Latest news with #TollBrothers'
Business Upturn
03-07-2025
- Business
- Business Upturn
Toll Brothers Apartment Living® and Gables Residential Announce Joint Venture to Develop 243-Unit Luxury Multifamily Community in Littleton, Colorado
FORT WASHINGTON, Pa., July 02, 2025 (GLOBE NEWSWIRE) — Toll Brothers, Inc. (NYSE: TOL) ( the nation's leading builder of luxury homes, through its Toll Brothers Apartment Living® rental division, and Gables Residential have announced a new joint venture to develop Gables Angeline, a four-story, 243-unit luxury multifamily rental community in Littleton, Colorado. The project is being financed through a $57 million construction loan facility from JPMorgan Chase. The equity and debt were arranged by Toll Brothers' in-house Finance Department. Gables Angeline will total 331,498 square feet and offer apartment homes with a mix of studio through three-bedroom floor plans. Each residence will feature designer finishes and thoughtfully appointed features, including quartz countertops, oversized closets, and private balconies or patios, along with optional private garages. The best-in-class amenity package will include a resort-style pool, a state-of-the-art fitness center with rock climbing wall, a community garden, a pet park with dog run, an outdoor pavilion, and a putting green. The community will also offer 1,200 square feet of retail space. 'We are thrilled to expand our national footprint with Gables Angeline, our first luxury multifamily community in Colorado,' said John McCullough, President of Toll Brothers Apartment Living. 'With its prime location, upscale design, and strong connectivity to major employment hubs and outdoor recreation, Gables Angeline will offer residents an unmatched living experience in the suburbs of Denver.' Located at 7900 S. Platte River Parkway in Littleton, Gables Angeline will be in proximity to downtown Denver and major employment campuses, including the Denver Tech Center, Children's Hospital Colorado, and Lockheed Martin. The community will be located within walking distance of the RTD Light Rail Littleton/Mineral Station and a half mile from access to C-470. Residents will enjoy nearby entertainment, shopping, and recreation destinations, including Aspen Grove, a popular open-air shopping center, and Chatfield State Park. 'We are excited to partner with Toll Brothers on our first joint project, Gables Angeline, in the Denver market,' said Charles Elliott, Chief Investment Officer for Gables Residential. 'Gables has been fortunate to have been in the Denver market since 2014, and to be able to continue to expand with a new partnership in this prime location is a great opportunity for both parties. We thrive on expanding our ability to bring our commitment to quality living experiences and exceptional service to new locations throughout Denver.' Gables Angeline is Toll Brothers Apartment Living's first development in Colorado. The community is adjacent to Toll Brothers' master planned community, ParkVue on the Platte, a gated for-sale community offering three collections of modern townhomes. To learn more about Gables Angeline, visit ABOUT TOLL BROTHERS Toll Brothers, Inc., a Fortune 500 Company, is the nation's leading builder of luxury homes. The Company was founded 58 years ago 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 first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations. Toll Brothers has been one of Fortune magazine's World's Most Admired Companies™ for 10+ years in a row, and in 2024 the Company's Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron's magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit From Fortune, ©2025 Fortune Media IP Limited. All rights reserved. Used under license. ABOUT TOLL BROTHERS APARTMENT LIVING® Toll Brothers Apartment Living® is the apartment development division of Toll Brothers, Inc. (NYSE: TOL), an award-winning Fortune 500 Company, and the nation's leading builder of luxury homes. Toll Brothers Apartment Living brings the same quality, luxury, and service for which Toll Brothers is known to its exceptional rental and mixed-use communities in select markets, including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix, and Washington, DC. Toll Brothers Apartment Living communities combine the energy of vibrant locations with unparalleled amenities, resident services, and the design and expertise of America's Luxury Home Builder®. In 2024, Toll Brothers Apartment Living was named to the National Multifamily Housing Council's Top 25 Largest Developers list, the fifth year it has been so recognized. The firm has completed over 10,000 units nationally, with more than 18,000 units in production. For more information visit ABOUT GABLES RESIDENTIAL Gables Residential is an award-winning, vertically integrated, real estate company specializing in the development, construction, ownership, acquisition, financing, and management of multifamily and mixed-use communities. Gables Residential owns, develops, and manages communities in high-growth U.S. markets such as Atlanta, Austin, Boston, Dallas, Denver, Houston, Jacksonville, Orlando, Salt Lake City, Seattle, South