Clipper Realty Inc. (NYSE:CLPR) Q1 2022 Earnings Conference Call May 10, 2022 5:30 PM ET

Company Participants

Lawrence Kreider - CFO

David Bistricer - Co-Chairman & CEO

JJ Bistricer - Chief Operating Officer

Conference Call Participants

Buck Horne - Raymond James

Operator

Good afternoon, ladies and gentlemen, and welcome to the Clipper Realty First Quarter 2022 Earnings Call. At this time, all participants have been placed on a listen-only mode and we will open the floor for your questions and comments after the presentation.

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

Lawrence Kreider

Thank you very much, Matt. Good afternoon and thank you for joining us for the first 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 JJ 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, May 10, 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-K 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. Our new residential leasing activities began towards the end of last year continues to improve. At the end of the first quarter, all our residential properties were leased to the mid high 90% range. New rental rates per square foot in April and May are reaching or exceeding pre-pandemic levels and all exceeding present average rates. For example, leases in April, at Tribeca House we’re $83 per square foot; Flatbush Gardens, $35 per square foot, Clover House $84 per square foot.