2022 was $2.014 million, compared to $390 thousand in Q1 2021, representing a significant increase[120]. - Adjusted EBITDA for Q1 2022 was $1.606 million, up from $617 thousand in Q1 2021, indicating strong operational performance[120]. Revenue Breakdown - Asset management revenue increased by $1.104 million (22.6%) to $5.997 million, while property management revenue rose by $501,000 (30.7%) to $2.131 million[110]. - Other income increased by $244,000, primarily due to higher mark-to-market valuations of fixed-rate debt associated with equity method investments[113]. Operating Costs and Expenses - Total operating costs and expenses for the three months ended March 31, 2022, were $7.366 million, reflecting a 15.1% increase from $6.397 million in 2021[112]. Cash Flow and Liquidity - Cash and cash equivalents as of March 31, 2022, were $11.6 million, with an additional $4.5 million available from credit facilities, reflecting adequate liquidity[121]. - Net cash used in operating activities decreased to $1.952 million in Q1 2022 from $2.040 million in Q1 2021, showing improved cash flow management[125]. - Total net decrease in cash and cash equivalents for Q1 2022 was $4.263 million, compared to a decrease of $375 thousand in Q1 2021, indicating cash flow challenges[125]. - The company has historically financed operations through internally generated funds and credit facilities, emphasizing a reliance on operational cash flow[123]. - Future liquidity may be affected by credit availability, cash flow from operations, and working capital management[122]. - The company believes it has adequate liquidity to fund current operations and meet existing debt commitments[124]. Investments and Development - The company completed the divestiture of Comstock Environmental Services for approximately $1.4 million, enhancing its focus on core asset management business[104]. - The managed portfolio includes 36 operating assets, comprising 15 commercial assets totaling approximately 2.2 million square feet and 6 multifamily assets totaling 1,636 units[99]. - The development pipeline consists of 12 assets, including approximately 1.4 million square feet of planned commercial development and approximately 2,600 multifamily units[99]. Risk Management and Strategy - The company expects to maintain the ability to manage risk and pursue growth opportunities in the greater Washington, D.C. area, leveraging over 35 years of experience[107]. - The benefit from income taxes was $0.5 million in 2022, attributed to a release of a deferred tax asset valuation allowance[114]. Financing Activities - Net cash used in investing activities was $1.785 million in Q1 2022, a shift from $1.653 million provided in Q1 2021, primarily due to a $2.7 million real estate investment[129]. - Net cash used in financing activities increased to $297 thousand in Q1 2022 from $105 thousand in Q1 2021, driven by changes in loan activity and tax payments[130].
Comstock(CHCI) - 2022 Q1 - Quarterly Report