Clipper Realty, Inc. Stock price
Is Clipper Realty, Inc. a Top Scorer Stock based on the Dividend, High-Growth-Investing or Leverman Strategy?
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Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = $52.03m | Revenue (TTM) = $151.46m
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = $1.29b | Revenue (TTM) = $151.46m
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF)
📈 What is it?
EV/FCF shows how many years it would take for a company to "pay back" its enterprise value using its free cash flow.
🧮 How is it calculated?
🏛️ Why is it important?
It focuses on real cash generation, ignoring accounting noise — ideal for assessing profitability and value based on liquidity, not earnings.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF may signal undervaluation and strong cash generation.
- A high EV/FCF might reflect weak recent cash flow or aggressive growth expectations.
- Best suited for stable, mature businesses with predictable free cash flows.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Dividend per Share (DPS)
📈 What is it?
Dividend per Share shows how much cash a company pays out to shareholders for each share they own – usually on an annual or quarterly basis.
🧮 How is it calculated?
🏛️ Why is it important?
DPS is the absolute value of the payout per share – crucial for income-focused investors and dividend strategies.
🧮 Calculation
🎯 What does this mean for investors?
- A stable or growing DPS often signals a strong, shareholder-friendly business.
- DPS alone doesn’t tell you how attractive the payout is – the stock price also matters (→ see Dividend Yield).
- Long-term dividend growth is often a hallmark of high-quality companies – like the dividend aristocrats.
📘 Dividend Yield
📈 What is it?
Dividend yield shows how large a company’s dividend is in relation to its current share price.
🧮 How is it calculated?
🏛️ Why is it important?
It allows investors to compare dividend payouts across stocks, regardless of price or payout size.
🧮 Calculation
🎯 What does this mean for investors?
- A stable yield can reflect reliable distributions.
- Comparing 1Y and 5Y yield shows whether dividend growth keeps pace with stock price appreciation.
- A low yield isn’t always negative – it can signal strong past performance or growth focus.
📘 Dividend Growth
📈 What is it?
Dividend growth shows how much a company has increased its dividend per share over time.
🧮 How is it calculated?
5Y: Compound Annual Growth Rate (CAGR)
🏛️ Why is it important?
Consistently rising dividends are often a sign of financial strength and shareholder orientation – especially relevant for long-term investors.
🧮 Calculation
🎯 What does this mean for investors?
- Stable dividend growth is a sign of sustainable earning power.
- High dividend growth can significantly boost your total return:
- If a company pays $1 in dividends and increases it by 15% annually over 5 years, you’ll receive $2 per share in year 5 – twice as much as at the start!
📘 Payout Ratio
📈 What is it?
The payout ratio shows what percentage of a company’s earnings (per share) is distributed to shareholders as dividends.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess whether the dividend is sustainable – especially in relation to the company’s profitability.
🧮 Calculation
🎯 What does this mean for investors?
- A low payout ratio means the company retains more earnings for reinvestment – typical for growth companies.
- A moderate payout (e.g. 25–50%) indicates a healthy balance between returns and reinvestment.
- High payout ratios may seem attractive but can carry risk if earnings decline.
📘 Consecutive Dividend Increases
📈 What is it?
This metric shows how many consecutive years a company has raised its dividend per share – without any cuts or pauses.
🧮 How is it calculated?
(Special dividends are not considered.)
🏛️ Why is it important?
A long track record of increases reflects financial strength, consistency, and shareholder commitment.
🎯 What does this mean for investors?
- A long dividend increase streak builds confidence – especially in volatile markets.
- Such companies are seen as reliable and income-friendly investments.
- The longer the streak, the stronger the company’s dividend discipline.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF)
📈 What is it?
Free Cash Flow shows how much actual cash remains after a company covers its operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow means the company generates real, usable cash – independent of reported net income.
- It’s often the most reliable base for sustainable dividends and buybacks.
- Declining FCF can be an early warning sign – even when profits appear stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net Margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free cash flow margin
📈 What is it?
The free cash flow (FCF) margin shows how much of a company’s revenue remains as actual free cash after covering all operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
This margin reflects the true liquidity generated by the business – independent of accounting rules or depreciation. It’s especially relevant for dividends, buybacks, and reinvestment decisions.
🧮 Calculation
🎯 What does this mean for investors?
- A high FCF margin means a company consistently generates strong cash flow.
- It’s a positive signal for financial stability and shareholder returns.
- The long-term trend is key – a declining margin may indicate rising investments or weakening operating efficiency.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🧮 Calculation
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Turnover per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Clipper Realty, Inc. Stock Analysis
Analyst Opinions
6 Analysts have issued a Clipper Realty, Inc. forecast:
Analyst Opinions
6 Analysts have issued a Clipper Realty, Inc. forecast:
Clipper Realty, Inc. Events
Past Events
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AUG
6
Q2 2026 Earnings Call
about 2 months ago
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MAY
14
Q1 2026 Earnings Call
5 months ago
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FEB
26
Q4 2025 Earnings Call
7 months ago
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NOV
13
Q3 2025 Earnings Call
11 months ago
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StocksGuide Free
Clipper Realty, Inc. — Q2 2026 Earnings Call
1. Management Discussion
Good day, ladies and gentlemen, and welcome to the Clipper Realty Q2 Earnings Conference Call. [Operator Instructions].
