Clipper Realty (CLPR)
Market Price (6/28/2026): $2.9 | Market Cap: $46.8 MilSector: Real Estate | Industry: Multi-Family Residential REITs
Clipper Realty (CLPR)
Market Price (6/28/2026): $2.9Market Cap: $46.8 MilSector: Real EstateIndustry: Multi-Family Residential REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 27%, Dividend Yield is 51%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 23%, FCF Yield is 43% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% Low stock price volatilityVol 12M is 45% Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Building Management Systems, Real Estate Data Analytics, Show more. | Weak multi-year price returns2Y Excs Rtn is -38%, 3Y Excs Rtn is -100% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 2759% Weak revenue growthRev Chg QQuarterly Revenue Change % is -3.3% Key risksCLPR key risks include [1] significant financial distress and mortgage default following a major lease termination at its 250 Livingston Street property, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 27%, Dividend Yield is 51%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 23%, FCF Yield is 43% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% |
| Low stock price volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include Smart Buildings & Proptech, and Sustainable & Green Buildings. Themes include Building Management Systems, Real Estate Data Analytics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -38%, 3Y Excs Rtn is -100% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 2759% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -3.3% |
| Key risksCLPR key risks include [1] significant financial distress and mortgage default following a major lease termination at its 250 Livingston Street property, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Clipper Realty (CLPR) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Significant decline in Adjusted Funds From Operations (AFFO) and net loss in both fiscal Q4 2025 and fiscal Q1 2026.
Clipper Realty reported a substantial decrease in its fiscal Q4 2025 Adjusted Funds From Operations (AFFO) to $1.7 million, down from $8.1 million in fiscal Q4 2024. This coincided with a net loss of $11.3 million in fiscal Q4 2025, a significant increase from the $1.1 million net loss in the prior year's comparable quarter. The negative trend continued into fiscal Q1 2026, where AFFO dropped to $2.3 million from $8.0 million in fiscal Q1 2025. The company also reported a net operating income decline of 7.4% to $20.1 million in fiscal Q1 2026. The stock experienced declines of 8.61% and 3.3% following the fiscal Q4 2025 and fiscal Q1 2026 earnings announcements, respectively.
2. Persistent underperformance and challenges within the commercial real estate portfolio.
A core reason for the financial declines was the significant underperformance of Clipper Realty's commercial properties. The termination of a lease with New York City at the 250 Livingston Street property led to a $3.6 million decrease in commercial revenue in fiscal Q4 2025. This property continued to be a drag, generating only $0.4 million in revenue in fiscal Q1 2026, a substantial reduction from $4.6 million in fiscal Q1 2025. The company also acknowledged ongoing efforts to resolve lender issues at its major office properties, highlighting continued operational headwinds in this segment.
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Clipper Realty (CLPR) stock has lost about 5% since 2/28/2026 because of the following key factors:
1. Significant decline in Adjusted Funds From Operations (AFFO) and net loss in both fiscal Q4 2025 and fiscal Q1 2026.
Clipper Realty reported a substantial decrease in its fiscal Q4 2025 Adjusted Funds From Operations (AFFO) to $1.7 million, down from $8.1 million in fiscal Q4 2024. This coincided with a net loss of $11.3 million in fiscal Q4 2025, a significant increase from the $1.1 million net loss in the prior year's comparable quarter. The negative trend continued into fiscal Q1 2026, where AFFO dropped to $2.3 million from $8.0 million in fiscal Q1 2025. The company also reported a net operating income decline of 7.4% to $20.1 million in fiscal Q1 2026. The stock experienced declines of 8.61% and 3.3% following the fiscal Q4 2025 and fiscal Q1 2026 earnings announcements, respectively.
2. Persistent underperformance and challenges within the commercial real estate portfolio.
A core reason for the financial declines was the significant underperformance of Clipper Realty's commercial properties. The termination of a lease with New York City at the 250 Livingston Street property led to a $3.6 million decrease in commercial revenue in fiscal Q4 2025. This property continued to be a drag, generating only $0.4 million in revenue in fiscal Q1 2026, a substantial reduction from $4.6 million in fiscal Q1 2025. The company also acknowledged ongoing efforts to resolve lender issues at its major office properties, highlighting continued operational headwinds in this segment.
