Toll Brothers, Inc. - TOL STOCK NEWS

Toll Brothers, Inc. (NYSE:TOL) reported strong third quarter results for FY 2021, with net income rising to $234.9 million, or $1.87 per share, compared to $114.8 million, or $0.90 per share in FY 2020. Home sales revenues increased by 37% to $2.23 billion, with a record net signed contract value of $2.98 billion. Backlog value reached $9.44 billion, up 55% year-over-year. The company expects continued strong demand driven by favorable market conditions and an increase in community count projections for FY 2022. Adjusted home sales gross margin improved to 25.6% from 23.9%.

Toll Brothers (NYSE: TOL) and Equity Residential (NYSE: EQR) have formed a strategic partnership to develop rental apartment communities in key U.S. markets, including Atlanta, Boston, and Seattle. Equity Residential will provide 75% of the equity for projects, while Toll Brothers will contribute 25%. The partnership aims for a minimum co-investment of $750M, with initial projects costing approximately $242M. Toll Brothers will manage these developments, enhancing capital efficiency, while Equity Residential will gain management fees and the option to acquire properties at stabilization.

Toll Brothers has launched its latest luxury community, Toll Brothers at Bella Collina, located in Montverde, Florida. This upscale estate collection features one- and two-story homes ranging from 4,296 to over 7,000 square feet, with prices starting at $1.1 million. The community is set in a scenic area, just 30 minutes from Orlando, and includes exclusive amenities such as a golf course and a large clubhouse. The model home is expected to begin construction soon, showcasing the high-end lifestyle offered by this new development.

Toll Brothers has acquired StoryBook Homes, a Las Vegas-based homebuilder, enhancing its presence in the local housing market. This acquisition, which involves an undisclosed financial arrangement, adds over 550 lots and strengthens Toll Brothers' offerings for first-time and move-up buyers, with prices between $200,000 and $600,000. StoryBook's operations will continue under its brand, led by current President Janet Love. Toll Brothers operates 16 luxury home communities in Las Vegas, with prices ranging from $400,000 to $1.3 million.

Toll Brothers, the leading builder of luxury homes in the U.S., will host a conference call on August 25, 2021, at 8:30 a.m. ET to discuss its third-quarter financial results for the period ending July 31, 2021. The results will be announced after market close on August 24. Interested parties can access the call via the Investor Relations section of Toll Brothers' website. This year marks the 10th consecutive year the company has been included in FORTUNE's World’s Most Admired Companies list.

Toll Brothers has announced the launch of Stone Creek Ranch, a new luxury gated community in La Quinta, California. This development will feature 70 single- and two-story homes, with sizes ranging from 2,800 to 4,000 square feet, offering 3 to 5 bedrooms and innovative designs. Each home will include a pool, with pricing expected to start in the low $800,000s. Situated near PGA West, residents will have access to exceptional dining and recreational activities. Toll Brothers aims to deliver modern aesthetics and quality craftsmanship in this upscale setting.

Toll Brothers has launched Overlook at Hillcrest, a luxury home collection in Porter Ranch, California, with model homes ready this fall. This community features modern home designs with sizes ranging from 3,600 to 3,700 sq. ft., starting at $1.6 million. Ridge at Hillcrest, another collection, will open soon, offering homes from 3,900 to over 5,000 sq. ft. at anticipated prices starting at $1.8 million. Both collections promise no Mello Roos, access to top local schools, a future community park, and low property taxes.