It is now my pleasure to turn the floor over to your host, Lawrence Sava, Corporate Controller. Lawrence, the floor is yours.
Good afternoon, and thank you for joining us for the Second Quarter 2026 Clipper Realty Inc. Earnings Conference Call. Participating with me on today's call are David Bistricer, Co-Chairman of the Board and Chief Executive Officer; and Larry Kreider, Chief Financial Officer.
Please be aware that statements made during the call that are not historical may be deemed forward-looking statements, and actual results may differ materially from those indicated by such forward-looking statements. These statements are subject to numerous risks and uncertainties including those disclosed in the company's 2025 annual report on Form 10-K and 2026 second quarterly report on Form 10-Q just filed today, which are accessible at www.sec.gov and on our website.
As a reminder, the forward-looking statements speak only as of the date of this call, August 6, 2026, and the company undertakes no duty to update them. During this call, management may refer to certain nonfinancial -- certain non-GAAP financial measures, including adjusted funds from operations or AFFO, adjusted earnings before interest, taxes, depreciation and amortization or adjusted EBITDA and net operating income or NOI. Please see our press release, supplemental financial information and Form 10-Q posted today for a reconciliation of these non-GAAP financial measures with the most directly comparable GAAP financial measures.
With that, I will now turn the call over to our Co-Chairman and CEO, David Bistricer.
Thank you, Lawrence. Good afternoon, and welcome to the second quarter 2026 earnings call for Clipper Realty. I will provide an update on our business performance, some new developments, after which J.J. will discuss property level-activity, including leasing performance, and Larry will speak to our quarterly financial performance. We will then take your questions.
I am pleased to report that our residential properties continue to perform very well due to continued high residential rental demand, generating excellent cash flow, demonstrating the professionalism of our leasing and management teams. Overall rents are generally at all-time highs and continue to increase, and we are nearly fully leased. In the second quarter, new free market leases exceeded prior rents by over 13% across the entire portfolio. We're in the final quarter of initial lease-up at our Prospect House development of 953 Dean Street. We brought the property online in August, on time and on budget and placed the bridge-loan last year and provided some new stabilization.
We are presently fully leased with free market rents of $78 a foot. This property was a ground-up development in Brooklyn, where we bought the land in 2021 and '22. Built a 9-story amenitized residential building with 162,000 a (sic) [ 160,000 ] residential square feet, 240 units, 70% free market, 30% affordable, 31 parking spaces and 19,000 commercial square feet. At 250 Livingston Street, New York City vacated in mid-August 2025, as more fully described in the 10-Q and press release. We have entered into a consent and cooperation agreement with the lender to sell the property loan, and they are actively marketing the loan. Also, the lender is currently funding all expenses. We await the results of the lender's auction.
I will now turn the call over to Larry.
Thank you. I am pleased to report that residential leasing at all our stabilized properties is very strong, and they are 99% leased overall. Rents are at record levels and continuing to increase. Overall new rental rates at residential free market properties in the second quarter exceeded previous rents by 13% and renewals by 6%. We expect demand for our residential leasing product to remain strong in the foreseeable future as the overall rental housing supply in New York City remains constrained and new development discouraged.
Our residential free market rents are now at record highs. In the second quarter, Tribeca House had leased occupancy of 99%, overall rent per square foot of $92 per square foot and new rents at $97 per foot. The Clover House property had occupancy of 98%. Average overall rents of $92 per foot a (sic) [ $82 per foot ] and new leases of $95 per foot. The Pacific House property consisting of a blend of free market and rent stabilized tenants had lease occupancy of 99% and free market rents of $78 per foot on new leases. Our Aspen property continues to perform at record levels with average occupancy above 98% and new rents 11% higher than compared to previous leases.
We have completed leasing at the newly completed Prospect House ground-up development that David just described at 953 Dean Street with free market units at $78 per square foot. As to our commercial leases, at the Tribeca House property, we entered to one new lease in the second quarter for 2,063 square feet, in addition to a long-term renewal in the fourth quarter for 33,000 square feet last year for a new -- for the fitness facility at the building. At Flatbush Gardens property, we substantially completed the 3-year capital spending requirements, required by the Article 11 agreement with New York City and look forward to continuing managing the property in a responsible manner.
At the 141 Livingston Street property, we continue to operate the property fully occupied by New York City Brooklyn Court House, which is leasing from us, pending finalization of a 5-year lease as previously agreed. We expect this to be completed effective 2027, although there can be no assurance. Rent collections versus billings across our portfolio remains strong. The overall collection rate in the second quarter for all residential properties was approximately 96%.
Looking forward, we remain focused on optimizing occupancy, pricing and expenses across the business to best position ourselves for growth.
I will now turn the call over to Lawrence, who will discuss our financial results.
Thank you, Larry. For our ongoing properties, our results for the current quarter versus last year reflect the continuation of very strong residential leasing at all residential properties. The progression to full occupancy at the new Prospect House property put in service in Q3 last year, some new commercial leases at Tribeca House and the continuation of operations at the 141 Livingston property.
