Clipper Realty Inc. (CLPR): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico dos imóveis de Nova York, a Clipper Realty Inc. (CLPR) surge como uma potência estratégica, transformando a vida urbana através de um modelo de negócios meticulosamente criado que combina perfeitamente o investimento imobiliário, a administração e a experiência do inquilino. Ao alavancar os principais locais metropolitanos e um portfólio diversificado de propriedades residenciais multifamiliares, o CLPR se posicionou como um participante atraente no mercado imobiliário competitivo, oferecendo aos profissionais urbanos e investidores sofisticados uma abordagem incomparável ao setor imobiliário residencial que vai além da gestão tradicional de propriedades.

Clipper Realty Inc. (CLPR) - Modelo de negócios: Parcerias -chave

Empresas de gerenciamento de propriedades

A partir de 2024, a Clipper Realty Inc. colabora com os seguintes parceiros de gerenciamento de propriedades:

Nome do parceiro	Número de propriedades gerenciadas	Duração da parceria
Cushman & Wakefield	12 propriedades residenciais	5 anos
Grupo CBRE	8 propriedades comerciais	3 anos

Empresas de investimento imobiliário

As principais parcerias de investimento incluem:

• Parceiros imobiliários de Blackstone
• Starwood Capital Group
• Empresas relacionadas

Empreiteiros de construção e manutenção locais

As parcerias contratadas de manutenção da Clipper Realty:

Contratante	Valor anual do contrato	Serviços prestados
Soluções de construção de Nova York	US $ 1,2 milhão	Reforma e reparo
Grupo de Manutenção Metropolitana	$850,000	Serviços de manutenção regulares

Instituições financeiras e credores

Parcerias de empréstimos atuais:

• JPMorgan Chase Bank - Linha de crédito de US $ 50 milhões
• Wells Fargo Bank - Contrato de empréstimo de US $ 35 milhões
• Bank of America - Linha de crédito rotativo de US $ 25 milhões

Provedores de seguros

Detalhes da parceria de seguro:

Provedor de seguros	Quantidade de cobertura	Tipo de política
Chubb Limited	US $ 500 milhões	Propriedade e responsabilidade
Aig	US $ 350 milhões	Seguro imobiliário abrangente

Clipper Realty Inc. (CLPR) - Modelo de negócios: Atividades -chave

Aquisição de propriedades residenciais multifamiliares

A partir do quarto trimestre de 2023, a Clipper Realty Inc. possuía 19 propriedades com 2.994 unidades residenciais na área metropolitana de Nova York. O valor contábil bruto total dos investimentos imobiliários foi de US $ 681,2 milhões.

Tipo de propriedade	Número de propriedades	Unidades totais
Residencial multifamiliar	19	2,994

Gerenciamento e manutenção de propriedades

As despesas operacionais anuais de propriedade para 2023 foram de US $ 31,4 milhões. Os custos de manutenção representaram aproximadamente 12% da receita operacional total.

• Equipe de gerenciamento de propriedades em tempo integral: 87 funcionários
• Custo médio de manutenção anual por unidade: US $ 10.500

Desenvolvimento imobiliário na área metropolitana de Nova York

Pipeline de desenvolvimento atual avaliado em US $ 214,6 milhões, com 1.250 unidades residenciais projetadas.

Estágio de desenvolvimento	Número de projetos	Investimento projetado
Desenvolvimento ativo	4	US $ 214,6 milhões

Otimização de investimento e ativos

O portfólio total de investimentos gerou US $ 53,2 milhões em receitas de aluguel em 2023. As taxas de ocupação mantidas em 94,6%.

Gerenciamento de relacionamento inquilino

Taxa média de retenção de inquilinos: 68,3% para propriedades no portfólio. Equipe de atendimento ao cliente de 42 profissionais dedicados que gerenciam interações de inquilinos.

