Toll Brothers, Inc. designs, builds, markets, and arranges financing for detached and attached homes in luxury residential communities. The company caters to move-up, empty-nester, active-adult, age-qualified, and second-home buyers in the United States (Traditional Home Building Product). The company also builds and sells homes in urban infill markets through Toll Brothers City Living. As of October 31, 2015, the company was operating in 19 states. The company operates its own land development, architectural, engineering, mortgage, title, landscaping, security monitoring, lumber distribution, house component assembly, and manufacturing operations. The company also develops, owns, and operates golf courses and country clubs, which generally are associated with several of its master planned communities. The company is developing various land parcels for master planned communities in which it intends to build homes on a portion of the lots and sell the remaining lots to other builders. Two of these master planned communities are being developed 100% by the company, and the remaining communities are being developed through joint ventures with other builders or financial partners. In 2014, the company acquired the home building business of Shapell Industries, Inc., a Delaware corporation. The company also operates through various joint ventures. These joint ventures develop land for the joint venture participants and for sale to outside builders (Land Development Joint Ventures); develop for-sale homes; develop luxury for-rent residential apartments, commercial space, and a hotel; and invest in a portfolio of distressed loans and real estate. As of October 31, 2015, the company’s Land Development Joint Ventures owned approximately 12,000 home sites, including approximately 4,000 home sites that the company expects to acquire for its own use, and the company’s Homebuilding Joint Ventures owned approximately 500 home sites. In addition to the company’s residential for-sale business, it develops and operates for-rent apartments. These projects, which are located in the metro Boston to metro Washington, D.C. corridor and Atlanta, are being operated, are being developed, or would be developed with partners under the brand names, such as Toll Brothers Apartment Living, Toll Brothers Campus Living, and Toll Brothers Realty Trust. As of October 31, 2015, the company had approximately 1,450 units in for-rent apartment projects that were occupied or ready for occupancy; 1,100 units in the lease-up stage; 1,400 units under active development; and 3,500 units in the planning stage. Of the 7,450 units, 3,950 were owned by joint ventures in which the company has an interest; approximately 1,450 were owned by the company, as the company looks for a joint venture partner; 1,700 were under contract to be purchased by the company; and 350 were under a letter of intent. As of October 31, 2015, the company had 539 communities containing approximately 44,253 home sites that the company owned or controlled through options; owned approximately 35,872 of these home sites; and controlled approximately 8,381 additional home sites through options. Of the 44,253 home sites, approximately 16,505 were substantially improved. Of the 539 communities, 333 were residential communities under development (operating communities) containing 23,406 home sites and 206 were future communities containing 20,847 home sites. Of the company’s 333 operating communities, a total of 288 communities were offering homes for sale; 34 communities were sold out but not all homes had been completed and delivered; and 11 communities had been temporarily shut down and are expected to reopen in 2016. Of the 23,406 home sites in operating communities, 19,342 were available for sale and 4,064 were under agreement of sale but not yet delivered. Included in the 206 future communities are 15 communities containing 1,900 home sites that had previously been open but were shut down due to the slowdown in the housing market. Communities The company’s home building communities are generally located in affluent suburban areas near major highways providing access
toll brothers inc (TOL:New York)
250 Gibraltar Road
Horsham, PA 19044
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