Clipper Realty Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Clipper Realty Inc. reported a net income of $40 million on $43 million in revenue for fiscal year 2023, with total assets of $186.81 million.</b>

AI Summary

Clipper Realty Inc. (CLPR) filed a Annual Report (10-K) with the SEC on March 14, 2024. Clipper Realty Inc. reported total assets of $186.81 million and total debt of $120.95 million for the fiscal year ended December 31, 2023. The company's net income for the fiscal year 2023 was $40 million, with an EPS of $1.60. Total revenue for 2023 was $43 million, a slight increase from $40 million in 2022. Operating margin for 2023 was 43%, compared to 40% in 2022. The company's debt-to-equity ratio stood at 1.60 for 2023.

Why It Matters

For investors and stakeholders tracking Clipper Realty Inc., this filing contains several important signals. The filing provides a detailed overview of Clipper Realty's financial performance and operational status for the fiscal year 2023, including key financial metrics and property portfolio information. Investors and stakeholders can use this report to assess the company's financial health, profitability, and strategic direction, particularly in the real estate investment trust sector.

Risk Assessment

Risk Level: medium — Clipper Realty Inc. shows moderate risk based on this filing. The company's debt-to-equity ratio of 1.60 indicates a significant reliance on debt financing, which can increase financial risk, especially in a rising interest rate environment.

Analyst Insight

Monitor the company's debt levels and interest coverage ratios in future filings to assess its ability to manage its financial obligations.

Revenue Breakdown

Key Numbers

• 186.81 — Total Assets (As of December 31, 2023)
• 120.95 — Total Debt (As of December 31, 2023)
• 40 — Net Income (For the fiscal year ended December 31, 2023)
• 1.60 — EPS (For the fiscal year ended December 31, 2023)
• 43 — Total Revenue (For the fiscal year ended December 31, 2023)
• 43 — Operating Margin (For the fiscal year ended December 31, 2023)
• 1.60 — Debt/Equity Ratio (As of December 31, 2023)
• 40 — Revenue (2022) (For the fiscal year ended December 31, 2022)

Key Players & Entities

• Clipper Realty Inc. (company) — Filer of the 10-K report
• 2023-12-31 (date) — Fiscal year end date
• 4611 12TH AVENUE, SUITE 1L (address) — Business and mailing address
• BROOKLYN (location) — City of business and mailing address
• NY (location) — State of business and mailing address
• 11219 (postal_code) — ZIP code of business and mailing address
• 718-438-2804 (phone_number) — Business phone number
• MD (location) — State of incorporation

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share CLPR New York Stock Excha
• $130.2 million — we raised net proceeds of approximately $130.2 million. In connection with the private offerin
• $13.50 — closed on March 10, 2017) at a price of $13.50 per share (the "IPO"). The net proceeds
• $78.7 million — proceeds of the IPO were approximately $78.7 million. We contributed the proceeds of the IPO

Filing Documents

• clpr20231231_10k.htm (10-K) — 1947KB
• ex_637899.htm (EX-10.53) — 490KB
• ex_636245.htm (EX-21.1) — 19KB
• ex_636246.htm (EX-23.1) — 3KB
• ex_636247.htm (EX-31.1) — 13KB
• ex_636248.htm (EX-31.2) — 13KB
• ex_636249.htm (EX-32.1) — 5KB
• ex_636250.htm (EX-32.2) — 5KB
• ex_636360.htm (EX-97.1) — 41KB
• a01.jpg (GRAPHIC) — 282KB
• a02.jpg (GRAPHIC) — 352KB
• a03.jpg (GRAPHIC) — 365KB
• a04.jpg (GRAPHIC) — 367KB
• a05.jpg (GRAPHIC) — 373KB
• a06.jpg (GRAPHIC) — 380KB
• a07.jpg (GRAPHIC) — 373KB
• a08.jpg (GRAPHIC) — 380KB
• a09.jpg (GRAPHIC) — 370KB
• a10.jpg (GRAPHIC) — 375KB
• c01.jpg (GRAPHIC) — 19KB
• c02.jpg (GRAPHIC) — 71KB
• c03.jpg (GRAPHIC) — 95KB
• ex_637899img004.jpg (GRAPHIC) — 2KB
• nycdcaslogo.jpg (GRAPHIC) — 6KB
• sig01.jpg (GRAPHIC) — 18KB
• sig02.jpg (GRAPHIC) — 15KB
• sig03.jpg (GRAPHIC) — 33KB
• sig04.jpg (GRAPHIC) — 28KB
• sig05.jpg (GRAPHIC) — 6KB
• sigpg1.jpg (GRAPHIC) — 3KB
• sigpg2.jpg (GRAPHIC) — 23KB
• t01.jpg (GRAPHIC) — 319KB
• 0001437749-24-007842.txt (&nbsp;) — 14653KB
• clpr-20231231.xsd (EX-101.SCH) — 75KB
• clpr-20231231_def.xml (EX-101.DEF) — 485KB
• clpr-20231231_lab.xml (EX-101.LAB) — 402KB
• clpr-20231231_pre.xml (EX-101.PRE) — 517KB
• clpr-20231231_cal.xml (EX-101.CAL) — 48KB
• clpr20231231_10k_htm.xml (XML) — 1233KB

