Toll Brothers, Inc. (NYSE: TOL) (TollBrothers.com), the nation’s
leading builder of luxury homes, through its Toll Brothers
Apartment Living® rental division, and PGIM Real Estate, the real
estate investment and financing business of PGIM, the $1.5 trillion
global asset management business of Prudential Financial (NYSE:
PRU) have announced another new joint venture to develop Lyra, a
34-story, 432-unit multifamily rental community in downtown Boston,
MA. The project, which will be the first development by Toll
Brothers Apartment Living (TBAL) in Boston, is being financed
through a $226 million construction loan facility from Wells Fargo
N.A. as agent, along with BNY Mellon and The Bank of East Asia,
Limited, New York Branch. The equity and debt were arranged by Toll
Brothers’ in-house Finance Department.
Lyra is located at the intersection of
Huntington and Massachusetts Avenues in a lively, always-on urban
environment with convenient access to the commercial and retail
hubs of Boston’s Back Bay, Fenway-Kenmore and South End. The
central location is near multiple MBTA routes, several arts and
entertainment venues, world-class dining options, and more than 15
million square feet of commercial office space. Residents also have
easy access to other major retail destinations within walking
distance, such as the Prudential Center, Copley Place, and Newbury
Street.
Lyra will consist of 432 rental apartments,
including 376 market-rate and 56 affordable units, as well as a
66-space parking garage and bicycle storage space. The apartment
units will feature high-end luxury finishes and residents will
enjoy a best-in-class amenity package, including a 24-hour
concierge, state-of-the-art fitness center, coworking space, lounge
and meeting room, screening room, pet spa, and rooftop lounge with
outdoor terrace.
Lyra will also offer 5,500 square feet of
ground-floor retail that anchors the tower. Designed as a two-story
glass jewel box, the retail space is purpose-built for a
single-tenant dining opportunity. Offering a prime location that
caters to neighborhood residents and visitors alike, the retail
space sits among Boston Symphony Hall, the Huntington Theatre
Company, and several other nearby cultural venues.
Charles Elliott, President of Toll Brothers
Apartment Living said, “As part of our expansion throughout the
northeast market, we are thrilled to enter downtown Boston with
Lyra, a luxurious, amenity-rich retreat from the hustle and bustle
of downtown that still provides residents outstanding access to
some of the very best shopping, dining, and entertainment
destinations found in the city.”
Fred Cooper, Senior Vice President, Finance and
Investor Relations for Toll Brothers said, “Lyra will be another
very exciting upscale urban high-rise transit-oriented community
from Toll Brothers Apartment Living. With suburban and urban
projects across the country, TBAL was recently ranked the 11th
largest multifamily developer in the U.S. by the National
Multifamily Housing Council. PGIM Real Estate has been our valued
partner on a number of these projects as we have grown, and Wells
Fargo and BNY Mellon have been great construction lenders on
multiple communities as well. The addition of The Bank of East Asia
rounds out our excellent team at Lyra.”
Frank Garcia, Managing Director and Senior
Portfolio Manager for PGIM Real Estate said, “We are pleased to
partner with Toll Brothers for our latest joint development. In the
wake of Covid, we have seen a strong rebound in the demand for
apartments in Boston, leading to rising occupancies and rents
throughout the cities’ neighborhoods. Lyra will help us cater to a
diverse group of residents looking to live in one of the most
accessible areas of the city.”
For future updates and information regarding
this community, please visit TollBrothersApartmentLiving.com.
ABOUT TOLL BROTHERS Toll
Brothers, Inc., A FORTUNE 500 Company, is the nation's leading
builder of luxury homes. The Company was founded 55 years ago in
1967 and became a public company in 1986. Its common stock is
listed on the New York Stock Exchange under the symbol “TOL.” The
Company serves first-time, move-up, empty-nester, active-adult, and
second-home buyers, as well as urban and suburban renters. Toll
Brothers builds in over 60 markets 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
architectural, engineering, mortgage, title, land development, golf
course development, smart home technology, and landscape
subsidiaries. The Company also operates its own lumber
distribution, house component assembly, and manufacturing
operations.