3. Investor uncertainty regarding dividend sustainability and risks associated with debt and refinancing.
Despite a high dividend yield, investor sentiment was likely impacted by concerns over the long-term sustainability of Clipper Realty's dividend. The company's projected dividend payout ratio is estimated at 165.22% for the coming year, indicating that the current $0.095 per share quarterly dividend may not be sustainable given its earnings outlook. Furthermore, as a small-cap REIT, the company faces potential refinancing risks on near-term debt maturities, which could be exacerbated by broader interest rate uncertainty in the market. A foreclosure complaint related to a $125 million loan was reported in March 2026, adding to debt-related concerns.
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Stock Movement Drivers
Fundamental Drivers
The -2.8% change in CLPR stock from 2/28/2026 to 6/27/2026 was primarily driven by a -2.0% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.89 | 2.81 | -2.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 153 | 152 | -0.8% |
| P/S Multiple | 0.3 | 0.3 | -2.0% |
| Shares Outstanding (Mil) | 16 | 16 | 0.0% |
| Cumulative Contribution | -2.8% |
Market Drivers
2/28/2026 to 6/27/2026| Return | Correlation | |
|---|---|---|
| CLPR | -2.8% | |
| Market (SPY) | 6.6% | 16.1% |
| Sector (XLRE) | 3.9% | 1.5% |
Fundamental Drivers
The -16.8% change in CLPR stock from 11/30/2025 to 6/27/2026 was primarily driven by a -15.6% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.38 | 2.81 | -16.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 154 | 152 | -1.5% |
| P/S Multiple | 0.4 | 0.3 | -15.6% |
| Shares Outstanding (Mil) | 16 | 16 | 0.0% |
| Cumulative Contribution | -16.8% |
Market Drivers
11/30/2025 to 6/27/2026| Return | Correlation | |
|---|---|---|
| CLPR | -16.8% | |
| Market (SPY) | 7.3% | 15.2% |
| Sector (XLRE) | 10.5% | 3.6% |
Fundamental Drivers
The -17.3% change in CLPR stock from 5/31/2025 to 6/27/2026 was primarily driven by a -17.0% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.40 | 2.81 | -17.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 152 | 152 | -0.3% |
| P/S Multiple | 0.4 | 0.3 | -17.0% |
| Shares Outstanding (Mil) | 16 | 16 | 0.0% |
| Cumulative Contribution | -17.3% |
Market Drivers
5/31/2025 to 6/27/2026| Return | Correlation | |
|---|---|---|
| CLPR | -17.3% | |
| Market (SPY) | 25.1% | 21.7% |
| Sector (XLRE) | 12.2% | 17.0% |
Fundamental Drivers
The -32.1% change in CLPR stock from 5/31/2023 to 6/27/2026 was primarily driven by a -41.0% change in the company's P/S Multiple.| (LTM values as of) | 5312023 | 6272026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.14 | 2.81 | -32.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 131 | 152 | 15.6% |
| P/S Multiple | 0.5 | 0.3 | -41.0% |
| Shares Outstanding (Mil) | 16 | 16 | -0.5% |
| Cumulative Contribution | -32.1% |
Market Drivers
5/31/2023 to 6/27/2026| Return | Correlation | |
|---|---|---|
| CLPR | -32.1% | |
| Market (SPY) | 81.3% | 23.8% |
| Sector (XLRE) | 39.2% | 23.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CLPR Return | 48% | -33% | -10% | -8% | -8% | -14% | -35% |
| Peers Return | 63% | -30% | 2% | 12% | -7% | 4% | 27% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 96% |
Monthly Win Rates [3] | |||||||
| CLPR Win Rate | 58% | 33% | 50% | 42% | 42% | 33% | |
| Peers Win Rate | 80% | 28% | 45% | 57% | 43% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| CLPR Max Drawdown | -18% | -37% | -34% | -35% | -27% | -22% | |
| Peers Max Drawdown | -10% | -36% | -27% | -14% | -21% | -13% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SUI, UDR, CPT, BRT, AVB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/26/2026 (YTD)
How Low Can It Go
| Event | CLPR | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.1% | -9.5% |
| % Gain to Breakeven | 37.2% | 10.5% |
| Time to Breakeven | 336 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.3% | -6.7% |
| % Gain to Breakeven | 32.1% | 7.1% |
| Time to Breakeven | 77 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.2% | -33.7% |
| % Gain to Breakeven | 145.3% | 50.9% |
| Time to Breakeven | 636 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.2% | -3.7% |
| % Gain to Breakeven | 28.6% | 3.9% |
| Time to Breakeven | 492 days | 6 days |
In The Past
Clipper Realty's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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Asset Allocation
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| Event | CLPR | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.1% | -9.5% |
| % Gain to Breakeven | 37.2% | 10.5% |
| Time to Breakeven | 336 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -24.3% | -6.7% |
| % Gain to Breakeven | 32.1% | 7.1% |
| Time to Breakeven | 77 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -59.2% | -33.7% |
| % Gain to Breakeven | 145.3% | 50.9% |
| Time to Breakeven | 636 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -22.2% | -3.7% |
| % Gain to Breakeven | 28.6% | 3.9% |
| Time to Breakeven | 492 days | 6 days |
In The Past
Clipper Realty's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Clipper Realty (CLPR)
Clipper Realty Inc. (CLPR) is a self-administered and self-managed real estate company primarily operating within the New York metropolitan area. Its core business involves actively acquiring, owning, managing, operating, and repositioning a portfolio of properties to generate value. The company directly oversees all aspects of its real estate holdings, from initial investment to daily property management and strategic enhancements.
