Clipper Realty Inc (CLPR) 2025 Q1 法說會逐字稿

Afternoon and welcome to today's Clipper Realty Q1 earnings call. (Operator Instructions) It is now my pleasure to turn the floor over to your host, Lawrence Sava. Lawrence, the floor is yours.

下午好，歡迎參加今天的 Clipper Realty 第一季財報電話會議。（操作員指示）現在我很高興將發言權交給主持人 Lawrence Sava。勞倫斯，現在請你發言。

Good afternoon and thank you for joining us for the first quarter 2025 Clipper Realty Inc earnings conference call. Participating with me on today's call are David Bistricer, Co-Chairman of the board and Chief Executive Officer, JJ Bistricer, Chief Operating Officer, and Larry Kreider , Chief Financial Officer.

下午好，感謝您參加 2025 年第一季 Clipper Realty Inc 收益電話會議。參加今天電話會議的有董事會聯席主席兼執行長 David Bistricer、營運長 JJ Bistricer 和財務長 Larry Kreider。

Please be aware that statements made during the call that are not historical may be deemed forward-looking statements, and actual results may differ materially from those indicated by such forward-looking statements.

請注意，電話會議中所做的非歷史性陳述可能被視為前瞻性陳述，實際結果可能與此類前瞻性陳述所示的結果有重大差異。

These statements are subject to numerous risks and uncertainties, including those disclosed in the company's 2024 annual report on Form 10-K and the first quarter 2025 quarterly report on Form 10-Q which is accessible at www.sec.gov and on our website.

這些聲明受多種風險和不確定性的影響，包括公司 2024 年 10-K 表年度報告和 2025 年第一季 10-Q 表季度報告中揭露的風險和不確定性，這些報告可在 www.sec.gov 和我們的網站上查閱。

As a reminder, the forward-looking statements speak only as of the date of this call, May 12, 2025, and the company undertakes no duty to update them. During this call, management may refer to certain non-GAAP financial measures including adjusted funds from operations or AFFO, adjusted earnings before interest, taxes, depreciation, amortization, or adjusted and net operating income or NOI.

提醒一下，前瞻性陳述僅代表本次電話會議召開之日（2025 年 5 月 12 日）的觀點，本公司不承擔更新這些陳述的義務。在本次電話會議中，管理階層可能會參考某些非 GAAP 財務指標，包括調整後的營運資金或 AFFO、調整後的息稅折舊攤銷前利潤或調整後的淨營業收入或 NOI。

Please see our press release, supplemental financial information and Form 10-K posted last Friday for a reconciliation of those non-GAAP financial measures. I posted earlier today for our reconciliation of those non-GAAP financial measures with the most directly comparable GAAP measures, but that I will now turn the call over to our co-Chairman and CEO David Bistricer.

請參閱我們上週五發布的新聞稿、補充財務資訊和 10-K 表格，以了解這些非 GAAP 財務指標的對帳。我今天早些時候發布了我們對非 GAAP 財務指標與最直接可比較的 GAAP 指標的調節，但現在我將把電話轉給我們的聯合董事長兼首席執行官 David Bistricer。

Thank you, Lauren. Good afternoon and welcome to the first quarter of 2025 earnings for Clipper Reality. I will provide an update on our business performance and some new developments, after which, JJ will discuss property level activity, including leasing performance, and Larry will speak to our quarterly financial performance.

謝謝你，勞倫。下午好，歡迎來到 Clipper Reality 2025 年第一季財報。我將介紹我們的業務表現和一些新進展，之後，JJ 將討論房地產層面的活動，包括租賃表現，而 Larry 將介紹我們的季度財務表現。

We will then take your question. I'm pleased to report we are reporting excellent operating results once again, including record revenue and record residential rents, and seasonally adjusted, we have near record net operating income and AFFO in the first quarter, which always has lower income levels with the high winter heating across.

