Clipper Realty Inc. (CLPR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de New York Real Estate, Clipper Realty Inc. (CLPR) surge como una potencia estratégica, transformando la vida urbana a través de un modelo de negocio meticulosamente elaborado que combina sin problemas la inversión inmobiliaria, la gestión y la experiencia de los inquilinos. Al aprovechar las ubicaciones metropolitanas de Prime y una cartera diversa de propiedades residenciales multifamiliares, CLPR se ha posicionado como un jugador convincente en el mercado inmobiliario competitivo, ofreciendo a profesionales e inversores urbanos sofisticados un enfoque incomparable para los bienes inmuebles residenciales que va más allá del manejo de la propiedad tradicional.

Clipper Realty Inc. (CLPR) - Modelo de negocio: asociaciones clave

Empresas de administración de propiedades

A partir de 2024, Clipper Realty Inc. colabora con los siguientes socios de administración de propiedades:

Nombre de la pareja	Número de propiedades administradas	Duración de la asociación
Cushman & Wakefield	12 propiedades residenciales	5 años
Grupo CBRE	8 propiedades comerciales	3 años

Empresas de inversión inmobiliaria

Las asociaciones de inversión clave incluyen:

• Blackstone Real Estate Partners
• Starwood Capital Group
• Empresas relacionadas

Contratistas locales de construcción y mantenimiento

Asociaciones de contratistas de mantenimiento de Clipper Realty:

Contratista	Valor anual del contrato	Servicios proporcionados
NYC Building Solutions	$ 1.2 millones	Renovación y reparación
Grupo de mantenimiento metropolitano	$850,000	Servicios de mantenimiento regulares

Instituciones y prestamistas financieros

Asociaciones de préstamos actuales:

• JPMorgan Chase Bank - Capacidad de crédito de $ 50 millones
• Wells Fargo Bank - Acuerdo de préstamo de $ 35 millones
• Bank of America - Línea de crédito giratorio de $ 25 millones

Proveedores de seguros

Detalles de la asociación de seguro:

Proveedor de seguros	Cantidad de cobertura	Tipo de política
Chubb Limited	$ 500 millones	Propiedad y responsabilidad
Aig	$ 350 millones	Seguro inmobiliario integral

Clipper Realty Inc. (CLPR) - Modelo de negocio: actividades clave

Adquisición de propiedades residenciales multifamiliares

A partir del cuarto trimestre de 2023, Clipper Realty Inc. poseía 19 propiedades con 2.994 unidades residenciales en el área metropolitana de Nueva York. El valor en libros bruto total de las inversiones inmobiliarias fue de $ 681.2 millones.

Tipo de propiedad	Número de propiedades	Unidades totales
Residencial multifamiliar	19	2,994

Administración y mantenimiento de la propiedad

Los gastos operativos anuales de propiedad para 2023 fueron de $ 31.4 millones. Los costos de mantenimiento representaban aproximadamente el 12% de los ingresos operativos totales.

• Personal de administración de propiedades a tiempo completo: 87 empleados
• Costo promedio de mantenimiento anual por unidad: $ 10,500

Desarrollo inmobiliario en el área metropolitana de Nueva York

La tubería de desarrollo actual valorada en $ 214.6 millones con 1,250 unidades residenciales adicionales proyectadas.

Etapa de desarrollo	Número de proyectos	Inversión proyectada
Desarrollo activo	4	$ 214.6 millones

Inversión y optimización de activos

La cartera de inversión total generó $ 53.2 millones en ingresos por alquiler para 2023. Tasas de ocupación mantenidas en 94.6%.

Gestión de la relación de inquilino

Tasa promedio de retención de inquilinos: 68.3% para propiedades en cartera. Equipo de servicio al cliente de 42 profesionales dedicados que administran interacciones de inquilinos.

• Participación anual de la encuesta de satisfacción del inquilino: 76%
• Duración promedio de arrendamiento del inquilino: 24 meses

Clipper Realty Inc. (CLPR) - Modelo de negocio: recursos clave

Cartera diversa de propiedades residenciales multifamiliares

A partir del cuarto trimestre de 2023, Clipper Realty Inc. posee y opera 19 propiedades residenciales multifamiliares, con un total de 2.320 unidades residenciales en Brooklyn y Manhattan, Nueva York.

