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Clipper Realty posted record third-quarter revenue of $40.5 million, up from $37.7 million a year earlier, as strong demand for its New York apartments pushed rents on new free-market leases 9% above previous ones, with renewals up more than 5%.
The Brooklyn-focused landlord’s net loss widened to $5.9 million, or 18 cents a share, from $4.6 million a year ago, driven mostly by New York City’s exit from its 250 Livingston Street office building last year – a largely non-cash hit, the company said. Adjusted funds from operations, a key measure of a landlord’s cash flow, fell to $4.1 million, or 10 cents a share, from $5.6 million, or 13 cents.
Residential revenue rose 14% to $34.0 million, helped by a full quarter of its new Prospect House property at 953 Dean Street in Brooklyn, now fully operational. Commercial revenue slipped to $6.5 million from $7.9 million on the 250 Livingston lease termination. On that property, Clipper and its lender agreed in June to market the loan for sale, after which the lender can foreclose; it had not done so as of Wednesday.
“The residential properties continued to have high occupancy and strong renter demand,” said David Bistricer, Clipper’s co-chairman and chief executive.
The company declared a quarterly dividend of 9.5 cents a share, payable November 25 to shareholders of record November 17.
JBizNews Desk | New York
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