In recent years the largest one-timers have been gains (both recognized and unrecognized) on investments we have made in securities of other real estate companies or

in other companies that we view as real estate-based businesses disguised as operating companies. Here is a summary of these gains:

Alexander's and Toys "R" Us are appropriately not shown here. Alexander's is a core holding which we account for on the equity method. We do, however, treat our share of Alexander's stock appreciation rights as non-comparable. I've always found it odd that our income statement is

penalized with expense coming from the appreciation of our Alexander's stockholdings, but so be it. Toys "R" Us has been treated as non-comparable until its first full year cycled. Going forward it will be accounted for as a recurring separate business segment.