Toll Brothers
 | |
| Company type | Public |
|---|---|
| NYSE: TOL | |
| Industry | Homebuilding |
| Predecessor | predecessors of the company operated from 1967 |
| Founded | May 1986 |
| Founder | Robert I. Toll Bruce E. Toll |
| Headquarters | , United States |
Key people |
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| Products | single-family detached and attached residences |
| Revenue |
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| |
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Number of employees | 2,117 (2010) |
| Website | http://www.tollbrothers.com/ |
| Footnotes / references [1][2] | |
Toll Brothers is a Fortune 1000 company based in Horsham, Pennsylvania. The Company's core business is to "design, build, market and arrange financing for single-family detached and attached homes in luxury residential communities".[2] The company operates primarily in major metropolitan areas in the contiguous United States.[2]
Company overview
Toll Brothers in its present form was established in May 1986 through incorporation as a Delaware corporation, but descends from predecessor companies working in the same industry back to 1967.[2]
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 April 30, 2014, the company had over $360 million in cash and marketable securities, total assets of over $8.2 billion and shareholders' equity of $3.6 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.[2]
On November 1, 2013, Toll Brothers was named 2012 Builder of the Year by Professional Builder magazine (www.housingzone.com). Having been named Builder of the Year in 1988, Toll Brothers becomes the first builder to win this award twice. On May 12, 2014, Toll Brothers was named Builder of the Year by BUILDER magazine, the leading media brand in residential construction. This prestigious award was given in recognition of Toll Brothers’ achievements, corporate leadership, and excellence in successful business strategy.
Subsidiaries and partners
As of October 2012[update], Toll Brothers operated 111 fully owned subsidiary companies and had active partnerships with 211 companies.[5]
Principal competitors
Companies often competing in the same markets as Toll Brothers include private builders and public homebuilders like Pulte Homes, D.R. Horton, David Cutler Group (Based in the same area, KB Home, Ryan Homes, 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.[6]
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."[7] The Northside Piers project gained notoriety in September 2007 when it caught fire during construction.[8]
References
- ^ Toll Brothers (28 Dec 2012), TOLL BROTHERS, INC., 10-K, U.S. Securities and Exchange Commission, retrieved 27 Jan 2013
- ^ a b c d e Toll Brothers, Inc., Form 10-K, U.S. Securities and Exchange Commission, 22 Dec 2010
- ^ Corporate Profile (PDF), Toll Brothers, December 2010
- ^ "Investor Relations 10k and 10Q". Toll Brothers, Inc. Retrieved 12 August 2014.
- ^ Exhibit 21. Subsidiaries of Registrant, 10-K, US Securities and Exchange Commission, 28 Dec 2012, retrieved 27 Jan 2013
- ^ Pearson, Sophia (2 Nov 2010), "Toll to Pay $25 Million to End Lawsuit Alleging Company Misled Investors", bloomberg.com, Bloomberg L.P.
- ^ Calder, Rich (23 Mar 2011), "Williamsburg waterfront condo residents complain of 'shoddy' construction", New York Post, nypost.com
- ^ Dobkin, Jak (26 Sep 2007), "Williamsburg Condo Market Going up in Flames", Gothamist (blog), Gothamist