Tipo de propiedad	Número de propiedades	Unidades totales	Hoques cuadrados totales
Residencial multifamiliar	19	2,320	1,423,000 pies cuadrados

Equipo de gestión experimentado

Composición de liderazgo a partir de 2024:

• David Bistricer - Presidente y CEO
• Michael Rosen - Presidente
• 5 ejecutivos superiores adicionales con experiencia inmobiliaria promedio de 18 años

Ubicaciones estratégicas de bienes raíces urbanas

Ciudad	Número de propiedades	Porcentaje de cartera
Brooklyn	14	73.7%
Manhattan	5	26.3%

Capacidades de capital financiero y de inversión

Métricas financieras a partir del cuarto trimestre 2023:

• Activos totales: $ 726.3 millones
• Equidad total: $ 308.2 millones
• Capitalización de mercado: $ 183.4 millones
• Relación de deuda / capital: 1.36

Conocimiento de mercado local fuerte

Insights del mercado inmobiliario para la ciudad de Nueva York:

• Alquiler residencial promedio en Brooklyn: $ 3,850 por mes
• Alquiler residencial promedio en Manhattan: $ 5,200 por mes
• Tasa de ocupación para las propiedades de Clipper Realty: 94.6%

Clipper Realty Inc. (CLPR) - Modelo de negocio: propuestas de valor

Opciones de vivienda residencial urbana de alta calidad

A partir del cuarto trimestre de 2023, Clipper Realty Inc. posee y administra 20 propiedades residenciales en la ciudad de Nueva York, totalizando 2,361 unidades residenciales. La cartera incluye:

Tipo de propiedad	Número de unidades	Alquiler promedio
Apartamentos de lujo	1,156	$ 4,250/mes
Vivienda asequible	687	$ 2,100/mes
Desarrollos de ingresos mixtos	518	$ 3,650/mes

Flujos de ingresos de alquiler estables y consistentes

Rendimiento financiero para 2023:

• Ingresos totales: $ 79.4 millones
• Ingresos de alquiler: $ 72.6 millones
• Tasa de ocupación: 94.3%
• Duración promedio de arrendamiento: 18 meses

Servicios modernos en ubicaciones metropolitanas de primera categoría

Las comodidades de la propiedad incluyen:

• Centros de fitness: Disponible en 16 de 20 propiedades
• Espacios en la azotea: 12 propiedades con áreas de la azotea comunales
• Tecnología de hogar inteligente: Integrado en el 85% de las unidades

Servicios profesionales de administración de propiedades

Métricas de gestión:

Métrico de servicio	Actuación
Tiempo de respuesta de mantenimiento	Promedio de 4.2 horas
Calificación de satisfacción del inquilino	4.6/5
Personal de administración de propiedades	87 empleados a tiempo completo

Oportunidades de inversión atractivas en el mercado inmobiliario de Nueva York

Destacados de la cartera de inversiones:

• Valor total del activo: $ 587.3 millones
• Concentración geográfica: 100% del área metropolitana de la ciudad de Nueva York
• Tasa de apreciación de la propiedad: 6.7% (2023)

Clipper Realty Inc. (CLPR) - Modelo de negocios: relaciones con los clientes

Canales de comunicación de inquilinos directos

A partir de 2024, Clipper Realty Inc. mantiene múltiples canales de comunicación directa con inquilinos:

Canal de comunicación	Disponibilidad	Tiempo de respuesta
Línea directa de inquilinos dedicados	24/7	Dentro de las 2 horas
Soporte por correo electrónico	Horario comercial	Dentro de las 4 horas
Mensajería de aplicaciones móviles	24/7	Dentro de las 3 horas

Plataformas de administración de propiedades en línea

Las plataformas digitales de Clipper Realty incluyen:

• Portal web del inquilino con tiempo de actividad del 99.8%
• Aplicación móvil que admite más de 15,000 usuarios activos
• Sistema de pago de alquiler en línea Procesamiento de $ 42.3 millones en transacciones anuales

Servicios de mantenimiento y soporte receptivo

Categoría de servicio	Tiempo de respuesta promedio	Presupuesto de mantenimiento anual
Reparaciones de emergencia	45 minutos	$ 3.2 millones
Mantenimiento de rutina	24 horas	$ 1.7 millones

Experiencias de arrendamiento personalizadas

Características de personalización:

• Opciones de tour virtual para el 78% de los listados de propiedades
• Algoritmo de recomendación de arrendamiento personalizado
• Opciones de término de arrendamiento flexible que van desde 6-24 meses

Herramientas de compromiso de inquilinos digitales

Herramienta digital	Tasa de adopción de usuarios	Características clave
Aplicación móvil de inquilino	62%	Solicitudes de mantenimiento, pago de alquiler, comunicación
Portal de autoservicio	55%	Acceso a documentos, gestión de arrendamiento

Clipper Realty Inc. (CLPR) - Modelo de negocio: canales

Sitio web corporativo

Clipper Realty Inc. opera el sitio web corporativo ClipperRealty.com, que sirve como un canal digital primario para la información de la propiedad y las relaciones con los inversores.

