Company: CLPR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001437749-25-003988
Chunk: 81

Company: Clipper Realty Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 7
Chunk 81
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 common stockholders by the weighted average common shares outstanding. As of December 31, 2024 and 2023, the Company had unvested LTIP units which provide for non-forfeitable rights to dividend-equivalent payments. Accordingly, these unvested LTIP units are considered participating securities and are included in the computation of basic and diluted net loss per share pursuant to the two-class method. The Company did not have dilutive securities as of December 31, 2024, or 2023.
 
The effect of the conversion of the 26,317 Class B LLC units outstanding is not reflected in the computation of basic and diluted net loss per share, as the effect would be anti-dilutive. The net loss allocable to such units is reflected as non-controlling interests in the accompanying consolidated financial statements.
 
Results of Operations
 
Our focus throughout the years ended December 31, 2024 and 2023, has been to manage our properties to optimize revenues and control costs, while continuing to renovate and reposition certain properties. The discussion below highlights the specific properties contributing to the changes in the results of operations and focuses on the properties that the Company owned and operated for the full period in each comparison.
 
 50

Income Statement for the Years Ended December 31, 2024 and 2023 (in thousands)
 

                                                     2024                 Less:               2024:                   2023                 Less:               2023:               Increase               %          
                                                                           1010             Excluding                                       1010             Excluding            (decrease)                         
                                                                         Pacific               1010                                       Pacific               1010              Excluding                          
                                                                                             Pacific                                                          Pacific                1010                            
                                                                                                                                                                                   Pacific                           
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Revenues                                                                                                                                                                                                             
Residential rental income                               $109,873             $6,451             $103,422                  $99,716             $3,114              $96,602               $6,820               7.1    %
Commercial rental income                                  38,902                 66               38,836                   38,489                 24               38,465                  371               1.0    %
Total revenues                                           148,775              6,517              142,258                  138,205              3,138              135,067                7,191               5.3    %
Operating Expenses                                                                                                                                                                                                   
Property operating expenses                               34,163                906