Clipper Realty Q2 revenue rises

Overview

• Clipper Realty Q2 revenue rises 5%

• Adjusted FFO for Q2 increases 18% to $8.3 mln, driven by rental revenue

• Company reports Q2 net loss of $1.4 mln, impacted by impairment charge

Outlook

• Company continues to see high occupancy and strong renter demand

• Company actively seeking solutions for 250 Livingston Street vacancy

• The owner and operator of multifamily residential and commercial properties expects continued rental recoveries at Flatbush Gardens

Result Drivers

• RESIDENTIAL LEASING - Strong demand and high occupancy drove residential revenue, with new leases and renewals exceeding previous rents by 14% and 6%, respectively

• DEAN STREET DEVELOPMENT - Completion of construction and start of leasing at Dean Street, along with bridge financing, aimed at reducing interest costs and supporting operations

• PROPERTY SALE - Sale of 10 West 65th Street property generated nearly $13 mln in cash, contributing to financial results

Key Details

Analyst Coverage

• The one available analyst rating on the shares is "sell"

• The average consensus recommendation for the residential reits peer group is "buy."

Press Release: ID:nBw2KN1G2a