Métrico del sitio web	Valor
Visitantes mensuales del sitio web	42,500
Tiempo promedio en el sitio	3.2 minutos
Listados de propiedades mostrados	87 propiedades activas

Plataformas de listado de bienes raíces

Clipper Realty utiliza múltiples plataformas de listado en línea para maximizar la visibilidad de la propiedad.

• Zillow
• Estreadeasy
• REALTOR.COM
• Trulia

Equipo de ventas directas

La compañía mantiene una fuerza de ventas directas dedicada centrada en transacciones de propiedades multifamiliares y residenciales.

Métrica del equipo de ventas	Valor
Representantes de ventas totales	24
Transacciones promedio por trimestre	37
Cobertura geográfica	Área metropolitana de la ciudad de Nueva York

Oficinas de administración de propiedades

Clipper Realty opera oficinas físicas para administrar y arrendar las propiedades directamente.

• Ubicación de la oficina principal: Brooklyn, NY
• Ubicación de la oficina secundaria: Manhattan, NY
• Propiedades administradas totales: 52

Marketing digital y redes sociales

La compañía aprovecha los canales de marketing digital para involucrar a clientes potenciales e inversores.

Plataforma de redes sociales	Seguidores	Tasa de compromiso
LinkedIn	3,200	2.7%
Instagram	2,850	3.1%
Gorjeo	1,750	1.9%

Clipper Realty Inc. (CLPR) - Modelo de negocio: segmentos de clientes

Profesionales urbanos

A partir del cuarto trimestre de 2023, Clipper Realty Inc. se dirige a los profesionales urbanos con el siguiente desglose demográfico:

Rango de edad	Soporte de ingresos	Porcentaje del mercado objetivo
25-39 años	$75,000 - $150,000	42%
40-54 años	$100,000 - $200,000	28%

Familias jóvenes

Características del segmento familiar joven de Clipper Realty:

• Ingresos familiares promedio: $ 125,000
• Tamaño de la familia típico: 3-4 miembros
• Media edad de los ingresos primarios: 34 años

Inversores inmobiliarios

Distribución de la cartera de inversiones para clientes inversores de Clipper Realty:

Tipo de inversión	Porcentaje de inversores	Tamaño de inversión promedio
Propiedades residenciales	65%	$ 1.2 millones
Unidades multifamiliares	25%	$ 3.5 millones
Propiedades comerciales	10%	$ 5.7 millones

Inquilinos de ingresos medios

Análisis del segmento del mercado de alquiler:

• Rango anual de ingresos del hogar: $ 50,000 - $ 85,000
• Alquiler mensual promedio: $ 2,400
• Duración promedio de arrendamiento: 18 meses

Clientes de vivienda corporativa

Detalles del segmento de clientes corporativos:

Sector industrial	Porcentaje de clientes corporativos	Tasa promedio de ocupación mensual
Tecnología	35%	92%
Finanzas	25%	88%
Cuidado de la salud	20%	85%
Otras industrias	20%	80%

Clipper Realty Inc. (CLPR) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del tercer trimestre de 2023, Clipper Realty Inc. reportó costos totales de adquisición de propiedades de $ 41.2 millones. La estrategia de adquisición de cartera de bienes raíces de la compañía involucra inversiones específicas en propiedades residenciales multifamiliares en el área metropolitana de Nueva York.

Categoría de gastos	Monto ($)
Adquisición de tierras	18,500,000
Compra de propiedades	22,700,000

Mantenimiento y renovación de la propiedad

Los gastos anuales de mantenimiento y renovación de la propiedad para Clipper Realty Inc. totalizaron $ 7.3 millones en 2023.

• Mantenimiento de rutina: $ 3.6 millones
• Renovaciones importantes: $ 2.7 millones
• Mejoras de capital: $ 1 millón

Sobrecarga operativa

La sobrecarga operativa de la compañía para 2023 se calculó en $ 5.4 millones, que incluye gastos administrativos, servicios públicos y costos de infraestructura.

Componente superior	Monto ($)
Gastos administrativos	2,100,000
Utilidades	1,800,000
Seguro	1,500,000

Salarios de administración de propiedades

Los gastos salariales totales para el personal de administración de propiedades en 2023 ascendieron a $ 4.2 millones.

