Clipper Realty reported record quarterly revenue driven by a resilient New York residential portfolio, although overall results were tempered by office lease terminations and widening net losses. While residential demand remains robust, the company continues to navigate lender issues related to its 250 Livingston Street office property.
Key Highlights
- Record quarterly revenue reached $40.5 million, exceeding the $37.45 million consensus estimate by 8%.
- Residential revenue grew 14.1% year-over-year to $34.0 million, as new free market leases exceeded previous rents by 9%.
- Net loss widened to $5.9 million ($0.18 per share), primarily due to a $4.1 million non-cash impact from the termination of the NYC lease at 250 Livingston Street.
- Funds From Operations (FFO) per share was $0.05, missing the analyst estimate of $0.11 due to higher operating expenses and interest shortfalls.