Form 8-K

8-K — Clipper Realty Inc.

Accession: 0001437749-26-017039

Filed: 2026-05-14

Period: 2026-03-31

CIK: 0001649096

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — clpr20260513_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (ex_962853.htm)

GRAPHIC (logodark.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K — FORM 8-K

8-K (Primary)

Filename: clpr20260513_8k.htm · Sequence: 1

clpr20260513_8k.htm

false

0001649096

2026-03-31

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 31, 2026

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 May 14, 2026, Clipper Realty Inc. issued a press release announcing its financial results for the quarterly period ended March 31, 2026. 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

Press Release dated May 14, 2026, announcing financial results for the quarterly period ended March 31, 2026

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: May 14, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: ex_962853.htm · Sequence: 2

Exhibit 99.1

Clipper Realty Inc. Announces First Quarter 2026 Results

NEW YORK, May 14, 2026 /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 ended March 31, 2026.

Highlights for the Three Months Ended March 31, 2026

●

For residential properties, results reflect the effects of the continuing strength of leasing at our residential properties, the third quarter of leasing at the newly completed Dean Street residential property (“Prospect House”), and an impairment charge related the 10 West 65th Street property in the first quarter of 2025; for office properties, results reflect the second full quarter of operations at the 250 Livingston Street commercial property following the New York City lease termination in August 2025; and for all properties, the cost of settling a lawsuit regarding payment practices with non-exempt employees.

●

Quarterly revenues of $38.1 million for the first quarter of 2026 vs $39.4 million for the first quarter of 2025, including quarterly residential revenues of $31.9 million for the first quarter of 2026 vs $29.2 million for the first quarter of 2025, an increase of $2.7 million, or 9.3% and quarterly commercial revenues for the first quarter of 2026 of $6.2 million vs $10.2 million for the first quarter of 2025, a decrease of $4.0 million.

●

Quarterly income from operations of $4.4 million for the first quarter of 2026 vs a loss from operations of $23.6 million for the first quarter of 2025.

●

Net operating income (“NOI”)1 of $20.0 million for the first quarter of 2026 vs $21.8 million for the first quarter of 2025

●

Quarterly net loss of $11.1 million for the first quarter of 2026 vs a net loss of $35.1 million for the first quarter of 2025

●

Adjusted funds from operations (“AFFO”)1 of $2.3 million for the first quarter of 2026 vs $8.0 million for the first quarter of 2025

●

Declared a dividend of $0.095 per share for the first quarter of 2026

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

“For the quarter, the main highlights are continued strong residential leasing and significant progress made towards resolving lender issues at our 250 Livingston Street office property. The residential properties continued to have high occupancy and strong renter demand. New free market leases exceeded previous rents by 7% and renewals by over 5% and our major residential properties are leased at record levels. Furthermore, our new Prospect House property at 953 Dean Street in Brooklyn, NY was fully leased at March 31, 2026. And we continue to work with our lender at the 250 Livingston Street office property.”

Financial Results for the Three Months Ended March 31, 2026

Our results reflect the strength of residential leasing and progress towards resolving issues at our 250 Livingston Street office property. As noted above, residential revenue increased 9.3% and residential rents are at record levels. The following describes significant items that influenced the financial results of the Company.

●

The Prospect House property continued lease up throughout the first quarter of 2026, averaging 65% occupancy and ending the quarter fully leased. As such, in the first quarter of 2026, the property generated revenue of $1.7 million, income from operations of $0.4 and net loss of $2.3 million. We expect these results to significantly improve as the property is occupied throughout the entire period.

●

10 West 65th Street property was sold in the second quarter of 2025. For the first quarter of 2025, the property generated revenue of $1.1 million, a loss from operations of $33.6 million and a net loss of $34.2 million including an impairment charge of $33.8 million pending sale in the second quarter.

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.

