Clipper Realty Inc.

Listed Company

CLPRCIK 0001649096NYSENon-AcceleratedSmaller ReportingReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-52.34M

Total Assets

$1.23B

Equity

$-30.71M

Shares Out

16.15M

Op. Cash Flow

$22.57M

Business

Clipper Realty Inc. is a self-administered, self-managed real estate company that acquires, owns, manages and repositions multifamily residential and commercial properties in the New York metropolitan area. It offers residential rental apartments, office and retail space, plus property management and selective redevelopment services. The company reports two segments—residential rental and commercial rental—managing urban multifamily and commercial assets, including targeted redevelopment projects. Its properties are concentrated in Manhattan and Brooklyn and are leased to residents, commercial and retail tenants through direct leasing and management channels.

Summary from filing dated 2025-02-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
TOTAL REVENUES	153	149	138	130	123
Property operating expenses	38	34	31	29	29
Real estate taxes and insurance	30	30	32	33	30
General and administrative	16	14	13	13	11
Transaction pursuit costs	−10,000	0	357,000	506,000	60,000
Depreciation and amortization	31	30	29	27	26
Loss on impairment of Long-Lived Assets	34	0	—	—	—
TOTAL OPERATING EXPENSES	149	108	105	102	96
Litigation settlement and other	−26,000	−269,000	0	0	−3
INCOME (LOSS) FROM OPERATIONS	4	41	33	28	24
Interest expense, net	−53	−47	−45	−40	−41
Loss on disposal of long-lived assets	−857,000	0	—	—	—
Loss on modification of debt	−3	0	−4	0	−3
Net loss	−52	−7	−16	−13	−20
Net loss attributable to non-controlling interests	32	4	10	8	12
Net loss attributable to common stockholders	−20	−3	−6	−5	−8
Basic and diluted net loss per share (in dollars per share)	−1.38	−0.25	−0.45	−0.36	−0.51

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land and improvements	559	572	572	541	541
Building and improvements	836	736	726	656	650
Tenant improvements	6	3	3	3	3
Furniture, fixtures and equipment	14	14	13	13	13
Real estate under development	0	146	87	142	97
Total investment in real estate	1,416	1,472	1,402	1,356	1,304
Accumulated depreciation	−267	−243	−214	−185	−158
Investment in real estate, net	1,149	1,229	1,189	1,171	1,146
Cash and cash equivalents	31	20	22	18	35
Restricted cash	27	18	14	13	18
Tenant and other receivables, net of allowance for doubtful accounts of $320 and $258, respectively	9	6	5	5	10
Deferred rent	2	2	2	3	3
Deferred costs and intangible assets, net	5	6	6	7	7
Prepaid expenses and other assets	11	6	11	14	16
TOTAL ASSETS	1,234	1,287	1,249	1,230	1,234
Notes payable, net of unamortized loan costs of $8,712 and $9,019, respectively	1,278	1,266	1,206	1,162	1,131
Accounts payable and accrued liabilities	18	19	21	17	20
Security deposits	10	9	9	8	7
Other liabilities	10	7	7	6	6
TOTAL LIABILITIES	1,315	1,301	1,242	1,192	1,164
Preferred stock, $0.01 par value; 100,000 shares authorized (including 140 shares of 12.5% Series A cumulative non-voting preferred stock), zero shares issued and outstanding	0	0	0	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 16,146,546 and 16,146,546 shares issued and outstanding, at September 30, 2025, and December 31, 2024, respectively	160,000	160,000	160,000	160,000	160,000
Additional paid-in-capital	91	90	89	89	88
Accumulated deficit	−122	−96	−87	−75	−62
Total stockholders equity	−31	−5	3	14	27
Non-controlling interests	−50	−9	4	23	43
TOTAL EQUITY (DEFICIT)	−81	−14	7	37	70
TOTAL LIABILITIES AND EQUITY (DEFICIT)	1,234	1,287	1,249	1,230	1,234

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	31	30	29	27	26
Amortization of deferred financing costs	3	2	2	1	1
Amortization of deferred costs and intangible assets	583,000	587,000	595,000	687,000	707,000
Gain on termination of lease	0	—	—	—	—
Deferred rent	41,000	251,000	214,000	−163,000	−202,000
Stock-based compensation	4	3	3	3	3
Bad debt (recovery) expense	47,000	30,000	−87,000	−236,000	2
Tenant and other receivables	−2	−1	−86,000	−310,000	−5
Prepaid expenses, other assets and deferred costs	−5	4	3	−214,000	−3
Accounts payable and accrued liabilities	4	−948,000	−707,000	1	3
Security deposits	450,000	302,000	825,000	830,000	127,000
Other liabilities	2	345,000	−900,000	−22,000	404,000
Net cash provided by operating activities	23	32	26	20	11
Additions to land, buildings, and improvements	−31	−69	−41	−45	−36
Proceeds from sale of real estate, net	43	0	—	—	—
Purchase of interest rate caps	−97,000	0	—	—	—
Net cash provided (used) in investing activities	12	−69	−41	−51	−78
Payments of mortgage notes	−244	−2	−85	−2	−97
Proceeds from mortgage notes	255	58	133	29	152
Dividends and distributions	−18	−18	−17	−17	−17
Loan issuance and extinguishment costs	−7	0	—	—	—
Net cash provided (used) by financing activities	−15	39	21	10	30
Net increase in cash and cash equivalents and restricted cash	20	2	6	−22	−37
Cash paid for interest, net of capitalized interest of $5,902 and $4,760 in 2025 and 2024, respectively	49	44	45	39	40
Non-cash interest capitalized to real estate under development	2	2	339,000	2	343,000
Additions to investment in real estate included in accounts payable and accrued liabilities	3	8	9	5	9

Filings

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