0001437749-23-012587.txt : 20230504 0001437749-23-012587.hdr.sgml : 20230504 20230504163503 ACCESSION NUMBER: 0001437749-23-012587 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20230504 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230504 DATE AS OF CHANGE: 20230504 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Clipper Realty Inc. CENTRAL INDEX KEY: 0001649096 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 474579660 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38010 FILM NUMBER: 23889420 BUSINESS ADDRESS: STREET 1: 4611 12TH AVENUE, SUITE 1L CITY: BROOKLYN STATE: NY ZIP: 11219 BUSINESS PHONE: 718-438-2804 MAIL ADDRESS: STREET 1: 4611 12TH AVENUE, SUITE 1L CITY: BROOKLYN STATE: NY ZIP: 11219 8-K 1 clpr20230503_8k.htm FORM 8-K clpr20230503_8k.htm
false 0001649096 0001649096 2023-05-04 2023-05-04
 


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported):
May 4, 2023
 
 
CLIPPER REALTY INC.
(Exact Name of Registrant as Specified in Charter)
 
Maryland
 
001-38010
 
47-4579660
(State or Other
 
(Commission
 
(IRS Employer
Jurisdiction of
 
File Number)
 
Identification No.)
Incorporation)
       
 
4611 12th Avenue, Suite 1L
Brooklyn, New York
 
11219
(Address of Principal Executive offices)
 
(Zip Code)
 
 
Registrant’s telephone number, including area code: (718) 438-2804
 
Former name or former address, if changed since last report: N/A
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company                  
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.01 per share
CLPR
New York Stock Exchange
 


 
 

 
 
Item 2.02. Results of Operations and Financial Condition
 
On May 4, 2023, Clipper Realty Inc. issued a press release announcing its financial results for the quarterly period ended March 31, 2023. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
 
The information in this Form 8-K under Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific referencing in such filing.
 
Item 9.01 Financial Statements and Exhibits
 
(d) Exhibits:
 
Exhibit
Number
   
Exhibit
Description
99.1
   
       
104
   
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 

 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
Clipper Realty Inc.
(Registrant)
   
By:
/s/ David Bistricer
Name:
David Bistricer
Title:
Co-Chairman and Chief Executive Officer
 
 
Date: May 4, 2023
 
 

 
 
Exhibit Index
 
Exhibit
Number
   
Exhibit
Description
99.1
   
Press Release dated May 4, 2023, announcing financial results for the quarterly period ended March 31, 2023
 
 
EX-99.1 2 ex_512859.htm EXHIBIT 99.1 ex_512859.htm

Exhibit 99.1

 

a01.jpg

Clipper Realty Inc. Announces First Quarter 2023 Results

 

NEW YORK, May 4, 2023 /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 March 31, 2023.

 

Highlights for the Three Months Ended March 31, 2023

 

 

Record quarterly revenues of $33.7 million for the first quarter of 2023

 

Quarterly income from operations of $6.9 million for the first quarter of 2023

 

Net operating income (“NOI”) of $17.1 million for the first quarter of 2023

 

Quarterly net loss of $7.1 million for the first quarter of 2023

 

Quarterly adjusted funds from operations (“AFFO”)1 of $4.5 million for the first quarter of 2023

 

Declared a dividend of $0.095 per share for the first quarter of 2023

 

David Bistricer, Co-Chairman and Chief Executive Officer, commented,

 

“In the first quarter the Company has built on its momentum from the prior year. New leases continue to rent at higher levels than the previous ones. This has resulted in record revenue for the quarter. In the first quarter, we recorded record revenue of $33.7 million, NOI of $17.1 million, leased occupancy of 98.9% and our overall collection rate remains high at 98.7%. We have substantially completed our development of the 1010 Pacific Street building, branded “Pacific House”, including obtaining a temporary certificate of occupancy for a majority of the building at the end of the first quarter, well ahead of schedule and on budget. As a result, we were able to refinance the building early to a fixed rate mortgage that will substantially decrease our interest costs compared to the construction loan. As occupancy increases, we will have access to additional borrowings on the loan and we will see the rate we pay on the loan decrease by up to 25 additional basis points. This new loan increases the percentage of our non-development portfolio with fixed rates loans to over 90% and with none of the loans maturing until 2027. This puts us in a strong position as it relates to the current interest rate environment. We remain committed to executing our strategic initiatives, including the development of our Dean Street project, to create long-term value.”