●

At the 250 Livingston Street office property, the principal tenant, New York City, terminated its lease in August 2025, as previously announced, with the principal remaining revenue source coming from thirty-six residential units. As a result, in the first quarter of 2026, the property generated revenue of $0.4 million vs $4.6 million for the first quarter of 2025; loss from operations of $2.3 million vs income from operations of $2.0 million for the first quarter of 2025; and net loss of $5.0 million vs net income of $0.8 million for the first quarter of 2025. However, after the lease termination, we ceased making payments for interest and property tax escrows (including default interest of 5%), so notified the property’s lender and special loan servicer indicating we did not plan to continue supporting the property’s ongoing operating and debt service shortfall. We also began receiving reimbursement in May 2026 of out-of-pocket expenses after NYC lease termination, principally insurance, and we are in the process of negotiating a Consent and Cooperation Agreement with the lender, although there can be no assurance that such Consent and Cooperation Agreement will be consummated. The lender has made all scheduled real estate tax payments to-date. Further, on April 29, 2026, pursuant to the lender filing a complaint for default under the notes and the other loan documents, the court entered an order granting the lender's demand to appoint a temporary receiver responsible for the management, operations, and leasing of the property.

●

Lastly, results include a $3.6 million charge for a probable litigation settlement regarding certain payroll practices over several years at all our properties, including payments to the attorney representing the class of employees and estimated future payouts to participants in the class.

Revenues. For the first quarter of 2026, revenues were $38.1 million as compared to revenues of $39.4 million during the first quarter of 2025, a decrease of $1.3 million. These results include increased residential revenue of $2.7 million due to increases in rental rates and high occupancy at all stabilized properties ($2.1 million), limited additional revenue from the Prospect House property now in its third quarter of leasing ($1.7 million), less the absence of revenue from the 10 West 65th Street property sold in May 2025 ($1.1 million). Commercial revenue decreased by $4.0 million in the first quarter of 2026 compared to the first quarter of 2025 because of the New York City lease termination at the 250 Livingston Street property described above ($4.2 million).

Net Loss. For the first quarter of 2026, net loss was $11.1 million ($0.30 per share) compared to net loss of $35.1 million ($0.86 per share) for the first quarter of 2025, representing a decrease in net loss of $24.0 million. These results reflect greater residential revenue at stabilized, continuing properties from the strong leasing discussed above, net of higher utilities expense ($1.3 million), the net loss from the Prospect House property in its initial leasing period ($2.3 million), the absence of net loss, including impairment charge, from the 10 West 65th Street property sold in May 2025 ($34.2 million), the increased net loss from the New York City lease termination at the 250 Livingston Street property as described above ($5.8 million), and the expense of the litigation settlement described above ($3.6 million).

AFFO. For the first quarter of 2026, AFFO was $2.3 million, or $0.05 per share, compared to $8.0 million, or $0.19 per share, for the first quarter of 2025, a decrease of $5.7 million. These results include an increase in AFFO from ongoing, stabilized residential and office properties ($1.2 million increase) because of the improved revenue noted above; negative AFFO from Prospect House in its initial leasing period ($1.2 million), and increased negative AFFO at the 250 Livingston Street property from the New York City lease termination as described above ($5.8 million).

Balance Sheet

On March 31, 2026, notes payable (excluding unamortized loan costs) were $1,285.8 million, compared to $1,286.2 million at December 31, 2025.

On March 31, 2026, cash and cash equivalents were $26.1 million compared to $30.8 million at December 31, 2025, and restricted cash was $28.6 million at March 31, 2026, compared to $27.3 million at December 31, 2025. The decrease in cash and cash equivalents was primarily due to the January payment of six months of Tribeca House property taxes which reduced strong operating cash flow from our residential properties used to fund capital spending and the quarterly equity distribution.

Dividend

The Company today announced a first quarter dividend of $0.095 per share, the same amount as last quarter, to shareholders of record on May 26, 2026, payable June 4, 2026.

