Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | ||
Jun. 30, 2014 | Aug. 13, 2014 | Aug. 13, 2014 | |
Class A [Member] | Class B [Member] | ||
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q2 | ' | ' |
Entity Registrant Name | 'Comstock Holding Companies, Inc. | ' | ' |
Entity Central Index Key | '0001299969 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 18,818,869 | 2,733,500 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $4,814 | $11,895 |
Restricted cash | 2,956 | 2,458 |
Trade receivables | 1,299 | 346 |
Real estate inventories | 43,387 | 39,843 |
Property, plant and equipment, net | 202 | 243 |
Other assets | 2,848 | 2,094 |
TOTAL ASSETS | 55,506 | 56,879 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable and accrued liabilities | 10,791 | 7,506 |
Notes payable-secured by real estate inventories | 25,151 | 22,701 |
Notes payable-due to affiliates, unsecured | 4,462 | 4,687 |
Notes payable-unsecured | 2,322 | 2,580 |
Income taxes payable | 33 | 346 |
TOTAL LIABILITIES | 42,759 | 37,820 |
Commitments and contingencies (Note 8) | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Additional paid-in capital | 171,021 | 170,811 |
Accumulated deficit | -167,622 | -164,379 |
TOTAL COMSTOCK HOLDING COMPANIES, INC. EQUITY | 1,134 | 4,165 |
Non-controlling interest | 11,613 | 14,894 |
TOTAL EQUITY | 12,747 | 19,059 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 55,506 | 56,879 |
Class A [Member] | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock | 188 | 186 |
Treasury stock, at cost (426,633 shares Class A common stock) | -2,480 | -2,480 |
TOTAL EQUITY | 188 | 186 |
Class B [Member] | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock | 27 | 27 |
TOTAL EQUITY | $27 | $27 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Class A [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 77,266,500 | 77,266,500 |
Common stock, shares issued | 18,810,281 | 18,629,638 |
Common stock, shares outstanding | 18,810,281 | 18,629,638 |
Treasury stock, shares | 426,633 | 426,633 |
Class B [Member] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 2,733,500 | 2,733,500 |
Common stock, shares issued | 2,733,500 | 2,733,500 |
Common stock, shares outstanding | 2,733,500 | 2,733,500 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues | ' | ' | ' | ' |
Revenue-homebuilding | $11,657 | $11,987 | $19,488 | $23,383 |
Revenue-other | 143 | 226 | 266 | 387 |
Total revenue | 11,800 | 12,213 | 19,754 | 23,770 |
Expenses | ' | ' | ' | ' |
Cost of sales-homebuilding | 9,459 | 9,621 | 15,715 | 18,417 |
Cost of sales-other | 85 | 276 | 178 | 497 |
Impairment reversal | ' | ' | 0 | -722 |
Sales and marketing | 559 | 511 | 1,097 | 957 |
General and administrative | 2,318 | 1,704 | 4,207 | 3,259 |
Interest, real estate taxes and indirect costs related to inactive projects | 3 | 118 | 5 | 344 |
Operating (loss) income | -624 | -17 | -1,448 | 1,018 |
Other income, net | 12 | 131 | 67 | 158 |
(Loss) income before income tax expense | -612 | 114 | -1,381 | 1,176 |
Income tax expense | -57 | 0 | -131 | 0 |
Net (loss) income | -669 | 114 | -1,512 | 1,176 |
Net income attributable to non-controlling interests | 995 | 952 | 1,731 | 1,291 |
Net loss attributable to Comstock Holding Companies, Inc. | ($1,664) | ($838) | ($3,243) | ($115) |
Basic net loss per share | ($0.08) | ($0.04) | ($0.15) | ($0.01) |
Diluted net loss per share | ($0.08) | ($0.04) | ($0.15) | ($0.01) |
Basic weighted average shares outstanding | 21,089 | 20,674 | 21,012 | 20,599 |
Diluted weighted average shares outstanding | 21,089 | 20,674 | 21,012 | 20,599 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings (Deficit) [Member] | Non-Controlling Interest [Member] | Class A [Member] | Class B [Member] |
In Thousands | |||||||
Beginning Balance at Dec. 31, 2012 | $6,379 | $170,070 | ($2,480) | ($162,349) | $935 | $176 | $27 |
Beginning Balance, shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | 17,628 | 2,733 |
Stock compensation and issuances | 335 | 328 | ' | ' | ' | 7 | ' |
Stock compensation and issuances, shares | ' | ' | ' | ' | ' | 754 | ' |
Warrants | ' | -1 | ' | ' | ' | 1 | ' |
Warrants, shares | ' | ' | ' | ' | ' | 25 | ' |
Shares withheld related to net share settlement of restricted stock awards | -8 | -8 | ' | ' | ' | ' | ' |
Shares withheld related to net share settlement of restricted stock awards, shares | ' | ' | ' | ' | ' | -11 | ' |
Non-controlling interest contributions | 7,909 | 146 | ' | ' | 7,763 | ' | ' |
Net (loss) income | 1,176 | ' | ' | -115 | 1,291 | ' | ' |
Ending Balance at Jun. 30, 2013 | 15,791 | 170,535 | -2,480 | -162,464 | 9,989 | 184 | 27 |
Ending Balance, shares at Jun. 30, 2013 | ' | ' | ' | ' | ' | 18,396 | 2,733 |
Beginning Balance at Dec. 31, 2013 | 19,059 | 170,811 | -2,480 | -164,379 | 14,894 | 186 | 27 |
Beginning Balance, shares at Dec. 31, 2013 | ' | ' | ' | ' | ' | 18,629 | 2,733 |
Stock compensation and issuances | 274 | 272 | 0 | 0 | 0 | 2 | 0 |
Stock compensation and issuances, shares | ' | ' | ' | ' | ' | 222 | 0 |
Shares withheld related to net share settlement of restricted stock awards | -62 | -62 | 0 | 0 | 0 | 0 | 0 |
Shares withheld related to net share settlement of restricted stock awards, shares | ' | ' | ' | ' | ' | -41 | 0 |
Non-controlling interest distributions | -5,012 | 0 | 0 | 0 | -5,012 | 0 | 0 |
Net (loss) income | -1,512 | 0 | 0 | -3,243 | 1,731 | 0 | 0 |
Ending Balance at Jun. 30, 2014 | $12,747 | $171,021 | ($2,480) | ($167,622) | $11,613 | $188 | $27 |
Ending Balance, shares at Jun. 30, 2014 | ' | ' | ' | ' | ' | 18,810 | 2,733 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net (loss) income | ($1,512) | $1,176 |
Adjustment to reconcile net (loss) income to net cash (used in) provided by operating activities | ' | ' |
Amortization of loan discount and deferred financing fees | 142 | 305 |
Depreciation expense | 48 | 25 |
Provision for bad debt | 10 | 2 |
Earnings from unconsolidated joint venture, net of distributions | 29 | 42 |
Impairment reversal | 0 | -722 |
Amortization of stock compensation | 96 | 278 |
Changes in operating assets and liabilities: | ' | ' |
Restricted cash-purchaser deposits | -296 | -372 |
Trade receivables | -963 | -66 |
Real estate inventories | -3,528 | 132 |
Other assets | -880 | -482 |
Accrued interest | 416 | -116 |
Accounts payable and accrued liabilities | 3,447 | 2,623 |
Income taxes payable | -313 | ' |
Net cash (used in) provided by operating activities | -3,304 | 2,825 |
Cash flows from investing activities: | ' | ' |
Investment in unconsolidated joint venture | 0 | -7 |
Purchase of property, plant and equipment | -7 | -69 |
Restricted cash | -202 | ' |
Proceeds from sale of Cascades multi-family-operating real estate, net | 0 | 279 |
Net cash (used in) provided by investing activities | -209 | 203 |
Cash flows from financing activities: | ' | ' |
Proceeds from notes payable | 12,841 | 16,235 |
Payments on notes payable | -11,290 | -19,170 |
Loan financing costs | -45 | -123 |
Distributions to non-controlling interests | -5,012 | ' |
Contributions from non-controlling interests | 0 | 7,909 |
Proceeds from exercise of stock options | 0 | 1 |
Taxes paid related to net share settlement of equity awards | -62 | -8 |
Net cash (used in) provided by financing activities | -3,568 | 4,844 |
Net (decrease) increase in cash and cash equivalents | -7,081 | 7,872 |
Cash and cash equivalents, beginning of period | 11,895 | 3,539 |
Cash and cash equivalents, end of period | 4,814 | 11,411 |
Supplemental disclosure for non-cash activity: | ' | ' |
Interest paid, net of interest capitalized | -417 | 212 |
Increase in class A common stock par value in connection with vesting and issuance of stock compensation | 2 | 8 |
Accrued liability settled through issuance of stock | $162 | ' |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization and Basis of Presentation | ' |
1. ORGANIZATION AND BASIS OF PRESENTATION | |
The accompanying unaudited financial statements of Comstock Holding Companies, Inc. and subsidiaries (“Comstock” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Such financial statements do not include all of the information and disclosures required by GAAP for complete financial statements. In our opinion, all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation have been included in the accompanying financial statements. For further information and a discussion of our significant accounting policies, other than discussed below, refer to our audited consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2013. | |
Comstock Holding Companies, Inc., incorporated in 2004 as a Delaware corporation is a multi-faceted real estate development and construction services company focused in the Washington, D.C. metropolitan area (Washington D.C., Northern Virginia and Maryland suburbs of Washington D.C.). The Company has substantial experience with building a diverse range of products including multi-family units, single-family homes, townhouses, mid-rise condominiums, high-rise multi-family condominiums and mixed-use (residential and commercial) developments. References in this Form 10-Q to “Comstock,” “Company”, “we,” “our” and “us” refer to Comstock Holding Companies, Inc. together in each case with our subsidiaries and any predecessor entities unless the context suggests otherwise. | |
The Company’s Class A common stock is traded on the NASDAQ Capital Market (“NASDAQ”) under the symbol “CHCI” and has no public trading history prior to December 17, 2004. | |
For the three and six months ended June 30, 2014 and 2013, comprehensive loss equaled net loss; therefore, a separate statement of comprehensive loss is not included in the accompanying consolidated financial statements. | |
Recently Issued Accounting Standards | |
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, (“ASU 2014-08”). ASU 2014-08 is intended to change the criteria for reporting discontinued operations and enhance disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations that has a major effect on the entity’s operations and financial results should be presented as discontinued operations. If the disposal does qualify as a discontinued operation, the entity will be required to provide expanded disclosures, as well as disclosure of the pretax income attributable to the disposal of a significant part of an entity that does not qualify as a discontinued operation. ASU 2014-08 will be effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 (early adoption is permitted only for disposals that have not been previously reported). The implementation of this guidance is not expected to have a material impact on our consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, (“ASU 2014-09”). ASU 2014-09 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU No. 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. ASU 2014-09 will be effective for fiscal year beginning after December 1, 2017 and subsequent interim periods. The Company has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of applying this ASU recognized at the date of initial application. Early adoption is not permitted. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company’s condensed consolidated financial statements. |
