Clipper Realty Q2 revenue record $34.5M; net loss $3.3M; Flatbush Gardens 40-year HPD deal

Clipper Realty Inc.

Record quarterly revenue of $34.5M, up 8.3% YoY; record NOI of $19.2M.
Net loss of $3.3M ($0.10 per share) vs loss of $3.0M ($0.08) a year ago.
AFFO of $5.5M, highest in three years; dividend declared $0.095 per share.
Same-store leased occupancy 99.2%, collection rate 96.3%; Pacific House 77% leased.
Flatbush Gardens entered 40-year Article 11 regulatory agreement with NYC HPD, providing tax exemptions and enhanced reimbursements.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Clipper Realty Inc. reported the three months ended June 30, 2023 results: revenue $34.5 million, net income ($3.3 million), EPS $0.10 per share.

Period: the three months ended June 30, 2023
Revenue: $34.5 million
Net income: ($3.3 million)
EPS: $0.10 per share
Result: reported results

Exact text from the filing

Highlights for the Three Months Ended June 30, 2023 ● Record quarterly revenues of $34.5 million

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Clipper Realty Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-021920

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