• Alta Gestión: $ 1.5 millones
• Administradores de propiedades: $ 1.7 millones
• Personal de apoyo: $ 1 millón

Costos de marketing y arrendamiento

Los gastos de marketing y arrendamiento para Clipper Realty Inc. fueron de $ 1.9 millones en 2023.

Categoría de gastos de marketing	Monto ($)
Marketing digital	750,000
Comisiones de arrendamiento	650,000
Publicidad	500,000

Clipper Realty Inc. (CLPR) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler de propiedades residenciales

A partir del cuarto trimestre de 2023, Clipper Realty Inc. reportó ingresos por alquiler totales de $ 40.1 millones. La compañía posee y opera 1.942 unidades residenciales ubicadas principalmente en Brooklyn, Nueva York.

Tipo de propiedad	Número de unidades	Alquiler mensual promedio	Ingresos anuales de alquiler
Residencial multifamiliar	1,942	$3,450	$40,100,000

Tarifas de administración de propiedades

Clipper Realty genera ingresos adicionales a través de servicios de administración de propiedades. En 2023, los ingresos por tarifas de administración de propiedades fueron de $ 2.3 millones.

Apreciación de activos inmobiliarios

La cartera de bienes raíces de la Compañía experimentó una apreciación de 5.7% en valor durante 2023, lo que representa un aumento de aproximadamente $ 28.6 millones en valor total de activos.

Cargos de renovación de arrendamiento

• Tasa de renovación de arrendamiento: 68%
• Tarifa promedio de renovación de arrendamiento: $ 750 por unidad
• Ingresos de renovación de arrendamiento total: $ 982,500

Ingresos del servicio auxiliar

Tipo de servicio	Ingresos anuales
Tarifas de estacionamiento	$1,200,000
Alquiler de almacenamiento	$450,000
Servicios de lavandería	$320,000

Desglose total de ingresos para 2023: Ingresos de alquiler: $ 40,100,000 Tarifas de administración de propiedades: $ 2,300,000 CARACIONES DE RENDEJA DE ARRENDADO: $ 982,500 Servicios auxiliares: $ 1,970,000 Ingresos anuales totales: $ 45,352,500

Clipper Realty Inc. (CLPR) - Canvas Business Model: Value Propositions

You're looking at the core strengths Clipper Realty Inc. (CLPR) is banking on right now, late in 2025. It all boils down to their real estate assets in the tightest market in the country.

Stable, High-Occupancy Residential Rental Income in a Constrained NYC Market

The residential side of Clipper Realty Inc.'s business is definitely the anchor. Honestly, with the housing supply in New York City staying constrained, their ability to keep units filled is a huge value driver. They are reporting near-full occupancy across their stabilized residential properties.

• Overall stabilized residential portfolio occupancy: 99% as of Q3 2025.
• New residential leases across the entire portfolio exceeded prior rents by over 14% in Q3 2025.
• Residential lease renewals saw an increase of 5% in Q3 2025.
• Q3 2025 total company revenue was $37.7 million.

Here's a quick look at the leasing performance at some of their key residential assets in Q3 2025:

Property Name	Occupancy (Approximate)	New Lease Rent vs. Prior	New Rent Per Foot (Approximate)
Tribeca House (Manhattan)	99%	New rents at $105/ft	Over $88/ft overall
Clover House (Brooklyn)	100%	New leases at $95/ft	$88/ft overall
Pacific House (Brooklyn)	97%	Free market rents of $82/ft on new leases	N/A
Other Residential Properties	Above 98%	New rents/renewals up 12% vs. prior	N/A

Upside Potential from New Development Lease-Up (Prospect House)

The recently completed Prospect House development in Brooklyn is a clear near-term growth catalyst. They brought this 9-story building online in August 2025, right on schedule and budget. The value here is capturing full market rents on brand-new, high-amenity space.

• Prospect House is currently about 60% leased as of Q3 2025.
• Free market rents achieved on new leases at Prospect House are in excess of $88/sq ft.
• The development includes 160,000 residential square feet and 240 units.
• Unit mix is approximately 70% free market and 30% affordable.
• It also includes 19,000 commercial square feet and 57 parking spaces.

Below-Market Rents at Rent-Stabilized Properties Offering Future Rental Recovery

While the free-market portfolio is setting records, the rent-stabilized assets provide a different kind of value: future contractual upside, especially through regulatory programs. You see this clearly at Flatbush Gardens, where they are working to unlock better returns.

