Toll Brothers, based in Fort Washington, recently made an unexpected sale of a parcel of land in Virginia in what it is calling a “one-off,” saying it was an offer “it couldn’t refuse,” writes Dan Brendel and Michael Potter for the Philadelphia Business Journal.

Toll Brothers CEO Douglas Yearley Jr., said during an investors’ call that a data center offered them more than $180 million for a piece of undeveloped property.

The Virginia property in Loudon County was originally meant to be the site of apartments and townhouses.

The money from the sale will be used to increase Toll Brothers’ budget for buying backing shares. The allotted amount for share purchases in fiscal 2024 will now be $500 million, up from $400 million.

The extra cash and a strong first quarter have prompted the luxury home building to raise its full-year earnings guidance to between $13.25 and $13.75 per diluted share.

Read more about Toll Brothers’ unexpected sale of property in Virginia at the Philadelphia Business Journal.

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Editor’s Note: This post first appeared on MONTCO Today in February 2024.