HORSHAM, Pa., March 17, 2010 (GLOBE NEWSWIRE) -- Since the start of its fiscal year 2010, Toll Brothers, Inc. (NYSE:TOL) (www.tollbrothers.com), the nation's leading builder of luxury homes, has stepped up its land buying activities. In the last four months, the Company has purchased or put under control approximately 3,000 home sites via mortgage note purchases and direct acquisitions of real estate. Most recently, the Company purchased Hasentree in Wake Forest, North Carolina, the area's premier residential golf course community. The seller was a financial institution. Toll Brothers acquired the community's remaining 318 home sites, its Tom Fazio designed golf course, walking trails and 13,000-square-foot Family Activity Club. The Company plans to immediately resume work on the community and has also placed other properties in the area under contract.
Douglas C. Yearley, Jr., executive vice president, stated: "The acquisition of this premier community and others reflects our strategy of opportunistically securing challenging luxury sites to fuel the future growth of the company."
Frederick N. Cooper, senior vice president of finance, stated: "We continue to work cooperatively with our partner banks and dozens of other financial institutions, as well as builders and land developers, to structure creative solutions to distressed land deals at all stages. We are purchasing real estate directly as well as acquiring mortgage notes for sites at all stages of development, ranging from properties where construction has yet to begin to communities in mid-stream."
Toll Brothers, Inc. is the nation's leading builder of luxury homes. The Company began business 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 move-up, empty-nester, active-adult and second-home home buyers and operates in 20 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Texas and Virginia.
Toll Brothers builds luxury single-family detached and attached home communities, master planned luxury residential resort-style golf communities and urban low-, mid- and high-rise communities, principally on land it develops and improves. The Company operates its own architectural, engineering, mortgage, title, land development and land sale, golf course development and management, home security and landscape subsidiaries. The Company also operates its own lumber distribution, and house component assembly and manufacturing operations.
Toll Brothers, a FORTUNE 1000 Company, is honored to have won the three most coveted awards in the homebuilding industry: America's Best Builder from the National Association of Home Builders, the National Housing Quality Award, and Builder of the Year. Toll Brothers was recently honored to receive the #1 ranking in Fortune Magazine's 2010 World's Most Admired Companies Survey among home building companies. Toll Brothers proudly supports the communities in which it builds; among other philanthropic pursuits, the Company sponsors the Toll Brothers - Metropolitan Opera International Radio Network, bringing opera to neighborhoods throughout the world. For more information, visit tollbrothers.com.