Comstock Holding Companies, Inc. reported a revenue increase of 14.7% for the fiscal year ended December 31, 2024, reaching $51.3 million compared to $44.7 million in 2023. The growth was primarily driven by a significant rise in fee-based revenue from property and parking management services, which surged by 101.4% to $8.2 million. Additionally, asset management services contributed $31.5 million, reflecting a 7.6% increase from the previous year. The company also reported a net income of $14.6 million, a substantial increase from $7.8 million in 2023, resulting in a basic earnings per share of $1.48, up from $0.81.
Operationally, Comstock's total operating costs rose by 15.3% to $41.0 million, largely due to a $3.6 million increase in personnel expenses linked to a growing headcount and higher employee compensation. The company’s employee count stood at 251 as of December 31, 2024, compared to 206 the previous year. The increase in costs was partially offset by a decrease in selling, general, and administrative expenses, which fell by 10% to $2.1 million. The company also experienced a notable improvement in other income, primarily from a $576,000 increase in interest income.
Strategically, Comstock has continued to expand its managed portfolio, which now includes 88 assets totaling approximately 10 million square feet. The company is focused on high-quality, mixed-use developments in the Washington, D.C. area, particularly around transit-oriented locations. In 2024, the Anchor Portfolio generated over $100 million in gross revenue for property owners. The company is also pursuing additional development opportunities, including a new affordable housing project in Rockville, Maryland, contingent upon successful rezoning.
Looking ahead, Comstock's management expressed confidence in the company's growth trajectory, emphasizing the stability provided by long-term asset management agreements and the asset-light, debt-free business model. The company plans to leverage its existing portfolio and market conditions to explore further growth opportunities. The management team believes that the demand for premium, amenity-rich developments will continue to rise, particularly in Northern Virginia, driven by the influx of major corporations and the ongoing urban transformation in the region.
About Comstock Holding Companies, Inc.
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