solid infrastructure being hammered., page-6

TSI is a Listed Trust and unlike a public company must distribute all of its earnings to its shareholders. Being an infrastructure owner it has plenty of "things" which must be brought to book value by way of depreciation. The depreciation is deducted from earnings to show a paper value as earnings per share.

The depreciable items are still returning the same money or which is 100% payable as dividend, but the earnings per share is reduced because of the depreciation.

JE