Toll Brothers Steps Up Land Buying Activities

Since the start of its fiscal year 2010, Toll Brothers 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 the residential golf-course community of Hasentree in Wake Forest, North Carolina. Details of the purchase include:

• The seller was a financial institution.
• Toll acquired the community's remaining 318 home sites and Tom Fazio-designed golf course.
• The Company plans to immediately resume work on the community.
• The firm has also placed other properties in the area under contract.

According to the Toll Brothers, the acquisition of the distressed golf-course community is in line with its goal of securing challenging luxury sites to fuel company growth. Added Senior Finance Vice President Frederick N. Cooper: "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."