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Clipper Realty Inc. (CLPR) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Clipper Realty's portfolio, which includes properties in Manhattan and Brooklyn, such as Tribeca House, Flatbush Gardens, and 141 Livingston Street. The company focuses on owning, managing, and operating multifamily residential and commercial properties.
Clipper Realty reported total revenues of $148.8 million for 2024, an increase from $138.2 million in 2023. Residential rental income increased to $109.9 million, while commercial rental income was $38.9 million.
Operating expenses totaled $108 million, up from $105 million in the previous year. The increase was primarily due to higher property operating expenses.
The company recorded a net loss of $6.6 million for 2024, an improvement from the $15.6 million net loss reported in 2023.
Clipper Realty's total debt was reported at $1.275 billion, with a weighted average interest rate of approximately 4.0% per annum.
The filing highlights two significant commercial leases with the City of New York, which represent approximately 22% of total revenues. The lease at 250 Livingston Street is set to terminate in August 2025, and the company is negotiating a potential extension for the lease at 141 Livingston Street.
Clipper Realty's liquidity position includes $19.9 million in cash and cash equivalents and $18.2 million in restricted cash as of December 31, 2024.
The company continues to focus on enhancing stockholder value through strategies such as increasing rents, acquiring additional properties, and proactive asset management.
Clipper Realty has entered into a 40-year regulatory agreement under Article 11 at Flatbush Gardens, providing a full property tax exemption and committing to certain rent and capital improvement conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Clipper Realty Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.