The company's main products and services revolve around providing quality multifamily residential units for tenants and commercial spaces for businesses. Clipper Realty's portfolio is specifically concentrated in key New York City boroughs, including Manhattan and Brooklyn. This encompasses activities such as leasing apartments, managing building operations, and undertaking strategic renovations to enhance property value and appeal.
Clipper Realty's primary customers are individuals and families seeking residential accommodation in Manhattan and Brooklyn, as well as businesses requiring commercial space within these highly sought-after urban markets. The company's market niche is therefore the dynamic and competitive real estate landscape of New York City, catering to both residential and commercial tenants.
AI Analysis | Feedback
Here are 1-3 brief analogies for Clipper Realty (CLPR):
- Equity Residential, but for New York City apartments and commercial buildings.
- A residential-focused Vornado Realty Trust for New York City.
AI Analysis | Feedback
- Multifamily Residential Property Leasing: Providing residential units for rent in apartment buildings located in the New York metropolitan area.
- Commercial Property Leasing: Providing commercial spaces for rent, such as retail and office units, within their properties in the New York metropolitan area.
AI Analysis | Feedback
Clipper Realty Inc. (CLPR) primarily serves individuals and businesses by leasing residential and commercial properties in the New York metropolitan area. Given its extensive portfolio of multifamily residential units (over 2,400 residential units compared to approximately 60 commercial units as of its most recent filings), its customer base is primarily comprised of individual residential tenants. The company serves the following categories of customers:
- Individual Residential Tenants: These are individuals and families who lease apartments in Clipper Realty's extensive portfolio of multifamily residential properties located across Manhattan and Brooklyn. This group constitutes the largest portion of the company's direct customer base.
- Commercial Tenants: These are various businesses, including retail establishments, offices, and other service providers, that lease commercial spaces within Clipper Realty's mixed-use and dedicated commercial properties. These tenants support local economies and require urban commercial footprints.
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David Bistricer, Co-Chairman and Chief Executive Officer
David Bistricer is the Co-Chairman and Chief Executive Officer of Clipper Realty Inc. He has been the managing member of Clipper Equity, the predecessor to Clipper Realty, for over a decade. Mr. Bistricer previously served as Co-Chairman of the board of directors of Coleman Cable Inc. from January 1999 through February 2011, and was Co-Chairman of Riblet Products Corporation from January 1987 until its merger with Coleman Cable Inc. in 2000. He also founded and serves as principal of Clipper Equity, a firm specializing in the acquisition, repositioning, and development of multi-family residential and commercial properties in the New York metropolitan area. He has been involved in real estate investments, primarily in the New York City area, since approximately 1978.
Lawrence Kreider, Chief Financial Officer
Lawrence E. Kreider, Jr. rejoined Clipper Realty Inc. as Chief Financial Officer in May 2021. He previously held the CFO position for the company from its formation in August 2015 until his retirement in June 2019, and was a financial consultant to the company from September 2014 to August 2015. Prior to his initial time with Clipper Realty, Mr. Kreider was retired and self-employed as a financial consultant from 2011 to September 2014. From 2007 to 2011, he served as Chief Financial Officer of Cedar Realty Trust, where he managed all aspects of the company's financial operations.
