Clipper Realty, Inc. (NYSE:CLPR) Q2 2022 Earnings Conference Call August 9, 2022 5:00 PM ET

Company Participants

Lawrence Kreider - CFO & Secretary

David Bistricer - Co-Chairman & CEO

Jacob Bistricer - COO

Conference Call Participants

Buck Horne - Raymond James & Associates

Operator

Good afternoon, ladies and gentlemen, and welcome to today's Clipper Realty Second Quarter 2022 Earnings Call. [Operator Instructions].

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

Lawrence Kreider

Thank you very much. Good afternoon, and thank you for joining us for the second quarter 2022 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 2021 annual report on Form 10-K, which is 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 9, 2022, 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 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 2022 earnings call for Clipper Realty. I will provide an update of our business performance, including recent highlights and milestones as well as our company's progress. I will then turn the call over to J.J., who will address property-level activity, including leasing performance. Finally, Larry will speak about our quarterly financial performance. We will then take your questions.

We see positive operational trends as we look forward. Residential leasing activity is rapidly improving. Despite the recent headline news on inflation and interest rate increases, we expect rental demand to remain strong and pricing to improve. Now that New York City is largely reopened, people seek to relocate back to the city and employees increasingly return to their offices.