Clipper Realty Inc. (CLPR): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique de l'immobilier de New York, Clipper Realty Inc. (CLPR) apparaît comme une puissance stratégique, transformant la vie urbaine à travers un modèle commercial méticuleusement conçu qui mélange sans couture l'investissement immobilier, la gestion et l'expérience des locataires. En tirant parti des emplacements métropolitains de premier ordre et un portefeuille diversifié de propriétés résidentielles multifamiliales, CLPR s'est positionné comme un acteur convaincant sur le marché immobilier compétitif, offrant aux professionnels urbains sophistiqués et aux investisseurs une approche inégalée de l'immobilier résidentiel qui va au-delà de la gestion des propriétés traditionnelles.

Clipper Realty Inc. (CLPR) - Modèle d'entreprise: partenariats clés

Sociétés de gestion immobilière

Depuis 2024, Clipper Realty Inc. collabore avec les partenaires de gestion immobilière suivants:

Nom de partenaire	Nombre de propriétés gérées	Durée du partenariat
Cushman & Wakefield	12 propriétés résidentielles	5 ans
Groupe CBRE	8 propriétés commerciales	3 ans

Sociétés d'investissement immobilier

Les principaux partenariats d'investissement comprennent:

• Blackstone Real Estate Partners
• Starwood Capital Group
• Entreprises connexes

Entrepreneurs locaux de construction et d'entretien

Clipper Realty's Maintenance Contractor Partnerships:

Entrepreneur	Valeur du contrat annuel	Services fournis
Solutions de construction de New York	1,2 million de dollars	Rénovation et réparation
Groupe de maintenance métropolitaine	$850,000	Services de maintenance réguliers

Institutions et prêteurs financiers

Partenariats de prêt actuels:

• JPMorgan Chase Bank - Facilité de crédit de 50 millions de dollars
• Banque Wells Fargo - Contrat de prêt de 35 millions de dollars
• Bank of America - Ligne de crédit renouvelable de 25 millions de dollars

Assureurs

Détails du partenariat d'assurance:

Assureur	Montant de la couverture	Type de politique
Chubb Limited	500 millions de dollars	Propriété et responsabilité
Aig	350 millions de dollars	Assurance immobilière complète

Clipper Realty Inc. (CLPR) - Modèle d'entreprise: activités clés

Acquisition de propriétés résidentielles multifamiliales

Au quatrième trimestre 2023, Clipper Realty Inc. possédait 19 propriétés avec 2 994 unités résidentielles dans la région métropolitaine de New York. La valeur comptable totale des investissements immobiliers était de 681,2 millions de dollars.

Type de propriété	Nombre de propriétés	Total des unités
Résidentiel multifamilial	19	2,994

Gestion et maintenance immobilières

Les dépenses annuelles d'exploitation des biens pour 2023 étaient de 31,4 millions de dollars. Les coûts de maintenance représentaient environ 12% du total des revenus d'exploitation.

• Personnel de gestion immobilière à temps plein: 87 employés
• Coût de maintenance annuel moyen par unité: 10 500 $

Développement immobilier dans la région métropolitaine de New York

Pipeline de développement actuel d'une valeur de 214,6 millions de dollars avec 1 250 unités résidentielles supplémentaires.

Étape de développement	Nombre de projets	Investissement projeté
Développement actif	4	214,6 millions de dollars

Investissement et optimisation des actifs

Le portefeuille d'investissement total a généré 53,2 millions de dollars de revenus de location pour 2023. Les taux d'occupation maintenus à 94,6%.

Gestion des relations des locataires

Taux de rétention des locataires moyens: 68,3% pour les propriétés du portefeuille. Équipe de service à la clientèle de 42 professionnels dévoués gérant les interactions des locataires.

• Participation annuelle de l'enquête sur la satisfaction des locataires: 76%
• Durée du bail moyen du locataire: 24 mois

Clipper Realty Inc. (CLPR) - Modèle d'entreprise: Ressources clés

Portefeuille diversifié de propriétés résidentielles multifamiliales

Depuis le quatrième trimestre 2023, Clipper Realty Inc. possède et exploite 19 propriétés résidentielles multifamiliales, totalisant 2 320 unités résidentielles à Brooklyn et Manhattan, New York.

Type de propriété	Nombre de propriétés	Total des unités	Total en pieds carrés
Résidentiel multifamilial	19	2,320	1 423 000 pieds carrés

Équipe de gestion expérimentée

Composition du leadership à partir de 2024:

• David Bistricer - Président et chef de la direction
• Michael Rosen - Président
• 5 cadres supérieurs supplémentaires avec une expérience immobilière moyenne de 18 ans

Emplacements immobiliers urbains stratégiques

Arrondissement	Nombre de propriétés	Pourcentage de portefeuille
Brooklyn	14	73.7%
Manhattan	5	26.3%

Capacités de capital financier et d'investissement

Mesures financières auprès du quatrième trimestre 2023:

• Actif total: 726,3 millions de dollars
• Équité totale: 308,2 millions de dollars
• Capitalisation boursière: 183,4 millions de dollars
• Ratio dette / fonds propres: 1,36