At the 250 Livingston property, the principal tenant, New York City vacated in August 2025, where upon the company notified the lender that it would no longer support the property's operations. The lender has funded all expenses and placed all rents in escrow subsequent to the lease termination. And on June 4, 2026, we entered into a consent and cooperation agreement to market and sell the loan on the property that allows us to bid, but which puts us in receivership. We continue to accrue all expenses and record the relatively small residential revenue. However, despite the likelihood, we will not fund the recorded expenses at the completion of the loan sale process.
The following details our results, revenues. For the second quarter of 2026, revenues were $38.6 million as compared to revenues of $39 million during the second quarter of 2025, a decrease of $0.4 million. The decrease was primarily due to the termination of the New York City lease in August 2025 of $4.1 million. The sale of the 10 West 65th Street property, which had revenues in the second quarter of 2025 of $0.7 million, revenues of $2.3 million in this quarter for the Prospect House property placed in service in August of 2025 and still in its lease-up period and increases of $2.1 million on all other properties. The increase at all other properties was due to record residential rental rates and occupancy and some new commercial leases at Tribeca House.
For the second quarter of 2026, net loss was $6.3 million, $0.19 per share compared to a net loss of $1.4 million, $0.07 per share for the second quarter of 2025, an increase of $4.9 million. The increase in net loss was primarily due to the termination of the New York City lease at 250 Livingston office property of $5.7 million, substantially all of which is noncash, whereby the lender has funded all expenses and collected all the residential rents since termination of the New York City lease. The net loss in the second quarter of 2025 for the 10 West 65th Street property was $0.7 million. The new Prospect House property placed into service in August '25 and still in its final lease-up period had a net loss of $1.4 million in the second quarter of 2026.
All other residential properties and the 141 Livingston property had increased net income of $1.5 million, resulting from strong residential leasing and some new commercial leases at Tribeca House, somewhat offset by annual increases in real estate taxes and insurance at all of our properties and some increased legal expenses and settlement costs. For the second quarter of 2026, AFFO was $3.8 million or $0.09 per share compared to $8.3 million a (sic) [ $8.4 million ] or $0.20 per share for the second quarter of 2025, a decrease of $4.6 million. The decrease was primarily due to the termination of the New York City lease at 250 Livingston Office property, $5.8 million, substantially all of which is noncash in 2026 as described above.
AFFO in the second quarter of 2025 for the 10 West 65th Street property was negligible. AFFO at the new Prospect House property still in the final lease-up period was $0.2 million, negative. AFFO at the remaining residential properties and 141 Livingston Street office property improved by $1.4 million due to strong residential leasing and some new leases at Tribeca House, somewhat offset by annual increases in real estate taxes and insurance at all properties and some legal expenses.
With regard to our balance sheet, we have $37.7 million of unrestricted cash and $24.9 million restricted cash at the end of the quarter, benefiting from strong cash flow from residential properties and 141 Livingston office property. As of the end of the quarter, our operating debt is 88% fixed at an average rate of 3.87%, average duration of 3.2 years. Our debt instruments are nonrecourse, subject to limited standard carve-outs and noncross-collateralized. We finance our portfolio on an asset-by-asset basis.
Today, we are announcing a dividend of $0.095 per share for the second quarter, the same as last quarter. The dividend will be paid on August 26, 2026, to shareholders of record on August 18, 2026.
Let me now turn the call back to David for some concluding remarks.
Thank you, Lawrence. We remain focused on efficiently operating our portfolio. We look forward to the full stabilization of the Prospect House property and capitalizing on other possibilities that may present themselves.
I would now like to open the line for questions.
Thank you.
Thank you for joining us today. We look forward to speaking with you again soon.
Tom, are you there?
Yes, sir, I am here, sir. I can give instructions for Q&A if you prefer.
Yes, please.
[Operator Instructions] Okay, gentlemen, we don't appear to have any questions on the lines at this time.
Thank you very much. Have a pleasant evening, and we'll talk to you next quarter.
Thank you. Ladies and gentlemen, this will conclude today's call, and you may disconnect your lines at this time. We thank you for your participation.
Clipper Realty, Inc. — Q1 2026 Earnings Call
1. Management Discussion
Good day, and welcome to the Clipper Realty Earnings Call. [Operator Instructions]
It is now my pleasure to turn the floor over to your host, Lawrence Sava, Corporate Controller at Clipper Realty. Sir, the floor is yours.
Good afternoon, and thank you for joining us for the First Quarter 2026 Clipper Realty Inc. Earnings Conference Call. Participating with me on today's call are David Bistricer, Co-Chairman of the Board and Chief Executive Officer; J.J. Bistricer, Chief Operating Officer; and Larry Kreider, Chief Financial Officer. Please be aware that statements made during the call that are not historical may be deemed forward-looking statements and actual results may differ materially from those indicated by such forward-looking statements.
These statements are subject to numerous risks and uncertainties, including those disclosed in the company's 2025 annual report on Form 10-K and 2026 first quarter report on Form 10-Q, just filed today, which is accessible at www.sec.gov and on our website. As a reminder, the forward-looking statements speak only as of the date of this call, May 14, 2026, and the company undertakes no duty to update them.
