Revenue growth has shifted to a 3.3% contraction as of 2026Q1, while NOI margins plummeted from historical averages above 55% to just 10.5% in the most recent quarter.
Clipper Realty Inc. (CLPR) annual income statement — 13-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 151.46M | 153.2M | 148.78M | 138.21M | 129.75M | 122.73M | 122.85M | 116.17M | 110M | 103.95M | 93M | 84.6M | 47.77M | 41.46M |
| Revenue Growth % | -1.72% | 2.98% | 7.65% | 6.52% | 5.72% | -0.1% | 5.75% | 5.61% | 5.82% | 11.77% | 9.93% | 77.1% | 15.23% | - |
| Property Operating Expenses | 84.37M | 30.39M | 63.93M | 62.57M | 61.87M | 59.45M | 58.19M | 53.85M | 49.56M | 47.71M | 43.18M | 38.21M | 26.23M | 24.07M |
| Net Operating Income (NOI) | 67.09M | 122.81M | 84.84M | 75.64M | 67.88M | 63.28M | 64.66M | 62.31M | 60.44M | 56.24M | 49.82M | 46.4M | 21.54M | 17.39M |
| NOI Margin % | 44.3% | 80.16% | 57.03% | 54.73% | 52.32% | 51.56% | 52.63% | 53.64% | 54.94% | 54.1% | 53.57% | 54.84% | 45.09% | 41.94% |
| Operating Expenses | 32.55M | 118.63M | 44.31M | 42.47M | 40.24M | 39.12M | 32.52M | 28.82M | 27.88M | 26.66M | 23.7M | 17.82M | 6.83M | 6.05M |
| G&A Expenses | 16.24M | 15.52M | 14.15M | 13.17M | 12.75M | 10.57M | 9.73M | 9.17M | 9.87M | 9.94M | 8.4M | 5.3M | 2.36M | 1.77M |
| EBITDA | 67.04M | 35.5M | 70.31M | 61.98M | 54.62M | 49.92M | 55.38M | 51.75M | 109.8M | 104.31M | 92.87M | 38.45M | 16.97M | 13.21M |
| EBITDA Margin % | 44.26% | 23.17% | 47.26% | 44.84% | 42.1% | 40.68% | 45.08% | 44.55% | 99.82% | 100.35% | 99.85% | 45.45% | 35.52% | 31.86% |
| Depreciation & Amortization | 32.5M | 31.33M | 29.79M | 28.81M | 26.98M | 25.76M | 23.24M | 18.26M | 77.34M | 74.81M | 67.07M | 9.95M | 2.58M | 1.87M |
| D&A / Revenue % | 21.46% | 20.45% | 20.02% | 20.84% | 20.8% | 20.99% | 18.92% | 15.72% | 70.31% | 71.96% | 72.11% | 11.76% | 5.41% | 4.51% |
| Operating Income | 34.54M | 4.18M | 40.53M | 33.17M | 27.64M | 24.16M | 32.14M | 33.5M | 32.46M | 29.5M | 25.8M | 28.5M | 14.38M | 11.34M |
| Operating Margin % | 22.8% | 2.73% | 27.24% | 24% | 21.3% | 19.69% | 26.16% | 28.83% | 29.51% | 28.38% | 27.74% | 33.69% | 30.11% | 27.35% |
| Interest Expense | 2M | 53.03M | 47.11M | 44.87M | 40.21M | 41.28M | 40.23M | 35.19M | 32.78M | 35.51M | 38.14M | 36.7M | 9.14M | 0 |
| Interest Coverage | - | 0.62x | 0.86x | 0.65x | 0.69x | 0.52x | 0.78x | 0.95x | 0.73x | 0.83x | 0.68x | 0.78x | 1.57x | - |
| Non-Operating Income | 6.6M | -28.95M | 0 | 3.87M | 0 | 2.9M | 838K | 0 | 8.68M | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | -33.28M | -19.9M | -6.58M | -15.56M | -12.57M | -20.02M | -12.23M | -4.12M | -9M | -6M | -12.34M | -8.2M | 5.24M | 3.41M |
| Pretax Margin % | -21.98% | -12.99% | -4.42% | -11.26% | -9.69% | -16.31% | -9.95% | -3.55% | -8.18% | -5.77% | -13.27% | -9.69% | 10.96% | 8.23% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -12.66M | -19.9M | -2.5M | -5.9M | -4.76M | -7.59M | -4.91M | -1.67M | -3.63M | -2.36M | -3.73M | -5.05M | 5.24M | 3.41M |
| Net Margin % | -8.36% | -12.99% | -1.68% | -4.27% | -3.67% | -6.18% | -3.99% | -1.43% | -3.3% | -2.27% | -4.02% | -5.97% | 10.96% | 8.23% |
| Net Income Growth % | 13.86% | -696% | 57.63% | -23.85% | 37.21% | -54.65% | -194.65% | 54.17% | -54.14% | 36.89% | 26.11% | -196.51% | 53.56% | - |
| Funds From Operations (FFO) | 19.84M | 11.43M | 27.29M | 22.91M | 22.22M | 18.18M | 18.33M | 16.59M | 73.71M | 72.45M | 63.33M | 4.89M | 7.82M | 5.28M |
| FFO Margin % | 13.1% | 7.46% | 18.34% | 16.57% | 17.13% | 14.81% | 14.92% | 14.28% | 67.01% | 69.7% | 68.1% | 5.78% | 16.37% | 12.74% |
| FFO Growth % | 96.49% | -58.12% | 19.12% | 3.09% | 22.26% | -0.86% | 10.49% | -77.49% | 1.74% | 14.4% | 1194.38% | -37.45% | 48.12% | - |
| FFO per Share | 0.47 | 0.27 | 1.69 | 1.43 | 1.38 | 1.13 | 1.04 | 0.93 | 4.14 | 4.26 | 3.44 | 0.27 | 0.42 | 0.29 |
| FFO Payout Ratio % | 93.89% | 161.5% | 22.39% | 75.93% | 76.83% | 33.58% | 94.05% | 40.79% | 9.18% | 22.86% | 15.71% | 324.63% | 862.31% | 84.25% |
