As someone new to retirement villages - why do you guys see Arvida as so valuable? Having gone through the reports, it looks like their actual profit is not so high compared to the market cap. A significant amount of the profit is from real estate value changes which skews the PE ratio a little (especially since I imagine that they won't be selling their land anytime soon? Does this raise the cost of apartments that they sell though?).

Additionally, they said that rising employee costs would be an issue through this year.

Also, I might just not know how to read the reports, but I couldn't see any of their income going back into development projects, it looked like it was just funded on loans.

Really interested in responses.