Florida, Southern California, and metropolitan Washington, D.C. Gables also provides third party management services in the above markets as well as in Tampa and North Florida. Gables manages approximately 27,000 apartment homes and has received national recognition for excellence in development, construction, management, sales, marketing, training, and benefits. These achievements reflect the impact of Gables' experienced and dedicated team members, its superior knowledge of the markets served, and its expertise in development and management. For additional information about the company and its real estate portfolio and services, visit TOLL BROTHERS' FORWARD-LOOKING STATEMENTS This release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as 'anticipate,' 'estimate,' 'expect,' 'project,' 'intend,' 'plan,' 'believe,' 'may,' 'can,' 'could,' 'might,' 'should,' 'likely,' 'will,' and other words or phrases of similar meaning. Such statements may include, but are not limited to, information and statements regarding: expectations regarding inflation and interest rates; the markets in which we operate or may operate; our strategic priorities; our land acquisition, land development and capital allocation priorities; market conditions; demand for our homes; our build-to-order and spec home strategy; anticipated operating results and guidance; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues, including expected labor and material costs; selling, general, and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire or dispose of land and pursue real estate opportunities; our ability to gain approvals and open new communities; our ability to market, construct and sell homes and properties; our ability to deliver homes from backlog; our ability to secure materials and subcontractors; our ability to produce the liquidity and capital necessary to conduct normal business operations or to expand and take advantage of opportunities; and the outcome of legal proceedings, investigations, and claims. 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. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties. The major risks and uncertainties – and assumptions that are made – that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to: the effect of general economic conditions, including employment rates, housing starts, inflation rates, interest and mortgage rates, availability of financing for home mortgages and strength of the U.S. dollar; market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions; the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such land; access to adequate capital on acceptable terms; geographic concentration of our operations; levels of competition; the price and availability of lumber, other raw materials, home components and labor; the effect of U.S. trade policies, including the imposition of tariffs and duties on home building products and retaliatory measures taken by other countries; the effects of weather and the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, unavailability of insurance, and shortages and price increases in labor or materials associated with such natural disasters; risks arising from acts of war, terrorism or outbreaks of contagious diseases, such as Covid-19; federal and state tax policies; transportation costs; the effect of land use, environment and other governmental laws and regulations; legal proceedings or disputes and the adequacy of reserves; risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, indebtedness, financial condition, losses and future prospects; the effect of potential loss of key management personnel; changes in accounting principles; risks related to unauthorized access to our computer systems, theft of our and our homebuyers' confidential information or other forms of cyber-attack; and other factors described in 'Risk Factors' included in our Annual Report on Form 10-K for the year ended October 31, 2024 and in subsequent filings we make with the Securities and Exchange Commission ('SEC'). Many of the factors mentioned above or in other reports or public statements made by us will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements. Forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise. For a further discussion of factors that we believe could cause actual results to differ materially from expected and historical results, 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 filed with the SEC and in subsequent reports filed with the SEC. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section. A photo accompanying this announcement is available at Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
Yahoo
30-04-2025
- Business
- Yahoo
Toll Brothers' (NYSE:TOL) Returns On Capital Are Heading Higher
