Clipper Realty, Q3 2026 Earnings Call Transcript

Clipper Realty’s New York residential portfolio remained strong in Q3 2026, with stabilized properties 99% leased and rents at record highs. New free-market leases were 9% above previous rents and renewals 5%; management expects demand to remain strong as rental supply stays constrained. Revenue reached a quarterly record of $40.5 million, supported by residential rent growth and a full quarter of occupancy at Prospect House. The company declared a quarterly dividend of $0.095 per share.

AFFO fell to $4.1 million from $5.6 million a year earlier, mainly because of the loss of the New York City lease at 250 Livingston Street; management said most of the related quarterly loss was non-cash. Upcoming mortgage costs remain a concern: Flatbush’s rate is set to reset in 2027, and management hopes stronger rental income will enable refinancing without additional equity, though it said plans remain uncertain. Prospect House’s construction loan can be extended to 2028, with refinancing to a standard mortgage planned.