Discontinued Operations

9 Months Ended

Sep. 30, 2020

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

On April 30, 2019, the Company entered into the MTA with CDS, an entity wholly owned by Christopher Clemente, the Chief Executive Officer of the Company, and FR54, LC (“FR54”), an entity also controlled by Mr. Clemente, that sets forth certain transactions to complete the Company’s previously announced exit from the homebuilding and land development business in favor of a migration to an asset management model. Refer to Note 14 – Consolidation of Variable Interest Entities for further discussion regarding the accounting related to discontinued operations.

The Company did not carry any assets or liabilities from discontinued operations on the consolidated balance sheet as of September 30, 2020 and December 31, 2019.

The operating results of the discontinued operations that are reflected on the consolidated statement of operations within the net income (loss) from discontinued operations are as follows:


	Three Months Ended September 30, 2019		Nine Months Ended September 30, 2019
Revenues
Revenue—homebuilding	$	1,305	$	14,919
Total revenue	1,305		14,919
Expenses
Cost of sales—homebuilding	1,281		14,901
Sales and marketing	89		270
General and administrative	1		21
Operating (loss)	(66)		(273)
Income tax expense	—		10
Net (loss) from discontinued operations	(66)		(283)
Net income attributable to non-controlling interests	—		313
Net (loss) attributable to Comstock Holding Companies, Inc.	$	(66)	$	(596)