0001437749-21-006195.txt : 20210316 0001437749-21-006195.hdr.sgml : 20210316 20210316172205 ACCESSION NUMBER: 0001437749-21-006195 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20210316 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210316 DATE AS OF CHANGE: 20210316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Clipper Realty Inc. CENTRAL INDEX KEY: 0001649096 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 474579660 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38010 FILM NUMBER: 21747095 BUSINESS ADDRESS: STREET 1: 4611 12TH AVENUE, SUITE 1L CITY: BROOKLYN STATE: NY ZIP: 11219 BUSINESS PHONE: 718-438-2804 MAIL ADDRESS: STREET 1: 4611 12TH AVENUE, SUITE 1L CITY: BROOKLYN STATE: NY ZIP: 11219 8-K 1 clpr20210316_8k.htm FORM 8-K clpr20210316_8k.htm
false 0001649096 0001649096 2021-03-16 2021-03-16
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported):
March 16, 2021
 
 
CLIPPER REALTY INC.
(Exact Name of Registrant as Specified in Charter)
 
Maryland
  
001-38010
  
47-4579660
(State or Other
  
(Commission
  
(IRS Employer
Jurisdiction of
  
File Number)
  
Identification No.)
Incorporation)
        
 
4611 12th Avenue, Suite 1L
Brooklyn, New York
  
11219
(Address of Principal Executive offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code: (718) 438-2804
 
Former name or former address, if changed since last report: N/A
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):
 
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company           ☒
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.01 per share
CLPR
New York Stock Exchange
 
 
 
 
 
Item 2.02. Results of Operations and Financial Condition
 
On March 16, 2021, Clipper Realty Inc. issued a press release announcing its financial results for the quarterly and annual period ended December 31, 2020. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
 
The information in this Form 8-K under Item 2.02 and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific referencing in such filing.
 
Item 9.01 Financial Statements and Exhibits
 
(d) Exhibits:
 
Exhibit
Number
  
Exhibit
Description
99.1
  
     
104
  
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
Clipper Realty Inc.
 
(Registrant)
     
 
By:
/s/ David Bistricer
 
Name:
David Bistricer
 
Title:
Co-Chairman and Chief Executive Officer
 
Date: March 16, 2021
 
 
 
 
Exhibit Index
 
Exhibit
Number
  
Exhibit
Description
99.1
  
Press Release dated March 16, 2021, announcing financial results for the quarterly and annual period ended December 31, 2020
 
 
 
 EX-99.1 2 ex_234384.htm EXHIBIT 99.1 ex_234384.htm

Exhibit 99.1

 a1.jpg

Clipper Realty Inc. Announces Fourth Quarter and Full-Year 2020 Results

 

NEW YORK, March 16, 2021 /Business Wire/ -- Clipper Realty Inc. (NYSE: CLPR) (the “Company”), a leading owner and operator of multifamily residential and commercial properties in the New York metropolitan area, today announced financial and operating results for the three months and year ended December 31, 2020.

 

Highlights for the Three Months and Year Ended December 31, 2020

 

 

●

Achieved quarterly revenues of $30.3 million for the fourth quarter of 2020, and record annual revenues of $122.9 million for full-year 2020
 

●

Achieved quarterly income from operations of $6.5 million for the fourth quarter of 2020
 

●

Achieved quarterly net operating income (“NOI”)1 of $14.7 million for the fourth quarter of 2020, and record annual NOI of $63.6 million for full-year 2020
 

●

Recorded quarterly net loss of $3.8 million for the fourth quarter of 2020
 

●

Achieved quarterly adjusted funds from operations (“AFFO”)1 of $3.0 million for the fourth quarter of 2020
 

●

Declared a dividend of $0.095 per share for the fourth quarter of 2020

 

David Bistricer, Co-Chairman and Chief Executive Officer, commented,

 

