Clipper Realty Inc. (CLPR) FY2025 10-K Annual Report
Clipper Realty Inc. (CLPR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Clipper Realty Inc. FY2025 10-K Analysis
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
Clipper Realty Inc. FY2025 Key Financial MetricsXBRL
Revenue
$153M
▲ +3.0% YoY
Net Income
-$20M
▼ -696.0% YoY
Operating Margin
2.7%
▼ -2452bp YoY
Net Margin
-13.0%
▼ -1131bp YoY
ROE
64.8%
▲ +1859bp YoY
Total Assets
$1.2B
▼ -4.1% YoY
EPS (Diluted)
$-1.38
▼ -452.0% YoY
Operating Cash Flow
$23M
▼ -29.2% YoY
Source: XBRL data from Clipper Realty Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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