Conference Call and Supplemental Material

The Company will host a conference call on May 14, 2026, at 5:00 PM Eastern Time to discuss the first quarter 2026 results and provide a business update. The conference call can be accessed by dialing (800) 346-7359 or (973) 528-0008, conference entry code 647649. A replay of the call will be available from May 14, 2026, following the call, through May 28, 2026, by dialing (800) 332-6854 or (973) 528-0005, replay conference ID 647649. 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), 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, 2025, and other reports filed from time to time with the SEC.

Contact Information:

Lawrence Kreider

Chief Financial Officer

(718) 438-2804 x2231

larry@clipperrealty.com

Clipper Realty Inc.

Consolidated Balance Sheets

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

March 31, 2026

December 31, 2025

(unaudited)

ASSETS

Investment in real estate

Land and improvements

559,419

Building and improvements

838,742

836,437

Tenant improvements

6,386

Furniture, fixtures and equipment

13,782

13,684

Real estate under development

Total investment in real estate

1,418,329

1,415,926

Accumulated depreciation

(274,922

)

(266,976

)

Investment in real estate, net

1,143,407

1,148,950

Cash and cash equivalents

26,083

30,815

Restricted cash

28,568

27,339

Tenant and other receivables, net of allowance for doubtful accounts of $292 and $317, respectively

7,599

8,676

Deferred rent

2,264

2,067

Deferred costs and intangible assets, net

5,234

5,326

Prepaid expenses and other assets

12,841

11,146

TOTAL ASSETS

1,225,996

1,234,319

LIABILITIES AND EQUITY (DEFICIT)

Liabilities:

Notes payable, net of unamortized loan costs of $7,844 and $8,712, respectively

1,277,956

1,277,521

Accounts payable and accrued liabilities

22,460

18,092

Security deposits

9,692

9,519

Other liabilities

11,412

9,941

TOTAL LIABILITIES

1,321,520

1,315,073

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, 16,157,566 shares issued and outstanding

160

Additional paid-in-capital

90,819

90,677

Accumulated deficit

(127,316

)

(121,543

)

Total stockholders' equity

(36,337

)

(30,706

)

Non-controlling interests

(59,187

)

(50,048

)

TOTAL EQUITY (DEFICIT)

(95,524

)

(80,754

)

TOTAL LIABILITIES AND EQUITY (DEFICIT)

1,225,996

1,234,319

Clipper Realty Inc.

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

Three Months Ended March 31,

2026

2025

REVENUES

Residential rental income

31,904

29,190

Commercial rental income

6,211

10,208

TOTAL REVENUES

38,115

39,398

OPERATING EXPENSES

Property operating expenses

10,330

10,111

Real estate taxes and insurance

7,697

7,627

General and administrative

4,107

3,825

Depreciation and amortization

7,979

7,636

Impairment of Long-Lived Assets

33,780

TOTAL OPERATING EXPENSES

30,113

62,979

Litigation settlement and other

(3,600

)

INCOME FROM OPERATIONS

4,402

(23,581

)

Interest expense, net

(15,546

)

(11,522

)

Net loss

(11,144

)

(35,103

)

Net loss attributable to non-controlling interests

6,906

21,756

Net loss attributable to common stockholders

(4,238

)

(13,347

)

Basic and diluted net loss per share

(0.30

)

(0.86

)

Weighted average common shares / OP units

Common shares outstanding

16,150

16,147

OP units outstanding

26,317

Diluted shares outstanding

42,467

42,464

Clipper Realty Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Three Months Ended March 31,

2026

2025

CASH FLOWS FROM OPERATING ACTIVITIES

Net loss

(11,144

)

(35,103

)

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

Depreciation

7,944

7,611

Amortization of deferred financing costs

869

457

Amortization of deferred costs and intangible assets

155

146

Impairment of long-lived asset

33,780

Deferred rent

(197

)

Stock-based compensation

1,086

1,143

Bad debt expense

(13

)

(13

)

Changes in operating assets and liabilities:

Tenant and other receivables

795

(693

)

Prepaid expenses, other assets and deferred costs

(1,463

)

(2,149

)

