On this page of StockholderLetter.com we present the latest annual shareholder letter from Comstock Holding Companies, Inc. — ticker symbol CHCI. Reading current and past CHCI letters to shareholders can bring important insights into the investment thesis.
The World Is Run By People
Who Show Up.
Be That Person.
Never underestimate the value of your
presence. You make a difference in your
community and the world around you when
you SHOW UP. Whatever you aspire to do,
remember, be seen, be heard, be remarkable.
comstock.com/weshowup
OUR COMPANY
Founded in 1985, Comstock is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in
the Washington, D.C., region. Our industry expertise and commitment to excellence enable us to consistently deliver best-in-class
services across the diverse assets in our managed portfolio, which includes approximately 10 million square feet of stabilized,
under construction, and planned assets that are strategically located at key Metro stations. Our developments include some of
the largest and most prominent mixed-use and transit-oriented projects in the mid-Atlantic region, as well as multiple large-scale
public-private partnership developments. We are at the forefront of the urban transformation taking place in one of the nation s
best real estate markets, and are proud to serve as the Washington, D.C. region s premier real estate service company by creating
extraordinary places, delivering exceptional experiences, and generating excellent results for all stakeholders.
FY 2024 HIGHLIGHTS
$51.3M
$11.6M
REVENUE
$10.7M
ADJUSTED EBITDA
OPERATING CASH
MANAGED PORTFOLIO
72
AUM
COMMERCIAL
14 2.3M
AUM
SQ FT
RESIDENTIAL
(1)
93%
LEASED
6
AUM
1.8M
SQ FT
PARKX (2)
96%
LEASED
32
GARAGES
AT FULL BUILD-OUT
88
~10M
AUM
SQ FT
22K+
SPACES
20 ~2,500
SECURITY
& OTHER
LOCATIONS
HOURS/
WEEK
$5B+
FAIR MARKET VALUE
WHY COMSTOCK
EXPERTISE
We provide a broad suite of asset
management, property management,
development
and
construction
management, and other real estaterelated services to our assetowning clients. We specialize in
supporting the seamless integration
of residential, commercial, and retail
offerings into vibrant communities,
including Reston Station and Loudoun
Station, which are among the region s
largest and most prominent mixeduse, transit-oriented developments.
(1)
(2)
INNOVATION
Our fee-based, asset-light, and substantially debtfree business model allows us to substantially
mitigate risks that are typically associated with
real estate development and operation. We have
developed a streamlined business platform on
which we can (i) produce consistent, positive
financial results, (ii) mature and expand our real
estate service offerings, (iii) diversify and grow our
managed portfolio of assets, both organically and
through additional third-party relationships, (iv)
pursue strategic investments and complimentary
acquisitions, and (v) deliver exceptional value to
our shareholders.
CULTURE
We distinguish ourselves from industry
peers through an established standard
of excellence that extends from who
we hire to how we deliver our broad
suite of real estate services. We are
able to maintain this high standard
because We Show Up every day, in
person, in a collaborative environment
that is structured to deliver on our
mission to make a difference for our
customers, our stakeholders, and in
the communities that we serve.
Leasing % represents stabilized assets only, excludes Q124 delivery of new office tower.
Security & Other total excludes 12 properties where parking services are also provided to avoid double-counting.
2024 ANNUAL REPORT
1
TO OUR SHAREHOLDERS
I am pleased to report that 2024 was another successful year for our Company. Our results clearly
demonstrate the ability of our asset-light, debt-free business model to consistently generate
positive results, despite the market volatility affecting commercial real estate asset valuations in
recent years. We once again confirmed the resilience and scalability of our platform by growing
our portfolio of managed assets and producing double-digit growth across key financial metrics
as compared to 2023:
$51.3M
$14.6M
(15% Increase)
(87% Increase)
REVENUE
NET INCOME
Comstock s business model is rare in the commercial real
estate industry. The combination of our fee-based approach
based on long-term asset management agreements and our
focus on high-demand assets located in high-growth markets
has enabled us to thrive amidst the headwinds faced by certain
competitors with distressed assets on their balance sheet.
By contrast, during and since the COVID-19 pandemic, we
have continued to attract tenants to our high-quality portfolio
of mixed-use and transit-oriented developments and have
delivered excellent and consistent growth, best evidenced by
achieving positive year-to-date top-line revenue growth every
quarter for the last six consecutive years.
Our ability to deliver positive financial results is anchored
by our commitment to operational excellence, cultivated
over four decades of industry experience, and by our
dedicated team of commercial real estate professionals.
Our commitment to creating extraordinary places, providing
exceptional experiences, and generating excellent results
for all stakeholders has allowed us to expand assets under
management ( AUM ) beyond those assets included in our
Anchor Portfolio, and has established Comstock as one
of the most highly respected developers and operators of
commercial real estate in the mid-Atlantic region.
