LAP Version 8.2
Project: 24' 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 Royal
2,471 68
524,990
524,990
524,990
114,489
47,355 189,282
236,638
15,750 15,000 5,250 17,970
119,894
22.8%
Wghtd Avg / u
2,471 68
524,990
524,990
524,990
114,489
47,355 189,282
236,638
15,750 15,000 5,250 17,970
119,894
22.8%
PROFITABILITY
TIMING
KEY METRICS
Totals
Per Unit
% of Rev Per sq. ft.
Base House
35,699,320 524,990
100.0% 212.46
Hard EM amount
$ $
11,885 Cash
Options
- - -
- - -
- - -
EM Note
-
Number of Product Lines
1
Lot Premium
Hard EMD Date
5/18/20
Average Absorption
1.3
Disc & Allowances Total Net Revenue
EM Released to Seller
$
-
Construction Cycle Time Maximum # of Specs
4 9
35,699,320 524,990
100.0% 212.46
Initial land closing
Jan-24
-
No refundables
Land Acquisition
2,247,499 5,537,748
33,051 81,437
6.3%
13.38 in projection
LD Spend Begins Begin Moving Dirt
Jan-24 Jan-24
ROI and Turnover
Development
15.5% 32.96 21.8% 46.33
Gross ROI (GM/Avg Inv) Net ROI (PTI/Avg Inv)
44.9% 26.3%
Total Land & Development
7,785,247 114,489
Start Models
N/A
First Production Start
Mar-25
ACOS % 12% Inv. Turn
1.97
Base S&B
12,871,206 189,282
36.1% 76.60
(Rev /Avg Inv)
Options
- -
- -
- -
First Sale
Jul-25 Sep-25
Inventory
Area Costs
First Closing
Average Inventory
$2,944,547 $6,931,267
Permits
3,220,150
47,355
9.0%
19.16
Peak Inventory
Total S&B
16,091,355 236,638
45.1% 95.77
Last Sale
Sep-29 Dec-29
Peak occurs
Feb-27
Last Closing
IRR & NPV
Commissions Closing Costs
1,070,980 1,020,000
15,750 15,000
3.0% 2.9% 1.0% 3.4%
6.37 6.07 2.12 7.27
Interest in COS rate
Internal Rate of Return
31.2%
as a % of COS
Land Close to First Unit Clo (months)
20 51 71
Net Present Value
$3,095,696
Warranty & Other
356,993
5,250
base 3.0%
effective First to Last Unit Closing (months) 5.1% Total Project Duration (months)
Discount Rate
10%
Interest in COS Allocation
1,221,964
17,970
Total GM-Homes
8,152,781 119,894
22.8% 48.52
SGA Spread 1st sale or start to last clo
Avg lot size (W x D) JDE Subledger Code
24 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
11 39
Approved:
Total Gross Margin
8,152,781 119,894
22.8% 48.52
Apr-27
Date:
For Closing
Division SG&A
2,855,946
41,999
8.0% 1.5% 9.5%
17.00
Corp & Reg SGA Alloc
525,946
7,734
3.13
Rolling Option of Raw Land.
Total SGA (Fully Loaded)
3,381,892 4,770,889
49,734 70,160
20.13
Low development risk
Total PTI
13.4% 28.39
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 24' TH
Direct Interest Allocation PTI after all Corp Charges
-
-
-
4,770,889
70,160
13.4% 28.39
Fin Svcs & Rebates
-
-
-
lower than if calculated on the base rate.
Grand Total PTI
4,770,889
70,160
13.4% 28.39
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
ROI by year ending (annualized)
Jan-24
Gross ROI
27.1%
59.5% 62.7% 105.8%
Net ROI 45.5% 36.3% 79.5% 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 (2.9%) 6.3% (18.4%)
FY 2026 FY 2027 FY 2028 FY 2029 FY 2030
Dollars in 000's As a % of Rev
124.5
124.5
120.2
121.9
116.6
116.6
23.7% 23.7% 22.9% 23.2% 22.2% 22.2%
2/27/2025 11:56 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 Summary4
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