Castle terrain subdivisions?

Trying to figure out discrepencies in my water flow, I am surprised to find that my terrain tiles are 99x99 ‘cells’ instead of 100x100. I have subdivisions set to 100 for my 500x500m area… so I would expect that would make an array of 101x101 vertices and there would be 100x100 rows and columns of 2-triangle cells. So that each cell would be 5x5m. But it would seem that instead I end up with 99 squares across the 500m so that each ‘cell’ in the grid ends up being 5.05x5.05m. My water grid then ends up being misaligned because it treats subdivisions as the number of cells or strips, not the number of vertices.

So is subdivisions really just the vertex count? If so then it seems misnamed.
Please clarify.

Pictured is 3x3 grid of terrain tiles, the center one has wire frame enabled. I had assumed it would be 100x100 cells instead of 99x99. (Good luck counting, but I have verified 3 times)