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Clipper Realty Inc. Announces Fourth Quarter and Full-Year 2019 Results

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Reports Record Quarterly and Annual Revenues, Record Annual Income from Operations, Record Quarterly and Annual Net Operating Income, and Record Annual Adjusted Funds from Operations

Clipper Realty Inc. (NYSE:CLPR) (the "Company"), a leading owner and operator of multifamily residential and commercial properties in the New York metropolitan area, today announced financial and operating results for the three months and year ended December 31, 2019.

Highlights for the Three Months and Year Ended December 31, 2019

  • Achieved record quarterly and annual revenues of $30.6 million and $116.2 million for the fourth quarter of and full-year 2019, respectively, representing increases of 9.8% and 5.6%, respectively, compared to the same periods in 2018. Residential rental income increased 4.0% and 7.9% at the Flatbush Gardens and Tribeca House properties, respectively, for the fourth quarter of 2019, and 6.9% and 6.2% at the Flatbush Gardens and Tribeca House properties, respectively, for full-year 2019
  • Achieved record annual income from operations of $33.5 million for 2019, representing an increase of 3.2% compared to 2018
  • Achieved record quarterly and annual net operating income ("NOI")1 of $16.9 million and $62.8 million for the fourth quarter of and full-year 2019, respectively, representing increases of 9.4% and 4.7%, respectively, compared to the same periods in 2018
  • Recorded annual net loss of $4.1 million for 2019, or $1.7 million excluding a non-recurring loss on extinguishment of debt
  • Achieved record annual adjusted funds from operations ("AFFO")1 of $22.0 million for 2019, representing an increase of 11.2% compared to 2018
  • Declared a dividend of $0.095 per share for the fourth quarter of 2019

David Bistricer, Co-Chairman and Chief Executive Officer, commented,

"We are very pleased with our fourth quarter 2019 results, with ongoing solid revenue growth reflecting the quality of our portfolio and the operational excellence of our team, and proud that our portfolio is 98% leased. With continued strong management and prudent capital improvements, we believe our properties will deliver meaningful cash flow growth over time. We remain focused on executing our strategic initiatives, including expertly operating our high-quality portfolio, driving cash flow, enhancing efficiencies through asset repositioning and increasing scale, to create long-term value for our shareholders. We also look forward to expanding our portfolio through the planned redevelopment of our recent 1010 Pacific Street acquisition as a fully amenitized residential building adjacent to downtown Brooklyn."

Financial Results

For the fourth quarter of 2019, revenues grew by $2.7 million, or 9.8%, to $30.6 million, compared to $27.9 million for the fourth quarter of 2018. For full-year 2019, revenues grew by $6.2 million, or 5.6%, to $116.2 million, compared to $110.0 million for full-year 2018. The growth in the respective periods was primarily attributable to improvements in residential rental rates and occupancy at the Flatbush Gardens and Tribeca House properties, and bringing the Clover House property online during the third quarter of 2019.

For the fourth quarter of 2019, net loss was $2.7 million, or $0.06 per share ($2.0 million, or $0.05 per share, excluding a non-recurring $0.7 million loss on extinguishment of debt), compared to net loss of $1.6 million, or $0.04 per share (net income of $0.3 million, or $0.00 per share, excluding a non-recurring $1.9 million loss on extinguishment of debt), for the fourth quarter of 2018. For full-year 2019, net loss was $4.1 million, or $0.11 per share ($1.7 million, or $0.06 per share, excluding a non-recurring $2.4 million loss on extinguishment of debt), compared to net loss of $9.0 million, or $0.22 per share ($0.3 million, or $0.02 per share, excluding a non-recurring $8.9 million loss on extinguishment of debt and a non-recurring $0.2 million gain on involuntary conversion), for full-year 2018. The changes in the respective periods, excluding the non-recurring items discussed above, were primarily attributable to the revenue increases discussed above (and lower general and administrative expenses in the full-year period), offset by higher property operating expenses, property taxes, insurance expense, and depreciation and amortization expense (inclusive of the impact of bringing the Clover House property online during the third quarter of 2019), and higher interest expense resulting from the refinancings of the 250 Livingston Street property in May 2019 and December 2018 and the recognition of interest expense in connection with bringing the Clover House property online.