| EPS (Diluted) | -0.30 | -0.47 | -0.25 | -0.45 | -0.36 | -0.51 | -0.31 | -2.17 | -0.20 | -0.14 | -0.20 | -0.27 | 0.28 | 0.19 |
| EPS Growth % | 41.89% | -88% | 44.44% | -25% | 29.41% | -64.52% | 85.71% | -985% | -42.86% | 30% | 25.93% | -196.43% | 51.35% | - |
| EPS (Basic) | - | -0.47 | -0.25 | -0.55 | -0.36 | -0.51 | -0.31 | -2.17 | -0.20 | -0.14 | -0.20 | -0.27 | 0.28 | 0.19 |
| Diluted Shares Outstanding | 42.46M | 42.46M | 16.11M | 16.06M | 16.06M | 16.06M | 17.63M | 17.81M | 17.81M | 17.02M | 18.42M | 18.42M | 18.42M | 18.42M |
Quick answers to the most common questions about buying CLPR stock.
For fiscal year 2025, Clipper Realty Inc. (CLPR) reported total revenue of $153.2M. This represents a 269.5% increase compared to $41.5M in 2013.
Clipper Realty Inc. (CLPR) reported a net loss of $19.9M for the fiscal year ending 2025.
Clipper Realty Inc. (CLPR) reported an operating income of $4.2M, resulting in an operating profit margin of 2.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Clipper Realty Inc. (CLPR) generated $122.8M in gross profit for the year, representing a gross profit margin of 80.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
NYC Regulatory and Interest Exposure
Metrics are mathematically derived from official filings.
Revenue Stagnation Amidst Operational Volatility
According to the provided financial data, Clipper Realty's revenue growth has decelerated significantly, shifting from a 10.2% increase in 2025Q1 to a 3.3% contraction by 2026Q1, suggesting that the company's ability to drive top-line expansion through its NYC-centric portfolio is currently facing substantial headwinds.
The recent revenue decline indicates that the company may be struggling to push through rent increases in its stabilized portfolio, likely constrained by local regulatory caps. Investors should monitor whether the recent stabilization of new developments can offset the lack of organic growth in the legacy asset base.
NOI Margin Compression Signals Operational Stress
As reported in the quarterly financial statements, the company's NOI margin experienced a sharp contraction to 10.5% in 2026Q1, a significant departure from the 55% to 58% range maintained throughout 2024, which implies that rising property-level operating expenses are severely eroding the profitability of the underlying real estate.
This margin volatility suggests that the company is unable to effectively pass through inflationary costs, such as property taxes and maintenance, to its tenant base. The sudden drop in NOI margin warrants further investigation into whether this is a temporary spike in operating costs or a structural shift in property-level profitability.
FFO Volatility Undermines Earnings Reliability
Based on the company's reported figures, FFO per share has exhibited extreme instability, swinging from a negative $0.36 in 2025Q1 to a positive $0.09 in 2026Q1, which suggests that the REIT's core earnings power is highly sensitive to non-recurring items and interest expense fluctuations.
The erratic FFO trajectory makes it difficult for investors to rely on current earnings as a baseline for dividend sustainability. The negative AFFO reported in 2025Q2 further highlights the potential disconnect between headline FFO and the actual cash available for distribution after accounting for necessary capital expenditures.
GAAP Net Losses Mask Asset Value
Financial statements reveal a consistent pattern of negative net income, with losses reaching $4.2 million in 2026Q1, which appears to be driven primarily by heavy non-cash depreciation charges inherent in the company's high-value NYC real estate portfolio rather than a failure of the underlying business model.
While GAAP net income is consistently negative, this metric likely obscures the economic reality of the company's asset appreciation in the NYC market. Analysts should focus on the gap between these accounting losses and the actual cash flow generated by the properties to determine if the assets are truly underperforming.