Clipper Realty Inc. (CLPR) came out with quarterly funds from operations (FFO) of $0.10 per share, beating the Zacks Consensus Estimate of $0.09 per share. This compares to FFO of $0.12 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 11.11%. A quarter ago, it was expected that this company would post FFO of $0.11 per share when it actually produced FFO of $0.07, delivering a surprise of -36.36%.Over the last four quarters, the company has surpassed consensus FFO estimates just once.Clipper Realty Inc.Which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $30.67 million for the quarter ended June 2021, missing the Zacks Consensus Estimate by 1.68%. This compares to year-ago revenues of $30.73 million. The company has not been able to beat consensus revenue estimates over the last four quarters.The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.Clipper Realty Inc. Shares have added about 19.9% since the beginning of the year versus the S&P 500's gain of 18.1%.What's Next for Clipper Realty Inc.While Clipper Realty Inc. Has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.Ahead of this earnings release, the estimate revisions trend for Clipper Realty Inc. Was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.It will be interesting to see how estimates for the coming quarters and current fiscal year change in the days ahead. The current consensus FFO estimate is $0.10 on $31.62 million in revenues for the coming quarter and $0.36 on $125.52 million in revenues for the current fiscal year.Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the bottom 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Time to Invest in Legal Marijuana If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027. After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%. You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.Today, Download Marijuana Moneymakers FREE >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Clipper Realty Inc. (CLPR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research