Clipper Realty Inc.

Clipper Realty Inc. is a self-administered and self-managed real estate company that acquires, owns, manages, operates, and repositions multifamily residential and commercial properties. The company's portfolio is located in the New York metropolitan area, specifically in Manhattan and Brooklyn. Clipper Realty Inc. was formed to continue and expand the commercial real estate business of several predecessor entities: 50/53 JV LLC, Renaissance Equity Holdings LLC, Berkshire Equity LLC, and Gunki Holdings LLC. These predecessor entities were established by principals of the current management team between 2002 and 2014. The company's main objective is to continue owning, managing, and operating its existing portfolio, and to acquire and reposition additional multifamily residential and commercial properties within the New York metropolitan area. Clipper Realty Inc. was incorporated in Maryland on July 7, 2015. On August 3, 2015, the company completed a private offering of common stock, generating net proceeds of approximately $130.2 million. As part of this offering, the company undertook investment and formation transactions to qualify as a real estate investment trust (REIT) for U.S. federal income tax purposes, electing REIT status starting with the taxable year ended December 31, 2015. The net proceeds from the private offering were contributed to Clipper Realty L.P., its operating partnership subsidiary, in exchange for units in the Operating Partnership.