Solides connaissances du marché local

Informations sur le marché immobilier pour New York City:

• Loyer résidentiel moyen à Brooklyn: 3 850 $ par mois
• Loyer résidentiel moyen à Manhattan: 5 200 $ par mois
• Taux d'occupation pour Clipper Realty Properties: 94,6%

Clipper Realty Inc. (CLPR) - Modèle d'entreprise: propositions de valeur

Options de logements résidentiels urbains de haute qualité

Au quatrième trimestre 2023, Clipper Realty Inc. possède et gère 20 propriétés résidentielles à travers New York, totalisant 2 361 unités résidentielles. Le portefeuille comprend:

Type de propriété	Nombre d'unités	Loyer moyen
Appartements de luxe	1,156	4 250 $ / mois
Logement abordable	687	2 100 $ / mois
Développements à revenu mixte	518	3 650 $ / mois

Slemes de revenus de location stables et cohérents

Performance financière pour 2023:

• Revenu total: 79,4 millions de dollars
• Revenu locatif: 72,6 millions de dollars
• Taux d'occupation: 94,3%
• Durée du bail moyenne: 18 mois

Équipements modernes dans les emplacements métropolitains privilégiés

Les équipements de propriété comprennent:

• Centres de fitness: Disponible dans 16 des 20 propriétés
• Espaces sur le toit: 12 propriétés avec des zones de toit communal
• Technologie de maison intelligente: Intégré dans 85% des unités

Services de gestion immobilière professionnels

Métriques de gestion:

Métrique de service	Performance
Temps de réponse de la maintenance	Moyenne de 4,2 heures
Cote de satisfaction des locataires	4.6/5
Personnel de gestion immobilière	87 employés à temps plein

Opportunités d'investissement attrayantes sur le marché immobilier de New York

Points forts du portefeuille d'investissement:

• Valeur totale de l'actif: 587,3 millions de dollars
• Concentration géographique: 100% région métropolitaine de la ville de New York
• Taux d'appréciation de la propriété: 6.7% (2023)

Clipper Realty Inc. (CLPR) - Modèle d'entreprise: relations clients

Canaux de communication des locataires directs

En 2024, Clipper Realty Inc. maintient plusieurs canaux de communication directs avec les locataires:

Canal de communication	Disponibilité	Temps de réponse
Hotline dédiée aux locataires	24/7	Dans les 2 heures
Assistance par e-mail	Heures de bureau	Dans les 4 heures
Messagerie d'application mobile	24/7	En 3 heures

Plateformes de gestion immobilière en ligne

Les plates-formes numériques de Clipper Realty incluent:

• Portail Web du locataire avec une disponibilité de 99,8%
• Application mobile prenant en charge plus de 15 000 utilisateurs actifs
• Traitement du système de paiement de loyer en ligne 42,3 millions de dollars en transactions annuelles

Services de maintenance et de soutien réactifs

Catégorie de service	Temps de réponse moyen	Budget de maintenance annuel
Réparations d'urgence	45 minutes	3,2 millions de dollars
Maintenance de routine	24 heures	1,7 million de dollars

Expériences de location personnalisées

Caractéristiques de personnalisation:

• Options de visites virtuelles pour 78% des listes de propriétés
• Algorithme de recommandation de location personnalisé
• Options de durée de location flexible allant de 6 à 24 mois

Outils d'engagement des locataires numériques

Outil numérique	Taux d'adoption des utilisateurs	Caractéristiques clés
Application mobile locataire	62%	Demandes de maintenance, paiement de loyer, communication
Portail en libre-service	55%	Accès aux documents, gestion des baux

Clipper Realty Inc. (CLPR) - Modèle d'entreprise: canaux

Site Web de l'entreprise

Clipper Realty Inc. exploite le site Web de l'entreprise Clipperrealty.com, qui sert de canal numérique principal pour les informations sur les propriétés et les relations avec les investisseurs.

Métrique du site Web	Valeur
Visiteurs mensuels du site Web	42,500
Temps moyen sur place	3,2 minutes
Listes de propriétés affichées	87 propriétés actives

Plateformes d'inscription immobilière

Clipper Realty utilise plusieurs plates-formes d'inscription en ligne pour maximiser la visibilité des biens.

• Zillow
• De rue
• Realtor.com
• Trulia

Équipe de vente directe

La société maintient une force de vente directe dédiée axée sur les transactions immobilières multifamiliales et résidentielles.

Métrique de l'équipe de vente	Valeur
Représentants des ventes totales	24
Transactions moyennes par trimestre	37
Couverture géographique	Région métropolitaine de New York

Bureaux de gestion immobilière

Clipper Realty exploite des bureaux physiques pour gérer et louer directement les propriétés.

• Emplacement du bureau primaire: Brooklyn, NY
• Emplacement du bureau secondaire: Manhattan, NY
• Propriétés gérées totales: 52

Marketing numérique et médias sociaux

L'entreprise tire parti des canaux de marketing numérique pour engager des clients et des investisseurs potentiels.