Real_Estate_Inventories
Real Estate Inventories | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Real Estate [Abstract] | ' | ||||||||
Real Estate Inventories | ' | ||||||||
2. REAL ESTATE INVENTORIES | |||||||||
Real estate inventories consist of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land and land development costs | $ | 26,108 | $ | 26,805 | |||||
Cost of construction (including capitalized interest and real estate taxes) | 17,279 | 13,038 | |||||||
$ | 43,387 | $ | 39,843 | ||||||
Warranty_Reserve
Warranty Reserve | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||
Warranty Reserve | ' | ||||||||||||||||
3. WARRANTY RESERVE | |||||||||||||||||
Warranty reserves for units settled are established to cover potential costs for materials and labor with regard to warranty-type claims expected to arise during the typical one-year warranty period provided by the Company or within the two-year statutorily mandated structural warranty period for condominiums. The warranty reserve is established at the time of closing, and is calculated based upon historical warranty cost experience and current business factors. This reserve is an estimate and actual warranty costs could vary from these estimates. Variables used in the calculation of the reserve, as well as the adequacy of the reserve based on the number of homes still under warranty, are reviewed on a periodic basis. Warranty claims are directly charged to the reserve as they arise. | |||||||||||||||||
The following table is a summary of warranty reserve activity which is included in accounts payable and accrued liabilities: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 514 | $ | 984 | $ | 510 | $ | 963 | |||||||||
Additions | 306 | 44 | 344 | 84 | |||||||||||||
Releases and/or charges incurred | (98 | ) | (16 | ) | (132 | ) | (35 | ) | |||||||||
Balance at end of period | $ | 722 | $ | 1,012 | $ | 722 | $ | 1,012 | |||||||||
Capitalized_Interest_and_Real_
Capitalized Interest and Real Estate Taxes | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Capitalized Interest and Real Estate Taxes | ' | ||||||||||||||||
4. CAPITALIZED INTEREST AND REAL ESTATE TAXES | |||||||||||||||||
Interest and real estate taxes incurred relating to the development of lots and parcels are capitalized to real estate inventories during the active development period, which generally commences when borrowings are used to acquire real estate assets and ends when the properties are substantially complete or the property becomes inactive. A project becomes inactive when development and construction activities have been suspended indefinitely. Interest is capitalized based on the interest rate applicable to specific borrowings or the weighted average of the rates applicable to other borrowings during the period. Interest and real estate taxes capitalized to real estate inventories are expensed as a component of cost of sales as related units are sold. | |||||||||||||||||
The following table is a summary of interest and real estate taxes incurred and capitalized and interest and real estate taxes expensed for units settled: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total interest incurred and capitalized | $ | 551 | $ | 439 | $ | 1,080 | $ | 904 | |||||||||
Total real estate taxes incurred and capitalized | 51 | 20 | 104 | 96 | |||||||||||||
Total interest and real estate taxes incurred and capitalized | $ | 602 | $ | 459 | $ | 1,184 | $ | 1,000 | |||||||||
Interest expensed as a component of cost of sales | $ | 89 | $ | 1,071 | $ | 141 | $ | 1,975 | |||||||||
Real estate taxes expensed as a component of cost of sales | 25 | 100 | 56 | 205 | |||||||||||||
Interest and real estate taxes expensed as a component of cost of sales | $ | 114 | $ | 1,171 | $ | 197 | $ | 2,180 | |||||||||
When a project becomes inactive, its interest, real estate taxes and indirect production overhead costs are no longer capitalized but rather expensed in the period in which they are incurred. Following is a breakdown of the interest, real estate taxes and indirect costs related to inactive projects. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total interest incurred and expensed for inactive projects | $ | — | $ | 16 | $ | — | $ | 73 | |||||||||
Total real estate taxes incurred and expensed for inactive projects | 3 | 14 | 5 | 47 | |||||||||||||
Total production overhead incurred and expensed for inactive projects | — | 88 | — | 224 | |||||||||||||
$ | 3 | $ | 118 | $ | 5 | $ | 344 | ||||||||||
Loss_Per_Share
Loss Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Loss Per Share | ' | ||||||||||||||||
5. LOSS PER SHARE | |||||||||||||||||
The weighted average shares and share equivalents used to calculate basic and diluted income per share for the three and six months ended June 30, 2014 and 2013 are presented in the accompanying consolidated statements of operations. Restricted stock awards, stock options and warrants for the three and six months ended June 30, 2014 are included in the diluted earnings per share calculation using the treasury stock method and average market prices during the periods, unless the restricted stock awards, stock options and warrants would be anti-dilutive. | |||||||||||||||||
As a result of net losses for the three and six months ended June 30, 2014 and 2013, the following have been excluded from the diluted share computation as their inclusion would be anti-dilutive: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Restricted stock awards | 261 | 662 | 279 | 593 | |||||||||||||
Stock options | 157 | 370 | 188 | 293 | |||||||||||||
Warrants | 404 | 1,057 | 543 | 863 | |||||||||||||
822 | 2,089 | 1,010 | 1,749 | ||||||||||||||
Segment_Disclosures
Segment Disclosures | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Disclosures | ' | ||||||||||||||||
6. SEGMENT DISCLOSURES | |||||||||||||||||
We operate our business through three segments: Homebuilding, Multi-family and Real Estate Services. We are currently focused on the Washington, D.C. area market. | |||||||||||||||||
For our Homebuilding operations, we develop properties with the intent that they be sold either as fee-simple properties or condominiums to individual unit buyers or as investment properties sold to private or institutional investors. Our for-sale products are designed to attract first-time, early move-up, and secondary move-up buyers. We focus on products that we are able to offer for sale in the middle price points within the markets where we operate, avoiding the very low-end and high-end products. | |||||||||||||||||
For our Multi-family segment we focus on projects ranging from approximately 75 to 200 units in locations that are supply constrained with demonstrated demand for stabilized assets. We seek opportunities in the multi-family rental market where our experience and core capabilities can be leveraged. We will either position the assets for sale when completed or operate the asset within our own portfolio. Operating the asset for our own account affords us the flexibility of converting the units to condominiums in the future. | |||||||||||||||||
Our Real Estate Services segment pursues projects in all aspects of real estate management including strategic planning, land development, entitlement, property management, sales and marketing, workout and turnaround strategies, financing and general construction. We are able to provide a wide range of construction management and general contracting services to other property owners. | |||||||||||||||||
The following disclosure includes the Company’s three reportable segments of Homebuilding, Multi-family and Real Estate Services. Each of these segments operates within the Company’s single Washington, D.C. reportable geographic segment. | |||||||||||||||||
Homebuilding | Multi-family | Real | Total | ||||||||||||||
Estate | |||||||||||||||||
Services | |||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||
Gross revenue | $ | 11,657 | $ | — | $ | 143 | $ | 11,800 | |||||||||
Gross profit | 2,198 | — | 58 | 2,256 | |||||||||||||
Net (loss) income | (727 | ) | — | 58 | (669 | ) | |||||||||||
Total assets | 55,143 | — | 363 | 55,506 | |||||||||||||
Depreciation and amortization | 24 | — | — | 24 | |||||||||||||
Interest expense | — | — | — | — | |||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||
Gross revenue | $ | 11,990 | $ | — | $ | 223 | $ | 12,213 | |||||||||
Gross profit | 2,201 | — | 115 | 2,316 | |||||||||||||
Net income | 12 | — | 102 | 114 | |||||||||||||
Total assets | 46,647 | — | 1,036 | 47,683 | |||||||||||||
Depreciation and amortization | 121 | — | — | 121 | |||||||||||||
Interest expense | 16 | — | — | 16 | |||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||
Gross revenue | $ | 19,488 | $ | — | $ | 266 | $ | 19,754 | |||||||||
Gross profit | 3,773 | — | 88 | 3,861 | |||||||||||||
Net (loss) income | (1,600 | ) | — | 88 | (1,512 | ) | |||||||||||
Total assets | 55,143 | — | 363 | 55,506 | |||||||||||||
Depreciation and amortization | 48 | — | — | 48 | |||||||||||||
Interest expense | — | — | — | — | |||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||
Gross revenue | $ | 23,439 | $ | — | $ | 331 | $ | 23,770 | |||||||||
Gross profit | 4,620 | — | 236 | 4,856 | |||||||||||||
Net income | 954 | — | 222 | 1,176 | |||||||||||||
Total assets | 46,647 | — | 1,036 | 47,683 | |||||||||||||
Depreciation and amortization | 303 | — | — | 303 | |||||||||||||
Interest expense | 73 | — | — | 73 | |||||||||||||
The Company allocates sales, marketing, general and administrative expenses to the individual segments based upon specifically allocable costs and, in the absence of direct allocations or based upon overall pro rata revenue generation. |
Income_Tax
Income Tax | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax | ' |
7. INCOME TAX | |
The Company recorded valuation allowances for certain tax attributes and other deferred tax assets. Currently, sufficient uncertainty exists regarding the future realization of these deferred tax assets through future taxable income. If, in the future, the Company believes that it is more likely than not that these deferred tax benefits will be realized, the valuation allowances will be reversed. The Company has recorded a tax provision of $57 and $131 for the three and six months ended June 30, 2014, respectively, based on an effective tax rate of 4% related to statutory tax rates in the District of Columbia where the Company has no deferred tax benefit to offset the tax liability. No such provision was recorded for the three and six months ended June 30, 2013. | |
