As of September 30, 2024, Clipper Realty Inc. reported total assets of $1,287,017 thousand, an increase from $1,249,330 thousand at the end of 2023. The company's total investment in real estate rose to $1,462,005 thousand, up from $1,402,190 thousand, while net investment in real estate increased to $1,226,188 thousand from $1,188,584 thousand. Total liabilities also grew, reaching $1,296,480 thousand compared to $1,242,095 thousand at the end of 2023. Notably, total stockholders’ equity fell to $(3,584) thousand from $2,744 thousand, indicating a significant decline in equity.
For the three months ended September 30, 2024, Clipper Realty reported total revenues of $37,622 thousand, a 7.1% increase from $35,128 thousand in the same period of 2023. Residential rental income contributed $27,846 thousand, up from $25,501 thousand, reflecting a 9.2% increase. Income from operations for the quarter was $10,752 thousand, a 16.8% rise from $9,202 thousand in 2023. The net loss improved to $(1,088) thousand from $(2,325) thousand, marking a 53.2% reduction in loss.
For the nine months ended September 30, 2024, total revenues reached $110,728 thousand, compared to $103,338 thousand in 2023. Residential rental income for this period was $81,700 thousand, up from $74,481 thousand. The net loss for the nine months decreased to $(5,496) thousand from $(12,709) thousand, while net cash provided by operating activities increased to $21,337 thousand from $17,130 thousand.
The company’s capital expenditures for the nine months ended September 30, 2024, totaled $59,815 thousand, compared to $27,783 thousand in the same period of 2023. Proceeds from mortgage notes decreased significantly to $50,300 thousand from $124,858 thousand year-over-year. However, net cash provided by financing activities rose to $35,629 thousand from $17,341 thousand.
Clipper Realty continues to manage a diverse portfolio of properties, including Tribeca House and Flatbush Gardens, with ongoing negotiations for lease extensions with the City of New York. The company is also involved in legal proceedings related to rent stabilization laws, which may impact its financial position. As of September 30, 2024, the company had $1,258 million in indebtedness and $18.6 million in cash and cash equivalents.
About Clipper Realty Inc.
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