The efficiency and effectiveness of the growth engine we
have built at Comstock by executing on our strategic plan is
highlighted most significantly by the following:
The high-quality assets in our rapidly expanding
managed portfolio are thriving
The stabilized commercial and residential assets we
manage across the premier mixed-use, transit-oriented
communities we have delivered, and continue to serve,
2
COMSTOCK HOLDING COMPANIES, INC.
$11.6M
ADJUSTED EBITDA
(11% Increase)
$10.7M
OPERATING CASH FLOW
(19% Increase)
are more than 90% leased and remain in high demand.
In 2024, we secured 28 new commercial leases covering
nearly 250,000 square feet and secured almost 700
new residential leases. We increased our overall AUM by
47%, in part due to the continued expansion of our ParkX
Management subsidiary, which secured 22 new third-party
property management agreements. Our Anchor Portfolio
assets generated well over $100 million of gross revenue
in 2024 for our property-owner clients and have increased
approximately 200% since 2020.
We are generating significant operating cash flows,
positioning us for additional growth
In 2024, we recognized a 25% increase in recurring, feebased revenue streams from our long-term asset and
property management contracts that helped generate
$10.7 million of operating cashflow. Our streamlined
balance sheet now includes almost $30 million of cash and
no debt, enabling us to further enhance earnings through
strategic investments that capitalize on the continuing
market dislocation brought on by the COVID-19 pandemic.
Consistent with this strategy, in 2023 we acquired a site in
Rockville, Maryland, that we have since contracted to sell
significantly above cost to a third party, with whom we will
jointly develop a site that will include upwards of 150 units
and generate additional fee-based development revenue
while bearing no additional risk or costs. As we continue
to expand our deployable cash reserves, our investment
focus will include stabilized assets that are available at
below replacement costs and will increase AUM and feebased revenue while generating an exceptional ROIC.
Our stabilized AUM will significantly increase in
2025 and 2026 with The Row at Reston Station
WE SHOW UP is not just a slogan, it s our commitment
to all Comstock stakeholders
The second development phase of Reston Station,
known as The Row at Reston Station, will begin stabilizing
this year with the delivery of Virginia s first JW Marriott
luxury hotel and condominium tower. This one-of-a-kind
property currently has a backlog of more than $70 million
of condominium pre-sales and recently began pre-sales
for events that will be held in its market-leading, state-ofthe-art conference center space, as well as bookings of
associated hotel room stays. Additionally, the newest BLVD
luxury apartment tower will begin pre-leasing and delivery
of its 420 apartments later this year, while numerous
premium retail offerings will open in 2025.
When many companies adopted remote-work policies
during the COVID-19 pandemic, we saw an opportunity to
leverage the dynamic and collaborative work environment
we have had at Comstock for decades to win office leasing
competitions. It stood to reason that tenants would prefer to
locate at properties that have full operational management
teams on-site daily. Our success during, and since, the
pandemic has been enhanced by the commitment of the
entire Comstock team to show up every day to serve our
customers, clients, residents, and commercial tenants
alike, all in an effort to deliver exceptional value for each
and every Comstock stakeholder.
Further, we are engaged in significant ongoing office
leasing negotiations due to increased return-to-work
policies among large commercial tenants. As a result, I am
confident we will have largely secured leases with highquality tenants by year-end 2025 or early 2026, covering
much of the two new Trophy-class office buildings located
in The Row at Reston Station, allowing us to maintain our
industry-leading office occupancy rates.
I am excited about the future for our Company. Looking ahead
to 2025 and beyond, our focus will remain the successful
execution of both our core business model and our strategic
growth initiatives as we continue to expand our highperforming portfolio of managed assets. I am confident that
we are well positioned to maintain operational excellence for
the long term, and I look forward to reporting regularly to you
on the continued success of Comstock.
Our low-risk business model provides unparalleled
visibility to revenue growth
Sincerely,
Not only does the asset-light, debt-free strategy we
deploy mitigate the risks commonly associated with real
estate development and operations, it also generates
opportunities to earn revenue across every step of the
development life cycle of each real estate asset. The
demand for the high-quality assets that we manage
continues to insulate our revenue streams from typical
market volatility. In addition, a significant portion of our
revenue is derived from assets owned by related-party
entities, providing us with further enhanced visibility and
predictability related to future financial results.
Christopher Clemente
Chairman & Chief
Executive Officer
2024 ANNUAL REPORT
3
•
4/30/2025 Letter Continued (Full PDF)
•
4/29/2024 CHCI Stockholder Letter
•
More "General Contractors & Builders" Category Stockholder Letters
•
CHCI Benford's Law Stock Score = 80
CHCI Shareholder/Stockholder Letter Transcript:

