Clipper Realty Inc. (NYSE: CLPR) reported Q3 EPS of ($0.09), $0.06 worse than the analyst estimate of ($0.03). Revenue for the quarter came in at $29.6 million versus the consensus estimate of $30.69 million.

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

“Our third quarter 2020 results were challenging in light of the economic issues posed by the ongoing COVID-19 pandemic, which resulted in declines in occupancy and rental rates at certain of our properties. We continue to focus on efficiently operating our portfolio, with the safety of our tenants and employees our highest priority. Despite the continuing headwinds, our properties are currently 93% leased and our third quarter rent collection rate was over 97%. We have a strong liquidity position with $105.0 million of cash on the balance sheet, consisting of $82.9 million of unrestricted cash and $22.1 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.”

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