Clipper Realty Inc. Announces Third Quarter 2025 Results

About this update from Clipper Realty Inc.

NEW YORK, November 13, 2025 --( 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, 2025. Highlights for the Three Months Ended September 30, 2025 David Bistricer, Co-Chairman, and Chief Executive Officer, commented, "For the quarter, the Company’s residential properties continued to have high occupancy and strong renter demand and we brought online our new Prospect House property at 953 Dean Street in Brooklyn, NY. For all our properties, new leases exceeded previous rents by nearly 14% and renewals by over 6%. At our Flatbush Gardens property, we continue to achieve high rental recoveries from the Article 11 agreement with New York City and make the committed capital improvements. The Prospect House ground up development is now in its initial lease up phase and progressing well having completed construction and achieved lower cost bridge financing last quarter. At the 250 Livingston Street commercial property, our New York City tenant vacated as announced in mid-August and we continue to actively seek solutions. At our nearby 141 Livingston Street property, we have agreed to a five-year lease renewal with New York City and continue to work with our lender to get consent." Financial Results for the Three Months Ended September 30, 2025 Third quarter 2025 results reflect the August commencement of operations at the Prospect House residential property, the mid-August cessation of revenue from the New York City lease at the 250 Livingston Street property and absence of revenue and expense from the 10 West 65 th Street residential property sold in the second quarter of 2025. The Prospect House property is in initial lease-up and generated limited initial revenue but fully loaded expenses, including interest, debt cost amortization and depreciation expense. For the third quarter of 2025, revenues were $37.7 million as compared to revenue of $37.6 million during the third quarter of 2024. Residential revenue increased by $1.9 million (6.9%), or $2.4 million (9.0%) on a same-store basis excluding the Prospect House and 10 West 65 th Street properties described above, due to increases in rental rates at all other residential properties in 2025. Commercial revenue decreased by $1.8 million in the third quarter of 2025 due to the above-mentioned mid August termination of the New York City lease at the 250 Livingston Street property. For the third quarter of 2025, net loss was $5.6 million ($0.14 per share) compared to net loss of $1.1 million ($0.05 per share) for the third quarter of 2024. The greater net loss as compared to last year was primarily due the Prospect House, 250 Livingston Street and 10 West Street properties discussed above partially offset by improved results at our other properties. These included substantially increased residential revenues partially offset by higher rent collection and payroll costs at the Flatbush Gardens property, increased real estate taxes, insurance and depreciation expense at all properties and higher general and administrative expense due to higher amortization of stock-based executive compensation. For the third quarter of 2025, AFFO was $5.6 million, or $0.13 per share, compared to $7.8 million, or $0.18 per share, for the third quarter of 2024. The decrease was primarily due to the reasons for the net loss discussed above partially offset by elimination of greater non-cash expenses including depreciation, amortization of debt costs, and amortization of stock-based executive compensation. Balance Sheet At September 30, 2025, notes payable (excluding unamortized loan costs) were $1,281.2 million, compared to $1,275.4 million at December 31, 2024. The increase was primarily due to additional borrowings on the Prospect House bridge loan refinancing in May and additional draws in September 2025 substantially offset by the debt retired in the sale of the 10 West 65 th Street property in May 2025. Dividend The Company today declared a third quarter dividend of $0.095 per share, the same amount as last quarter, to shareholders of record on November 26, 2025, payable December 4, 2025. Conference Call and Supplemental Material The Company will host a conference call on November 13, 2025, at 5:00 PM Eastern Time to discuss the third quarter 2025 results and provide a business update. The conference call can be accessed by dialing (800) 346-7359 or (973) 528-0008, conference entry code 141233. A replay of the call will be available from November 13, 2025, following the call, through November 27, 2025, by dialing (800) 332-6854 or (973) 528-0005, replay conference ID 141233. Supplemental data to this press release can be found under the "Quarterly Earnings" navigation tab on the "Investors" page of our website at www.clipperrealty.com . The Company’s filings with the Securities and Exchange Commission (the "SEC") are filed at www.sec.gov under Clipper Realty Inc. About Clipper Realty Inc. Clipper Realty Inc. (NYSE: CLPR) is a self-administered and self-managed real estate company that acquires, owns, manages, operates, and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn. For more information on the Company, please visit www.clipperrealty.com . Forward-Looking Statements Various statements contained in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include estimates concerning capital projects and the success of specific properties. Our forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "intend," "anticipate," "potential," "plan" or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this press release speak only as of the date of this press release. We disclaim any obligation to update these statements unless required by law, and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties), most of which are difficult to predict and many of which are beyond our control and which may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. For a discussion of these and other important factors that could affect our actual results, please refer to our filings with the SEC, including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2024, and other reports filed from time to time with the SEC.   View source version on businesswire.com: https://www.businesswire.com/news/home/20251113286620/en/ Contacts Lawrence Kreider Chief Financial Officer (718) 438-2804 x2231 [email protected]

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