然後我們會回答您的問題。我很高興地報告，我們再次報告了出色的經營業績，包括創紀錄的收入和創紀錄的住宅租金，經季節性調整後，我們在第一季度的淨營業收入和 AFFO 接近創紀錄的水平，由於冬季供暖高峰，第一季度的收入水平始終較低。

The main driver was high rental demand. Overall rents are generally at all-time highs and continuing to increase, and we are nearly fully leased. In the first quarter, new leases exceeded prior rents by over 15% across the entire portfolio, as Asia will enumerate in detail.

主要驅動因素是高租賃需求。整體租金普遍處於歷史最高水準並持續上漲，我們的店鋪幾乎全部出租。第一季度，整個投資組合的新租約比之前的租金高出 15% 以上，《亞洲》將詳細列舉。

Construction on 953 Dean Street, a ground up development in Brooklyn, is substantially complete on time and on budget. ETO will commence June 1 in time for the summer season. The land was purchased in 2021 and 2022.

布魯克林迪恩街 953 號的全新開發案已基本按時按預算完工。ETO 將於 6 月 1 日開始，以迎接夏季。該土地於2021年和2022年購買。

I could build a nine-story fully amenetized building, 160,000 residential rental square feet, 240 units, 70% free market, and 30% affordable, 57 parking spaces and 19,000 commercial rental square feet. Last week, the company refinanced the construction loan at this property with a new loan of $160 million when fully funded. The new loan will provide $18.2 million extra sources to be used for interest, operating expenses, and working capital.

我可以建造一座九層全設施建築，160,000 平方英尺的住宅租賃面積，240 個單元，70% 為自由市場，30% 為經濟適用房，57 個停車位和 19,000 平方英尺的商業租賃面積。上週，該公司為該地產的建設貸款進行了再融資，新貸款額為 1.6 億美元，資金到位後即可獲得。新貸款將提供 1,820 萬美元的額外資金，用於支付利息、營運費用和營運資金。

Our other ground up development project, Pacific House at 1,010 Pacific Street in Brooklyn is stabilized, contributing to cash flow after a year of full operation. We have also entered into the benefit of the contract to sell 10 West 65th Street in Manhattan for $45.5 million, which we expect will generate approximately $12 million after the payment of that and costs.

我們另一個從頭開始開發的項目，位於布魯克林太平洋街 1,010 號的太平洋大廈已經穩定下來，經過一年的全面運營，為現金流做出了貢獻。我們還簽訂了以 4550 萬美元的價格出售曼哈頓西 65 街 10 號的合同，我們預計在支付該筆費用和成本後將產生約 1200 萬美元的收入。

We expect the transactions to close in the second quarter. We had sought to sell the property because of our 2017 purchase acquisition plan. The convert many of the units to free market was restricted by the 2019 Housing Stability and Protection Act.

我們預計交易將在第二季完成。根據我們 2017 年的購買計劃，我們曾尋求出售該房產。2019 年《房屋穩定與保護法》限制將許多房屋轉為自由市場。

At 141 Livingston Street, east of the city, we have received a five-year renewal which the company is processing. Regarding our first quarter results, we are reporting record quarterly revenue of $39.4 million, a 10.2% increase over last year, excellent NOI of $21.8 million an 8% increase in AFFO of $8 million, a 36% increase as a result of strong leasing I just mentioned.

位於城市東部利文斯頓街 141 號的我們已收到一份為期五年的續約合同，公司正在處理中。關於我們第一季的業績，我們報告季度收入創紀錄地達到 3940 萬美元，比去年同期增長 10.2%，淨營業利潤 (NOI) 達到 2180 萬美元，增長 8%，預計運營利潤 (AFFO) 達到 800 萬美元，由於我剛才提到的強勁租賃業務，預計運營利潤 (AFFO) 達到 800 萬美元，由於我剛才提到的強勁租賃業務，預計運營利潤 36%。

These results represent improvements over the first quarter of last year, and JJ and I will further details. Now turn the call over to JJ who will provide an update on operations.

