After B and AK talk about it, I decide to look at it again. I want to answer 2 questions. 1) Is golf operations earning power predictable or stable? 2) What is  the structure of the trust, is "dumping" evident. To establish the earning powers of golf business, I look at the numbers of Accordia Golf, the parent of the trust. The numbers look quite good, with dip in 2009 and 2011 due to GFC and 2011 earthquake. Yet profits are resilient. I like. I dig deeper, wanting to know if the numbers are due to organic and inorganic growth. There are 2 sides to this. While no. of golf courses increased  from 2009- 2011 in 123, 130 and 138 Revenue is relative flat. Utilization rate is not a good gauge of  operating numbers. As the increase in golfs course and Driving range (2009; 10, 2010; 18, 2011 ......