Accounting/CF question... should be simple...Real Estate... investment, question, remember, regular, Estate

homie

Hey guys,
This is a silly question but I don’t remember the rules on this classification (may be level 1, who knows, having a brain fart)
Revenue - COGS - SG&A - Interest - Taxes = Net Income
NI + NCC + WC Inv = CFO - CapEx + Int (1-t) = FCFE
So CapEx is not considered part of SG&A and the purchasing of inventory is a regular expense
So…
Is real-estate investment (ie., purchasing of land for future development and/or sale) supposed to be considered investment in inventory, so WC Inv and above CFO line, or CapEx?