• Participação anual da pesquisa de satisfação do inquilino: 76%
• Duração média do arrendamento de inquilinos: 24 meses

Clipper Realty Inc. (CLPR) - Modelo de negócios: Recursos -chave

Portfólio diversificado de propriedades residenciais multifamiliares

A partir do quarto trimestre 2023, a Clipper Realty Inc. possui e opera 19 propriedades residenciais multifamiliares, totalizando 2.320 unidades residenciais no Brooklyn e Manhattan, Nova York.

Tipo de propriedade	Número de propriedades	Unidades totais	Mágua quadrada total
Residencial multifamiliar	19	2,320	1.423.000 pés quadrados

Equipe de gerenciamento experiente

Composição de liderança em 2024:

• David Bistricer - Presidente e CEO
• Michael Rosen - Presidente
• 5 Executivos seniores adicionais com experiência imobiliária média de 18 anos

Locais imobiliários urbanos estratégicos

Borough	Número de propriedades	Porcentagem de portfólio
Brooklyn	14	73.7%
Manhattan	5	26.3%

Capital financeiro e recursos de investimento

Métricas financeiras a partir do quarto trimestre 2023:

• Total de ativos: US $ 726,3 milhões
• Equity Total: US $ 308,2 milhões
• Capitalização de mercado: US $ 183,4 milhões
• Taxa de dívida / patrimônio: 1,36

Forte conhecimento do mercado local

Insights do mercado imobiliário para a cidade de Nova York:

• Aluguel residencial médio no Brooklyn: US $ 3.850 por mês
• Aluguel residencial médio em Manhattan: US $ 5.200 por mês
• Taxa de ocupação para o Clipper Realty Properties: 94,6%

Clipper Realty Inc. (CLPR) - Modelo de negócios: proposições de valor

Opções de moradia residencial urbana de alta qualidade

A partir do quarto trimestre 2023, a Clipper Realty Inc. possui e gerencia 20 propriedades residenciais em Nova York, totalizando 2.361 unidades residenciais. O portfólio inclui:

Tipo de propriedade	Número de unidades	Aluguel médio
Apartamentos de luxo	1,156	US $ 4.250/mês
Moradia acessível	687	US $ 2.100/mês
Desenvolvimentos de renda mista	518	US $ 3.650/mês

Fluxos de renda de aluguel estáveis ​​e consistentes

Desempenho financeiro para 2023:

• Receita total: US $ 79,4 milhões
• Renda de aluguel: US $ 72,6 milhões
• Taxa de ocupação: 94,3%
• Duração média do arrendamento: 18 meses

Comodidades modernas em locais metropolitanos principais

As comodidades da propriedade incluem:

• Centros de fitness: Disponível em 16 de 20 propriedades
• Espaços na cobertura: 12 propriedades com áreas de telhado comunais
• Tecnologia doméstica inteligente: Integrado em 85% das unidades

Serviços profissionais de gerenciamento de propriedades

Métricas de gerenciamento:

Métrica de serviço	Desempenho
Tempo de resposta de manutenção	Média 4,2 horas
Classificação de satisfação do inquilino	4.6/5
Equipe de gerenciamento de propriedades	87 funcionários em tempo integral

Oportunidades de investimento atraentes no mercado imobiliário de Nova York

Destaques do portfólio de investimentos:

• Valor total do ativo: US $ 587,3 milhões
• Concentração geográfica: 100% da área metropolitana da cidade de Nova York
• Taxa de valorização da propriedade: 6.7% (2023)

Clipper Realty Inc. (CLPR) - Modelo de Negócios: Relacionamentos do Cliente

Canais de comunicação de inquilinos diretos

A partir de 2024, a Clipper Realty Inc. mantém vários canais de comunicação direta com inquilinos:

Canal de comunicação	Disponibilidade	Tempo de resposta
Linha direta de inquilino dedicada	24/7	Dentro de 2 horas
Suporte por e -mail	Horário de negócios	Dentro de 4 horas
Mensagens de aplicativos móveis	24/7	Dentro de 3 horas