The Company currently has approximately $118 million in federal and state net operating losses (NOLs), which based on current statutory tax rates represents approximately $46 million in tax savings. If unused, these NOLs will begin expiring in 2028. Under Internal Revenue Code Section 382 (“Section 382”), if a change of ownership is triggered, the Company’s NOL assets and possibly certain other deferred tax assets may be impaired. We estimate that as of June 30, 2014, the cumulative shift in ownership of the Company’s stock would not cause an impairment of our NOL asset. However, if an ownership change were to occur, the Section 382 limitation would not be expected to materially impact the Company’s financial position or results of operations as of June 30, 2014, because of the Company’s full valuation allowance on its net deferred tax assets. | |
The Company has not recorded any accruals for tax uncertainties as of June 30, 2014 and 2013. We file U.S. and state and local income tax returns in jurisdictions with varying statutes of limitations. The 2010 through 2013 tax years remain subject to examination by federal and most state tax authorities that we are subject to. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
8. COMMITMENTS AND CONTINGENCIES | |
Litigation | |
Currently, we are not subject to any material legal proceedings. From time to time, however, we are named as a defendant in legal actions arising from our normal business activities. Although we cannot accurately predict the amount of our liability, if any, that could arise with respect to legal actions pending against us, we do not expect that any such liability will have a material adverse effect on our financial position, operating results and cash flows. We believe that we have obtained adequate insurance coverage, rights to indemnification, or where appropriate, have established reserves in connection with these legal proceedings. | |
Letters of credit, performance bonds and compensating balances | |
The Company has commitments as a result of contracts entered into with certain third parties, primarily local governmental authorities, to meet certain performance criteria as outlined in such contracts. The Company is required to issue letters of credit and performance bonds to these third parties as a way of ensuring that the commitments entered into are met. The letters of credit and performance bonds issued in favor of the Company and/or its subsidiaries mature on a revolving basis, and if called into default, would be deemed material if assessed against the Company and/or its subsidiaries for the full amounts claimed. In some circumstances we have negotiated with our lenders in connection with foreclosure agreements for the lender to assume certain liabilities with respect to the letters of credit and performance bonds. We cannot accurately predict the amount of any liability that could be imposed upon the Company with respect to maturing or defaulted letters of credit or performance bonds. At June 30, 2014 and 2013, the Company had $4.3 million and $3.6 million in letters of credit, respectively, and $4.3 million and $1.0 million in performance and payment bonds, respectively, outstanding to third parties. No amounts have been drawn against the letters of credit or performance bonds. | |
We are required to maintain compensating balances in escrow accounts as collateral for certain letters of credit, which are funded upon settlement and release of units. The cash contained within these escrow accounts is subject to withdrawal and usage restrictions. As of June 30, 2014 and 2013, we had approximately $282 and $0, respectively, in these escrow accounts, which is included in ‘Restricted cash’ in the consolidated balance sheets. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Related Party Transactions [Abstract] | ' | ||||
Related Party Transactions | ' | ||||
9. RELATED PARTY TRANSACTIONS | |||||
The Company has a lease for its corporate headquarters from an affiliate wholly-owned by our Chief Executive Officer. Future minimum lease payments under this lease are as follows: | |||||
2014 | $ | 158 | |||
2015 | 320 | ||||
2016 | 329 | ||||
2017 | 167 | ||||
Total | $ | 974 | |||
For the three months ended June 30, 2014 and 2013, total payments made under this lease agreement were $76 and $49, respectively. For the six months ended June 30, 2014 and 2013, total payments under this lease agreement were $152 and $124, respectively. As of June 30, 2014, the Company recorded a straight–line rent payable of $28, which is included in ‘Accounts payable and accrued liabilities’ in the consolidated balance sheets. | |||||
On February 23, 2009, Comstock Homes of Washington, L.C., a wholly-owned subsidiary of the Company, entered into a Services Agreement with Comstock Asset Management, L.C., an entity wholly-owned by our Chief Executive Officer, to provide services related to real estate development and improvements, including legal, accounting, marketing, information technology and other additional support services. For the three months ended June 30, 2014 and 2013, the Company billed Comstock Asset Management, L.C. $131 and $114, respectively, for services and out-of-pocket expenses incurred. For the six months ended June 30, 2014 and 2013, Comstock Asset Management, L.C. was billed $233 and $226, respectively, for services and out-of-pocket expenses incurred. Revenues from this arrangement are included within ‘Revenue – other’ in the accompanying consolidated statements of operations. As of June 30, 2014 and December 31, 2013, the Company was owed $131 and $61, respectively, under this contract, which is included in ‘Trade receivables’ in the consolidated balance sheets. | |||||
On March 14, 2013, Stonehenge Funding, LC (“Stonehenge”), an entity wholly-owned by our Chief Executive Officer, entered into an Extension Agreement of the Amended and Restated Senior Note with the Company to extend the maturity date of the financing arrangement to January 1, 2016. Under the terms of the Extension Agreement, the Company is required to pay $50 monthly to Stonehenge, to be allocated first to accrued and unpaid interest and then to unpaid principal outstanding, beginning on April 1, 2013. For the three and six months ended June 30, 2014, the Company made payments of $150 and $300, respectively, under the Extension Agreement. For the three and six months ended June 30, 2013, the Company made payments of $150. | |||||
See Note 10 for a summary of the Comstock VII Private Placement and Comstock VIII Private Placement, which involved certain of our officers and directors. | |||||
In connection with the departure of Gregory V. Benson, our former President and Chief Operating Officer, in May 2014, the Company entered into a Separation Agreement on June 24, 2014. See Note 15 for a summary of the Separation Agreement. |
Variable_Interest_Entity
Variable Interest Entity | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Variable Interest Entity | ' |
10. VARIABLE INTEREST ENTITY | |
Consolidated Real Estate Inventories | |
On August 23, 2012, the Company formed New Hampshire Ave. Ventures, LLC, a joint venture of its subsidiary, Comstock Ventures XVI, L.C, and 6000 New Hampshire Avenue, LLC, for the purpose of acquiring, developing and constructing a 111-unit project (the “NHA Project”) in Washington, D.C. The Company evaluated the joint venture and determined that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support. The Company determined that it was the primary beneficiary of the VIE as a result of its complete operational control of the activities that most significantly impact the economic performance and obligation to absorb losses, or receive benefits. The Company contributed its ownership interest in Comstock Ventures XVI, L.C. to Comstock Investors VII, L.C. (“Comstock VII”) on March 13, 2013. During the six months ended June 30, 2014, New Hampshire Ave. Ventures, LLC, distributed $1.9 million to its non-controlling interest member, the 6000 New Hampshire Avenue, LLC. No distributions were made in the six months ended June 30, 2013. | |
On September 27, 2012, the Company formed Comstock Eastgate, L.C., a joint venture of Comstock Holding Companies, Inc. and BridgeCom Development II, LLC, for the purpose of acquiring, developing and constructing 66 condominium units in Loudoun County, Virginia. The Company evaluated the joint venture and determined that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support. The Company determined that it was the primary beneficiary as a result of its complete operational control of the activities that most significantly impact the economic performance and obligation to absorb losses, or receive benefits. In the six months ended June 30, 2014, Comstock Eastgate, L.C. distributed $1.0 million to its non-controlling interest member, BridgeCom Development II, LLC. No distributions were made in the six months ended June 30, 2013. | |
On March 14, 2013, Comstock VII entered into subscription agreements with certain accredited investors (“Comstock VII Class B Members”), pursuant to which the Comstock VII Class B Members purchased membership interests in Comstock VII for an aggregate amount of $7.3 million (the “Comstock VII Private Placement”). The Comstock VII Private Placement was exempt from registration under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated under the Securities Act. In connection with the Comstock VII Private Placement, the Company issued 112 warrants for the purchase of shares of the Company’s Class A common stock to the non-affiliated accredited investors, having an aggregate fair value of $146. Comstock VII Class B Members included unrelated third-party accredited investors along with members of the Company’s board of directors and the former Chief Operating Officer, Chief Financial Officer and General Counsel of the Company. The Subscription Agreement provides that the Comstock VII Class B Members are entitled to a cumulative, preferred return of 20% per annum, compounded annually on their capital account balances. After six months, the Company has the right to repurchase the interests of the Comstock VII Class B Members, provided that (i) all of the Comstock VII Class B Members’ interests are acquired, (ii) the purchase is made in cash and (iii) the purchase price equals the Comstock VII Class B Members’ capital account plus an amount necessary to cause the preferred return to equal a cumulative cash on cash return equal to 20% per annum. The Comstock VII Private Placement provides capital related to the current and planned construction of the Company’s following projects: Townes at Shady Grove Metro in Rockville, Maryland consisting of 36 townhomes, Momentum | Shady Grove consisting of 117 condominium units, City Homes at the Hampshires in Washington D.C. consisting of 38 single family residences, Townes at the Hampshires in Washington, D.C. consisting of 73 townhomes, Single Family Homes at Falls Grove project in Prince William County, Virginia consisting of 19 single family homes and Townes at Falls Grove project in Prince William County, Virginia consisting of 110 townhomes (collectively, the “Projects”). Proceeds of the Comstock VII Private Placement are to be utilized (A) to provide capital needed to complete the Projects in conjunction with project financing for the Projects, (B) to reimburse the Company for prior expenditures incurred on behalf of the Projects, and (C) for general corporate purposes of the Company. The Company evaluated Comstock VII and determined that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support and the Company was the primary beneficiary as a result of its complete operational control of the activities that most significantly impact the economic performance and its obligation to absorb losses, or receive benefits accordingly, the Company consolidates this entity. During the six months ended June 30, 2014, the Company paid distributions in the amount of $2.1 million to the Comstock VII Class B Members which were considered non controlling interests. No distributions were made in the six months ended June 30, 2013. | |
