Clipper Realty Inc. (NYSE:CLPR) Q1 2024 Earnings Call Transcript

General and administrative expenses increased by $0.3 million in the first quarter year-on-year primarily due to higher compensation expenses taken as cash, partially offset by lower audit fees. Interest expense increased by $1.6 million in the first quarter year-on-year or $0.4 million excluding the impact of Pacific House due to elimination of capitalized interest for Pacific House which came in service in the second quarter last year. With regard to our balance sheet, we have $21.9 million of unrestricted cash and $18.3 million dollars of restricted cash. In the first quarter, we had no new debt activity other than draws under the Dean Street property construction loan we closed in the third quarter of 2023. Today, we are announcing a dividend of $0.095 per share in the first quarter, the same amount as last quarter.

The dividend will be paid on May 30, 2024 to shareholders of record at May 21, 2024. Let me now turn the call back over to David for concluding remarks.

David Bistricer : Thank you, Larry. We remain focused on efficiently operating our portfolio. We look for your current operating improvements to continue through 2024 and ‘25. We look forward to optimizing Flatbush Gardens’ Article 11 transaction, 953 Dean Street developments, and other growth opportunities, managing the New York leasing issues at [inaudible] through properties, and capitalizing on other opportunities that may present themselves. I would now like to open the line for questions.

Operator: We currently have no questions in queue.

David Bistricer: Thank you for joining us today. I look forward to speaking with you again soon.

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.