Clipper Realty Inc. (CLPR) Misses Q1 EPS by 18c

Clipper Realty Inc. (NYSE: CLPR) reported Q1 EPS of ($0.18), $0.18 worse than the analyst estimate of $0.00. Revenue for the quarter came in at $30.7 million versus the consensus estimate of $30.8 million. For the first quarter of 2021, AFFO was $3.1 million, or $0.07 per share, compared to $5.6 million, or $0.13 per share, for the first quarter of 2020.

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

“We continue to see meaningful signs of improvement as New York City further strengthens from the depths of the COVID-19 pandemic. We anticipate recently strong rental demand to remain elevated, and pricing to improve, as New York City continues to reopen and vaccinations proliferate. We remain focused on efficiently operating our portfolio, with the safety of our tenants and employees our highest priority. Despite the pandemic-related headwinds, our properties are 95% leased and our first quarter rent collection rate was over 96%. We have a strong liquidity position with $106.2 million of cash on the balance sheet, consisting of $88.0 million of unrestricted cash and $18.2 million of restricted cash, and have no debt maturities on any operating properties until 2027, providing further support in the current environment. We remain committed to executing our strategic initiatives to create long-term value.

On behalf of the entire Company, we thank Michael for his many contributions to Clipper Realty. His efforts have strengthened our organization and positioned us well for the years ahead, and we wish him success in his future endeavors. I am also excited to welcome back Larry as our CFO. Larry initially joined the business in 2014, and led the Company’s Rule 144A offering in August 2015 and initial public offering in February 2017. His intimate knowledge of our operations, management expertise and extensive financial experience will help drive our strategic vision for the future. Michael and Larry will work with our executive management, finance and accounting teams to ensure a smooth transition.”

For earnings history and earnings-related data on Clipper Realty Inc. (CLPR) click here.

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