Clipper Realty Inc. has issued unaudited pro forma combined financial statements reflecting the impact of a significant transaction: the sale of its property at 10 West 65th Street, New York City. The transaction, completed on May 30, 2025, for a sale price of $45,500, less closing costs of $1,864, is intended to be reflected as if it occurred on March 31, 2025. These statements include adjustments for the three months ended March 31, 2025, and the year ended December 31, 2024, demonstrating the financial effects of the sale. The pro forma adjustments account for the repayment of outstanding debt related to the property, the write-off of certain assets, and the retention of specific assets and liabilities, contributing to a reported pro forma loss on sale. Clipper Realty's management believes these adjustments provide a reasonable representation of the company's financial position post-sale.
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