What were the key takeaways from Clipper Realty's earnings call?

Did Clipper Realty beat or miss consensus estimates last quarter?

What is Clipper Realty's latest dividend and current dividend yield?

What guidance did Clipper Realty's management provide for the next earnings period?

What does Clipper Realty do and what are its main business segments?

What factors drove the changes in Clipper Realty's revenue and profit?

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What were the key takeaways from Clipper Realty’s earnings call?

- **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

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CLPR

CLPR fundamentals

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