LAP Version 8.2
Project: 20' TH Ranson Heights
Mid Atlantic Region - Capital - Maryland
Date Prepared:
5/1/24
42248
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 Adams II
1,889 230
339,990
339,990
(6,000)
333,990
81,545
10,930
140,824
151,754
10,020 10,000 3,340 4,032
73,300
21.9%
Wghtd Avg / u
1,889 230
339,990
339,990
(6,000)
333,990
81,545
10,930
140,824
151,754
10,020 10,000 3,340 4,032
73,300
21.9%
PROFITABILITY
TIMING
KEY METRICS
Totals
Per Unit
% of Rev Per sq. ft.
Base House
78,197,700 339,990
101.8% 179.98
Hard EM amount
$ 418,150 Cash
Options
- -
- -
- -
EM Note
$ 418,100
Note
Number of Product Lines
2
Lot Premium
Hard EMD Date
5/17/24
Average Absorption
4.3
Disc & Allowances Total Net Revenue
(1,380,000)
(6,000)
-1.8% (3.18) 100.0% 176.81
EM Released to Seller
$ 418,100 5/17/24
Construction Cycle Time Maximum # of Specs
5
76,817,700 333,990
Initial land closing
Jun-25
21
-
No refundables
Excl Seller
Incl Seller
Land Acquisition
17,953,824
78,060
23.4% 41.32
in projection
LD Spend Begins Begin Moving Dirt
n/a n/a
ROI and Turnover
released EM released EM
Development
801,452
3,485
1.0%
1.84
Gross ROI (GM/Avg Inv) Net ROI (PTI/Avg Inv)
50.8% 44.4% 29.5% 25.4%
Total Land & Development
18,755,276
81,545
24.4% 43.17
Start Models
Jul-25 Jul-25
First Production Start
ACOS % 9% Inv. Turn
2.32
2.02
(Rev /Avg Inv)
Base S&B
32,389,520 140,824
42.2% 74.55
Options
- -
- -
- -
First Sale
Nov-25 Jan-26
Inventory
Area Costs
First Closing
Average Inventory
$6,523,297 $3,560,878 $11,281,162 $11,699,262
Permits
2,513,900
10,930
3.3%
5.79
Peak Inventory
Total S&B
34,903,420 151,754
45.4% 80.34
Last Sale
Mar-30 May-30
Peak occurs
Nov-27
Nov-27
Last Closing
IRR & NPV
Commissions Closing Costs
2,304,531 2,300,000
10,020 10,000
3.0% 3.0% 1.0% 1.2%
5.30 5.29 1.77 2.13
Interest in COS rate
Internal Rate of Return
45.4% 41.7%
as a % of COS
Land Close to First Unit Clo (months)
7
Net Present Value
$8,242,599 $7,940,103
Warranty & Other
768,177 927,300
3,340 4,032
base 1.0%
effective First to Last Unit Closing (months) 1.7% Total Project Duration (months)
52 59
Discount Rate
10%
Interest in COS Allocation
Total GM-Homes
16,858,996
73,300
21.9% 38.80
SGA Spread 1st sale or start to last clo
Avg lot size (W x D) JDE Subledger Code
24x100 3103274
CASH RECOVERY
Land Sale Revenue
- - -
- - -
- - -
CRA calc begin date = initial land closing date
Jun-25
Land Sale Cost of Sales
Closings 1 year from initial investment
30 33 13
GM-Land Sales
Closings req'd to return committed investment # Months req'd to return committed investment Month committed investment is returned
Approved:
Total Gross Margin
16,858,996
73,300
21.9% 38.80
Jul-26
Date: Errors Exist
For Contract Amendment Rolling Option of Finished Lots.
Division SG&A
6,145,416
26,719
8.0% 1.2% 9.2%
14.14
Corp & Reg SGA Alloc
921,481
4,006
2.12
Total SGA (Fully Loaded)
7,066,897 9,792,099
30,726 42,574
16.27
Not Banking Lots
Total PTI
12.7% 22.54
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
Direct Interest Allocation PTI after all Corp Charges
-
-
-
Express TH
9,792,099
42,574
12.7% 22.54
Fin Svcs & Rebates
-
-
-
lower than if calculated on the base rate.
Grand Total PTI
9,792,099
42,574
12.7% 22.54
Initial Land Take
Year 1 Year 2 May-26 May-27
Year 3 May-28
Year 4 May-29
Year 5 May-30
ROI by year ending (annualized)
Jun-25
Gross ROI
47.0% 65.2% 41.6% 28.3% 91.9%
Net ROI 9.0% 60.9% 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 16.8% 44.8% 26.0%
FY 2028 FY 2029 FY 2030
Dollars in 000's As a % of Rev
78.3
76.0
72.9
69.9
67.6
23.4% 22.8% 21.8% 20.9% 20.2%
2/28/2025 2:04 PM
P:\COMPANYWIDE\Land Acquisition & Development\Properties_ACTIVE\Riverpointe (Flynn-Jefferson Terrace Ranson Heights)\Acquisition\Region Submittal\7. Forestar Assignment\6b. Flynn Forestar LAPs\6c. (CAP-WV) Ranson Heights TH LAP_05.1.24 Summary
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