LAP Version 8.2
Project: 20' FL TH Westphalia
Florida/Mid Atlantic Region - Capital - Maryland
Date Prepared:
2/25/25
42203
Revenue
Lot
Direct Construction
Other Direct & Indirect
JDE Code:
Fnd **Plan #
# of
Gross
Avg. Lot
Disc. &
Net
Land & Area
Total
Sales
Closing Warranty Interest
Gross Profit
Type or Name Sq Foot
Units
Base
Options
Revenue
Premium Allow.
Revenue
Develop.
Costs
Permits
Base
Options
Sticks
Commis.
Cost
& Other
in COS
GM%
S Lafayette
1,969 178
499,990
499,990
499,990
98,408
47,355
164,130
211,485
15,000 15,000 5,000 18,542
136,556
27.3%
Wghtd Avg / u
1,969 178
499,990
499,990
499,990
98,408
47,355
164,130
211,485
15,000 15,000 5,000 18,542
136,556
27.3%
PROFITABILITY
TIMING
KEY METRICS
Totals
Per Unit
% of Rev Per sq. ft.
Base House
88,998,220 499,990
100.0% 253.93
Hard EM amount
$ $
78,211 Cash
Options
- - -
- - -
- - -
EM Note
-
Number of Product Lines
2
Lot Premium
Hard EMD Date
10/13/20
Average Absorption
2.9
Disc & Allowances Total Net Revenue
EM Released to Seller
$
-
Construction Cycle Time Maximum # of Specs
4
88,998,220 499,990
100.0% 253.93
Initial land closing
Jan-24
19
-
No refundables
Land Acquisition
5,592,743 11,923,803 17,516,547
31,420 66,988 98,408
6.3%
15.96 in projection
LD Spend Begins Begin Moving Dirt
Jan-24 Jan-24
ROI and Turnover
Development
13.4% 34.02 19.7% 49.98
Gross ROI (GM/Avg Inv) Net ROI (PTI/Avg Inv)
48.2% 31.2%
Total Land & Development
Start Models
N/A
First Production Start
Mar-25
ACOS % 12% Inv. Turn
1.76
Base S&B
29,215,099 164,130
32.8% 83.36
(Rev /Avg Inv)
Options
- -
- -
- -
First Sale
Jul-25 Sep-25
Inventory
Area Costs
First Closing
Average Inventory
$7,123,635 $13,093,690
Permits
8,429,215
47,355
9.5%
24.05
Peak Inventory
Total S&B
37,644,314 211,485
42.3% 107.41
Last Sale
Aug-30 Dec-30
Peak occurs
Sep-28
Last Closing
IRR & NPV
Commissions Closing Costs
2,669,947 2,670,000
15,000 15,000
3.0% 3.0% 1.0% 3.7%
7.62 7.62 2.54 9.42
Interest in COS rate
Internal Rate of Return
31.2%
as a % of COS
Land Close to First Unit Clo (months)
20 63 83
Net Present Value
$8,673,646
Warranty & Other
889,982
5,000
base 3.0%
effective First to Last Unit Closing (months) 6.0% Total Project Duration (months)
Discount Rate
10%
Interest in COS Allocation
3,300,549
18,542
Total GM-Homes
24,306,882 136,556
27.3% 69.35
SGA Spread 1st sale or start to last clo
Avg lot size (W x D) JDE Subledger Code
20 x 60 2587586
CASH RECOVERY
Land Sale Revenue
- - -
- - -
- - -
CRA calc begin date = initial land closing date
Jan-24
Land Sale Cost of Sales
Closings 1 year from initial investment
GM-Land Sales
Closings req'd to return committed investment # Months req'd to return committed investment Month committed investment is returned
18 44
Approved:
Total Gross Margin
24,306,882 136,556
27.3% 69.35
Sep-27
Date:
For Closing
Division SG&A
7,119,858 1,462,201 8,582,058 15,724,823
39,999
8.0% 1.6% 9.6%
20.31
Corp & Reg SGA Alloc
8,215
4.17
Rolling Option of Raw Land.
Total SGA (Fully Loaded)
48,214 88,342
24.49
Low development risk
Total PTI
17.7% 44.87
Note: Interest is COS is shown at the effective rate, not the stated (base) rate. Because this project extends beyond 3 years, and the rate increases in later years, GM is
Brand: Series:
Horton 20' TH
Direct Interest Allocation PTI after all Corp Charges
-
-
-
15,724,823
88,342
17.7% 44.87
Fin Svcs & Rebates
-
-
-
lower than if calculated on the base rate.
Grand Total PTI
15,724,823
88,342
17.7% 44.87
Initial Land Take
Year 1 Year 2 Dec-24 Dec-25
Year 3 Dec-26
Year 4 Dec-27
Year 5 Year 6 Dec-28 Dec-29
Year 7 Dec-30
ROI by year ending (annualized)
Jan-24
Gross ROI
13.7%
26.1% 57.6% 71.7% 144.3%
Net ROI
(2.9%)
(13.5%)
(22.3%)
12.4% 44.6% 56.5% 115.0%
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
Dollars in 000's As a % of Rev
143.4
143.4
139.9
137.8
136.7
134.2
135.0
28.7% 28.7% 28.0% 27.6% 27.3% 26.8% 27.0%
2/27/2025 11:55 AM
P:\COMPANYWIDE\Land Acquisition & Development\Properties_ACTIVE\Westphalia\Acquisition\LAPs\Tour LAPS\6. (CAP-MD) Westphalia - Phase 2&3 PSA - Consolidated LAP_25.2.25_FebTake Summary2
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