J.J. Bistricer, Chief Operating Officer
J.J. Bistricer (Jacob Joseph Bistricer) is the Chief Operating Officer of Clipper Realty Inc. He is the son of David Bistricer. Since 2006, he has served as Chief Operating Officer at several properties in the New York City metropolitan area where David Bistricer is General Manager, with direct responsibility for acquisitions, dispositions, leasing, property development, and operations. He has been an officer of Clipper Equity since 2006. Mr. Bistricer has experience in repositioning properties from office and hospital use to residential rental and condominium use.
Jacob Schwimmer, Chief Property Management Officer
Jacob Schwimmer is the Chief Property Management Officer of Clipper Realty Inc. Since 1992, he has been actively involved in managing, developing, and investing in residential and commercial real estate properties in the New York City metropolitan area, in conjunction with his family and in partnership with David Bistricer and Sam Levinson. Mr. Schwimmer has served as the principal property management executive at properties such as 141 and 250 Livingston Street, and Flatbush Gardens, since their acquisition.
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The key risks to Clipper Realty Inc. (CLPR) primarily revolve around its substantial debt, challenges within its commercial property portfolio, and the impact of New York City's regulatory environment on residential rents.
- High Debt Load and Financial Strain: Clipper Realty carries a significant debt load and faces considerable interest payments, which contribute to its financial strain. The company's financial structure is heavily reliant on debt financing, leading to substantial near-term risks. For instance, Clipper Realty reportedly paid $47 million in interest in 2024. This high leverage amplifies operational risk and has been a factor in the company's valuation being discounted due to bankruptcy risk.
- Commercial Property Vacancies and Lease Terminations, particularly 250 Livingston Street: The termination of key commercial leases, most notably by the City of New York at 250 Livingston Street, poses a material risk to Clipper Realty's cash flow. This specific property previously generated substantial annual revenue (e.g., $15.4 million annually) and its vacancy has led to defaults on a $125 million mortgage loan, with the property now facing potential foreclosure. The company is actively struggling to find new tenants and manage the cash flow impact from this significant vacancy.
- New York Rent Controls and Political/Regulatory Risk: Operating exclusively in the New York metropolitan area exposes Clipper Realty to the city's specific regulatory and political environment, particularly concerning rent control. Revised rental regulations in New York can limit lease rate inflation (e.g., to 2.75%) and make it more challenging to convert units out of rent stabilization, potentially slowing revenue growth, especially in its rent-regulated properties like Flatbush Gardens. This political risk has weighed on the company's shares.
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Multifamily Residential Market
The multifamily residential market in New York City saw significant activity in 2025. The total dollar volume for multifamily sales in New York City in 2025 reached $8.91 billion across 1,188 transactions. Projections indicated that investment activity in the New York multifamily sector was on track for approximately $10 billion in sales for 2025. Free market buildings comprised a dominant share of these sales, accounting for 66% of the dollar volume in 2025 for New York City. * Manhattan: Manhattan's multifamily market remained stable in 2025, recording $3.44 billion in dollar volume from 185 transactions. In the first quarter of 2025, multifamily sales in Manhattan below 96th Street totaled $868.51 million across 45 transactions. By the fourth quarter of 2025, Manhattan's multifamily real estate sales volume was $636.2 million. * Brooklyn: In 2025, Brooklyn's multifamily dollar volume experienced a slight dip of 3% year-over-year, totaling $3.47 billion with 582 transactions. The borough led all submarkets in New York City in Q1 2025 for multifamily dollar volume, reaching $1.06 billion, a 138% increase year-over-year, across 139 transactions. Q2 2025 saw the Brooklyn multifamily dollar volume at $403 million.Commercial Properties Market