“Our operating trends are improving as New York City continues to recover from the depths of the COVID-19 pandemic, highlighted by an increase in leasing activity. We anticipate such rental demand to accelerate, and pricing to improve, as vaccines are broadly administered and urban economic activity continues to strengthen. We continue to focus on efficiently operating our portfolio, with the safety of our tenants and employees our highest priority. Despite the headwinds, our properties are 95% leased and our fourth quarter rent collection rate was over 95%. In addition, we refinanced our 141 Livingston Street property in February with a $100 million, ten-year interest-only loan at 3.21%, which is expected to reduce annual debt service by $1.3 million while adding approximately $22.6 million, before reserves, to our liquidity position. We have no debt maturities on any operating properties until 2027, providing further support in the current environment. We remain committed to executing our strategic initiatives to create long-term value.”

 

Financial Results

 

For the fourth quarter of 2020, revenues decreased by $0.3 million, or 1.0%, to $30.3 million, compared to $30.6 million for the fourth quarter of 2019; the change was primarily attributable to a decline in leased occupancy and residential rental rate at the Tribeca House property, partially offset by the commencement of a new office lease at the 250 Livingston Street property during the third quarter of 2020. For full-year 2020, revenues increased by $6.7 million, or 5.8%, to $122.9 million, compared to $116.2 million for full-year 2019; the growth was primarily attributable to bringing the Clover House property online during the third quarter of 2019 and the commencement of the new office lease at the 250 Livingston Street property, partially offset by a decline in leased occupancy and residential rental rate at the Tribeca House property.

 

1 NOI and AFFO are non-GAAP financial measures.  For a definition of these financial measures and a reconciliation of such measures to the most comparable GAAP measures, see “Reconciliation of Non-GAAP Measures” at the end of this release.

 

 
 

 

For the fourth quarter of 2020, net loss was $3.8 million, or $0.10 per share, compared to net loss of $2.7 million, or $0.06 per share ($2.0 million, or $0.05 per share, excluding a non-recurring $0.7 million loss on extinguishment of debt), for the fourth quarter of 2019; the change, excluding the non-recurring item, was primarily attributable to the revenue change discussed above and higher property operating expenses (including an increase in the provision for bad debt), property taxes, insurance expense, depreciation and amortization expense and interest expense, partially offset by lower general and administrative expenses. For full-year 2020, net loss was $12.2 million, or $0.31 per share ($8.9 million, or $0.23 per share, excluding a non-recurring $0.8 million gain on termination of lease, a non-recurring $4.2 million loss on modification of debt and a non-recurring $0.1 million gain on involuntary conversion), compared to net loss of $4.1 million, or $0.11 per share ($1.7 million, or $0.06 per share, excluding a non-recurring $2.4 million loss on extinguishment of debt), for full-year 2019; the change, excluding the non-recurring items, was primarily attributable to the revenue increase discussed above, offset by higher property operating expenses (including an increase in the provision for bad debt), property taxes, insurance expense, depreciation and amortization expense, and general and administrative expenses (each such expense inclusive of the impact of bringing the Clover House property online), and higher interest expense primarily resulting from the refinancing of the Flatbush Gardens property in May 2020 and the recognition of interest expense in connection with bringing the Clover House property online.

 

For the fourth quarter of 2020, AFFO was $3.0 million, or $0.07 per share, compared to $5.3 million, or $0.12 per share, for the fourth quarter of 2019; the change was primarily attributable to the revenue change discussed above and higher property operating expenses (including an increase in the provision for bad debt), property taxes, insurance expense and interest expense. For full-year 2020, AFFO was $16.8 million, or $0.38 per share, compared to $22.0 million, or $0.50 per share, for full-year 2019; the change was primarily attributable to the revenue increase discussed above, offset by higher property operating expenses (including an increase in the provision for bad debt), property taxes, insurance expense, recurring cash general and administrative expenses, and interest expense.

 

Balance Sheet

 

At December 31, 2020, notes payable (excluding unamortized loan costs) was $1,089.7 million, compared to $1,009.4 million at December 31, 2019; the increase primarily reflected the refinancing of the Flatbush Gardens property in May 2020, partially offset by scheduled principal amortization.

