UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-38010 CLIPPER REALTY INC. (Exact name of Registrant as specified in its charter) Maryland 47-4579660 (State or other jurisdiction of incorp ...

Land and improvements Given the size of the company and the amount of leverage it employs there is elevated risk with CLPR, however, investors are well compensated for the risk with a AFFO yield of 13.02% and a dividend yield of 9.34%. 89,483 CLPR - IR The company's debt metrics are concerning to me, with a 2023 net debt to EBITDA of 18.84x and an EBITDA to interest expense ratio of 1.40x. While these metrics indicate a high level of debt compared to the company's carnings, it appears that CLPR has been ope ...

Since going public in 2017, Clipper Realty (NYSE:CLPR) currently trades at an all-time low. CLPR Full Price History (Seeking Alpha) With its dividend yield almost a full 10%, it's worth investigating whether this presents an attractive buying opportunity or a yield trap. While NYC property seems like the best real estate to own, I'll argue this is just a Hold, given some of its near-term challenges and the incentives of management. Dividend History As a REIT, Clipper is primarily graded by its ability to di ...

Financial Data and Key Metrics - The company reported record revenue of $35.8 million in Q1 2024, up from $33.7 million in Q1 2023, an increase of $2.1 million or 6.2% [17] - Net Operating Income (NOI) for Q1 2024 was $20.2 million, an increase of $3.1 million from the previous year [17] - Adjusted Funds From Operations (AFFO) for Q1 2024 was $5.9 million, up $1.4 million from the previous year [17] - The company has $21.9 million in unrestricted cash and $18.3 million in restricted cash [1] - Interest expense increased by $1.6 million year-on-year in Q1 2024, primarily due to the elimination of capitalized interest for Pacific House [14] Business Line Performance - Residential revenue increased to $26.1 million in Q1 2024, up $2.1 million from the previous year, driven by higher rental rates across all properties [17] - Commercial rental income saw a slight decline due to lease issues at the Aspen property, one of which has been replaced [13] - Bad debt expense improved by $0.2 million year-on-year, reflecting better collections across all properties [13] Market Performance - Residential properties achieved an average occupancy rate of 98%, with new leases exceeding prior rents by 6% [8][22] - At Tribeca House, average rent per square foot increased to $78 from $63 at the end of the pandemic [29] - Clover House achieved average rents of nearly $83 per square foot with over 97% occupancy [29] - Pacific House is 100% leased, with free market rents above $78 per square foot and operating cash flows achieving a projected 7% cap rate [16][29] Strategic Direction and Industry Competition - The company is focused on optimizing occupancy, pricing, and expenses, as well as completing development projects and implementing the Article 11 transaction to position for growth [6] - The company is leveraging the high demand for rental properties due to the higher interest rate environment, which increases tenant demand for rentals over purchases [3] - The company is also benefiting from long-duration, fixed-rate debt at its operating properties, with 92% of operating debt fixed at an average interest rate of 3.87% and an average duration of 5.2 years [3] Management Commentary on Operating Environment and Future Outlook - Management highlighted strong renter demand across all properties, with rents stabilizing as COVID-era rents are replaced with current market rates [8][22] - The company expects leasing to remain strong due to high demand and constrained rental housing supply [22] - Management is optimistic about the benefits of the Article 11 agreement at Flatbush Gardens, which has eliminated real estate taxes and provided enhanced rental recoveries for assisted tenants [20][23] Other Important Information - The company announced a dividend of $0.095 per share for Q1 2024, consistent with the previous quarter [1] - The company is proceeding ahead of schedule with the construction of the 923 Dean Street development, which is expected to be completed in time for the 2025 leasing season [16] - The company is addressing the potential vacancy at 250 Livingston Street, where New York City plans to vacate the premises in August 2025, by seeking solutions supported by cash flows from other properties [3] Q&A Session - No questions were asked during the Q&A session [24]

Clipper Realty Inc. (CLPR) came out with quarterly funds from operations (FFO) of $0.14 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to FFO of $0.11 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 75%. A quarter ago, it was expected that this company would post FFO of $0.16 per share when it actually produced FFO of $0.15, delivering a surprise of -6.25%.Over the last four quarters, the company ...

NEW YORK, May 7, 2024 /Business Wire/ -- Clipper Realty Inc. (NYSE: CLPR) (the "Company"), a leading owner and operator of multifamily residential and commercial properties in the New York metropolitan area, today announced financial and operating results for the three months ended March 31, 2024. Financial Results for the Three Months Ended March 31, 2024 Balance Sheet The Company will host a conference call on May 7, 2024, at 5:00 PM Eastern Time to discuss the first quarter 2024 results and provide a bus ...

23 We believe that our current cash flows from operations and cash on hand coupled with sales of certain properties, long-term secured or unsecured debt offerings and/or funds from public or private equity offerings, will be sufficient to allow us to continue operations, satisfy our contractual obligations and make distributions to our stockholders and the members of our LLC subsidiaries for at least the next twelve months. However, no assurance can be given that we will be able to refinance any of our outs ...

For the fourth quarter, residential revenue increased to $25.1 million by $2.1 million or a $1 million revenue increase, excluding the impact of Pacific House. This 4% increase was primarily due to higher residential rental rates for all properties from continued strong leasing previously discussed. Bad debt expense was substantially the same as last year, reflecting high and stabilized collections. A $300,000 decline in commercial rental income was caused by a couple of leases at the Aspen property that ar ...

Clipper Realty Inc. (CLPR) came out with quarterly funds from operations (FFO) of $0.15 per share, missing the Zacks Consensus Estimate of $0.16 per share. This compares to FFO of $0.11 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -6.25%. A quarter ago, it was expected that this company would post FFO of $0.17 per share when it actually produced FFO of $0.15, delivering a surprise of -11.76%.Over the last four quarters, the comp ...

● the impact of the recent increase in inflation in the United States which could increase the cost of acquiring, replacing and operating our properties; ● market and economic conditions, including rising interest rates, affecting occupancy, rental rates, the overall market value of our properties, our access to capital and the cost of capital, and our ability to refinance indebtedness; ● economic or regulatory developments in New York City; ● our dependency on certain agencies of the City of New York, as a ...