New York City represents the largest commercial real estate market in the U.S., with an estimated value close to $2 trillion. Commercial real estate constituted 21.9% of all property market values in New York City as of fiscal year 2025. Office buildings were the largest component of commercial properties, making up 45.5% of the total billable values in FY 2025. In 2024, New York City's investment sales for commercial properties, including office, development, and multifamily assets, exceeded $28 billion. * Manhattan: Investment sales below 96th Street in Manhattan surged to $22.77 billion in 2025, marking a 45% increase from 2024. Office assets were the dominant force in Manhattan's real estate market in 2025, accounting for half of these sales. Specifically, Manhattan's office sales jumped by 126% year-over-year to $11.29 billion in 2025. The total office space floor area in Manhattan's three primary business districts exceeded 433 million square feet as of FY 2025, with Manhattan holding 83.5% of the city's total office square footage. The market value of office space in New York City, largely concentrated in Manhattan, was estimated at roughly $472 billion. In the first half of 2025, Manhattan's real estate market recorded $6.81 billion in dollar volume. By Q4 2025, Manhattan's commercial real estate sales volume was $6.3 billion. * Brooklyn: Brooklyn concluded 2025 with $6.66 billion in total commercial real estate sales across 951 transactions. The borough's office inventory stands at 37 million square feet. In Q1 2025, Brooklyn's total dollar volume for real estate, including commercial and multifamily, reached $685.7 million. The investment sales market in Brooklyn for transactions above $5 million recorded $931 million in total dollar volume in Q2 2025. In Q4 2025, Brooklyn's commercial real estate sales volume was $2.0 billion.AI Analysis | Feedback
Clipper Realty Inc. (CLPR) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:
- Strong Residential Leasing and Rent Growth: Clipper Realty continues to experience robust demand in its residential portfolio, with new leases significantly exceeding prior rents (approximately 13-14% higher in Q4 2025) and renewals also showing strong increases (around 7%). Stabilized residential properties are maintaining high occupancy rates, near 99%, contributing to consistent rental income growth.
- Lease-up and Stabilization of Prospect House: The Prospect House development in Brooklyn is a key driver, with its initial lease-up progressing. As of Q4 2025, the property was reported to be between 66.3% and 78% leased, and management anticipates significant revenue improvement as it reaches stabilization in 2026.
- Strategic Portfolio Expansion and New Developments: The company is focused on expanding its property portfolio in prime urban areas to capitalize on market demand. This includes plans for acquiring new properties, enhancing existing assets to improve rental yields, and undertaking new multifamily development projects, such as the Bedford Square project in Brooklyn and a recently acquired development site in Harlem.
- Sustained Demand in New York City's Residential Market: Management anticipates that demand for residential leasing will remain strong in the foreseeable future, driven by a constrained housing supply in New York City and discouraged new development. This favorable market environment supports ongoing rent growth and high occupancy across Clipper Realty's portfolio.
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Share Repurchases
- Clipper Realty completed a $10 million stock repurchase program in November 2020, which involved repurchasing approximately 1.71 million shares at a weighted average price of $5.70 per share.
Share Issuance
- In March 2026, Director Roberto Angelo Verrone converted 11,020 Operating Partnership units, received for vested Long Term Incentive Plan (LTIP) units, into 11,020 shares of common stock at an exercise price of $0.00 per share.
- In February 2026, CEO David Bistricer was granted 91,964 and 164,003 LTIP units as equity awards at no cash cost, which upon vesting can be converted into common stock.
- The number of outstanding shares decreased from 17.08 million in 2020 to 16.06 million in 2021, and then slightly increased to 16.14 million in 2024 and 2025.
Outbound Investments
- In May 2025, Clipper Realty sold its 10 West 65th Street property, generating nearly $13 million in cash.
Capital Expenditures
- Additions to investment in real estate, which include capital expenditures, were $8.566 million in 2021, compared to $4.189 million in 2020.
- The company has made significant investments in the Prospect House development at 953 Dean Street in Brooklyn, which was leasing up in 2025 and is expected to stabilize in 2026.