 

The Company repurchased approximately 1.71 million shares of common stock during the fourth quarter at a weighted average price of $5.70 per share, including approximately 1.67 million shares from Indaba Capital Management, L.P., under its $10.0 million stock repurchase program announced in August 2020. The Company completed the stock repurchase program in November 2020.

 

141 Livingston Street Refinancing

 

On February 18, 2021, the Company refinanced the debt on its 141 Livingston Street property with a $100 million, ten-year secured first mortgage loan with Citi Real Estate Funding Inc. The loan bears interest at 3.21% and requires interest-only payments for the entire term, which is expected to reduce annual debt service by $1.3 million. With the proceeds, the Company repaid the $74 million amortizing loan on the property due June 2028, which bore interest at 3.875% through May 2023. Net remaining proceeds of $22.6 million, before reserves, increased the Company’s cash position.

 

Dividend

 

The Company today declared a fourth quarter dividend of $0.095 per share, the same amount as last quarter, to shareholders of record on March 26, 2021, payable March 31, 2021.

 

 
 

 

Restatement

 

As previously disclosed, the Company concluded that the previously issued unaudited consolidated financial statements covering each of the Company’s first three quarters of 2020 (collectively, the “Restated Periods”), require restatement and should no longer be relied upon. For additional information, please see Note 14 to the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2020. The Company will file amended Quarterly Reports on Form 10-Q for each of the Restated Periods. 

 

Conference Call and Supplemental Material

 

The Company will host a conference call on March 17, 2021, at 11:00 AM Eastern Time to discuss the fourth quarter 2020 results and provide a business update. The conference call can be accessed by dialing (800) 346-7359 or (973) 528-0008, conference entry code 972054. A replay of the call will be available from March 17, 2021, following the call, through March 31, 2021, by dialing (800) 332-6854 or (973) 528-0005, replay conference ID 972054. Supplemental data to this press release can be found under the “Quarterly Earnings” navigation tab on the “Investors” page of our website at www.clipperrealty.com. The Company’s filings with the Securities and Exchange Commission (the “SEC”) are filed at www.sec.gov under Clipper Realty Inc.

 

About Clipper Realty Inc.

 

Clipper Realty Inc. (NYSE: CLPR) is a self-administered and self-managed real estate company that acquires, owns, manages, operates and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn. For more information on the Company, please visit www.clipperrealty.com.

 

Forward-Looking Statements

 

Various statements contained in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include estimates concerning capital projects and the success of specific properties. Our forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "intend," "anticipate," "potential," "plan" or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this press release speak only as of the date of this press release.

 

We disclaim any obligation to update these statements unless required by law, and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties (including uncertainties regarding the ongoing impact of the COVID-19 pandemic, and measures intended to curb its spread, on our business, our tenants and the economy generally), most of which are difficult to predict and many of which are beyond our control and which may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. For a discussion of these and other important factors that could affect our actual results, please refer to our filings with the SEC, including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2020, and other reports filed from time to time with the SEC.

 

Contact Information:

Michael Frenz

Chief Financial Officer

(718) 438-2804 x2274

M: (917) 576-7750

mfrenz@clipperrealty.com

 

 
 

 

Clipper Realty Inc. 

Consolidated Balance Sheets 

(In thousands, except for share and per share data) 

 

   

December 31, 2020

    

December 31, 2019

 
                 

ASSETS

                

Investment in real estate

                

Land and improvements

   $ 540,859     $ 540,859  

Building and improvements

     630,662       602,547  

Tenant improvements

     3,121       3,051  

Furniture, fixtures and equipment

     12,217       11,707  

Real estate under development

     36,118       31,787  

Total investment in real estate

     1,222,977       1,189,951  

Accumulated depreciation

     (132,479 )     (109,418 )