For the fourth quarter of 2019, AFFO was $5.3 million, or $0.12 per share, compared to $5.4 million, or $0.12 per share, for the fourth quarter of 2018; the change was primarily attributable to the revenue increases discussed above, offset by higher property operating expenses, property taxes, insurance expense and interest expense. For full-year 2019, AFFO was $22.0 million, or $0.50 per share, compared to $19.8 million, or $0.45 per share, for full-year 2018; the change was primarily attributable to the revenue increases discussed above and lower recurring cash general and administrative expenses, partially offset by higher property operating expenses, property taxes, insurance expense and interest expense.

Balance Sheet

At December 31, 2019, notes payable (excluding unamortized loan costs) was $1,009.4 million, compared to $925.6 million at December 31, 2018; the increase reflected the refinancing of the 250 Livingston Street property in May 2019, the refinancing of the Clover House property in November 2019 and the financing of the 1010 Pacific Street property in December 2019 discussed below, partially offset by scheduled principal amortization.

1010 Pacific Street Financing

On December 24, 2019, the Company obtained a $18.6 million mortgage loan secured by the 1010 Pacific Street property with CIT Bank, N.A. The Company also entered into a pre-development bridge loan secured by the property with the same lender that will provide up to $3.0 million for eligible pre-development and carrying costs. The notes mature December 2020, are subject to a one-year extension option, require interest-only payments and bear interest at a one-month LIBOR plus 3.60% annual rate.

Dividend

The Company today declared a fourth quarter dividend of $0.095 per share to shareholders of record on March 24, 2020, payable March 31, 2020.

Conference Call and Supplemental Material

The Company will host a conference call on March 12, 2020, at 5:00 PM Eastern Time to discuss the fourth quarter 2019 results. The conference call can be accessed by dialing (800) 346-7359 or (973) 528-0008, conference entry code 279452. A replay of the call will be available from March 12, 2020, following the call, through March 26, 2020, by dialing (800) 332-6854 or (973) 528-0005, replay conference ID 279452. Supplemental data to this release can be found under the "Quarterly Earnings" navigation tab on the "Investors" page of our website at www.clipperrealty.com. The Company's filings with the Securities and Exchange Commission ("SEC") are filed at www.sec.gov under Clipper Realty Inc.

About Clipper Realty Inc.

Clipper Realty Inc. (NYSE:CLPR) is a self-administered and self-managed real estate company that acquires, owns, manages, operates and repositions multifamily residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn. For more information on the Company, please visit www.clipperrealty.com.

Forward-Looking Statements

Various statements contained in this press release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. These forward-looking statements may include estimates concerning the amount of capital projects and the success of specific properties. Our forward-looking statements are generally accompanied by words such as "estimate," "project," "predict," "believe," "expect," "intend," "anticipate," "potential," "plan" or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this press release speak only as of the date of this press release.

We disclaim any obligation to update these statements unless required by law, and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control and which may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. For a discussion of these and other important factors that could affect our actual results, please refer to our filings with the SEC, including the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2019, and other reports filed from time to time with the SEC.

1 NOI and AFFO are non-GAAP financial measures. For a definition of these financial measures and a reconciliation of such measures to the most comparable GAAP measures, see "Reconciliation of Non-GAAP Measures" at the end of this release

Clipper Realty Inc.
Consolidated Balance Sheets
(In thousands, except for share and per share data)
 

December 31,

2019

December 31,

2018

 
ASSETS
Investment in real estate
Land and improvements

$

540,859

 

$

497,343

 

Building and improvements

 

602,547

 

 

479,360

 

Tenant improvements

 

3,051

 

 

3,051

 

Furniture, fixtures and equipment

 

11,707

 

 

10,978

 

Real estate under development

 

31,787

 

 

125,467

 

Total investment in real estate

 

1,189,951

 

 

1,116,199

 

Accumulated depreciation

 

(109,418

)

 

(90,462

)

Investment in real estate, net

 

1,080,533

 

 

1,025,737

 

 
Cash and cash equivalents

 