這些結果比去年第一季有所改善，JJ 和我將進一步詳細說明。現在將電話轉給 JJ，他將提供有關營運的最新情況。

Thank you. I'm pleased to report that our residential leasing at all properties is very strong, and they are 99% occupied. Rents are at record levels and recording increases up over previous levels. Overall, new lease rental rates at residential properties in the first quarter exceeded previous rents by over 15% and renewal by 8%.

謝謝。我很高興地報告，我們所有物業的住宅租賃情況都非常強勁，入住率達到 99%。租金處於創紀錄水平，並且比之前的水平有所上漲。整體而言，第一季住宅物業的新租金租金比之前的租金高出 15% 以上，續租租金高出 8%。

We expect residential leasing to remain strong in the foreseeable future as the demand remains high and the overall rental housing supply remains constrained. As of the end of December, Tribeca House had occupancy of 99%, overall rent per foot over $83 per foot, and new rent at $90 per foot. The Clover House property had occupancy of 99%, average overall rent of $87 per foot, and new leases of $94 per foot.

我們預計，由於需求依然高漲，且整體租賃住房供應仍受到限制，住宅租賃在可預見的未來仍將保持強勁。截至 12 月底，Tribeca House 的入住率為 99%，每平方英尺的整體租金超過 83 美元，新租金為每平方英尺 90 美元。Clover House 物業的入住率為 99%，平均總租金為每平方英尺 87 美元，新租約租金為每平方英尺 94 美元。

Our recently completed Pacific House property consisting of a blend of free market and rent stabilized tenants had occupancy of 98%. And free market rents of $70 per foot on new leases. Our other residential properties at (inaudible) 65th Street, Aspen, and 250 Livingston Street continues to perform at record levels with average occupancy above 98% and new rents and renewals 4% higher compared to previous leases.

我們最近完工的太平洋大廈由自由市場租戶和租金穩定的租戶組成，入住率為 98%。新租約的自由市場租金為每平方英尺 70 美元。我們位於（聽不清楚）第 65 街、阿斯彭和利文斯頓街 250 號的其他住宅物業繼續保持創紀錄的表現，平均入住率超過 98%，新租金和續租約比之前的租約高出 4%。

We also look forward to beginning leasing at the newly completed 953 Dean Street ground up development described earlier. Last week at the lodge of [Laperon's] property, we had good performance operating under the agreement made with the Housing Preservation Department of New York City at the end of June 2023.

我們也期待開始租賃前面描述的剛落成的 953 Dean Street 新建開發案。上週，在 [Laperon] 房產的旅館，我們按照 2023 年 6 月底與紐約市住房保護部門達成的協議運營，表現良好。

Using the full abatement of real estate taxes beginning last July and other rent supplements, we are aggressively dealing with the maintenance issues and capital improvements. Overall average rent at the property collected from all sources for the property have risen 15% to $30.80 per foot at the end of the quarter.

利用去年七月開始的全額房地產稅減免和其他租金補貼，我們正在積極處理維護問題和資本改善。本季末，從所有來源收集到的該物業的總體平均租金上漲了 15%，達到每平方英尺 30.80 美元。

Rent selections across our portfolio remains strong with overall collection rates in the first quarter on all residential properties at nearly 98%. Collections at latters were over 95% as we responsibly and steadily work through the system to minimize arrears.

我們投資組合中的租金選擇依然強勁，第一季所有住宅物業的整體收取率接近 98%。由於我們負責任且穩定地透過系統最大限度地減少欠款，後者的收款率超過 95%。

Looking ahead, we remain focused on optimizing occupancy pricing and expenses across the business to best position ourselves for growth. I will now turn the call over to Larry, who will discuss our financial results.

展望未來，我們將繼續致力於優化整個業務的入住價格和費用，以便為成長做好最佳準備。現在我將電話轉給拉里，他將討論我們的財務結果。

Thank you JJ. For the first quarter we achieved record revenues, which increased to $39.4 million from $35.8 million last year, an increase of $3.6 million or 10%. NOI increased $21.8 million from $20.2 million last year and increase of $1.6 million or 8%. And AFFO increased to $8 million from $5.9 million and increase to $2.1 million or 36%.

