Clipper Realty Inc (NYSE:CLPR) Q2 2024 Earnings Conference Call August 1, 2024 5:00 PM ET

Company Participants

Larry Kreider - Chief Financial Officer
David Bistricer - Co-Chairman of the Board and Chief Executive Officer
JJ Bistricer - Chief Operating Officer

Conference Call Participants

John Rodis - Janney Montgomery Scott LLC
Ross Haberman - RLH Investments

Operator

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

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

Larry Kreider

Thank you, John. Good afternoon and thank you for joining us for the second quarter 2024 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, August 1, 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-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 of 2024 earnings call for Clipper Realty. I will provide an update on our business performance and some 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 are reporting record operating results, including record revenue, net operating income, and AFFO, based on excellent residential activity. Rental demand continues to be strong at all our properties.