Why did CLPR's Q4 earnings fall short of forecasts?

Clipper Realty's (CLPR) Q4 earnings fell short of forecasts due to several factors:

1. **Interest Expenses**: Increased interest expenses, which rose by $1.6 million in the first quarter year on year, could affect net earnings and cash flow availability.
2. **Office Property Challenges**: The company faces challenges in the office real estate market, which may impact its financial performance. The office property market faces headwinds, and Clipper Realty's office properties, such as 250 Livingston Street and 141 Livingston Street, are subject to these challenges.
3. **Flatbush Gardens Collection Rates**: Flatbush Gardens experienced a decline in collection rates to 90%, due to ongoing negotiations with New York City. This disruption in cash flow from a significant property could affect the company's overall financial results.
4. **Lease Challenges**: There are disputes regarding 141 Livingston Street, which are being negotiated. These legal challenges can create uncertainty and potential costs for the company.

In summary, Clipper Realty's Q4 earnings fell short of forecasts due to increased interest expenses, challenges in the office property market, a decline in collection rates at Flatbush Gardens, and lease challenges at 141 Livingston Street. These factors combined to negatively impact the company's financial performance for the period.