D.R. Horton Buys Truland Homes Assets For $100M

D.R. Horton Inc DHI disclosed the buyout of the homebuilding operations of Truland Homes for around $100 million in cash.

The acquired assets include around 263 lots and 155 homes in inventory along with 55 homes in sales order backlog. 

DHI also bought 156 lots and control of around 400 lots through option contracts from Truland affiliates and 201 lots and control of about 260 lots through option contracts from third parties.

The company expects to combine the Truland operations with its Baldwin County, Alabama, and Northwest Florida platforms.

"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," commented Donald R. Horton, Chairman of the Board. 

In April, DHI reported Q2 FY23 sales of $7.97 billion, a slight decline of 0.33% year-over-year, beating the consensus of $6.47 billion, and EPS was $2.73, beating the consensus of $1.93.

The company ended the quarter with $2.4 billion of unrestricted homebuilding cash and $2 billion of available capacity on its revolving credit facility.

Also Read: D.R. Horton Gets Price Target Bumps By Analysts Following Upbeat Q2 Results

Price Action: DHI shares are trading higher by 1.17% at $121.58 on the last check Wednesday.

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