Clipper Realty Q2 Revenue Misses, Loss Widens on NYC Lease Termination
CLPR is trading near its 52-week low of $2.692 (1.9% above the low).
Summary
Clipper Realty's Q2 revenue fell to $38.6 million, missing the lone analyst estimate of $39 million, as a lease termination at 250 Livingston Street hammered commercial rents. Net loss widened to $6.3 million, though residential revenues hit records on strong leasing and occupancy. The company, already grappling with a $125 million mortgage default and a 'sell' rating from the only covering analyst, faces a tough road with no guidance provided. The new Prospect House property added revenue but operated at a loss during lease-up, adding near-term pressure.
At the time of this announcement, CLPR was trading at $2.74 on NYSE in the Real Estate & Construction sector, with a market capitalization of approximately $45.2M. The 52-week trading range was $2.69 to $4.61. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.