FORT WORTH, Texas--(BUSINESS WIRE)--Apr. 27, 2015--
D.R.
Horton, Inc.
(NYSE:DHI), America’s Builder, announced the
acquisition of the homebuilding operations of
Pacific
Ridge Homes
(“Pacific Ridge”) in
Seattle, Washington. The
homebuilding assets acquired include approximately 350 lots, 90 homes in
inventory and 40 homes in sales order backlog.
D.R. Horton
also acquired
control of approximately 400 lots through option contracts. For the
twelve months ended
March 31, 2015, Pacific Ridge closed 182 homes ($79
million
in revenue) with an average home size of approximately 2,600
square feet and an average sales price of
$436,000.
D.R. Horton
will pay
approximately
$72 million
in cash for the purchase, and Pacific Ridge
will operate as a separate division within
D.R. Horton.
Donald R. Horton, Chairman of the Board, said, “Pacific Ridge has an
excellent reputation for quality and service. We welcome them to the
D.R. Horton
family and are pleased Justin Goff is joining our team as
division president. Their well-established building operations make
Pacific Ridge a great fit for
D.R. Horton
as we look forward to
expanding our presence in the greater
Seattle
area.”
Justin Goff, co-owner of Pacific Ridge, said, “Pacific Ridge has a long
standing tradition of building quality homes and providing excellent
customer service. We are excited to join the largest builder in the
country and look forward to continuing this tradition.”
D.R. Horton, Inc., America’s
Builder, has been the largest homebuilder by volume in
the United
States
for thirteen consecutive years. Founded in 1978 in
Fort Worth,
Texas,
D.R. Horton
has operations in 79 markets in 27 states across
the
United States
and closed 32,504 homes in the twelve-month period ended
March 31, 2015. The Company is engaged in the construction and sale of
high-quality homes through its diverse brand portfolio that includes
D.R. Horton,
Express Homes
and
Emerald Homes
with sales prices ranging
from
$100,000
to over
$1,000,000.
D.R. Horton
also provides mortgage
financing and title
services for homebuyers through its mortgage and title 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. Forward-looking statements in
this release include that
D.R. Horton
will pay approximately
$72 million
in cash for the purchase, that Pacific Ridge will operate as a separate
division within
D.R. Horton
and that Justin Goff is joining our team as
division president. Forward-looking statements also include that their
well-established building operations make Pacific Ridge a great fit for
D.R. Horton
as we look forward to expanding our presence in the greater
Seattle
area and that Pacific Ridge looks forward to continuing the
tradition of building quality homes and providing excellent customer
service.
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: potential deterioration in homebuilding
industry conditions or general economic conditions; the cyclical nature
of the homebuilding industry and changes in economic, real estate and
other conditions; constriction of the credit markets, which could limit
our ability to access capital and increase our costs of capital;
reductions in the availability of mortgage financing and the liquidity
provided by government-sponsored enterprises, the effects of government
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; home warranty and construction defect
claims; 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 impact
of an inflationary, deflationary or higher interest rate environment;
the effects of governmental regulations and environmental matters on our
homebuilding operations; the effects of governmental regulation on our
financial services operations; our substantial debt and our ability to
comply with related debt covenants, restrictions and limitations;
competitive conditions within the homebuilding and financial services
industries; our ability to effect our growth strategies or acquisitions
successfully; our ability to realize the full amount of our deferred
income tax assets; the effects of the loss of key personnel; the effects
of negative publicity; 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 which is filed with the
Securities and Exchange
Commission.
WEBSITE ADDRESS: www.drhorton.com
Source:
D.R. Horton, Inc.
D.R. Horton, Inc.
Jessica Hansen, 817-390-8200
Vice President
of Communications
[email protected]
