Clipper Realty reports Q1 AFFO 14c vs. 11c last year

Reports Q1 revenue $35.8M, two estimates $34.9M. “The Company continued to grow its revenue and NOI in the first quarter of 2024, producing record results in both of those metrics. Additionally, the Company’s AFFO was strong for the winter season where gas heating costs are seasonally high. We continue to have high occupancy and good renter demand in our buildings. For all our properties, new leases continue to rent at more than 7% over previous rents and renewals over 6% and the Company is poised to continue this growth into the upcoming leasing season. At Flatbush Gardens, under the new Article 11 transaction, we have begun to see the benefits of hard work with various New York City housing agencies to collect enhanced rental recoveries under Section 610 as we continue to make the committed capital improvements. At our 250 Livingston Street property, where we previously disclosed New York City’s notification of its intention to vacate in late August 2025, we are actively seeking solutions and pursuing opportunities at the moment. Our Dean Street new development is progressing ahead of schedule, where we have completed the building superstructure, and we are confident of an on-time completion next year to capture the 2025 leasing season.”