Dividend sustainability is highly questionable, as the payout ratio relative to AFFO reached 1.22 in 2026Q1, further constrained by periodic capital outlays like the $15.7 million spent in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | 19.46M | 22.57M | 31.86M | 26.18M | 20.14M | 10.82M | 15.99M | 23.77M | 27.26M | 10.77M | 9.35M | 9.44M | 7.47M | 5.17M |
| Operating CF Growth % | -170.79% | -29.16% | 21.68% | 30.02% | 86.09% | -32.32% | -32.74% | -12.78% | 152.98% | 15.23% | -0.95% | 26.34% | 44.44% | - |
| Operating CF / Revenue % | 12.81% | 14.73% | 21.42% | 18.95% | 15.52% | 8.82% | 13.02% | 20.46% | 24.78% | 10.36% | 10.05% | 11.16% | 15.64% | 12.48% |
| Net Income | -10.79M | -52.34M | -6.58M | -15.56M | -12.57M | -20.02M | -12.23M | -4.12M | -9M | -6M | -12.34M | -8.2M | 5.24M | 3.41M |
| Depreciation & Amortization | 31.55M | 31.23M | 29.79M | 28.81M | 26.74M | 25.43M | 22.76M | 17.78M | 14.85M | 13.81M | 15.04M | 9.95M | 2.58M | 1.87M |
| Stock-Based Compensation | 3.13M | 4.27M | 2.7M | 3.02M | 2.92M | 2.61M | 1.8M | 1.51M | 1.94M | 3.11M | 2.52M | 709K | 0 | 0 |
| Other Non-Cash Items | 29.69M | 40.68M | 2.99M | 6.29M | 1.54M | 1.67M | 6.84M | 4.07M | 3.84M | 5.96M | 5.26M | 8.33M | 1.98M | 330K |
| Working Capital Changes | 4.97M | -1.27M | 2.97M | 3.63M | 1.51M | -3.76M | -3.19M | 2.1M | 6.97M | -6.37M | -992K | -1.87M | -2.33M | -438K |
| Cash from Investing | 19.84M | 12.09M | -68.78M | -41.36M | -51.48M | -77.94M | -31.71M | -74.9M | -39.3M | -187.66M | -121.28M | -9.03M | -226.82M | -2.65M |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 2.02M | -2.02M | 0 | 0 | 0 | 0 | -103.12M | 0 | -222.28M | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | -40.55M | 0 | -31.13M | 0 | -167.38M | -103.12M | -9.03M | 0 | 0 |
| Sale of Investments | 43.49M | 0 | 0 | 0 | 0 | 76.08M | 0 | 0 | 356K | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -7.9M | 12.09M | -68.78M | -41.36M | -53.49M | -75.93M | -31.71M | 0 | 226K | -167.38M | 103.12M | -9.03M | -2M | -2.65M |
| Cash from Financing | -25.25M | -14.56M | 38.75M | 20.73M | 9.78M | 30.31M | 47.82M | 62.2M | 41.13M | 147.61M | 24.15M | 115.76M | 224.71M | -2.68M |
| Dividends Paid | -23.17M | -18.45M | -17.58M | -17.39M | -17.07M | -6.1M | -17.24M | -6.77M | -6.77M | -16.57M | -9.95M | -15.88M | -67.45M | -4.45M |
| Common Dividends | -9.23M | -18.45M | -17.58M | -17.39M | -17.07M | -6.1M | -17.24M | -6.77M | -6.77M | -16.57M | -9.95M | -15.88M | -67.45M | -4.45M |
| Debt Issuance (Net) | 566K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -737K | 1000K | 1000K |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -10M | 0 | -7K | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -6.98M | -6.98M | 0 | -9.67M | -335K | -17.91M | -5.22M | -14.85M | -22.6M | -4.89M | -10.01M | 2.18M | 92.81M | -384K |
| Net Change in Cash | 15.54M | 20.1M | 1.83M | 5.56M | -21.56M | -36.81M | 32.1M | 5.47M | 29.09M | -29.27M | -87.78M | 116.17M | 5.36M | -159K |
| Exchange Rate Effect | 1.48M | 0 | 0 | 0 | 0 | 0 | 0 | -5.6M | 0 | -334K | 0 | 0 | 0 | 0 |
| Cash at Beginning | 58.15M | 38.05M | 36.23M | 30.67M | 52.22M | 89.03M | 56.93M | 37.03M | 7.94M | 37.55M | 125.33M | 9.16M | 3.8M | 3.96M |
| Cash at End | 54.65M | 58.15M | 38.05M | 36.23M | 30.67M | 52.22M | 89.03M | 42.5M | 37.03M | 8.27M | 37.55M | 125.33M | 9.16M | 3.8M |
| Free Cash Flow | 3.72M | 22.57M | 31.86M | 26.18M | 20.14M | -24.71M | 15.99M | -20M | -12.62M | -9.5M | -111.94M | 415K | 4.93M | 5.17M |
