$CLPR

Clipper Realty Inc.

CIK:0001649096|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUE
TOTAL REVENUES	$ 38,575	$ 39,036	$ 76,690	$ 78,434
OPERATING EXPENSES
Property operating expenses	9,272	9,561	19,602	19,672
Real estate taxes and insurance	7,429	7,518	15,126	15,145
General and administrative	4,253	3,819	8,360	7,644
Transaction pursuit costs	0	(10)	0	(10)
Depreciation and amortization	8,023	7,314	16,002	14,950
Loss on impairment of Long-Lived Assets	0	0	0	33,780
TOTAL OPERATING EXPENSES	28,977	28,202	59,090	91,181
Litigation settlement and other	(209)	(26)	(3,809)	(26)
INCOME (LOSS) FROM OPERATIONS	9,389	10,808	13,791	(12,773)
Loss on disposal of long-lived assets	0	(685)	0	(685)
Interest expense, net	(15,654)	(11,479)	(31,200)	(23,001)
Net loss	(6,265)	(1,356)	(17,409)	(36,459)
Net loss attributable to non-controlling interests	3,882	840	10,788	22,596
Net loss attributable to common stockholders	$ (2,383)	$ (516)	$ (6,621)	$ (13,863)
Basic and diluted net loss per share (in dollars per share)	$ (0.19)	$ (0.07)	$ (0.49)	$ (0.93)
Residential Rental [Member]
REVENUE
TOTAL REVENUES	$ 32,222	$ 29,054	$ 64,126	$ 58,244
Commercial Real Estate [Member]
REVENUE
TOTAL REVENUES	$ 6,353	$ 9,982	$ 12,564	$ 20,190

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (17,409)	$ (36,459)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	15,934	14,900
Amortization of deferred financing costs	1,737	914
Amortization of deferred costs and intangible assets	309	291
Loss on Impairment of long-lived assets	0	33,780
Loss on disposal of long-lived asset	0	(685)
Deferred rent	(473)	59
Stock-based compensation	2,172	2,221
Bad debt (recovery) expense	(10)	50
Changes in operating assets and liabilities:
Tenant and other receivables	2,955	(1,524)
Prepaid expenses, other assets and deferred costs	4,503	(1,411)
Accounts payable and accrued liabilities	6,917	2,251
Security deposits	488	24
Other liabilities	876	(737)
Net cash provided by operating activities	17,999	15,044
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to land, buildings, and improvements	(4,964)	(25,425)
Proceeds from sale of real estate, net	0	43,489
Purchase of interest rate caps	(0)	97
Net cash provided (used) in investing activities	(4,964)	17,967
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of mortgage notes	(1,009)	(163,224)
Proceeds from mortgage notes	2,000	165,188
Dividends and distributions	(9,402)	(9,228)
Loan issuance and extinguishment costs	(203)	(2,961)
Net cash provided (used) by financing activities	(8,614)	(10,225)
Net increase in cash and cash equivalents and restricted cash	4,421	22,786
Cash and cash equivalents and restricted cash - beginning of period	58,154	38,052
Cash and cash equivalents and restricted cash - end of period	62,575	60,838
Cash and cash equivalents	30,815	19,896
Restricted cash	27,339	18,156
Cash and cash equivalents	37,702	32,029
Restricted cash	24,873	28,809
Supplemental cash flow information:
Cash paid for interest, net of capitalized interest of $2,780 in 2025	23,213	23,927
Non-cash interest capitalized to real estate under development	0	1,913
Additions to investment in real estate included in accounts payable and accrued liabilities	$ 2,331	$ 2,621

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Land and improvements	$ 559,419	$ 559,419
Building and improvements	841,333	836,437
Tenant improvements	6,475	6,386
Furniture, fixtures and equipment	13,912	13,684
Total investment in real estate	1,421,139	1,415,926
Accumulated depreciation	(282,910)	(266,976)
Investment in real estate, net	1,138,229	1,148,950
Cash and cash equivalents	37,702	30,815
Restricted cash	24,873	27,339
Tenant and other receivables, net of allowance for doubtful accounts of $296 and $317, respectively	5,641	8,676
Deferred rent	2,540	2,067
Deferred costs and intangible assets, net	5,152	5,326
Prepaid expenses and other assets	6,601	11,146
TOTAL ASSETS	1,220,738	1,234,319
Liabilities:
Notes payable, net of unamortized loan costs of $7,178 and $8,712, respectively	1,280,048	1,277,521
Accounts payable and accrued liabilities	25,255	18,092
Security deposits	10,007	9,519
Other liabilities	10,821	9,941
TOTAL LIABILITIES	1,326,131	1,315,073
Equity (Deficit):
Preferred stock, $0.01 par value; 100,000 shares authorized (including 140 shares of 12.5% Series A cumulative non-voting preferred stock), zero shares issued and outstanding	0	0
Common stock, $0.01 par value; 500,000,000 shares authorized, 16,157,566 and 16,146,546 shares issued and outstanding, at June 30, 2026, and December 31, 2025, respectively	160	160
Additional paid-in-capital	90,983	90,677
Accumulated deficit	(131,234)	(121,543)
Total stockholders’ equity (deficit)	(40,091)	(30,706)
Non-controlling interests	(65,302)	(50,048)
TOTAL EQUITY (DEFICIT)	(105,393)	(80,754)
TOTAL LIABILITIES AND EQUITY (DEFICIT)	$ 1,220,738	$ 1,234,319