Clipper Realty Inc
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Real Estate : Equity Real Estate Investment Trusts (REITs) | Small Cap Value
Company profile

Clipper Realty, Inc. is a real estate investment trust, which acquires, owns, manages, operates and repositions multi-family residential and commercial properties in the New York metropolitan area, with a portfolio in Manhattan and Brooklyn. The Company's segments include Commercial and Residential. As of June 30, 2016, it owned two residential/retail rental properties at 50 Murray Street and 53 Park Place in the Tribeca neighborhood of Manhattan, referred to as the Tribeca House properties. As of June 30, 2016, it also owned a residential property complex in the East Flatbush neighborhood of Brooklyn consisting of 59 buildings, referred to as the Flatbush Gardens properties or complex. As of June 30, 2016, it owned two primarily commercial properties in Downtown Brooklyn (one of which included 36 residential apartment units), referred to as the 141 Livingston Street property and the 250 Livingston Street property, and also owned the Aspen property.

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UPDATE: Hertz's stock plummets on heavy volume after disclosing missed lease payment

11:46 am ET April 29, 2020 (MarketWatch)

Shares of Hertz Global Holdings Inc. (HTZ) plummeted 13% on heavy volume in morning trading Wednesday, after the auto rental company disclosed that it "did not make certain payments" required under operating lease and service agreement. Trading volume ballooned to 46.1 million shares, compared with the full-day average of about 17 million shares. Hertz said in an 8-K filing with the Securities and Exchange Commission that it has been in discussion with senior credit facility lenders to temporarily reduce required payments under the operating lease, as the COVID-19 pandemic has caused a "rapid, sudden and dramatic" negative impact on its businesses. Hertz said if the payments are made by the end of the grace period on May 4, and enough of its lenders don't agree to waive any resulting default or choose not to exercise remedies, "Hertz could be materially and negatively impacted." The filing comes after The Wall Street Journal reported last week ( that Hertz had hired lawyers and investment bankers as advisers as it tried to renegotiate its $17 billion of debt. The stock has plummeted 73% over the past three months, while rival Avis Budget Group Inc. shares (CAR) have declined 49.0% and the S&P 500 has lost 10.5%.

-Tomi Kilgore; 415-439-6400;

(END) Dow Jones Newswires

April 29, 2020 11:46 ET (15:46 GMT)

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