Comstock(CHCI) - 2024 Q1 - Quarterly Report

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].