In December 2013, Comstock Investors VIII, L.C. (“Comstock VIII”) entered into subscription agreements with certain accredited investors (“Comstock VIII Class B Members”), pursuant to which Comstock VIII Class B Members purchased membership interests in Comstock VIII for an aggregate amount of $4.0 million (the “Comstock VIII Private Placement”). The Comstock VIII Private Placement was exempt from registration under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated under the Securities Act. In connection with the Comstock VIII Private Placement, the Company issued 102 warrants for the purchase of shares of the Company’s Class A common stock to the non-affiliated accredited investors, having an aggregate fair value of $131. Comstock VIII Class B Members included unrelated third-party accredited investors along with members of the Company’s board of directors and the Company’s former Chief Operating Officer and the Chief Financial Officer. The Comstock VIII Class B Members are entitled to a cumulative, preferred return of 20% per annum, compounded annually on their capital account balances. The Company has the right to repurchase the interests of the Comstock VIII Class B Members at any time, provided that (i) all of the Comstock VIII Class B Members’ interests are acquired, (ii) the purchase is made in cash and (iii) the purchase price equals the Comstock VIII Class B Members’ capital accounts plus an amount necessary to cause the preferred return to equal a cumulative cash on cash return equal to 20% per annum. The proceeds from the Comstock VIII Private Placement will be used for the current and planned construction of the following projects: The Townes at HallCrest in Sterling, Virginia consisting of 42 townhome units, and Townes at Maxwell Square Condominium in Frederick, Maryland consisting of 45 townhome condominium units (collectively, the “Investor VIII Projects”). Proceeds of the Comstock VIII Private Placement are to be utilized (A) to provide capital needed to complete the Investor VIII Projects in conjunction with project financing for the Investor VIII Projects, (B) to reimburse the Company for prior expenditures incurred on behalf of the Investor VIII Projects, and (C) for general corporate purposes of the Company. The Company evaluated Comstock VIII and determined that the equity investment at risk is not sufficient to permit the entity to finance its activities without additional financial support and the Company was the primary beneficiary as a result of its complete operational control of the activities that most significantly impact the economic performance and its obligation to absorb losses, or receive benefits accordingly, the Company consolidates this entity. No distributions were paid to the Comstock VIII Class B Members to date. | |
At June 30, 2014 and December 31, 2013 total assets of these VIEs were approximately $48.7 million and $46.3 million, respectively, and total liabilities were approximately $32.1 million and $27.4 million, respectively. The classification of these assets is primarily within ‘Real estate inventories’ and the classification of liabilities are primarily within ‘Accounts payable and accrued liabilities’ and ‘Notes payable – secured by real estate inventories’ in the consolidated balance sheets. |
Unconsolidated_Joint_Venture
Unconsolidated Joint Venture | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||
Unconsolidated Joint Venture | ' | ||||||||||||||||
11. UNCONSOLIDATED JOINT VENTURE | |||||||||||||||||
The Company accounts for its interest in its title insurance joint venture using the equity method of accounting and adjusts the carrying value for our proportionate share of earnings, losses and distributions. The investment in the unconsolidated joint venture is included within ‘Other assets’ in the consolidated balance sheets as of June 30, 2014. Earnings from this unconsolidated joint venture of $21 and $37 is included in ‘Other income, net’ in the accompanying consolidated statement of operations for the three and six months ended June 30, 2014, respectively. During the six months ended June 30, 2014, the Company collected and recorded a distribution of $66 from this joint venture as a return on investment. During the three and six months ended June 30, 2013, earnings from this unconsolidated joint venture of $42 was included in ‘Other income, net’ within the accompanying consolidated statement of operations. No distributions were received during the six months ended June 30, 2013. | |||||||||||||||||
Summarized financial information for the unconsolidated joint venture is as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Statement of Operations: | |||||||||||||||||
Total net revenue | $ | 71 | $ | 120 | $ | 132 | $ | 120 | |||||||||
Total expenses | 30 | 36 | 59 | 36 | |||||||||||||
Net income | $ | 41 | $ | 84 | $ | 73 | $ | 84 | |||||||||
Comstock Holding Companies, Inc. share of net income | $ | 21 | $ | 42 | $ | 37 | $ | 42 | |||||||||
Credit_Facilities
Credit Facilities | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Credit Facilities | ' | ||||||||
12. CREDIT FACILITIES | |||||||||
Notes payable consisted of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Construction revolvers | $ | 5,744 | $ | 4,053 | |||||
Development and acquisition notes | 12,967 | 12,304 | |||||||
Mezzanine notes | 6,440 | 6,344 | |||||||
Total secured notes | 25,151 | 22,701 | |||||||
Unsecured note | 2,322 | 2,580 | |||||||
Notes payable to affiliate, unsecured | 4,462 | 4,687 | |||||||
Total notes payable | $ | 31,935 | $ | 29,968 | |||||
Construction, development and mezzanine debt—Secured | |||||||||
The Company enters into secured acquisition and development loan agreements to purchase and develop land parcels. In addition, the Company enters into secured construction loan agreements for the construction of its real estate inventories. The loans are repaid with proceeds from home closings based upon a specific release price, as defined in each respective loan agreement. | |||||||||
As of June 30, 2014, the Company had secured construction revolving credit facilities with a maximum loan commitment of $26.8 million. The Company may borrow under its facilities to fund its home building activities. The amount the Company may borrow is subject to applicable borrowing base provisions and the number of units under construction, which may also limit the amount available or outstanding under the facilities. The facilities are secured by deeds of trust on the real property and improvements thereon, and the borrowings are repaid with the net proceeds from the first closings of homes sold, subject to a minimum release price. Interest rates charged under the facilities include the London Interbank Offered Rate (“LIBOR”) and prime rate pricing options, subject to minimum interest rate floors. As of June 30, 2014, the Company had approximately $21.1 million of unused loan commitments. The Company had $5.7 million and $4.1 million of outstanding construction borrowings as of June 30, 2014 and December 31, 2013, respectively. At June 30, 2014 and December 31, 2013, the weighted average interest rate on the Company’s outstanding construction revolving facility was 5.2% per annum and 5.3% per annum, respectively. | |||||||||
As of June 30, 2014, the Company had approximately $26.1 million of aggregate acquisition and development loan commitments of which $13.0 million was outstanding. The loans have maturity dates ranging from December 2014 to December 2015, including extension options subject to certain conditions. The development and acquisition loans bear interest at a rate based on LIBOR and Prime Rate pricing options, with interest rate floors ranging from 4.0% to 6.0%. At December 31, 2013, the Company had approximately $12.3 million in outstanding acquisition and development loans. As of June 30, 2014 and December 31, 2013, the weighted average interest rate was 4.9% per annum. | |||||||||
As of June 30, 2014, the Company had two secured mezzanine loans. The first mezzanine loan had a loan commitment and outstanding balance of $3.0 million at June 30, 2014 and December 31, 2013. This mezzanine financing was utilized to acquire land for the development of the City Homes at the Hampshires and the Townes at the Hampshires projects. The first mezzanine loan bears a fixed interest rate of 13.5% per annum paid on a monthly basis, with the full principal balance due at maturity, September 22, 2015. The mezzanine loan is secured by a second deed of trust. | |||||||||
The second mezzanine loan is being used to finance the development of the Townes at Shady Grove Metro and Momentum| Shady Grove projects. The maximum principal commitment amount of this loan was $3.2 million of which the full amount was outstanding as of June 30, 2014. This financing carries an interest rate of 12% of which 6% is paid on a monthly basis while the remaining 6% is being accrued and paid at maturity. A portion of this financing, $1.1 million in principal balance plus accrued interest matures in December 2014 with the remaining $2.1 million in principal plus accrued interest maturing in March 2015. This loan is guaranteed by the Company and our Chief Executive Officer. | |||||||||
Unsecured note | |||||||||
At June 30, 2014 and December 31, 2013, the Company had balances of $2.3 million and $2.6 million, respectively, outstanding to a major bank under a 10-year unsecured note. Interest is charged on this financing at LIBOR plus 2.2%. At June 30, 2014 and December 31, 2013, the interest rate was 2.4%. The maturity date of this financing is December 28, 2018. The Company is required to make monthly principal and interest payments through maturity. | |||||||||
Notes payable to affiliate—unsecured | |||||||||
