Clipper Realty Completes $86.3 Million Initial Public Offering

NEW YORK--()--Clipper Realty Inc. (NYSE:CLPR) today announced that it has completed its initial public offering of 6,390,149 shares of its common stock at a price to the public of $13.50 per share, including 800,000 shares sold in connection with the exercise of the option to purchase additional shares granted to the underwriters, resulting in gross proceeds of $86.3 million.

Clipper Realty intends to use the net proceeds of the offering of $78.2 million, after deducting underwriting discounts and estimated offering expenses payable by the Company, to fund the recently announced acquisition of a residential property at 107 Columbia Heights, Brooklyn, NY, as well as capital improvements that further modernizes its properties and to fund additional acquisitions within its strategy of acquiring multi-family or commercial properties in the New York metropolitan area.

FBR and Raymond James acted as bookrunners and Janney Montgomery Scott and Wunderlich acted as co-managers of the offering. The offering was made only by means of a prospectus. A copy of the final prospectus relating to the offering can be obtained from: FBR Capital Markets & Co., Attention: Prospectus Department, 1300 North 17th Street, Suite 1400, Arlington, Virginia 22209, or by calling 800-846-5050; or Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716, Attention: Equity Syndicate, or by calling 800-248-8863. The final prospectus may also be accessed through the website of the U.S. Securities and Exchange Commission ("SEC") at www.sec.gov. A registration statement relating to the securities has been declared effective by the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Clipper Realty:

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 an initial portfolio in Manhattan and Brooklyn.

For more information on Clipper Realty Inc., 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 timing of certain acquisitions, 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. These and other important factors, including “Clipper Realty Announces Agreement to Acquire Residential Property at 107 Columbia Heights in Brooklyn” and those discussed in the "Risk Factors" section within our final prospectus dated February 9, 2017, 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.

Contacts

Clipper Realty Inc.
Investors:
Lawrence Kreider, CFO, 718-438-2804 x2231
M: 917-370-2046
F: 718-438-3848
www.ClipperRealty.com

Contacts

Clipper Realty Inc.
Investors:
Lawrence Kreider, CFO, 718-438-2804 x2231
M: 917-370-2046
F: 718-438-3848
www.ClipperRealty.com