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Clipper Realty (CLPR) investor relations material
Clipper Realty Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Portfolio consists of multifamily residential and commercial properties in Manhattan and Brooklyn, with a mix of stabilized and development assets.
Residential properties maintained high occupancy and record rents, with new leases exceeding prior rents by over 14% and renewals up 5–6%.
Prospect House, a new development, is 60% leased at pre-market rents above $88 per sq ft and has entered initial lease-up with bridge financing.
Sale of 10 West 65th Street completed in May 2025 for $45.5M, with proceeds used to retire debt and a $33.8M impairment recorded.
Commercial segment impacted by NYC lease termination at 250 Livingston Street in August 2025, leaving the property vacant and reducing rental income.
Financial highlights
Q3 2025 revenue was $37.7 million, up 0.2% year-over-year; residential rental income rose 9% to $29.2 million, commercial rental income fell 19% to $7.9 million.
Net operating income (NOI) was $20.8 million, down from $21.8 million last year.
Adjusted funds from operations (AFFO) were $5.6 million ($0.13 per share), down from $7.8 million ($0.18 per share) last year.
Net loss widened to $4.6 million ($0.14 per share) from $1.1 million ($0.05 per share) in Q3 2024.
Dividend of $0.095 per share declared for Q3, unchanged from last quarter.
Outlook and guidance
Residential leasing demand expected to remain strong due to constrained supply and high demand in NYC, while the office market remains challenged.
Loss of NYC as tenant at 250 Livingston Street expected to reduce annual revenue by $16 million until new tenants are secured.
Focus remains on optimizing capacity, pricing, and expenses, with continued capital improvements at Flatbush Gardens.
Uncertainty remains regarding the finalization of the 141 Livingston Street lease extension and ongoing litigation.
Company expects to meet short-term liquidity needs through operations and cash on hand; long-term needs may require additional debt or equity.
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