As of June 30, 2014, the Company has one senior unsecured note with Stonehenge Funding L.C, an entity wholly-owned by our Chief Executive Officer. During fiscal year 2013, the Company and Stonehenge, entered into an agreement extending the maturity date to January 1, 2016. Interest is charged to the loan based on LIBOR plus 3% per annum. As of June 30, 2014 and December 31, 2013, the interest rate was 3.6% per annum. The Company had approximately $4.5 million and $4.7 million in outstanding borrowings as of June 30, 2014 and December 31, 2013, respectively. Under the terms of the extension agreement, the Company is required to make a monthly payment of $50 which is allocated first to accrued and unpaid interest and then to unpaid principal. | |||||||||
As of June 30, 2014, maturities and/or curtailment obligations of all borrowings are as follows: | |||||||||
2014 | $ | 6,644 | |||||||
2015 | 18,507 | ||||||||
2016 | 4,462 | ||||||||
2017 | — | ||||||||
2018 | 2,322 | ||||||||
Total | $ | 31,935 | |||||||
Fair_Value_Disclosures
Fair Value Disclosures | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Fair Value Disclosures | ' | ||||||||
13. FAIR VALUE DISCLOSURES | |||||||||
The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities are reasonable estimates of their fair values based on their short maturities. | |||||||||
The fair value of fixed and floating rate debt is based on observable market rates (Level 2 inputs). The following table summarizes the fair value of fixed and floating rate debt and the corresponding carrying value of fixed and floating rate debt as of: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Carrying amount | $ | 31,935 | $ | 29,968 | |||||
Fair value | $ | 30,310 | $ | 27,943 | |||||
Fair value estimates are made at a specific point in time, based on relevant market information about the financial instruments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | |||||||||
Non-financial assets and liabilities include items such as real estate inventories and long lived assets that are measured at fair value when acquired and on a non recurring basis thereafter. Such fair value measurements use significant unobservable inputs and are classified as Level 3. | |||||||||
In September 2012, management evaluated its strategic alternatives with respect to its real estate projects classified as held for sale, Eclipse and Penderbrook, with the objective of creating additional near term liquidity. As a result, a decision was made to market the Eclipse project in a bulk sale transaction, rather than by selling directly to prospective home buyers, significantly accelerating absorption. During the first quarter of 2013, in the absence of a prospective bulk sale buyer and as a result of the increased sales activity, the Company revised its previous disposition strategy and reversed a previously recorded impairment charge of $0.7 million to reflect the for sale project at fair market value less costs to sell, consistent with the provisions of Accounting Standards Codification (“ASC”) 360. During the first half of 2013, the Company sold all remaining units at the Eclipse and Penderbrook projects. There were no impairment charges or reversals in the three and six months ended June 30, 2014. |
Restricted_Stock_Stock_Options
Restricted Stock, Stock Options and Other Stock Plans | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Restricted Stock, Stock Options and Other Stock Plans | ' | ||||||||||||||||
14. RESTRICTED STOCK, STOCK OPTIONS AND OTHER STOCK PLANS | |||||||||||||||||
During the three and six months ended June 30, 2014, the Company did not issue any stock options. In the three and six months ended June 30, 2013, the Company issued 30 stock options with a fair value of $19 which vest ratably over four years. No restricted stock awards were issued during the three and six months ended June 30, 2014 and 2013. | |||||||||||||||||
Stock-based compensation cost associated with restricted stock and stock options was recognized based on the fair value of the instruments, over the instruments’ vesting period. The following table reflects the consolidated balance sheets and statements of operations line items for stock-based compensation cost for the periods stated: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Real estate inventories—Assets | $ | — | $ | 23 | $ | 16 | $ | 56 | |||||||||
General and administrative—Expenses | (38 | ) | 107 | 96 | 278 | ||||||||||||
$ | (38 | ) | $ | 130 | $ | 112 | $ | 334 | |||||||||
Under net settlement procedures currently applicable to our outstanding restricted stock awards for employees, upon each settlement date and election by the employees, restricted stock awards are withheld to cover the required withholding tax, which is based on the value of the restricted stock award on the settlement date as determined by the closing price of our common stock on the trading day immediately preceding the applicable settlement date. The remaining amounts are delivered to the recipient as shares of our common stock. We settled 8 and 133 restricted stock awards in the three and six months ended June 30, 2014, of which, 3 and 41, respectively, were net settled by withholding shares, which represented the employees’ minimum statutory obligation for each such employee’s applicable income and other employment taxes and remitted cash totaling of $4 and $62, respectively, to the appropriate tax authorities. The amount remitted to the tax authorities for the employees’ tax obligation was reflected as a financing activity in the accompanying consolidated statements of cash flows. These shares withheld by us as a result of the net settlement election are not considered issued and outstanding, thereby reducing our shares outstanding used to calculate earnings per share. | |||||||||||||||||
As of June 30, 2014, the weighted-average remaining contractual term of unexercised stock options was 6.7 years. As of June 30, 2014 and December 31, 2013, there was $498 and $843, respectively, of unrecognized compensation cost related to stock issuances granted. |
Severance_and_Restructuring
Severance and Restructuring | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Restructuring And Related Activities [Abstract] | ' | ||||
Severance and Restructuring | ' | ||||
15. SEVERANCE AND RESTRUCTURING | |||||
In connection with the departure of Gregory V. Benson, our former President and Chief Operating Officer, in May 2014, the Company entered into a Separation Agreement on June 24, 2014. The Separation Agreement provides for cash severance payment and incremental healthcare insurance through COBRA. The severance cost is $597, paid in 36 semi-monthly installments following May 1, 2014. The total healthcare cost is $14 over 12 months beginning on May 1, 2014. In accordance with ASC 712, the Company performed an analysis of the costs associated with his departure and recorded a one- time severance and restructuring charge and recorded the forfeiture of the stock options and restricted stock awards against stock based compensation as follows: | |||||
Amount | |||||
Severance | $ | 597 | |||
Healthcare cost | 14 | ||||
Forfeiture of stock option and restricted stock awards | (131 | ) | |||
Total | $ | 480 | |||
In addition, per the Separation Agreement, the Company has a call option, but not an obligation, to purchase all or a portion of Mr. Benson’s shares of Class A and Class B Common stock of the Company at $1.09 per share by June 30, 2015. If the Company exercises the option and elects to repurchase less than all of his shares of Class A and Class B Common stock in a single transaction, then the following applies to each transaction: i) each transaction should include the purchase of a pro-rata portion of the Class A and Class B Common stock; ii) the first purchase must include a minimum of 1,000,000 of Mr. Benson’s Class A and Class B Common stock (cumulative number of Mr. Benson’s Class A and Class B Common stock); iii) each subsequent purchase must include a minimum of 100,000 Class A and Class B Common stock (cumulative number of Mr. Benson’s Class A and Class B Common stock) until all shares of Class A and Class B common stock have been purchased. Mr. Benson also forfeited all unvested stock options and restricted stock awards outstanding as of the date of his departure. In accordance with US GAAP, the Company recorded the fair value of the call option, which was considered to be a freestanding equity linked financial instrument, and the corresponding contribution of the call option to the Company by Mr. Benson as offsetting entries within “Additional paid-in-capital.” The impact of the call option resulting in a net impact of $0, in the Consolidated Statement of Changes in Stockholders’ Equity. | |||||
As of June 30, 2014, a liability of $542 was outstanding and included in the “Accounts payable and accrued liabilities” line in the accompanying consolidated balance sheets. The Severance and Restructuring charge is included in “General and administrative” expenses in the accompanying consolidated statements of operations for the three and six months ended June 30, 2014. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
16. SUBSEQUENT EVENTS | |
In July 2014, Comstock Eastgate, L.C. distributed $0.9 million to its non-controlling interest member, BridgeCom Development II, LLC. | |
In July 2014, the Company entered into a Land Purchase Option Agreement (LPO) for land to be developed as an age restricted community in the form of town homes in the State of Maryland and deposited $1.7 million to perform feasibility study and due diligence work. After satisfaction and completion of the study period, the Company will follow a set of scheduled lot takedowns to begin construction in the Spring of 2015. | |
On July 15, 2014, the Company entered into a Line of Credit and Security Agreement and a Revolving Line of Credit Note with Eagle Bank securing a $5.0 million line of credit. This line of credit will be used to finance its wholly owned subsidiaries’ predevelopment related expenses and deposits for their current and future projects located in the Washington, D.C. metropolitan area. The line of credit bears a variable interest rate tied to a one-month LIBOR rate plus 3.25% per annum, with an interest rate floor of 5.0%, and an initial maturity date of 12 months from closing of the agreement. The agreement also calls for the Company to adhere to several financial covenants, including a minimum EBITDA, a minimum net worth and minimum liquidity, all measured quarterly on a trailing twelve (12) month basis. The line of credit is guaranteed by our Chief Executive Officer. Through the date of filing of this Form 10-Q, we have drawn $2.3 million against this line of credit. | |
