Clipper Realty Inc. (CLPR) Market Cap
Clipper Realty Inc. has a market capitalization of $56.7M.
Financials based on reported quarter end 2025-12-31
Price: $3.51
▲ 0.13 (3.72%)
Market Cap: 56.67M
NYSE · time unavailable
CEO: David Bistricer
Sector: Real Estate
Industry: REIT - Residential
IPO Date: 2017-02-10
Website: https://www.clipperrealty.com
Clipper Realty Inc. (CLPR) - Company Information
Market Cap: 56.67M · Sector: Real Estate
Clipper Realty Inc. (NYSE: CLPR) is a self-administered and self-managed real estate company that acquires, owns, manages, operates and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn.
Analyst Sentiment
Based on 4 ratings
Consensus Price Target
No data available
Price & Moving Averages
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Fundamentals Overview
Management tone is strongly positive on residential fundamentals—record rents, 99% stabilized occupancy, and Q4 new-leasing spreads of nearly +13% vs prior rents. However, the Q&A pressure is effectively replaced by hard accounting headwinds in the prepared remarks: Q4 revenues ($37.1M) and NOI ($20.7M) were down year-over-year, and AFFO collapsed to $1.7M from $8.1M, primarily due to the Aug 23, 2025 termination of the New York City lease at 250 Livingston Street. The company also flags an initial-lease-up “expense over revenue” dynamic at Prospect House and the absence of the sold 10 West 65th Street asset. While management frames office resolution as an active process (debt restructuring underway; reimbursement efforts; possible inability to fund certain expenses), there is no guidance quantified to offset these near-term cash flow impacts. Residential strength is real, but AFFO is still dominated by office disruption and early development costs.
Growth Catalysts
- Residential rents at record highs; new leases exceeded prior rents by nearly 13% in Q4
- Residential renewals up 7% in Q4
- Prospect House (953 Dean Street) initial lease-up: 78% leased with free-market rents ~ $85/ft (online August on time and on budget)
- Aspen: occupancy above 98% with new rents and renewals 15% higher vs prior leases
- Residential collection rate ~98% in Q4; working through legal system to minimize arrears (Flatbush Gardens also ~98%)
Business Development
- Prospect House development at 953 Dean Street: 9-story, fully amenitized; 240 units; 70% free market / 30% affordable; 19,000 sf commercial; began leasing with initial 78% leased
- 141 Livingston Street office: settled lender claims and obtained lender approval for a 5-year lease extension with principal tenant New York City
- 250 Livingston Street office: New York City vacated mid-August 2025; after termination, CLPR notified lender it would not support ongoing operations; began restructuring property debt
Financial Highlights
- Reported revenues $37.1M vs $38.0M prior year (-$0.9M, -2.4% y/y); commentary attributes residential lift (+$2.7M / +9%) offset by office termination (-$4.0M)
- NOI $20.7M vs $22.6M prior year (-$1.9M)
- AFFO $1.7M vs $8.1M prior year (-$6.4M)
- Three unusual items driving period-over-period changes: (1) termination of New York City lease at 250 Livingston Street on Aug 23, 2025, (2) Prospect House lease-up expenses exceeding limited but growing revenue, (3) absence of results from 10 West 65th Street sold May 2025
- Office lease termination at 250 Livingston Street drove large declines: NOI -$3.8M and AFFO -$6.1M (with full expense accrual)
- Dividend declared: $0.095/share (unchanged vs prior quarter); payable March 19, 2026 to record holders March 12, 2026
Capital Funding
- Cash: $30.8M unrestricted and $27.3M restricted at quarter-end
- Operating debt: 89% fixed at average rate 3.87%, average duration 3.7 years
- Debt: nonrecourse; limited standard carve-outs; no cross-collateralization; financed asset-by-asset
- Prospect House: bridge loan replaced last quarter; project expected to provide funds through stabilization (per management)
Strategy & Ops
- Operational focus on optimizing occupancy, pricing, and expenses to position for growth
- Prospect House: brought online August on time and on budget; currently 78% leased with free-market rents ~ $85/ft
- 250 Livingston Street: ceased interest and real estate tax payments after NYC lease termination; applied for reimbursement of recurrent expenses since then; may not fund expenses at conclusion of distribution discussions
- Began restructuring property debt at 250 Livingston Street (cannot assure outcome)
Market Outlook
- Management expectation: demand for residential leasing remains strong; NYC rental supply constrained and new development discouraged
- Prospect House: progressing second quarter of initial lease-up (with stated free-market rent level and current leasing progress)
- Residential: overall properties nearly fully leased / 99% leased overall (stabilized) and outlook emphasizes continued rent growth
Risks & Headwinds
- Office-related financial drag: New York City lease termination at 250 Livingston Street (Aug 23, 2025) led to $4.0M revenue decline, -$3.8M NOI decline, and -$6.1M AFFO decline vs prior year; company halted interest/tax payments and may not fund expenses after distribution discussions
- Prospect House lease-up earnings headwind: expenses exceed limited but growing revenue in initial lease-up period (contributor to AFFO decline)
- Collections/legal process risk: Flatbush Gardens arrears being worked through legal system to minimize arrears (collection ~98%, but continued legal progression is an operational hurdle)
Sentiment: MIXED
Note: This summary was synthesized by AI from the CLPR Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.