Clipper Realty Q3 2023: record revenue $35.1M, AFFO $6.3M, net loss narrows to $2.3M

Clipper Realty Inc.

Record quarterly revenue $35.1M (+7.1% YoY); NOI $20.0M (record); AFFO $6.3M ($0.15/share).
Net loss $2.3M ($0.07/share) vs $2.8M ($0.08/share) in Q3 2022; income from operations $9.2M.
Same-store leased occupancy 98.4%; collection rate 98.0%; new leases up >12% over prior, renewals up ~7%.
Declared dividend $0.095/share for Q3 2023; closed construction loan for Dean Street development.
Flatbush Gardens Article 11 NYC transaction (tax abatement) to enhance rental recoveries.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Clipper Realty Inc. reported three months ended September 30, 2023 results: revenue $35.1 million, net income net loss of $2.3 million, EPS $0.07 per share.

Period: three months ended September 30, 2023
Revenue: $35.1 million
Net income: net loss of $2.3 million
EPS: $0.07 per share
Result: reported results

Exact text from the filing

Financial Results For the third quarter of 2023, revenues increased by $2.3 million, or 7.1%, to $35.1 million and $1.2 million, or 3.5% excluding revenue from Pacific House. This compares to revenue of $32.8 million during the third quarter of 2022. Residential revenue increased by $2.4 million, or 10.4%, and $1.2 million, or 5.3% excluding revenue from Pacific House in the third quarter of 2023 driven by higher rental rates at all our residential properties. Commercial income decreased $0.2 million, or 0.8%, in the third quarter of 2023 due to a small number of commercial leases that expired during 2023. For the third quarter of 2023, net loss was $2.3 million, or $0.07 per share or $1.6 million, or $0.03 per share excluding the net loss attributable to Pacific House operations, compared to net loss of $2.8 million, or $0.08 per share, for the third quarter of 2022.

View on SEC.gov

Browse all earnings releases →

Clipper Realty Inc. filing history →

Source: SEC EDGAR

accession 0001437749-23-029998

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.