On July 23, 2014, the Company entered into a development and construction loan agreement with Cardinal Bank for $6.1 million in connection with the Falls Grove project. The loan provides for a variable interest rate of Prime plus 0.5% per annum with an interest rate floor of 4.5% per annum. This loan matures on May 28, 2015. This loan is collateralized by the first deed of trust on the project and a limited guaranty by our Chief Executive Officer. Through the date of filing of this Form 10-Q, we have made no draws against this loan. | |
In August 2014, the Company made distributions in the amount of $0.7 million to the Comstock VII Class B Members representing priority return and partial return of capital. | |
In August 2014, New Hampshire Ave. Ventures, LLC, distributed $0.7 million to its non-controlling interest member, 6000 New Hampshire Avenue. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards | |
In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment: Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, (“ASU 2014-08”). ASU 2014-08 is intended to change the criteria for reporting discontinued operations and enhance disclosures in this area. Under the new guidance, only disposals representing a strategic shift in operations that has a major effect on the entity’s operations and financial results should be presented as discontinued operations. If the disposal does qualify as a discontinued operation, the entity will be required to provide expanded disclosures, as well as disclosure of the pretax income attributable to the disposal of a significant part of an entity that does not qualify as a discontinued operation. ASU 2014-08 will be effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014 (early adoption is permitted only for disposals that have not been previously reported). The implementation of this guidance is not expected to have a material impact on our consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, (“ASU 2014-09”). ASU 2014-09 provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU No. 2014-09 will require an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update creates a five-step model that requires entities to exercise judgment when considering the terms of the contract(s) which include (i) identifying the contract(s) with the customer, (ii) identifying the separate performance obligations in the contract, (iii) determining the transaction price, (iv) allocating the transaction price to the separate performance obligations, and (v) recognizing revenue when each performance obligation is satisfied. ASU 2014-09 will be effective for fiscal year beginning after December 1, 2017 and subsequent interim periods. The Company has the option to apply the provisions of ASU 2014-09 either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of applying this ASU recognized at the date of initial application. Early adoption is not permitted. The Company is currently evaluating the method and impact the adoption of ASU 2014-09 will have on the Company’s condensed consolidated financial statements. |
Real_Estate_Inventories_Tables
Real Estate Inventories (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Real Estate [Abstract] | ' | ||||||||
Summary of Real Estate Inventories | ' | ||||||||
Real estate inventories consist of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land and land development costs | $ | 26,108 | $ | 26,805 | |||||
Cost of construction (including capitalized interest and real estate taxes) | 17,279 | 13,038 | |||||||
$ | 43,387 | $ | 39,843 | ||||||
Warranty_Reserve_Tables
Warranty Reserve (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Guarantees [Abstract] | ' | ||||||||||||||||
Summary of Warranty Reserve Activity Included in Accounts Payable and Accrued Liabilities | ' | ||||||||||||||||
The following table is a summary of warranty reserve activity which is included in accounts payable and accrued liabilities: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Balance at beginning of period | $ | 514 | $ | 984 | $ | 510 | $ | 963 | |||||||||
Additions | 306 | 44 | 344 | 84 | |||||||||||||
Releases and/or charges incurred | (98 | ) | (16 | ) | (132 | ) | (35 | ) | |||||||||
Balance at end of period | $ | 722 | $ | 1,012 | $ | 722 | $ | 1,012 | |||||||||
Capitalized_Interest_and_Real_1
Capitalized Interest and Real Estate Taxes (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Summary of Interest Incurred and Capitalized and Interest Expensed for Units Settled | ' | ||||||||||||||||
The following table is a summary of interest and real estate taxes incurred and capitalized and interest and real estate taxes expensed for units settled: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total interest incurred and capitalized | $ | 551 | $ | 439 | $ | 1,080 | $ | 904 | |||||||||
Total real estate taxes incurred and capitalized | 51 | 20 | 104 | 96 | |||||||||||||
Total interest and real estate taxes incurred and capitalized | $ | 602 | $ | 459 | $ | 1,184 | $ | 1,000 | |||||||||
Interest expensed as a component of cost of sales | $ | 89 | $ | 1,071 | $ | 141 | $ | 1,975 | |||||||||
Real estate taxes expensed as a component of cost of sales | 25 | 100 | 56 | 205 | |||||||||||||
Interest and real estate taxes expensed as a component of cost of sales | $ | 114 | $ | 1,171 | $ | 197 | $ | 2,180 | |||||||||
Summary of Interest, Real Estate Taxes and Indirect Costs Related to Inactive Projects | ' | ||||||||||||||||
Following is a breakdown of the interest, real estate taxes and indirect costs related to inactive projects. | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total interest incurred and expensed for inactive projects | $ | — | $ | 16 | $ | — | $ | 73 | |||||||||
Total real estate taxes incurred and expensed for inactive projects | 3 | 14 | 5 | 47 | |||||||||||||
Total production overhead incurred and expensed for inactive projects | — | 88 | — | 224 | |||||||||||||
$ | 3 | $ | 118 | $ | 5 | $ | 344 | ||||||||||
Loss_Per_Share_Tables
Loss Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Restricted Stock Awards, Stock Options and Warrants Excluded from Diluted Share Computation | ' | ||||||||||||||||
As a result of net losses for the three and six months ended June 30, 2014 and 2013, the following have been excluded from the diluted share computation as their inclusion would be anti-dilutive: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Restricted stock awards | 261 | 662 | 279 | 593 | |||||||||||||
Stock options | 157 | 370 | 188 | 293 | |||||||||||||
Warrants | 404 | 1,057 | 543 | 863 | |||||||||||||
822 | 2,089 | 1,010 | 1,749 | ||||||||||||||
Segment_Disclosures_Tables
Segment Disclosures (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Information | ' | ||||||||||||||||
The following disclosure includes the Company’s three reportable segments of Homebuilding, Multi-family and Real Estate Services. Each of these segments operates within the Company’s single Washington, D.C. reportable geographic segment. | |||||||||||||||||
Homebuilding | Multi-family | Real | Total | ||||||||||||||
Estate | |||||||||||||||||
Services | |||||||||||||||||
Three Months Ended June 30, 2014 | |||||||||||||||||
Gross revenue | $ | 11,657 | $ | — | $ | 143 | $ | 11,800 | |||||||||
Gross profit | 2,198 | — | 58 | 2,256 | |||||||||||||
Net (loss) income | (727 | ) | — | 58 | (669 | ) | |||||||||||
Total assets | 55,143 | — | 363 | 55,506 | |||||||||||||
Depreciation and amortization | 24 | — | — | 24 | |||||||||||||
Interest expense | — | — | — | — | |||||||||||||
Three Months Ended June 30, 2013 | |||||||||||||||||
Gross revenue | $ | 11,990 | $ | — | $ | 223 | $ | 12,213 | |||||||||
Gross profit | 2,201 | — | 115 | 2,316 | |||||||||||||
Net income | 12 | — | 102 | 114 | |||||||||||||
Total assets | 46,647 | — | 1,036 | 47,683 | |||||||||||||
Depreciation and amortization | 121 | — | — | 121 | |||||||||||||
Interest expense | 16 | — | — | 16 | |||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||
Gross revenue | $ | 19,488 | $ | — | $ | 266 | $ | 19,754 | |||||||||
Gross profit | 3,773 | — | 88 | 3,861 | |||||||||||||
Net (loss) income | (1,600 | ) | — | 88 | (1,512 | ) | |||||||||||
Total assets | 55,143 | — | 363 | 55,506 | |||||||||||||
Depreciation and amortization | 48 | — | — | 48 | |||||||||||||
Interest expense | — | — | — | — | |||||||||||||
Six Months Ended June 30, 2013 | |||||||||||||||||
Gross revenue | $ | 23,439 | $ | — | $ | 331 | $ | 23,770 | |||||||||
Gross profit | 4,620 | — | 236 | 4,856 | |||||||||||||
Net income | 954 | — | 222 | 1,176 | |||||||||||||
Total assets | 46,647 | — | 1,036 | 47,683 | |||||||||||||
Depreciation and amortization | 303 | — | — | 303 | |||||||||||||
Interest expense | 73 | — | — | 73 |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Related Party Transactions [Abstract] | ' | ||||
Future Minimum Lease Payments | ' | ||||
The Company has a lease for its corporate headquarters from an affiliate wholly-owned by our Chief Executive Officer. Future minimum lease payments under this lease are as follows: | |||||
2014 | $ | 158 | |||
2015 | 320 | ||||
2016 | 329 | ||||
2017 | 167 | ||||
Total | $ | 974 | |||
Unconsolidated_Joint_Venture_T
Unconsolidated Joint Venture (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||
Summarized Financial Information for Unconsolidated Joint Venture | ' | ||||||||||||||||
Summarized financial information for the unconsolidated joint venture is as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Statement of Operations: | |||||||||||||||||
Total net revenue | $ | 71 | $ | 120 | $ | 132 | $ | 120 | |||||||||
Total expenses | 30 | 36 | 59 | 36 | |||||||||||||
Net income | $ | 41 | $ | 84 | $ | 73 | $ | 84 | |||||||||
Comstock Holding Companies, Inc. share of net income | $ | 21 | $ | 42 | $ | 37 | $ | 42 | |||||||||
Credit_Facilities_Tables
Credit Facilities (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Notes Payable | ' | ||||||||
Notes payable consisted of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Construction revolvers | $ | 5,744 | $ | 4,053 | |||||
Development and acquisition notes | 12,967 | 12,304 | |||||||
Mezzanine notes | 6,440 | 6,344 | |||||||
Total secured notes | 25,151 | 22,701 | |||||||
Unsecured note | 2,322 | 2,580 | |||||||
Notes payable to affiliate, unsecured | 4,462 | 4,687 | |||||||
Total notes payable | $ | 31,935 | $ | 29,968 | |||||
Maturities and/or Curtailment Obligations of All Borrowings | ' | ||||||||
As of June 30, 2014, maturities and/or curtailment obligations of all borrowings are as follows: | |||||||||
2014 | $ | 6,644 | |||||||
2015 | 18,507 | ||||||||
2016 | 4,462 | ||||||||
2017 | — | ||||||||
2018 | 2,322 | ||||||||
Total | $ | 31,935 | |||||||
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||
Summary of Fair Value and Carrying Value of Fixed and Floating Rate Debt | ' | ||||||||
The fair value of fixed and floating rate debt is based on observable market rates (Level 2 inputs). The following table summarizes the fair value of fixed and floating rate debt and the corresponding carrying value of fixed and floating rate debt as of: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Carrying amount | $ | 31,935 | $ | 29,968 | |||||