During this call, management may refer to certain non-GAAP financial measures, including adjusted funds from operations or AFFO; adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA; and net operating income or NOI. Please see our press release, supplemental financial information and Form 10-Q posted today for a reconciliation of these non-GAAP financial measures with most directly comparable GAAP financial measures.
With that, I will now turn the call over to our Co-Chairman and CEO, David Bistricer.
Thank you, Lawrence. Good afternoon, and welcome to the First Quarter 2026 Earnings Call for Clipper Realty. I will provide an update on our business performance and some new developments, after which J.J. will discuss property-level activity, including leasing performance and Larry will speak to our quarterly financial performance. We will then take your questions.
I am pleased to report that our residential properties continue to perform very well due to the continued higher residential rental demand, generating excellent cash flow. Overall rents are generally at all-time highs and continue to increase, and we are nearly fully leased. In the first quarter, new free market leases exceeded prior rents by over 7%, generally consistent with last quarter across the entire portfolio, as J.J. will detail.
We are also in the third quarter of the initial lease-up at our Prospect House development 953 Dean Street. We bought the property online in August, on time and on budget, having placed the bridge-loan last quarter that will provide funds through stabilization. We are presently fully leased in the 3 market events of about $78 per foot. This project was a ground-up development in Brooklyn where we bought the land in 2021 and built a 9-story fully amenitized residential building with 160,000 residential rentable square feet, 240 units, 70% of which are free market and 30% are affordable, 31 parking spaces and 19,000 commercial rental square feet.
At 250 Livingston Street, where the New York City vacated mid-August 2025, and as more fully described in the 10-Q and press release, we notified the lender that we do not intend to support the property's ongoing operations, and that service has ceased making payments of interest in real estate taxes. Additionally, in May '26, we began receiving reimbursement of expenses paid by us from the lender. We are also discussing a consent in cooperation agreement with the lender to sell the property loan, although there can be no insurance an agreement will be finalized.
I will now call on J.J. to take over this call.
Thank you. I'm pleased to report that residential leasing at all our stabilized properties in which strong and they are 99% leased overall. Rents are at record levels and continuing to increase. Overall, new rental rates and residential free market properties in the first quarter exceeded previous rents by 7% and renewals by 5%. We expect demand for our residential leasing products to remain strong in the foreseeable future as the overall rental housing supply in New York City remains constrained and new development is core.
Our residential free market rents are now at record highs. In the first quarter, Tribeca House had lease occupancy of 99% overall rent per foot of $90 per foot and new rents at $92 per foot. The Clover House property had occupancy of 99%, average overall rent of $90 per foot and new leases at $95 per foot. Our recently completed Pacific House property consisting of a blend of free market and rent-stabilized tenants and lease occupancy of 98% and premarket rents of $66 per foot on new leases.
Our Aspen property continues to perform at record levels of average occupancy above 98% and new rents 8% higher compared to previous leases. We have nearly completed leasing at the newly completed Prospect House ground-up development at 953 Dean Street with premarket rents at $78 per first.
Rent collections versus billings across our portfolio remained strong. The overall collection rate in the first quarter for all premarket residential properties was approximately 100%. Looking ahead, we remain focused on optimizing occupancy pricing and expenses across the business to best position ourselves for growth.
I will now turn the call over to Larry, who will discuss our financial results.
Thank you, J.J. Our results this quarter versus last year reflect the effects of 4 items worthy of note namely: the termination of the New York City lease at the 250 Livingston Street office property on August 23, 2025; the initial lease-up of results at Prospect House placed in service August 1, 2025, reflecting excess of expenses over limited but growing revenue; the absence of results from the 10 West 65th Street property sold in May 2025; and the settlement cost of litigation regarding historical roll practices at all of our properties. I refer to the remaining properties as the ongoing stabilized properties.
Overall, we had revenues of $38.1 million versus $39.4 million last year, a decrease of $1.3 million; NOI of $20.1 million this quarter versus $21.7 million last year; a decrease of $1.6 million; and AFFO of $2.3 million this quarter versus $8 million last year, a decrease of $5.7 million.
The following details these results. For revenue, residential properties reflect a $2.7 million or a 9% increase due to the excellent residential leasing, as J.J. noted above. This consisted of a $2 million increase from ongoing stabilized residential properties, a $1.7 million increase from the third full quarter of initial leasing at the Prospect House property, less a $1.1 million decrease from the absence of the 10 West 65th Street property sold in May of 2025. For office properties, revenues reflect a $4 million decrease consisting of a $4.2 million decrease from the New York City lease termination at 250 Livingston Street, partially offset by a $0.2 million increase from new retail leases at the Tribeca House and Aspen properties.
For NOI, the $1.6 million NOI decrease reflects a $1.8 million, a 10% increase from ongoing stabilized properties, a $1.3 million increase from the inclusion of Prospect House this quarter, less a $600,000 decrease from the absence of the 10 West 65th Street property sold in May, and a $5.8 million decrease from the New York City lease termination at 250 Livingston Street.
