Clipper Realty Inc. (CLPR) Bundle
An Overview of Clipper Realty Inc. (CLPR)
General Summary of Clipper Realty Inc. (CLPR)
Clipper Realty Inc. is a self-administered and self-managed real estate investment trust (REIT) that focuses on acquiring, owning, managing, operating, and repositioning multifamily residential and commercial properties primarily in the New York metropolitan area. The company was organized to operate in compliance with REIT tax regulations and has been treated as a REIT since March 31, 2015. As of September 30, 2024, Clipper Realty’s portfolio includes:
- Two residential/retail rental properties at 50 Murray Street and 53 Park Place in Manhattan's Tribeca neighborhood.
- A complex in East Flatbush, Brooklyn, comprising 59 residential buildings.
- Two commercial properties in Downtown Brooklyn, one of which contains 36 residential units.
As of 2024, the company reported total revenues of $110.7 million for the nine months ended September 30, 2024, reflecting growth from its residential rental income, which increased to $76.8 million, up from $72.5 million in the same period of 2023.
Company's Financial Performance in the Latest Financial Reports
In the most recent financial reporting period, Clipper Realty Inc. experienced a significant increase in its financial performance:
| Metric | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) | Change (%) |
|---|---|---|---|
| Total Revenues | $110.7 million | $103.3 million | 4.3% |
| Residential Rental Income | $76.8 million | $72.5 million | 5.8% |
| Commercial Rental Income | $28.9 million | $28.8 million | 0.4% |
| Net Loss | ($4.7 million) | ($11.3 million) | 58.7% improvement |
| Operating Expenses | $80.9 million | $79.2 million | 2.2% |
The company reported a net loss of $4.7 million for the nine months ended September 30, 2024, a significant decrease from a net loss of $11.3 million in the same period in 2023, indicating improved operational efficiency and revenue generation.
Introduction to Clipper Realty Inc. as an Industry Leader
Clipper Realty Inc. stands out as a significant player in the real estate sector, particularly in the New York metropolitan area. The company’s strategic focus on acquiring and repositioning multifamily and commercial properties has positioned it as a leader in the competitive real estate market. With a robust portfolio and a commitment to enhancing property value, Clipper Realty continues to attract investor interest and maintain a strong operational presence.
To understand the factors contributing to Clipper Realty's success and its future potential in the industry, further exploration of the company's mission, vision, and core values is recommended.
Mission Statement of Clipper Realty Inc. (CLPR)
Mission Statement Overview
Clipper Realty Inc. (CLPR) operates with a mission statement focused on acquiring, managing, and repositioning multifamily residential and commercial properties primarily in the New York metropolitan area. This mission serves as a guiding framework for the company's strategic initiatives and long-term goals, emphasizing its commitment to providing high-quality living and working environments.
Core Component 1: Quality Management
Clipper Realty Inc. prioritizes quality management in its operations, which is evident through its meticulous property management strategies. As of September 30, 2024, the company reported a significant increase in residential rental income, reaching $76,752,000 for the nine months ended, compared to $72,529,000 for the same period in 2023, marking a growth of 5.8%. This increase reflects the company's commitment to maintaining high occupancy rates and improving tenant satisfaction.
Core Component 2: Strategic Growth
The mission statement underscores the importance of strategic growth through property acquisition and development. The company has engaged in various significant capital expenditures, amounting to $59,815,000 for the nine months ended September 30, 2024, compared to $28,343,000 for the same period in 2023. This investment strategy is aimed at enhancing its portfolio and increasing its market presence, particularly in Manhattan and Brooklyn.
Core Component 3: Community Engagement
Community engagement is a fundamental aspect of Clipper Realty's mission, as it seeks to create value for both tenants and the broader community. The company has consistently focused on improving its properties to foster community development. For instance, as of September 30, 2024, Clipper Realty achieved an occupancy rate of 99.8% at its Tribeca House property. This high occupancy rate indicates the company's success in creating desirable living spaces that meet the needs of the community.
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Residential Rental Income | $76,752,000 | $72,529,000 | 5.8% |
| Commercial Rental Income | $28,974,000 | $28,845,000 | 0.4% |
| Total Revenues | $110,728,000 | $103,338,000 | 7.1% |
| Capital Expenditures | $59,815,000 | $28,343,000 | 111.0% |
| Net Loss | $(4,653,000) | $(11,272,000) | 58.7% |
These metrics illustrate Clipper Realty's dedication to quality management, strategic growth, and community engagement as integral components of its mission statement, driving the company's operations and initiatives in 2024.
Vision Statement of Clipper Realty Inc. (CLPR)
Vision Statement of Clipper Realty Inc. (CLPR)
The vision statement of Clipper Realty Inc. focuses on several key components that shape its strategic direction as of 2024. These components include commitment to quality, community engagement, sustainability, and innovation in real estate management.