42,500

 

 

37,028

 

Restricted cash

 

14,432

 

 

8,836

 

Tenant and other receivables, net of allowance for doubtful accounts

 

4,187

 

 

3,580

 

of $3,361 and $2,624, respectively
Deferred rent

 

1,274

 

 

2,485

 

Deferred costs and intangible assets, net

 

8,782

 

 

9,964

 

Prepaid expenses and other assets

 

14,499

 

 

13,378

 

TOTAL ASSETS

$

1,166,207

 

$

1,101,008

 

 
LIABILITIES AND EQUITY
Liabilities:
Notes payable, net of unamortized loan costs

$

997,903

 

$

913,564

 

of $11,528 and $12,049, respectively
Accounts payable and accrued liabilities

 

13,029

 

 

12,550

 

Security deposits

 

7,570

 

 

6,637

 

Below-market leases, net

 

1,625

 

 

2,923

 

Other liabilities

 

4,297

 

 

3,849

 

TOTAL LIABILITIES

 

1,024,424

 

 

939,523

 

 
Equity:
Preferred stock, $0.01 par value; 100,000 shares authorized (including 140 shares

 

-

 

 

-

 

of 12.5% Series A cumulative non-voting preferred stock),
zero shares issued and outstanding
Common stock, $0.01 par value; 500,000,000 shares authorized,

 

178

 

 

178

 

17,814,672 and 17,812,755 shares issued and outstanding, respectively
Additional paid-in-capital

 

93,431

 

 

92,945

 

Accumulated deficit

 

(36,375

)

 

(27,941

)

Total stockholders' equity

 

57,234

 

 

65,182

 

 
Non-controlling interests

 

84,549

 

 

96,303

 

TOTAL EQUITY

 

141,783

 

 

161,485

 

 
TOTAL LIABILITIES AND EQUITY

$

1,166,207

 

$

1,101,008

 

 
Clipper Realty Inc.
Consolidated Statements of Operations
(In thousands, except per share data)
 
Three Months Ended December 31, Year Ended December 31,

2019

2018

2019

2018

(unaudited) (unaudited)
REVENUES
Residential rental income

$

23,351

 

$

20,667

 

$

87,386

 

$

81,117

 

Commercial rental income

 

7,276

 

 

7,214

 

 

28,779

 

 

28,880

 

TOTAL REVENUES

 

30,627

 

 

27,881

 

 

116,165

 

 

109,997

 

 
OPERATING EXPENSES
Property operating expenses

 

7,220

 

 

6,624

 

 

28,887

 

 

27,267

 

Real estate taxes and insurance

 

6,788

 

 

5,759

 

 

24,966

 

 

22,293

 

General and administrative

 

3,016

 

 

2,271

 

 

9,167

 

 

9,873

 

Acquisition and other

 

-

 

 

101

 

 

-

 

 

101

 

Depreciation and amortization

 

5,581

 

 

4,623

 

 

19,649

 

 

18,005

 

TOTAL OPERATING EXPENSES

 

22,605

 

 

19,378

 

 

82,669

 

 

77,539

 

 
INCOME FROM OPERATIONS

 

8,022

 

 

8,503

 

 

33,496

 

 

32,458

 

 
Interest expense, net

 

(10,011

)

 

(8,178

)

 

(35,187

)

 

(32,781

)

Loss on extinguishment of debt

 

(661

)

 

(1,891

)

 

(2,432

)

 

(8,872

)

Gain on involuntary conversion

 

-

 

 

-

 

 

-

 

 

194

 

 
Net loss

 

(2,650

)

 

(1,566

)

 

(4,123

)

 

(9,001

)

 
Net loss attributable to non-controlling interests

 

1,579

 

 

934

 

 

2,458

 

 

5,368

 

Net loss attributable to common stockholders

$

(1,071

)

$

(632

)

$

(1,665

)

$

(3,633

)

 
Basic and diluted net loss per share

$

(0.06

)

$

(0.04

)

$

(0.11

)

$

(0.22

)

 
Weighted average common shares / OP units
Common shares outstanding

 

17,815

 

 

17,813

 

 

17,814

 

 

17,813

 

OP units outstanding

 

26,317

 

 

26,317

 

 

26,317

 

 

26,317

 

Diluted shares outstanding

 

44,132

 

 

44,130

 

 

44,131

 

 

44,130

 

 
Clipper Realty Inc.
Consolidated Statements of Cash Flows
(In thousands)
 

Year Ended December 31,

.

