康斯托克控股 2025年度报告

The World Is Run ByPeople Who ShowUpBeThatPerson Neverunderestimate the value ofyourpresence. You make a difference in youcommunityand the world around youwhenyou SHOWUP.Whateveryouaspireto do,remember,be seen,beheard,beremarkable comstock.com/weshowup FY2025HIGHLIGH OurCompany Founded in1985,Comstock isaleadingassetmanager,developer,andoperator ofmixed-use and transit-oriented properties in theWashington,D.C.,region.Our industry expertise and commitmenttoexcellence enable us to consistently deliver best-in-class servicesacrossthediverseassetsinourmanagedportfolio,whichincludesapproximately 10 million square feet of stabilized, under construction,andplannedassets thatarestrategicallylocatedatkeyMetro stationsOur developments include some of the largest and most prominentmixed-use and transit-oriented projects in the mid-Atlantic region, aswellasmultiplelarge-scalepublic-privatepartnershipdevelopmentsWe are at the forefront of the urban transformation taking place in oneofthenation'sbestrealestatemarkets,andareproudtoserveastheWashington, D.C., region's premier real estate service company bycreating extraordinaryplaces,delivering exceptional experiences,andgeneratingexcellentresultsforallstakeholders. WhyComstock MANAGEDPORTFOLIO DYNAMIC&RESILIENTBUSINESSMODEL :Fee-based,asset-light, anddebt-freeplatformmitigates risk anddrives consistent revenue growth:Long-termassetmanagementagreements generatereliablefeebased and supplementalrevenue and include cost-plus downside.Vertically integrated operating subsidiaries provide propertymanagement services that generate diverse recurringfee.Strategic investments offer additional revenue sources andgenerate impressive ROIC PROVENEXPERTISE .Four decades of experience delivering thousands of residentialunits and millions ofsquare feet of mixed-useproperties:Leadershipteam combining deeplocal marketknowledge withextensive,national-level institutional experience.Strongtrackrecordindeveloping,entitling,andmanagingcomplex real estate projects across multiple states in theMid-Atlanticand SoutheasternU.S.region Hospitality JPLATFORM :Predictable revenue streams provide visibility into future earningsand foundation for continued growthExpanding managed portfolio, development pipeline,andstrategic investments drivefurtherdrive scalability and profitabilityFocus on premier real estate assets in supply-constrainedmarkets capitalizes on ongoing flight-to-quality demand To Our Shareholders 2025wasanother successful yearfor Comstock,reinforcingstrategicvisionexecutedoverthepastdecadewhilesettingstageforcontinuedsuccess in2026andbeyond FY2025FinancialResults:ContinuedStrategicGrowth Comstock delivered another year of double-digit growth across key financial metrics, including o!consecutive year of comparative annual revenue growth along with record net income and AdjusEBITDA-results made possible by our strategy that focuses on creating value for all stakeholder $13.4MADJUSTEDEBITDA(16%Increase) $17.1MNETINCOME(17%Increase) $62.9MREVENUE(23%Increase) real estatemarkets,further establishing Reston Station'?as the premier flight-to-quality destination in the D.C.reThe transition of key assets in The Rowat Reston Statiodevelopment to stabilized assets will enhance the perfcofourmanagedportfoliobysourcing revenuefromabiintegratedassetbase. Our consistent results reflect the strength and efficiency of ourasset-light,fee-basedbusinessmodel,which wedesignedtodrive consistent and reliable growth to compound shareholdervalueacross all economiccycles.Thediversemix of revenuegenerated by our long-term assetmanagementcontracts andrecurring property management fees,coupled with supplementalfees fromtransactional and real estate development activities,all while our disciplined approach, and debt free balance sheet,provides insulation from market volatility The Rowat Reston Station includes twoTrophy-class oftowers that span approximately 590.000 square feet; BHaley,a 419-unit luxury residential towerthatbegan delQ4 of 2025 and is scheduled to be fully delivered in Q2and Virginia's first ever JW Marriott-branded hotel and!condominium tower. The award-winning JW Marriott ReStationhotel features248keys andmore than40.000:feetofpremiereventspace,representing thelargest lubanquet and meeting space in Northern Virginia. Locatetop15floors of the28-story,award winningJwMarriottis a limited collection of 94 luxury condominium residerJW Marriott Residences Reston Station (the"JW ResidelThe exclusive JW Residences was thetop selling condcproject in the market in 2025, with sales prices rangingapproximately$1.5milliontomorethan $10milion,incindividual unit sales that set new records for the highescondominiums in Virginia's history by a wide margin. In2025,we increasedbothcommercial andresidential assetsunder management ("AUM") by completing and convertingmultiple significantassets fromourdevelopmentpipeline intostabilized assets.Thehigh-quality,in-demand assets that wemanage lease up at