Toll Brothers, Inc., (NYSE:TOL) (www.tollbrothers.com), the
nation’s leading builder of luxury homes, today announced its
expansion into the Charleston, Greenville, and Myrtle Beach, South
Carolina markets through the acquisition of Sabal Homes, one of the
top private home building companies in South Carolina.
Sabal Homes was founded in 2005 by Matt Jones,
Jason Simpson, and Todd Ussery and has built over 1,375 new homes
in South Carolina since inception. The Company serves a wide range
of homebuyers including first-time, move-up, and move-down buyers
at price points from the high $200,000s to over $700,000. At the
date of acquisition, the Company had approximately $30 million in
backlog consisting of 80 homes with an average price of
$380,000.
Including the existing backlog, Toll Brothers
acquired approximately 1,600 lots owned and controlled throughout
Charleston, Greenville, and Myrtle Beach. The acquisition will
increase Toll Brothers’ selling community count by approximately 11
communities as of the closing date.
Douglas C. Yearley, Jr., Toll Brothers’ chairman
and chief executive officer, stated: “We are thrilled to be joining
with Sabal Homes, whose teams will enable us to continue to expand
our operations in the Southeast. Charleston, Myrtle Beach, and
Greenville are vibrant Top-50 housing markets with favorable
demographics and strong population growth. Consistent with our
recent acquisition of Sharp Residential in Atlanta, Sabal’s diverse
product mix, including homes for first-time, move-up and move-down
buyers, will support our strategy of broadening the range of
product lines and price points we are offering.”
Matt Jones, co-founder of Sabal Homes, stated:
“We are excited to join the Toll Brothers family and look forward
to their support in expanding our operations in the South Carolina
market. We are confident that the relationships we have built over
the past 15 years, combined with Toll Brothers’ financial
resources, will accelerate our growth here in South Carolina.”
Zelman Partners LLC acted as exclusive financial
advisor to Sabal Homes.
Toll Brothers, Inc., A FORTUNE 500 Company, is
the nation's leading builder of luxury homes. The Company began
business over fifty 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 move-up, empty-nester,
active-adult, and second-home buyers, as well as urban and suburban
renters. It operates in 22 states: Arizona, California, Colorado,
Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland,
Massachusetts, Michigan, Nevada, New Jersey, New York, North
Carolina, Oregon, Pennsylvania, Texas, Utah, Virginia, and
Washington, as well as in the District of Columbia.
Toll Brothers builds 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 it develops and improves. The Company acquires
and develops rental apartment and commercial properties through
Toll Brothers Apartment Living, Toll Brothers Campus Living, and
the affiliated Toll Brothers Realty Trust, and develops urban low-,
mid-, and high-rise for-sale condominiums through Toll Brothers
City Living. The Company operates its own architectural,
engineering, mortgage, title, land development and land sale, golf
course development and management, and landscape
subsidiaries. Toll Brothers also operates its own security
company, TBI Smart Home Solutions, which also provides homeowners
with home automation and technology options. The Company also
operates its own lumber distribution, house component assembly, and
manufacturing operations. Through its Gibraltar Real Estate Capital
joint venture, the Company provides builders and developers with
land banking, non-recourse debt and equity capital.
In 2019, Toll Brothers was named World’s Most
Admired Home Building Company in Fortune magazine’s survey of the
World’s Most Admired Companies, the fifth year in a row it has been
so honored. Toll Brothers has won numerous other awards, including
Builder of the Year from both Professional Builder magazine and
Builder magazine, the first two-time recipient from Builder
magazine. For more information, visit www.tollbrothers.com.
Toll Brothers discloses information about its
business and financial performance and other matters, and provides
links to its securities filings, notices of investor events, and
earnings and other news releases, on the Investor Relations section
of its website (investors.tollbrothers.com).
Forward-Looking Statements
This release contains or may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act. 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” and other words or phrases of similar meaning. Such
statements may include, but are not limited to, information related
to market conditions; demand for our homes; anticipated operating
results; home deliveries; financial resources and condition;
changes in revenues; changes in profitability; changes in margins;
changes in accounting treatment; cost of revenues; 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; the ability to acquire
land and pursue real estate opportunities; the ability to gain
approvals and open new communities; the ability to sell homes and
properties; the ability to deliver homes from backlog; the ability
to secure materials and subcontractors; the ability to produce the
liquidity and capital necessary to expand and take advantage of
opportunities; and legal proceedings, investigations and
claims.
Any or all of the forward-looking statements
included in our reports or public statements made by us 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. Many
factors mentioned in our reports or public statements made by us,
such as market conditions, government regulation, and the
competitive environment, 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.
The factors that could cause actual results to
differ from those expressed or implied by our forward-looking
statements include, among others: demand fluctuations in the
housing industry; adverse changes in economic conditions in markets
where we conduct our operations and where prospective purchasers of
our homes live; increases in cancellations of existing agreements
of sale; the competitive environment in which we operate; changes
in interest rates or our credit ratings; the availability of
capital; uncertainties in the capital and securities markets; the
ability of customers to obtain financing for the purchase of homes;
the availability and cost of land for future growth; the ability of
the participants in various joint ventures to honor their
commitments; effects of governmental legislation and regulation;
effects of increased taxes or governmental fees; weather
conditions; the availability and cost of labor and building and
construction materials; the cost of raw materials; the outcome of
various product liability claims, litigation and warranty claims;
the effect of the loss of key management personnel; changes in tax
laws and their interpretation; construction delays; and the
seasonal nature of our business. For a more detailed
discussion of these factors, see the risk factors in the
information under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in our most recent periodic reports filed on Forms 10-K
and 10-Q with the SEC.
From time to time, forward-looking statements
also are included in our periodic reports on Forms 10-K, 10-Q and
8-K, in press releases, in presentations, on our website and in
other materials released to the public.
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.
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.
CONTACT: Frederick N. Cooper (215)
938-8312fcooper@tollbrothers.com
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