Clipper Realty Inc. (CLPR) · Nov 4, 2026 · Earnings

Clipper Realty earnings: residential growth offsets 250 Livingston drag

In line — AFFO $0.10/share vs $0.13/share last year; no reliable published consensus located

Clipper Realty earnings show record revenue and strong apartment leasing, but lower AFFO and the unresolved 250 Livingston loan keep the recovery incomplete.

Clipper Realty is a heavily leveraged New York property owner trying to make its apartment portfolio carry the business after New York City vacated most of 250 Livingston Street; the lender dispute and potential foreclosure were already public by the second quarter.

Residential operations are doing the work, but not enough to erase the office hole. Third-quarter revenue reached a record $40.5 million, with residential revenue up 14.1% to $34.0 million as the Dean Street property became fully operational and leasing remained strong. Commercial revenue still fell $1.4 million because of the lost NYC lease, leaving total revenue growth dependent on apartments.

Q3 2026Q3 2025
Total revenue (Revenues)$40.5M (+7.4%)$37.7M
Residential revenue (Revenues)$34.0M (+14.1%)$29.8M
Commercial revenue (Revenues)$6.5M (-17.7%)$7.9M
NOI (NOI reconciliation)$22.3M (+7.6%)$20.8M
AFFO (AFFO reconciliation)$4.1M (-26.8%)$5.6M
AFFO per share/unit (AFFO reconciliation)$0.10$0.13

The quality of earnings remains weaker than the headline revenue suggests. NOI and operating income improved, but AFFO fell to $4.1 million because 250 Livingston’s lost office economics still reduced recurring cash earnings by roughly $4.0 million, substantially offsetting the $2.5 million benefit from stronger residential leasing and new commercial leases.

The balance-sheet overhang is still unresolved rather than repaired. The lender has been paying substantially all expenses at 250 Livingston, but the company has not regained control of the asset: the June 4, 2026 cooperation agreement allows the lender to foreclose or take the property by deed in lieu after its marketing period, and no such action had occurred by November 4. That was already the expected path from prior disclosures, so this filing adds confirmation—not a resolution. 〔0〕

Dividend coverage remains tight. The company declared its $0.095-per-share quarterly dividend even as quarterly AFFO per share was $0.10, leaving only a narrow accounting cushion before considering debt amortization, capital needs, and the unresolved property situation. The filing does not announce a dividend change.

Bottom line: The apartment business is executing well and largely tracking the recovery investors already knew about, but recurring cash earnings remain below last year because 250 Livingston has not been resolved. This is a resilient quarter, not a clean turnaround.

What to watch next

Lender decision on 250 Livingston foreclosure or deed-in-lieu

Original filing on SEC EDGAR

Clipper Realty earnings: residential growth offsets 250 Livingston drag | CLPR Stock News
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