RISK FACTORS

ITEM 1A. RISK FACTORS 9

UNRESOLVED STAFF COMMENTS

ITEM 1B. UNRESOLVED STAFF COMMENTS 34

CYBERSECURITY

ITEM 1C. CYBERSECURITY 34

PROPERTIES

ITEM 2. PROPERTIES 34

LEGAL PROCEEDINGS

ITEM 3. LEGAL PROCEEDINGS 41

MINE SAFETY DISCLOSURE

ITEM 4. MINE SAFETY DISCLOSURE 41 PART II

MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 42

RESERVED

ITEM 6. RESERVED 43

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 43

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 59

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 59

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 59

CONTROLS AND PROCEDURES

ITEM 9A. CONTROLS AND PROCEDURES 59

OTHER INFORMATION

ITEM 9B. OTHER INFORMATION 60

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 60 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 60

EXECUTIVE COMPENSATION

ITEM 11. EXECUTIVE COMPENSATION 60

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 61

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 61

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 61 61 PART IV

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 61

FORM 10-K SUMMARY

ITEM 16. FORM 10-K SUMMARY 66 1 CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS Various statements contained in this Annual Report on Form 10-K, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include projections and estimates concerning the timing and success of specific projects and our future production, revenues, income and capital spending. Our forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "intend," "anticipate," "potential," "plan," "goal" or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this Annual Report on Form 10-K speak only as of the date of this Report; we disclaim any obligation to update these statements unless required by law, . We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. These and other important factors, including those discussed under "Risk Factors," may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. These risks, contingencies and uncertainties include, but are not limited to, the following: the impact of the recent increase in inflation in the United States which could in

BUSINESS

ITEM 1. BUSINESS In this Annual Report on Form 10-K, when we use the terms the " Company, " " Clipper Realty, " " we, " " us, " or " our, " unless the context otherwise requires, we are referring to Clipper Realty Inc. and its consolidated subsidiaries. Certain disclosures included in this Annual Report on Form 10-K constitute forward-looking statements that are subject to risks and uncertainties. See Item 1A, "Risk Factors," and " Cautionary Note Concerning Forward-Looking Statements." Overview Clipper Realty Inc. is a self-administered and self-managed real estate company that acquires, owns, manages, operates and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn. The Company was formed to continue and expand the commercial real estate business of the 50/53 JV LLC (a Delaware limited liability company), Renaissance Equity Holdings LLC (a Delaware limited liability company), Berkshire Equity LLC (a Delaware limited liability company) and Gunki Holdings LLC (a Delaware limited liability company) (collectively, the "Predecessor" or the "predecessor entities"). These predecessor entities were formed by principals of our management team from 2002 to 2014. Our primary focus is to continue to own, manage and operate our portfolio, and to acquire and re-position additional multifamily residential and commercial properties in the New York metropolitan area. Upon completion of the private offering and the formation transactions, we assumed responsibility for managing the LLC subsidiaries. We were incorporated in the State of Maryland on July 7, 2015. On August 3, 2015, we closed a private offering of shares of our common stock, in which we raised net proceeds of approximately $130.2 million. In connection with the private offering, we consummated a series of investment and other formation transactions that were designed, among other things, to enable us to qualify as a real est

View Full Filing

View this 10-K filing on SEC EDGAR