Clipper Realty Inc. (NYSE:CLPR) Q3 2023 Earnings Call Transcript

We finance our portfolio on an asset-by-asset basis, and our operating debt is non-recourse, subject to limited standard carve-outs, and is not cross-collateralized. We have no debt maturities on any properties until 2027, with average overall duration of 6.23 years, and 94% of debt at our operating properties was fixed at an average rate of 3.87%. Today, we are announcing a dividend of $0.095 per share for the third quarter, the same amount as last quarter. The dividends will be paid on November 22nd, to shareholders of record on November 14th. Let me now turn the call back over to David for concluding remarks.

David Bistricer: Thank you, Larry. We remain focused on efficiently upgrading our portfolio. We look for our current operating improvements to continue to accelerate through the next quarter and into 2023. We look forward to capitalizing on a myriad of growth opportunities, including optimizing the Flatbush Gardens Article 11 transaction, the Pacific House, and 953 Dean Street developments, and other possibilities that may present themselves. I would like now to open the line to questions.

Operator:

Operator: Okay, there are currently no questions in queue. I would now like to turn the floor back to management for any closing remarks.

David Bistricer: Thank you for joining us today. We look forward to speaking with you again soon. Have a pleasant evening.

Operator: Thank you, ladies and gentlemen. 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.

Larry Kreider: Thank you, John. Bye.

Operator: You’re very welcome. Take care.