Investment in real estate, net

     1,090,498       1,080,533  
                 

Cash and cash equivalents

     72,058       42,500  

Restricted cash

     16,974       14,432  

Tenant and other receivables, net of allowance for doubtful accounts of $5,993 and $3,361, respectively

     7,002       4,187  

Deferred rent

     2,454       1,274  

Deferred costs and intangible assets, net

     7,720       8,782  

Prepaid expenses and other assets

     11,160       14,499  

TOTAL ASSETS

   $ 1,207,866     $ 1,166,207  
                 

LIABILITIES AND EQUITY

                

Liabilities:

                

Notes payable, net of unamortized loan costs of $10,262 and $11,528, respectively

   $ 1,079,458     $ 997,903  

Accounts payable and accrued liabilities

     11,725       13,029  

Security deposits

     6,983       7,570  

Below-market leases, net

     157       1,625  

Other liabilities

     5,429       4,297  

TOTAL LIABILITIES

     1,103,752       1,024,424  
                 

Equity:

                

Preferred stock, $0.01 par value; 100,000 shares authorized (including 140 shares of 12.5% Series A cumulative non-voting preferred stock), zero shares issued and outstanding

     -       -  

Common stock, $0.01 par value; 500,000,000 shares authorized, 16,063,228 and 17,814,672 shares issued and outstanding, respectively

     160       178  

Additional paid-in-capital

     87,347       93,431  

Accumulated deficit

     (48,045 )     (36,375 )

Total stockholders' equity

     39,462       57,234  
                 

Non-controlling interests

     64,652       84,549  

TOTAL EQUITY

     104,114       141,783  
                 

TOTAL LIABILITIES AND EQUITY

   $ 1,207,866     $ 1,166,207  

 

 
 

 

Clipper Realty Inc. 

Consolidated Statements of Operations 

(In thousands, except per share data) 

 

   

Three Months Ended December 31,

   

Year Ended December 31,

 
   

2020

    

2019

    

2020

    

2019

  
   

(unaudited)

    

(unaudited)

                  

REVENUES

                                

Residential rental income

   $ 21,198     $ 23,351     $ 90,543     $ 87,386  

Commercial rental income

     9,139       7,276       32,307       28,779  

TOTAL REVENUES

     30,337       30,627       122,850       116,165  
                                 

OPERATING EXPENSES

                                

Property operating expenses

     8,008       7,220       29,902       28,887  

Real estate taxes and insurance

     7,181       6,788       28,286       24,966  

General and administrative

     2,404       3,016       9,728       9,167  

Depreciation and amortization

     6,266       5,581       23,630       19,649  

TOTAL OPERATING EXPENSES

     23,859       22,605       91,546       82,669  
                                 

Gain on termination of lease

     -       -       838       -  
                                 

INCOME FROM OPERATIONS

     6,478       8,022       32,142       33,496  
                                 

Interest expense, net

     (10,254 )     (10,011 )     (40,228 )     (35,187 )

Loss on modification/extinguishment of debt

     -       (661 )     (4,228 )     (2,432 )

Gain on involuntary conversion

     -       -       85       -  
                                 

Net loss

     (3,776 )     (2,650 )     (12,229 )     (4,123 )
                                 

Net loss attributable to non-controlling interests

     2,283       1,579       7,323       2,458  

Net loss attributable to common stockholders

   $ (1,493 )   $ (1,071 )   $ (4,906 )   $ (1,665 )
                                 

Basic and diluted net loss per share

   $ (0.10 )   $ (0.06 )   $ (0.31 )   $ (0.11 )
                                 

Weighted average common shares / OP units

                                

Common shares outstanding

     17,080       17,815       17,629       17,814  

OP units outstanding

     26,317       26,317       26,317       26,317  

Diluted shares outstanding

     43,397       44,132       43,946       44,131  

 

 
 

 

Clipper Realty Inc. 