2024
ANNUAL REPORT

The World Is Run By People
Who Show Up.
Be That Person.
Never underestimate the value of your
presence. You make a difference in your
community and the world around you when
you SHOW UP. Whatever you aspire to do,
remember, be seen, be heard, be remarkable.
comstock.com/weshowup

OUR COMPANY
Founded in 1985, Comstock is a leading asset manager, developer, and operator of mixed-use and transit-oriented properties in
the Washington, D.C., region. Our industry expertise and commitment to excellence enable us to consistently deliver best-in-class
services across the diverse assets in our managed portfolio, which includes approximately 10 million square feet of stabilized,
under construction, and planned assets that are strategically located at key Metro stations. Our developments include some of
the largest and most prominent mixed-use and transit-oriented projects in the mid-Atlantic region, as well as multiple large-scale
public-private partnership developments. We are at the forefront of the urban transformation taking place in one of the nation   s
best real estate markets, and are proud to serve as the Washington, D.C. region   s premier real estate service company by creating
extraordinary places, delivering exceptional experiences, and generating excellent results for all stakeholders.
FY 2024 HIGHLIGHTS
$51.3M
$11.6M
REVENUE
$10.7M
ADJUSTED EBITDA
OPERATING CASH
MANAGED PORTFOLIO
72
AUM
COMMERCIAL
14 2.3M
AUM
SQ FT
RESIDENTIAL
(1)
93%
LEASED
6
AUM
1.8M
SQ FT
PARKX (2)
96%
LEASED
32
GARAGES
AT FULL BUILD-OUT
88
~10M
AUM
SQ FT
22K+
SPACES
20 ~2,500
SECURITY
& OTHER
LOCATIONS
HOURS/
WEEK
$5B+
FAIR MARKET VALUE
WHY COMSTOCK
EXPERTISE
We provide a broad suite of asset
management, property management,
development
and
construction
management, and other real estaterelated services to our assetowning clients. We specialize in
supporting the seamless integration
of residential, commercial, and retail
offerings into vibrant communities,
including Reston Station and Loudoun
Station, which are among the region   s
largest and most prominent mixeduse, transit-oriented developments.
(1)
(2)
INNOVATION
Our fee-based, asset-light, and substantially debtfree business model allows us to substantially
mitigate risks that are typically associated with
real estate development and operation. We have
developed a streamlined business platform on
which we can (i) produce consistent, positive
financial results, (ii) mature and expand our real
estate service offerings, (iii) diversify and grow our
managed portfolio of assets, both organically and
through additional third-party relationships, (iv)
pursue strategic investments and complimentary
acquisitions, and (v) deliver exceptional value to
our shareholders.
CULTURE
We distinguish ourselves from industry
peers through an established standard
of excellence that extends from who
we hire to how we deliver our broad
suite of real estate services. We are
able to maintain this high standard
because We Show Up     every day, in
person, in a collaborative environment
that is structured to deliver on our
mission to make a difference for our
customers, our stakeholders, and in
the communities that we serve.
Leasing % represents stabilized assets only, excludes Q124 delivery of new office tower.
Security & Other total excludes 12 properties where parking services are also provided to avoid double-counting.
2024 ANNUAL REPORT
1