• Clipper Realty Inc. is actively working with NYC housing agencies to collect enhanced rental recoveries under the Article 11 agreement at Flatbush Gardens.
• At Flatbush Gardens, overall average rents were $31.67/ft at the end of Q3 2025, marking a 9% increase over the prior year.
• The company is focused on finalizing negotiations to bring the office property at 141 Livingston Street back to a cash-flowing position, having secured a 5-year renewal there.

Prime Brooklyn and Manhattan Locations for Both Residential and Commercial Tenants

The geographic concentration in Manhattan and Brooklyn is a value proposition in itself; these are core, supply-constrained submarkets. Clipper Realty Inc. segments its operations into Residential Rental Properties and Commercial Rental Properties, deriving most revenue from the residential segment.

Manhattan assets include Tribeca House (50 Murray St, 53 Park Place) and The Aspen (1955 First Avenue). Brooklyn assets include Clover House (107 Columbia Heights), the Livingston Street office buildings (250 and 141), Flatbush Gardens (1403 New York Ave), Pacific House (1010 Pacific St), and Prospect House (953 Dean St). The termination of the NYC lease at 250 Livingston Street in August 2025 created a short-term commercial headwind, but management is actively pursuing re-leasing opportunities.

Clipper Realty Inc. (CLPR) - Canvas Business Model: Customer Relationships

You're managing a portfolio in a tight New York City market, so understanding the direct touchpoints with your tenants is key to Clipper Realty Inc.'s (CLPR) performance. Clipper Realty Inc. (CLPR) operates as a self-administered and self-managed real estate company, meaning the customer relationship is handled entirely in-house across its multifamily residential and commercial properties.

The relationship starts transactionally with every new tenant signing a lease agreement. The market strength is evident in the pricing achieved on these new contracts. For Q3 2025, new residential rental rates across the portfolio exceeded prior rents by over 14%. This high demand is directly linked to the constrained rental housing supply in New York City.

Retention is a major focus, achieved through renewal negotiations. In the third quarter of 2025, Clipper Realty Inc. (CLPR) successfully negotiated renewals that were up by 5% over the previous lease rates. This focus helps maintain high occupancy, which stood at approximately 99-100% across stabilized residential assets as of Q3 2025. Collections across all residential properties remained strong in Q3 2025 at approximately 95%.

Here's a quick look at the leasing performance metrics from the Q3 2025 reporting period:

Metric	Value	Context
New Lease Spread (Q3 2025)	Over 14% increase	Residential properties compared to prior rents.
Renewal Spread (Q3 2025)	5% increase	Residential renewals compared to prior leases.
Stabilized Occupancy (Q3 2025)	99-100%	Across stabilized residential assets.
Overall Residential Collection Rate (Q3 2025)	Approximately 95%	Across the entire residential portfolio.

For commercial tenants, the relationship is currently centered on active engagement to resolve vacancies and reposition assets. Clipper Realty Inc. (CLPR) is actively engaged in negotiations to bring the office properties at 141 and 250 Livingston back to a cash flow position. The New York City lease termination at 250 Livingston Street in August 2025 reduced commercial revenue by approximately $1.9M in Q3. Separately, the company was processing a 5-year renewal for the 141 Livingston Street property as of Q2 2025.

The company is also managing the initial lease-up phase for its new development, Prospect House, which is a key customer onboarding process right now. The property was approximately 60% leased as of Q3 2025. New free market units there are achieving gross rents in excess of $88 per square foot.

The in-house management structure supports these efforts, which also involves compliance with regulatory agreements for certain properties. For instance, at Flatbush Gardens, Clipper Realty Inc. (CLPR) has spent nearly $17 million towards capital improvement commitments under the 40-year Article 11 agreement with the Housing Preservation Department of New York City since the agreement began.

• Direct, in-house property management and leasing for all properties.
• Transactional relationship via new lease agreements.
• Retention focus through renewal negotiations.
• Active engagement with commercial tenants for repositioning.

Finance: draft 13-week cash view by Friday.

Clipper Realty Inc. (CLPR) - Canvas Business Model: Channels

You're looking at how Clipper Realty Inc. gets its product-space in its New York metropolitan area multifamily and commercial properties-to the customer, which spans from individual renters to large institutional investors. Here's the breakdown of the primary channels used as of late 2025.

Internal leasing offices and on-site property management teams

The on-site teams are the main engine for residential unit placement, especially given the high demand in the New York City market. These teams manage the day-to-day leasing and renewals directly at the properties. The results show this channel is highly effective in a constrained supply environment.