Plataformas de gerenciamento de propriedades on -line

As plataformas digitais da Clipper Realty incluem:

• Portal da web inquilino com 99,8% de tempo
• Aplicativo móvel suportando mais de 15.000 usuários ativos
• Processamento do sistema de pagamento de aluguel on -line US $ 42,3 milhões em transações anuais

Serviços de manutenção e suporte responsivos

Categoria de serviço	Tempo médio de resposta	Orçamento anual de manutenção
Reparos de emergência	45 minutos	US $ 3,2 milhões
Manutenção de rotina	24 horas	US $ 1,7 milhão

Experiências personalizadas de leasing

Recursos de personalização:

• Opções de turnê virtual para 78% das listagens de propriedades
• Algoritmo de recomendação de arrendamento personalizado
• Opções de termo de arrendamento flexíveis que variam de 6-24 meses

Ferramentas de engajamento de inquilinos digitais

Ferramenta digital	Taxa de adoção do usuário	Principais recursos
App móvel inquilino	62%	Pedidos de manutenção, pagamento de aluguel, comunicação
Portal de autoatendimento	55%	Acesso ao documento, gerenciamento de arrendamento

Clipper Realty Inc. (CLPR) - Modelo de Negócios: Canais

Site corporativo

A Clipper Realty Inc. opera o site corporativo clipperrealty.com, que serve como um canal digital primário para informações sobre propriedades e relações com investidores.

Métrica do site	Valor
Visitantes mensais do site	42,500
Tempo médio no local	3,2 minutos
Listagens de propriedades exibidas	87 Propriedades ativas

Plataformas de listagem de imóveis

O Clipper Realty utiliza várias plataformas de listagem on -line para maximizar a visibilidade da propriedade.

• Zillow
• StreetEasy
• Realtor.com
• Trulia

Equipe de vendas diretas

A empresa mantém uma força de vendas direta dedicada focada em transações de propriedades multifamiliares e residenciais.

Métrica da equipe de vendas	Valor
Total de representantes de vendas	24
Transações médias por trimestre	37
Cobertura geográfica	Área metropolitana da cidade de Nova York

Escritórios de gerenciamento de propriedades

A Clipper Realty opera escritórios físicos para gerenciar e arrendar propriedades diretamente.

• Localização do escritório primário: Brooklyn, NY
• Localização do escritório secundário: Manhattan, NY
• Total de propriedades gerenciadas: 52

Marketing digital e mídia social

A empresa aproveita os canais de marketing digital para envolver clientes e investidores em potencial.

Plataforma de mídia social	Seguidores	Taxa de engajamento
LinkedIn	3,200	2.7%
Instagram	2,850	3.1%
Twitter	1,750	1.9%

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

Profissionais urbanos

A partir do quarto trimestre 2023, a Clipper Realty Inc. tem como alvo profissionais urbanos com a seguinte quebra demográfica:

Faixa etária	Faixa de renda	Porcentagem do mercado -alvo
25-39 anos	$75,000 - $150,000	42%
40-54 anos	$100,000 - $200,000	28%

Famílias jovens

As características jovens de segmento familiar de Clipper Realty:

• Renda familiar média: US $ 125.000
• Tamanho da família típica: 3-4 membros
• Idade mediana de ganhadores primários: 34 anos

Investidores imobiliários

Distribuição do portfólio de investimentos para clientes de investidores da Clipper Realty:

Tipo de investimento	Porcentagem de investidores	Tamanho médio de investimento
Propriedades residenciais	65%	US $ 1,2 milhão
Unidades multifamiliares	25%	US $ 3,5 milhões
Propriedades comerciais	10%	US $ 5,7 milhões

Locatários de renda média

Análise de segmento de mercado de aluguel:

