D. R. Horton

D.R. Horton, Inc.
Company typePublic
IndustryHome construction
Founded1978; 47 years ago (1978)
FounderDonald Ray Horton
HeadquartersArlington, Texas, U.S.
Key people
Production output
89,690 new home deliveries (2024)
RevenueIncrease US$36.8 billion (2024)
Increase US$4.76 billion (2024)
Total assetsIncrease US$36.1 billion (2024)
Total equityIncrease US$25.3 billion (2024)
Number of employees
14,766 (2024)
Websitedrhorton.com
Footnotes / references
Financials as of September 30, 2024.[1]

D.R. Horton, Inc. is an American home construction company based in Arlington, Texas. Since 2002, the company has been the largest homebuilder by volume in the United States.[2][3][4] The company ranked number 194 on the 2019 Fortune 500 list of the largest United States corporations by revenue.[5] The company operates in 90 markets in 29 states.[1]

D.R. Horton operates four brands: D.R. Horton, Emerald Homes, Express Homes, and Freedom Homes. Express Homes is tailored to entry-level buyers while the Emerald Homes brand is sold as luxury real estate. Freedom Homes caters to the active adult community.[1]

History

The company was founded in 1978 by Donald R. Horton.[6] Horton took the company public in 1992, and as of 2020 owned about 6% of the company.[7] In 1997, the company acquired Continental Homes for $305 million and the assumption of $278 million in debt.[8] The company also entered the Tucson, Arizona, market.[9] In 1998, the company promoted Donald J. Tomnitz to vice chairman and chief executive and promoted Richard Beckwitt to president.[10] The company also acquired Cambridge Homes.[11]

The company completed more acquisitions throughout the years. In 1999, the company acquired Century Title Agency.[12] In 2001, the company acquired Emerald Builders[13] and Fortress Homes and Communities of Florida.[14][15] In 2002, the company acquired Schuler Homes.[16][17] The company also acquired 300 acres in Arlington, Texas.[18]

In 2013, the company re-entered the Nashville market.[19]

In April 2015, the company acquired Pacific Ridge Homes, based in Seattle, for $72 million.[20] The acquisition included 350 lots, 90 homes in inventory and 40 homes in sales order backlog. Horton also acquired control of about 400 lots through option contracts.[21]

In May 2015, the company received approval from the Honolulu City Council to begin construction on an 11,750-home planned community in West Oahu, Hawaii.[22]

In 2016, the company acquired Wilson Parker Homes for $90 million.[23] In 2017, the company moved its headquarters from Fort Worth, Texas, to Arlington, Texas.[24] In 2018, the company acquired Terramor Homes, Classic Builders, and Westport Homes.[25]

On May 17, 2024, the company announced the passing of its founder and chairman, Donald R. Horton, who suddenly died at the age of 74.[26][27] Company representatives believe the cause of death was a heart attack.[28] Following Horton's death, the board appointed the company's Executive Vice Chairman, David V. Auld, as the new executive chairman.[29]

Controversies

The Supreme Court of the United States heard the appeal of a case in which the National Labor Relations Board held that the company violated the National Labor Relations Act (NLRA) by requiring its employees to sign an arbitration agreement that prohibited them from pursuing claims in a collective or class action.[30] In 2018 the Supreme Court ruled in favor of D.R. Horton, stating that the company's actions did not violate the NLRA or the Federal Arbitration Act.[31]

Awards and recognition

References

  1. ^ a b c "D. R. Horton, Inc. FY 2024 Form 10-K Annual Report". U.S. Securities and Exchange Commission. November 19, 2024.
  2. ^ a b "The Top 100: 2017". builderonline.com.
  3. ^ a b "The Top 100 - 2022". builderonline.com.
  4. ^ a b "The Top 100 - 2023". builderonline.com. 2023.
  5. ^ "Fortune 500: D. R. Horton". Fortune. Archived from the original on 2019-06-30. Retrieved 2018-03-07.
  6. ^ "Donald R Horton, The 400 Richest Americans - Forbes.com". www.forbes.com. Retrieved 2018-09-17.
  7. ^ "Donald Horton". www.forbes.com. Retrieved 2020-10-29.
  8. ^ "D. R. HORTON SET TO BUY CONTINENTAL HOMES". The New York Times. Bloomberg News. December 20, 1997.
  9. ^ "D.R. Horton enters Tucson market". American City Business Journals. June 24, 1997.
  10. ^ "D.R. HORTON, HOME BUILDERS, APPOINTS KEY OFFICERS". The New York Times. Bloomberg News. December 20, 1997.
  11. ^ "D.R. Horton announces acquisition". American City Business Journals. December 21, 1998.
  12. ^ "D.R. Horton Inc. acquires leading title agency in Phoenix". American City Business Journals. July 7, 1999.
  13. ^ "D.R. Horton completes Emerald Builders buy". American City Business Journals. July 18, 2001.
  14. ^ Daniels, Earl (May 19, 2001). "Fortress Homes bought, to be named Continental by year's end". The Florida Times-Union.
  15. ^ "D.R. Horton acquires Florida homebuilder". American City Business Journals. May 2, 2001.
  16. ^ "HORTON ACQUIRES ANOTHER HOME BUILDER". The New York Times. Bloomberg News. October 24, 2001.
  17. ^ "D.R Horton closes Schuler Homes buy". American City Business Journals. February 22, 2002.
  18. ^ Perez, Christine (April 21, 2002). "D.R. Horton buys 300 acres at Craig Ranch". American City Business Journals.
  19. ^ Snyder, Eric (March 1, 2013). "D.R. Horton, nation's largest homebuilder, enters Nashville market". American City Business Journals.
  20. ^ Maurus, Christine (April 27, 2015). "D.R. Horton to buy Pacific Ridge Homes in Seattle-area expansion". The Seattle Times.
  21. ^ Carlisle, Candace (April 27, 2015). "Homebuilding giant D.R. Horton gets bigger with $72M acquisition". American City Business Journals.
  22. ^ Shimogawa, Duane (May 7, 2015). "D.R. Horton gets OK for 11,750-home Hoopili project in West Oahu". American City Business Journals.
  23. ^ Allison, David (September 6, 2016). "D.R. Horton acquires homebuilding operations of Wilson Parker Homes". American City Business Journals.
  24. ^ "Fort Worth Star-Telegram". June 19, 2017. and acquired a majority ownership in land developer Forestar Group, Inc.
  25. ^ O'Donnell, Paul (December 11, 2018). "Arlington-based homebuilder D.R. Horton buys North Carolina firm for $60 million". April 19, 2020.
  26. ^ "D.R. Horton, Inc. Announces the Passing of Company Founder and Chairman, Donald R. Horton".
  27. ^ "Donald Ray Horton, Whose Company Has Built a Million Homes, Dies at 74 - WSJ".
  28. ^ Wooten • •, Nick (2024-05-19). "D.R. Horton, founder of nation's largest homebuilder, dies". NBC 5 Dallas-Fort Worth. Retrieved 2024-07-20.
  29. ^ "D.R. Horton, Inc. Announces the Passing of Company Founder and Chairman, Donald R. Horton".
  30. ^ "D.R. Horton v. NATIONAL LABOR RELATIONS BOARD" (PDF). United States Court of Appeals for the Fifth Circuit. December 3, 2013.
  31. ^ Peter N. Kirsanow and Adam Primm (May 21, 2018). [1]. BeneschLaw.com, accessed 23 Nov 2023
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