Clipper Realty Inc. Q4 FY2025 earnings call

• David noted residential properties continue to perform well due to high rental demand, excellent cash flow, rents at all-time highs and increasing, nearly fully leased, new leases exceeded prior rents by nearly 13% in Q4, and details on 953 Dean Street development. - JJ discussed property level activity including leasing performance, strong residential leasing at stabilized properties with 99% occupancy, record rents, strong new rental rates and renewals, and leasing at 953 Dean Street. - Larry spoke to quarterly financial performance, noting revenues, NOI, and AFFO details with factors like impact of property sales, lease terminations, and property inclusion/exclusion.

Residential properties: Continued high residential rental demand in Q4, new leases exceeded prior rents by nearly 13%, overall rents at all-time highs and nearly fully leased. In the second quarter of initial lease-up at 953 Dean Street, currently ~78% leased with free market rent ~$85,000 per foot. Office properties: Settled lender claims at 141 Livingston Street and got five-year lease extension with principal tenant; at 250 Livingston Street, New York City vacated mid-August, notified Orlando not intending to support ongoing operation, ceased making interest and real estate tax payments, applied for expense reimbursement, and began debt restructuring. Revenue from residential properties had a 9% increase due to excellent leasing, offset by decrease from 250 Livingston Street lease termination. NOI for residential had a 7% increase from ongoing stabilized properties, offset by decrease from 250 Livingston Street. AFFO for residential had a 10% increase from ongoing residential properties, offset by decrease from 250 Livingston Street termination.

• Focused on optimizing occupancy, pricing, and expenses across the business to position for growth. - Looking forward to full lease-up of the Prospect House development. - Aim to resolve the issues at 250 Livingston Street and capitalize on other possibilities.

• At 250 Livingston Street, may not fund expenses incurred since New York City lease determination. - Risks related to the uncertainties in debt restructuring and property operation at 250 Livingston Street.

Q: There are currently no questions in the queue.

A: The floor is now open for questions, but currently no questions in the queue