Clipper Realty Q2 revenue falls on lower commercial rents
Clipper Realty Q2 revenue falls on lower commercial rents
Overview
US multifamily and commercial landlord's Q2 revenue declined yr/yr on lower commercial rents
Q2 net loss widened, mainly reflecting NYC lease termination at 250 Livingston Street
Residential revenues rose on record leasing rates and occupancy
Outlook
Company did not provide specific guidance for future quarters or full year
Result Drivers
COMMERCIAL LEASE TERMINATION - Termination of NYC lease at 250 Livingston Street sharply reduced commercial revenue and increased net loss
STRONG RESIDENTIAL LEASING - Record residential rental rates and occupancy drove higher residential revenues
PROSPECT HOUSE LEASE-UP - New Prospect House property contributed to revenue growth but reported a net loss during its lease-up period
Company press release: ID:nBw6B65G2a
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Miss | $38.60 mln | $39 mln (1 Analyst) |
Q2 Net Loss |
| $6.30 mln |
|
Q2 Adjusted FFO |
| $3.80 mln |
|
Q2 Dividend |
| $0.10 |
|
Q2 Income From Operations |
| $9.38 mln |
|
Analyst Coverage
The one available analyst rating on the shares is "sell"
The average consensus recommendation for the residential reits peer group is "buy."
Reuters Recommended Reads
Aug 3 - Vornado Realty Trust Q2 adjusted FFO per share rises on new rent commencements
Aug 4 - Douglas Emmett Q2 revenue rises slightly, FFO per share flat
Aug 5 - Realty Income lifts 2026 funds from operations forecast on higher rental rate
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)