TO OUR SHAREHOLDERS
I am pleased to report that 2024 was another successful year for our Company. Our results clearly
demonstrate the ability of our asset-light, debt-free business model to consistently generate
positive results, despite the market volatility affecting commercial real estate asset valuations in
recent years. We once again confirmed the resilience and scalability of our platform by growing
our portfolio of managed assets and producing double-digit growth across key financial metrics
as compared to 2023:
$51.3M
$14.6M
(15% Increase)
(87% Increase)
REVENUE
NET INCOME
Comstock   s business model is rare in the commercial real
estate industry. The combination of our fee-based approach
based on long-term asset management agreements and our
focus on high-demand assets located in high-growth markets
has enabled us to thrive amidst the headwinds faced by certain
competitors with distressed assets on their balance sheet.
By contrast, during and since the COVID-19 pandemic, we
have continued to attract tenants to our high-quality portfolio
of mixed-use and transit-oriented developments and have
delivered excellent and consistent growth, best evidenced by
achieving positive year-to-date top-line revenue growth every
quarter for the last six consecutive years.
Our ability to deliver positive financial results is anchored
by our commitment to operational excellence, cultivated
over four decades of industry experience, and by our
dedicated team of commercial real estate professionals.
Our commitment to creating extraordinary places, providing
exceptional experiences, and generating excellent results
for all stakeholders has allowed us to expand assets under
management (   AUM   ) beyond those assets included in our
Anchor Portfolio, and has established Comstock as one
of the most highly respected developers and operators of
commercial real estate in the mid-Atlantic region.
The efficiency and effectiveness of the growth engine we
have built at Comstock by executing on our strategic plan is
highlighted most significantly by the following:
    The high-quality assets in our rapidly expanding
managed portfolio are thriving
The stabilized commercial and residential assets we
manage across the premier mixed-use, transit-oriented
communities we have delivered, and continue to serve,
2
COMSTOCK HOLDING COMPANIES, INC.
$11.6M
ADJUSTED EBITDA
(11% Increase)
$10.7M
OPERATING CASH FLOW
(19% Increase)
are more than 90% leased and remain in high demand.
In 2024, we secured 28 new commercial leases covering
nearly 250,000 square feet and secured almost 700
new residential leases. We increased our overall AUM by
47%, in part due to the continued expansion of our ParkX
Management subsidiary, which secured 22 new third-party
property management agreements. Our Anchor Portfolio
assets generated well over $100 million of gross revenue
in 2024 for our property-owner clients and have increased
approximately 200% since 2020.
    We are generating significant operating cash flows,
positioning us for additional growth
In 2024, we recognized a 25% increase in recurring, feebased revenue streams from our long-term asset and
property management contracts that helped generate
$10.7 million of operating cashflow. Our streamlined
balance sheet now includes almost $30 million of cash and
no debt, enabling us to further enhance earnings through
strategic investments that capitalize on the continuing
market dislocation brought on by the COVID-19 pandemic.
Consistent with this strategy, in 2023 we acquired a site in
Rockville, Maryland, that we have since contracted to sell
significantly above cost to a third party, with whom we will
jointly develop a site that will include upwards of 150 units
and generate additional fee-based development revenue
while bearing no additional risk or costs. As we continue
to expand our deployable cash reserves, our investment
focus will include stabilized assets that are available at
below replacement costs and will increase AUM and feebased revenue while generating an exceptional ROIC.



Our stabilized AUM will significantly increase in
2025 and 2026 with The Row at Reston Station
    WE SHOW UP is not just a slogan, it   s our commitment
to all Comstock stakeholders
The second development phase of Reston Station,
known as The Row at Reston Station, will begin stabilizing
this year with the delivery of Virginia   s first JW Marriott
luxury hotel and condominium tower. This one-of-a-kind
property currently has a backlog of more than $70 million
of condominium pre-sales and recently began pre-sales
for events that will be held in its market-leading, state-ofthe-art conference center space, as well as bookings of
associated hotel room stays. Additionally, the newest BLVD
luxury apartment tower will begin pre-leasing and delivery
of its 420 apartments later this year, while numerous
premium retail offerings will open in 2025.
When many companies adopted remote-work policies
during the COVID-19 pandemic, we saw an opportunity to
leverage the dynamic and collaborative work environment
we have had at Comstock for decades to win office leasing
competitions. It stood to reason that tenants would prefer to
locate at properties that have full operational management
teams on-site daily. Our success during, and since, the
pandemic has been enhanced by the commitment of the
entire Comstock team to show up every day to serve our
customers, clients, residents, and commercial tenants
alike, all in an effort to deliver exceptional value for each
and every Comstock stakeholder.
Further, we are engaged in significant ongoing office
leasing negotiations due to increased return-to-work
policies among large commercial tenants. As a result, I am
confident we will have largely secured leases with highquality tenants by year-end 2025 or early 2026, covering
much of the two new Trophy-class office buildings located
in The Row at Reston Station, allowing us to maintain our
industry-leading office occupancy rates.
I am excited about the future for our Company. Looking ahead
to 2025 and beyond, our focus will remain the successful
execution of both our core business model and our strategic
growth initiatives as we continue to expand our highperforming portfolio of managed assets. I am confident that
we are well positioned to maintain operational excellence for
the long term, and I look forward to reporting regularly to you
on the continued success of Comstock.
Our low-risk business model provides unparalleled
visibility to revenue growth
Sincerely,
Not only does the asset-light, debt-free strategy we
deploy mitigate the risks commonly associated with real
estate development and operations, it also generates
opportunities to earn revenue across every step of the
development life cycle of each real estate asset. The
demand for the high-quality assets that we manage
continues to insulate our revenue streams from typical
market volatility. In addition, a significant portion of our
revenue is derived from assets owned by related-party
entities, providing us with further enhanced visibility and
predictability related to future financial results.
Christopher Clemente
Chairman & Chief
Executive Officer
2024 ANNUAL REPORT
3



 4/30/2025 Letter Continued (Full PDF)
CHCI Shareholder/Stockholder Letter Transcript:

CHCI Stockholder/Shareholder Letter (Comstock Holding Companies, Inc.) | www.StockholderLetter.com Copyright © 2023 - 2025, All Rights Reserved

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Copyright © 2023 - 2025, All Rights Reserved
