LAP Version 8.2
Project: 50' SF Ranson Heights
Mid Atlantic Region - Capital - Maryland
Date Prepared:
4/18/24
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 Glendale S Neuville B Deerfield
1,649 55 1,698 55 1,906 33 1,953 55
389,990 399,990 444,990 419,990
389,990 399,990 444,990 419,990
(6,000) (6,000) (6,000) (6,000)
383,990 393,990 438,990 413,990
127,392 127,392 127,392 127,392
10,930 10,930 10,930 10,930
142,466 147,075 174,524 160,095
153,396 158,005 185,454 171,025
11,520 10,000 1,920 3,485 11,820 10,000 1,970 3,542 13,170 10,000 2,195 3,883 12,420 10,000 2,070 3,704
76,277 81,261 96,897 87,380
19.9% 20.6% 22.1% 21.1%
S Pine
Wghtd Avg / u
1,790 198
410,268
410,268
(6,000)
404,268
127,392
10,930
153,986
164,916
12,128 10,000 2,021 3,628
84,183
20.8%
PROFITABILITY
TIMING
KEY METRICS
Totals
Per Unit
% of Rev Per sq. ft.
Base House
81,233,020 410,268
101.5% 229.21
Hard EM amount
$ 418,150 Cash
Options
- -
- -
- -
EM Note
$ 418,100
Note
Number of Product Lines
1
Lot Premium
Hard EMD Date
5/17/24
Average Absorption
3.8
Disc & Allowances Total Net Revenue
(1,188,000)
(6,000)
-1.5% (3.35) 100.0% 225.86
EM Released to Seller
$ 418,100 5/17/24
Construction Cycle Time Maximum # of Specs
5
80,045,020 404,268
Initial land closing
Jun-25
15
-
No refundables
Excl Seller
Incl Seller
Land Acquisition
24,021,383 121,320
30.0% 67.78
in projection
LD Spend Begins Begin Moving Dirt
n/a n/a
ROI and Turnover
released EM released EM
Development
1,202,178
6,072
1.5%
3.39
Gross ROI (GM/Avg Inv) Net ROI (PTI/Avg Inv)
56.4% 52.9% 31.9% 29.8%
Total Land & Development
25,223,561 127,392
31.5% 71.17
Start Models
Jul-25 Jul-25
First Production Start
ACOS % 9% Inv. Turn
2.71
2.54
(Rev /Avg Inv)
Base S&B
30,489,301 153,986
38.1% 86.03
Options
- -
- -
- -
First Sale
Nov-25 Jan-26
Inventory
Area Costs
First Closing
Average Inventory
$5,914,365 $5,181,972 $11,656,962 $11,656,962
Permits
2,164,140
10,930
2.7%
6.11
Peak Inventory
Total S&B
32,653,441 164,916
40.8% 92.14
Last Sale
Feb-30 Apr-30
Peak occurs
Aug-28
Aug-28
Last Closing
IRR & NPV
Commissions Closing Costs
2,401,351 1,980,000
12,128 10,000
3.0% 2.5% 0.5% 0.9%
6.78 5.59 1.13 2.03
Interest in COS rate
Internal Rate of Return
42.4% 40.5%
as a % of COS
Land Close to First Unit Clo (months)
7
Net Present Value
$7,942,047 $7,891,992
Warranty & Other
400,225 718,287
2,021 3,628
base 1.0%
effective First to Last Unit Closing (months) 1.2% Total Project Duration (months)
51 58
Discount Rate
10%
Interest in COS Allocation
Total GM-Homes
16,668,155
84,183
20.8% 47.03
SGA Spread 1st sale or start to last clo
Avg lot size (W x D) JDE Subledger Code
50x100 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
24 55 20
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
16,668,155
84,183
20.8% 47.03
Feb-27
Date:
For Contract Amendment Rolling Option of Finished Lots.
Division SG&A
6,403,602
32,341
8.0% 1.0% 9.0%
18.07
Corp & Reg SGA Alloc
821,311
4,148
2.32
Total SGA (Fully Loaded)
7,224,912 9,443,242
36,489 47,693
20.39
Not Banking Lots
Total PTI
11.8% 26.65
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:
Express
Direct Interest Allocation PTI after all Corp Charges
-
-
-
Express SF
9,443,242
47,693
11.8% 26.65
Fin Svcs & Rebates
-
-
-
lower than if calculated on the base rate.
Grand Total PTI
9,443,242
47,693
11.8% 26.65
Initial Land Take
Year 1 Year 2 May-26 May-27
Year 3 May-28
Year 4 May-29
Year 5 Apr-30
ROI by year ending (annualized)
Jun-25
Gross ROI
37.6% 70.5% 74.0% 35.3% 86.9%
Net ROI 10.1% 45.5% 47.3% 18.0% 52.0% 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
Dollars in 000's As a % of Rev
91.9
88.0
83.7
79.6
76.1
22.7% 21.8% 20.7% 19.7% 18.8%
2/28/2025 2:01 PM P:\COMPANYWIDE\Land Acquisition & Development\Properties_ACTIVE\Riverpointe (Flynn-Jefferson Terrace Ranson Heights)\Acquisition\Region Submittal\7. Forestar Assignment\6b. Flynn Forestar LAPs\6d. (CAP-WV) Ranson Heights SF LAP_04.18.24_SM v1 Summary
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