Consolidated Statements of Cash Flows 

(In thousands) 

 

   

Year Ended December 31,

 
    2020     2019  
                 

CASH FLOWS FROM OPERATING ACTIVITIES

                

Net loss

   $ (12,229 )   $ (4,123 )

Adjustments to reconcile net loss to net cash provided by operating activities:

                

Depreciation

     23,148       18,956  

Amortization of deferred financing costs

     1,212       1,687  

Amortization of deferred costs and intangible assets

     963       1,175  

Amortization of above- and below-market leases

     (390 )     (1,180 )

Loss on modification/extinguishment of debt

     4,228       2,432  

Gain on involuntary conversion

     (85 )     -  

Gain on termination of lease

     (838 )     -  

Deferred rent

     (1,180 )     1,211  

Stock-based compensation

     1,805       1,510  

Bad debt expense

     2,543       -  

Changes in operating assets and liabilities:

                

Tenant and other receivables

     (5,358 )     (607 )

Prepaid expenses, other assets and deferred costs

     3,228       (1,256 )

Accounts payable and accrued liabilities

     (1,602 )     2,586  

Security deposits

     (587 )     933  

Other liabilities

     1,132       448  

Net cash provided by operating activities

     15,990       23,772  
                 

CASH FLOWS FROM INVESTING ACTIVITIES

                

Additions to land, buildings and improvements

     (31,811 )     (43,774 )

Insurance proceeds from involuntary conversion

     111       -  

Sale and purchase of interest rate caps, net

     (14 )     -  

Cash paid in connection with acquisition of real estate

     -       (31,129 )

Net cash used in investing activities

     (31,714 )     (74,903 )
                 

CASH FLOWS FROM FINANCING ACTIVITIES

                

Repurchase of common stock

     (10,002 )     -  

Payments of mortgage notes

     (249,630 )     (142,638 )

Proceeds from mortgage notes

     329,919       226,457  

Dividends and distributions

     (17,243 )     (17,089 )

Loan issuance and extinguishment costs

     (5,220 )     (4,531 )

Net cash provided by financing activities

     47,824       62,199  
                 

Net increase in cash and cash equivalents and restricted cash

     32,100       11,068  

Cash and cash equivalents and restricted cash - beginning of period

     56,932       45,864  

Cash and cash equivalents and restricted cash - end of period

   $ 89,032     $ 56,932  
                 

Cash and cash equivalents and restricted cash - beginning of period:

                

Cash and cash equivalents

   $ 42,500     $ 37,028  

Restricted cash

     14,432       8,836  

Total cash and cash equivalents and restricted cash - beginning of period

   $ 56,932     $ 45,864  
                 

Cash and cash equivalents and restricted cash - end of period:

                

Cash and cash equivalents

   $ 72,058     $ 42,500  

Restricted cash

     16,974       14,432  

Total cash and cash equivalents and restricted cash - end of period

   $ 89,032     $ 56,932  
                 

Supplemental cash flow information:

                

Cash paid for interest, net of capitalized interest of $1,456 and $5,687 in 2020 and 2019, respectively

   $ 39,592     $ 33,956  

Non-cash interest capitalized to real estate under development

     1,060       956  

Additions to investment in real estate included in accounts payable and accrued liabilities

     4,189       3,891  

 

 
 

 

Clipper Realty Inc.

Reconciliation of Non-GAAP Measures

(In thousands, except per share data)

(Unaudited)

 

 

Non-GAAP Financial Measures

 

We disclose and discuss funds from operations (“FFO”), adjusted funds from operations (“AFFO”), adjusted earnings before interest, income taxes, depreciation and amortization (“Adjusted EBITDA”) and net operating income (“NOI”), all of which meet the definition of “non-GAAP financial measures” set forth in Item 10(e) of Regulation S-K promulgated by the SEC.

 

While management and the investment community in general believe that presentation of these measures provides useful information to investors, neither FFO, AFFO, Adjusted EBITDA, nor NOI should be considered as an alternative to net income (loss) or income from operations as an indication of our performance. We believe that to understand our performance further, FFO, AFFO, Adjusted EBITDA, and NOI should be compared with our reported net income or income from operations and considered in addition to cash flows computed in accordance with GAAP, as presented in our consolidated financial statements.

