Clipper Realty Inc. Announces Fourth Quarter and Full-Year 2020 Results
Clipper Realty Inc. (NYSE: CLPR) reported Q4 2020 revenues of $30.3 million and a record annual revenue of $122.9 million. The net loss for Q4 was $3.8 million and for the year, it was $12.2 million. Despite challenges, the company announced a quarterly dividend of $0.095 per share. The portfolio occupancy stands at 95%, and a refinancing of 141 Livingston Street is expected to reduce annual debt service costs by $1.3 million. The company also noted higher property expenses affecting profitability.
- Achieved record annual revenues of $122.9 million, up 5.8% year-over-year.
- Successfully refinanced 141 Livingston Street, reducing annual debt service by $1.3 million.
- Portfolio occupancy is at 95%, with a Q4 rent collection rate exceeding 95%.
- Reported a quarterly net loss of $3.8 million, an increase from $2.7 million in Q4 2019.
- Increased property operating expenses affecting profitability, including higher provisions for bad debt.
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 and year ended December 31, 2020.
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
$0.09 5 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
Financial Results
For the fourth quarter of 2020, revenues decreased by
For the fourth quarter of 2020, net loss was
For the fourth quarter of 2020, AFFO was
Balance Sheet
At December 31, 2020, notes payable (excluding unamortized loan costs) was
The Company repurchased approximately 1.71 million shares of common stock during the fourth quarter at a weighted average price of
141 Livingston Street Refinancing
On February 18, 2021, the Company refinanced the debt on its 141 Livingston Street property with a
Dividend
The Company today declared a fourth quarter dividend of
Restatement
As previously disclosed, the Company concluded that the previously issued unaudited consolidated financial statements covering each of the Company’s first three quarters of 2020 (collectively, the “Restated Periods”), require restatement and should no longer be relied upon. For additional information, please see Note 14 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020. The Company will file amended Quarterly Reports on Form 10-Q for each of the Restated Periods.
Conference Call and Supplemental Material
The Company will host a conference call on March 17, 2021, at 11:00 AM Eastern Time to discuss the fourth quarter 2020 results and provide a business update. The conference call can be accessed by dialing (800) 346-7359 or (973) 528-0008, conference entry code 972054. A replay of the call will be available from March 17, 2021, following the call, through March 31, 2021, by dialing (800) 332-6854 or (973) 528-0005, replay conference ID 972054. 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, 2020, and other reports filed from time to time with the SEC.
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.
Clipper Realty Inc. |
||||||||||
Consolidated Balance Sheets |
||||||||||
(In thousands, except for share and per share data) |
||||||||||
| December 31, 2020 |
December 31, 2019 |
|||||||||
| ASSETS | ||||||||||
| Investment in real estate | ||||||||||
| Land and improvements | $ |
540,859 |
|
$ |
540,859 |
|
||||
| Building and improvements |
|
630,662 |
|
|
602,547 |
|
||||
| Tenant improvements |
|
3,121 |
|
|
3,051 |
|
||||
| Furniture, fixtures and equipment |
|
12,217 |
|
|
11,707 |
|
||||
| Real estate under development |
|
36,118 |
|
|
31,787 |
|
||||
| Total investment in real estate |
|
1,222,977 |
|
|
1,189,951 |
|
||||
| Accumulated depreciation |
|
(132,479 |
) |
|
(109,418 |
) |
||||
| Investment in real estate, net |
|
1,090,498 |
|
|
1,080,533 |
|
||||
| Cash and cash equivalents |
|
72,058 |
|
|
42,500 |
|
||||
| Restricted cash |
|
16,974 |
|
|
14,432 |
|
||||
| Tenant and other receivables, net of allowance for doubtful accounts |
|
7,002 |
|
|
4,187 |
|
||||
| of |
||||||||||
| Deferred rent |
|
2,454 |
|
|
1,274 |
|
||||
| Deferred costs and intangible assets, net |
|
7,720 |
|
|
8,782 |
|
||||
| Prepaid expenses and other assets |
|
11,160 |
|
|
14,499 |
|
||||
| TOTAL ASSETS | $ |
1,207,866 |
|
$ |
1,166,207 |
|
||||
| LIABILITIES AND EQUITY | ||||||||||
| Liabilities: | ||||||||||
| Notes payable, net of unamortized loan costs | $ |
1,079,458 |
|
$ |
997,903 |
|
||||
| of |
||||||||||
| Accounts payable and accrued liabilities |
|
11,725 |
|
|
13,029 |
|
||||
| Security deposits |
|
6,983 |
|
|
7,570 |
|
||||
| Below-market leases, net |
|
157 |
|
|
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FAQ
What are Clipper Realty's Q4 2020 financial results?
Clipper Realty reported Q4 2020 revenues of $30.3 million and a net loss of $3.8 million.
What was Clipper Realty's annual revenue for 2020?
The company's annual revenue for 2020 was $122.9 million.
What dividend did Clipper Realty declare for Q4 2020?
Clipper Realty declared a quarterly dividend of $0.095 per share.
How is Clipper Realty's occupancy rate performing?
The company reported a portfolio occupancy rate of 95%.
What impact did refinancing have on Clipper Realty's debt service?
Refinancing of 141 Livingston Street is expected to reduce annual debt service by $1.3 million.
Clipper Realty Inc.
NYSE:CLPRCLPR RankingsCLPR Latest NewsCLPR Stock Data
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