Off the money Pete. Every few years VLW buy large tracts of...

Off the money Pete. Every few years VLW buy large tracts of development land which they then bring to market over a 5-6 year period through staged residential developments. These developments offer a mix of house & land packages and land only sales. Because of these time frames looking at each year in isolation for cashflow May give you the wrong impression. For comparison look at CWP which develops residential property in a similar manner to VLW.