Clipper Realty Q2 revenue falls on lower commercial rents
CLPR•Outlook
The company did not provide specific guidance for future quarters or the full year.
Result drivers and key details
- Commercial lease termination: Termination of the NYC lease at 250 Livingston Street sharply reduced commercial revenue and increased net loss.
- Strong residential leasing: Record residential rental rates and occupancy drove higher residential revenues.
- Prospect House lease-up: The new Prospect House property contributed to revenue growth but reported a net loss during its lease-up period.
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Miss | $38.60 mln | $39 mln (1 Analyst) |
| Q2 Net Loss | $6.30 mln | ||
| Q2 Adjusted FFO | $3.80 mln | ||
| Q2 Dividend | $0.10 | ||
| Q2 Income From Operations | $9.38 mln |
The one available analyst rating on the shares is "sell," compared with an average consensus recommendation of "buy" for the residential REITs peer group.
Q2 revenue falls on lower commercial rents
Clipper Realty's second-quarter revenue declined year over year on lower commercial rents, while the company's net loss widened, mainly reflecting a New York City lease termination at 250 Livingston Street.