 

Financial Results

 

For the first quarter of 2023, revenues increased by $1.6 million, or 5.0%, to $33.7 million and $2.7 million, or 8.8% excluding a net $1.1 million recovery of a bad debt reserve at a commercial tenant in the first quarter of 2022. This compares to revenue of $32.1 million or $31.0 million, excluding this one-time bad debt recovery where we reached an agreement with a commercial tenant whose arrears were included in bad debt under the new accounting standard first implemented on January 1, 2022. Residential revenue increased by $2.5 million, or 11.5%, driven by higher rental rates and occupancy at all our residential properties. Commercial income decreased $0.9 million as reported, or 8.1%, but increased by $0.2 million, or 2.5%, excluding the one-time recovery of a bad debt reserve. The adjusted increase was due to new commercial leases signed during 2022.

 

For the first quarter of 2023, net loss was $7.1 million, or $0.19 per share compared to net loss of $3.5 million, or $0.09 per share, for the first quarter of 2022, or $4.6 million, or $0.12 per share excluding the one-time bad debt recovery. The adjusted change was primarily attributable to the $3.9 million loss on extinguishment of debt discussed below (see Pacific House Refinance) partially offset by the increased rental revenue discussed above net of higher utilities costs, real estate taxes and general and administrative costs.

 


1 NOI and AFFO are non-GAAP financial measures. For a definition of these financial measures and a reconciliation of such measures to the most comparable GAAP measures, see “Reconciliation of Non-GAAP Measures” at the end of this release.

 

 

 

For the first quarter of 2023, AFFO was $4.5 million, or $0.11 per share, compared to $4.4 million, or $0.10 per share, for the first quarter of 2022, or $3.3 million excluding the one-time bad debt recovery mentioned above. The adjusted increase was primarily attributable to the increased revenue discussed above, net of higher utilities, real estate taxes, and general and administrative costs.

 

Balance Sheet

 

At March 31, 2023, notes payable (excluding unamortized loan costs) was $1,187.3 million, compared to $1,171.2 million at December 31, 2022. The increase was primarily due to the refinancing of the Pacific House loan described below.

 

Pacific House Refinance

 

On February 10, 2023, the Company refinanced its Pacific House construction loan with a mortgage loan with Valley National Bank providing for maximum borrowings of $80 million. The loan provided initial funding of $60 million and a further $20 million subject to the achievement of certain financial targets. The loan has a term of five years and an initial annual interest rate of 5.7% subject to reduction by up to 25 basis points upon achievement of certain financial targets. The loan is interest only for the first two years and principal and interest thereafter based on a 30-year amortization schedule. The refinancing with fixed rate debt took advantage of the prompt and on-budget completion of construction by which the Company avoided the higher cost of continued variable rate interest, including a related interest rate cap, in return for the recorded early termination fee.

 

Dividend

 

The Company today declared a first quarter dividend of $0.095 per share, the same amount as last quarter, to shareholders of record on May 15, 2023, payable May 24, 2023.

 

Conference Call and Supplemental Material

 

The Company will host a conference call on May 4, 2023, at 5:00 PM Eastern Time to discuss the first quarter 2023 results and provide a business update. The conference call can be accessed by dialing (800) 346-7359 or (973) 528-0008, conference entry code 313340. A replay of the call will be available from May 4, 2023, following the call, through May 18, 2023, by dialing (800) 332-6854 or (973) 528-0005, replay conference ID 313340. 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 (including uncertainties regarding the ongoing impact of the COVID-19 pandemic, and measures intended to curb its spread, on our business, our tenants and the economy generally), 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, 2022, and other reports filed from time to time with the SEC.

 

 

Contact Information:

Lawrence Kreider

Chief Financial Officer

(718) 438-2804 x2231

larry@clipperrealty.com

 

 

 

 

Clipper Realty Inc.

 Consolidated Balance Sheets

 (In thousands, except for share and per share data)

 

   

March 31, 2023

   

December 31, 2022

 
   

(unaudited)

         

ASSETS

               

Investment in real estate

               

Land and improvements

  $ 540,859     $ 540,859  

Building and improvements

    659,109       656,460  

Tenant improvements

    3,406       3,406  

Furniture, fixtures and equipment

    12,964       12,878  

Real estate under development

    150,719       142,287  

Total investment in real estate

    1,367,057       1,355,890  

Accumulated depreciation

    (191,580 )     (184,781 )

Investment in real estate, net

    1,175,477       1,171,109  
                 

Cash and cash equivalents

    18,801       18,152  

Restricted cash

    19,023       12,514  

Tenant and other receivables, net of allowance for doubtful accounts of $200 and $321, respectively

