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Clipper Realty Inc.NYSE:CLPR Stock Report

Market Cap US$128.3m
Share Price
US$2.92
US$3.36
13.0% undervalued intrinsic discount
1Y-29.6%
7D-4.9%
Portfolio Value
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Clipper Realty Inc.

NYSE:CLPR Stock Report

Market Cap: US$128.3m

Clipper Realty (CLPR) Stock Overview

A self-administered and self-managed real estate company that acquires, owns, manages, operates, and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn. More details

CLPR fundamental analysis
Snowflake Score
Valuation4/6
Future Growth0/6
Past Performance0/6
Financial Health2/6
Dividends3/6

Rewards

Trading at 13% below our estimate of its fair value

Trading at good value compared to peers and industry

Risk Analysis

Negative shareholders equity

Earnings are forecast to decline by an average of 26.9% per year for the next 3 years

Currently unprofitable and not forecast to become profitable over the next 3 years

Dividend of 13.01% is not well covered by earnings


CLPR Community Fair Values

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Clipper Realty Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Clipper Realty
Historical stock prices
Current Share PriceUS$2.92
52 Week HighUS$4.61
52 Week LowUS$2.83
Beta0.97
1 Month Change-12.84%
3 Month Change-13.35%
1 Year Change-29.64%
3 Year Change-41.83%
5 Year Change-64.43%
Change since IPO-78.37%

Recent News & Updates

Recent updates

Seeking Alpha • Feb 27

Clipper Realty: Cheap Even With Office And Political Overhangs

Summary Clipper Realty remains a "buy" due to depressed valuation, despite political and regulatory headwinds in NYC impacting rent growth and sentiment. Residential fundamentals are solid, with new leases up 13%, and Prospect House lease-up is expected to drive revenue growth into mid-2026. A nonrecourse property-level debt structure offers downside protection, and no near-term maturities provide balance sheet flexibility. Dividend yield stands at 11%, covered for now, but medium-term sustainability hinges on rent inflation and future refinancing rates. Read the full article on Seeking Alpha
Seeking Alpha • Feb 17

Clipper Realty: Remarkable Q4 Reignites Bull Case, 9.3% Dividend Yield A Strong Buy

Summary Clipper Realty's 9.3% dividend yield is significantly elevated due to a broad REIT pullback, presenting a strong buy opportunity with robust revenue growth and record FFO. The REIT's fiscal 2024 fourth-quarter revenue rose 9.1% year-over-year, driven by positive leasing spreads, with FFO providing substantial 200% coverage on dividend payments. CLPR's current yield is excessively high compared to its financial health, suggesting a fair price of at least $6 per share. The portfolio is 98.9% leased, generating an annualized base rent of $147.52 million, highlighting the REIT's strong rent generation and undervalued market position. Read the full article on Seeking Alpha
Seeking Alpha • Feb 05

Clipper Realty: An Undervalued REIT Plagued By High Debt And Limited Geography

Summary Clipper Realty gets a hold rating as its low share price and undervaluation is overcome by negative equity, a limited portfolio, and lacking a proven profitability lately. Macro factors like rental housing demand growth in the NYC market could be in its favor. Although the dividend yield is past 9%, there is no proven dividend growth. However, the firm's positive cashflow could provide sustainability. Interest rate risk remains as the Fed has held back on further cuts to its target rate this year, for now. Read the full article on Seeking Alpha
Seeking Alpha • Nov 24

Clipper Realty: 7.4% Dividend Yield But Office Property Headwinds Need To Be Addressed For New Highs

Summary Clipper Realty is paying out a 7.4% dividend yield that's fully covered by free cash flow. The plan to sell 10 West 65th Street increases office property exposure and impacts the multifamily pureplay bull case. Despite record quarterly revenue and improved free cash flow, Clipper Realty faces financial uncertainty due to an accelerated loan payment totaling $116.6 million. Read the full article on Seeking Alpha
Seeking Alpha • Aug 31

Clipper Realty: 8% Dividend Yield From Significantly Undervalued US Multifamily REIT, I'm Buying

