Depreciation and Amortisation only account for $385 Million, But...

Depreciation and Amortisation only account for $385 Million, But the Equity dropped $452 Million, any ideas on what the rest was?

Do you have an estimate on what the actual depreciation is, I mean no doubt some of it is just accounting, But some of that $385 Million is a real loss, the 99 year lease is amortising at about $55 Million a year, thats a real loss.

My question is how much of that $385 Million is actual real world losses that will require capital outlay in the future over and above the $30 Million or so in maintenance they expensed.

I note in the report they do say they are depreciating all assets, while expensing maintenance costs, So this does lead me to think that depreciation is over stated because they are claiming the depreciation charge, as well as the maintenance which essentially is offsetting some of that depreciation, so its a bit of a double dip.

But yeah, just interested in your thoughts, should I be thinking of this as a company that will be building up some (true) shareholders equity over time as well as paying a dividend, of is a depreciating asset that pays a dividend but will waste away over time.