Accounts payable and accrued liabilities

3,892

297

Security deposits

173

Other liabilities

1,471

1,114

Net cash provided by operating activities

3,568

6,676

CASH FLOWS FROM INVESTING ACTIVITIES

Additions to land, buildings and improvements

(1,925

)

(9,680

)

Net cash (used in) provided by investing activities

(1,925

)

(9,680

)

CASH FLOWS FROM FINANCING ACTIVITIES

Payments of mortgage notes

(434

)

(578

)

Proceeds from mortgage notes

6,371

Dividends and distributions

(4,712

)

Loan issuance and extinguishment costs

(250

)

Net cash (used in) provided by financing activities

(5,146

)

5,543

Net increase in cash and cash equivalents and restricted cash, including cash and cash equivalents and restricted cash classified with assets held for sale

(3,503

)

2,539

Cash and cash equivalents and restricted cash within assets held for sale

(1,480

)

Cash and cash equivalents and restricted cash - beginning of period

58,154

38,052

Cash and cash equivalents and restricted cash - end of period

54,651

39,111

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

Cash and cash equivalents

30,815

19,896

Restricted cash

27,339

18,156

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

58,154

38,052

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

Cash and cash equivalents

26,083

21,288

Restricted cash

28,568

17,823

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

54,651

39,111

Supplemental cash flow information:

Cash paid for interest, net of capitalized interest of $000 and $2,780 in 2026 and 2025, respectively

10,609

11,188

Non-cash interest capitalized to real estate under development

566

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

2,559

9,206

Non-cash dividend declared

4,614

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 (loss) 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, transaction pursuit 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 loan 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 March 31,

2026

2025

FFO

Net loss

(11,144

)

(35,103

)

Real estate depreciation and amortization

7,979

7,636

FFO

(3,165

)

(27,467

)

AFFO

FFO

(3,165

)

(27,467

)

Amortization of real estate tax intangible

120

Straight-line rent adjustments

(197

)

Amortization of debt origination costs

869

457

Amortization of LTIP awards

1,086

1,143

Loss on impairment of Long-Lived Assets

33,780

Litigation settlement and other

3,600

Recurring capital spending

(60

)

(35

)

AFFO

2,253

8,020

AFFO Per Share/Unit

0.05

0.19

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, transaction pursuit 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 March 31,

2026

2025

Adjusted EBITDA

Net loss

(11,144

)

(35,103

)

Real estate depreciation and amortization

7,979

7,636

Amortization of real estate tax intangible

120

Straight-line rent adjustments

(197

)

Amortization of LTIP awards

1,086

1,143

Interest expense, net

15,546

11,522

Loss on impairment of long-lived assets

33,780

Litigation settlement and other

3,600

Adjusted EBITDA

16,990

19,120

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, transaction pursuit 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 March 31,

2026

2025

NOI

Income from operations

4,402

(23,581

)

Real estate depreciation and amortization

7,979

7,636

General and administrative expenses

4,107

3,825

Amortization of real estate tax intangible

120

Straight-line rent adjustments

(197

)

Loss on impairment of long-lived assets

33,780

Litigation settlement and other

3,600

NOI

20,011

21,802

GRAPHIC

Filename: logodark.jpg · Sequence: 7

Binary file (5355 bytes)

Download logodark.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 9

v3.26.1

Document And Entity Information

Mar. 31, 2026

Document Information [Line Items]

Entity, Registrant Name

CLIPPER REALTY INC.

Document, Type

8-K

Document, Period End Date

Mar. 31, 2026

Entity, Incorporation, State or Country Code

Entity, File Number

001-38010

Entity, Tax Identification Number

47-4579660

Entity, Address, Address Line One

4611 12th Avenue

Entity, Address, Address Line Two

Suite 1L

Entity, Address, City or Town

Brooklyn

Entity, Address, State or Province

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

false

Title of 12(b) Security

Common Stock

Trading Symbol

CLPR

Security Exchange Name

NYSE

Amendment Flag

false

Entity, Central Index Key

0001649096

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_DocumentInformationLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 2 such as Street or Suite number

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine2

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration