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JMP Securities LLC initiates coverage of Clipper Realty Inc. at 'market outperform'

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JMP Securities LLC initiates coverage of Clipper Realty Inc. at 'market outperform'

JMPSecurities LLC analyst Aaron Hecht initiated coverage of with a rating of"market outperform," and a price target of $17.

The analyst wrote in a research report: "CLPR is aself-managed REIT based in Brooklyn, NY that owns a portfolio of 64 buildings(six assets) across metro New York. The company became public in February of2017 raising $86.3mm, and was backed by the founding members/family who own46.6% of the public shares. The portfolio contains a combination ofmultifamily, office, and retail properties, which account respectively for 77%,17%, and 6% of exposure on a revenue basis. On a submarket basis, the companyis 58% exposed to Brooklyn and 42% to Manhattan."