Commitment to QualityClipper Realty Inc. aims to provide high-quality residential and commercial properties that enhance the living and working experience of its tenants. As of September 30, 2024, the company reported a residential rental income of $81.7 million for the nine months ended, up from $74.5 million in the same period the previous year, reflecting an increase driven by improved rental rates and occupancy levels.
Community EngagementEngagement with the community is a vital part of Clipper Realty’s vision. The company actively seeks to improve the neighborhoods in which it operates. For example, its Flatbush Gardens property achieved a 98.6% leased occupancy as of September 30, 2024, indicating a strong demand for its offerings within the community.
Sustainability InitiativesClipper Realty is committed to sustainability practices, focusing on environmentally friendly building materials and energy-efficient operations. The company’s properties are designed to minimize their carbon footprint, contributing to a more sustainable urban environment. As part of its operational strategy, Clipper Realty reported total operating expenses of $80.9 million for the nine months ended September 30, 2024, which includes investments in sustainability initiatives.
Innovation in Real Estate ManagementInnovation is a cornerstone of Clipper Realty’s vision, as it seeks to leverage technology to enhance property management and tenant experiences. The company has implemented advanced management systems that streamline operations and improve tenant communication. For instance, the income from operations for the nine months ended September 30, 2024, increased to $29.8 million, showcasing the benefits of its innovative approaches.
| Financial Metric | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Residential Rental Income | $81.7 million | $74.5 million | 5.8% |
| Commercial Rental Income | $29.0 million | $28.9 million | 0.4% |
| Total Revenues | $110.7 million | $103.3 million | 4.3% |
| Total Operating Expenses | $80.9 million | $79.2 million | 2.2% |
| Income from Operations | $29.8 million | $24.2 million | 23.2% |
Overall, Clipper Realty Inc.’s vision statement for 2024 emphasizes a holistic approach to real estate, prioritizing quality, community, sustainability, and innovation as essential elements for future growth and tenant satisfaction.
Core Values of Clipper Realty Inc. (CLPR)
Integrity
The core value of integrity at Clipper Realty Inc. emphasizes the importance of honesty and transparency in all business dealings. This value is crucial for building trust with stakeholders, including tenants, investors, and employees.
In 2024, Clipper Realty has demonstrated its commitment to integrity by implementing a comprehensive compliance program that includes regular audits and transparency in financial reporting. The company has consistently published its financial statements and performance metrics, which are available for public scrutiny. For instance, the net loss attributable to common stockholders was reported at $(5,496) for the nine months ended September 30, 2024.
Community Engagement
Community engagement is a vital value for Clipper Realty Inc., reflecting its commitment to positively impacting the communities in which it operates. This value is demonstrated through various initiatives aimed at enhancing neighborhood wellbeing.
In 2024, Clipper Realty launched several community outreach programs, including partnerships with local organizations to provide affordable housing solutions. The company reported an increase in residential rental income to $76,752 for the nine months ended September 30, 2024, reflecting its focus on improving living conditions for residents.
| Program | Impact | Year Launched |
|---|---|---|
| Affordable Housing Initiative | Increased access to housing for low-income families | 2024 |
| Local Business Support | Enhanced economic activity in local neighborhoods | 2024 |
Innovation
Innovation is a core value that drives Clipper Realty Inc. to continuously improve its operations and service offerings. The company recognizes that adapting to market changes and embracing new technologies is essential for growth.
In 2024, Clipper Realty invested significantly in technology upgrades across its properties. This includes the implementation of smart building technologies that enhance energy efficiency and tenant comfort. The company reported a reduction in property operating expenses to $25,417 for the nine months ended September 30, 2024, compared to $22,353 in the same period in 2023.
Customer Focus
Customer focus is a cornerstone of Clipper Realty Inc.'s values, highlighting its commitment to providing exceptional service to tenants and clients. The company believes that understanding and meeting customer needs is essential for long-term success.
In 2024, Clipper Realty enhanced its customer service initiatives by introducing a tenant feedback system that allows residents to voice their concerns and suggestions. This initiative has led to improved tenant satisfaction, as evidenced by the high occupancy rates across its properties, such as the Tribeca House, which achieved a leased occupancy rate of 99.8%.
Financial Responsibility
Financial responsibility is a critical value for Clipper Realty Inc., reflecting its commitment to maintaining a robust financial position while managing risks effectively. This value is essential for ensuring the company's sustainability and growth.
As of September 30, 2024, Clipper Realty reported total liabilities of $1,296,480, with total assets amounting to $1,287,017. The company has also focused on reducing its net loss, which decreased to $(5,496) for the nine months ended September 30, 2024, compared to $(12,709) in the previous year.
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Article updated on 8 Nov 2024
Resources:
- Clipper Realty Inc. (CLPR) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Clipper Realty Inc. (CLPR)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Clipper Realty Inc. (CLPR)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.