Clipper Realty Q4 net loss widens to $11.3M; AFFO drops to $1.7M from $8.1M

Clipper Realty Inc.

Net loss of $11.3M ($0.30/share) vs $1.1M loss a year ago; AFFO fell to $1.7M from $8.1M.
Revenue decreased to $37.1M from $38.0M; commercial revenue down $3.6M on NYC lease termination.
250 Livingston St: NYC lease termination drove $5.4M net loss; lender discussions ongoing.
141 Livingston St: settled lender claims with $10M letter of credit and $2.6M settlement expenses.
Residential revenue up 9.5% to $30.9M; new leases 13% above prior rents; portfolio occupancy high.

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