Company: CLPR
Filing Date: 2025-02-04
Form Type: 424B5
Source: 0001437749-25-002637
Chunk: 67

Company: Clipper Realty Inc.
Filing Date: 2025-02-04
Form: 424B5
Chunk 67
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 each taxable year. First, at least 75% of the value of our total assets must consist of:

| ● | cash or cash items, including certain receivables and money market funds and, in certain circumstances, foreign currencies; |

| ● | government securities; |

| ● | interests in real property, including leaseholds, options to acquire real property and leaseholds and personal property, to the extent such personal property is leased in connection with real property and rents attributable to such personal property are treated as “rents from real property”; |

| ● | interests in mortgage loans secured by real property; |

| ● | shares in other REITs and debt instruments issued by “publicly offered REITs”; and |

Second, of our investments not included in the 75% asset class, the value of our interest in any one issuer’s securities may not exceed 5% of the value of our total assets, or the “5% asset test.”

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Third, of our investments not included in the 75% asset class, we may not own more than 10% of the voting power of any one issuer’s outstanding securities or 10% of the value of any one issuer’s outstanding securities, or the “10% vote test” and the “10% value test,” respectively.

Fourth, no more than 20% of the value of our total assets may consist of the securities of one or more TRSs.

Fifth, no more than 25% of the value of our total assets may consist of securities (of TRSs, other non-TRS taxable subsidiaries, and other assets) that are not qualifying assets for purposes of the 75% asset test, or the “25% securities test.”

Sixth, no more than 25% of the value of our total assets may consist of debt instruments issued by “publicly offered REITs” to the extent not secured by real property or interests in real property.

For purposes of the 5% asset test, the 10% vote and the 10% value test, the term “securities” does not include shares in another REIT, debt of “publicly offered REITs.” equity or debt securities of a qualified REIT subsidiary or a TRS, mortgage loans that constitute real estate assets or equity interests in a partnership. The term “securities,” however, generally includes debt securities issued by a partnership or another REIT (other than a “publicly offered RE