Toll Brothers

Last updated
Toll Brothers, Inc.
Type Public company
Industry Home construction
Founded1967;56 years ago (1967)
Founders
Headquarters Fort Washington, Pennsylvania, U.S.
Key people
Douglas C. Yearley, Jr. (Chairman and CEO)
Production output
10,515 new home deliveries (2022)
RevenueIncrease2.svg US$10.28 billion (2022)
Increase2.svg US$1.51 billion (2022)
Increase2.svg US$1.29 billion (2022)
Total assets Increase2.svg US$12.29 billion (2022)
Total equity Increase2.svg US$6.01 billion (2022)
Number of employees
5,200 (2022)
Website tollbrothers.com
Footnotes /references
[1]

Toll Brothers is a company which designs, builds, markets, sells, and arranges financing for residential and commercial properties in the United States. [2] [3] In 2020, the company was the fifth largest home builder in the United States, based on homebuilding revenue. The company is ranked 411th on the Fortune 500.

Contents

In 2021, the company sold homes at an average selling price of $844,400. Average prices ranged from $663,700 in the South region to $1,376,800 in the Pacific region. [4]

History

Toll Brothers was founded in 1967 in Pennsylvania by Robert I. Toll and Bruce E. Toll. Robert 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. [5]

Toll Brothers was incorporated as a Delaware corporation with a public offering raising $40 million. [6]

In addition to single-family, carriage house/townhouse and condominium residences, Toll Brothers offers rental apartments (Apartment Living division) and luxury student housing (Campus Living division). They also operate various ancillary businesses including mortgage, insurance, home automation/security, and landscaping.

Executives

Robert Toll stepped down as Chairman in 2018 and served exclusively as Special Advisor to the company. [7]

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. [8] Doug also serves as Co-Chair of the Pennsylvania Chapter of American Cancer Society's CEO's Against Cancer. [9] Martin Connor was hired as Chief Financial Officer in 2010. [8]

Robert Parahus was promoted to Chief Operating Officer and Executive President in 2020. [8]

Acquisitions

Toll Brothers has made thirteen acquisitions since 1995: West Texas Woodlands

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 in Seattle, Washington (2011), Shapell Industries 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). [10]

Disputes

Toll brothers has a 1.3/5 score on consumeraffairs.org Toll Brothers on Consumer Affairs. Common complaints are regarding quality and warranty service.

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 the 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]

The Toll Brothers have also filed lawsuits over denial of building permits over concerns about traffic density, watershed and other concerns [19] [20]

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References

  1. ↑ "Toll Brothers, Inc. 2022 Form 10-K Annual Report". U.S. Securities and Exchange Commission. December 19, 2022.
  2. ↑ "tol-20201031". sec.report. Retrieved 2021-03-29.
  3. ↑ "TOL:New York Stock Quote - Toll Brothers Inc". Bloomberg.com. Retrieved March 29, 2021.{{cite web}}: CS1 maint: url-status (link)
  4. ↑ "2021 Annual Report" (PDF). investors.tollbrothers.com. December 21, 2021. Retrieved December 21, 2021.{{cite web}}: CS1 maint: url-status (link)
  5. ↑ "History of Toll Brothers Inc. – FundingUniverse". www.fundinguniverse.com. Retrieved February 10, 2016.
  6. ↑ "Toll Brothers Inc Facts, information, pictures | Encyclopedia.com articles about Toll Brothers Inc". www.encyclopedia.com. Retrieved February 10, 2016.
  7. ↑ "Board of Directors". investors.tollbrothers.com. Retrieved 2021-03-29.
  8. 1 2 3 Department, Toll Brothers, Inc. Internal Web. "Toll Brothers - Senior Management". investors.tollbrothers.com. Retrieved March 29, 2021.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: url-status (link)
  9. ↑ "The American Cancer Society: Philadelphia CEOs Against Cancer". main.acsevents.org. Retrieved February 13, 2016.
  10. ↑ "Financial FAQs". investors.tollbrothers.com. Retrieved 2021-03-29.
  11. ↑ "Credit Crunch Digest".
  12. ↑ Pearson, Sophia (November 2, 2010), "Toll to Pay $25 Million to End Lawsuit Alleging Company Misled Investors", bloomberg.com, Bloomberg L.P.
  13. ↑ Calder, Rich (March 23, 2011), "Williamsburg waterfront condo residents complain of 'shoddy' construction", New York Post , nypost.com
  14. ↑ Dobkin, Jak (September 26, 2007), "Williamsburg Condo Market Going up in Flames", Gothamist (blog), Gothamist, archived from the original on December 7, 2008
  15. ↑ "Disgruntled Northside Piers Buyers Declare War on Toll Brothers". Curbed NY. Retrieved February 11, 2016.
  16. ↑ Pincus, Adam. "Toll Bros. sues contractors at One Northside Piers for $10 million". The Real Deal New York. Retrieved February 11, 2016.
  17. ↑ 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
  18. ↑ "Toll Brothers settles with EPA - Public Spirit Willow Grove Guide - Montgomery News". Montgomery Media. Retrieved February 11, 2016.
  19. ↑ https://www.inquirer.com/news/pennsylvania/crebilly-farm-toll-brothers-development-chester-county-pa-commonwealth-court-20190503.html
  20. ↑ https://law.justia.com/cases/pennsylvania/superior-court/2013/329-eda-2013.html
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