Toll Brothers was named the World’s Most Admired
Homebuilder in FORTUNE magazine’s 2022 survey of the World’s Most
Admired Companies®, the seventh year it has been so honored. Toll
Brothers has also been named Builder of the Year by Builder
magazine and is the first two-time recipient of Builder of the Year
from Professional Builder magazine. For more information visit
TollBrothers.com.
Toll Brothers discloses information about its
business and financial performance and other matters, and provides
links to its securities filings, notices of investor events, and
earnings and other news releases, on the Investor Relations section
of its website (investors.TollBrothers.com).
©2022 Fortune Media IP Limited. All rights
reserved. Used under license. Fortune and Fortune Media IP Limited
are not affiliated with, and do not endorse the products or
services of, Toll Brothers.
ABOUT TOLL BROTHERS APARTMENT
LIVING®Toll Brothers Apartment Living is the apartment
development division of Toll Brothers, Inc. (NYSE: TOL), an
award-winning FORTUNE 500 company, and the nation's leading builder
of luxury homes. Toll Brothers Apartment Living brings the same
quality, luxury, and service for which Toll Brothers is known to
its exceptional rental and mixed-use communities in select markets,
including Atlanta, Boston, Dallas, Los Angeles, New York,
Philadelphia, Phoenix, and Washington, DC. Toll Brothers Apartment
Living communities combine the energy of vibrant locations with
unparalleled amenities, resident services, design, and the
expertise of America’s Luxury Home Builder®. In 2022, NMHC ranked
Toll Brothers Apartment Living the 11th largest apartment developer
in the United States. The firm has developed nearly 8,500 units,
has nearly 4,500 units under management, and controls a national
pipeline of more than 20,500 units. For more information visit
TollBrothersApartmentLiving.com.
ABOUT PGIM REAL ESTATEAs one of
the largest real estate managers in the world with $209.3 billion
in gross assets under management and administration,1 PGIM Real
Estate strives to deliver exceptional outcomes for investors and
borrowers through a range of real estate equity and debt solutions
across the risk-return spectrum. PGIM Real Estate is a business of
PGIM, the $1.5 trillion global asset management business of
Prudential Financial, Inc. (NYSE: PRU).
PGIM Real Estate’s rigorous risk management,
seamless execution, and extensive industry insights are backed by a
50-year legacy of investing in commercial real estate, a 140-year
history of real estate financing,2 and the deep local expertise of
professionals in 32 cities globally. Through its investment,
financing, asset management, and talent management approach, PGIM
Real Estate engages in practices that ignite positive environmental
and social impact, while pursuing activities that strengthen
communities around the world. For more information visit
pgimrealestate.com.
ABOUT PGIMPGIM, the global
asset management business of Prudential Financial, Inc. (NYSE:
PRU), ranks among the top 10 largest asset managers in the world3
with $1.5 trillion in assets under management as of Dec. 31, 2021.
With offices in 17 countries, PGIM’s businesses offer a range of
investment solutions for retail and institutional investors around
the world across a broad range of asset classes, including public
fixed income, private fixed income, fundamental equity,
quantitative equity, real estate and alternatives. For more
information about PGIM, visit pgim.com.
Prudential Financial, Inc. (PFI) of the United
States is not affiliated in any manner with Prudential plc,
incorporated in the United Kingdom, or with Prudential Assurance
Company, a subsidiary of M&G plc, incorporated in the United
Kingdom. For more information please visit news.prudential.com.
1 As of Dec. 31, 2021. AUM reflected as gross. Net AUM is $137.9
billion and AUA is $45.9 billion.2 Includes legacy lending through
PGIM’s parent company, Prudential Financial, Inc.3 PGIM is the
investment management business of Prudential Financial, Inc. (PFI).
PFI is the 10th largest investment manager (out of 477 firms
surveyed) in terms of global assets under management based on
Pensions & Investments’ Top Money Managers list published on
May 31, 2021. This ranking represents global assets under
management by PFI as of Dec. 31, 2020.
