LAP Version 8.2
Project: Westphalia Consolidated LAP 1/10/2025 CONSOLIDATEDFlorida/Mid Atlantic Region - Capital - Maryland
9
Prepared:
1/2/25
42203
Revenue
Lot
Direct Construction
Other Direct & Indirect
JDE Code:
# of
Gross
Avg. Lot
Disc. &
Net
Land & Area
Total
Sales
Closing Warranty Interest
Gross Margin
Project
Sq Foot
Units
Base
Options
Revenue
Premium Allow.
Revenue
Develop.
Costs
Permits
Base
Options
Sticks
Commis.
Cost
& Other
in COS
GM%
20' RL TH Westphalia 1,962 359 20' FL TH Westphalia 1,969 178
479,990 499,990 653,814 524,990
479,990 499,990 653,814 524,990
479,990 499,990 653,814 524,990
98,158 98,381 215,334 114,343
47,355 163,303 47,355 164,130 47,355 217,668 47,355 189,282
210,658 211,485 265,023 236,638
14,400 15,000 4,800 18,155 15,000 15,000 5,000 18,802 19,614 15,000 3,269 22,747 15,750 15,000 5,250 19,150
118,819 136,323 112,826 118,860
24.8% 27.3% 17.3% 22.6%
SFD Westphalia
2,283 34
24' TH Westphalia 2,471 68
Homes Avg
2,035 639
499,599
499,599
499,599
106,177
47,355 169,191
216,546
14,988 15,000 4,822 18,685
123,380
24.7%
1,110,330
PROFITABILITY
TIMING
KEY METRICS
Totals
Per Unit
% of Rev Per sq. ft 100.0% 245.48
Base House
319,243,610
499,599
Hard EM amount
$ $
178,211 Cash
Options
- - -
- - -
- - -
EM Note
-
Number of Product Lines
4
Lot Premium
Hard EMD Date
10/13/20
Average Absorption
7.7
Disc & Allowances Total Net Revenue
EM Released to Seller
319,243,610
499,599
100.0% 245.48
Initial land closing
Jan-24
Maximum # of Specs
41
No refundables
Land Acquisition
20,224,353 47,622,891 67,847,244
31,650 74,527 106,177
6.3%
15.55 in Projection
LD Spend Begins Begin Moving Dirt
Jan-24 Jan-24
ROI and Turnover
Development
14.9% 36.62 21.3% 52.17
Gross ROI (GM/Avg Inv) Net ROI (PTI/Avg Inv)
45.2% 27.6%
Total Land & Development
Start Models
n/a
First production Start
Mar-25
Turnover Ratio
1.83
Base S&B
108,112,860
169,191
33.9% 83.13
Options
- -
- -
- -
First Sale
Jul-25 Sep-25
Inventory
Area Costs
First Closing
Average Inventory
$19,952,721 38,127,447
Permits
30,259,934 138,372,795
47,355 216,546
9.5%
23.27
Peak Inventory
Total S&B
43.3% 106.40
Last Sale
May-32 Aug-32
peak occurs
Mar-27
Last Closing
IRR & NPV
Commissions Closing Costs
9,577,308 9,585,000 3,081,288 11,939,949 78,840,026
14,988 15,000
3.0% 3.0% 1.0% 3.7%
7.36 7.37 2.37 9.18
Interest in COS rate
Internal Rate of Return
32.0%
as a % of COS
Land Close to First Unit Clo (months)
20 83
Net Present Value
$28,404,846
Warranty & Other
4,822
base 3.0%
effective First to Last Unit Closing (months) 5.8% Total Project Duration (months)
Discount Rate
10%
Interest in COS Allocation
18,685 123,380
103
GM-Homes
24.7% 60.62
Land Sale Revenue
- - -
- - -
CASH RECOVERY
Land Sale Cost of Sales
CRA calc begin date = initial land closing date Closings req'd to return committed investment # Months required to return committed investment
Jan-24
GM-Land Sales
102
Approved:
31
Total Gross Margin
78,840,026
123,380
24.7%
Month committed investment is returned
Aug-26
Date:
Division SG&A
25,539,489 5,058,448 30,597,937 48,242,088
39,968
8.0% 1.6% 9.6%
19.64
Brand Horton Horton Horton Horton
For Closing
Corp & Reg SGA Alloc
7,916
3.89
ACQ SUMMARY
Homes
Land Sale
Total
359 Lots - Rolling Option of Raw Land. 178 Lots - Rolling Option of Raw Land. 34 Lots - Rolling Option of Raw Land. 68 Lots - Rolling Option of Raw Land.
Total SGA (Fully Loaded)
47,884 75,496
23.53
Date of initial land sale # lots sold in land sale
n/a
Total PTI
15.1% 37.10
Land Cost
16,327,145 3,897,208 47,622,891 67,847,244
16,327,145 3,897,208 47,622,891 67,847,244
Direct Interest Allocation PTI after all Corp Charges
-
-
-
Other Acq Costs
48,242,088
75,496
15.1% 37.10
Dev Cost
Fin Svcs & Rebates
-
-
-
Total Land & Dev
Grand Total PTI
48,242,088
75,497
15.1% 37.10
Initial Land Take
Year 1 Year 2 Dec-24 Dec-25
Year 3 Dec-26
Year 4
Year 5 Year 6
Year 7 Dec-30
Year 8 Dec-31
Year 9 Aug-32
ROI by year ending (annualized)
Jan-24
Dec-27 Dec-28 Dec-29
Gross ROI
19.8% 36.9% 41.0% 53.6% 62.7%
59.9% 68.8% 163.4%
Net ROI
(2.9%)
2.9% 18.1% 25.1% 36.3% 42.9%
39.8% 48.7% 122.5%
Gross Profit and GM% will differ by Fiscal Year where Interest in COS > the stated rate OR where a lot cost escalator is included in the assumptions. Homes GP & GM per unit by FY FY 2025
FY 2026 FY 2027
FY 2028 FY 2029 FY 2030 FY 2031 FY 2032
2/28/2025 5:06 PM
P:\COMPANYWIDE\Land Acquisition & Development\Properties_ACTIVE\Westphalia\Acquisition\LAPs\Tour LAPS\6. (CAP-MD) Westphalia - Consolidated Tour LAP Summary
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