- Strong operating cash flow from residential properties in 2025 was reported net of ongoing capital spending.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 78.14 |
| Mkt Cap | 12.6 |
| Rev LTM | 1,644 |
| Op Inc LTM | 306 |
| FCF LTM | 487 |
| FCF 3Y Avg | 479 |
| CFO LTM | 851 |
| CFO 3Y Avg | 830 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.9% |
| Rev Chg 3Y Avg | 4.1% |
| Rev Chg Q | 1.6% |
| QoQ Delta Rev Chg LTM | 0.4% |
| Op Inc Chg LTM | -2.8% |
| Op Inc Chg 3Y Avg | 5.6% |
| Op Mgn LTM | 18.8% |
| Op Mgn 3Y Avg | 19.9% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 44.9% |
| CFO/Rev 3Y Avg | 45.2% |
| FCF/Rev LTM | 29.4% |
| FCF/Rev 3Y Avg | 29.4% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Residential | 119 | 110 | 100 | 90 | 86 |
| Commercial | 34 | 39 | 38 | 39 | 37 |
| Total | 153 | 149 | 138 | 130 | 123 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial | 8 | 15 | 16 | 18 | 18 |
| Residential | -4 | 26 | 17 | 9 | 7 |
| Total | 4 | 41 | 33 | 28 | 24 |
| $ Mil | 2025 | 2019 |
|---|---|---|
| Commercial | -7 | 29 |
| Residential | -45 | 87 |
| Total | -52 | 116 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Residential | 926 | 972 | 936 | 917 | 923 |
| Commercial | 308 | 315 | 314 | 312 | 310 |
| Total | 1,234 | 1,287 | 1,249 | 1,230 | 1,234 |
Price Behavior
| Market Price | $2.81 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 02/10/2017 | |
| Distance from 52W High | -31.5% | |
| 50 Days | 200 Days | |
| DMA Price | $3.12 | $3.29 |
| DMA Trend | down | up |
| Distance from DMA | -9.9% | -14.6% |
| 3M | 1YR | |
| Volatility | 55.6% | 45.5% |
| Downside Capture | 107.01 | 68.14 |
| Upside Capture | 51.53 | 32.37 |
| Correlation (SPY) | 11.8% | 19.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.88 | 1.50 | 0.72 | 0.66 | 0.95 | 0.86 |
| Up Beta | -2.39 | 1.54 | 0.29 | 0.95 | 1.74 | 1.07 |
| Down Beta | 4.80 | 1.63 | 0.71 | 0.99 | 1.13 | 0.88 |
| Up Capture | 24% | 94% | 88% | 24% | 33% | 23% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 7 | 18 | 27 | 53 | 112 | 341 |
| Down Capture | 223% | 241% | 94% | 64% | 81% | 95% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 13 | 23 | 35 | 65 | 128 | 378 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLPR | |
|---|---|---|---|---|
| CLPR | -13.7% | 45.4% | -0.19 | - |
| Sector ETF (XLRE) | 12.6% | 13.9% | 0.62 | 12.8% |
| Equity (SPY) | 21.2% | 12.4% | 1.26 | 20.8% |
| Gold (GLD) | 21.8% | 27.7% | 0.70 | -5.5% |
| Commodities (DBC) | 21.8% | 18.6% | 0.92 | -3.7% |
| Real Estate (VNQ) | 16.1% | 13.6% | 0.85 | 15.4% |
| Bitcoin (BTCUSD) | -44.2% | 42.5% | -1.25 | 12.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLPR | |
|---|---|---|---|---|
| CLPR | -11.2% | 47.6% | -0.09 | - |
| Sector ETF (XLRE) | 3.8% | 19.1% | 0.10 | 29.9% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 28.6% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 3.9% |
| Commodities (DBC) | 7.4% | 19.5% | 0.28 | 6.0% |
| Real Estate (VNQ) | 3.4% | 18.9% | 0.08 | 32.4% |
| Bitcoin (BTCUSD) | 10.9% | 54.0% | 0.39 | 17.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CLPR | |
|---|---|---|---|---|
| CLPR | -9.6% | 46.7% | -0.06 | - |
| Sector ETF (XLRE) | 7.0% | 20.4% | 0.30 | 35.4% |
| Equity (SPY) | 15.2% | 18.0% | 0.72 | 34.6% |
| Gold (GLD) | 11.8% | 16.1% | 0.60 | 1.7% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 11.8% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 39.6% |
| Bitcoin (BTCUSD) | 54.7% | 66.4% | 0.95 | 13.4% |
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Earnings Returns History