TOLL BROTHERS’ FORWARD-LOOKING
STATEMENTSThis release contains or may contain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. One can identify these
statements by the fact that they do not relate to matters of a
strictly historical or factual nature and generally discuss or
relate to future events. These statements contain words such as
“anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”
“believe,” “may,” “can,” “could,” “might,” “should,” “likely,”
“will,” and other words or phrases of similar meaning. Such
statements may include, but are not limited to, information and
statements regarding: the impact of Covid-19 on the U.S. economy
and our business; expectations regarding interest rates and
inflation; the markets in which we operate or may operate; our
strategic objectives and priorities; our land acquisition, land
development and capital allocation priorities; housing market
conditions; demand for our homes; anticipated operating results and
guidance; home deliveries; financial resources and condition;
changes in revenues; changes in profitability; changes in margins;
changes in accounting treatment; cost of revenues, including
expected labor and material costs; selling, general, and
administrative expenses; interest expense; inventory write-downs;
home warranty and construction defect claims; unrecognized tax
benefits; anticipated tax refunds; sales paces and prices; effects
of home buyer cancellations; growth and expansion; joint ventures
in which we are involved; anticipated results from our investments
in unconsolidated entities; our ability to acquire or dispose of
land and pursue real estate opportunities; our ability to gain
approvals and open new communities; our ability to market,
construct and sell homes and properties; our ability to deliver
homes from backlog; our ability to secure materials and
subcontractors; our ability to produce the liquidity and capital
necessary to conduct normal business operations or to expand and
take advantage of opportunities; and the outcome of legal
proceedings, investigations, and claims.
Any or all of the forward-looking statements
included in this release are not guarantees of future performance
and may turn out to be inaccurate. This can occur as a result of
incorrect assumptions or as a consequence of known or unknown risks
and uncertainties. The major risks and uncertainties – and
assumptions that are 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 remain highly uncertain,
cannot be predicted and will depend upon future developments,
including the duration of the pandemic, the impact of mitigation
strategies taken by applicable government authorities, the
continued availability and effectiveness of vaccines, adequate
testing and therapeutic treatments and the prevalence of widespread
immunity to Covid-19;
- the effect of
general economic conditions, including employment rates, housing
starts, interest rate levels, availability of financing for home
mortgages and strength of the U.S. dollar;
- market demand
for our products, which is related to the strength of the various
U.S. business segments and U.S. and international economic
conditions;
- the availability
of desirable and reasonably priced land and our ability to control,
purchase, hold and develop such land;
- access to
adequate capital on acceptable terms;
- geographic
concentration of our operations;
- levels of
competition;
- the price and
availability of lumber, other raw materials, home components and
labor;
- the effect of
U.S. trade policies, including the imposition of tariffs and duties
on home building products and retaliatory measures taken by other
countries;
- the effects of
weather and the risk of loss from earthquakes, volcanoes, fires,
floods, droughts, windstorms, hurricanes, pest infestations and
other natural disasters, and the risk of delays, reduced consumer
demand, and shortages and price increases in labor or materials
associated with such natural disasters;
- the risk of loss
from acts of war, terrorism or outbreaks of contagious diseases,
such as Covid-19;
- federal and
state tax policies;
- transportation
costs;
- the effect of
land use, environment and other governmental laws and
regulations;
- legal
proceedings or disputes and the adequacy of reserves;
- risks relating
to any unforeseen changes to or effects on liabilities, future
capital expenditures, revenues, expenses, earnings, indebtedness,
financial condition, losses and future prospects;
- the effect of
potential loss of key management personnel;
- changes in
accounting principles;
- risks related to
unauthorized access to our computer systems, theft of our and our
homebuyers’ confidential information or other forms of
cyber-attack; and
- other factors
described in “Risk Factors” included in our Annual Report on Form
10-K for the year ended October 31, 2021 and in subsequent filings
we make with the Securities and Exchange Commission (“SEC”).
Many of the factors mentioned above or in other
reports or public statements made by us will be important in
determining our future performance. Consequently, actual results
may differ materially from those that might be anticipated from our
forward-looking statements.
Forward-looking statements speak only as of the
date they are made. We undertake no obligation to publicly update
any forward-looking statements, whether as a result of new
information, future events, or otherwise.
For a further discussion of factors that we
believe could cause actual results to differ materially from
expected and historical results, see the information under the
captions “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition 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
as permitted by 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.
Contact: Frederick N. Cooper (215)
938-8312fcooper@tollbrothers.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6cf4b474-f033-4fce-a145-3f7852611d63
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