What are the early trends we should look for to identify a stock that could multiply in value over the long term? Firstly, we'd want to identify a growing return on capital employed (ROCE) and then alongside that, an ever-increasing base of capital employed. This shows us that it's a compounding machine, able to continually reinvest its earnings back into the business and generate higher returns. Speaking of which, we noticed some great changes in Toll Brothers' (NYSE:TOL) returns on capital, so let's have a look. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. For those who don't know, ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business. To calculate this metric for Toll Brothers, this is the formula: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) 0.19 = US$2.0b ÷ (US$14b - US$2.7b) (Based on the trailing twelve months to January 2025). So, Toll Brothers has an ROCE of 19%. In absolute terms, that's a satisfactory return, but compared to the Consumer Durables industry average of 13% it's much better. Check out our latest analysis for Toll Brothers In the above chart we have measured Toll Brothers' prior ROCE against its prior performance, but the future is arguably more important. If you're interested, you can view the analysts predictions in our free analyst report for Toll Brothers . Toll Brothers' ROCE growth is quite impressive. More specifically, while the company has kept capital employed relatively flat over the last five years, the ROCE has climbed 167% in that same time. Basically the business is generating higher returns from the same amount of capital and that is proof that there are improvements in the company's efficiencies. The company is doing well in that sense, and it's worth investigating what the management team has planned for long term growth prospects. To sum it up, Toll Brothers is collecting higher returns from the same amount of capital, and that's impressive. And with the stock having performed exceptionally well over the last five years, these patterns are being accounted for by investors. So given the stock has proven it has promising trends, it's worth researching the company further to see if these trends are likely to persist. One more thing, we've spotted 1 warning sign facing Toll Brothers that you might find interesting. If you want to search for solid companies with great earnings, check out this free list of companies with good balance sheets and impressive returns on equity. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Yahoo
03-04-2025
- Business
- Yahoo
What Recession—This Luxury Homemaker (TOL) Just Raised Its Dividend By 9%
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Although many experts fret that high interest rates and low availability have crippled the real estate sector, that's not entirely the case. The luxury real estate sector is still in high demand and offers some solid opportunities for passive income investors. Luxury home builder Toll Brothers (NYSE: TOL) is performing so well that it raised its dividend by 9%. Keep reading to find out if this stock would work in your portfolio. Toll Brothers doesn't just build homes; they build dream homes. This Fort Washington, Pennsylvania-based company advertises itself as "America's Luxury Home Builder." According to the company bio, Toll Brothers began in 1967 when founders Robert and Bruce Toll renovated an ordinary house and turned it into a luxury home. By the time they were done, it was the kind of property people who are living the American dream line up to buy. Don't Miss: If there was a new fund backed by Jeff Bezos offering a ? Wondering if your investments can get you to a $5,000,000 nest egg? Speak to a financial advisor today. to decide which one is right for you. The brothers' interest in real estate was inspired by their father, who was also a developer. After success with their first luxury property, the brothers decided to make their mark by developing luxury real estate in the Philadelphia area. The Tolls were so successful in this endeavor that they took their company public in 1986, when their stock opened at $12.50 per share. By 1993, the company had built and sold its 10,000th home and was operating in a diverse group of real estate markets that included North Carolina, California, Texas, New York, and Florida. Although New York and California already had strong real estate markets, the Toll Brothers' expansion into emerging sunbelt markets like North Carolina, Florida, and Texas proved incredibly astute. Trending: BlackRock is calling 2025 the year of alternative assets. Toll Brothers entered the luxury condominium sector in 2006 with the establishment of Toll Brothers City Living. Their first development, One Ten Third in Manhattan, was a 21-story tower with 77 luxurious residences. Since then, Toll Brothers City Living's portfolio has expanded to include luxury developments in the New York Metro Area, Philadelphia, and Washington, D.C. Toll Brothers stock has been performing for investors throughout its history as a publicly traded company. The company's stock has split four times since its 1986 IPO and currently trades at $106.15. The current share price is a significant fall off from Toll Brothers' January high of $140, which was likely caused by a Q1 2025 earnings report that missed expectations. However, many analysts believe the stock will eventually recover most of its losses. . Benzinga's survey of 19 analysts has a consensus price of $137.67, and Evercore ISI believes Toll Brothers could go as high as $184. Keefe, Bruyette & Woods, Barclays, and Oppenheimer provided the most recent price targets, which average $132.67. That means Toll Brothers has some very attractive upside potential for growth investors. It's also worth noting that Toll Brothers is on a five-year streak of increasing shareholder dividends. The company recently announced it will increase its quarterly dividend by 9% to $0.25 per share, which will be paid out on April 11. Shareholders could see an even larger payout if the company's stock continues to rebound and meets analysts' expectations. In other words, this Fortune 500 company stock might offer an ideal combination of growth and passive income potential. It's worth a look if you are hunting for a well-rounded stock with upside. . With over $1 million in dividends paid out last quarter and a growing selection of properties across various markets, Arrived offers an attractive alternative for investors seeking to build a diversified real estate portfolio. In October 2024, Arrived sold The Centennial, achieving a total return of 34.7% (11.2% average annual returns) for investors. Arrived aims to continue delivering similar value across our portfolio through careful market selection, attentive property management, and thoughtful timing in sales. Looking for fractional real estate investment opportunities? The features the latest offerings. This article What Recession—This Luxury Homemaker (TOL) Just Raised Its Dividend By 9% originally appeared on Sign in to access your portfolio
Yahoo
08-03-2025
- Business
- Yahoo
Calculating The Fair Value Of Toll Brothers, Inc. (NYSE:TOL)
Toll Brothers' estimated fair value is US$107 based on 2 Stage Free Cash Flow to Equity With US$109 share price, Toll Brothers appears to be trading close to its estimated fair value Analyst price target for TOL is US$147, which is 36% above our fair value estimate Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Toll Brothers, Inc. (NYSE:TOL) as an investment opportunity by estimating the company's future cash flows and discounting them to their present value. We will use the Discounted Cash Flow (DCF) model on this occasion. Before you think you won't be able to understand it, just read on! It's actually much less complex than you'd imagine. Remember though, that there are many ways to estimate a company's value, and a DCF is just one method. If you still have some burning questions about this type of valuation, take a look at the Simply Wall St analysis model. View our latest analysis for Toll Brothers We are going to use a two-stage DCF model, which, as the name states, takes into account two stages of growth. The first stage is generally a higher growth period which levels off heading towards the terminal value, captured in the second 'steady growth' period. To start off with, we need to estimate the next ten years of cash flows. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years. Generally we assume that a dollar today is more valuable than a dollar in the future, and so the sum of these future cash flows is then discounted to today's value: 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Levered FCF ($, Millions) US$1.60b US$1.16b US$925.1m US$803.5m US$736.2m US$699.1m US$680.2m US$673.0m US$673.5m US$679.4m Growth Rate Estimate Source Analyst x1 Analyst x2 Est @ -19.95% Est @ -13.14% Est @ -8.38% Est @ -5.04% Est @ -2.70% Est @ -1.07% Est @ 0.08% Est @ 0.88% Present Value ($, Millions) Discounted @ 9.0% US$1.5k US$973 US$715 US$570 US$479 US$418 US$373 US$339 US$311 US$288 ("Est" = FCF growth rate estimated by Simply Wall St)Present Value of 10-year Cash Flow (PVCF) = US$5.9b We now need to calculate the Terminal Value, which accounts for all the future cash flows after this ten year period. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.8%. We discount the terminal cash flows to today's value at a cost of equity of 9.0%. Terminal Value (TV)= FCF2034 × (1 + g) ÷ (r – g) = US$679m× (1 + 2.8%) ÷ (9.0%– 2.8%) = US$11b Present Value of Terminal Value (PVTV)= TV / (1 + r)10= US$11b÷ ( 1 + 9.0%)10= US$4.8b The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is US$11b. To get the intrinsic value per share, we divide this by the total number of shares outstanding. Relative to the current share price of US$109, the company appears around fair value at the time of writing. Remember though, that this is just an approximate valuation, and like any complex formula - garbage in, garbage out. The calculation above is very dependent on two assumptions. The first is the discount rate and the other is the cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Toll Brothers as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 9.0%, which is based on a levered beta of 1.436. