Cash flow is 26cps, divvy is 12cps. Same as other infrastructure...

Cash flow is 26cps, divvy is 12cps. Same as other infrastructure funds, you need to recognize (and yet be somewhat wary of) the depreciation effect on financials.

However, jhc's eps are expected to be higher than dps for 2017 and beyond (e.g., 2017 consensus of 12c dps with 12.5c eps. Dps was likely was a bit below eps previously due to enticement as a newly listed stock.

Jhc uses residents' capital to build new accomodation, but correctly accounts these funds (as debt, not assets, i recall) in contrast to estia's accounting. But as the funding model changes in future (more pay as you go?) jhc will need to retain a higher percent of earnings. Fortunately, jhc also has good growth to offset potentially flatter dps growth.