Exhibit 99.1

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Clipper Realty Inc. Announces Fourth Quarter and Full-Year 2020 Results

 

NEW YORK, March 16, 2021 /Business Wire/ -- Clipper Realty Inc. (NYSE: CLPR) (the “Company”), a leading owner and operator of multifamily residential and commercial properties in the New York metropolitan area, today announced financial and operating results for the three months and year ended December 31, 2020.

 

Highlights for the Three Months and Year Ended December 31, 2020

 

 

Achieved quarterly revenues of $30.3 million for the fourth quarter of 2020, and record annual revenues of $122.9 million for full-year 2020

 

Achieved quarterly income from operations of $6.5 million for the fourth quarter of 2020

 

Achieved quarterly net operating income (“NOI”)1 of $14.7 million for the fourth quarter of 2020, and record annual NOI of $63.6 million for full-year 2020

 

Recorded quarterly net loss of $3.8 million for the fourth quarter of 2020

 

Achieved quarterly adjusted funds from operations (“AFFO”)1 of $3.0 million for the fourth quarter of 2020

 

Declared a dividend of $0.095 per share for the fourth quarter of 2020

 

David Bistricer, Co-Chairman and Chief Executive Officer, commented,

 

“Our operating trends are improving as New York City continues to recover from the depths of the COVID-19 pandemic, highlighted by an increase in leasing activity. We anticipate such rental demand to accelerate, and pricing to improve, as vaccines are broadly administered and urban economic activity continues to strengthen. We continue to focus on efficiently operating our portfolio, with the safety of our tenants and employees our highest priority. Despite the headwinds, our properties are 95% leased and our fourth quarter rent collection rate was over 95%. In addition, we refinanced our 141 Livingston Street property in February with a $100 million, ten-year interest-only loan at 3.21%, which is expected to reduce annual debt service by $1.3 million while adding approximately $22.6 million, before reserves, to our liquidity position. We have no debt maturities on any operating properties until 2027, providing further support in the current environment. We remain committed to executing our strategic initiatives to create long-term value.”

 

Financial Results

 

For the fourth quarter of 2020, revenues decreased by $0.3 million, or 1.0%, to $30.3 million, compared to $30.6 million for the fourth quarter of 2019; the change was primarily attributable to a decline in leased occupancy and residential rental rate at the Tribeca House property, partially offset by the commencement of a new office lease at the 250 Livingston Street property during the third quarter of 2020. For full-year 2020, revenues increased by $6.7 million, or 5.8%, to $122.9 million, compared to $116.2 million for full-year 2019; the growth was primarily attributable to bringing the Clover House property online during the third quarter of 2019 and the commencement of the new office lease at the 250 Livingston Street property, partially offset by a decline in leased occupancy and residential rental rate at the Tribeca House property.

 


The following information was filed by Clipper Realty Inc. (CLPR) on Tuesday, March 16, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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