($ IN THOUSANDS)	Total	2008	2007	2006	2005	2004
Securities Investments:
Sears, Sears Canada and
McDonald's	508,123		131,911	212,864	81,621	81,730
Other marketable securities	(76,352)	(76,352)
Other derivatives	(16,940)	(33,740)	4,700	12,100
Non-cash asset write-downs:
Real estate development costs	(187,800)	(177,400)	(10,400)
MPH mezzanine loan	(46,700)	10,300	(57,000)
Lexington Realty Trust	(107,882)	(107,882)
Alexander's stock appreciation
rights (SARS)	(62,437)	6,583	14,280	(49,000)	(9,000)	(25,300)
Reversal of H Street deferred taxes	222,200	222,200
Americold Realty Trust	265,800	118,800	24,700	26,300	38,500	57,500
Minority Interest	(55,485)	3,553	(9,352)	(16,368)	(12,655)	(20,663)
Other	17,360	(2,262)	(6,939)	(33,137)	8,021	51,677
	459,890	(36,200)	91,900	152,759	106,487	144,944
Alexander's SARs	62,437	(6,583)	(14,280)	49,000	9,000	25,300
H Street deferred taxes	(222,200)	(222,200)
One-timers as we look at them	300,127	(264,983)	77,620	201,759	115,487	170,244

One-timers are inevitable, and until this year, they were, by and large, a big plus. But, 2008 was the one-timer year from hell. To present this material as we look at it, I have adjusted the table by eliminating the non-cash accounting effect of Alexander's SARs and the H Street deferred taxes. Accordingly, please focus on the last line above, which for the five-year period results in a positive $300 million even after 2008.

This year we abandoned the MSG move project, delayed and substantially wrote down the Downtown Crossing project in Boston, and the Harlem Park project, and wrote-down/impaired eight others.(2)

The $108 million write-down of our investment in Lexington deserves explanation. This investment began in 1998 when we acquired, over time with partners, interests in 104 separate net lease limited partnerships. In 2002 these were rolled up into Newkirk MLP, which in 2006 merged with the NYSE-traded Lexington Realty Trust. Our investment in this series of transactions totaled $161 million. Along the way, we received $262 million in cash proceeds from sales, excess financing proceeds, etc. and, in addition, over the years recorded our $237 million share of GAAP income, although we received no additional cash. In essence, we already have a cash profit on this transaction of $101 million (yielding a mid-teens IRR) plus whatever the value of our Newkirk shares (now 8 million Lexington shares) turns out to be. We are playing with house money. We doubled our share count in October 2008 by acquiring an additional 8 million Lexington shares from our former partner at $5.60 per share. Lexington's shares, which over the last year have traded as high as $17.22, were trading at $5.00 at December 31, 2008, and accordingly we have written them down to market(3).

(2)

This is performance that we cannot be proud of. But ours is a large business and we pursue money making through multiple acquisitions, transactions, developments, etc., predictably, some of which will be unsuccessful. As my 92-year old father taught me forty years ago, when he was working and I was just starting "...if you don't have any bad debts, you are not doing enough business..." Most of these write-downs were the result of the current economic crisis, but several were simply mistakes.

(3)

The market price of Lexington shares at March 31, 20009 was $2.38, which may give rise to a $42.3 million further write-down in the first quarter of 2009.