Clipper Realty (CLPR) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue of $40.484M, driven by residential leasing; net loss was $5.912M and AFFO was $4.113M.

• Strong residential occupancy and rent growth offset lower commercial revenue; the 250 Livingston Street mortgage default remained a key risk.

Financial highlights

• Q3 revenue was $40.484M versus $37.698M; operating income was $9.881M versus $8.885M.

• Q3 net loss was $5.912M, or $0.18/share, versus $4.607M, or $0.14/share; $4.1M related to the 250 Livingston lease termination, substantially all non-cash.

• Q3 AFFO was $4.113M, or $0.10/share, versus $5.615M, or $0.13/share; Adjusted EBITDA was $19.049M versus $18.136M.

• 9M revenue was $117.174M versus $116.132M; net loss narrowed to $23.321M from $41.066M, with prior-year impairment affecting comparisons.

• Q3 NOI was $22.339M versus $20.756M; 9M NOI was $64.068M versus $64.673M.

Segment performance

• Q3 residential revenue rose $4.2M, or 14.1%, to $33.964M; commercial revenue declined $1.4M to $6.520M.

• The $2.2M loss of NYC lease revenue was partly offset by new Tribeca House leases and $0.8M higher tax reimbursement at 141 Livingston Street.

• Stabilized residential properties were 99% leased; new free-market leases exceeded prior rents by 9% and renewals by 5%.

• Tribeca House was 99% occupied, Clover House 98%, and Pacific House 99% leased; Prospect House at 953 Dean Street reached full occupancy throughout Q3.