Toll Brothers' Gibraltar Capital and Asset Management Completes Four New Transactions to Acquire Real Estate Loans

Toll Brothers' Gibraltar Capital and Asset Management Completes Four New
Transactions to Acquire Real Estate Loans

HORSHAM, Pa., Feb. 15, 2013 (GLOBE NEWSWIRE) -- Gibraltar Capital and Asset
Management, LLC ("Gibraltar") (www.gibraltarcapital.net), a wholly owned
subsidiary of Toll Brothers, Inc. (www.tollbrothers.com), today announced the
recent closing of four separate transactions with three selling institutions,
each of which represents a new relationship for Gibraltar.

Toll Brothers, Inc.

The transactions, which were completed between November 2012 and February
2013, totaled over $33 million, which represents a significant increase in
Toll Brothers' investment in Gibraltar and a significant discount to the
unpaid principal balance of loans acquired. Three of the transactions were
wholly-owned Gibraltar purchases, and the fourth represented a participation
interest by Gibraltar in the purchase of a loan portfolio. The loans are
secured by retail shopping centers, residential land and golf courses located
in Florida, Pennsylvania, Arizona, Maryland, Massachusetts, Minnesota and
Georgia.

Douglas C. Yearley, chief executive officer of Toll Brothers, stated: "These
transactions reflect Gibraltar's continuing ability to generate alternative
revenues for Toll Brothers and source new opportunities to acquire
acquisition, development and construction (ADC) and commercial real estate
assets."

About Toll Brothers and Gibraltar Capital

Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com) is the nation's leading
builder of luxury homes. The Company began business in 1967 and became a
public company in 1986. Its common stock is listed on the New York Stock
Exchange under the symbol "TOL." The Company serves move-up, empty-nester,
active-adult, and second-home home buyers and operates in 19 states and 50
markets. Toll Brothers builds luxury single-family detached and attached home
communities, master planned luxury residential resort-style golf communities,
and urban low-, mid-, and high-rise communities, principally on land it
develops and improves.

Gibraltar Capital and Asset Management LLC, (www.gibraltarcapital.net), a
wholly owned subsidiary of Toll Brothers, Inc., was formed to pursue and
provide a broad range of real estate acquisition and investment opportunities
and services. These include the acquisition and disposition of loans and
property portfolios across residential and commercial asset classes, the
development of sites for sale, providing assistance to banks and developers in
the workout of troubled assets, and a myriad of other potential investments
where its and Toll Brothers' capabilities and capital access can add value.
Gibraltar's senior management team combines expertise in real estate,
distressed acquisitions and workouts, land development, and finance.

Information presented herein for the fourth quarter and fiscal year ended
October 31, 2012 is subject to finalization of the Company's regulatory
filings, related financial and accounting reporting procedures and external
auditor procedures.

Certain information included in this release is forward-looking within the
meaning of the Private Securities Litigation Reform Act of 1995, including,
but not limited to, information related to: anticipated operating results;
anticipated financial performance, resources and condition; selling
communities; home deliveries; average home prices; consumer demand and
confidence; contract pricing; business and investment opportunities; and
market and industry trends.

Such forward-looking information involves important risks and uncertainties
that could significantly affect actual results and cause them to differ
materially from expectations expressed herein and in other Company reports,
SEC filings, statements and presentations. These risks and uncertainties
include, among others: local, regional, national and international economic
conditions; fluctuating consumer demand and confidence; interest and
unemployment rates; changes in sales conditions, including home prices, in the
markets where we build homes; conditions in our newly entered markets and
newly acquired operations; the competitive environment in which we operate;
the availability and cost of land for future growth; conditions that could
result in inventory write-downs or write-downs associated with investments in
unconsolidated entities; the ability to recover our deferred tax assets; the
availability of capital; uncertainties in the capital and securities markets;
liquidity in the credit markets; changes in tax laws and their interpretation;
effects of governmental legislation and regulation; the outcome of various
legal proceedings; the availability of adequate insurance at reasonable cost;
the impact of construction defect, product liability and home warranty claims,
including the adequacy of self-insurance accruals, and the applicability and
sufficiency of our insurance coverage; the ability of customers to obtain
financing for the purchase of homes; the ability of home buyers to sell their
existing homes; the ability of the participants in various joint ventures to
honor their commitments; the availability and cost of labor and building and
construction materials; the cost of raw materials; construction delays;
domestic and international political events; and weather conditions. For a
more detailed discussion of these factors, see the information under the
captions "Risk Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in our most recent annual report on Form
10-K and our subsequent quarterly reports on Form 10-Q filed with the
Securities and Exchange Commission.

Any or all of the forward-looking statements included in this release are not
guarantees of future performance and may turn out to be inaccurate.
Forward-looking statements speak only as of the date they are made. The
Company undertakes no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events or
otherwise.

CONTACT: For Toll Brothers/Gibraltar
         Frederick N. Cooper (215) 938-8312
         fcoopoer@tollbrothersinc.com

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