Fair value | $ | 30,310 | $ | 27,943 |
Restricted_Stock_Stock_Options1
Restricted Stock, Stock Options and Other Stock Plans (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Consolidated Balance Sheets and Statements of Operations Line Items for Stock-Based Compensation Cost | ' | ||||||||||||||||
The following table reflects the consolidated balance sheets and statements of operations line items for stock-based compensation cost for the periods stated: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Real estate inventories—Assets | $ | — | $ | 23 | $ | 16 | $ | 56 | |||||||||
General and administrative—Expenses | (38 | ) | 107 | 96 | 278 | ||||||||||||
$ | (38 | ) | $ | 130 | $ | 112 | $ | 334 | |||||||||
Severance_and_Restructuring_Ta
Severance and Restructuring (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Restructuring And Related Activities [Abstract] | ' | ||||
Schedule of Stock Based Compensation | ' | ||||
In accordance with ASC 712, the Company performed an analysis of the costs associated with his departure and recorded a one- time severance and restructuring charge and recorded the forfeiture of the stock options and restricted stock awards against stock based compensation as follows: | |||||
Amount | |||||
Severance | $ | 597 | |||
Healthcare cost | 14 | ||||
Forfeiture of stock option and restricted stock awards | (131 | ) | |||
Total | $ | 480 | |||
Real_Estate_Inventories_Summar
Real Estate Inventories - Summary of Real Estate Inventories (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real Estate Properties [Line Items] | ' | ' |
Total | $43,387 | $39,843 |
Land and Land Development Costs [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Total | 26,108 | 26,805 |
Cost of Construction (Including Capitalized Interest and Real Estate Taxes) [Member] | ' | ' |
Real Estate Properties [Line Items] | ' | ' |
Total | $17,279 | $13,038 |
Warranty_Reserve_Additional_In
Warranty Reserve - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Guarantees [Abstract] | ' |
Period for which warranty claims expected to arise | '1 year |
Period for which warranty claims expected to arise under statutorily period | '2 years |
Warranty_Reserve_Summary_of_Wa
Warranty Reserve - Summary of Warranty Reserve Activity Included in Accounts Payable and Accrued Liabilities (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Guarantees [Abstract] | ' | ' | ' | ' |
Balance at beginning of period | $514 | $984 | $510 | $963 |
Additions | 306 | 44 | 344 | 84 |
Releases and/or charges incurred | -98 | -16 | -132 | -35 |
Balance at end of period | $722 | $1,012 | $722 | $1,012 |
Capitalized_Interest_and_Real_2
Capitalized Interest and Real Estate Taxes - Summary of Interest Incurred and Capitalized and Interest Expensed for Units Settled (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Equity Method Investments And Cost Method Investments [Abstract] | ' | ' | ' | ' |
Total interest incurred and capitalized | $551 | $439 | $1,080 | $904 |
Total real estate taxes incurred and capitalized | 51 | 20 | 104 | 96 |
Total interest and real estate taxes incurred and capitalized | 602 | 459 | 1,184 | 1,000 |
Interest expensed as a component of cost of sales | 89 | 1,071 | 141 | 1,975 |
Real estate taxes expensed as a component of cost of sales | 25 | 100 | 56 | 205 |
Interest and real estate taxes expensed as a component of cost of sales | $114 | $1,171 | $197 | $2,180 |
Capitalized_Interest_and_Real_3
Capitalized Interest and Real Estate Taxes - Summary of Interest, Real Estate Taxes and Indirect Costs Related to Inactive Projects (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Debt Disclosure [Abstract] | ' | ' | ' | ' |
Total interest incurred and expensed for inactive projects | $0 | $16 | $0 | $73 |
Total real estate taxes incurred and expensed for inactive projects | 3 | 14 | 5 | 47 |
Total production overhead incurred and expensed for inactive projects | 0 | 88 | 0 | 224 |
Interest expense real estate taxes and indirect costs related to inactive projects attributable to discontinued operations | $3 | $118 | $5 | $344 |
Loss_Per_Share_Restricted_Stoc
Loss Per Share - Restricted Stock Awards, Stock Options and Warrants Excluded from Diluted Share Computation (Detail) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Options/Warrants/Awards excluded from the computation of dilutive earnings per share | 822 | 2,089 | 1,010 | 1,749 |
Restricted Stock Awards [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Options/Warrants/Awards excluded from the computation of dilutive earnings per share | 261 | 662 | 279 | 593 |
Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Options/Warrants/Awards excluded from the computation of dilutive earnings per share | 157 | 370 | 188 | 293 |
Warrants [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Options/Warrants/Awards excluded from the computation of dilutive earnings per share | 404 | 1,057 | 543 | 863 |
Segment_Disclosures_Additional
Segment Disclosures - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Unit | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of operating segments | 3 |
Projects units minimum | 75 |
Projects units maximum | 200 |
Segment_Disclosures_Segment_Re
Segment Disclosures - Segment Reporting Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Gross revenue | $11,800 | $12,213 | $19,754 | $23,770 | ' |
Gross profit | 2,256 | 2,316 | 3,861 | 4,856 | ' |
Net (loss) income | -669 | 114 | -1,512 | 1,176 | ' |
Total assets | 55,506 | 47,683 | 55,506 | 47,683 | 56,879 |
Depreciation and amortization | 24 | 121 | 48 | 303 | ' |
Interest expense | 0 | 16 | 0 | 73 | ' |
Homebuilding [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Gross revenue | 11,657 | 11,990 | 19,488 | 23,439 | ' |
Gross profit | 2,198 | 2,201 | 3,773 | 4,620 | ' |
Net (loss) income | -727 | 12 | -1,600 | 954 | ' |
Total assets | 55,143 | 46,647 | 55,143 | 46,647 | ' |
Depreciation and amortization | 24 | 121 | 48 | 303 | ' |
Interest expense | 0 | 16 | 0 | 73 | ' |
Multi-Family [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Gross revenue | 0 | ' | 0 | ' | ' |
Gross profit | 0 | ' | 0 | ' | ' |
Net (loss) income | 0 | ' | 0 | ' | ' |
Total assets | 0 | ' | 0 | ' | ' |
Depreciation and amortization | 0 | ' | 0 | ' | ' |
Interest expense | 0 | ' | 0 | ' | ' |
Real Estate Services [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Gross revenue | 143 | 223 | 266 | 331 | ' |
Gross profit | 58 | 115 | 88 | 236 | ' |
Net (loss) income | 58 | 102 | 88 | 222 | ' |
Total assets | 363 | 1,036 | 363 | 1,036 | ' |
Depreciation and amortization | 0 | ' | 0 | ' | ' |
Interest expense | $0 | ' | $0 | ' | ' |
Income_Tax_Additional_Informat
Income Tax - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Tax provision (benefit) | $57,000 | $0 | $131,000 | $0 |
Effective tax rate related to statutory tax | ' | ' | 4.00% | ' |
Deferred tax benefit or expense | ' | ' | 0 | ' |
Federal and state net operating losses (NOLs) | 118,000,000 | ' | 118,000,000 | ' |
Potential fair value of tax savings on federal and state NOLs | 46,000,000 | ' | 46,000,000 | ' |
Year of expiration of net operating loss carryforward expiration year | ' | ' | '2028 | ' |
Accruals related to uncertainties tax positions | $0 | $0 | $0 | $0 |
Minimum [Member] | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Tax year remain subject to examination | ' | ' | '2010 | ' |
Maximum [Member] | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Tax year remain subject to examination | ' | ' | '2013 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Commitment And Contingencies [Line Items] | ' | ' |
Letter of credit, amount | $4,300,000 | $3,600,000 |
Amounts drawn against letters of credit or performance bond | 0 | 0 |
Escrow Accounts | 282,000 | 0 |
Performance Bonds [Member] | ' | ' |
Commitment And Contingencies [Line Items] | ' | ' |
Performance and payment of bonds | $4,300,000 | $1,000,000 |
Related_Party_Transactions_Fut
Related Party Transactions - Future Minimum Lease Payments (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases Future Minimum Payments Due [Abstract] | ' |
2014 | $158 |
2015 | 320 |
2016 | 329 |
2017 | 167 |
Total | $974 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 6 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 14, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Trade Accounts Receivable [Member] | Trade Accounts Receivable [Member] | Comstock Asset Management, L.C. [Member] | Comstock Asset Management, L.C. [Member] | Comstock Asset Management, L.C. [Member] | Comstock Asset Management, L.C. [Member] | Stonehenge [Member] | Stonehenge [Member] | Stonehenge [Member] | Stonehenge [Member] | Stonehenge [Member] | ||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total payments made under lease agreement | ' | ' | ' | $76 | $49 | $152 | $124 | ' | ' | ' | ' | ' |
Straight-line rent payable | ' | ' | ' | 28 | ' | 28 | ' | ' | ' | ' | ' | ' |
Services and out-of-pocket expenses incurred | ' | ' | ' | 131 | 114 | 233 | 226 | ' | ' | ' | ' | ' |
Trade receivables | ' | 131 | 61 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jan-16 | ' |
Periodic payment of debt under Amended and Restated Senior Note | ' | ' | ' | ' | ' | ' | ' | $50 | $150 | $150 | $300 | $150 |
Debt repayment date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Apr-13 | ' |
Separation agreement date | 24-Jun-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable_Interest_Entity_Addit
Variable Interest Entity - Additional Information (Detail) (USD $) | Mar. 14, 2013 | Mar. 14, 2013 | Mar. 14, 2013 | Mar. 14, 2013 | Mar. 14, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 14, 2013 | Mar. 14, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 27, 2012 | Aug. 23, 2012 |
Share data in Thousands, unless otherwise specified | Maryland [Member] | Washington, D.C. [Member] | Virginia [Member] | Class A [Member] | Comstock Investors VII, L.C [Member] | Comstock Investors VII, L.C [Member] | Comstock Investors VII, L.C [Member] | Comstock Investors VII, L.C [Member] | Comstock Investors VII, L.C [Member] | New Hampshire Avenue, LLC [Member] | New Hampshire Avenue, LLC [Member] | Comstock Investors VIII, L.C [Member] | Comstock Investors VIII, L.C [Member] | Comstock Investors VIII, L.C [Member] | Comstock Investors VIII, L.C [Member] | Comstock Investors VIII, L.C [Member] | Comstock Eastgate, L.C. [Member] | Comstock Eastgate, L.C. [Member] | Consolidated Real Estate Inventories [Member] | Consolidated Real Estate Inventories [Member] | Consolidated Real Estate Inventories [Member] | Consolidated Real Estate Inventories [Member] |
Unit | Unit | Unit | Class A [Member] | Subsidiaries [Member] | Maryland [Member] | Virginia [Member] | Class A [Member] | Subsidiaries [Member] | Unit | Unit | ||||||||||||
Townhomes | Townhomes | Townhomes | Private Placement [Member] | Townhomes | Townhomes | Warrant | Class B [Member] | |||||||||||||||