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business. Strength Earnings growth over the past year exceeded the industry. Debt is not viewed as a risk. Dividends are covered by earnings and cash flows. Weakness Earnings growth over the past year is below its 5-year average. Dividend is low compared to the top 25% of dividend payers in the Consumer Durables market. Opportunity Annual earnings are forecast to grow for the next 3 years. Good value based on P/E ratio compared to estimated Fair P/E ratio. Threat Annual earnings are forecast to grow slower than the American market. Valuation is only one side of the coin in terms of building your investment thesis, and it is only one of many factors that you need to assess for a company. The DCF model is not a perfect stock valuation tool. Preferably you'd apply different cases and assumptions and see how they would impact the company's valuation. For instance, if the terminal value growth rate is adjusted slightly, it can dramatically alter the overall result. For Toll Brothers, there are three pertinent aspects you should assess: Risks: For example, we've discovered 1 warning sign for Toll Brothers that you should be aware of before investing here. Management:Have insiders been ramping up their shares to take advantage of the market's sentiment for TOL's future outlook? Check out our management and board analysis with insights on CEO compensation and governance factors. Other High Quality Alternatives: Do you like a good all-rounder? Explore our interactive list of high quality stocks to get an idea of what else is out there you may be missing! PS. The Simply Wall St app conducts a discounted cash flow valuation for every stock on the NYSE every day. If you want to find the calculation for other stocks just search here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Yahoo
21-02-2025
- Business
- Yahoo
Luxury homebuilder says more than 70% of business is from wealthy move-ups and empty nesters with years of home price appreciation. The rest are rich millennials
Home prices and mortgage rates are high but haven't hampered demand for what Toll Brothers calls its 'luxury niche.' That niche is made up of empty nesters, rich millennials, and wealthy buyers who are inoculated from housing market swings. More than half-a-century-old luxury homebuilder Toll Brothers has its wealthy homebuyers to thank for pushing it through a housing market at a standstill. Home prices soared throughout the pandemic, and mortgage rates that hit rock bottom reached levels unseen in decades after scorching inflation sent the Federal Reserve into a tightening cycle. Economic conditions have changed, but home prices and mortgage rates are still high. It really hurts typical Americans, but the rich or anyone who has owned a home before are somewhat insulated for a couple of reasons. They are either unaffected by mortgage rates because they can buy a house in all cash (about 26% of Toll Brothers buyers paid all cash in the first quarter of the year); they can pull from their prior home that appreciated immensely over the past several years; or they simply have a high enough income to carry them through tough housing costs (the loan-to-value ratio for Toll Brothers buyers who took on a mortgage was about 68%, meaning they are putting down more than the median). 'Demand for our homes continues to be supported by our affluent customer base,' Toll Brothers chief executive and chairman Douglas Yearley said in an earnings call on Wednesday. 'Over 70% of our business is luxury move-up and empty nester, which serves a wealthy cohort that has benefited from years of home price and stock market appreciation. The remaining 25% to 30% serves the more affluent first-time buyer, many of whom are older millennials buying their first home later in life when they have higher incomes and are more financially secure.' It's why Yearley is confident in the newly constructed home market ahead. 'We continue to see the long-term outlook for the new home market to be very positive, particularly for our luxury niche,' he said. Throughout this latest bust in the housing world, the new home market has topped the existing home market. Builders can craft smaller homes and offer price cuts, mortgage rate buydowns, and design upgrades, among other incentives that have helped offset drops in demand because of inflated costs. Not to mention, the existing home market is constrained by homeowners who refuse to sell and give up their low mortgage rate in exchange for a much higher borrowing cost, a phenomenon dubbed the lock-in effect. So all roads lead to a newly built home. That doesn't mean Toll Brothers was exempt from the pain. Yearley explained that affordability constraints did put some pressure on sales, especially in lower-tier markets or lower-end priced homes. But in all of California, for instance, demand was strong. Toll Brothers' net income and earnings per share came in below expectations, but according to Yearley, it was primarily because of impairments and a delay in the sale of a stabilized apartment. Its core homebuilding operations, on the other hand, met expectations. In the first quarter of the year, the homebuilder delivered 1,991 homes at an average price of around $925,000, creating home sales revenues of $1.84 billion. Toll Brothers reported that it signed 2,307 net contracts for $2.31 billion in the first quarter, up in units and dollars compared to last year. It owns enough land for more development, too, the company said. Still, Toll Brothers shares fell almost 6% today on the news. This story was originally featured on
