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Slide #11. D.R. Horton, Inc. — Homebuilding Assets of Breland Homes
Acquirer:
D.R. Horton, Inc. (NYSE:DHI)
Acquiree:
Homebuilding Assets of Breland Homes
Details:
D.R. Horton, Inc. announced the acquisition of the homebuilding operations of Breland Homes (Breland), which operates in Huntsville, Mobile and Baldwin County in Alabama and along the gulf coast of Mississippi. The homebuilding operating assets included approximately 320 homes in inventory and 1,020 finished lots. D.R. Horton will also control an additional 3,700 lots through option contracts. In calendar 2011, Breland closed 684 homes ($130 million in revenue), and was ranked as the 38th largest builder in the United States by Builder Magazine. Breland's average home size is approximately 2,200 square feet with an average sales price of $200,000.
D.R. Horton is a homebuilding company. Co.'s business operations consist of homebuilding, a majority-owned residential lot development company, financial services, rental and other activities. Co.'s financial services operations provide mortgage financing and title agency services to homebuyers in its homebuilding markets. Co.'s subsidiary, DHI Mortgage, provides mortgage financing services to its homebuyers and sells the mortgages it originates and the related servicing rights to third-party purchasers. Co.'s rental segment consists of multi-family and single-family rental operations. Co. also conducts insurance-related operations and owns non-residential real estate.
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