Private Placement [Member] | ||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66 | 111 |
Profit distributed | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,900,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred distribution | ' | ' | ' | ' | ' | 2,100,000 | 0 | ' | ' | ' | ' | 0 | ' | ' | ' | ' | 1,000,000 | 0 | ' | ' | ' | ' |
Initial aggregate principal amount up to capital raise | ' | ' | ' | ' | ' | ' | ' | ' | 7,300,000 | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' |
Number of warrants issued | ' | ' | ' | ' | ' | ' | ' | 112 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate fair value of warrants for investors | ' | ' | ' | 146,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 131,000 | ' | ' | ' | ' | ' | ' | ' |
Cumulative, compounded, preferred return rate | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of cumulative cash on cash return | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of town homes | 36 | 73 | 110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45 | 42 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of multi-family units | 117 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of single family units | ' | 38 | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warrants issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102 | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,100,000 | 27,400,000 | ' | ' |
Total assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $48,700,000 | $46,300,000 | ' | ' |
Unconsolidated_Joint_Venture_A
Unconsolidated Joint Venture - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Equity Method Investments And Joint Ventures [Abstract] | ' | ' | ' | ' |
Earnings from the unconsolidated joint venture | $21 | $42 | $37 | $42 |
Recorded collection and distribution from joint venture | ' | ' | $66 | $0 |
Unconsolidated_Joint_Venture_S
Unconsolidated Joint Venture - Summarized Financial Information for Unconsolidated Joint Venture (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Operations: | ' | ' | ' | ' |
Total net revenue | $71 | $120 | $132 | $120 |
Total expenses | 30 | 36 | 59 | 36 |
Net income | 41 | 84 | 73 | 84 |
Comstock Holding Companies, Inc. share of net income | $21 | $42 | $37 | $42 |
Credit_Facilities_Summary_of_N
Credit Facilities - Summary of Notes Payable (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total secured notes | $25,151 | $22,701 |
Unsecured note | 2,322 | 2,580 |
Notes payable to affiliate, unsecured | 4,462 | 4,687 |
Total notes payable | 31,935 | 29,968 |
Construction Revolvers [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total secured notes | 5,744 | 4,053 |
Development and Acquisition Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total secured notes | 12,967 | 12,304 |
Mezzanine Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total secured notes | $6,440 | $6,344 |
Credit_Facilities_Additional_I
Credit Facilities - Additional Information (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
SecurityLoan | ||
Line of Credit Facility [Line Items] | ' | ' |
Outstanding acquisition and development loan | $25,151,000 | $22,701,000 |
Unsecured financing for period | 2,322,000 | 2,580,000 |
Mezzanine Notes One [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Outstanding acquisition and development loan | 3,000,000 | 3,000,000 |
Number of secured mezzanine loans | 2 | ' |
Fixed interest rate | 13.50% | ' |
Debt instrument maturity date | 22-Sep-15 | ' |
Principal plus accrued interest | 1,100,000 | ' |
Remaining principal plus accrued interest | 2,100,000 | ' |
Maturity of financing | '2014-12 | ' |
Remaining maturity of financing | '2015-03 | ' |
Mezzanine Notes Two [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Aggregate acquisition and development loan commitments | 3,200,000 | ' |
Maximum principal commitment amount outstanding | 3,200,000 | ' |
Interest rate | 12.00% | ' |
Interest rate paid on a monthly basis | 6.00% | ' |
Interest rate accrued and paid on maturity | 6.00% | ' |
Unsecured Note [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Debt instrument maturity date | 28-Dec-18 | ' |
Period for unsecured note outstanding to bank | '10 years | ' |
Interest charged to loan | 'LIBOR plus 2.2% | ' |
Interest rate | 2.20% | ' |
Interest rate for unsecured financing | 2.40% | 2.40% |
Due to Affiliate [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Maximum principal commitment amount outstanding | 4,500,000 | 4,700,000 |
Interest charged to loan | 'LIBOR plus 3% | ' |
Interest rate | 3.00% | ' |
Interest rate for unsecured financing | 3.60% | 3.60% |
Extended maturity date | 1-Jan-16 | ' |
Monthly payment for accrued unpaid interest and principal | 50,000 | ' |
Construction Revolvers [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Aggregate acquisition and development loan commitments | 26,800,000 | ' |
Unused loan commitments | 21,100,000 | ' |
Maximum principal commitment amount outstanding | 5,700,000 | 4,100,000 |
Outstanding construction revolving facility | 5.20% | 5.30% |
Development and Acquisition Notes [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Aggregate acquisition and development loan commitments | 26,100,000 | ' |
Maximum principal commitment amount outstanding | 13,000,000 | ' |
Outstanding construction revolving facility | 4.90% | 4.90% |
Maturity range, start date | '2014-12 | ' |
Maturity dates, end date | '2015-12 | ' |
Outstanding acquisition and development loan | ' | $12,300,000 |
Development and Acquisition Notes [Member] | Minimum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest rate floors ranging | 4.00% | ' |
Development and Acquisition Notes [Member] | Maximum [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Interest rate floors ranging | 6.00% | ' |
Credit_Facilities_Maturities_a
Credit Facilities - Maturities and/or Curtailment Obligations of All Borrowings (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $6,644 | ' |
2015 | 18,507 | ' |
2016 | 4,462 | ' |
2017 | 0 | ' |
2018 | 2,322 | ' |
Total notes payable | $31,935 | $29,968 |
Fair_Value_Disclosures_Summary
Fair Value Disclosures - Summary of Fair Value and Carrying Value of Fixed and Floating Rate Debt (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Carrying amount | $31,935 | $29,968 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Option, Quantitative Disclosures [Line Items] | ' | ' |
Carrying amount | 31,935 | 29,968 |
Fair value | $30,310 | $27,943 |
Fair_Value_Disclosures_Additio
Fair Value Disclosures - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2014 |
Fair Value Disclosures [Abstract] | ' | ' | ' |
Impairment reversal | $0 | $700 | $0 |
Restricted_Stock_Stock_Options2
Restricted Stock, Stock Options and Other Stock Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued by the company | ' | ' | ' | 0 | 30 | 0 | 30 | 0 | 0 | 0 | 0 |
Fair value of shares issued | ' | ' | ' | ' | $19 | ' | $19 | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | '4 years | ' | '4 years | ' | ' | ' | ' |
Restricted award settled | ' | ' | ' | ' | ' | ' | ' | 8 | ' | 133 | ' |
Restricted award settled net during the period | ' | ' | ' | ' | ' | ' | ' | 3 | ' | 41 | ' |
Amount remitted to tax authorities | 4 | 62 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average remaining contractual term of unexercised stock options | ' | '6 years 8 months 12 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to stock issuances | $498 | $498 | $843 | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted_Stock_Stock_Options3
Restricted Stock, Stock Options and Other Stock Plans - Summary of Consolidated Balance Sheets and Statements of Operations Line Items for Stock-Based Compensation Cost (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share based compensation cost capitalized | ($38) | $130 | $112 | $334 |
Real Estate Inventories-Assets [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share based compensation cost capitalized | ' | 23 | 16 | 56 |
General and Administrative-Expenses [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share based compensation cost capitalized | ($38) | $107 | $96 | $278 |
Severance_and_Restructuring_Ad
Severance and Restructuring - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Installment | ||
Restructuring Cost and Reserve [Line Items] | ' | ' |
Severance cost | $597 | ' |
Healthcare cost | 14 | ' |
Number of semi-monthly installments | 36 | ' |
Separation agreement date | 24-Jun-14 | ' |
Impact of the call option resulting in a net impact in Stockholders' Equity | 0 | ' |
Liability outstanding | 42,759 | 37,820 |
Accounts Payable and Accrued Liabilities [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Liability outstanding | $542 | ' |
Class A and Class B Common Stock [Member] | Minimum [Member] | First Purchase [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Purchase of common stock | 1,000,000 | ' |
Class A and Class B Common Stock [Member] | Minimum [Member] | Subsequent Purchase [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Purchase of common stock | 100,000 | ' |
Class A and Class B Common Stock [Member] | June 30, 2015 [Member] | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' |
Common stock, par value | 1.09 | ' |
Severance_and_Restructuring_Sc
Severance and Restructuring -Schedule of Stock Based Compensation (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Reorganizations [Abstract] | ' |
Severance | $597 |
Healtcare cost | 14 |
Forefiture of stock option and restrcited stock awards | -131 |
Total | $480 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 15, 2014 | Jun. 30, 2014 | Jul. 23, 2014 | Jul. 15, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Aug. 01, 2014 | Aug. 13, 2014 | Jul. 23, 2014 | Jul. 23, 2014 | Jul. 15, 2014 | Jul. 15, 2014 | |
Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | |||||
Land Purchase Option Agreement [Member] | BridgeCom Development II, LLC [Member] | Comstock VII Class B [Member] | New Hampshire Avenue, LLC [Member] | Prime Rate [Member] | Floor Rate [Member] | Floor Rate [Member] | LIBOR Rate [Member] | |||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings available to non-controlling interest | $995,000 | $952,000 | $1,731,000 | $1,291,000 | ' | ' | ' | ' | ' | $900,000 | $700,000 | $700,000 | ' | ' | ' | ' |
Amount deposited for feasibility study and due diligence work | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' | ' | ' | ' |
Line of credit | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument spread variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | 4.50% | 5.00% | 3.25% |
Maturity term of loan | ' | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit outstanding | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loan agreement amount | ' | ' | ' | ' | ' | ' | $6,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity date | ' | ' | ' | ' | ' | 28-May-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |