Short answer
Clipper Realty Inc. (CLPR) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $153M (+3.0% year over year) and net income of −$20M.
- Top risk flagged: Regulatory risk: New York Housing Stability and Tenant Protection Act 2019 limits rent increases to 3.00%-4.50% at Flatbush Gardens and Aspen properties as of Oct 1, 2025
FY2025 key financial metrics · XBRL
- Revenue
- $153M
- +3.0% YoY
- Net income
- −$20M
- −696.0% YoY
- Operating margin
- 2.7%
- −24.5 pp YoY
- EPS (diluted)
- −$1.38
- −452.0% YoY
- ROE
- 64.8%
- +18.6 pp YoY
- Operating cash flow
- $23M
- −29.2% YoY
Source: XBRL data from the Clipper Realty Inc. (CLPR) FY2025 10-K on SEC EDGAR. USD.
Clipper Realty Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Acquisition, ownership, management, and repositioning of multifamily residential and commercial properties in NYC metro area
- Emphasized portfolio includes large multifamily complexes such as Flatbush Gardens (2,494 units, 1.75M sq ft) and mixed-use buildings in Manhattan and Brooklyn
- Strategic disposition: Sale of 10 West 65th Street for $45.5M, with full mortgage repayment and $34.6M combined asset loss recorded
- Notable metric: Portfolio includes eight significant properties totaling over 3.2 million sq ft of rental space as of year-end 2025
- Filing highlights $33.78M impairment loss on long-lived assets related to disposed property reflecting valuation challenges
Management Discussion & Analysis
- Revenue growth driven by residential rental rate increases: Tribeca House $88.74 vs $82.52, Flatbush Gardens $32.20 vs $30.04, Clover House $89.74 vs $85.91 per sq ft
- Operating segments: Residential Rental and Commercial Rental; office market pressured by remote work, leading to 250 Livingston Street vacancy impacting commercial segment
- Sale of 10 West 65th Street generated $45.5M gross proceeds; $31.2M mortgage repaid; losses recorded: $857K disposal loss, $33.78M impairment loss for 2025
- Ownership structure: 62.1% common stock held by Class B LLC units, Operating Partnership entitled to 37.9% distributions from LLC subsidiaries
- Lease uncertainty risk: 141 Livingston lease expired Dec 2025, NYC tenant continues paying but renewal negotiations underway with risk of non-renewal or lower rents
Risk Factors
- Regulatory risk: New York Housing Stability and Tenant Protection Act 2019 limits rent increases to 3.00%-4.50% at Flatbush Gardens and Aspen properties as of Oct 1, 2025
- Geopolitical/macroeconomic: Revenue 78% from NYC apartments concentrated in 6 Manhattan-Brooklyn neighborhoods, exposed to local economic downturns and housing market volatility
- Operational vulnerability: Turnover costs from resident moves include repainting, repairs, appliance replacement; excessive turnover risks financial condition and stock stability
- Competitive risk: No explicit competitor named; risk from market supply-demand shifts and government fiscal policies affecting property values and leasing ability in NYC
- Financial risk: Recorded $33.78 million impairment loss on 10 West 65th Street property in 2025, indicating potential asset value deterioration and income impact
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