Clipper Realty (NYSE:CLPR) Issues Quarterly Earnings Results

Clipper Realty (NYSE:CLPR) released its earnings results on Wednesday. The company reported ($0.18) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.25), FiscalAI reports. The business had revenue of $40.48 million during the quarter, compared to analysts’ expectations of $38.70 million.

Here are the key takeaways from Clipper Realty’s conference call:

• Positive sentiment: Residential leasing remained strong: stabilized properties were 99% leased overall, and third-quarter new free-market rents exceeded prior rents by 9%, with renewals up 5%. Prospect House was fully occupied for its first full quarter.
• Negative sentiment: Third-quarter AFFO fell to $4.1 million, or $0.10 per share, from $5.6 million, or $0.13, a year earlier; net loss widened to $5.9 million. Management attributed much of the decline to the loss of the New York City tenant at 250 Livingston Street, alongside higher taxes, insurance, and legal expenses.
• Positive sentiment: Revenue rose $2.8 million year over year to a quarterly record of $40.5 million, driven by higher residential rents and occupancy and a full quarter of contribution from Prospect House.
• Negative sentiment: Refinancing remains a risk: management said some recent lender discussions point to rates around 5.5%, above current borrowing costs, and it is too early to say whether the Flatbush Gardens refinancing will require additional equity or affect the dividend. The quarterly dividend was held at $0.095 per share.
• Neutral sentiment: Clipper ended the quarter with $30.6 million in unrestricted cash and $23.1 million in restricted cash; 88% of operating debt was fixed-rate at an average rate of 3.68%. Residential rent collections were approximately 93% of billings.

Clipper Realty Price Performance

Shares of CLPR stock traded down $0.08 on Friday, hitting $3.22. 33,723 shares of the company’s stock were exchanged, compared to its average volume of 73,832. Clipper Realty has a 12 month low of $2.69 and a 12 month high of $3.94. The stock has a market cap of $52.04 million, a P/E ratio of -3.32 and a beta of 0.99. The company has a 50 day moving average of $3.24 and a 200 day moving average of $3.18.

Clipper Realty Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 25th. Stockholders of record on Tuesday, November 17th will be issued a dividend of $0.0950 per share. The ex-dividend date of this dividend is Tuesday, November 17th. This represents a $0.38 dividend on an annualized basis and a dividend yield of 11.8%. Clipper Realty’s payout ratio is -40.86%.

Insider Activity

In other Clipper Realty news, Director Sam Levinson bought 9,317 shares of the firm’s stock in a transaction on Thursday, September 24th. The shares were purchased at an average price of $3.38 per share, for a total transaction of $31,491.46. Following the completion of the transaction, the director directly owned 411,021 shares in the company, valued at approximately $1,389,250.98. The trade was a 2.32% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, COO Jacob Bistricer bought 73,500 shares of the firm’s stock in a transaction on Monday, September 28th. The stock was acquired at an average price of $3.35 per share, for a total transaction of $246,225.00. Following the transaction, the chief operating officer owned 73,500 shares of the company’s stock, valued at approximately $246,225. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 484,521 shares of company stock worth $1,567,874 over the last ninety days. 54.59% of the stock is currently owned by insiders.

Clipper Realty Company Profile

Clipper Realty Inc is a self-administered and self-managed real estate investment trust that owns, operates and develops multifamily residential properties in New York City. The company focuses primarily on apartment communities in Manhattan and Brooklyn, serving residents through rental housing and related property-management services.

Clipper Realty’s business includes acquiring well-located residential properties, managing day-to-day operations, maintaining buildings and apartments, and pursuing renovations or other improvements intended to enhance its properties.