Clipper Realty Inc. CLPR
Clipper Realty Inc. 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. We were formed to continue and expand the commercial real estate business of the 50/53 JV LLC, a Delaware limited liability company, Renaissance Equity Holdings LLC, a Delaware limited liability company, Berkshire Equity LLC, a Delaware limited liability company, and Gunki Holdings LLC, a Delaware limited liability company (collectively referred to as, the "Predecessor" or the "predecessor entities"). These predecessor entities were formed by principals of our management team from 2002 to 2014. Our primary focus is to continue to own, manage and operate our portfolio, and to acquire and re-position additional multifamily residential and commercial properties in the New York metropolitan area.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- Residential Segment
- Commercial Segment
| Segment | FY2025 | FY2024 |
|---|---|---|
| Residential Segment | $118.9M | $109.9M |
| Commercial Segment | $34.3M | $38.9M |
As the company reported it, from the “Note 9 - Segment Reporting - Segment Information (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $153.2M | $148.8M | $138.2M | $129.7M | $122.7M | $122.8M | $116.2M | $110.0M | $104.0M | $93.0M |
| Cost of revenue | $149.0M | $108.0M | $105.0M | $102.1M | $95.8M | $91.5M | $82.7M | $77.5M | $74.4M | $67.2M |
| Gross profit | $4.2M | $40.8M | $33.2M | $27.6M | $26.9M | $31.3M | $33.5M | $32.5M | $29.5M | $25.8M |
| SG&A | $15.5M | $14.2M | $13.2M | $12.8M | $10.6M | $9.7M | $9.2M | $9.9M | $9.9M | $8.4M |
| Total operating expenses | $149.0M | $108.0M | $105.0M | $102.1M | $95.8M | $91.5M | $82.7M | $77.5M | $74.4M | $67.2M |
| Operating income | $4.2M | $40.5M | $33.2M | $27.6M | $24.2M | $32.1M | $33.5M | $32.5M | $29.5M | $25.8M |
| Interest expense | $53.0M | $47.1M | $44.9M | $40.2M | $41.3M | $40.2M | $35.2M | $32.8M | $35.5M | $38.1M |
| Pre-tax income | -$52.3M | -$6.6M | -$15.6M | -$12.6M | -$20.0M | -$12.2M | — | -$9.0M | -$6.0M | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 | — | $0 | $0 | — |
| Net income | -$52.3M | -$6.6M | -$15.6M | -$12.6M | -$20.0M | -$12.2M | -$4.1M | -$9.0M | -$6.0M | -$12.3M |
| EPS, basic | -1.38 | -0.25 | -0.45 | -0.36 | -0.51 | — | — | — | — | — |
| EPS, diluted | — | — | — | — | -0.51 | -0.31 | -0.11 | -0.22 | -0.15 | -0.34 |
| Shares, diluted (wtd. avg.) | 16.1M | 16.1M | 16.1M | 16.1M | 16,063 | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $30.8M | $19.9M | $22.2M | $18.2M | $34.5M | $72.1M | $42.5M | $37.0M | $7.9M | $37.5M |
| Total assets | $1.23B | $1.29B | $1.25B | $1.23B | $1.23B | $1.21B | $1.17B | $1.10B | $1.05B | $905.2M |
| Long-term debt | — | $1.27B | $1.21B | $1.16B | $1.13B | $1.08B | $997.9M | $913.6M | $843.9M | — |
| Total liabilities | $1.32B | $1.30B | $1.24B | $1.19B | $1.16B | $1.10B | $1.02B | $939.5M | $866.5M | $779.0M |
| Retained earnings | -$121.5M | -$95.5M | -$86.9M | -$74.9M | -$61.7M | -$48.0M | -$36.4M | -$27.9M | -$17.5M | -$8.6M |
| Total equity | -$30.7M | -$5.4M | $7.2M | $37.2M | $69.9M | $104.1M | $141.8M | $161.5M | $185.6M | $126.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $22.6M | $31.9M | $26.2M | $20.1M | $10.8M | $16.0M | $23.8M | $22.4M | $13.1M | $9.3M |
| Depreciation and amortisation | $31.2M | $29.8M | $28.8M | $26.8M | $25.5M | $23.1M | $19.0M | $16.8M | $15.5M | $13.5M |
| Stock-based compensation | $4.3M | $2.7M | $3.0M | $2.9M | $2.6M | $1.8M | $1.5M | $1.9M | $3.1M | $2.5M |
| Capital expenditure | — | $69.7M | $46.3M | $52.1M | $80.8M | $33.2M | $42.6M | $45.6M | $22.7M | $18.2M |
| Investing cash flow | $12.1M | -$68.8M | -$41.4M | -$51.5M | -$77.9M | -$31.7M | -$74.9M | -$39.3M | -$187.7M | -$121.3M |
| Financing cash flow | -$14.6M | $38.7M | $20.7M | $9.8M | $30.3M | $47.8M | $62.2M | $41.1M | $147.6M | $24.1M |
| Dividends paid | $18.5M | $17.6M | $17.4M | $17.1M | $16.8M | $17.2M | $17.1M | $17.0M | $16.6M | $10.0M |
| Buybacks | — | — | — | — | $0 | $10.0M | $0 | $0 | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-014021.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $93.0M | $104.0M | $110.0M | $116.2M | $122.8M | $122.7M | $129.7M | $138.2M | $148.8M | $153.2M |
| Gross profit | $25.8M | $29.5M | $32.5M | $33.5M | $31.3M | $26.9M | $27.6M | $33.2M | $40.8M | $4.2M |
| Net income | -$12.3M | -$6.0M | -$9.0M | -$4.1M | -$12.2M | -$20.0M | -$12.6M | -$15.6M | -$6.6M | -$52.3M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Debt acceleration or default Something has triggered a lender's right to demand early repayment - usually a covenant breach. Item 2.04
- Other event Item 8.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $167.53B | 170.7x | 40.2% |
| PLD | Prologis, Inc. | $117.89B | 35.5x | 7.2% |
| EQIX | EQUINIX INC | $94.23B | 69.4x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $88.04B | 35.0x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $68.57B | 14.9x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $60.57B | 48.1x | 10.0% |
| PSA | Public Storage | $54.42B | 34.4x | 2.7% |
| O | REALTY INCOME CORP | $53.83B | 48.6x | 9.1% |