| FCF Growth % | -88.48% | -29.16% | 21.68% | 30.02% | 181.5% | -254.53% | 179.94% | -58.48% | -32.82% | 91.51% | -27072.29% | -91.58% | -4.7% | - |
| FCF / Revenue % | 2.45% | 14.73% | 21.42% | 18.95% | 15.52% | -20.13% | 13.02% | -17.22% | -11.47% | -9.14% | -120.35% | 0.49% | 10.32% | 12.48% |
Refinancing and Regulatory Exposure
As reported in financial statements, Clipper Realty consistently posts negative net income, with a $4.2 million loss in 2026Q1, yet the company maintains positive operating cash flow, highlighting the significant distortion caused by non-cash depreciation charges inherent in its high-value New York City real estate portfolio.
The persistent gap between GAAP net losses and positive operating cash flow suggests that the company's accounting earnings are not reflective of its actual cash-generating capacity. Investors should interpret these losses as a function of accounting conventions rather than operational failure, though the reliance on non-cash adjustments warrants caution regarding the true economic value of the assets.
Based on reported figures, the company's dividend payout ratio relative to AFFO reached 1.22 in 2026Q1, indicating that distributions are currently exceeding the cash available after accounting for recurring capital expenditures, which raises questions about the long-term sustainability of the current dividend policy in a high-rate environment.
The inability to consistently cover dividends with AFFO suggests that the company may be relying on external financing or cash reserves to maintain payouts. This trend appears to be a significant red flag for income-focused investors, as it implies that the dividend is not supported by the core operational cash flow of the portfolio.
According to recent SEC filings, the company periodically incurs substantial capital expenditures, such as the $15.7 million outlay in 2025Q2, which directly impacts free cash flow and highlights the heavy maintenance and leasing requirements necessary to keep its aging New York City assets competitive in a demanding market.
These lumpy capital requirements suggest that the company's cash flow profile is subject to significant volatility driven by property-level reinvestment needs. Analysts should monitor whether these expenditures are truly maintenance-oriented or if they represent aggressive repositioning efforts that may not yield immediate cash returns.
As indicated by the company's reported figures, the relationship between FFO and GAAP operating cash flow is highly inconsistent, with FFO/NI ratios showing extreme swings, such as the -16.22 multiple observed in 2025Q2, which suggests that core earnings are frequently impacted by non-recurring items and interest expense volatility.
The lack of a stable conversion ratio between operating cash flow and FFO implies that the company's earnings quality is low and highly sensitive to external financial pressures. This instability makes it difficult to forecast future cash availability and suggests that the company's core operations are struggling to provide a predictable buffer against rising debt service costs.
Quick answers to the most common questions about buying CLPR stock.
Clipper Realty Inc. (CLPR) generated $22.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Clipper Realty Inc. (CLPR) generated $22.6M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Clipper Realty Inc. (CLPR) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Clipper Realty Inc. (CLPR) returned $18.5M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.