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CLPR

Clipper Realty Inc.

CLPR

Clipper Realty Inc. • NYSE
$3.60 ▼ -2.96% (-0.11)
Market Cap $58.13 M
52w High $6.49
52w Low $3.39
Dividend Yield 0.28%
P/E -3.21
Volume 37.74K
Outstanding Shares 16.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $37.698M ▼ $11.704M ▲ $-1.751M ▼ -4.645% ▼ $-0.14 ▼ $16.71M ▼
Q2-2025 $39.036M ▼ $11.149M ▼ $-516K ▲ -1.322% ▲ $-0.068 ▲ $17.437M ▲
Q1-2025 $39.398M ▲ $45.241M ▲ $-13.347M ▼ -33.877% ▼ $-0.86 ▼ $-15.945M ▼
Q4-2024 $38.047M ▲ $11.644M ▲ $-418K ▼ -1.099% ▼ $-0.049 ▼ $18.308M ▲
Q3-2024 $37.622M $10.826M $-412K -1.095% $-0.049 $18.208M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $26.052M ▼ $1.238B ▼ $1.304B ▲ $-25.032M ▼
Q2-2025 $32.029M ▲ $1.241B ▼ $1.299B ▼ $-21.936M ▼
Q1-2025 $21.288M ▲ $1.262B ▼ $1.315B ▲ $-20.076M ▼
Q4-2024 $19.896M ▲ $1.287B ▼ $1.301B ▲ $-5.409M ▼
Q3-2024 $18.622M $1.287B $1.296B $-3.584M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-26.363M ▼ $1.42M ▼ $-5.086M ▼ $-527K ▲ $-4.193M ▼ $1.42M ▲
Q2-2025 $-1.096M ▲ $8.368M ▲ $27.647M ▲ $-15.768M ▼ $21.727M ▲ $-7.377M ▼
Q1-2025 $-13.347M ▼ $6.676M ▼ $-9.68M ▲ $5.543M ▲ $1.059M ▼ $6.676M ▼
Q4-2024 $-1.086M $10.525M ▲ $-11.684M ▲ $3.117M ▼ $1.958M ▲ $10.525M ▲
Q3-2024 $-1.086M $6.293M $-15.046M $8.103M $-650K $6.293M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Commercial Real Estate
Commercial Real Estate
 $10.00M ▲$20.00M ▲$10.00M ▼$10.00M ▲
Residential Rental
Residential Rental
 $30.00M ▲$50.00M ▲$30.00M ▼$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Clipper Realty’s income statement shows a slow but steady improvement in the core business. Rental revenue has inched up over the past five years, and property-level profits and operating earnings have generally strengthened. This suggests the buildings are being run more efficiently and rent collections are holding up. However, after accounting for interest, depreciation, and other non‑operating costs, the company tends to hover around break-even or a small loss. Earnings per share have stayed negative, although the loss has recently narrowed, pointing to gradual progress but not yet to clear, durable profitability at the bottom line.

Balance Sheet

Balance Sheet The balance sheet is heavily debt‑funded, with total borrowings rising over time and sitting very high relative to the company’s size. Cash on hand is modest, which leaves a limited liquidity cushion. Perhaps most notable, reported equity has slipped from positive to slightly negative, signaling that liabilities now slightly exceed assets on paper. This doesn’t necessarily mean an immediate problem, but it underlines how sensitive the company is to interest costs, property values, and refinancing conditions. Overall, it is a highly leveraged balance sheet that depends on stable asset performance and access to credit.

Cash Flow

Cash Flow Cash flow paints a more stable picture than the income statement. The business consistently generates positive cash from operations, and this has improved gradually as the portfolio has matured. In earlier years, heavy spending on property improvements weighed on free cash flow, but as those outlays eased, free cash flow has turned positive and more stable. That said, the absolute level of cash generation is not large compared with the debt load and low cash balance, so while the properties are supporting themselves, there is not a wide margin for unexpected shocks or large new projects without fresh capital.

Competitive Edge

Competitive Edge Clipper Realty’s edge is driven more by where and how it operates than by sheer size. It is focused on New York City, particularly Brooklyn and Manhattan, where high costs, tight regulations, and scarce land create natural barriers to new competition. Its portfolio includes recognizable multifamily assets in desirable neighborhoods, and it manages them in‑house, which can help with cost control and tenant service. On the other hand, the company is concentrated in a single, challenging market and competes with both larger REITs and well‑capitalized private owners. Its moat is therefore narrow but real: deep local expertise and entrenched properties in tough‑to‑enter locations, balanced against geographic concentration and high leverage.

Innovation and R&D

Innovation and R&D This is a traditional real estate owner rather than a technology‑driven company. Clipper Realty uses common industry tools—such as online payments and standard property management systems—but there is no clear emphasis on proprietary technology or unique digital platforms. Its “innovation” is more about property development, repositioning, and hands‑on management than about research and development in the tech sense. Future performance will likely hinge on how well it renovates and upgrades assets, maintains high occupancy, and manages lease terms and rents, rather than on breakthrough innovations or R&D efforts.

Summary

Overall, Clipper Realty looks like a classic, highly leveraged New York City residential REIT with gradually improving operations but a tight financial structure. The core properties appear to be performing a bit better over time, with stronger operating margins and healthier cash flow from rents. However, persistent bottom‑line losses, heavy reliance on debt, thin equity, and low cash reserves create meaningful financial risk and make the company sensitive to interest rates, refinancing conditions, and swings in the NYC housing market. The main opportunity lies in continued rent growth, high occupancy, and careful asset upgrades in prime locations, while the main vulnerabilities stem from leverage, concentration in one market, and limited financial cushion if conditions turn less favorable.

NEWS

November 13, 2025 · 4:01 PM UTC

Clipper Realty Inc. Announces Third Quarter 2025 Results

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November 6, 2025 · 11:45 AM UTC

Clipper Realty Inc. to Report Third Quarter 2025 Financial Results

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