Clipper Realty Inc
NYSE:CLPR
Clipper Realty Inc
Clipper Realty, Inc. engages in the acquisition, owning, managing, operating, and repositioning of real estate properties. The company is headquartered in Brooklyn, New York and currently employs 144 full-time employees. The company went IPO on 2015-11-04. The firm acquires, owns, manages, operates, and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn. The firm operates through two segments: Residential Rental Properties and Commercial Rental Properties. The Residential Rental Properties segment includes the Flatbush Gardens property, the Clover House property, the 10 West 65th Street property, the 1010 Pacific Street property and portions of the 250 Livingston Street, Tribeca House, Dean Street and Aspen properties. The Commercial Rental Properties segment includes the 141 Livingston Street property and portions of the 250 Livingston Street, Tribeca House, Dean Street and Aspen properties. The firm's portfolio consists of nine properties totaling approximately 3.3 million rentable square feet and about 288,000 rentable square feet under development.
Clipper Realty, Inc. engages in the acquisition, owning, managing, operating, and repositioning of real estate properties. The company is headquartered in Brooklyn, New York and currently employs 144 full-time employees. The company went IPO on 2015-11-04. The firm acquires, owns, manages, operates, and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn. The firm operates through two segments: Residential Rental Properties and Commercial Rental Properties. The Residential Rental Properties segment includes the Flatbush Gardens property, the Clover House property, the 10 West 65th Street property, the 1010 Pacific Street property and portions of the 250 Livingston Street, Tribeca House, Dean Street and Aspen properties. The Commercial Rental Properties segment includes the 141 Livingston Street property and portions of the 250 Livingston Street, Tribeca House, Dean Street and Aspen properties. The firm's portfolio consists of nine properties totaling approximately 3.3 million rentable square feet and about 288,000 rentable square feet under development.
Leasing Strength: Residential properties are nearly fully leased at 99% occupancy, with strong rental demand driving record-high rents.
Rent Growth: New leases in Q3 exceeded prior rents by over 14%, and renewals were up 5%.
Flat Revenue: Total revenue was $37.7 million, nearly unchanged from last year, despite property sales and lease terminations.
NOI & AFFO Decline: Net operating income fell to $20.8 million and AFFO dropped to $5.6 million, reflecting the loss of income from sold or vacated properties and initial lease-up costs.
Development Progress: Prospect House, a new Brooklyn development, is 60% leased; Pacific House is stabilized and contributing to cash flow.
Dividend Maintained: Dividend remains at $0.095 per share, unchanged from last quarter.