 

Funds From Operations and Adjusted Funds From Operations

 

FFO is defined by the National Association of Real Estate Investment Trusts (“NAREIT”) as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property and impairment adjustments, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Our calculation of FFO is consistent with FFO as defined by NAREIT.

 

AFFO is defined by us as FFO excluding amortization of identifiable intangibles incurred in property acquisitions, straight-line rent adjustments to revenue from long-term leases, amortization costs incurred in originating debt, interest rate cap mark-to-market adjustments, amortization of non-cash equity compensation, acquisition and other costs, loss on modification/extinguishment of debt, gain on involuntary conversion, gain on termination of lease and non-recurring litigation-related expenses, less recurring capital spending.

 

Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. In fact, real estate values have historically risen or fallen with market conditions. FFO is intended to be a standard supplemental measure of operating performance that excludes historical cost depreciation and valuation adjustments from net income. We consider FFO useful in evaluating potential property acquisitions and measuring operating performance. We further consider AFFO useful in determining funds available for payment of distributions. Neither FFO nor AFFO represent net income or cash flows from operations computed in accordance with GAAP. You should not consider FFO and AFFO to be alternatives to net income (loss) as reliable measures of our operating performance; nor should you consider FFO and AFFO to be alternatives to cash flows from operating, investing or financing activities (computed in accordance with GAAP) as measures of liquidity.

 

Neither FFO nor AFFO measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization, capital improvements and distributions to stockholders. FFO and AFFO do not represent cash flows from operating, investing or financing activities computed in accordance with GAAP. Further, FFO and AFFO as disclosed by other REITs might not be comparable to our calculations of FFO and AFFO.

 

The following table sets forth a reconciliation of FFO and AFFO for the periods presented to net loss, computed in accordance with GAAP (amounts in thousands):

 

   

Three Months Ended December 31,

   

Year Ended December 31,

 
   

2020

    

2019

    

2020

    

2019

  

FFO

                                

Net loss

   $ (3,776 )   $ (2,650 )   $ (12,229 )   $ (4,123 )

Real estate depreciation and amortization

     6,266       5,581       23,630       19,649  

FFO

   $ 2,490     $ 2,931     $ 11,401     $ 15,526  
                                 
                                 

AFFO

                                

FFO

   $ 2,490     $ 2,931     $ 11,401     $ 15,526  

Amortization of real estate tax intangible

     121       121       481       482  

Amortization of above- and below-market leases

     (32 )     (100 )     (390 )     (1,180 )

Straight-line rent adjustments

     (494 )     211       (1,180 )     1,211  

Amortization of debt origination costs

     302       424       1,212       1,687  

Amortization of LTIP awards

     556       325       1,805       1,510  

Loss on modification/extinguishment of debt

     -       661       4,228       2,432  

Gain on involuntary conversion

     -       -       (85 )     -  

Gain on termination of lease

     -       -       (838 )     -  

Non-recurring litigation-related expenses

     114       879       724       966  

Recurring capital spending

     (72 )     (188 )     (514 )     (593 )

AFFO

   $ 2,985     $ 5,264     $ 16,844     $ 22,041  

AFFO Per Share/Unit

   $ 0.07     $ 0.12     $ 0.38     $ 0.50  

 

 
 

 

Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization

 

We believe that Adjusted EBITDA is a useful measure of our operating performance. We define Adjusted EBITDA as net income (loss) before allocation to non-controlling interests, plus real estate depreciation and amortization, amortization of identifiable intangibles, straight-line rent adjustments to revenue from long-term leases, amortization of non-cash equity compensation, interest expense (net), acquisition and other costs, loss on modification/extinguishment of debt and non-recurring litigation-related expenses, less gain on involuntary conversion and gain on termination of lease.

 

We believe that this measure provides an operating perspective not immediately apparent from GAAP income from operations or net income (loss). We consider Adjusted EBITDA to be a meaningful financial measure of our core operating performance.

