Clipper Realty(US:CLPR)2020-03-13 17:05Financial Highlights - Record quarterly and annual revenues were achieved, with $306 million and $1162 million respectively, representing increases of 98% and 56% compared to 2018[3] - Record annual income from operations reached $335 million, a 32% increase compared to 2018[3] - Record quarterly and annual Net Operating Income (NOI) were $169 million and $628 million respectively, up 94% and 47% from the same periods in 2018[3] - Record annual Adjusted Funds From Operations (AFFO) reached $220 million, an 112% increase compared to 2018[3] - A dividend of $0095 per share was declared for the fourth quarter of 2019[3, 10] Financial Results Analysis - Fourth-quarter revenues increased by $27 million, or 98%, to $306 million, compared to $279 million in 2018[4] - Full-year revenues increased by $62 million, or 56%, to $1162 million, compared to $1100 million in 2018[4] - Net loss for 2019 was $41 million, or $17 million excluding a non-recurring loss on debt extinguishment[3, 6] - AFFO for the fourth quarter of 2019 was $53 million, compared to $54 million for the fourth quarter of 2018[7] - AFFO for the full year 2019 was $220 million, compared to $198 million for the full year 2018[7] Balance Sheet and Financing - Notes payable (excluding unamortized loan costs) were $10094 million at the end of 2019, compared to $9256 million at the end of 2018[8] - A $186 million mortgage loan was obtained for the 1010 Pacific Street property, along with a pre-development bridge loan of up to $30 million[9]