Summary Clipper Realty is a buy due to its low valuation, high dividend yield, and debt relief from pending Fed rate cuts. CLPR's common shares trade at 7.1x annualized fiscal 2024 second quarter FFO, with an 8% dividend yield, significantly covered by FFO. Despite office exposure and lease expirations, CLPR's strong free cash flow and New York's high rent environment support its financial health. Fed rate cuts and potential lease extensions are key catalysts for CLPR. Read the full article on Seeking Alpha
Seeking Alpha • Aug 05

Clipper Realty: Much Safer Than It Appears

Summary Clipper Realty is a REIT with undervalued assets in NYC that outweigh concerns about high debt and office space tenant departure. The estimated value of CLPR ranges from $5.82 to $23.5, depending on cap rate. CLPR's unique capital structure protects individual properties from debt risks: poor performance of one property will not negatively impact others. Read the full article on Seeking Alpha
Seeking Alpha • May 29

Clipper Realty: High Yield, But You Could Be Ignored

Summary Clipper Realty's stock is currently trading at an all-time low and a 10% yield with no history of dividend cuts. With ten properties in Manhattan and Brooklyn, it's good real estate, but refinancing at higher interest rates could squeeze the cash flow too much. Crucially, management is not bound by anti-competitive agreements, and their best ideas may not go to CLPR. Read the full article on Seeking Alpha
Seeking Alpha • Dec 19

Clipper Realty: How Sustainable Is The 7.7% Dividend Yield?

Summary Clipper Realty is currently paying out a 7.7% dividend yield. The most recent distribution was 158% covered by its third quarter adjusted FFO. Its long-dated maturity profile and high insider ownership have reduced the likelihood of a dividend reduction. Read the full article on Seeking Alpha
Seeking Alpha • Sep 28

The 7.2% Dividend Of Clipper Realty Comes With High Risk

Summary Clipper Realty is offering a 7.2% dividend yield, but its dividend is far from safe, partly due to a forward FFO payout ratio of 106%. The commercial properties of Clipper Realty have been negatively impacted by an accelerated shift to e-commerce. The REIT has a high debt load and has underperformed the market, making it a risky investment for income-oriented investors. Read the full article on Seeking Alpha
Seeking Alpha • Jan 25

