“Based on land we currently own or control, we expect to grow community count by 10% by the end of fiscal year 2023.”

In context

“proximately $10 million in the first quarter and $125 million for the full year. Much of this full year income is projected from sales of our interest in certain stabilized apartment communities developed by Toll Brothers Apartment Living in joint venture with various partners. While the market for rental properties is currently being disrupted by the volatility in rates and economic uncertainty, we do project selling our interest in four of our joint ventures by the end of the fiscal year. We project the first quarter and full year tax rate of approximately 26%. Our weighted average share count is expected to be approximately 112.5 million for the first quarter and 110 million shares for the full 2023 year. This assumes we repurchased a targeted $100 million of common stock per quarter. Based on land we currently own or control, we expect to grow community count by 10% by the end of fiscal year 2023. Putting this all together, that works out to be between $8 and $9 per share for the full year which would move our book value to above $60 at fiscal year-end 2023. With that, I will turn the call back over to Doug. Douglas Yearley: Thank you, Marty. We continue to believe that the long-term prospects for the housing market remain positive despite the recent market weakness. Demographic and migration trends continue in our favor. In addition, there continues to be a substantial shortage of homes in America as how the starts have not kept up with population growth for at least the past 15 years. We believe these fundamental drivers will support the housing market well into the future. Before I open the call to questions, I want to again thank the entire Toll Brothers team for another grea”