D.R. Horton, Inc. Acquires the Homebuilding Operations of Truland Homes
05 Julio 2023 - 7:00AM
Business Wire
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today announced
the acquisition of Truland Homes, the largest private homebuilder
along the Gulf Coast. The homebuilding assets of Truland Homes
(“Truland”) acquired include approximately 263 lots, 155 homes in
inventory and 55 homes in sales order backlog. D.R. Horton also
acquired 156 lots and control of approximately 400 lots through
option contracts from Truland affiliates and 201 lots and control
of approximately 260 lots through option contracts from third
parties. During calendar 2022, Truland closed 512 homes ($244
million in revenue) with an average home size of approximately
2,340 square feet and an average sales price of $477,000. D.R.
Horton expects to pay approximately $100 million in cash for the
purchase, and the Company plans to combine the Truland operations
with its current D.R. Horton platforms in Baldwin County, Alabama
and Northwest Florida.
Donald R. Horton, Chairman of the Board, said, “We are excited
for the Truland team to join the D.R. Horton family. Their quality
building operations and strong presence across the Gulf Coast make
Truland a great addition to D.R. Horton’s already strong local
market operations.”
Nathan Cox, Founder of Truland Homes, said, “Leading Truland
Homes over the last 13 years has been the most rewarding experience
of my professional career. The amazing team members that took us
from our first home to over a billion dollars in total sales are
the ones that deserve all the credit. No matter what, they always
came through. In conjunction with growing Truland Homes over the
last decade plus, D.R. Horton has afforded us the honor and
privilege of becoming the largest lot supplier within their Gulf
Coast region. We look forward to continuing as a key lot
development partner for D.R. Horton.”
About D.R. Horton, Inc.
D.R. Horton, Inc., America’s Builder, has been the largest
homebuilder by volume in the United States since 2002. Founded in
1978 in Fort Worth, Texas, D.R. Horton has operations in 110
markets in 33 states across the United States and closed 83,119
homes in its homebuilding and single-family rental operations
during the twelve-month period ended March 31, 2023. The Company is
engaged in the construction and sale of high-quality homes through
its diverse product portfolio with sales prices generally ranging
from $200,000 to over $1,000,000. Through its mortgage, title and
insurance subsidiaries, D.R. Horton provides mortgage financing,
title services and insurance agency services for its homebuyers.
The Company also constructs and sells both single-family and
multi-family rental properties and is the majority-owner of
Forestar Group Inc., a national residential lot development
company.
Forward-Looking Statements
Portions of this document may constitute “forward-looking
statements” as defined by the Private Securities Litigation Reform
Act of 1995. Although D.R. Horton believes any such statements are
based on reasonable assumptions, there is no assurance that actual
outcomes will not be materially different. All forward-looking
statements are based upon information available to D.R. Horton on
the date this release was issued. D.R. Horton does not undertake
any obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Forward-looking statements in this release include
that D.R. Horton expects to pay approximately $100 million in cash
for the purchase, and the Company plans to combine the Truland
operations with its current D.R. Horton platforms in Alabama and
Florida.
Factors that may cause the actual results to be materially
different from the future results expressed by the forward-looking
statements include, but are not limited to: the cyclical nature of
the homebuilding, lot development and rental housing industries and
changes in economic, real estate or other conditions; constriction
of the credit and public capital markets, which could limit our
ability to access capital and increase our costs of capital;
reductions in the availability of mortgage financing provided by
government agencies, changes in government financing programs, a
decrease in our ability to sell mortgage loans on attractive terms
or an increase in mortgage interest rates; the risks associated
with our land, lot and rental inventory; our ability to effect our
growth strategies, acquisitions or investments successfully; the
impact of an inflationary, deflationary or higher interest rate
environment; supply shortages and other risks of acquiring land,
building materials and skilled labor; the effects of public health
issues such as a major epidemic or pandemic, including the impact
of COVID-19 on the economy and our businesses; the effects of
weather conditions and natural disasters on our business and
financial results; home warranty and construction defect claims;
the effects of health and safety incidents; reductions in the
availability of performance bonds; increases in the costs of owning
a home; the effects of governmental regulations and environmental
matters on our homebuilding and land development operations; the
effects of governmental regulations on our financial services
operations; competitive conditions within the industries in which
we operate; our ability to manage and service our debt and comply
with related debt covenants, restrictions and limitations; the
effects of negative publicity; the effects of the loss of key
personnel; actions by activist stockholders; and information
technology failures, data security breaches and our ability to
satisfy privacy and data protection laws and regulations.
Additional information about issues that could lead to material
changes in performance is contained in D.R. Horton’s annual report
on Form 10-K and quarterly report on Form 10-Q, both of which are
filed with the Securities and Exchange Commission.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230705159651/en/
Jessica Hansen, 817-390-8200 Vice President of Investor
Relations InvestorRelations@drhorton.com
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