Company: CLPR
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0001437749-25-003988
Chunk: 3

Company: Clipper Realty Inc.
Filing Date: 2025-02-14
Form: 10-K
Item: Item 1
Chunk 3
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 The Lease generally provides for rent payments in the amount of $9.9 million through the end of the term. Additionally, the Company and the City of New York are negotiating the terms of a five-year extension of its current 206,084 square foot lease at 141 Livingston Street that expires in December of 2025. There can be no assurance that the negotiations will conclude with an agreement. The current lease at 141 Livingston Street provides for $10.3 million rent per annum.
 
Business and Growth Strategies
 
Our primary business objective is to enhance stockholder value by increasing cash flow from operations and total return to stockholders through the following strategies:
 

●   Increase existing below-market rents – capitalize on the successful repositioning of our portfolio and solid market fundamentals to increase rents at several of our properties.
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●   Disciplined acquisition strategy – opportunistically acquire additional properties, with a focus on premier submarkets and assets, by utilizing the significant experience of our senior management team.
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●   Proactive asset and property management – utilize our proactive, service-intensive approach to help increase occupancy and rental rates and manage operating expenses.
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●   Redevelop assets – execute on our targeted capital program to selectively redevelop properties and achieve rent growth in an expedited fashion.
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Competitive Strengths
 
We believe that the following competitive strengths distinguish us from other owners and operators of multifamily residential and commercial properties:
 

●   Diverse portfolio of properties in the New York metropolitan area, which is characterized by supply constraints, high barriers to entry, near- and long-term prospects for job creation, vacancy absorption and long-term rental rate growth.
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●   Expertise in redeveloping and managing multifamily residential properties.
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●   Experienced management team with a proven track record over generations in New York real estate.
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●   Balance sheet well-positioned for future growth.
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●   Strong internal rent growth prospects.
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Regulation
 
Environmental and Related Matters
 
Under various federal, state and local laws, ordinances and regulations, as a current or former owner and operator of real property, we may be liable for costs and damages resulting from the presence or release of hazardous substances (such as lead, asbestos and polychlorinated biphenyls), waste, petroleum products and other miscellaneous products (including but not limited to natural products such as methane and radon gas) at, on, in, under or from