Updated 6/18/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/14/2026 | -3.3% | 2.3% | 7.8% |
| 2/26/2026 | -8.6% | -5.0% | -10.4% |
| 11/13/2025 | -2.1% | -5.1% | -5.6% |
| 8/7/2025 | 13.9% | 11.9% | 28.6% |
| 5/12/2025 | 0.5% | -3.9% | -3.5% |
| 2/14/2025 | 12.5% | 11.1% | -2.7% |
| 10/31/2024 | -10.3% | -7.4% | -26.0% |
| 8/1/2024 | 15.1% | 15.1% | 33.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 11 | 10 |
| # Negative | 9 | 13 | 14 |
| Median Positive | 2.8% | 5.1% | 7.3% |
| Median Negative | -3.3% | -3.9% | -5.6% |
| Max Positive | 15.1% | 17.4% | 33.1% |
| Max Negative | -10.3% | -7.4% | -26.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/14/2026 | -3.3% | 2.3% | 7.8% |
| 2/26/2026 | -8.6% | -5.0% | -10.4% |
| 11/13/2025 | -2.1% | -5.1% | -5.6% |
| 8/7/2025 | 13.9% | 11.9% | 28.6% |
| 5/12/2025 | 0.5% | -3.9% | -3.5% |
| 2/14/2025 | 12.5% | 11.1% | -2.7% |
| 10/31/2024 | -10.3% | -7.4% | -26.0% |
| 8/1/2024 | 15.1% | 15.1% | 33.1% |
| 5/7/2024 | 2.8% | 0.8% | 0.4% |
| 3/14/2024 | 3.8% | -2.1% | -12.1% |
| 11/2/2023 | 2.1% | 1.5% | 12.4% |
| 8/3/2023 | 2.2% | -5.1% | -5.6% |
| 5/4/2023 | 4.5% | 0.0% | 6.0% |
| 3/16/2023 | 0.0% | -5.6% | -2.3% |
| 11/9/2022 | 10.0% | 17.4% | 16.4% |
| 8/10/2022 | 0.0% | 1.9% | -6.8% |
| 5/10/2022 | 1.9% | 12.6% | -0.1% |
| 3/15/2022 | -2.9% | -0.5% | -3.5% |
| 11/9/2021 | -4.8% | -3.9% | -2.9% |
| 8/9/2021 | -0.8% | -6.8% | 2.4% |
| 5/10/2021 | -1.3% | -2.7% | -6.1% |
| 3/16/2021 | 1.4% | -2.1% | 4.0% |
| 11/9/2020 | -5.0% | -1.5% | 6.9% |
| 8/10/2020 | 10.8% | 5.1% | -8.3% |
| SUMMARY STATS | |||
| # Positive | 15 | 11 | 10 |
| # Negative | 9 | 13 | 14 |
| Median Positive | 2.8% | 5.1% | 7.3% |
| Median Negative | -3.3% | -3.9% | -5.6% |
| Max Positive | 15.1% | 17.4% | 33.1% |
| Max Negative | -10.3% | -7.4% | -26.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/01/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/14/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/15/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/16/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/12/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
| 06/30/2019 | 08/01/2019 | 10-Q |
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Levinson, Sam | Direct | Buy | 12312025 | 3.79 | 2,793 | 10,587 | 311,607 | Form | |
| 2 | Levinson, Sam | Direct | Buy | 12312025 | 3.70 | 19,558 | 72,365 | 293,817 | Form | |
| 3 | Levinson, Sam | See Footnote | Buy | 12312025 | 3.71 | 33,494 | 124,119 | 211,592 | Form | |
| 4 | Levinson, Sam | Direct | Buy | 12312025 | 3.71 | 2,418 | 8,960 | 221,794 | Form | |
| 5 | Bistricer, David | Co-Chairman and CEO | Direct | Buy | 8222025 | 4.01 | 8,174 | 32,778 | 32,778 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Levinson, Sam | Direct | Buy | 12312025 | 3.79 | 2,793 | 10,587 | 311,607 | Form | |
| 2 | Levinson, Sam | Direct | Buy | 12312025 | 3.70 | 19,558 | 72,365 | 293,817 | Form | |
| 3 | Levinson, Sam | See Footnote | Buy | 12312025 | 3.71 | 33,494 | 124,119 | 211,592 | Form | |
| 4 | Levinson, Sam | Direct | Buy | 12312025 | 3.71 | 2,418 | 8,960 | 221,794 | Form | |
| 5 | Bistricer, David | Co-Chairman and CEO | Direct | Buy | 8222025 | 4.01 | 8,174 | 32,778 | 32,778 | Form |
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Multi-Family Residential REITs Resources |
| Multi-Housing News |
| Multifamily Executive |
| National Apartment Association |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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