Clipper Realty Inc.

Good day and welcome to the Clipper Realty Q3 earnings call. At this time, all participants have been placed on a listen-only mode. The floor will be open for questions and comments following the presentation. It is now my pleasure to turn the floor over to your host, Lawrence Sava. Sir, the floor is yours.

Thank you. Good afternoon and thank you for joining us for the third quarter 2025 Clipper Realty Inc. Earnings Conference Vault. Participating with me on today's call are David Bichester, our co-chairman of the board and chief executive officer, JJ Bichester, chief operating officer, and Larry Kreider, chief financial officer. Please be aware that 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 2024 annual report on Form 10-K, and the third quarter 2025 quarterly report on Form 10-Q, which will be accessible on www.sec.gov and on our website. As a reminder, the forward-looking statements speak only as of the date of this call, November 13th, 2025, 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 and form 10-Q that will be posted for reconciliation on 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 Bisticer.

Thank you, Lawrence. Good afternoon, and welcome to the third quarter 2025 earnings call for Clipper Realty. I will provide an update on our business performance and some 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 am pleased to report that our residential properties continue to perform very well due to continuing high residential rental demand, excellent cash flow, overall rents are generally at all-time highs, and continue to increase and we are nearly fully leased. In the third quarter, new leases exceeded prior rents by over 14%, same as last quarter across the entire portfolio as JJ will detail. We are also in the initial lease of Prospect House at 953 Dean Street. We bought the property online in August on time and on budget, having placed a bridge loan last quarter that will provide funds through stabilization. We are currently approximately 60% leased with free market rents in excess of $88 a foot. This project was a ground up with development in Brooklyn where we bought the land in 2021 and 22 and built a nine story fully amenitized building and 160,000 residential square feet, 70% free market, 50% affordable, 57 parking space and 19,000 commercial square feet. Our other ground up development at Pacific House at 1010 Pacific Street in Brooklyn is stabilized and is contributing to cash flow after over one year of full operation. As to the office properties at 250 and 141, we previously reported that we are ongoing conversations with those of those properties to bring them back online to a cash flow position. With that, I would like to now turn over the phone to JJ.