Clipper Realty Earnings Call Transcripts
Fiscal Year 2026
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Residential properties achieved near-full occupancy and record rents, driving strong cash flow despite a year-over-year revenue decline due to the loss of a major office tenant. The company completed lease-up at a new Brooklyn development and is selling the 250 Livingston property.
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Residential properties achieved record occupancy and rent growth, offsetting office segment declines from the NYC lease termination. Revenue and AFFO fell year-over-year, but strong leasing and new developments support a positive outlook.
Fiscal Year 2025
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Residential properties achieved record-high rents and near-full occupancy, offsetting some impact from the NYC lease termination at 250 Livingston Street. Revenues and AFFO declined year-over-year, but residential demand remains robust and lease-up at new developments is progressing.
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Residential leasing remains robust with record rents and high occupancy, driving stable revenues despite the impact of property sales and lease terminations. New developments are leasing well, and the company maintains strong liquidity and a conservative debt profile.
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Record Q2 results with revenue up 4.5% and AFFO up 17% year-over-year, driven by strong residential leasing and high occupancy. Completed Prospect House development, sold 10 West 65th Street for $45.5M, and maintained a 97% rent collection rate.
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Record revenue and NOI were driven by strong leasing, high occupancy, and rising rents. Major developments include the completion of 953 Dean Street, a $33.8M impairment for a property sale, and robust cash flow from stabilized assets.
Fiscal Year 2024
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Record Q3 results with revenue up 7.1% and AFFO up 24% year-over-year, driven by strong residential leasing and high occupancy. Pacific House stabilized at a 7% cap rate, while Flatbush Gardens faced a temporary dip in collections due to NYC procedural issues.
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Record Q2 2024 results with revenue up 8.1% and AFFO up 29% year-over-year, driven by strong residential leasing and high occupancy. Pacific House is fully stabilized, and Flatbush Gardens benefits from tax abatement. Risks include NYC office lease expirations and potential property sales.