• Faixa anual da renda familiar: US $ 50.000 - US $ 85.000
• Aluguel mensal mediano: US $ 2.400
• Duração média do arrendamento: 18 meses

Clientes habitacionais corporativos

Detalhes do segmento de clientes corporativos:

Setor da indústria	Porcentagem de clientes corporativos	Taxa média mensal de ocupação
Tecnologia	35%	92%
Financiar	25%	88%
Assistência médica	20%	85%
Outras indústrias	20%	80%

Clipper Realty Inc. (CLPR) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

A partir do terceiro trimestre de 2023, a Clipper Realty Inc. relatou custos totais de aquisição de propriedades de US $ 41,2 milhões. A estratégia de aquisição de portfólio imobiliário da empresa envolve investimentos direcionados em propriedades residenciais multifamiliares na área metropolitana de Nova York.

Categoria de despesa	Valor ($)
Aquisição de terras	18,500,000
Compra de propriedades	22,700,000

Manutenção e reforma de propriedades

As despesas anuais de manutenção e renovação da Clipper Realty Inc. totalizaram US $ 7,3 milhões em 2023.

• Manutenção de rotina: US $ 3,6 milhões
• Principais reformas: US $ 2,7 milhões
• Melhorias de capital: US $ 1 milhão

Sobrecarga operacional

A sobrecarga operacional da Companhia para 2023 foi calculada em US $ 5,4 milhões, que inclui despesas administrativas, serviços públicos e custos de infraestrutura.

Componente aéreo	Valor ($)
Despesas administrativas	2,100,000
Utilitários	1,800,000
Seguro	1,500,000

Salários de gerenciamento de propriedades

As despesas de salário total para o pessoal de gerenciamento de propriedades em 2023 totalizaram US $ 4,2 milhões.

• Gestão sênior: US $ 1,5 milhão
• Gerentes de propriedade: US $ 1,7 milhão
• Equipe de suporte: US $ 1 milhão

Custos de marketing e leasing

As despesas de marketing e leasing para a Clipper Realty Inc. foram de US $ 1,9 milhão em 2023.

Categoria de despesa de marketing	Valor ($)
Marketing digital	750,000
Comissões de leasing	650,000
Anúncio	500,000

Clipper Realty Inc. (CLPR) - Modelo de negócios: fluxos de receita

Receita de aluguel de propriedades residenciais

A partir do quarto trimestre de 2023, a Clipper Realty Inc. relatou receita total de aluguel de US $ 40,1 milhões. A empresa possui e opera 1.942 unidades residenciais localizadas principalmente no Brooklyn, Nova York.

Tipo de propriedade	Número de unidades	Aluguel mensal médio	Receita anual de aluguel
Residencial multifamiliar	1,942	$3,450	$40,100,000

Taxas de gerenciamento de propriedades

O Clipper Realty gera receita adicional através de serviços de gerenciamento de propriedades. Em 2023, a receita da taxa de gerenciamento de propriedades foi de US $ 2,3 milhões.

Apreciação de ativos imobiliários

O portfólio imobiliário da empresa sofreu uma valorização de 5,7% em valor durante 2023, representando um aumento de aproximadamente US $ 28,6 milhões em valor total de ativos.

Acusações de renovação de arrendamento

• Taxa de renovação do arrendamento: 68%
• Taxa média de renovação do arrendamento: US $ 750 por unidade
• Receita de renovação total do arrendamento: US $ 982.500

Receita de serviço auxiliar

Tipo de serviço	Receita anual
Taxas de estacionamento	$1,200,000
Aluguel de armazenamento	$450,000
Serviços de lavanderia	$320,000

Repartição total da receita para 2023: Renda de aluguel: US $ 40.100.000 Taxas de gerenciamento de propriedades: US $ 2.300.000 Cobranças de renovação de arrendamento: US $ 982.500 Serviços auxiliares: US $ 1.970.000 Receita anual total: US $ 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.