And for AFFO, the $5.8 million AFFO decrease reflects a $1.2 million or 18% increase from ongoing residential properties, a $1.2 million decrease from the inclusion of Prospect House due to full expenses as it completes lease-up, and a $0.1 million increase from the absence of the 10 West 65th Street property sold in May and finally, a $5.8 million decrease from the 250 Livingston Street property, resulting from the New York City lease termination.
With regard to our balance sheet, we have $26.1 million of unrestricted cash and $28.6 million of restricted cash at the end of the quarter. As of the end of the quarter, our operating debt is 89% fixed at an average rate of 3.87% and an average duration of 3.4 years. Our debt instruments are nonrecourse, subject to limited standard carve-outs and not cross-collateralized. We finance our portfolio on an asset-by-asset basis. And finally, today, we are announcing a dividend of $0.095 per share for the first quarter, the same amount as last quarter. The dividend will be paid on June 4, 2026 to shareholders record on May 26, 2026.
Let me now turn the call back to David for concluding remarks.
Thank you, Lawrence. We remain focused on efficiently operating our portfolio. We look forward to full stabilization of the Prospect House property, resolving in the 250 Livingston Street capitalization and all possibilities that may present themselves.
I would now like to on the line for questions.
[Operator Instructions] And the first question today is coming from Buck Horne from Raymond James.
2. Question Answer
Just a quick question on Flatbush Gardens, if you could speak to that property for a few minutes. Just thinking of operationally, I guess how are things going in terms of being able to navigate the potential for, I guess, the rent freeze aspect that could be in place going forward and/or funding the CapEx for that property in the quarters ahead? And I guess I'm also thinking ahead lastly to in any possibility for refinancing the mortgage on Flatbush ahead of the interest rate reset in 2027. Any comments would be helpful there.
Thank you for your question. I think the property is performing as planned. A lot of planning went into that Article 11 that we have there, and we it's basically doing as it's supposed to do. We will be looking at all possibilities of refinancing. It's got ways to go yet but obviously, we look at what the possibilities are. And the soonest we come to some time of conclusion, we'll let you know, obviously.
Yes. And Buck, I might add, you could look to our supplemental, and you could see our net operating income, and that would give you a sense of how the property is doing, which is pretty well.
Okay. One quick follow-up. It appears there's still, I guess, some interest in default fees owed related to 250 Livingston. So I believe it's in the ballpark of $7.2 million. Are you planning on paying that cash out over the next quarter or 2? Or are there any additional fees to be aware of?
Well, no, I think as we said, we indicated to the bank that we were no longer funding the operation, and we're not paying any interest right now, including default fees. And as we said, we're negotiating a consent and cooperation agreement in connection with potentially settling the debt. So right now, there has been no cash paid out on that.
[Operator Instructions] And there were no other questions at this time. I'd now like to hand the call over to David Bistricer, CEO at Clipper Realty, for closing remarks.
Thank you for joining us today. We look forward to speaking with you again in the future.
Thank you. This does conclude today's conference. You may disconnect your lines at this time, and have a wonderful day. Thank you for your participation.
Clipper Realty, Inc. — Q4 2025 Earnings Call
1. Management Discussion
Greetings, and welcome to the Clipper Realty Q4 Earnings Call. [Operator Instructions]. It is now my pleasure to turn the floor over to your host, Lawrence Sava, Corporate Controller. Sir, the floor is yours.
Good afternoon, and thank you for joining us for the Fourth Quarter 2025 Clipper Realty Inc. Earnings Conference Call. Participating with me on today's call are David Bistricer, Co-Chairman of the Board and Chief Executive Officer; J.J. Bistricer, Chief Operating Officer; and Larry Kreider, Chief Financial Officer. Please be aware that statements made during the call that are not historical may be deemed forward-looking statements, and actual results may differ materially from those indicated by such forward-looking statements.
These statements are subject to numerous risks and uncertainties, including those disclosed in the company's 2025 annual report on Form 10-K just filed today, which is accessible at www.sec.gov and our website. As a reminder, the forward-looking statements speak only as of the date of this call, February 26, 2026, and the company undertakes no duty to update them.
During this call, management may refer to certain non-GAAP financial measures, including adjusted funds from operations, or AFFO, adjusted earnings before interest, taxes, depreciation and amortization or adjusted EBITDA and net operating income or NOI. Please see our press release, supplemental financial information and Form 10-K posted today for a reconciliation of these non-GAAP financial measures with the most directly comparable GAAP financial measures. With that, I will turn the call over to our Co-Chairman and CEO, David Bistricer.
Thank you, Lawrence. Good afternoon, and welcome to the Fourth Quarter 2025 Earnings Call for Clipper Realty. I will provide an update of our business performance and some developments, after which J.J. will discuss property level activity, including leasing performance and Larry will speak to our quarterly financial performance. We will then take your questions. I'm pleased to report that our residential properties continue to perform very well due to continued high residential rental demand, generating excellent cash flow.
Overall rents are generally at all-time highs and are continuing to increase, and we are nearly fully leased. In the fourth quarter, new leases exceeded prior rents by nearly 13%, generally consistent with last quarter across the entire portfolio, as J.J. will detail. We are also in the second quarter of initial lease-up at our Prospect House development at 953 Dean Street. We brought the property online in August on time and on budget and replaced the bridge loan last quarter, and it will provide funds through stabilization.
