Toll Brothers
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| Company type | Public (NYSE: TOL) |
|---|---|
| Industry | Homebuilding |
| Founded | 1967 |
| Headquarters | Horsham, Pennsylvania U.S. |
Key people | Robert I. Toll, Founder and Executive Chairman of the Board Douglas C. Yearley, Jr. Chief Executive Officer and Director Zvi Barzilay, President, Chief Operating Officer and Director Martin P. Connor, Chief Financial Officer and Treasurer |
| Products | Luxury Homes |
| Revenue | $1.49 billion USD (2010) [1] |
Number of employees | 2,117 (2010) [2] |
| Website | www.tollbrothers.com |
Toll Brothers (NYSE: TOL) is a Horsham, Pennsylvania based luxury homes builder.
Company Overview
Toll Brothers is a residential and commercial real estate development company with communities in 50 markets throughout 19 states. Since 1967, Toll Brothers has acquired, developed, marketed and operated a wide variety of residential and commercial real estate projects.
Toll Brothers takes real estate projects from initial evaluation through land acquisition, land planning, entitlements, development, and completion. The Company builds customized single-family homes, carriage homes and town homes, active adult communities, golf course communities, and midrise and high-rise projects, principally in suburban and urban locations. It targets first-time, move-up, empty-nester, active-adult, and second-home buyers. [3]
On October 31, 2010, the Company had over $1.2 billion in cash, total assets of over $5.2 billion and shareholders' equity of $2.6 billion. [4]
To support its real estate operations, the Company operates its own land development, engineering, marketing, golf course development and management, architectural, mortgage, title insurance and landscape subsidiaries. The Company acquires and develops commercial properties through Toll Commercial, and its affiliate, Toll Brothers Realty Trust, and purchases large distressed real estate portfolios through Gibraltar Capital and Asset Management. [5]
Markets
Toll Brothers currently operates in the following major suburban and urban residential markets:[6]
- Philadelphia, Pennsylvania metropolitan area
- Lehigh Valley area of Pennsylvania
- Central and northern New Jersey
- Virginia and Maryland suburbs of Washington, D.C.
- Baltimore, Maryland metropolitan area
- Eastern Shore of Maryland and Delaware
- Richmond, Virginia metropolitan area
- Boston, Massachusetts metropolitan area
- Fairfield, Hartford, New Haven and New London Counties, Connecticut
- Westchester, Dutchess, Ulster and Saratoga Counties, New York
- Boroughs of Manhattan and Brooklyn in New York City
- Los Angeles, California metropolitan area
- San Francisco Bay, Sacramento and San Jose areas of northern California
- San Diego and Palm Springs, California areas
- Phoenix, Arizona metropolitan area
- Raleigh and Charlotte, North Carolina metropolitan areas
- Dallas, San Antonio and Houston, Texas metropolitan areas
- Southeast and southwest coasts and the Jacksonville and Orlando areas of Florida
- Las Vegas and Reno, Nevada metropolitan areas
- Detroit, Michigan metropolitan area
- Chicago, Illinois metropolitan area
- Denver, Colorado metropolitan area, and
- Minneapolis/St. Paul, Minnesota metropolitan area
Principal subsidiaries
Toll operates their own land development, architectural, engineering, mortgage, title, landscaping, security monitoring, lumber distribution, house component assembly, and manufacturing operations. They also develop, own and operate golf courses and country clubs associated with several of our master planned communities.
TBI Mortgage; Westminster Insurance Agency, Inc.; Westminster Title Company, Inc.; Toll Integrated Systems (TIS); Toll Landscape; Toll Architecture; and ESE Consultants, Inc. (aka Eastern States Engineering) (ESE)
Principal competitors
Companies often competing in the same markets as Toll Brothers include private builders and public homebuilders like Pulte Homes, D.R. Horton, KB Home, Lennar Corporation, and Ryland Group Inc.
Criticism
Toll Brothers was sued in April 2007 by investors claiming they were misled by directors about demand for new home construction. The suit was later settled for $25 million, though Toll Brothers did not admit any wrongdoing. [7]
Toll Brothers has also been accused of fraud and substandard construction by residents of the Northside Piers development in Williamsburg, Brooklyn. They have complained that "walls are leaky and poorly insulated; mold is growing in the walls; and there is faulty plumbing, sewage, heating and air-conditioning systems." [8] The Northside Piers project gained notoriety in September 2007 when it caught fire during construction.[9]
In 2010, a Toll Brothers home in Furlong, PA was flooded due to negligent drainage construction. They are currently facing a lawsuit against the homeowner and are denying any wrongdoing.