Yes. When you borrow money to pay an investment return above earnings, that's commonly referred to a Ponzi scheme. That's why Prudential took a $2 billion settlement for communicating in their marketing materials to seniors that these were extremely attractive cash distributions, without referral to the return on capital.
I disagree with Mr. Kesteven based on 25 years' of experience analyzing financial companies and supervising up to 60 analysts and associates responsible for determining the fair value of securities in all sectors and all types of securities in the Canadian economy. Return on capital is defined by accounting standards; it's not up to the management of an income trust to decide they can tell investors that capital is something they define. Accountants, accounting standards, define return on capital. That definition is a convention in the world.
The excess cash paid above the earnings is not a tax deferral; the tax deferral was the depreciation charged. That's not simply a tax matter. Depreciation is the amount of cash that needs to be set aside for the purpose, in the case of energy, of depleting reserves. In the case of other business investments, depreciation is for the purpose of replacing machinery, equipment, plant, or software. If you do not maintain those necessary sustaining capital assets in your business, your business is dying.
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