Plateforme de médias sociaux	Abonnés	Taux d'engagement
Liendin	3,200	2.7%
Instagram	2,850	3.1%
Gazouillement	1,750	1.9%

Clipper Realty Inc. (CLPR) - Modèle d'entreprise: segments de clientèle

Professionnels urbains

Au quatrième trimestre 2023, Clipper Realty Inc. cible les professionnels urbains avec la rupture démographique suivante:

Tranche d'âge	Tranche de revenu	Pourcentage du marché cible
25-39 ans	$75,000 - $150,000	42%
40-54 ans	$100,000 - $200,000	28%

Jeunes familles

Caractéristiques du segment de la jeune famille de Clipper Realty:

• Revenu moyen des ménages: 125 000 $
• Taille de la famille typique: 3-4 membres
• Âge médian des salariés primaires: 34 ans

Investisseurs immobiliers

Distribution du portefeuille d'investissement pour les clients des investisseurs de Clipper Realty:

Type d'investissement	Pourcentage d'investisseurs	Taille moyenne de l'investissement
Propriétés résidentielles	65%	1,2 million de dollars
Unités multifamiliales	25%	3,5 millions de dollars
Propriétés commerciales	10%	5,7 millions de dollars

Locataires à revenu moyen

Analyse du segment du marché de la location:

• Gamme de revenus annuelle des ménages: 50 000 $ - 85 000 $
• Loyer mensuel médian: 2 400 $
• Durée du bail moyenne: 18 mois

Clients du logement d'entreprise

Détails du segment des clients d'entreprise:

Secteur de l'industrie	Pourcentage de clients d'entreprise	Taux d'occupation mensuel moyen
Technologie	35%	92%
Finance	25%	88%
Soins de santé	20%	85%
Autres industries	20%	80%

Clipper Realty Inc. (CLPR) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

Au troisième trimestre 2023, Clipper Realty Inc. a déclaré des coûts d'acquisition totale de propriétés de 41,2 millions de dollars. La stratégie d'acquisition du portefeuille immobilier de la société implique des investissements ciblés dans des propriétés résidentielles multifamiliales dans la région métropolitaine de New York.

Catégorie de dépenses	Montant ($)
Acquisition de terres	18,500,000
Achat de propriété	22,700,000

Entretien et rénovation des biens

Les frais de maintenance et de rénovation annuels de la propriété pour Clipper Realty Inc. ont totalisé 7,3 millions de dollars en 2023.

• Entretien de routine: 3,6 millions de dollars
• Rénovations majeures: 2,7 millions de dollars
• Améliorations en capital: 1 million de dollars

Frais généraux opérationnels

Les frais généraux opérationnels de la société pour 2023 ont été calculés à 5,4 millions de dollars, ce qui comprend les frais administratifs, les services publics et les frais d'infrastructure.

Composant aérien	Montant ($)
Frais administratifs	2,100,000
Services publics	1,800,000
Assurance	1,500,000

Salaires de gestion immobilière

Les dépenses de salaire total pour le personnel de gestion immobilière en 2023 s'élevaient à 4,2 millions de dollars.

• Haute haute direction: 1,5 million de dollars
• Gestionnaires immobiliers: 1,7 million de dollars
• Personnel de soutien: 1 million de dollars

Coûts de marketing et de location

Les dépenses de marketing et de location de Clipper Realty Inc. ont été de 1,9 million de dollars en 2023.

Catégorie de dépenses de marketing	Montant ($)
Marketing numérique	750,000
Commissions de location	650,000
Publicité	500,000

Clipper Realty Inc. (CLPR) - Modèle d'entreprise: Strots de revenus

Revenus locatifs des propriétés résidentielles

Au quatrième trimestre 2023, Clipper Realty Inc. a déclaré un chiffre d'affaires total de location de 40,1 millions de dollars. La société possède et exploite 1 942 unités résidentielles principalement situées à Brooklyn, New York.

Type de propriété	Nombre d'unités	Loyer mensuel moyen	Revenus de location annuels
Résidentiel multifamilial	1,942	$3,450	$40,100,000

Frais de gestion immobilière

Clipper Realty génère des revenus supplémentaires grâce à des services de gestion immobilière. En 2023, le revenu des frais de gestion immobilière était de 2,3 millions de dollars.

Appréciation des actifs immobiliers

Le portefeuille immobilier de la société a connu une appréciation de 5,7% de valeur au cours de 2023, ce qui représente une augmentation d'environ 28,6 millions de dollars de valeur totale d'actifs.

Frais de renouvellement de location

• Taux de renouvellement de location: 68%
• Frais de renouvellement de location moyen: 750 $ par unité
• Revenus de renouvellement de location total: 982 500 $

Revenus de service auxiliaires

Type de service	Revenus annuels
Frais de stationnement	$1,200,000
Location de stockage	$450,000
Services de blanchisserie	$320,000

Répartition totale des revenus pour 2023: Revenu locatif: 40 100 000 $ Frais de gestion immobilière: 2 300 000 $ Frais de renouvellement de location: 982 500 $ Services auxiliaires: 1 970 000 $ Revenu annuel total: 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.