Toll Brothers
Company type | Public company |
---|---|
NYSE: TOL S&P 400 Component | |
Industry | Home construction |
Founded | 1967 |
Founders | Robert I. Toll Bruce E. Toll |
Headquarters | Fort Washington, Pennsylvania |
Key people | Robert I. Toll, Chairman Douglas C. Yearley, Jr., CEO James Boyd and Robert Parahus, Executive Vice President & COO Martin P. Connor, CFO[1] |
Production output | 8,496 new home deliveries[1] |
Revenue | |
Total assets | |
Total equity | |
Number of employees | 4,500 (2020) |
Website | www |
Toll Brothers designs, builds, markets, sells, and arranges financing for an array of luxury residential single-family detached, attached home, master planned resort-style golf, and urban low-, mid-, and high-rise communities, principally on land we develop and improve, as we continue to pursue our strategy of broadening our product lines, price points and geographic footprint. We cater to luxury first-time, move-up, empty-nester, active-adult, affordable luxury and second-home buyers in the United States (“Traditional Home Building Product”), as well as urban and suburban renters. We also design, build, market, and sell urban low-, mid-, and high-rise condominiums through Toll Brothers City Living® (“City Living”). At October 31, 2020, we were operating in 24 states, as well as in the District of Columbia.[1] In 2020, the company was the 8th largest home builder in the United States, based on the number of homes closed. The company is ranked 426th on the Fortune 500.
In Q4 2020, the company sold homes at an average base price of $849,000 plus average option upgrades of $183,000.[1]
History
Toll Brothers was founded in 1967 in Pennsylvania by Robert I. Toll and Bruce E. Toll. Bob received a law degree from University of Pennsylvania and his B.A. from Cornell University, while his brother Bruce had an accounting degree from the University of Miami. Their father, Albert, built homes and the brothers believed that the new home industry had more to offer. Bruce was 26 and Robert was 27 at the time.[2]
Toll Brothers was incorporated as a Delaware corporation[3] with a public offering raising $40 million.[4]
Executives
Douglas C. Yearley, Jr. joined Toll Brothers in 1990 and was promoted as Chief Executive Officer in June 2010 and currently holds the position of Chairman and Chief Executive Officer.[5] Doug also serves as Co-Chair of the Pennsylvania Chapter of American Cancer Society's CEO's Against Cancer.[6]
Robert Toll now serves exclusively as Special Advisor to the Company.[5]
James Boyd and Robert Parahus were promoted to Co-Chief Operating Officers and Executive Vice Presidents in 2019.[5]
Martin Connor was hired as Toll Brother's Chief Financial Officer in 2010.[5]
Acquisitions
Toll Brothers, Inc. builds luxury homes, serving both move-up and empty nester buyers in several regions of the United States.[7]
Toll Brothers has made thirteen acquisitions:
Geoffrey H. Edmunds in Scottsdale, Arizona (1995), Coleman Homes' Las Vegas Division (1998), Silverman Homes in metro Detroit (1999), Richard R. Dostie (2003) and The Manhattan Building Company (2003) in northern New Jersey, the central Florida Division of Landstar Homes (2005), CamWest Development LLC in Seattle, Washington (2011), Shapell Industries, Inc. in California (2014), Coleman Homes in Boise, Idaho (2016), Sharp Residential in Atlanta, Georgia (2019), Sabal Homes in South Carolina (2019), Thrive Residential in Nashville and Atlanta (2020) and Keller Homes in Colorado Springs (2020).[8]
Awards
In 2020, Toll Brothers was named the #1 Most Admired Home Builder for the sixth consecutive year in the FORTUNE magazine survey of the World’s Most Admired Companies.[9]
In 2016, Toll Brothers takes the #1 spot for the honors of the "World's Most Admired Company/Home Builders" by FORTUNE magazine and "America's Most Trusted Builder" by Lifestory Research.[10]
In 2014 Builder Magazine and in 2012 Professional Builder Magazine named Toll Brothers 'Builder of the Year'.
Financial analysis
See Toll Brothers, Inc Corporate Profile.
