Clipper Realty Inc. Announces Change of Auditor

Rhea-AI Summary

Clipper Realty Inc. (NYSE: CLPR) has appointed PKF O’Connor Davies, LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2022, replacing BDO USA, LLP. This change was driven by the Audit Committee's goal to reduce audit service costs. Notably, there were no disagreements with BDO before this transition. Clipper Realty focuses on acquiring, managing, and repositioning residential and commercial properties in the New York metropolitan area, particularly in Manhattan and Brooklyn.

Positive

• Appointment of PKF O’Connor Davies aims to reduce audit costs.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Clipper Realty Inc. (NYSE: CLPR) (the “Company”) announced today that its Audit Committee approved the appointment of PKF O’Connor Davies, LLP (“PKF”) as the Company’s independent registered public accounting firm for the Company’s year ending December 31, 2022, replacing BDO USA, LLP ("BDO").

The decision to change the Company’s independent registered public accounting firm was based primarily on the Audit Committee's efforts to reduce the Company's costs for audit services.

The Company has not had any disagreements with BDO through the date of disengagement, nor any disagreements related to any prior years' audits.

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221004005715/en/

Lawrence Kreider

Chief Financial Officer

(718) 438-2804 x2231

larry@clipperrealty.com

Source: Clipper Realty Inc.

FAQ

Why did Clipper Realty switch accounting firms?

Clipper Realty switched to PKF O’Connor Davies to reduce the costs for audit services.

Who is the new independent registered public accounting firm for Clipper Realty?

PKF O’Connor Davies, LLP is the new independent registered public accounting firm for Clipper Realty.

What was the previous accounting firm for Clipper Realty?

The previous accounting firm was BDO USA, LLP.

Did Clipper Realty have any issues with their previous accounting firm?

No, Clipper Realty did not have any disagreements with BDO prior to the change.

What is Clipper Realty's business focus?

Clipper Realty focuses on acquiring, managing, and repositioning multifamily residential and commercial properties in the New York metropolitan area.