Does anyone understand the earnings for this thing ?Just went ex...

Does anyone understand the earnings for this thing ?

Just went ex a big distribution, most of which is "tax deferred" ( like property trusts ). But their P/E is skyhigh, they are not actually making any money. How long can this go on ?

I understand that they are ( or have been ) borrowing a lot of money to "gear up" their assets. This is a strategy which many entities have been following and is now regarded with deep suspicion. As least with a mall company people can look at the rents and the occupancy rates and understand the figures. Not so easy with trains.

I am quite bamboozled about the prospects for this company. Any insights ?