Clipper Realty (NYSE:CLPR) Releases Earnings Results, Misses Estimates By $0.41 EPS

Clipper Realty (NYSE:CLPR) posted its quarterly earnings data on Thursday. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of $0.11 by ($0.41), Zacks reports. The company had revenue of $37.07 million for the quarter, compared to analyst estimates of $38.10 million.

Here are the key takeaways from Clipper Realty’s conference call:

• Residential rentals are at record highs and the stabilized portfolio is ~99% leased, with fourth-quarter new leases roughly 13% above prior rents and portfolio rent collections around 98%.
• The ground-up Prospect Park development at 953 Dean Street was delivered on time and on budget, is ~78% leased in initial lease-up with market rents near $85/sq ft, though it currently reduces AFFO until fully stabilized.
• The termination of the New York City lease at 250 Livingston Street significantly hurt results—management ceased payments, is seeking reimbursements, and is pursuing debt restructuring but warns it may not fund ongoing expenses, driving material revenue/NOI/AFFO declines.
• Financials show revenues of $37.1M, NOI of $20.7M and AFFO down to $1.7M from $8.1M a year ago; the company reports $30.8M unrestricted cash, $27.3M restricted cash, 89% fixed-rate debt at a 3.87% average, and maintained the quarterly dividend at $0.095/share.

Clipper Realty Price Performance

CLPR traded down $0.25 during trading on Friday, hitting $3.12. 194,180 shares of the stock traded hands, compared to its average volume of 66,528. The business has a 50 day moving average price of $3.54 and a 200 day moving average price of $3.80. Clipper Realty has a twelve month low of $3.08 and a twelve month high of $4.74. The company has a market cap of $50.38 million, a price-to-earnings ratio of -2.79 and a beta of 0.98.

Clipper Realty Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 19th. Investors of record on Thursday, March 12th will be paid a $0.095 dividend. This represents a $0.38 dividend on an annualized basis and a yield of 12.2%. The ex-dividend date of this dividend is Thursday, March 12th. Clipper Realty’s dividend payout ratio (DPR) is -33.93%.

Insider Activity

In other Clipper Realty news, Director Sam Levinson purchased 33,494 shares of the stock in a transaction dated Monday, December 29th. The stock was bought at an average price of $3.71 per share, with a total value of $124,262.74. Following the acquisition, the director owned 57,099 shares of the company’s stock, valued at approximately $211,837.29. This represents a 141.89% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. In the last 90 days, insiders acquired 58,263 shares of company stock valued at $216,184. Company insiders own 53.01% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CLPR. Virtu Financial LLC acquired a new position in shares of Clipper Realty in the fourth quarter worth approximately $42,000. Russell Investments Group Ltd. increased its stake in shares of Clipper Realty by 161.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 12,673 shares of the company’s stock valued at $48,000 after acquiring an additional 7,824 shares in the last quarter. Abel Hall LLC bought a new stake in Clipper Realty in the 3rd quarter valued at about $52,000. Wells Fargo & Company MN raised its position in shares of Clipper Realty by 48.0% during the fourth quarter. Wells Fargo & Company MN now owns 15,485 shares of the company’s stock worth $59,000 after purchasing an additional 5,023 shares during the period. Finally, Deutsche Bank AG bought a new position in shares of Clipper Realty in the fourth quarter valued at $63,000. Institutional investors own 37.57% of the company’s stock.

About Clipper Realty

Clipper Realty Inc is a publicly traded real estate investment trust that acquires, owns and manages multifamily residential and mixed?use properties in the Greater New York metropolitan area. Since its initial public offering in early 2017, the company has focused on strategically sourcing apartment buildings and retail space in Manhattan and Brooklyn, with an emphasis on value?add opportunities that can benefit from in?house leasing, renovation and operational efficiencies.

The company’s primary activities include property acquisition, selective repositioning and asset management.