• Residential properties maintained a 99% lease occupancy rate across stabilized properties in Q3 2025.
• New residential leases signed in Q3 2025 exceeded previous rents by over 14%.
• Residential lease renewals in Q3 2025 exceeded previous rents by over 5%.
• The new Prospect House development at 953 Dean Street was 60% leased as of the Q3 2025 earnings call.

The performance of the residential leasing channel can be mapped against key portfolio metrics:

Property/Metric	Occupancy/Lease Status	New Lease Rents vs. Prior
Stabilized Residential Portfolio	99% Occupied	Exceeded prior rents by over 14%
Prospect House (New Development)	60% Leased (Q3 2025)	In excess of $88 per square foot
Tribeca House	99% Occupancy	New leases at $105 per foot
Clover House	100% Occupancy	New leases at $95 per foot
Pacific House	97% Leased	Free market rents of $82 per foot on new leases

Digital listings and online real estate platforms for residential units

While on-site teams handle the final transaction, digital platforms and online visibility are crucial for driving initial traffic and awareness, especially for market-rate units. The strong rent growth figures suggest that the digital presence effectively funnels high-quality leads to the on-site teams.

• Residential revenue growth was a key driver in Q1 2025, increasing by 11.8% year-over-year.
• The overall Q3 2025 revenue was $37.7 million, up slightly from $37.6 million in Q3 2024.

Direct negotiations with large commercial tenants and brokers

For the commercial segment, which includes the office properties, the channel shifts to direct, high-stakes negotiations, often involving brokers and government entities. This channel is currently focused on remediation following lease changes.

• Active negotiations are ongoing to bring the 250 Livingston Street and 141 Livingston Street office properties back to a cash flow position.
• The New York City lease at 250 Livingston Street terminated in August 2025.
• The 141 Livingston Street property saw the City of New York's annual rent increase by 25% beginning at the end of 2025 under its existing structure.
• Commercial income increased by $0.6 million, or 5.7%, in Q1 2025 due to leasing smaller vacant spaces at Tribeca House and Aspen.

Investor relations for distributing the $0.095 per share quarterly dividend

This channel is about communicating financial performance and distributing returns to the equity holders. The process is formalized through regulatory filings and investor communications, ensuring the dividend payment is executed reliably.

• The declared third quarter 2025 dividend was $0.095 per share.
• The payment date for this dividend is scheduled for December 4, 2025, for shareholders of record on November 26, 2025.
• The annualized dividend rate is $0.38 per share.
• Q3 2025 Adjusted Funds From Operations (AFFO) was $5.6 million.
• The company held $26.1 million in unrestricted cash at the end of Q3 2025.

Finance: draft 13-week cash view by Friday.

Clipper Realty Inc. (CLPR) - Canvas Business Model: Customer Segments

You're looking at the customer base for Clipper Realty Inc. (CLPR) as of the third quarter of 2025, which gives us the latest real-life numbers on who is renting space and who owns the equity. Honestly, the story here is overwhelmingly residential, but the commercial side is definitely seeing a shift right now.

NYC Residential Renters: Free-market tenants seeking high-end Brooklyn/Manhattan housing

This segment is driving the top-line growth. For the third quarter of 2025, residential revenue was up $1.9 million compared to the prior year, or $2.4 million on a same-store basis, showing strong pricing power. Across the portfolio, new leases signed in Q3 2025 exceeded previous rents by nearly 14%, and renewals were up over 6%.

Specific high-end properties show this in detail:

• Tribeca House had a Q3 2025 lease occupancy of 99% with new rents hitting $105 per foot.
• Clover House reported 100% occupancy in Q3 2025, with new leases at $95 per foot.
• The newly completed Prospect House development in Brooklyn, which is 70% free market, began leasing with initial free-market units at $88 per square foot gross and was 60% leased by the end of Q3 2025.
• Pacific House, which is stabilized, is achieving free-market rents of $82 per square foot on new leases with 97% occupancy.

NYC Residential Renters: Rent-stabilized tenants (e.g., Flatbush Gardens)

The rent-stabilized pool, primarily at Flatbush Gardens, continues to benefit from regulatory agreements, though it faces higher operating costs. Clipper Realty Inc. is achieving increased rental recoveries there under the Article 11 agreement with New York City. Collections at Flatbush Gardens remained strong, above 95%. Overall average rents at Flatbush Gardens were $31.67 per foot at the end of Q3 2025, marking a 9% increase year-over-year. Prospect House also includes a 30% affordable component.