    4,768       5,005  

Deferred rent

    2,138       2,573  

Deferred costs and intangible assets, net

    6,532       6,624  

Prepaid expenses and other assets

    10,659       13,654  

TOTAL ASSETS

  $ 1,237,398     $ 1,229,631  
                 

LIABILITIES AND EQUITY

               

Liabilities:

               

Notes payable, net of unamortized loan costs of $9,240 and $9,650, respectively

  $ 1,178,027     $ 1,161,588  

Accounts payable and accrued liabilities

    13,938       17,094  

Security deposits

    8,230       7,940  

Below-market leases, net

    10       18  

Other liabilities

    10,803       5,812  

TOTAL LIABILITIES

    1,211,008       1,192,452  
                 

Equity:

               

Preferred stock, $0.01 par value; 100,000 shares authorized (including 140 shares of 12.5% Series A cumulative non-voting preferred stock), zero shares issued and outstanding

    -       -  

Common stock, $0.01 par value; 500,000,000 shares authorized, 16,063,228 shares issued and outstanding

    160       160  

Additional paid-in-capital

    88,952       88,829  

Accumulated deficit

    (79,108 )     (74,895 )

Total stockholders' equity

    10,004       14,094  

Non-controlling interests

    16,386       23,085  

TOTAL EQUITY

    26,390       37,179  
                 

TOTAL LIABILITIES AND EQUITY

  $ 1,237,398     $ 1,229,631  

 

 

 

 

Clipper Realty Inc.

 Consolidated Statements of Operations

 (In thousands, except per share data)

 (Unaudited)

 

   

Three Months Ended March 31,

 
   

2023

   

2022

 
                 

REVENUES

               

Residential rental income

  $ 23,940     $ 21,462  

Commercial rental income

    9,727       10,588  

TOTAL REVENUES

    33,667       32,050  
                 

OPERATING EXPENSES

               

Property operating expenses

    8,099       7,539  

Real estate taxes and insurance

    8,536       7,931  

General and administrative

    3,293       2,942  

Transaction pursuit costs

    -       424  

Depreciation and amortization

    6,825       6,705  

TOTAL OPERATING EXPENSES

    26,753       25,541  
                 

INCOME FROM OPERATIONS

    6,914       6,509  
                 

Interest expense, net

    (10,135 )     (9,985 )

Loss on extinguishment of debt

    (3,868 )     -  
                 

Net loss

    (7,089 )     (3,476 )
                 

Net loss attributable to non-controlling interests

    4,402       2,158  

Net loss attributable to common stockholders

  $ (2,687 )   $ (1,318 )
                 

Basic and diluted net loss per share

  $ (0.19 )   $ (0.09 )
                 

Weighted average common shares / OP units

               

Common shares outstanding

    16,063       16,063  

OP units outstanding

    26,317       26,317  

Diluted shares outstanding

    42,380       42,380  

 

 

 

Clipper Realty Inc.

 Consolidated Statements of Cash Flows

 (In thousands)

 (Unaudited)

 

   

Three Months Ended March 31,

 
     2023      2022  
                 

CASH FLOWS FROM OPERATING ACTIVITIES

               

Net loss

  $ (7,089 )   $ (3,476 )
                 

Adjustments to reconcile net loss to net cash provided by operating activities:

               

Depreciation

    6,799       6,646  

Amortization of deferred financing costs

    313       313  

Amortization of deferred costs and intangible assets

    146       179  

Amortization of above- and below-market leases

    (9 )     (9 )

Loss on extinguishment of debt

    3,868       -  

Deferred rent

    435       (189 )

Stock-based compensation

    648       495  

Bad debt expense

    (121 )     (379 )

Changes in operating assets and liabilities:

               

Tenant and other receivables

    358       (237 )

Prepaid expenses, other assets and deferred costs

    2,941       3,122  

Accounts payable and accrued liabilities

    (1,801 )     (668 )

Security deposits

    290       89  

Other liabilities

    643       701  

Net cash provided by operating activities

    7,421       6,587  
                 

CASH FLOWS FROM INVESTING ACTIVITIES

               

Additions to land, buildings and improvements

    (12,494 )     (13,885 )

Acquisition deposit

    -       (265 )

Cash paid in connection with acquisition of real estate

    -       (3,701 )

Net cash used in investing activities

    (12,494 )     (17,851 )
                 

CASH FLOWS FROM FINANCING ACTIVITIES

               

Payments of mortgage notes

    (46,301 )     (554 )

