Clipper Realty Q1 2024 record revenue $35.8M; net loss narrows to $2.7M

Clipper Realty Inc.

Revenue rose 6.2% YoY to $35.8M; NOI record $20.2M; AFFO $5.9M ($0.14/share).
Net loss of $2.7M vs. $7.1M in Q1 2023; loss improved on higher rents and Flatbush Gardens tax savings.
New leases signed at >7% above prior rents; renewals >6%; occupancy remains high.
Dividend declared $0.095/share for Q1 2024, unchanged from prior quarter.
Dean Street development ahead of schedule; 250 Livingston NYC tenant plans to vacate Aug 2025.

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 March 31, 2024 results: revenue $35.8 million, net income net loss of $2.7 million, EPS $0.09 per share.

Period: the three months ended March 31, 2024
Revenue: $35.8 million
Net income: net loss of $2.7 million
EPS: $0.09 per share
Result: reported results

Exact text from the filing

today announced financial and operating results for the three months ended March 31, 2024. Highlights for the Three Months Ended March 31, 2024 ● Record quarterly revenues of $35.8 million for the first quarter of 2024 ● Quarterly income from operations of $9.1 million for the first quarter of 2024 ● Record net operating income (“NOI”) 1 of $20.2 million for the

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Source: SEC EDGAR

accession 0001437749-24-015070

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