Clipper Realty: Local Expertise In NY Market Is Overshadowed By Higher Debt Load

Summary Clipper Realty owns and operates residential and commercial properties in the New York metropolitan area. Their expertise navigating the complexities of the regional market is one competitive strength. The company has also benefitted from strong demand for their properties, resulting in record operating metrics. A dividend payout currently yielding over 5.5% is one draw to the stock. Despite these positive attributes, a high degree of leverage hangs over the company. This is resulting in significant ongoing debt servicing costs. For investors, the higher risk premium associated with their debt surpasses any embedded upside potential in the shares. Clipper Realty, Inc (CLPR) is a self-managed real estate investment trust ("REIT") that operates multifamily residential and commercial properties in the New York metropolitan area, with operations in Manhattan and Brooklyn. The company's scale is small, with limited geographic exposure and less than ten primary properties in their portfolio. This exposes them to unique risks relating to the local New York economy, as well as building-specific risks. In addition, they depend on a single government tenant in their office portfolio. While the space is fully occupied, the company could be at significant risk if they were to lose the tenant. Though the company has posted solid operating metrics, their risk profile is high. An elevated debt load further compounds the risks relating to their limited scale. Over the past year, the stock has traded in a tight 52-week range and is down about 26%. While this is better than some others on a relative basis, it's unlikely shares will outperform over the long run. For investors seeking new opportunities, CLPR is one best kept on the sidelines. Current Ratings Summary CLPR ranks very poorly on Seeking Alpha's ("SA") quant system. Presently, the quant is assigning shares a "strong sell" rating, with poor grades on every metric. In the middle of 2022, shares scored higher due to building momentum, but that proved short lived. Seeking Alpha - Quant Rating History Of CLPR Authors on SA and Wall Street analysts are both more receptive to the stock, though it's worth mentioning the company is thinly covered. There have been just two SA pieces on the stock over the past 30 days and only three analysts on Wall Street have covered the stock in the last 90 days. That being said, one should not get too excited about the current average price target on the stock, which is currently $12.50/share. That would imply upside of 85% from current levels. While that may sound appealing, the limited number of analysts covering the stock, especially in recent periods, diminishes the value of that target. Current Portfolio Metrics At the end of the third quarter, all of CLPR's operating metrics were exceeding pre-pandemic levels. In addition, management noted continued demand strength in their markets. New lease rental rates during the quarter were up 23%, while renewals were up 9%. And through nine reported months, new lease rates and renewals have increased 27% and 16%, respectively. In addition, leased occupancy stood at about 99% at the end of the quarter. This was supplemented by strong overall collection rates of 95.5%. Strong demand and stable portfolio metrics resulted in record revenue and net operating income ("NOI") during the quarter. Looking ahead, their newly developed property at 1010 Pacific Street is expected to lease-up through Q1FY23. Aside from this property, the company also has embedded opportunities within their newly acquired property at 953 Dean Street and their development at Prospect Heights. While this could be accretive over the long-run, the development activities could constrain liquidity in the near-term. Liquidity and Debt Profile At September 30, 2022, CLPR's total debt load amounted to +$1.2B. For their size, this is precariously high. To put this into perspective, they've generated +$44M in EBITDA through nine months of the year. Even at the forward annualized run rate, debt is hovering at nearly 20x earnings. Total debt is also well above their current market capitalization and is about 85% of their reported gross assets. CLPR also added to their total burden in the current year with their borrowings relating to the development of their 1010 Pacific Street property and the acquisition 953 Dean Street. As an offset to their overly leveraged position is their maturity schedule, which is favorably skewed towards later years. In addition, most of their obligations are fixed rate, which hedges against the risk of changing interest rates. Still, interest expense is their single largest line item on their income statement. And EBITDA coverage is just under 1.5x. Q3FY22 Investor Supplement - Reported Adjusted EBITDA In Relation To Total Interest Expense While management does highlight their liquidity position as a strength, due to available cash of about +$35.5M, in addition to positive reoccurring operating cash flows, their overall financial position appears vulnerable. Dividend Safety CLPR currently provides a quarterly payout of $0.095/share. At its current share price, this represents an annualized yield of about 5.6%. Over the past several years, the quarterly rate has remained stable, even through 2020. Seeking Alpha - CLPR Dividend Payout History Over Past Three Years However, there is little room for growth in the payout due to their constraining debt load and associated debt servicing costs. Coverage through adjusted funds from operations ("FFO"), nevertheless, appears adequate. In the current period, for example, CLPR reported AFFO of $0.12/share. The payout ratio would thus be 79%. Though above sector averages, it isn't significantly out of line. Additionally, they do generate sufficient operating cash flows to fully cover their payouts. It is important to note, however, that they are using more than +$30M in cash to pay interest, which is significant.
Seeking Alpha • Aug 24