謝謝你，JJ。第一季度，我們的營收創歷史新高，從去年的 3,580 萬美元增至 3,940 萬美元，增加了 360 萬美元，增幅為 10%。NOI 比去年的 2,020 萬美元增加了 2,180 萬美元，增加了 160 萬美元，即 8%。而 AFFO 從 590 萬美元增加到 800 萬美元，增幅達 210 萬美元，增幅為 36%。

For the first quarter, residential revenue increased to $29.2 million by $3.1 million. This increase is due to strong leasing for all properties as previously discussed. Occupancy and rental rates were all-time highs in the quarter. Commercial revenue was higher by $0.6 million in the quarter compared to last year as we continued to fill smaller retail vacancies at Tribeca House and Aspen Properties all at favorable rates.

第一季度，住宅收入增加 310 萬美元至 2,920 萬美元。如前所述，這一增長是由於所有房產的租賃強勁。本季的入住率和租金均創歷史新高。本季商業收入比去年同期增加了 60 萬美元，因為我們繼續以優惠的價格填補了 Tribeca House 和 Aspen Properties 的小型零售空置。

On the expense side, the year over year changes in the quarter were as follows. Property operating expenses increased by $1.5 million a year on year substantially all at Flatbush Gardens. The increase is due to higher payroll costs for newly hired repairs and maintenance workers, substantially offset by lower third party repairs and maintenance expense, higher legal costs for tenant collections, and higher utilities costs.

在費用方面，本季的年比變動如下。物業營運費用比去年同期增加了 150 萬美元，主要集中在 Flatbush Gardens。成長的原因是新聘用的維修和維護工人的工資成本增加，但第三方維修和維護費用的降低、租戶收款的法律成本增加以及公用事業成本的增加在很大程度上抵消了這一增長。

Real estate taxes and insurance increased by $293,000 in the first quarter year on year due to routine increases in real estate taxes and insurance at properties other than Flatbush Gardens for property taxes which were fully updated under our agreement with New York City in July 2023. General and administrative expenses were hired by $274,000 due to higher non-cash amortization of executive long-term incentive securities partially offset by lower legal costs.

第一季房地產稅和保險同比增加了 293,000 美元，這是由於 Flatbush Gardens 以外的其他房產的房地產稅和保險常規增加，這些房產的房地產稅根據我們與紐約市達成的協議於 2023 年 7 月進行了全面更新。由於高階主管長期激勵證券的非現金攤銷增加，一般及行政開支增加 274,000 美元，但法律成本降低部分抵銷了這一增加。

Interest expenses decreased by $216,000 in the first quarter year on year due to slightly lower rates on a limited amount of variable rate debt. The $33.8 million charge of impairment of long-lived assets results from the assessment of the high likelihood of selling the 10 West 65th Street property that David described earlier based on the contract signed in early April, expected to close in the second quarter.

由於有限數量的浮動利率債務的利率略有下降，第一季利息支出年減 216,000 美元。3,380 萬美元的長期資產減值費用是基於對 David 先前描述的 10 West 65th Street 房產出售可能性很高的評估得出的，該評估基於 4 月初簽署的合同，預計將於第二季度完成。

The transaction should generate $12 million after paying existing debts and closing costs. As a result of the 2019 New York City Rent Act, he mentioned we were not able to raise rents as expected following the 2017 acquisition despite investing in the property.

在支付現有債務和交易費用後，該交易應產生 1,200 萬美元的收入。他提到，由於 2019 年紐約市租金法案的影響，儘管我們投資了該房產，但在 2017 年收購後我們未能按預期提高租金。

With regards to our balance sheet, we have $21.3 million of unrestricted cash and $17.8 million of restricted cash. In the first quarter we had no new debt activity other than the last draws under the Dean Street property construction loan, we entered in the first quarter of 2023.

