Toll Brothers Is Winning Bidder to Purchase 536 Acres of Arizona State Land for $52.9 Million

Apr 11, 2001, 01:00 ET from Toll Brothers, Inc.

    HUNTINGDON VALLEY, Pa., April 11 /PRNewswire/ -- Toll Brothers, Inc.
 (NYSE:   TOL), has been named the successful bidder at a public auction held
 April 4, 2001 to purchase a 536-acre land parcel from the Arizona State Land
 Department within the Desert Ridge Development Plan in Phoenix.  Toll's
 winning bid of $52.9 million was the highest ever for an Arizona State Land
 Department land parcel and the biggest transaction in department history.
 Toll Brothers, the nation's leading builder of luxury homes, operates in
 Arizona under the name Geoffrey H. Edmunds.
     Located in the Northeast area of Phoenix, the property is bound by
 Pinnacle Peak Road on the north, Deer Valley Road on the south, 40th Street on
 the east and 36th Street on the west.  The property is situated within Desert
 Ridge, a 5,700-acre master plan, approved by the city of Phoenix and already
 home to 2,100 families.  The master plan includes residential, commercial,
 employment and recreational developments.  The Mayo Hospital campus and
 Wildfire Golf Course are built and operating.  In addition, Wildfire Resort,
 Vestar's regional center and the American Express corporate campus are now
 under construction.
     "This property is the best located large acreage in Phoenix.  It
 represents a tremendous opportunity for us," Robert I. Toll, chairman and
 chief executive officer of Toll Brothers, Inc., said.  "By controlling such a
 large land parcel and large number of home sites in such a highly desirable
 area, we are well positioned to benefit from the continued strength of the
 local luxury home market."
     Toll Brothers' Desert Ridge parcel includes specific plan approval for the
 development of more than 2,000 homes.  The company, however, has not announced
 development plans for the community.  "Our intent is to build a high-end
 master planned community with fewer home sites than permissible, but plans are
 far from finalized," Kevin Duermit, vice president and head of the Arizona
 operations, said.  "We've worked tirelessly over the last two months to
 analyze the property and are extremely pleased to have been the successful
 bidder by $150,000."
     Headquartered in Scottsdale, Arizona, Geoffrey H. Edmunds, a Toll Brothers
 Company, has been building luxury homes in the Valley of the Sun for more than
 25 years.  Prior to the 1995 acquisition by Toll Brothers, Geoffrey H. Edmunds
 built homes exclusively in the Scottsdale market.  Today the Arizona Division
 has expanded with new luxury home communities in Scottsdale, Chandler,
 Gilbert, Gold Canyon, Phoenix and Mesa.  For more information, visit the
 company's website at www.geoffreyhedmunds.com.
     Toll Brothers, Inc. is the nation's leading builder of luxury homes.  With
 fiscal 2000's record earnings of $146 million on record revenues of
 $1.8 billion, the Company has produced compound average annual growth of over
 20% in earnings and revenues over the past ten years.
     The Company began business in 1967 and its common stock is listed on the
 New York Stock Exchange and Pacific Exchange under the symbol "TOL".  The
 Company currently operates over 145 selling communities in twenty states:
 Arizona, California, Connecticut, Delaware, Florida, Illinois, Massachusetts,
 Maryland, Michigan, Nevada, New Hampshire, New Jersey, New York, North
 Carolina, Ohio, Pennsylvania, Rhode Island, Tennessee, Texas, and Virginia.
     The Company builds customized single family and attached homes,
 principally on land it develops and improves, for move-up and empty-nester
 buyers.  The Company is developing country club, golf course communities in
 seven states and active-adult, age-qualified communities in Michigan,
 Connecticut, New Jersey and Virginia.  The Company operates its own
 architectural, engineering, mortgage, title, land development and land sale,
 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.  The Company acquires and develops
 commercial properties through its affiliate, Toll Brothers Realty Trust.
     Toll Brothers is the only publicly traded home builder 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 statements,
 reports and S.E.C. filings 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,
 increases in revenues, increased profitability, interest expense, growth and
 expansion, new business, stock market valuations, and the ability to acquire
 land.  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
 statements, reports and S.E.C. filings.  These risks and uncertainties include
 local, regional and national economic conditions, the effects of governmental
 regulation, the competitive environment in which the Company operates,
 fluctuations in interest rates, changes in home prices and commercial rents,
 the availability and cost of land for future growth, the availability of
 capital, uncertainties and fluctuations in capital and securities markets, the
 availability and cost of labor and materials, and weather conditions.
 
