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Clipper Realty Inc. Announces Third Quarter 2024 Results

1. Record Q3 2024 revenues reached $37.6 million, up 6.8%. 2. Quarterly net loss decreased to $1.1 million compared to last year's loss. 3. High occupancy, strong rental demand boosted performance metrics like NOI. 4. Quarterly dividend of $0.095 per share declared, consistent with previous quarter. 5. Plans to improve cash flow through property recycling and capital improvements.

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FAQ

Why Bullish?

Strong revenue and NOI growth indicates a positive outlook; precedents suggest similar trends in stock price.

How important is it?

The article highlights critical financial metrics and developments that can drive CLPR's valuation.

Why Short Term?

Investors may react quickly to positive financial results and dividend announcements.

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Clipper Realty Inc. Announces Third Quarter 2024 Results

NEW YORK--()--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

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