就我們的資產負債表而言，我們有 2,130 萬美元的非限制現金和 1,780 萬美元的限制現金。在第一季度，除了 2023 年第一季進入的 Dean Street 房地產建設貸款的最後幾次提款外，我們沒有新的債務活動。

However, as David mentioned, in April, we closed the two-year bridge loan for the Dean Street property. It bears a lower interest rate and should provide funds to cover carrying costs through stabilization and put working capital on the balance sheet.

然而，正如大衛所提到的，我們在四月結束了對 Dean Street 房產的兩年過橋貸款。它承擔較低的利率，並應透過穩定提供資金來支付持有成本，並將營運資本納入資產負債表。

As to the continued high interest rate environment, we believe the higher rates make for higher tenant demand for our rental product. We are also buttressed by the relatively long duration of debt operating properties.

至於持續的高利率環境，我們認為更高的利率會導致租戶對我們租賃產品的需求增加。債務經營資產的持續時間相對較長也為我們提供了支持。

Our operating debt is 89% fixed at an average rate of 3.87%, and average duration of 4.1 years is non-recourse subject to limited standard carveouts and is not cross collateralized. We finance our property on an asset by asset basis.

我們的經營債務 89% 固定，平均利率為 3.87%，平均期限為 4.1 年，無追索權，但受有限的標準豁免約束，且不進行交叉抵押。我們根據每項資產來為我們的財產融資。

Today we are announcing a dividend of $0.095 per share for the first quarter, the same amount as last quarter. The dividend will be paid on July 11, 2025, to shareholders of record on May 27, 2025. I did not turn the call back to David for concluding remarks.

今天我們宣布第一季每股股息為 0.095 美元，與上一季相同。股利將於 2025 年 7 月 11 日支付給 2025 年 5 月 27 日登記在冊的股東。我沒有把電話轉回給大衛，請他做最後發言。

Let me just, correct the statement. Dividend will be paid on June 11, 2025. Thank you. We remain focused on effectively operating our portfolio. We look for our current operating improvements to continue through 2025. We look forward to the opening of Dean Street development, finalizing the 10 West 65th Street sales, finalizing the 141 Limousine Street lease, resolving the 250 [Lire], upcoming vacancy and capitalizing on other possibilities that may present themselves. I would now like to open the line for questions.

讓我糾正一下這個說法。股利將於2025年6月11日支付。謝謝。我們仍然專注於有效運作我們的投資組合。我們希望目前的營運改善能夠持續到 2025 年。我們期待 Dean Street 開發項目的開業、完成 10 West 65th Street 的銷售、完成 141 Limousine Street 的租約、解決 250 [里拉]、即將到來的空置問題並利用可能出現的其他可能性。現在我想開始回答問題。

(Operator Instructions)

（操作員指示）

Buck Horne, Raymond James

巴克霍恩、雷蒙詹姆斯

Hey, thanks. Good afternoon, guys. Congratulations. Just wondering if you'd like to comment on the 141 Livingston lease and just in terms of add any additional color details on the renewal, and, potential new, lease rates and or additional tenant improvements that may be required for the building.

嘿，謝謝。大家下午好。恭喜。我只是想知道您是否願意對 141 Livingston 租約發表評論，並添加有關續約的任何額外細節，以及潛在的新租賃費率和/或建築物可能需要的額外租戶改進。

The current proposal, there's no TI that's going to be necessary, and we hope to get that finalized in the next couple weeks.

目前的提議是沒有必要的 TI，我們希望在接下來的幾週內完成。

Okay. Thank you guys.

好的。謝謝你們。

You're welcome.

不客氣。

(Operator Instructions)

（操作員指示）

And there are no further questions in that now like turn before back to management for closing remarks.

現在沒有其他問題了，請管理階層作最後發言。

Thank you for joining us today. We look forward to speaking with you again soon.

感謝您今天加入我們。我們期待很快再次與您交談。

Thank you so much. This does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful day. Thank you for your participation.

太感謝了。今天的電話會議到此結束。您現在可以斷開電話線並享受美好的一天。感謝您的參與。