Clipper Realty Inc. (NYSE: CLPR) reported Q4 EPS of ($0.10), versus ($0.06) reported last year. Revenue for the quarter came in at $30.3 million versus the consensus estimate of $30.8 million.

Highlights for the Three Months and Year Ended December 31, 2020

• Achieved quarterly revenues of $30.3 million for the fourth quarter of 2020, and record annual revenues of $122.9 million for full-year 2020
• Achieved quarterly income from operations of $6.5 million for the fourth quarter of 2020
• Achieved quarterly net operating income (“NOI”)1 of $14.7 million for the fourth quarter of 2020, and record annual NOI of $63.6 million for full-year 2020
• Recorded quarterly net loss of $3.8 million for the fourth quarter of 2020
• Achieved quarterly adjusted funds from operations (“AFFO”)1 of $3.0 million for the fourth quarter of 2020
• Declared a dividend of $0.095 per share for the fourth quarter of 2020

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

“Our operating trends are improving as New York City continues to recover from the depths of the COVID-19 pandemic, highlighted by an increase in leasing activity. We anticipate such rental demand to accelerate, and pricing to improve, as vaccines are broadly administered and urban economic activity continues to strengthen. We continue to focus on efficiently operating our portfolio, with the safety of our tenants and employees our highest priority. Despite the headwinds, our properties are 95% leased and our fourth quarter rent collection rate was over 95%. In addition, we refinanced our 141 Livingston Street property in February with a $100 million, ten-year interest-only loan at 3.21%, which is expected to reduce annual debt service by $1.3 million while adding approximately $22.6 million, before reserves, to our liquidity position. We 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.