Rhizome Partners - Clipper Realty:  Poised For Dramatic Revenue Increases

Covid has had an extreme impact on the New York City apartment market. By September 2020, the asking rent dropped, and Clipper offered large price cuts to fill vacant units. Today, the asking rent for this unit is 32% higher than the 2019 level and 72% higher than the 2020 level—a stunning recovery from the dire situation in early 2021. As CLPR continues to renew existing leases and sign new leases, it will experience dramatic revenue and net-operating-income increases. The following segment was excerpted from this fund letter. Clipper Realty (CLPR) This price history chart of apartment 8A at the Clover House, owned by Clipper Realty, is worth a thousand words. It perfectly captures the extreme impact Covid has had on the New York City apartment market. In the summer of 2019, this specific unit asked for $3,329. By September of 2020, the asking rent had dropped to $2,550 as Clipper and other landlords offered large price cuts to fill vacant units. This was about the time that author, comedy club owner, and former hedge-fund manager James Altucher famously proclaimed that New York City was dead forever. Today, the asking rent for this unit is 32% higher than the 2019 level and 72% higher than the 2020 level—a stunning recovery from the dire situation in early 2021. As Clipper continues to renew existing leases and sign new leases, it will experience dramatic revenue and net-operating-income increases. We are eager to see updates in the coming quarters. In 2020 and early 2021, it seemed as if the U-Haul trucks would only move people out of New York City and Covid would stay with us forever. In 2022, it seems obvious that New York City will recover and Covid headlines will fade. The new headlines now feature chronic shortage of housing and bidding wars on apartments. This is precisely why we focus on normalized earnings power 2-5 years out. Our partners’ patience allows us to take long-term views and take advantage of temporary interruptions in earnings powers. I recently attended Clipper’s in-person annual shareholder meeting in Brooklyn with a fellow value focused investment manager. Being the only two investors who showed up, we were able to chat with the management team for over an hour. We had a very informative and productive meeting. Clipper Realty, like many of our smaller family-controlled real estate companies, suffers from investor misconception. Investors generally question the intention of the management. We found the management team to be very amiable, cordial, and attentive to our suggestions. We chatted about the business and learned more about Clipper’s plans. We encouraged Clipper to allocate more resources to investor outreach and suggested hosting an investor day coupled with a property tour. There were three key takeaways from the meeting: Clipper has invested in digital tools to streamline apartment leasing and financial reporting. This effort was spearheaded by the young chief operating officer. Clipper’s new development project at 1010 Pacific is anticipated to finish by yearend 2022 and the lease up will take only one quarter, versus the twelve months we had previously modeled. The family cares a lot about the large gap between the share price and the private market value. They want to close this gap and potentially use Clipper’s public equity as a low-cost currency. This creates alignment between the controlling family and minority shareholders. This last point seems obvious, but there can be strange situations where the controlling family cares very little about public share price.
Seeking Alpha • Aug 17

Clipper Realty goes ex-dividend tomorrow

Clipper Realty (NYSE:CLPR) had declared $0.095/share quarterly dividend, in line with previous. Payable Aug. 26; for shareholders of record Aug. 19; ex-div Aug. 18. See CLPR Dividend Scorecard, Yield Chart, & Dividend Growth.

Shareholder Returns

CLPRUS Residential REITsUS Market
7D-4.9%-2.2%-0.9%
1Y-29.6%-13.7%24.4%

Return vs Industry: CLPR underperformed the US Residential REITs industry which returned -11.3% over the past year.

Return vs Market: CLPR underperformed the US Market which returned 26.7% over the past year.

Price Volatility

Is CLPR's price volatile compared to industry and market?
CLPR volatility
CLPR Average Weekly Movement6.0%
Residential REITs Industry Average Movement2.8%
Market Average Movement7.2%
10% most volatile stocks in US Market16.2%
10% least volatile stocks in US Market3.1%

Stable Share Price: CLPR has not had significant price volatility in the past 3 months compared to the US market.

Volatility Over Time: CLPR's weekly volatility (6%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2015161David Bistricerwww.clipperrealty.com

Clipper Realty Inc. is a self-administered and self-managed real estate company that acquires, owns, manages, operates, and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn. Clipper Realty Inc. was established on July 07, 2015 and incorporated in Maryland.

Clipper Realty Inc. Fundamentals Summary

How do Clipper Realty's earnings and revenue compare to its market cap?
CLPR fundamental statistics
Market capUS$128.27m
Earnings (TTM)-US$13.11m
Revenue (TTM)US$151.92m
0.3x
P/S Ratio
-3.6x
P/E Ratio

Is CLPR overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
CLPR income statement (TTM)
RevenueUS$151.92m
Cost of RevenueUS$68.67m
Gross ProfitUS$83.25m
Other ExpensesUS$96.36m
Earnings-US$13.11m

Last Reported Earnings

Mar 31, 2026

Next Earnings Date

n/a

Earnings per share (EPS)-0.81
Gross Margin54.80%
Net Profit Margin-8.63%
Debt/Equity Ratio-1,337.8%

How did CLPR perform over the long term?

See historical performance and comparison

Dividends

13.0%
Current Dividend Yield
-52%
Payout Ratio

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/15 10:30
End of Day Share Price 2026/05/15 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Clipper Realty Inc. is covered by 2 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Craig KuceraB. Riley Securities, Inc.
Buck HorneRaymond James & Associates