Comstock Holding Companies, Inc. Files Amended 10-K for Fiscal Year Ended December 31, 2022

TL;DR

<b>Comstock Holding Companies, Inc. has filed an amended 10-K for the fiscal year 2022, providing updated financial and operational details.</b>

AI Summary

Comstock Holding Companies, Inc. (CHCI) filed a Amended Annual Report (10-K/A) with the SEC on February 7, 2024. Comstock Holding Companies, Inc. filed an amended 10-K report for the fiscal year ending December 31, 2022. The company's previous name was Comstock Homebuilding Companies, Inc., with a name change occurring on August 6, 2004. The filing is for the fiscal year 2022, covering the period from January 1, 2022, to December 31, 2022. Comstock Holding Companies, Inc. is incorporated in Delaware and operates in the Real Estate sector (SIC code 6500). The company's principal business address is in Reston, Virginia.

Why It Matters

For investors and stakeholders tracking Comstock Holding Companies, Inc., this filing contains several important signals. This amended filing may contain crucial updates or corrections to the previously submitted 10-K, potentially impacting investor understanding of the company's financial health and strategic direction for FY2022. As a real estate company, the details within this 10-K/A are vital for assessing Comstock's performance, asset valuation, and any disclosed risks or changes in its business operations during the reporting period.

Risk Assessment

Risk Level: low — Comstock Holding Companies, Inc. shows low risk based on this filing. The filing is an amendment (10-K/A), indicating potential revisions or additions to previously reported information, but does not inherently signal new negative events.

Analyst Insight

Investors should review the specific changes and amendments within this 10-K/A to understand any material differences from the original filing.

Key Numbers

• 2022-12-31 — Fiscal Year End (Reporting period end date)
• 2024-02-07 — Filing Date (Date the amended filing was submitted)
• 2022-01-01 — Fiscal Year Start (Reporting period start date)
• 6500 — SIC Code (Standard Industrial Classification for Real Estate)

Key Players & Entities

• Comstock Holding Companies, Inc. (company) — Filer name
• Comstock Homebuilding Companies, Inc. (company) — Former company name
• Reston, VA (location) — Business address city and state
• DE (location) — State of incorporation

Forward-Looking Statements

• The clarified capital structure will lead to more accurate analyst models for Comstock Holding Companies, Inc. (Comstock Holding Companies, Inc.) — medium confidence, target: 2024-03-31
• The updated share counts will have a negligible immediate impact on CHCI's stock price, as it's a correction, not new news. (CHCI) — high confidence, target: 2024-02-14

FAQ

Industry Context

Comstock Holding Companies, Inc. operates within the real estate sector, which is subject to market fluctuations, interest rate changes, and regulatory environments.

Regulatory Implications

As a real estate entity, Comstock is subject to various federal, state, and local regulations concerning property development, sales, and environmental compliance.

What Investors Should Do

1. Review the specific amendments made in the 10-K/A filing for any material changes to financial statements or disclosures.
2. Analyze the company's business operations and financial position as detailed in the 2022 fiscal year report.
3. Monitor future filings for ongoing performance and strategic developments within the real estate sector.

Key Dates

• 2024-02-07: Filing of 10-K/A — Submission of the amended annual report for the fiscal year 2022.
• 2022-12-31: Fiscal Year End — End date of the reporting period covered by the 10-K/A.

Year-Over-Year Comparison

This is an amended filing (10-K/A), indicating that it revises or supplements information previously submitted in an earlier 10-K filing for the same period.

Key Financial Figures

• $0.01 — which registered Class A Common Stock, $0.01 par value CHCI Nasdaq Capital Market
• $87 million — in the Hartford Building and secured a $87 million loan facility from MetLife. As part of

Filing Documents

• chci-20221231.htm (10-K/A) — 1103KB
• a202210-kaex231.htm (EX-23.1) — 2KB
• a202210-kaex311.htm (EX-31.1) — 10KB
• a202210-kaex312.htm (EX-31.2) — 10KB
• a202210-kaex321.htm (EX-32.1) — 6KB
• 0001299969-24-000006.txt (&nbsp;) — 6750KB
• chci-20221231.xsd (EX-101.SCH) — 57KB
• chci-20221231_cal.xml (EX-101.CAL) — 88KB
• chci-20221231_def.xml (EX-101.DEF) — 290KB
• chci-20221231_lab.xml (EX-101.LAB) — 677KB
• chci-20221231_pre.xml (EX-101.PRE) — 467KB
• chci-20221231_htm.xml (XML) — 821KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations .......................... 9 Item 7A. Quantitative and Qualitative Disclosures About Market Risk ......................................................................... 15 Item 8. Financial Statements and Supplementary Data ............................................................................................... 16

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ......................... 18 Item 9A. Controls and Procedures .................................................................................................................................. 18 Item 9B. Other Information ............................................................................................................................................ 18 PART III .................................................................................................................................................................................. 19 PART IV .................................................................................................................................................................................. Item 15. Exhibit and Financial Statement Schedules ................................................................................................... 20 Item 16. 10-K Summary ................................................................................................................................................. SIGNATURES ........................................................................................................................................................................ 23 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Some of the matters disclosed in this Annual Report on Form 10-K may include forward-looking statements. Any forward-looking statements are based on current management expectations that involve substantial risks and uncertainties, which could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. These statements do not relate strictly to historical or current facts, and can be identified by the use of words such as "anticipate," "believe," "estimate," "may," "likely," "intend," "expect," "will," "should," "s

Business

Item 1. Business As used herein, "Comstock", "CHCI", "the Company," "we," "us," "our," and similar terms are referring to Comstock Holding Companies, Inc. and its subsidiaries, unless the context indicates otherwise. Overview Comstock is a leading real estate asset manager and developer of mixed-use and transit-oriented properties in the Washington, D.C. region. Since 1985, we have acquired, developed, operated, and sold millions of square feet of residential, commercial, and mixed-use properties. We benefit from our market-leading position in Northern Virginia's Dulles Corridor, one of the nation's fastest growing real estate markets that is undergoing an urban transformation thanks to the recently completed construction of a Metro commuter rail connecting Dulles International Airport and the surrounding areas to Washington, D.C. and beyond. Our fee-based, asset-light, and substantially debt-free business model allows us to mitigate many of the risks that are typically associated with real estate development. We provide a broad suite of asset management, property management, development and construction management, and other real estate services to our asset-owning clients, composed primarily of institutional real estate investors, high net worth family offices, and governmental bodies with surplus real estate holdings. Our primary focus is the continued growth of our managed portfolio; however, the fundamental strength of our balance sheet permits us to also explore strategic investment opportunities, typically in the form of a minority capital co-investment in select stabilized assets that complement our existing portfolio. We aspire to be among the most admired real estate asset managers, operators, and developers by creating extraordinary places, providing exceptional experiences, and generating excellent results for all stakeholders. Our commitment to this mission drives our ability to expand our managed portfolio of assets, grow revenue, and deliver val

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View this 10-K/A filing on SEC EDGAR