NEW YORK--(BUSINESS WIRE)--Clipper Realty Inc. (NYSE: CLPR) (the “Company”), a leading owner and operator of multifamily residential and commercial properties in the New York metropolitan area, today announced financial and operating results for the three months ended September 30, 2024.
Highlights for the Three Months Ended September 30, 2024
- Record quarterly revenues of $37.6 million for the third quarter of 2024
- Quarterly income from operations of $10.8 million for the third quarter of 2024
- Record net operating income (“NOI”)1 of $21.8 million for the third quarter of 2024
- Quarterly net loss of $1.1 million for the third quarter of 2024
- Record adjusted funds from operations (“AFFO”)1 of $7.8 million for the third quarter of 2024
- Declared a dividend of $0.095 per share for the third quarter of 2024
David Bistricer, Co-Chairman, and Chief Executive Officer, commented, “The Company continued to grow its revenue, NOI and AFFO in the third quarter of 2024, producing record results for all these metrics on the basis of our very strong residential leasing. We continue to have high occupancy and good renter demand in our buildings..."
Financial Results for the Three Months Ended September 30, 2024
For the third quarter of 2024, revenues increased by $2.4 million, or 6.8%, to $37.6 million as compared to revenue of $35.2 million during the third quarter of 2023. Residential revenue increased by $2.3 million, or 9.2%...
| ASSETS | Amount |
| Investment in real estate | $1,267.8 million |
Contacts
Lawrence Kreider
Chief Financial Officer
(718) 438-2804 x2231
larry@clipperrealty.com