D.R. Horton, Inc. (NYSE:DHI), America’s Builder, today announced the acquisition of Braselton Homes, the largest homebuilder in Corpus Christi, Texas. The homebuilding assets acquired include approximately 95 lots, 90 homes in inventory and 125 homes in sales order backlog. D.R. Horton also acquired control of approximately 840 lots through purchase contracts. For the twelve months ended September 30, 2020, Braselton closed 223 homes ($56.3 million in revenue) with an average home size of approximately 1,815 square feet and an average sales price of $253,000. D.R. Horton expects to pay approximately $23 million in cash for the purchase, and Braselton will operate as a separate division within D.R. Horton.
Donald R. Horton, Chairman of the Board, said, "We are pleased to have Braselton Homes, their local management and employees join the D.R. Horton family. Their experienced, dedicated team and well-established building operations make Braselton a great addition as we continue to expand our footprint across Texas."
Fred Braselton, President of Braselton Homes, said, "For over 70 years and 3 generations, the Braselton family has been building in the Corpus Christi Bay area. We are excited to join the largest homebuilder in the country and continue to provide quality homes to families in the Coastal Bend."
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 88 markets in 29 states across the United States and closed 61,164 homes in the twelve-month period ended June 30, 2020. The Company is engaged in the construction and sale of high-quality homes through its diverse brand portfolio that includes D.R. Horton, Emerald Homes, Express Homes and Freedom Homes ranging from $100,000 to over $1,000,000. D.R. Horton also provides mortgage financing, title services and insurance agency services for homebuyers through its mortgage, title and insurance subsidiaries.
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. The forward-looking statements in this release include that D.R. Horton expects to pay approximately $23 million in cash for the purchase, and Braselton will operate as a separate division within D.R. Horton.
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 effects of public health issues such as a major epidemic or pandemic, including the impact of novel coronavirus COVID-19 on the economy and our businesses; the cyclical nature of the homebuilding and lot development industries and changes in economic, real estate and 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 and lot inventory; our ability to effect our growth strategies, acquisitions or investments successfully; the impact of an inflationary, deflationary or higher interest rate environment; home warranty and construction defect claims; the effects of health and safety incidents; the effects of negative publicity; supply shortages and other risks of acquiring land, building materials and skilled labor; 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; our ability to manage and service our debt and comply with related debt covenants, restrictions and limitations; competitive conditions within the homebuilding, lot development and financial services industries; the effects of the loss of key personnel; and information technology failures and data security breaches. 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 our subsequent quarterly reports on Form 10-Q, all of which are filed with the SEC.
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D.R. Horton, Inc.
Jessica Hansen, 817-390-8200
Vice President of Investor Relations