Disputes
Toll Brothers was sued in April 2007 by a group of investors claiming they were misled by directors about their ability to maintain historically high-earnings during the downturn in the U.S. residential real estate market.[11] Toll Brothers agreed to settle suit for $25 million, though they did not admit any wrongdoing.[12]
Six residents at the Northside Piers development complained of faulty window seals that leaked in air and rain when windy.[13] The project gained notoriety in 2007 when a kettle of roofing tar on the top level caught fire during construction and although quickly contained produced a significant amount of smoke.[14] After meeting with the residents Toll Brothers agreed to fix the seals.[15] Toll Brothers sued the contractor who installed the windows for $10 million.[16]
In 2012, the company was required to pay a penalty of $741,000 for numerous alleged violations of the Clean Water Act, including more than 600 relating to runoff of stormwater at its building sites, among them sites in the Chesapeake Bay Watershed.[17] Toll Brothers agreed to implement storm-water training and prevention techniques across the entire company.[18]
References
- ^ a b c d e f g h "Toll Brothers, Inc. 2017 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "History of Toll Brothers Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved February 10, 2016.
- ^ Toll Brothers, Inc., Form 10-K, U.S. Securities and Exchange Commission, December 22, 2010
- ^ "Toll Brothers Inc Facts, information, pictures | Encyclopedia.com articles about Toll Brothers Inc". www.encyclopedia.com. Retrieved February 10, 2016.
- ^ a b c d Department, Toll Brothers, Inc. Internal Web. "Toll Brothers - Senior Management". https://investors.tollbrothers.com/. Retrieved March 29, 2021.
{{cite web}}
: External link in
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- ^ "The American Cancer Society: Philadelphia CEOs Against Cancer". main.acsevents.org. Retrieved February 13, 2016.
- ^ "TOL:New York Stock Quote - Toll Brothers Inc". Bloomberg.com. Retrieved March 29, 2021.
{{cite web}}
: CS1 maint: url-status (link) - ^ "Financial FAQs". investors.tollbrothers.com. Retrieved 2021-03-29.
- ^ "Toll Brothers". Fortune. Retrieved March 29, 2021.
{{cite web}}
: CS1 maint: url-status (link) - ^ "Lifestory Research Reports: Toll Brothers Recognized by Home Shoppers as America's Most Trusted Home Builder 2015". PRWeb. Retrieved 2021-03-29.
- ^ http://www.sedgwicklaw.com/credit-crunch-digest-12-29-2010/#toll
- ^ Pearson, Sophia (November 2, 2010), "Toll to Pay $25 Million to End Lawsuit Alleging Company Misled Investors", bloomberg.com, Bloomberg L.P.
- ^ Calder, Rich (March 23, 2011), "Williamsburg waterfront condo residents complain of 'shoddy' construction", New York Post, nypost.com
- ^ Dobkin, Jak (September 26, 2007), "Williamsburg Condo Market Going up in Flames", Gothamist (blog), Gothamist, archived from the original on December 7, 2008
- ^ "Disgruntled Northside Piers Buyers Declare War on Toll Brothers". Curbed NY. Retrieved February 11, 2016.
- ^ Pincus, Adam. "Toll Bros. sues contractors at One Northside Piers for $10 million". The Real Deal New York. Retrieved February 11, 2016.
- ^ Homebuilder Toll Brothers Inc. to Pay $741,000 Clean Water Act Penalty and Implement Company-Wide Stormwater Controls / Settlement to Prevent Millions of Pounds of Sediment and Polluted Stormwater Runoff from Entering U.S. Waterways Each Year, United States Environmental Protection Agency, June 20, 2012, retrieved February 10, 2016
- ^ "Toll Brothers settles with EPA - Public Spirit Willow Grove Guide - Montgomery News". Montgomery Media. Retrieved February 11, 2016.
- Companies listed on the New York Stock Exchange
- Construction and civil engineering companies of the United States
- American companies established in 1967
- Home builders
- Companies based in Montgomery County, Pennsylvania
- Construction and civil engineering companies established in 1967
- 1967 establishments in Pennsylvania