The court-appointed receiver at 250 Livingston Street signals a likely non-recourse deed-in-lieu or foreclosure, removing a cash-burning asset but also eliminating any recovery for equity. The $3.6M litigation settlement adds to near-term cash drain. Watch for updates on the Consent and Cooperation Agreement with the 250 Livingston lender and any further impairment charges on the office portfolio.
Price Chart
Executive Summary
Clipper Realty reported Q1 2026 AFFO of $0.05 per share, missing the $0.06 consensus, while total revenue of $38.1M declined 3.3% YoY due to the NYC lease termination at 250 Livingston Street. The company recorded a $3.6M litigation settlement charge, and a court-appointed receiver took control of the 250 Livingston property on April 29, 2026. Residential revenue grew 9.3% YoY and the Prospect House property reached full occupancy, but these positives are overshadowed by the office portfolio distress and declining AFFO.
Key Financial Metrics
Key Facts
- Q1 2026 AFFO of $2.3M ($0.05/share) vs $8.0M ($0.19/share) in Q1 2025, a 71% decline
- Total revenue $38.1M, down 3.3% YoY from $39.4M; commercial revenue fell 39% to $6.2M
- Recorded a $3.6M charge for a probable litigation settlement regarding payroll practices
- Court-appointed receiver took control of 250 Livingston Street office property on April 29, 2026
- Prospect House reached full occupancy by quarter-end, generating $1.7M revenue vs $1.5M in Q4 2025
- Dividend maintained at $0.095/share, unchanged from prior quarter
- Cash and cash equivalents fell to $26.1M from $30.8M at year-end 2025
- Net loss of $11.1M ($0.30/share) improved from $35.1M ($0.86/share) in Q1 2025, which included a $33.8M impairment
Financial Impact
AFFO declined 71% YoY to $2.3M; total revenue down $1.3M YoY; $3.6M litigation charge; receiver appointed for 250 Livingston Street property
Risk Factors
- Further deterioration or foreclosure at 250 Livingston Street office property
- Additional litigation costs or settlements related to payroll practices
- Continued AFFO decline if residential leasing softens or interest expenses rise
- Potential dividend cut if cash flow from operations continues to weaken
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-017039 |
| Document: clpr20260513_8k.htm | 0001437749-26-017039 |
| Document: 0001437749-26-017039-index-headers.html | 0001437749-26-017039 |
| Document: 0001437749-26-017039-index.html | 0001437749-26-017039 |
| Document: 0001437749-26-017039.txt | 0001437749-26-017039 |
| 8-K Data (Synthetic) | 0001437749-26-017039 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 2, 2026 25d ago | SC 13D/A | $3.14 $3.13 | ▼ −0.32% | ▼ −1.48% | $3.15 (+0.32%) |
Sep 30, 2026 27d ago | Insider Cluster | $3.11 $3.17 | ▲ +1.93% | ▲ +0.63% | $3.15 (+1.29%) |
Sep 30, 2026 27d ago | Insider Cluster | $3.11 $3.17 | ▲ +1.93% | ▲ +0.63% | $3.15 (+1.29%) |
Sep 22, 2026 5w ago | Institutional Cluster | $3.45 $3.22 | ▲ +6.67% | ▲ +5.48% | $3.15 (+8.70%) |
Jul 2, 2026 16w ago | 8-K | $2.87 $2.94 | ▼ −2.44% | ▼ −1.51% | $3.15 (−9.76%) |
May 14, 2026 23w ago | 8-K | $2.82 $2.82 | ▲ +0.34% | ▲ +1.31% | $3.15 (−11.52%) |
US Market Status
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