Not quite. When TPG2 pays a dividend, it will be received by...

Not quite. When TPG2 pays a dividend, it will be received by HTA. Whether HTA pays a dividend depends on HTA's board, basically Vodafone Plc and Hutchison CK. Most, if not all of that will go to interest. At some point there could be a scenario where the JV holders may want to refinance the debt and remove their guarantees (pure speculation on my part). My main concern is that HTA will be run for the benefit of Hutchison CK and Vodafone Plc who are balancing their needs as debt guarantors and HTA shareholders. $4.8b is not trivial, even for them.

In terms of my Sell sentiment, it is a marginal sell ... could be a hold. Depending on what the circumstances are, I am possibly a buyer under 10 as I have been in the past.