LandSea Homes Investor Presentation
24
ILLUSTRATIVE UPSIDE
FROM ACQUISITIONS
Acquisition Firepower
Target Net Debt-to-Net
Book Cap
40%
23.9%
16.1%
Source: Landsea Homes Management
-$419m
Acquisition
Firepower¹
Pro Forma Net
Debt-to-Net
Book Cap
Criteria
Homebuilders
18+%
Adj. Home Gross Margin
15+%
5-Year IRR
Target
Target A
Target B
Key Financial Criteria
6x - 8x
EBITDA Multiple
250k-500k
ASP of Deliveries
Geography
Texas
Florida
Note: 1) Assumes no redemptions, no exercise of warrants and no amendment to the terms of the public warrants.
Criteria
Land
18+%
IRR (Finished Lots)
22+%
IRR (Raw Land)
Target
Land A
Land B
Land C
Land D
20+%
IRR (Entitled Lots)
18+%
Gross Margin
Geography
Goodyear, AZ
Surprise, AZ
Anaheim, CA
Tracy, CA
LANDSEAⓇ®
HOMES
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