Clipper Realty Inc. (NYSE:CLPR) Q2 2023 Earnings Conference Call August 4, 2023 5:00 PM ET

Company Participants

Larry Kreider - Chief Financial Officer

David Bistricer - Co-Chairman of the Board and Chief Executive Officer

J.J. Bistricer - Chief Operating Officer

Conference Call Participants

Buck Horne - Raymond James

Craig Kucera - B. Riley Securities

Operator

Good day, and welcome to the Clipper Realty Second Quarter Earnings Call. At this time, all participants have been placed on a listen-only mode and the floor will be open for questions and comments after the presentation.

It is now my pleasure to turn the floor over to your host, Larry Kreider. The floor is yours.

Larry Kreider

Thank you, and good afternoon. Thank you for joining us for the second quarter of 2023 Clipper Realty, Inc. earnings conference call. Participating with me on today’s call are David Bistricer, Co-Chairman of the Board and Chief Executive Officer; and J.J. Bistricer, Chief Operating Officer.

Please be aware that statements made during the call that are not historical may be deemed forward-looking statements, and actual results may differ materially from those indicated by such forward-looking statements. These statements are subject to numerous risks and uncertainties, including those disclosed in the company’s 2022 annual report on Form 10-K and updated in the 2023 second quarter report on Form 10-Q, which are accessible at www.sec.gov and our website.

As a reminder, the forward-looking statements speak only as of the date of this call, August 3, 2023, and the company undertakes no duty to update them. During this call, management may refer to certain non-GAAP financial measures, including adjusted funds from operations or AFFO; adjusted earnings before interest, taxes, depreciation and amortization or adjusted EBITDA; and net operating income or NOI. Please see our press release, supplemental financial information and Form 10-Q posted today for a reconciliation of these non-GAAP financial measures with the most directly comparable GAAP financial measures.

With that, I will now turn the call over to our Co-Chairman and CEO, David Bistricer.

David Bistricer

Thank you, Larry. Good afternoon, and welcome to the second quarter 2023 earnings call for Clipper Realty. I will provide an update to our business performance and some exciting new developments. I will then turn the call over to J.J, who will discuss property level activity, including leasing performance. Finally, Larry will speak about our quarterly financial performance. We will then take your questions.