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
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 | $16.1K | — | — | — | — | — |
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.
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