Toll Brothers Inc was incorporated in Delaware in May 1986, began doing business through predecessor entities in 1967. In February 2014, it acquired the home building business of Shapell Industries, Inc., a Delaware corporation, for $1.49 billion in cash. The Company designs, builds, markets, and arranges financing for detached and attached homes in luxury residential communities. It caters to move-up, empty-nester, active-adult, age-qualified, and second-home buyers in the United States (Traditional Home Building Product). It also builds and sells homes in urban infill markets through Toll Brothers City Living (City Living). At October 31, 2015, it was operating in 19 states. In the five years ended October 31, 2015, it delivered 21,003 homes from 571 communities, including 5,525 homes from 352 communities in fiscal 2015. At October 31, 2015, it had 539 communities containing approximately 44,253 home sites that it owned or controlled through options. The Company operates in two segments: Traditional Home Building and City Living, its urban development division. Within Traditional Home Building, it operates in five geographic segments around the United States: the North, consisting of Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey, and New York; the Mid-Atlantic, consisting of Delaware, Maryland, Pennsylvania, and Virginia; the South, consisting of Florida, North Carolina, and Texas; the West, consisting of Arizona, Colorado, Nevada, and Washington, and California. The Company operates its own land development, architectural, engineering, mortgage, title, landscaping, security monitoring, lumber distribution, house component assembly, and manufacturing operations. It also develops, owns, and operates golf courses and country clubs, which generally are associated with several of its master planned communities. The Company also operates through a number of joint ventures. These joint ventures (i) develop land for the joint venture participants and for sale to outside builders (Land Development Joint Ventures); (ii) develop for-sale homes (Home Building Joint Ventures); (iii) develop luxury for-rent residential apartments, commercial space, and a hotel (Rental Property Joint Ventures); and (iv) invests in a portfolio of distressed loans and real estate (Structured Asset Joint Venture). In addition to its residential for-sale business, it also develops and operates for-rent apartments. These projects, which are located in the metro Boston to metro Washington, D.C. corridor and Atlanta, are being operated, are being developed, or will be developed with partners under the brand names Toll Brothers Apartment Living, Toll Brothers Campus Living, and Toll Brothers Realty Trust. The Company's home building communities are generally located in affluent suburban areas near highways providing access to cities and are generally located on land it has either acquired and developed or acquired fully approved and, in some cases, improved. It also currently operates in the affluent urban markets of Hoboken and Jersey City, New Jersey; New York City, New York; Philadelphia, Pennsylvania; and the suburbs of Washington, D.C. The Company develops individual stand-alone communities as well as multi-product, master planned communities. Its master planned communities, many of which include golf courses and other country club-type amenities. Each of its detached home communities offers several home plans with the opportunity for home buyers to select various exterior styles. It designs each community to fit existing land characteristics. The Company's traditional attached home communities generally offer one- to four-story homes, provide for limited exterior options, and often include commonly owned recreational facilities such as clubhouses, playing fields, swimming pools, and tennis courts. The Company competes with numerous home builders of varying sizes, ranging from local to national in scope.