---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-012587"
form_type: "8-K"
ticker: "CLPR"
cik: "0001649096"
company_name: "Clipper Realty Inc."
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T22:14:04.195599+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Clipper Realty Q1 net loss widens to $7.1M despite record revenue of $33.7M

## Summary
- Net loss of $7.1M ($0.19/share) vs $3.5M loss a year ago; includes $3.9M loss on debt extinguishment.
- Record revenue of $33.7M, up 5.0% YoY; residential revenue +11.5%.
- NOI of $17.1M; AFFO of $4.5M; leased occupancy 98.9%.
- Dividend declared $0.095/share unchanged.
- Pacific House development substantially completed; refinanced to fixed rate loan.

## SEC filing metadata
- accession: 0001437749-23-012587
- form_type: 8-K
- ticker: CLPR
- cik: 0001649096
- company_name: Clipper Realty Inc.
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1649096/000143774923012587/0001437749-23-012587-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1649096/000143774923012587/clpr20230503_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-012587
- JSON: https://secwatch.observer/filing/0001437749-23-012587.json
- Plain text: https://secwatch.observer/filing/0001437749-23-012587.txt

## Key facts
- Earnings Releases
  Clipper Realty Inc. reported three months ended March 31, 2023 results: revenue $33.7 million, net income $7.1 million, EPS $0.19 per share.
  - Period: three months ended March 31, 2023
  - Revenue: $33.7 million
  - Net income: $7.1 million
  - EPS: $0.19 per share
  - Result: reported results
  source text: Financial Results For the first quarter of 2023, revenues increased by $1.6 million, or 5.0%, to $33.7 million and $2.7 million, or 8.8% excluding a net $1.1 million recovery of a bad debt reserve at a commercial tenant in the first quarter of 2022. This compares to revenue of $32.1 million or $31.0 million, excluding this one-time bad debt recovery where we reached an agreement with a commercial tenant whose arrears were included in bad debt under the new accounting standard first implemented on January 1, 2022. Residential revenue increased by $2.5 million, or 11.5%, driven by higher rental rates and occupancy at all our residential properties. Commercial income decreased $0.9 million as reported, or 8.1%, but increased by $0.2 million, or 2.5%, excluding the one-time recovery of a bad debt reserve. The adjusted increase was due to new commercial leases signed during 2022. For the first quarter of 2023, net loss was $7.1 million, or $0.19 per share compared to net loss of $3.5 millio
  evidence_url: https://www.sec.gov/Archives/edgar/data/1649096/000143774923012587/0001437749-23-012587-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.