LAP Version 8.2
Project: Flynn Jefferson - Forestar CONSOLIDATED
Mid Atlantic Region - Capital - Maryland
9
Prepared:
5/1/24
42248
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' TH Ranson Heights1,889 230 50' SF Ranson Heights1,790 198
339,990 410,268
339,990 410,268
(6,000) (6,000)
333,990 404,268
81,545 126,384
10,930 140,824 10,930 153,986
151,754 164,916
10,020 10,000 3,340 4,032 12,128 10,000 2,021 4,739
73,300 84,079
21.9% 20.8%
Homes Avg
1,843 428
372,502
372,502
(6,000)
366,502
102,288
10,930 146,913
157,843
10,995 10,000 2,730 4,359
78,287
21.4%
1,110,330
PROFITABILITY
TIMING
KEY METRICS
Totals
Per Unit
% of Rev Per sq. ft
Base House
159,430,720
372,502
101.6% 202.10
Hard EM amount
$ $
180,000 Cash
Options
- -
- -
- -
EM Note
-
Number of Product Lines
2
Lot Premium
Hard EMD Date
5/3/22
Average Absorption
7.6
Disc & Allowances Total Net Revenue
(2,568,000)
(6,000)
-1.6% (3.26) 100.0% 198.85
EM Released to Seller
156,862,720
366,502
Initial land closing
Jun-25
Maximum # of Specs
36
No refundables
Land Acquisition
41,775,754 2,003,630 43,779,384
97,607
26.6% 52.96
in Projection
LD Spend Begins Begin Moving Dirt
n/a n/a
ROI and Turnover
Development
4,681
1.3%
2.54
Gross ROI (GM/Avg Inv) Net ROI (PTI/Avg Inv)
48.3% 27.5%
Total Land & Development
102,288
27.9% 55.50
Start Models
Jul-25 Jul-25
First production Start
Turnover Ratio
2.26
Base S&B
62,878,821
146,913
40.1% 79.71
Options
- -
- -
- -
First Sale
Nov-25 Jan-26
Inventory
Area Costs
First Closing
Average Inventory
$12,998,118 21,837,028
Permits
4,678,040 67,556,861
10,930 157,843
3.0%
5.93
Peak Inventory
Total S&B
43.1% 85.64
Last Sale
Jun-30 Aug-30
peak occurs
Aug-28
Last Closing
IRR & NPV
Commissions Closing Costs
4,705,882 4,280,000 1,168,402 1,865,537 33,506,654
10,995 10,000
3.0% 2.7% 0.7% 1.2%
5.97 5.43 1.48 2.36
Interest in COS rate
Internal Rate of Return
43.0%
as a % of COS
Land Close to First Unit Clo (months)
7
Net Present Value
$15,779,216
Warranty & Other
2,730 4,359
base 1.0%
effective First to Last Unit Closing (months) 1.7% Total Project Duration (months)
55 62
Discount Rate
10%
Interest in COS Allocation
GM-Homes
78,287
21.4% 42.47
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
Jun-25
GM-Land Sales
43 11
Approved:
Total Gross Margin
33,506,654
78,287
21.4%
Month committed investment is returned
May-26
Date:
Division SG&A
12,549,018 1,926,263 14,475,280 19,031,374
29,320
8.0% 1.2% 9.2%
15.91
For Contract Amendment
Brand Horton
Corp & Reg SGA Alloc
4,501
2.44
ACQ SUMMARY
Homes
Land Sale
Total
230 Lots - Rolling Option of Finished Lots. 198 Lots - Rolling Option of Finished Lots.
Total SGA (Fully Loaded)
33,821 44,466
18.35
Date of initial land sale # lots sold in land sale Land Cost
n/a
Express
Total PTI
12.1% 24.12
40,173,900 1,601,854 2,003,630 43,779,384
40,173,900 1,601,854 2,003,630 43,779,384
Direct Interest Allocation PTI after all Corp Charges
-
-
-
Other Acq Costs
19,031,374
44,466
12.1% 24.12
Dev Cost
Fin Svcs & Rebates
-
-
-
Total Land & Dev
Grand Total PTI
19,031,374
44,467
12.1% 24.12
Initial Land Take
Year 1 Year 2 May-26 May-27
Year 3 May-28
Year 4 May-29
Year 5 Year 6 May-30 Aug-30
ROI by year ending (annualized)
Jun-25
Gross ROI
43.1% 64.5% 38.9% 31.8% 71.7% 234.5%
Net ROI 14.6% 41.8% 21.7% 15.9% 46.1% 159.2% 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 2026 FY 2027
FY 2028 FY 2029
FY 2030
#VALUE! #VALUE!
Dollars in 000's As a % of Rev
84.8
80.5
78.1
75.7
72.7
23.2% 22.5%
21.3% 20.3%
19.6%
2/2P8/:2\C0O25M1P:A59NYPWMIDE\Land Acquisition & Development\Properties_ACTIVE\Riverpointe (Flynn-Jefferson Terrace Ranson Heights)\Acquisition\Region Submittal\7. Forestar Assignment\6b. Flynn Forestar LAPs\6e. (CAP-WV) Ranson Heights - Forestar Consolidated_5.1.24v2
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