 

SOURCE Toll Brothers, Inc.
    HUNTINGDON VALLEY, Pa., April 11 /PRNewswire/ -- Toll Brothers, Inc.
 (NYSE:   TOL), has been named the successful bidder at a public auction held
 April 4, 2001 to purchase a 536-acre land parcel from the Arizona State Land
 Department within the Desert Ridge Development Plan in Phoenix.  Toll's
 winning bid of $52.9 million was the highest ever for an Arizona State Land
 Department land parcel and the biggest transaction in department history.
 Toll Brothers, the nation's leading builder of luxury homes, operates in
 Arizona under the name Geoffrey H. Edmunds.
     Located in the Northeast area of Phoenix, the property is bound by
 Pinnacle Peak Road on the north, Deer Valley Road on the south, 40th Street on
 the east and 36th Street on the west.  The property is situated within Desert
 Ridge, a 5,700-acre master plan, approved by the city of Phoenix and already
 home to 2,100 families.  The master plan includes residential, commercial,
 employment and recreational developments.  The Mayo Hospital campus and
 Wildfire Golf Course are built and operating.  In addition, Wildfire Resort,
 Vestar's regional center and the American Express corporate campus are now
 under construction.
     "This property is the best located large acreage in Phoenix.  It
 represents a tremendous opportunity for us," Robert I. Toll, chairman and
 chief executive officer of Toll Brothers, Inc., said.  "By controlling such a
 large land parcel and large number of home sites in such a highly desirable
 area, we are well positioned to benefit from the continued strength of the
 local luxury home market."
     Toll Brothers' Desert Ridge parcel includes specific plan approval for the
 development of more than 2,000 homes.  The company, however, has not announced
 development plans for the community.  "Our intent is to build a high-end
 master planned community with fewer home sites than permissible, but plans are
 far from finalized," Kevin Duermit, vice president and head of the Arizona
 operations, said.  "We've worked tirelessly over the last two months to
 analyze the property and are extremely pleased to have been the successful
 bidder by $150,000."
     Headquartered in Scottsdale, Arizona, Geoffrey H. Edmunds, a Toll Brothers
 Company, has been building luxury homes in the Valley of the Sun for more than
 25 years.  Prior to the 1995 acquisition by Toll Brothers, Geoffrey H. Edmunds
 built homes exclusively in the Scottsdale market.  Today the Arizona Division
 has expanded with new luxury home communities in Scottsdale, Chandler,
 Gilbert, Gold Canyon, Phoenix and Mesa.  For more information, visit the
 company's website at www.geoffreyhedmunds.com.
     Toll Brothers, Inc. is the nation's leading builder of luxury homes.  With
 fiscal 2000's record earnings of $146 million on record revenues of
 $1.8 billion, the Company has produced compound average annual growth of over
 20% in earnings and revenues over the past ten years.
     The Company began business in 1967 and its common stock is listed on the
 New York Stock Exchange and Pacific Exchange under the symbol "TOL".  The
 Company currently operates over 145 selling communities in twenty states:
 Arizona, California, Connecticut, Delaware, Florida, Illinois, Massachusetts,
 Maryland, Michigan, Nevada, New Hampshire, New Jersey, New York, North
 Carolina, Ohio, Pennsylvania, Rhode Island, Tennessee, Texas, and Virginia.
     The Company builds customized single family and attached homes,
 principally on land it develops and improves, for move-up and empty-nester
 buyers.  The Company is developing country club, golf course communities in
 seven states and active-adult, age-qualified communities in Michigan,
 Connecticut, New Jersey and Virginia.  The Company operates its own
 architectural, engineering, mortgage, title, land development and land sale,
 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.  The Company acquires and develops
 commercial properties through its affiliate, Toll Brothers Realty Trust.
     Toll Brothers is the only publicly traded home builder 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 statements,
 reports and S.E.C. filings 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,
 increases in revenues, increased profitability, interest expense, growth and
 expansion, new business, stock market valuations, and the ability to acquire
 land.  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
 statements, reports and S.E.C. filings.  These risks and uncertainties include
 local, regional and national economic conditions, the effects of governmental
 regulation, the competitive environment in which the Company operates,
 fluctuations in interest rates, changes in home prices and commercial rents,
 the availability and cost of land for future growth, the availability of
 capital, uncertainties and fluctuations in capital and securities markets, the
 availability and cost of labor and materials, and weather conditions.
 
 SOURCE  Toll Brothers, Inc.

RELATED LINKS

http://www.tollbrothers.com