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- **Residential Strength**: 99% occupancy, 14% rent increase in new leases, and $31.67/sq ft record rents at Clover Gardens.
- **Development Momentum**: 60% leased at Prospect House (pre-market $88/sq ft) and stabilized Pacific House.
- **Financial Performance**: Flat revenue ($37.7M), 5% NOI decline, 29% AFFO decline due to lease termination and development costs.
- **Dividend Stability**: $0.095/share dividend maintained, supported by strong cash flow from stabilized assets.

**【CEO Remarks】**
- Residential properties performing strongly with high rental demand, all-time high rents, and near-full occupancy. New leases in Q3 exceeded prior rents by 14%.
- Ground-up development at Prospect House (953 Dean Street) is 60% leased with pre-market rents of $88/sq ft. Pacific House (1010 Pacific Street) is stabilized and contributing to cash flow.
- Office properties at 250 and 141 Livingston Street are in negotiations to return to cash flow-positive status.

**【COO Remarks】**
- Overall residential portfolio at 99% occupancy with record rents. Tribeca House and Clover House achieving $105/sq ft and $95/sq ft new leases, respectively.
- Pacific House (mixed-use) at 97% occupancy with pre-market rents of $82/sq ft. Aspen and 250 Livingston properties showing 12% rent increases.
- Clover Gardens (rent-stabilized) saw 9% YoY rent increase to $31.67/sq ft. Collection rates remain strong at 95% overall, 92% for Clover Gardens.

**【CFO Financial Commentary】**
- Q3 2025 Results:
  - Revenue: $37.7M (flat vs. Q3 2024)
  - NOI: $20.8M (-$1M YoY)
  - AFFO: $5.6M (-$2.2M YoY)
- Key Drivers:
  - +$2.4M from residential portfolio growth
  - -$1.9M from termination of 250 Livingston lease
  - -$1M from sale of 10 West 65th Street
  - +$0.5M from Prospect House lease-up
- Balance Sheet: $26.1M unrestricted cash, 88% fixed-rate debt at 3.87% average rate.
- Dividend: $0.095/share, same as prior quarter.

**【Concluding Remarks】**
- Focus on full lease-up of Prospect House and finalizing office property negotiations.
- Maintaining disciplined capital allocation and operational efficiency.

Clipper Realty Inc.(CLPR)-20251114-2025 Q3 Earnings call transcript

- **Record Financial Performance**: Q2 revenue ($39M, +4.5% YoY), NOI ($22.1M, +5% YoY), and AFFO ($8.3M, +17% YoY) driven by residential demand.
- **Development Success**: Prospect House 33% leased at $88/sqft with $12M annual excess loan proceeds; Pacific House stabilized and cash-flow positive.
- **Strategic Sales**: Sold 10 West 65th Street for $45.5M, netting $13M after costs, due to regulatory constraints.
- **Leasing Strength**: New leases +14% YoY; key properties at near-full occupancy with record rents.
- **Financial Stability**: 88% fixed-rate debt at 3.87% average rate; $32M unrestricted cash and $28.8M restricted cash.

**【Management Opening Remarks】**
- Clipper Realty provided a forward-looking disclaimer and outlined non-GAAP financial measures (AFFO, adjusted EBITDA, NOI) for the call.
- Emphasized the importance of reconciling non-GAAP metrics with GAAP measures in their filings.

**【CEO Summary Section】**
- **Operational Highlights**: Near-record Q2 revenue ($39M, +4.5% YoY), record NOI ($22.1M, +5% YoY), and AFFO ($8.3M, +17% YoY) driven by strong residential demand.
- **Development Progress**: 
  - **Prospect House**: 953 Dean Street, Brooklyn (160K sqft, 240 units) 33% leased at $88/sqft, with $12M annual excess loan proceeds.
  - **Pacific House**: Stabilized and contributing to cash flow post-12-month operation.
- **Property Sales**: Sold 10 West 65th Street for $45.5M, netting $13M after debt and costs, due to regulatory constraints.
- **Leasing Performance**: New leases exceeded prior rents by 14% across the portfolio; Tribeca House, Clover House, and Aspen properties at near-full occupancy with record rents.
- **Flatbush Gardens**: 95% collection rate, $31.27/sqft average rent (+11% YoY), with $14M spent on capital improvements under Article 11 agreement.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: 
  - Residential: $29.1M (+$1.3M YoY) from strong leasing.
  - Commercial: $0.4M increase from retail leases at Tribeca House and Aspen.
- **Expense Management**: 
  - Property operating expenses up $1.5M YoY (primarily Flatbush Gardens labor costs).
  - Real estate taxes and insurance +$80K YoY, offset by $262K interest expense decline from debt repayment.
- **Balance Sheet**: 
  - $32M unrestricted cash, $28.8M restricted cash.
  - 88% fixed-rate debt at 3.87% average rate, 4.1-year duration.
- **Dividend Announcement**: $0.095/share, same as prior quarter, payable September 5.