Proceeds from mortgage notes

    62,330       7,617  

Dividends and distributions

    -       (4,188 )

Loan issuance and extinguishment costs

    (3,798 )     -  

Net cash provided by financing activities

    12,231       2,875  
                 

Net increase (decrease) in cash and cash equivalents and restricted cash

    7,158       (8,389 )

Cash and cash equivalents and restricted cash - beginning of period

    30,666       52,224  

Cash and cash equivalents and restricted cash - end of period

  $ 37,824     $ 43,835  
                 

Cash and cash equivalents and restricted cash - beginning of period:

               

Cash and cash equivalents

  $ 18,152     $ 34,524  

Restricted cash

    12,514       17,700  

Total cash and cash equivalents and restricted cash - beginning of period

  $ 30,666     $ 52,224  
                 

Cash and cash equivalents and restricted cash - end of period:

               

Cash and cash equivalents

  $ 18,801     $ 25,342  

Restricted cash

    19,023       18,493  

Total cash and cash equivalents and restricted cash - end of period

  $ 37,824     $ 43,835  
                 

Supplemental cash flow information:

               

Cash paid for interest, net of capitalized interest of $2,382 and $607 in 2023 and 2022, respectively

  $ 9,863     $ 10,351  

Non-cash interest capitalized to real estate under development

    27       508  

Additions to investment in real estate included in accounts payable and accrued liabilities

    3,527       6,906  

Non-cash dividend declared

    4,348       -  

 

 

 

 

Clipper Realty Inc.

Reconciliation of Non-GAAP Measures

(In thousands, except per share data)

(Unaudited)

 

 

Non-GAAP Financial Measures

 

We disclose and discuss funds from operations (“FFO”), adjusted funds from operations (“AFFO”), adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) and net operating income (“NOI”), all of which meet the definition of “non-GAAP financial measures” set forth in Item 10(e) of Regulation S-K promulgated by the SEC.

 

While management and the investment community in general believe that presentation of these measures provides useful information to investors, neither FFO, AFFO, Adjusted EBITDA, nor NOI should be considered as an alternative to net income (loss) or income from operations as an indication of our performance. We believe that to understand our performance further, FFO, AFFO, Adjusted EBITDA, and NOI should be compared with our reported net income (loss) or income from operations and considered in addition to cash flows computed in accordance with GAAP, as presented in our consolidated financial statements.

 

Funds From Operations and Adjusted Funds From Operations

 

FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property and impairment adjustments, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Our calculation of FFO is consistent with FFO as defined by NAREIT.

 

AFFO is defined by us as FFO excluding amortization of identifiable intangibles incurred in property acquisitions, straight-line rent adjustments to revenue from long-term leases, amortization costs incurred in originating debt, interest rate cap mark-to-market adjustments, amortization of non-cash equity compensation, acquisition and other costs, transaction pursuit costs, loss on modification/extinguishment of debt, gain on involuntary conversion, gain on termination of lease and non-recurring litigation-related expenses, less recurring capital spending.

 

Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. In fact, real estate values have historically risen or fallen with market conditions. FFO is intended to be a standard supplemental measure of operating performance that excludes historical cost depreciation and valuation adjustments from net income. We consider FFO useful in evaluating potential property acquisitions and measuring operating performance. We further consider AFFO useful in determining funds available for payment of distributions. Neither FFO nor AFFO represent net income or cash flows from operations computed in accordance with GAAP. You should not consider FFO and AFFO to be alternatives to net income (loss) as reliable measures of our operating performance; nor should you consider FFO and AFFO to be alternatives to cash flows from operating, investing or financing activities (computed in accordance with GAAP) as measures of liquidity.

 

Neither FFO nor AFFO measure whether cash flow is sufficient to fund all of our cash needs, including loan principal amortization, capital improvements and distributions to stockholders. FFO and AFFO do not represent cash flows from operating, investing or financing activities computed in accordance with GAAP. Further, FFO and AFFO as disclosed by other REITs might not be comparable to our calculations of FFO and AFFO.