2019

2018

 
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss

$

(4,123

)

$

(9,001

)

 
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation

 

18,956

 

 

16,765

 

Amortization of deferred financing costs

 

1,687

 

 

1,289

 

Amortization of deferred costs and intangible assets

 

1,175

 

 

1,715

 

Amortization of above- and below-market leases

 

(1,180

)

 

(1,917

)

Loss on extinguishment of debt

 

2,432

 

 

8,872

 

Gain on involuntary conversion

 

-

 

 

(194

)

Deferred rent

 

1,211

 

 

1,029

 

Stock-based compensation

 

1,510

 

 

1,940

 

Change in fair value of interest rate caps

 

-

 

 

(208

)

Changes in operating assets and liabilities:
Tenant and other receivables

 

(607

)

 

2,989

 

Prepaid expenses, other assets and deferred costs

 

(1,256

)

 

(2,010

)

Accounts payable and accrued liabilities

 

2,586

 

 

(515

)

Security deposits

 

933

 

 

589

 

Other liabilities

 

448

 

 

1,019

 

Net cash provided by operating activities

 

23,772

 

 

22,362

 

 
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to land, buildings and improvements

 

(43,774

)

 

(39,877

)

Insurance proceeds from involuntary conversion

 

-

 

 

226

 

Sale and purchase of interest rate caps, net

 

-

 

 

356

 

Cash paid in connection with acquisition of real estate

 

(31,129

)

 

-

 

Net cash used in investing activities

 

(74,903

)

 

(39,295

)

 
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds and costs from sale of common stock

 

-

 

 

(7

)

Payments of mortgage notes

 

(142,638

)

 

(615,167

)

Proceeds from mortgage notes

 

226,457

 

 

685,664

 

Dividends and distributions

 

(17,089

)

 

(17,038

)

Loan issuance and extinguishment costs

 

(4,531

)

 

(12,325

)

Net cash provided by financing activities

 

62,199

 

 

41,127

 

 
Net increase in cash and cash equivalents and restricted cash

 

11,068

 

 

24,194

 

Cash and cash equivalents and restricted cash - beginning of period

 

45,864

 

 

21,670

 

Cash and cash equivalents and restricted cash - end of period

$

56,932

 

$

45,864

 

 
Cash and cash equivalents and restricted cash - beginning of period:
Cash and cash equivalents

$

37,028

 

$

7,940

 

Restricted cash

 

8,836

 

 

13,730

 

Total cash and cash equivalents and restricted cash - beginning of period

$

45,864

 

$

21,670

 

 
Cash and cash equivalents and restricted cash - end of period:
Cash and cash equivalents

$

42,500

 

$

37,028

 

Restricted cash

 

14,432

 

 

8,836

 

Total cash and cash equivalents and restricted cash - end of period

$

56,932

 

$

45,864

 

 
Supplemental cash flow information:
Cash paid for interest, net of capitalized interest of $5,687 and $5,531 in 2019 and 2018, respectively

$

33,956

 

$

31,055

 

Non-cash interest capitalized to real estate under development

 

956

 

 

1,295

 

Additions to investment in real estate included in accounts payable and accrued liabilities

 

3,891

 

 

5,998

 

 

Clipper Realty Inc.

Reconciliation of Non-GAAP Measures

(In thousands, except per share data)

(Unaudited)

Non-GAAP Financial Measures

We disclose and discuss funds from operations ("FFO"), adjusted funds from operations ("AFFO"), adjusted earnings before interest, income taxes, depreciation and amortization ("Adjusted EBITDA") and net operating income ("NOI") all of which meet the definition of "non-GAAP financial measure" set forth in Item 10(e) of Regulation S-K promulgated by the SEC.

