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For decades, a good measure of the health of a high-tech company is whether they own or lease their headquarters. Bad companies own real-estate, good companies lease it.
It's drill into us as kids that "owning your own home" is "responsible" investment/savings advice, so we naturally assume corporations should own real-estate. The opposite is true, absolutely.
"But it's a buffer that'll help see the corporation through bad times". Yes, that's true when it's YOU personally, but that's not true for corporations.
Investors don't want a company like Zynga propping up a failed business by selling real estate. They'd rather Zynga just sell off their real estate and give them the money with a one-time dividend.
The alternatives are a failed company selling off assets and giving a big one-time dividend, or consuming those assets to prop up the business and then STILL going bankrupt a few years later, giving the investors nothing.
