Clipper Realty Inc. misses on earnings expectations. Reported EPS is $ EPS, expectations were $0.08. CLPR isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day. And welcome to Clipper Realty Quarterly Earnings Call. [Operator Instructions] It's now my pleasure to turn the floor over to your host, Larry Kreider. Sir, the floor is yours.
Larry Kreider: Thank you, John. And good afternoon and thank you for joining us for the first quarter 2024 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; and JJ Bistricer, Chief Operating Officer. Please be aware the 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. These statements are subject to numerous risks and uncertainties, including those disclosed in the company's 2023 annual report on Form 10-K, which is accessible at www.sec.gov and our website. As a reminder the forward-looking statements speak only as of the date of this call May 7, 2024 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 and amortization or adjusted EBITDA; and net operating income or NOI. Please see our press release supplemental financial information on Form 10-Q posted today for a reconciliation of these non-GAAP financial measures with the most directly comparable GAAP financial measures. With that, I will now turn the call over to our Co-Chairman and CEO, David Bistricer.
David Bistricer: Thank you, Larry. Good afternoon. Welcome to the first quarter of 2024 earnings call for Clipper Realty. 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. We will then take your questions. I'm pleased to report that we are reporting record revenue and net operating income continuing the positive trends from previous quarters for our residential properties. Renter demand continues to be strong in all our properties and overall rents are stabilizing as COVID-era rents are replaced with current rents. In the first quarter, new leases exceeded the prior rent by 6% across the entire market-based portfolio, and our portfolio were 98% lease.
At the Tribeca house in Manhattan, the Clover House in Brooklyn, new leases were over $80 per square foot. Overall rental revenues remained at record levels $78 at Tribeca, $81 at Clover House, 40% better than the $63 at the end of December 2021. At Flatbush Gardens, we continue to be pleased by our results. Since last July, we have operated under the full year agreement, according to the Article 11 of the Private Housing Finance Law with New York City's Housing and Preservation Department, which eliminated for that property real estate taxes of the property and provided for enhanced rental recoveries for assisted tenants. This should allow us to profitably operate after providing for our commitments for property improvements, tenant assistance, and higher wages.
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