Clipper Realty(US:CLPR)2025-11-13 23:00Financial Data and Key Metrics Changes - For Q3 2025, the company reported flat revenues of $37.7 million compared to $37.6 million in the previous year, with a decrease in NOI from $21.8 million to $20.8 million and a decline in AFFO from $7.8 million to $5.6 million [10][11][12] Business Line Data and Key Metrics Changes - Residential properties are performing well, with overall occupancy at 99% and new rental rates exceeding previous rents by over 14% [4][7] - The newly completed Prospect House is currently 60% leased with pre-market rents at $88 per sq ft [5][8] - The Clover House property achieved 100% occupancy with average rents at $88 per sq ft and new leases at $95 per sq ft [7][8] Market Data and Key Metrics Changes - The overall collection rate for residential properties was approximately 95%, with Clover Gardens at 92% [9] - The demand for residential leasing is expected to remain strong due to constrained rental housing supply in New York City [7] Company Strategy and Development Direction - The company is focused on optimizing capacity, pricing, and expenses to position itself for growth [9] - Future plans include full lease-up of Prospect House and finalizing negotiations for properties at 141 and 250 Livingston [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance of residential properties and anticipated continued high demand for rentals [4][7] - The company is actively working to bring office properties back to a cash flow position [5] Other Important Information - The company announced a dividend of $0.095 per share for Q3 2025, consistent with the previous quarter [14] - The balance sheet shows $26.1 million in unrestricted cash and $30.6 million in restricted cash, with 88% of operating debt fixed at an average rate of 3.87% [13] Q&A Session Summary - There were no questions from participants during the Q&A session [17]