Clipper Realty Inc. (CLPR) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the Clipper Realty Q4 earnings call. At this time, all participants have been placed on a listen-only mode, and the floor will be open for questions and comments after the presentation. It is now my pleasure to turn the floor over to your host, Lawrence Sava, Corporate Controller. Sir, the floor is yours. Good afternoon, and thank you for joining us for the fourth quarter 2025 Clipper Realty, Inc. earnings conference call. Participating with me on today's call are David Bichester, Co-Chairman of the Board and Chief Executive Officer, JJ Bichester, Chief Operating Officer, and Larry Kreider, Chief Financial Officer. Please be aware that statements made during the call that are not historical may be deemed forward-looking statements and actual results may differ materially from those indicated by such forward-looking statements. These statements are subject to numerous risks and uncertainties. including those disclosed in the company's 2025 Annual Report in Form 10-K, just filed today, which is accessible at www.scc.gov and our website. As a reminder, the forward-looking statements speak only as the date of this call, February 26, 2026, and the company undertakes no duty to update them. During this call, management may refer to certain non-GAAP financial measures, including adjusted funds from operations, or AFFO, adjusted earnings for interest, taxes, depreciation, amortization, or adjusted EBITDA, and net operating income, or NOI. Please see our press release, Supplemental Financial Information, in Form 10-K, posted today for a reconciliation of these non-GAAP financial measures with the most directly comparable GAAP financial measures. With that, I will turn the call over to our co-chairman and CEO, David Bichester. Thank you, Lawrence. Good afternoon. We...