Toll Brothers raised $400 million through a public offering, as the Pennsylvania-based company continues to expand farther west.
The luxury homebuilder intends to use the cash for general corporate purposes and to pay off debt, it said in a release. Toll Brothers announced the offering last week. Toll Brothers specializes in custom luxury suburban development and is now active in more than 30 markets nationwide, including Palm Beach and Boca Raton, in Florida, and Los Angeles and Palm Springs, in California.
The company reported $5.82 billion in revenue last year, up 12 percent from 2016. The company’s stock has nearly doubled to just under $52 per share since February 2016 and is approaching its all-time high of around $54, in August 2005, according to MarketWatch data.
Toll Brothers was founded in Pennsylvania in 1967 by brothers Robert and Bruce Toll and went public in 1986 as a Delaware corporation. It expanded into urban multifamily development in 2004 through its City Living division. It owns eight properties in New York City, two in New Jersey, and one in Bethesda, Maryland.