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8th grade Avg
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New words:
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Removed:
AA, acquired, adjustment, alternative, burden, caption, claim, converted, convertible, converting, de, Deferral, discontinued, discounting, dock, ease, evolve, evolving, expand, extinguishment, Facilitation, flexibility, group, hedging, holdback, homeowner, hurricane, indemnity, Interbank, lessee, LIBOR, liquid, London, long, Michael, minimal, Offered, ongoing, Overnight, plant, product, pursued, rated, reconstruction, recovery, reference, referenced, reform, rural, short, subordinated, Sunset, transform, transition, unamortized, unfunded, unrealized, unrelated, vicinity, workplace
Financial report summary
?Management Discussion
- Residential Real Estate Revenue and Gross Profit. During the three months ended March 31, 2024, residential real estate revenue increased $2.8 million, or 10.0%, to $30.8 million, as compared to $28.0 million during the same period in 2023. During the three months ended March 31, 2024, residential real estate gross profit increased $4.0 million to $15.8 million (or gross margin of 51.3%), as compared to $11.8 million (or gross margin of 42.1%) during the same period in 2023. During the three months ended March 31, 2024, we sold 216 homesites, compared to 327 homesites and unimproved residential land sales of $0.6 million during the same period in 2023. During the three months ended March 31, 2024 and 2023, the average base revenue, excluding homesite residuals, per homesite sold was approximately $117,000 and $62,000, respectively, due to the mix of sales from different communities. Homesite sales in the prior period include the sale of 100 entitled but undeveloped homesites sold within the SouthWood community, which reduced the average price per homesite. The revenue, gross profit and margin for each period was impacted by the difference in pricing among the communities, the difference in the cost of the homesite development and the volume of sales within each of the communities. The number of homesites sold varied each period due to the timing of homebuilder contractual closing obligations in our residential communities.