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Comstock Holding Companies Inc. (CHCI+0.55%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Comstock's operations as a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in the Washington, D.C. region.
Comstock reported total revenue of $51.3 million for 2024, an increase from $44.7 million in 2023. The revenue growth was driven by increases in property and parking management services.
Operating costs and expenses rose to $41.0 million from $35.6 million, primarily due to higher personnel expenses and reimbursable/billable expenses.
Net income for 2024 was $14.6 million, up from $7.8 million in 2023. The increase was attributed to a $6.5 million valuation allowance release and higher revenue.
Comstock's managed portfolio includes high-quality, mixed-use properties strategically located near Metro rail stations. The portfolio is projected to grow to 88 assets, representing nearly 10 million square feet.
The company operates under long-term asset management and property management agreements that provide recurring, fee-based revenue streams.
Comstock has an asset-light, debt-free business model, allowing flexibility to explore growth opportunities outside core operations.
The filing also discusses Comstock's business strategy, focusing on generating stable, recurring revenue and cash flows, and expanding its managed portfolio.
Comstock's culture emphasizes environmental sustainability, social responsibility, and robust governance practices across operations.
The company identified no material legal proceedings or cybersecurity incidents during the fiscal year.
Comstock's effective tax rate for 2024 was impacted by a valuation allowance release, resulting in a $3.8 million income tax benefit.
The filing outlines Comstock's related party transactions, including various management agreements with entities controlled by its CEO, Christopher Clemente.
Comstock's liquidity position includes cash and cash equivalents of $28.8 million and a $10.0 million credit facility available for use.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Comstock Holding Companies Inc. annual 10-K report dated March 21, 2025. To report an error, please email earnings@qz.com.