Some land, behind in overdraft, divided into small areas (9)

I believe the answer is:

areolated

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'divided into small areas' is the definition.
I can't tell whether this defines the answer.

'some land behind in overdraft' is the wordplay.
'some land' becomes 'are' (historical unit of measurement - l00 square metres).
'behind' becomes 'late' (as in behind schedule).
'in' means one lot of letters goes inside another.
'overdraft' becomes 'od'.
'late' placed within 'od' is 'olated'.
'are'+'olated'='AREOLATED'

Can you help me to learn more?

I've seen this clue in the Sydney Morning Herald.

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