While management and the investment community in general believe that presentation of these measures provides useful information to investors, neither FFO, AFFO, Adjusted EBITDA, nor NOI should be considered as an alternative to net income or income from operations as an indication of our performance. We believe that to understand our performance further, FFO, AFFO, Adjusted EBITDA, and NOI should be compared with our reported net income or income from operations and considered in addition to cash flows computed in accordance with GAAP, as presented in our consolidated financial statements.

Funds From Operations and Adjusted Funds From Operations

FFO is defined by the National Association of Real Estate Investment Trusts ("NAREIT") as net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property and impairment adjustments, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Our calculation of FFO is consistent with FFO as defined by NAREIT.

AFFO is defined by us as FFO excluding amortization of identifiable intangibles incurred in property acquisitions, straight-line rent adjustments to revenue from long-term leases, amortization costs incurred in originating debt, interest rate cap mark-to-market adjustments, amortization of non-cash equity compensation, acquisition and other costs, loss on extinguishment of debt, gain on involuntary conversion and non-recurring litigation-related expenses, less recurring capital spending.

Historical cost accounting for real estate assets implicitly assumes that the value of real estate assets diminishes predictably over time. In fact, real estate values have historically risen or fallen with market conditions. FFO is intended to be a standard supplemental measure of operating performance that excludes historical cost depreciation and valuation adjustments from net income. We consider FFO useful in evaluating potential property acquisitions and measuring operating performance. We further consider AFFO useful in determining funds available for payment of distributions. Neither FFO nor AFFO represent net income or cash flows from operations computed in accordance with GAAP. You should not consider FFO and AFFO to be alternatives to net income as reliable measures of our operating performance; nor should you consider FFO and AFFO to be alternatives to cash flows from operating, investing or financing activities (computed in accordance with GAAP) as measures of liquidity.

Neither FFO nor AFFO measure whether cash flow is sufficient to fund all of our cash needs, including principal amortization, capital improvements and distributions to stockholders. FFO and AFFO do not represent cash flows from operating, investing or financing activities computed in accordance with GAAP. Further, FFO and AFFO as disclosed by other REITs might not be comparable to our calculations of FFO and AFFO.

The following table sets forth a reconciliation of FFO and AFFO for the periods presented to net loss, computed in accordance with GAAP (amounts in thousands):

Three Months Ended December 31, Year Ended December 31,

2019

2018

2019

2018

FFO
Net loss

$

(2,650

)

$

(1,566

)

$

(4,123

)

$

(9,001

)

Real estate depreciation and amortization

 

5,581

 

 

4,623

 

 

19,649

 

 

18,005

 

FFO

$

2,931

 

$

3,057

 

$

15,526

 

$

9,004

 

 
 
AFFO
FFO

$

2,931

 

$

3,057

 

$

15,526

 

$

9,004

 

Amortization of real estate tax intangible

 

121

 

 

120

 

 

482

 

 

475

 

Amortization of above- and below-market leases

 

(100

)

 

(479

)

 

(1,180

)

 

(1,917

)

Straight-line rent adjustments

 

211

 

 

258

 

 

1,211

 

 

1,029

 

Amortization of debt origination costs

 

424

 

 

305

 

 

1,687

 

 

1,289

 

Interest rate cap mark-to-market adjustments

 

0

 

 

29

 

 

0

 

 

(208

)

Amortization of LTIP awards

 

325

 

 

270

 

 

1,510

 

 

1,940

 

Acquisition and other costs

 

-

 

 

101

 

 

-

 

 

101

 

Loss on extinguishment of debt

 

661

 

 

1,891

 

 

2,432

 

 

8,872

 

Gain on involuntary conversion

 

-

 

 

-

 

 

-

 

 

(194

)

Non-recurring litigation-related expenses

 

879

 

 

-

 

 

966

 

 

-

 

Recurring capital spending

 

(188

)

 

(147

)

 

(593

)

 

(573

)

AFFO

$

5,264

 

$

5,405

 

$

22,041

 

$

19,818

 

AFFO Per Share/Unit

$

0.12

 

$

0.12

 

$

0.50

 

$

0.45

 

 

Adjusted Earnings Before Interest, Income Taxes, Depreciation and Amortization

We believe that Adjusted EBITDA is a useful measure of our operating performance. We define Adjusted EBITDA as net income (loss) before allocation to non-controlling interests, plus real estate depreciation and amortization, amortization of identifiable intangibles, straight-line rent adjustments to revenue from long-term leases, amortization of non-cash equity compensation, interest expense (net), acquisition and other costs, loss on extinguishment of debt and non-recurring litigation-related expenses, less gain on involuntary conversion.

