LAP Version 8.2
Project: SFD 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%
B Penwell B Hayden B Hanover
2,148 11 2,169 11 2,511 12
639,990 649,990 669,990
639,990 649,990 669,990
639,990 649,990 669,990
221,428 221,428 204,162
47,355 47,355 47,355
205,705 221,220 225,379
253,060 268,575 272,734
19,200 15,000 3,200 22,469 19,500 15,000 3,250 23,204 20,100 15,000 3,350 22,583
105,634 99,033 132,061
16.5% 15.2% 19.7%
Wghtd Avg / u
2,283 34
653,814
653,814
653,814
215,334
47,355
217,668
265,023
19,614 15,000 3,269 22,747
112,826
17.3%
PROFITABILITY
TIMING
KEY METRICS
Totals
Per Unit
% of Rev Per sq. ft.
Base House
22,229,660 653,814
100.0% 286.39
Hard EM amount
$
9,904 Cash
Options
- - -
- - -
- - -
EM Note
$
-
Number of Product Lines
1
Lot Premium
Hard EMD Date
10/13/20
Average Absorption
1.4
Disc & Allowances Total Net Revenue
EM Released to Seller
$
-
Construction Cycle Time Maximum # of Specs
5 7
22,229,660 653,814
100.0% 286.39
Initial land closing
Jan-24
-
No refundables
Land Acquisition
1,093,808
32,171
4.9%
14.09 in projection
LD Spend Begins Begin Moving Dirt
Jan-24 Jan-24
ROI and Turnover
Development
6,227,554 183,163 7,321,362 215,334
28.0% 80.23 32.9% 94.32
Gross ROI (GM/Avg Inv) Net ROI (PTI/Avg Inv)
31.6% 14.1%
Total Land & Development
Start Models
N/A
First Production Start
Mar-25
ACOS % 9% Inv. Turn
1.83
Base S&B
7,400,721 217,668
33.3% 95.35
(Rev /Avg Inv)
Options
- -
- -
- -
First Sale
Jul-25 Sep-25
Inventory
Area Costs
First Closing
Average Inventory
$3,162,617 $6,654,893
Permits
1,610,075
47,355
7.2%
20.74
Peak Inventory
Total S&B
9,010,795 265,023
40.5% 116.09
Last Sale
Jul-27 Sep-27
Peak occurs
Aug-25
Last Closing
IRR & NPV
Commissions Closing Costs
666,890 510,000 111,148 773,390
19,614 15,000
3.0% 2.3% 0.5% 3.5%
8.59 6.57 1.43 9.96
Interest in COS rate
Internal Rate of Return
27.1%
as a % of COS
Land Close to First Unit Clo (months)
20 24 44
Net Present Value
$1,647,386
Warranty & Other
3,269
base 3.0%
effective First to Last Unit Closing (months) 4.7% Total Project Duration (months)
Discount Rate
10%
Interest in COS Allocation
22,747
Total GM-Homes
3,836,075 112,826
17.3% 49.42
SGA Spread 1st sale or start to last clo
Avg lot size (W x D) JDE Subledger Code
50 x 85 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
16 27
Approved:
Total Gross Margin
3,836,075 112,826
17.3% 49.42
Apr-26
Date:
For Closing
Division SG&A
1,778,373
52,305 10,323 62,628 50,198
8.0% 1.6% 9.6% 7.7%
22.91
Corp & Reg SGA Alloc
350,969
4.52
Rolling Option of Raw Land.
Total SGA (Fully Loaded)
2,129,342 1,706,733
27.43 21.99
Low development risk
Total PTI
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 Horton
Direct Interest Allocation PTI after all Corp Charges
-
-
-
1,706,733
50,198
7.7%
21.99
Fin Svcs & Rebates
-
-
-
lower than if calculated on the base rate.
Grand Total PTI
1,706,733
50,198
7.7%
21.99
Initial Land Take
Year 1 Year 2 Dec-24 Dec-25
Year 3 Dec-26
Year 4 Sep-27
ROI by year ending (annualized)
Jan-24
Gross ROI
18.3% 47.6% 69.2%
Net ROI 4.1% 23.9% 39.3% 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%)
FY 2026 FY 2027
Dollars in 000's As a % of Rev
116.5
113.6
110.9
17.8% 17.4% 17.0%
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 Summary3
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