Clipper Realty(CLPR) - 2024 Q4 - Annual Results

Financial Performance - For Q4 2024, Clipper Realty reported record revenues of $38.0 million, an increase of $3.2 million or 9.1% compared to $34.9 million in Q4 2023[4] - The net loss for Q4 2024 was $1.1 million, or $0.05 per share, a reduction from a net loss of $2.9 million, or $0.09 per share, in Q4 2023[5] - Adjusted Funds from Operations (AFFO) reached a record $8.1 million, or $0.19 per share, compared to $6.3 million, or $0.15 per share, in the same quarter last year[6] - The net loss for the year ended December 31, 2024, was $6,582,000, a significant improvement from a net loss of $15,565,000 in 2023, representing a reduction of approximately 57.6%[21] - Funds from Operations (FFO) for the year ended December 31, 2024, was $23,310,000, compared to $13,374,000 in 2023, marking an increase of approximately 74.2%[29] - Adjusted Funds from Operations (AFFO) rose to $28,810,000 in 2024, up from $22,550,000 in 2023, indicating a growth of around 27.6%[30] - Adjusted EBITDA for the year ended December 31, 2024, was $74,123,000, compared to $66,148,000 in 2023, representing an increase of approximately 12.0%[33] - Net Operating Income (NOI) for the year ended December 31, 2024, was $85,574,000, an increase from $76,312,000 in 2023, reflecting a growth of about 12.2%[35] Revenue Sources - Residential revenue rose by $2.9 million, or 11.6%, driven by higher rental rates and occupancy, while commercial income increased by $0.2 million, or 2.5%[4] Assets and Liabilities - As of December 31, 2024, total assets were $1,286.965 million, up from $1,249.330 million at the end of 2023[17] - Notes payable increased to $1,275.4 million from $1,219.0 million year-over-year, primarily due to draws on the Dean Street development construction loan[9] Cash Flow and Investments - Net cash provided by operating activities increased to $31,862,000 in 2024, up from $26,185,000 in 2023, reflecting a growth of about 21.0%[21] - Cash and cash equivalents and restricted cash at the end of the period increased to $38,052,000 in 2024 from $36,225,000 in 2023, a rise of approximately 5.1%[21] - The company reported a decrease in cash paid for interest, net of capitalized interest, to $43,995,000 in 2024 from $45,323,000 in 2023, a reduction of about 2.9%[21] - The company made significant investments in land, buildings, and improvements, totaling $68,781,000 in 2024, compared to $41,357,000 in 2023, an increase of approximately 66.1%[21] - Proceeds from mortgage notes in 2024 amounted to $58,330,000, down from $132,519,000 in 2023, indicating a decrease of about 56.0%[21] Operational Strategy - The Company is actively pursuing lease renewals and marketing some properties to maximize performance and improve cash flow[3] - Clipper Realty's new development at Dean Street is progressing ahead of schedule, with an expected on-time completion early this year[3] - The Company continues to experience high occupancy rates and strong renter demand, with new leases exceeding previous rents by nearly 10% and renewals by nearly 6%[3] Dividends - The Company declared a dividend of $0.095 per share for Q4 2024, consistent with the previous quarter[10]