HUNTINGDON VALLEY, Pa., June 15, 2004 (PRIMEZONE) -- Toll Brothers, Inc. (NYSE:TOL), the nation's leading builder of luxury homes, was among a consortium of eight home builders named successful bidder at a public auction held on June 2, 2004 to purchase a 1,940-acre land parcel from the Bureau of Land Management (BLM). The winning bid of $557 million was the largest BLM sale since the Southern Nevada Public Lands Management Act was passed in 1998.
Located in Henderson, the property is situated east of Interstate 15 and south of Saint Rose Parkway. Toll Brothers' portion of the land purchase includes approximately 213 acres. Preliminary plans call for Toll Brothers to build approximately 800 homes at the site.
Richard T. Hartman, Senior Vice President of Toll Brothers, Inc., stated: "We are excited to be part of the successful bidding consortium which will acquire this tremendous parcel. Attractive sites in Las Vegas are becoming more difficult to acquire and we believe this is one of the best. Since entering the market seven years ago, we have broadened our product offerings to serve move-up and empty-nester luxury buyers across a wide spectrum of price points. This large parcel will enable us to serve luxury buyers in one master plan with the full array of products we offer in Las Vegas."
Toll Brothers entered the Nevada home building market in 1997 with the purchase of Coleman Homes, which now operates under the Toll Brothers name. Since then, the company has built approximately 1,200 homes in the Las Vegas area. The company has also expanded home building operations to Reno. The first home sale closing in this market is expected in August of this year.
The consortium of home builders purchasing the Henderson parcel includes Focus Property Group, KB Home, Woodside, Pardee, Beazer, Kimball Hill, Meritage and Toll Brothers.
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 and the Pacific Exchange under the symbol "TOL". The Company serves move-up, empty-nester, active-adult and second-home home buyers and operates in 21 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Massachusetts, Maryland, Michigan, Nevada, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Texas, and Virginia.
Toll Brothers builds luxury single-family and attached home communities and master-planned luxury multi-product residential golf course 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, landscape, cable T.V. and broadband Internet delivery subsidiaries. The Company also operates its own lumber distribution, and house component assembly and manufacturing operations.
Toll Brothers is the only publicly traded national home building company to have won all three of the industry's highest honors: America's Best Builder from the National Association of Home Builders, the National Housing Quality Award and Builder of the Year. For more information visit www.tollbrothers.com.
Certain information included herein and in other Company reports, SEC filings, statements and presentations is forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements concerning anticipated operating results, financial resources, changes in revenues, changes in profitability, interest expense, growth and expansion, anticipated income from joint ventures and the Toll Brothers Realty Trusts Group, the ability to acquire land, the ability to secure governmental approvals and the ability to open new communities, the ability to sell homes and properties, the ability to deliver homes from backlog, the average delivered price of homes, the ability to secure materials and subcontractors, the ability to maintain the liquidity and capital necessary to expand and take advantage of future opportunities, and stock market valuations. Such forward-looking information involves important risks and uncertainties that could significantly affect actual results and cause them to differ materially from expectations expressed herein and in other Company reports, SEC filings, statements and presentations. These risks and uncertainties include local, regional and national economic conditions, the demand for homes, domestic and international political events, uncertainties created by terrorist attacks, the effects of governmental regulation, the competitive environment in which the Company operates, fluctuations in interest rates, changes in home prices, the availability and cost of land for future growth, the availability of capital, uncertainties and fluctuations in capital and securities markets, changes in tax laws and their interpretation, legal proceedings, the availability of adequate insurance at reasonable cost, the ability of customers to finance the purchase of homes, the availability and cost of labor and materials, and weather conditions.