We are presently approximately 78% leased with free market rents and about $85 a foot. This project was the ground-up development in Brooklyn, where we brought the land in 2021 and '22 and built a 9-story fully amenitized residential building with 160,000 residential rentable square feet, 240 units, 70% free market and 30% are affordable, 57 parking spaces and 19,000 commercial rental square feet. As to the office properties, we have settled the lender claims at 141 Livingston Street and obtained lender approval for a 5-year lease extension with the principal tenant, New York City, all as previously announced.
At 250 Livingston Street, where New York City vacated mid-August, as previously disclosed, we notified the lender we did not intend to support the property's ongoing operations. And subsequent to the New York City lease termination ceased making payments of interest and real estate taxes and applied for reimbursement of expenses recurrent since then. Furthermore, we may not fund these expenses at the conclusion of the distribution discussions. We have begun to restructure the property debt, although we cannot assure that this will be the case. I will now turn over the call to J.J. to provide an update on operations.
Thank you. I am pleased to report that residential leasing at all our stabilized properties is very strong, and they are 99% leased overall. Rents are at record levels and continuing to increase over previous levels. Overall, new rental rate at residential properties in the fourth quarter exceeded previous rents by over 13% and renewals by 7%. We expect demand for our residential leasing product to remain strong in the foreseeable future and the overall rental housing supply in New York City remains constrained and new development discouraged.
All our residential rents are now at record highs. In the fourth quarter, Tribeca House had leased occupancy of 99% overall, rent per foot of $89 and new rents at $95 per foot. The Clover House property had occupancy of 96%, average overall rents of $90 a foot and new leases at $95 a foot. Our fully stabilized [ Labgegards ] property had overall leased occupancy of 98%, average overall rents from all sources, including those under Article 11 agreement with New York City of $32 per foot and new leases of $54 per foot as we fulfill all our leasing commitments for assisted tenants and make required capital improvements.
Our recently completed Pacific House property consisting of a blend of free market and rent-stabilized tenants had leased occupancy of 96% and free market rents of $76 per foot on new leases. Our Aspen property continues to perform at record levels with average occupancy above 98% and new rents and renewals 15% higher compared to previous leases. We have begun leasing at the newly completed Prospect House ground-up development at 953 Dean Street, which is now 78% leased with free markets at $85 a foot. Rent collections across our portfolio remains strong. The overall collection rate in the fourth quarter for all residential properties was approximately 98%, including Flatbush Gardens at 98% as we steadily work through the legal system to minimize arrears.
Looking ahead, we remain focused on optimizing occupancy, pricing and expenses across the business to best position ourselves for growth. I will now turn the call over to Larry, who will discuss our financial results.
Thank you, J.J. Our results this quarter versus last year reflect 3 unusual items, namely the termination of the New York City lease at the 250 Livingston Street office property on August 23, 2025, the initial lease-up results at Prospect House placed in service in August, reflecting excess of expenses over limited but growing revenue and the absence of results from the 10 West 65th Street property, which we sold in May 2025.
I refer to the remaining properties as the "ongoing properties." We had revenues of $37.1 million versus $38.0 million last year, a decrease of $0.9 million, NOI of $20.7 million this quarter versus $22.6 million last year, a decrease of $1.9 million and AFFO of $1.7 million this quarter versus $8.1 million last year, a decrease of $6.4 million.
The following details these results. For revenue, revenues reflect a $2.7 million or 9% increase from residential properties due to the excellent residential leasing J.J. and David noted above. This consisted of $2.2 million increase on the ongoing stabilized residential properties, a $1.5 million increase from the second full quarter of initial lease-up at the Prospect House property, partially offset by a $1 million decrease from the absence of the 10 West 65th Street property sold in May. The residential property increase was more than offset by a $4.0 million decrease from the New York City lease termination at the 250 Livingston Street property, partially offset by a $0.3 million increase due to new retail leases at the Tribeca House and Aspen properties.
For NOI, the $1.7 million NOI decrease reflects a $1.4 million or 7% increase from ongoing stabilized residential properties, a $1.2 million increase from the inclusion of Prospect House this quarter partially offset by a $0.1 million decrease from the absence of the 10 West 65th Street property sold in May. This overall residential increase was more than offset by a $3.8 million decrease from the New York City lease termination at 250 Livingston Street.
And as for AFFO, the $6.4 million AFFO decrease reflects for residential properties, a $0.6 million or 10% increase from ongoing residential properties, a $1.2 million decrease from the inclusion of Prospect House due to full expenses and partial leasing and a $0.2 million increase from the absence of the 10 West 65th Street property sold in May. These residential properties results are more than offset by a $6.1 million decrease from the 250 Livingston 3 property New York City termination and with full expense accrual.
With regard to our balance sheet, we have $30.8 million of unrestricted cash and $27.3 million of restricted cash at the end of the quarter. As of the end of the quarter, our operating debt is 89% fixed at an average rate of 3.87% and average duration of 3.7 years. Our debt instruments are nonrecourse, subject to limited standard carve-outs and not cross-collateralized. We finance our portfolio on an asset-by-asset basis. Today, we are announcing a dividend of $0.095 per share for the fourth quarter, the same amount as last quarter. The dividend will be paid on March 19, 2026, to shareholders of record on March 12, [ 2096 ]. Let me now turn the call back to David for concluding remarks.