Here's a quick look at the residential performance snapshot from Q3 2025:

Property Segment/Metric	Occupancy Rate (Q3 2025)	New Lease Rent/SF (Approximate)	Year-over-Year Rent Change
Overall Residential Portfolio (New Leases)	99%	Varies (New leases up ~14% portfolio-wide)	N/A
Tribeca House (Free-Market)	99%	$105	N/A
Clover House (Free-Market)	100%	$95	N/A
Flatbush Gardens (Rent-Stabilized Avg)	High (Collections >95%)	N/A (Avg Rent: $31.67/sf)	+9% (Avg Rent)
Prospect House (Free-Market Portion)	60% Leased	$88 (Gross)	N/A

Commercial Tenants: Institutional and corporate entities (currently a segment in flux)

This segment is actively in flux due to a significant lease event. Commercial revenue decreased by $1.8 million in Q3 2025 compared to Q3 2024, directly tied to the mid-August termination of the New York City lease at the 250 Livingston Street property. Clipper Realty Inc. is actively seeking solutions for this space. Conversely, the stabilized Pacific House development includes 19,000 square feet of commercial space.

Public Equity Investors (REIT shareholders)

The public equity holders are the REIT shareholders who own Clipper Realty Inc. As of November 2025 filings, major institutional holders included Vanguard Group Inc., holding 4.391% of the company's shares. Dimensional Fund Advisors LP held 0.911%. To be fair, the current analyst sentiment is cautious, with the one available analyst rating on the shares being a 'sell,' though the residential REIT peer group average is 'buy'. The declared dividend for Q3 2025 was $0.095 per share.

You should check the latest 10-Q filing for the full breakdown of the shareholder registry, but these figures give you the current top holders.

Clipper Realty Inc. (CLPR) - Canvas Business Model: Cost Structure

You're looking at the hard costs that drive Clipper Realty Inc.'s operations, which is crucial because, as a New York-focused REIT, those costs are significant and often tied to complex regulations. Here's the quick math on where the money goes based on late 2025 reporting.

Significant interest expense on notes payable is a major component. As of September 30, 2025, Clipper Realty Inc.'s notes payable (excluding unamortized loan costs) stood at \$1,281.2 million, which is right in line with the \$1.28 billion figure you mentioned. The cost of servicing this debt is a constant pressure point; for instance, the net loss in Q3 2025 was noted as being primarily due to increased interest expenses. To manage this, as of Q3 2025, approximately 88% of their operating debt was fixed at an average rate of 3.87%, with an average duration of 3.7 years.

Property operating expenses, including payroll and maintenance costs, show specific pressures. For the third quarter of 2025, the decrease in Net Operating Income (NOI) from ongoing properties reflected approximately \$0.7 million in higher collection and payroll expenses year-over-year. In the second quarter of 2025, higher tenant legal and payroll costs specifically at the Flatbush Gardens property also acted as a partial offset to Adjusted Funds From Operations (AFFO).

Real estate taxes and insurance premiums also move the needle. In Q2 2025, slightly increased real estate taxes and insurance premiums partially offset AFFO. For the ongoing properties in Q3 2025, there was a \$0.2 million impact from routine annual increases in these categories. However, the massive Flatbush Gardens property benefits from a 40-year abatement under the Article 11 agreement, which provides a full abatement of real estate taxes for the term of the agreement.

Capital expenditures for property improvements are heavily focused on the rent-regulated portfolio. Clipper Realty Inc. is undertaking a committed three-year capital improvement plan at Flatbush Gardens, which could amount to approximately \$27 million. In the first quarter of 2025, the company spent \$10 million on capital expenditures overall, with \$1.5 million of that specifically allocated to Flatbush Gardens for quality improvements and compliance. Separately, Clipper Equity completed more than \$20 million in renovations to Flatbush Gardens, allocating \$10 million to general property renovation and \$10 million to renovating 1,200 units.

Finally, you see high legal and professional fees related to debt and lease negotiations surfacing as an expense pressure. The complexity of managing major properties like Flatbush Gardens under regulatory agreements necessitates significant professional engagement; for example, Nixon Peabody LLP served as lead counsel in negotiating the Flatbush Gardens Article 11 agreement. Also, higher tenant legal costs were specifically called out as an expense impacting Q2 2025 results at Flatbush Gardens.

