FORT WASHINGTON, Pa., April 19, 2021 (GLOBE NEWSWIRE) – Toll Brothers, Inc. (NYSE: TOL) (TollBrothers.com), the nation’s leading luxury home builder, today announced the release of its first and Report on governance (ESG). The report is available at TollBrothers.com/ESG.
“We are pleased to publish our first ESG report, setting a benchmark for our achievements on a range of environmental, social and governance issues,” said Douglas C. Yearley, President and CEO of Toll Brothers. “Since the founding of Toll Brothers in 1967, we have taken seriously our responsibilities to the larger communities in which we build and to the environment. Our Board of Directors and management team believe that our ESG program is an important part of our identity as a company, and we look forward to continuing to share our progress on these initiatives.
Yearley continued, “In preparing this report, we have a number of constituents and stakeholders in mind: the investment community, and more specifically our shareholders, our Toll Brothers employees, our home buyers and tenants, our business partners, the cities and towns in which we build, and society as a whole. We hope this report will give each of them a better understanding of our business and how we integrate environmental, social and governance practices into our business on a daily basis.
“As an industry, home builders have an incredible opportunity to have a positive impact on our country, both as developers bringing much needed housing to a country facing a severe housing shortage, and as as great job creators as the country’s economy rebounds in the face of the challenges caused by the pandemic. This information is the first step in documenting our responsibilities and contributions in the many important facets of ESG reporting. “
For its first ESG report, Toll Brothers used industry standards from the Sustainability Accounting Standards Board (SASB) as a basis for identifying topics relevant to the business and the investment community. SASB is an independent, non-profit organization that sets standards to guide the disclosure of financially important sustainability information by companies to their investors.
About Toll Brothers
Toll Brothers, Inc., a FORTUNE 500 company, is the nation’s leading luxury home builder. The Company was founded over 50 years ago in 1967 and became a public company in 1986. Its common shares are listed on the New York Stock Exchange under the symbol “TOL”. The company serves first-time home buyers, moving houses, empty housing, working adults and second homes, as well as urban and suburban tenants. Toll Brothers built in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina , Tennessee, Texas, Utah, Virginia and Washington, as well as in the District of Columbia. The company operates its own subsidiaries in architecture, engineering, mortgage, title, land development, golf courses, smart home technology and landscaping.
The company also operates its own lumber distribution, home component assembly and manufacturing businesses.
2021 marks the 10the Year Toll Brothers was named one of FORTUNE Magazine’s World’s Most Admired Companies® listing. Toll Brothers was also honored as Builder of the Year by Builder Magazine and is the first two-time recipient of Builder of the Year by Professional Builder Magazine. For more information, visit TollBrothers.com.
This press release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate to matters of a strictly historical or factual nature and generally deal or relate to to future events. These statements contain words such as “anticipate”, “estimate”, “expect”, “plan”, “intend”, “plan”, “believe”, “may”, “may”, “might”. “,” Could “,” should “,” probable “,” will “and other words or expressions with similar meaning. These statements may include, but are not limited to, information and statements regarding: the impact of Covid-19 on the US economy, the markets in which we operate or may operate, and on our business; our strategic priorities; our priorities for land acquisition, land development and capital allocation; market conditions; demand for our homes; expected operating results and advice; home deliveries; financial resources and conditions; changes in income; changes in profitability; changes in margins; changes in accounting treatment; the cost of revenues, including anticipated labor and material costs; Selling expenses, general and administrative expenses; interest charges; reductions in inventory value; residential warranty and construction defect claims; unrecognized tax benefits; advance tax refunds; sales rhythms and prices; the effects of home buyers’ cancellations; growth and expansion; joint ventures in which we are involved; the expected results of our investments in non-consolidated entities; our ability to acquire or dispose of land and to pursue real estate opportunities; our ability to gain approvals and open up new communities; our ability to market, build and sell homes and properties; our ability to deliver homes from the backlog; our ability to secure materials and subcontractors; our ability to generate the liquidity and capital necessary to conduct normal business operations or to grow and take advantage of opportunities; and the outcome of legal proceedings, investigations and complaints.
All or part of the forward-looking statements included in this press release are not guarantees of future performance and may prove to be inaccurate. This may result from incorrect assumptions or from known or unknown risks and uncertainties. The main risks and uncertainties – and assumptions made – that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to:
- the effects of the ongoing Covid-19 pandemic, which are highly uncertain, cannot be predicted and will depend on future developments, including the severity of Covid-19 and the duration of the epidemic, the duration of social distancing existing and sheltering place orders, other mitigation strategies adopted by relevant government authorities, availability and effectiveness of vaccines, adequate therapeutic tests and treatments, and prevalence of generalized immunity against Covid-19;
- the effect of general economic conditions, including employment rates, housing starts, interest rate levels, the availability of financing for mortgages and the strength of the US dollar;
- market demand for our products, which is related to the strength of the various US business segments and to US and international economic conditions;
- the availability of desirable and reasonably priced land and our ability to control, purchase, own and develop such plots;
- access to adequate capital on acceptable terms;
- geographic focus of our operations;
- levels of competition;
- the prices and availability of raw materials and labor;
- the effect of US trade policies, including the imposition of tariffs and duties on residential construction products and retaliatory measures taken by other countries;
- the effects of weather conditions and the risk of losses due to earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays , reduced consumer demand, shortages and rising prices for labor or materials associated with such natural disasters;
- the risk of loss resulting from acts of war, terrorism or epidemics of contagious diseases, such as Covid-19;
- transport costs;
- federal and state tax policies;
- the effect of land use, the environment and other government laws and regulations;
- legal proceedings or litigation and adequacy of reserves;
- risks associated with unforeseen changes or effects on liabilities, future capital expenditures, income, expenses, profits, indebtedness, financial condition, losses and future prospects;
- changes in accounting principles;
- risks associated with unauthorized access to our computer systems, theft of our confidential information and that of our buyers or other forms of cyber attack; and
- other factors described in “Risk Factors” included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2020 and in subsequent filings we make to the Securities and Exchange Commission (“SEC”).
Many of the factors mentioned above or in other reports or public statements we make will be important in determining our future performance. Therefore, actual results may differ materially from those that could be anticipated from our forward-looking statements.
Forward-looking statements speak only as of the date on which they are made. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
For a more in-depth discussion of the factors which we believe could cause actual results to differ materially from expected and historical results, see the information under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Position and results of operations ”in our most recent Annual Report on Form 10-K filed with the SEC and in subsequent reports filed with the SEC. This discussion is provided in accordance with 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.
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