 

 

 

The following table sets forth a reconciliation of FFO and AFFO for the periods presented to net loss, computed in accordance with GAAP (amounts in thousands):

 

   

Three Months Ended March 31,

 
   

2023

   

2022

 

FFO

               

Net loss

  $ (7,089 )   $ (3,476 )

Real estate depreciation and amortization

    6,825       6,705  

FFO

  $ (264 )   $ 3,229  
                 

AFFO

               

FFO

  $ (264 )   $ 3,229  

Amortization of real estate tax intangible

    120       120  

Amortization of above- and below-market leases

    (9 )     (9 )

Straight-line rent adjustments

    (5 )     (189 )

Amortization of debt origination costs

    313       313  

Amortization of LTIP awards

    648       495  

Transaction pursuit costs

    -       424  

Loss on extinguishment of debt

    3,868       -  

Certain litigation-related expenses

    -       86  

Recurring capital spending

    (195 )     (49 )

AFFO

  $ 4,476     $ 4,420  

AFFO Per Share/Unit

  $ 0.11     $ 0.10  

 

Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization

 

We believe that Adjusted EBITDA is a useful measure of our operating performance. We define Adjusted EBITDA as net income (loss) before allocation to non-controlling interests, plus real estate depreciation and amortization, amortization of identifiable intangibles, straight-line rent adjustments to revenue from long-term leases, amortization of non-cash equity compensation, interest expense (net), acquisition and other costs, transaction pursuit costs, loss on modification/extinguishment of debt and non-recurring litigation-related expenses, less gain on involuntary conversion and gain on termination of lease.

 

We believe that this measure provides an operating perspective not immediately apparent from GAAP income from operations or net income (loss). We consider Adjusted EBITDA to be a meaningful financial measure of our core operating performance.

 

 

 

However, Adjusted EBITDA should only be used as an alternative measure of our financial performance. Further, other REITs may use different methodologies for calculating Adjusted EBITDA, and accordingly, our Adjusted EBITDA may not be comparable to that of other REITs.

 

The following table sets forth a reconciliation of Adjusted EBITDA for the periods presented to net loss, computed in accordance with GAAP (amounts in thousands):

 

   

Three Months Ended March 31,

 
   

2023

   

2022

 

Adjusted EBITDA

               

Net loss

  $ (7,089 )   $ (3,476 )

Real estate depreciation and amortization

    6,825       6,705  

Amortization of real estate tax intangible

    120       120  

Amortization of above- and below-market leases

    (9 )     (9 )

Straight-line rent adjustments

    (5 )     (189 )

Amortization of LTIP awards

    648       495  

Interest expense, net

    10,135       9,985  

Transaction pursuit costs

    -       424  

Loss on extinguishment of debt

    3,868       -  

Certain litigation-related expenses

    -       86  

Adjusted EBITDA

  $ 14,493     $ 14,141  

 

Net Operating Income

 

We believe that NOI is a useful measure of our operating performance. We define NOI as income from operations plus real estate depreciation and amortization, general and administrative expenses, acquisition and other costs, transaction pursuit costs, amortization of identifiable intangibles and straight-line rent adjustments to revenue from long-term leases, less gain on termination of lease. We believe that this measure is widely recognized and provides an operating perspective not immediately apparent from GAAP income from operations or net income (loss). We use NOI to evaluate our performance because NOI allows us to evaluate the operating performance of our company by measuring the core operations of property performance and capturing trends in rental housing and property operating expenses. NOI is also a widely used metric in valuation of properties.

 

However, NOI should only be used as an alternative measure of our financial performance. Further, other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to that of other REITs.

 

 

 

The following table sets forth a reconciliation of NOI for the periods presented to income from operations, computed in accordance with GAAP (amounts in thousands):

 

   

Three Months Ended March 31,

 
   

2023

   

2022

 

NOI

               

Income from operations

  $ 6,914     $ 6,509  

Real estate depreciation and amortization

    6,825       6,705  

General and administrative expenses

    3,293       2,942  

Transaction pursuit costs

    -       424  

Amortization of real estate tax intangible

    120       120  

Amortization of above- and below-market leases

    (9 )     (9 )

Straight-line rent adjustments

    (5 )     (189 )

NOI

  $ 17,138     $ 16,502  

 

 
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Document Information [Line Items]  
Entity, Registrant Name CLIPPER REALTY INC.
Document, Type 8-K
Document, Period End Date May 04, 2023
Entity, Incorporation, State or Country Code MD
Entity, File Number 001-38010
Entity, Tax Identification Number 47-4579660
Entity, Address, Address Line One 4611 12th Avenue, Suite 1L
Entity, Address, City or Town Brooklyn
Entity, Address, State or Province NY
Entity, Address, Postal Zip Code 11219
City Area Code 718
Local Phone Number 438-2804
Written Communications false
Soliciting Material false
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Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Title of 12(b) Security Common Stock
Trading Symbol CLPR
Security Exchange Name NYSE
Amendment Flag false
Entity, Central Index Key 0001649096
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