 

However, Adjusted EBITDA should only be used as an alternative measure of our financial performance. Further, other REITs may use different methodologies for calculating Adjusted EBITDA, and accordingly, our Adjusted EBITDA may not be comparable to that of other REITs.

 

The following table sets forth a reconciliation of Adjusted EBITDA for the periods presented to net loss, computed in accordance with GAAP (amounts in thousands):

 

   

Three Months Ended December 31,

   

Year Ended December 31,

 
   

2020

    

2019

    

2020

    

2019

  

Adjusted EBITDA

                                

Net loss

   $ (3,776 )   $ (2,650 )   $ (12,229 )   $ (4,123 )

Real estate depreciation and amortization

     6,266       5,581       23,630       19,649  

Amortization of real estate tax intangible

     121       121       481       482  

Amortization of above- and below-market leases

     (32 )     (100 )     (390 )     (1,180 )

Straight-line rent adjustments

     (494 )     211       (1,180 )     1,211  

Amortization of LTIP awards

     556       325       1,805       1,510  

Interest expense, net

     10,254       10,011       40,228       35,187  

Loss on modification/extinguishment of debt

     -       661       4,228       2,432  

Gain on involuntary conversion

     -       -       (85 )     -  

Gain on termination of lease

     -       -       (838 )     -  

Non-recurring litigation-related expenses

     114       879       724       966  

Adjusted EBITDA

   $ 13,009     $ 15,039     $ 56,374     $ 56,134  

 

Net Operating Income

 

We believe that NOI is a useful measure of our operating performance. We define NOI as income from operations plus real estate depreciation and amortization, general and administrative expenses, acquisition and other costs, amortization of identifiable intangibles and straight-line rent adjustments to revenue from long-term leases, less gain on termination of lease. We believe that this measure is widely recognized and provides an operating perspective not immediately apparent from GAAP income from operations or net income (loss). We use NOI to evaluate our performance because NOI allows us to evaluate the operating performance of our company by measuring the core operations of property performance and capturing trends in rental housing and property operating expenses. NOI is also a widely used metric in valuation of properties.

 

However, NOI should only be used as an alternative measure of our financial performance. Further, other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to that of other REITs.

 

The following table sets forth a reconciliation of NOI for the periods presented to income from operations, computed in accordance with GAAP (amounts in thousands):

 

   

Three Months Ended December 31,

   

Year Ended December 31,

 
   

2020

    

2019

    

2020

    

2019

  

NOI

                                

Income from operations

   $ 6,478     $ 8,022     $ 32,142     $ 33,496  

Real estate depreciation and amortization

     6,266       5,581       23,630       19,649  

General and administrative expenses

     2,404       3,016       9,728       9,167  

Amortization of real estate tax intangible

     121       121       481       482  

Amortization of above- and below-market leases

     (32 )     (100 )     (390 )     (1,180 )

Straight-line rent adjustments

     (494 )     211       (1,180 )     1,211  

Gain on termination of lease

     -       -       (838 )     -  

NOI

   $ 14,743     $ 16,851     $ 63,573     $ 62,825  

 

 
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Document And Entity Information
Mar. 16, 2021
Document Information [Line Items]  
Entity, Registrant Name CLIPPER REALTY INC.
Document, Type 8-K
Document, Period End Date Mar. 16, 2021
Entity, Incorporation, State or Country Code MD
Entity, File Number 001-38010
Entity, Tax Identification Number 47-4579660
Entity, Address, Address Line One 4611 12th Avenue, Suite 1L
Entity, Address, City or Town Brooklyn
Entity, Address, State or Province NY
Entity, Address, Postal Zip Code 11219
City Area Code 718
Local Phone Number 438-2804
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company true
Entity, Ex Transition Period false
Title of 12(b) Security Common Stock
Trading Symbol CLPR
Security Exchange Name NYSE
Amendment Flag false
Entity, Central Index Key 0001649096
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