Thank you. We remain focused on efficiently operating our portfolio. We look forward to full lease-up of prospect development, resolving in 250 Livingston Street and capitalizing on other possibilities that may present themselves.
I would now like to open the line for questions.
[Operator Instructions]. There are currently no questions in the queue. I would like to turn the floor back to management for closing remarks.
Thank you for joining us today. We look forward to speaking with you again at the next quarterly earnings call.
Thank you, ladies and gentlemen. This does conclude today's conference call. You may disconnect your phone lines at this time, and have a wonderful day. Thank you for your participation.
Clipper Realty, Inc. — Q3 2025 Earnings Call
1. Management Discussion
Good day, and welcome to the Clipper Realty Q3 Earnings Call. [Operator Instructions] It is now my pleasure to turn the floor over to your host, Lawrence Sava. Sir, the floor is yours.
Good afternoon, and thank you for joining us for the Third Quarter 2025 Clipper Realty Inc. Earnings Conference Call. Participating with me on today's call are David Bistricer, our Co-Chairman of the Board and Chief Executive Officer; J.J. Bistricer, Chief Operating Officer; and Larry Kreider, Chief Financial Officer.
Please be aware that statements made during the call that are not historical may be deemed forward-looking statements, and actual results may differ materially from those indicated by such forward-looking statements. These statements are subject to numerous risks and uncertainties, including those disclosed in the company's 2024 annual report on Form 10-K and the third quarter 2025 quarterly report on Form 10-Q, which will be accessible on www.sec.gov and on our website. As a reminder, the forward-looking statements speak only as of the date of this call, November 13, 2025, and the company undertakes no duty to update them.
During this call, management may refer to certain non-GAAP financial measures, including adjusted funds from operations, or AFFO, adjusted earnings before interest, taxes, depreciation and amortization or adjusted EBITDA; and net operating income, or NOI. Please see our press release, supplemental financial information and Form 10-Q that will be posted for reconciliation on these non-GAAP financial measures with the most directly comparable GAAP financial measures.
With that, I will now turn the call over to our Co-Chairman and CEO, David Bistricer.
Thank you, Lawrence. Good afternoon, and welcome to the third quarter 2025 earnings call for Clipper Realty. I will provide an update on our business performance and some developments, after which J.J. will discuss property level activity, including leasing performance and Larry will speak to our quarterly financial performance. We will then take your questions.
I am pleased to report that our residential properties continue to perform very well due to continued high residential rental demand, excellent cash flow, overall rents are generally at all-time highs and continue to increase, and we are nearly fully leased. In the third quarter, new leases exceeded prior rents by over 14%, same as last quarter across the entire portfolio, as J.J. will detail.
We are also in the initial lease-up of Prospect House at 953 Dean Street. We bought the property online in August on time and on budget, having placed a bridge loan last quarter that will provide funds through stabilization. We are currently approximately 60% leased with free market rents in excess of $88 a foot. This project was the ground-up development in Brooklyn, where we bought the land in 2021 and '22 and built a 9-story fully amenitized building with 160,000 residential square feet, 240 units, 70% free market, 30% affordable, 57 parking space and 19,000 commercial square feet.
Our other ground-up development at Pacific House at 1010 Pacific Street in Brooklyn is stabilized and is contributing to cash flow after over 1 year of full operation. As to the office properties at 250 and 141, we previously reported that we are ongoing conversations with both of those properties to bring them back online to cash flow position.
With that, I would like to now turn over the phone to J.J.
Thank you. I am pleased to report that residential leasing at all our stabilized properties is very strong, and they are 99% leased overall. Rents are at record levels and continuing to increase over previous levels. Overall, new rental rates at residential properties in the third quarter exceeded previous rent by over 14% and renewals by 5%. We expect demand for our residential leasing products to remain strong in the foreseeable future as the overall rental housing supply in New York City remains constrained and new development discouraged. All our residential rents are now at record highs.
In the third quarter, Tribeca House had leased occupancy of 99% overall, rent per foot over $88 per foot and new rents at $105 per foot. The Clover House property had occupancy of 100% average, overall rent of $88 per foot and new leases of $95 per foot. Our recently completed Pacific House property consisting of a blend of free market and rent stabilized tenants had leased occupancy of 97% and free market rents of $82 per foot on new leases.
Our other residential properties at Aspen and 250 Livingston Street continued to perform at record levels with average occupancy above 98% and new rents and renewals 12% higher compared to previous leases. We have begun leasing at the newly completed Prospect House ground-up development at 953 Dean Street and are now 60% leased with free market units at $88 per square foot growth.
And at the Flatbush Gardens property, overall average rents were $31.67 per foot at the end of the quarter, an increase of 9% over last year. As previously disclosed, we have been operating under the 40-year Article 11 agreement made with the Housing Preservation Department of New York City in June 2023. Since the beginning of the agreement, we have spent nearly $17 million towards filling our capital improvement, commitment in the agreement funded principally by a full abatement of real estate taxes and other rent supplements.