**【Q&A Highlights】**
- No questions were asked during the session.


Clipper Realty Inc. (CLPR) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: Q1 2025 revenue up 10.2% YoY to $39.4M, driven by 15%+ rent increases across all properties.
- **Development Momentum**: 953 Dean Street completed on time; Pacific House now stabilized post-12 months of operation.
- **Profitability**: AFFO up 36% YoY to $8M; 89% debt fixed at 3.87% avg rate provides rate stability.
- **Strategic Sales**: 10 West 65th Street sale expected to generate $12M net profit; Flatbush Gardens rents +15% YoY.
- **Dividend Stability**: $0.095/share dividend maintained, reflecting strong cash flow visibility.


**【CEO Operational Highlights】**
- **Record Q1 Revenue**: $39.4 million (+10.2% YoY), driven by 15%+ rent increases across the portfolio.
- **99% Portfolio Occupancy**: All properties near fully leased, with Flatbush Gardens collections >95% despite maintenance challenges.
- **Major Development Progress**: 953 Dean Street (240 units) completed on time/budget; leasing begins June 1st. Pacific House now stabilized post-12 months of operation.
- **Strategic Sales**: 10 West 65th Street sale expected to generate $12M net profit; 141 Livingston Street lease renewal finalized.

**【CFO Financial Breakdown】**
- **AFFO Growth**: $8 million (+36% YoY), driven by strong leasing and NOI margin expansion.
- **Expense Management**: 89% debt fixed at 3.87% avg rate; $18.2M excess proceeds from Dean Street refi for interest/working capital.
- **Impairment Charge**: $33.8M recorded on 10 West 65th Street due to NYC rent regulation constraints.
- **Dividend Stability**: $0.095/share dividend maintained, reflecting cash flow visibility.

**【Key Development Updates】**
- **953 Dean Street**: 70% free market, 30% affordable; 160k sqft residential, 19k sqft commercial. $160M refi at 5.75% rate.
- **Flatbush Gardens**: Rents +15% YoY to $30.8/ft²; $1.5M in additional operating expenses offset by tax abatement.
- **Pacific House**: 98% leased; free market rents $70/ft² vs. $65 prior. 30% affordable units meeting city requirements.

**【Q&A Highlights】**
- **141 Livingston Lease**: No tenant improvements required; renewal expected within 2 weeks.
- **Interest Rate Impact**: Higher rates driving demand for stable rental product; 4.1-year debt duration provides rate hedge.
- **Capital Allocation**: Proceeds from Dean Street refi prioritized for interest and working capital.


Clipper Realty (CLPR)-12 May 25-2025 Q1 Earnings call transcript

- **Revenue Growth**: Q4 2024 revenue up 9.1% YoY to $38M, driven by 7%+ rental increases across portfolio. 
- **Flatbush Gardens Turnaround**: New leases at $35/ft (+13% YoY), Section 610 reimbursements contributing $2.3M YTD. 
- **Development Momentum**: Pacific House fully leased at 7% cap rate; 953 Dean Street nearing completion. 
- **Financial Strength**: 91% fixed-rate debt at 3.87%, $19.9M cash on hand.

**【CEO Summary Section】**
- **Record Operating Results**: Q4 2024 revenue reached $38 million, up 9.1% YoY; NOI of $22.5 million (+12.5% YoY); AFFO of $8.1 million (+29% YoY). 
- **Residential Leasing Strength**: 
  - Portfolio-wide new leases exceeded prior rents by 7%, with Tribeca House ($90/ft) and Clover House ($94/ft) leading. 
  - Flatbush Gardens new leases at $35/ft (+13% YoY), average rents $30/ft (+13% YoY). 
- **Development Progress**: 
  - Pacific House fully leased, achieving 7% cap rate. 
  - 953 Dean Street nearing completion, targeting 2025 leasing. 
  - 250 Livingston Street seeking solutions post NYC vacate notice. 
- **Financial Resilience**: 91% fixed-rate debt at 3.87% average rate, 4.3-year duration. 

**【CFO Financial Commentary】**
- **Revenue Breakdown**: 
  - Residential: $28.2 million (+10.4% YoY) driven by Section 610 reimbursements ($1.1M Q4, $2.3M YTD). 
  - Commercial: Flat YoY. 
- **Expense Management**: 
  - Property operating expenses +$257K YoY (Flatbush Gardens wage requirements). 
  - Real estate taxes +$293K YoY (non-Flatbush properties). 
- **Balance Sheet**: $19.9M unrestricted cash, $18.2M restricted cash. Q4 dividend $0.095/share (unchanged). 
- **Collection Trends**: 
  - Portfolio-wide 97% collections. 
  - Flatbush Gardens 92% Q4 collections (vs. 96% pre-2024).

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