Clipper Realty Inc. (NYSE:CLPR) Q4 2023 Earnings Conference Call March 14, 2024 5:00 PM ET

Company Participants

Larry Kreider - CFO

David Bistricer - Co-Chairman and CEO

JJ Bistricer - COO

Conference Call Participants

Buck Horne - Raymond James

Larry Kreider

Good afternoon and thank you for joining us for the Fourth Quarter 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 JJ Bistricer, Chief Operating Officer.

Please be aware the 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 2023 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 March 14, 2024 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 in 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 Chairman and -- our Co-Chairman and CEO, David Bistricer.

David Bistricer

Thank you, Larry. Good afternoon and welcome to the fourth quarter 2023 earnings call for Clipper Realty. I will provide a summary of some of our business performance and some existing new developments, after which JJ will discuss property-level activity, including leasing performance and Larry will speak to our quarterly financial performance. We will then take your questions.

I'm pleased to report that we have reported record operating income and AFFO, continuing the positive trends from previous quarters. Rental demand continues to be strong at all our properties. In the fourth quarter, Livingston has exceeded the prior rents by 6% across the entire market-based portfolio and our properties were 98% leased.

As for Tribeca House property in Manhattan and the Clover House property in Brooklyn, new leases were $88 per square foot and overall rent levels remained at record levels, $78 at Tribeca House, $81 at Clover House, 40% better than the 63 per foot at the end of December 2021.