D.R. Horton, Inc. Acquires the Homebuilding Operations of Truland Homes
D.R. Horton, Inc. (NYSE:DHI), America’s Builder, 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.
