Q1 2026 Clipper Realty Inc Earnings Call Transcript
Key Points
- Residential properties are performing well with high demand, generating excellent cash flow.
- New free market leases exceeded prior rents by over 7%, indicating strong rental growth.
- The Prospect House development was completed on time and on budget, and is now fully leased.
- Overall residential leasing is strong with 99% occupancy across stabilized properties.
- Rent collections across the portfolio remained strong with a 100% collection rate for free market residential properties.
- Revenues decreased by $1.3 million compared to last year, primarily due to the termination of the New York City lease at 250 Livingston Street.
- Net Operating Income (NOI) decreased by $1.6 million compared to last year.
- Adjusted Funds From Operations (AFFO) decreased by $5.7 million compared to last year.
- The company is not currently making payments on interest or real estate taxes for the 250 Livingston Street property.
- There is uncertainty regarding the finalization of a consent and cooperation agreement to sell the property loan for 250 Livingston Street.
Good day, and welcome to the Clipper Realty earnings call. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Lawrence Sava, Corporate Controller at Clipper Realty. Sir, the floor is yours.
Good afternoon, and thank you for joining us for the first quarter 2026 Clipper Realty Inc earnings conference call. Participating with me on today's call are David Bistricer, Co-Chairman of the Board and Chief Executive Officer; J.J. Bistricer, Chief Operating Officer; and Larry Kreider, Chief Financial Officer. Please be aware that statements made during the call that are not historical may be deemed forward-looking statements and actual results may differ materially from those indicated by such forward-looking statements.
These statements are subject to numerous risks and uncertainties, including those disclosed in the company's 2025 annual report on Form 10-K and 2026 first quarter report on Form 10-Q, just filed today, which is accessible at
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