Rent collections across our portfolio remains strong. The overall collection rate in the third quarter for all residential properties was approximately 95%, including Flatbush Gardens at 92%. We are steadily working through the legal system to minimize arrears.
Looking ahead, we remain focused on optimizing occupancy, pricing and expenses across the business to best position ourselves for growth.
I will now turn the call over to Larry, who will discuss our financial results.
Thank you, J.J. Our results this quarter versus last year reflect 3 unusual items, namely the termination of the New York City lease at the 250 Livingston Street property on August 23, 2025, the initial lease-up results at Prospect House placed in service August 1, reflecting an excess of expenses over revenue and the absence of results from the 10 West 65th Street properties sold in May 2025. I will refer here and after to these remaining -- to the remaining properties as the ongoing properties.
For the third quarter, we achieved flat revenues of $37.7 million versus $37.6 million last year. NOI of $20.8 million this quarter versus $21.8 million last year, a decrease of $1 million and AFFO of $5.6 million this quarter versus $7.8 million last year, a decrease of $2.2 million. The following details these results.
For revenue, the flat revenues reflect a $2.4 million or 7% increase from ongoing residential properties due to excellent residential leasing. Also a $1 million decrease from the absence of the 10 West 65th Street property sold in May, a $1.9 million decrease from the New York City lease termination at 250 Livingston Street and a $0.5 million increase from the initial lease-up at the Prospect House property placement service in August.
For NOI, the $1 million NOI decrease reflects a $1.5 million or 8% increase from ongoing properties, a $0.7 million decrease from the absence of the 10 West 65th Street property sold in May, a $1.8 million decrease from the New York City lease termination at 250 Livingston Street and a nominal decrease from the inclusion of Prospect House in this quarter.
The $1.5 million NOI increase from ongoing properties reflects the $2.4 million revenue increase, partially offset by $0.7 million higher collection and payroll expenses and $0.2 million from routine annual real estate taxes and insurance increases.
The payroll expenses primarily relate to staff focused on repairs and maintenance and CapEx. The $0.7 million NOI decrease from the absence of the 10 West 65th Street property reflect the absence of $1 million revenue less real estate taxes.
And finally, for AFFO, the $2.2 million AFFO decrease reflects a $1.5 million or 19% increase from ongoing properties, a nominal decrease from the absence of the 10 West 65th Street property sold in May, a $1.9 million decrease from the termination of the New York City lease at 250 Livingston Street and a $1.8 million decrease from the inclusion of Prospect House in this quarter.
The $1.5 million AFFO increase from ongoing properties matches the increase in NOI. The nominal AFFO decrease from the 10 West 65th Street property reflects the absence of the $0.7 million NOI offset by interest expense and the $1.8 million decrease from the inclusion of Prospect House reflects the nominal NOI offset by interest expense for 2 months. Lastly, for AFFO, the increase in G&A was entirely offset by noncash increase in amortization of stock-based executive compensation.
With regard to our balance sheet, we have $26.1 million unrestricted cash and $30.6 million restricted cash at the end of the quarter. As of the end of the quarter, our operating debt is 88% fixed at an average rate of 3.87% and average duration of 3.7 years. Our debt instruments are nonrecourse subject to limited standard carve-outs and are not cross-collateralized. We finance our portfolio on an asset-by-asset basis.
Today, we are announcing a dividend of $0.095 per share for the third quarter, the same amount as last quarter. The dividend will be paid on December 4, 2025, to shareholders of record on November 26, 2025.
Let me now turn the call back to David for concluding remarks.
Thank you, Lawrence. We remain focused on efficiently operating our portfolio. We look forward to full lease-up of Prospect House, finalization of the 141 and 250 Livingston negotiations and capitalizing on other possibilities that may present themselves.
I would now like to open the line for questions.
[Operator Instructions] And there are no questions from the lines at this time.
Thank you for joining us today. We look forward to speaking with you again next quarter.
This does conclude today's conference. You may disconnect your lines at this time, and have a wonderful day. Thank you for your participation.
Financial data from Clipper Realty, Inc.
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 151 151 |
2%
2%
100%
|
|
| - Direct Costs | 68 68 |
3%
3%
45%
|
|
| Gross Profit | 83 83 |
5%
5%
55%
|
|
| - Selling and Administrative Expenses | 16 16 |
10%
10%
11%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | 67 67 |
8%
8%
44%
|
|
| - Depreciation and Amortization | 32 32 |
8%
8%
21%
|
|
| EBIT (Operating Income) EBIT | 35 35 |
19%
19%
23%
|
|
| Net Profit | -15 -15 |
11%
11%
-10%
|
|
In millions USD.
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Clipper Realty, Inc. Stock News
Company Profile
Clipper Realty, Inc. is a real estate company, which engages in the acquisition, owning, managing, operating, and repositioning multifamily residential and commercial properties. The firm operates through following segments: Residential Rental Properties and Commercial Rental Properties. The company was founded by Sam Levinson and David Bistricer on July 7, 2015 and is headquartered in Brooklyn, NY.
StocksGuide Premium
| Head office | United States |
| CEO | Mr. Bistricer |
| Employees | 161 |
| Founded | 2015 |
| Website | www.clipperrealty.com |
