Why did ALX's EPS surprise vary by quarter?

Alexander's EPS surprise varied by quarter due to several factors:

1. **Strategic Initiatives**: The company has undertaken several strategic initiatives to enhance its financial position and operational capabilities. These initiatives likely impacted profitability, leading to variations in EPS.
2. **Market Conditions**: The broader real estate market, including office leasing and occupancy rates, has influenced Alexander's financial performance. Changes in market conditions from one quarter to another could explain the EPS variations.
3. **Financial Management**: The company's financial management practices, such as refinancing mortgage loans, have long-term impacts on profitability. The timing of these actions may align with quarterly earnings reports, affecting EPS.
4. **Economic Factors**: Economic factors such as interest rates, inflation, and economic growth can impact real estate investment trusts like Alexander's. Changes in these factors across quarters can influence EPS.

In conclusion, Alexander's EPS surprise varied by quarter due to a combination of strategic initiatives, market conditions, financial management, and economic factors. These elements collectively contribute to the company's fluctuating EPS performance.