Clipper Realty (NYSE:CLPR – Get Free Report) released its earnings results on Thursday. The company reported ($0.30) earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.39), FiscalAI reports. The company had revenue of $38.12 million during the quarter, compared to the consensus estimate of $39.60 million.
Here are the key takeaways from Clipper Realty’s conference call:
- Residential operations remained strong, with stabilized properties reported at 99% leased overall and free-market rents hitting record highs. New leases in the quarter ran about 7% above prior rents, and renewals were up 5%.
- Prospect House (953 Dean Street) is in its third quarter of initial lease-up and is now fully leased, with free-market rents around $78 per foot. Management said the project was delivered on time and on budget.
- Quarterly results were pressured by the termination of the New York City lease at 250 Livingston Street, the initial lease-up losses at Prospect House, the sale of 10 West 65th Street, and litigation settlement costs. Revenue fell to $38.1 million, NOI to $20.1 million, and AFFO to $2.3 million versus the prior year.
- 250 Livingston Street remains unresolved; the company said it is no longer funding the property’s operations, debt service has stopped, and it is negotiating a potential consent and cooperation agreement with the lender to sell the loan. No cash has been paid toward the property’s default fees, according to management.
- Balance sheet and capital return remain in place, with $26.1 million of unrestricted cash, $28.6 million of restricted cash, and 89% of operating debt fixed at an average 3.87% rate. The board also declared a steady quarterly dividend of $0.095 per share.
Clipper Realty Stock Down 3.2%
Shares of CLPR stock opened at $2.92 on Friday. The business’s fifty day moving average is $3.16 and its 200 day moving average is $3.43. The stock has a market cap of $47.22 million, a price-to-earnings ratio of -3.61 and a beta of 0.98. Clipper Realty has a twelve month low of $2.83 and a twelve month high of $4.61.
Clipper Realty Announces Dividend
Institutional Investors Weigh In On Clipper Realty
Institutional investors have recently modified their holdings of the stock. Virtu Financial LLC purchased a new stake in shares of Clipper Realty in the fourth quarter worth $42,000. Russell Investments Group Ltd. grew its stake in shares of Clipper Realty by 161.4% in the third quarter. Russell Investments Group Ltd. now owns 12,673 shares of the company’s stock worth $48,000 after acquiring an additional 7,824 shares during the last quarter. Abel Hall LLC purchased a new stake in shares of Clipper Realty in the third quarter worth $52,000. Wells Fargo & Company MN grew its stake in shares of Clipper Realty by 48.0% in the fourth quarter. Wells Fargo & Company MN now owns 15,485 shares of the company’s stock worth $59,000 after acquiring an additional 5,023 shares during the last quarter. Finally, Deutsche Bank AG purchased a new stake in shares of Clipper Realty in the fourth quarter worth $63,000. 37.57% of the stock is owned by hedge funds and other institutional investors.
Key Stories Impacting Clipper Realty
Here are the key news stories impacting Clipper Realty this week:
- Negative Sentiment: CLPR reported a quarterly loss of $0.30 per share, missing analyst estimates of a $0.09 profit, while revenue of $38.12 million also came in below expectations. This earnings miss is the main pressure point on the stock. Clipper Realty earnings report
- Negative Sentiment: The company also posted first-quarter FFO of $0.05 per share, below the $0.09 consensus estimate and down from $0.19 a year ago, reinforcing concerns about earnings momentum. Zacks FFO article
- Neutral Sentiment: Management said residential properties were stronger than office assets, with Prospect House nearing full lease-up at about $78 per square foot. That supports the portfolio outlook, but it does not fully offset weakness in the office segment. Seeking Alpha earnings/call summary
- Neutral Sentiment: CLPR declared a quarterly dividend of $0.095 per share, signaling that management is maintaining its payout despite the softer quarter. TipRanks earnings call article
About Clipper Realty
Clipper Realty Inc is a publicly traded real estate investment trust that acquires, owns and manages multifamily residential and mixed‐use properties in the Greater New York metropolitan area. Since its initial public offering in early 2017, the company has focused on strategically sourcing apartment buildings and retail space in Manhattan and Brooklyn, with an emphasis on value‐add opportunities that can benefit from in‐house leasing, renovation and operational efficiencies.
The company’s primary activities include property acquisition, selective repositioning and asset management.
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