We believe that this measure provides an operating perspective not immediately apparent from GAAP income from operations or net income (loss). We consider Adjusted EBITDA to be a meaningful financial measure of our core operating performance.

However, Adjusted EBITDA should only be used as an alternative measure of our financial performance. Further, other REITs may use different methodologies for calculating Adjusted EBITDA, and accordingly, our Adjusted EBITDA may not be comparable to that of other REITs.

The following table sets forth a reconciliation of Adjusted EBITDA for the periods presented to net loss, computed in accordance with GAAP (amounts in thousands):

Three Months Ended December 31,

Year Ended December 31,

2019

2018

2019

2018

Adjusted EBITDA
Net loss

$

(2,650

)

$

(1,566

)

$

(4,123

)

$

(9,001

)

Real estate depreciation and amortization

 

5,581

 

 

4,623

 

 

19,649

 

 

18,005

 

Amortization of real estate tax intangible

 

121

 

 

120

 

 

482

 

 

475

 

Amortization of above- and below-market leases

 

(100

)

 

(479

)

 

(1,180

)

 

(1,917

)

Straight-line rent adjustments

 

211

 

 

258

 

 

1,211

 

 

1,029

 

Amortization of LTIP awards

 

325

 

 

270

 

 

1,510

 

 

1,940

 

Interest expense, net

 

10,011

 

 

8,178

 

 

35,187

 

 

32,781

 

Acquisition and other costs

 

-

 

 

101

 

 

-

 

 

101

 

Loss on extinguishment of debt

 

661

 

 

1,891

 

 

2,432

 

 

8,872

 

Gain on involuntary conversion

 

-

 

 

-

 

 

-

 

 

(194

)

Non-recurring litigation-related expenses

 

879

 

 

-

 

 

966

 

 

-

 

Adjusted EBITDA

$

15,039

 

$

13,396

 

$

56,134

 

$

52,091

 

 

Net Operating Income

We believe that NOI is a useful measure of our operating performance. We define NOI as income from operations plus real estate depreciation and amortization, general and administrative expenses, acquisition and other costs, amortization of identifiable intangibles and straight-line rent adjustments to revenue from long-term leases. We believe that this measure is widely recognized and provides an operating perspective not immediately apparent from GAAP income from operations or net income (loss). We use NOI to evaluate our performance because NOI allows us to evaluate the operating performance of our company by measuring the core operations of property performance and capturing trends in rental housing and property operating expenses. NOI is also a widely used metric in valuation of properties.

However, NOI should only be used as an alternative measure of our financial performance. Further, other REITs may use different methodologies for calculating NOI, and accordingly, our NOI may not be comparable to that of other REITs.

The following table sets forth a reconciliation of NOI for the periods presented to income from operations, computed in accordance with GAAP (amounts in thousands):

Three Months Ended December 31,

Year Ended December 31,

2019

2018

2019

2018

NOI
Income from operations

$

8,022

 

$

8,503

 

$

33,496

 

$

32,458

 

Real estate depreciation and amortization

 

5,581

 

 

4,623

 

 

19,649

 

 

18,005

 

General and administrative expenses

 

3,016

 

 

2,271

 

 

9,167

 

 

9,873

 

Acquisition and other costs

 

-

 

 

101

 

 

-

 

 

101

 

Amortization of real estate tax intangible

 

121

 

 

120

 

 

482

 

 

475

 

Amortization of above- and below-market leases

 

(100

)

 

(479

)

 

(1,180

)

 

(1,917

)

Straight-line rent adjustments

 

211

 

 

258

 

 

1,211

 

 

1,029

 

NOI

$

16,851

 

$

15,397

 

$

62,825

 

$

60,024

 

 

 

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