LAP Version 8.2
Project: 20' RL 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 Columbus
1,962 359
479,990
479,990
479,990
98,105
47,355
163,303
210,658
14,400 15,000 4,800 18,367
118,660
24.7%
Wghtd Avg / u
1,962 359
479,990
479,990
479,990
98,105
47,355
163,303
210,658
14,400 15,000 4,800 18,367
118,660
24.7%
PROFITABILITY
TIMING
KEY METRICS
Totals
Per Unit
% of Rev Per sq. ft.
Base House
172,316,410 479,990
100.0% 244.64
Hard EM amount
$ $
78,211 Cash
Options
- - -
- - -
- - -
EM Note
-
Number of Product Lines
2
Lot Premium
Hard EMD Date
10/13/20
Average Absorption
4.3
Disc & Allowances Total Net Revenue
EM Released to Seller
$
-
Construction Cycle Time Maximum # of Specs
4
172,316,410 479,990
100.0% 244.64
Initial land closing
Jan-24
17
-
No refundables
Land Acquisition
11,285,977 23,933,785 35,219,763
31,437 66,668 98,105
6.5%
16.02 in projection
LD Spend Begins Begin Moving Dirt
Jan-24 Jan-24
ROI and Turnover
Development
13.9% 33.98 20.4% 50.00
Gross ROI (GM/Avg Inv) Net ROI (PTI/Avg Inv)
45.4% 27.8%
Total Land & Development
Start Models
N/A
First Production Start
Mar-25
ACOS % 12% Inv. Turn
1.84
Base S&B
58,625,834 163,303
34.0% 83.23
(Rev /Avg Inv)
Options
- -
- -
- -
First Sale
Jul-25 Sep-25
Inventory
Area Costs
First Closing
Average Inventory
$10,716,451 $17,261,928
Permits
17,000,495
47,355
9.9%
24.14
Peak Inventory
Total S&B
75,626,330 210,658
43.9% 107.37
Last Sale
May-32 Aug-32
Peak occurs
Aug-25
Last Closing
IRR & NPV
Commissions Closing Costs
5,169,492 5,385,000 1,723,164 6,593,587
14,400 15,000
3.0% 3.1% 1.0% 3.8%
7.34 7.65 2.45 9.36
Interest in COS rate
Internal Rate of Return
33.6%
as a % of COS
Land Close to First Unit Clo (months)
20 83
Net Present Value
$15,886,277
Warranty & Other
4,800
base 3.0%
effective First to Last Unit Closing (months) 5.9% Total Project Duration (months)
Discount Rate
10%
Interest in COS Allocation
18,367
103
Total GM-Homes
42,599,074 118,660
24.7% 60.48
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
59 29
Approved:
Total Gross Margin
42,599,074 118,660
24.7% 60.48
Jun-26
Date:
For Closing
Division SG&A
13,785,313 2,717,055 16,502,368 26,096,706
38,399
8.0% 1.6% 9.6%
19.57
Corp & Reg SGA Alloc
7,568
3.86
Rolling Option of Raw Land.
Total SGA (Fully Loaded)
45,968 72,693
23.43
Low development risk
Total PTI
15.1% 37.05
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
-
-
-
26,096,706
72,693
15.1% 37.05
Fin Svcs & Rebates
-
-
-
lower than if calculated on the base rate.
Grand Total PTI
26,096,706
72,693
15.1% 37.05
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
Year 8 Year 9 Dec-31 Aug-32
ROI by year ending (annualized)
Jan-24
Gross ROI
20.9% 61.3% 42.4% 47.6% 40.7% 30.1% 68.8% 163.5%
Net ROI
(2.9%)
6.9% 45.1% 26.1% 27.6% 17.7% 13.2% 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
Dollars in 000's As a % of Rev
125.3
123.3
121.8
119.9
116.8
115.7
115.5 114.7
26.1% 25.7% 25.4% 25.0% 24.3% 24.1% 24.1% 23.9%
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 Summary1
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