Here is a snapshot of some of the key cost drivers and related metrics from the first three quarters of 2025:

Cost/Metric Category	Latest Reported Value (2025)	Period/Date	Context/Detail
Notes Payable (Excl. Loan Costs)	\$1,281.2 million	September 30, 2025	The total outstanding debt balance
Operating Debt Fixed Rate	88%	Q3 2025	Percentage of operating debt at a fixed rate
Average Fixed Interest Rate	3.87%	Q3 2025	Average rate on the fixed portion of operating debt
Flatbush Gardens CapEx Commitment (Total)	\$27 million	Three-Year Period	Total commitment under the Article 11 agreement
Property Payroll/Collection Expense Increase (YoY)	\$0.7 million	Q3 2025	Impact on NOI from ongoing properties
Routine Annual Real Estate Tax/Insurance Increase (YoY)	\$0.2 million	Q3 2025	Impact on NOI from ongoing properties
Q2 2025 AFFO Offset by Tenant Legal/Payroll Costs	Partially offset	Q2 2025	Specific to Flatbush Gardens property

• The company is actively managing debt refinancing risk, as the majority of debt matures in 2026 and 2028 and will likely need refinancing at higher rates.
• The sale of the 10 West 65th Street property in May 2025 removed its revenue and associated operating costs/debt from the current figures.
• The termination of the NYC lease at 250 Livingston Street in August 2025 reduced commercial revenue by approximately \$1.9 million in Q3 2025.
• The initial lease-up of the new Prospect House property fully loaded expenses (interest, amortization, depreciation) which reduced AFFO by approximately \$1.8 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Clipper Realty Inc. (CLPR) - Canvas Business Model: Revenue Streams

You're looking at how Clipper Realty Inc. (CLPR) actually brings in the money, which is always the most critical part of the Business Model Canvas. For late 2025, the story is clearly about the strength of the residential side offsetting headwinds in the commercial sector, plus the one-time boost from selling an asset.

Residential rental income remains the primary engine. For the three months ended September 30, 2025, this segment pulled in \$29,773 thousand in revenue. The story here is excellent leasing; on a same-store basis, excluding the newly added Prospect House and the recently sold 10 West 65th Street property, residential revenue saw a \$2.4 million or 7% increase year-over-year for the third quarter. Honestly, that kind of organic growth in this market shows you the underlying demand for their housing stock is still very strong.

The commercial rental income stream is definitely feeling the pressure. For Q3 2025, commercial revenue was \$7,925 thousand. This was down by \$1.8 million compared to the prior year's third quarter, largely because the New York City lease at 250 Livingston Street terminated on August 23, 2025. That termination alone accounted for a \$1.9 million revenue decrease in the quarter.

The overall picture for the quarter was flat revenue at \$37.7 million for Q3 2025, which was a net result of several moving parts. You have the residential boost, but you also have the commercial loss, plus the absence of the sold 10 West 65th Street property, which was a \$1 million revenue headwind. Still, the initial lease-up at the new Prospect House property added about \$0.5 million in revenue for the quarter, which is a positive sign for future performance.

Proceeds from strategic asset dispositions provide significant, though non-recurring, cash flow injections. Clipper Realty Inc. completed the sale of the 10 West 65th Street property in May 2025. This transaction generated gross proceeds of \$45.5 million, resulting in net proceeds totaling approximately \$43.6 million after closing costs. This was a strategic move to bolster liquidity, netting Clipper Realty Inc. about \$12.7 million in net cash inflow after paying off the associated mortgage.

For the bigger picture, the total revenue for the nine months ended September 30, 2025, was \$116.13 million. This top-line number is built from the core operations and the one-time sale proceeds factored into the trailing twelve months, but the quarterly breakdown shows the operational reality.

Here's a quick look at the revenue components for the third quarter of 2025 versus the prior year:

Revenue Stream	Q3 2025 (In thousands)	Q3 2024 (In thousands)
Residential rental income	\$29,773	\$27,846
Commercial rental income	\$7,925	\$9,776
TOTAL REVENUES	\$37,700	\$37,622 (Implied from flat revenue comment)

The other property income, which covers things like parking and ancillary services, isn't broken out separately in the primary statements, but its contribution is embedded within the total revenue figures and the net impact of the specific property-level adjustments mentioned.

You can see the impact of the major events on the revenue line items:

• Residential revenue increase from ongoing properties: \$2.4 million.
• Commercial revenue decrease from 250 Livingston termination: \$1.9 million.
• Revenue impact from absence of 10 West 65th Street: \$1 million decrease.
• Revenue increase from initial lease up at Prospect House: \$0.5 million.

Finance: draft 13-week cash view by Friday.