“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 above $60 at fiscal year-end 2023.”

In context

“interest in certain stabilized department communities developed by Toll Brothers Apartment Living in joint venture with various partners. While the market for the sale of these stabilized rental properties is unpredictable due to volatility in the capital markets. Our occupancies remain strong and we do currently expect to sell our interest in 4 of these joint ventures by the end of the fiscal year. We project the second quarter tax rate at approximately 26% and a full year tax rate at 25.7%. Our weighted average share count is expected to be approximately 120 -- I'm sorry, 112 million shares for the second quarter and 111 million shares for the full 2023 fiscal year. This assumes we repurchased a targeted $100 million of common stock for the second quarter and $400 million for the year. 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 above $60 at fiscal year-end 2023. Lastly, as Doug mentioned, we expect to continue generating strong cash flow in 2023 and we remain cautious on new land spend. But based on the land we currently own or control, we continue to expect community count to grow by 10% by the end of fiscal year 2023. This would be off the base of 348 communities that we started the year with. We also control enough land to grow community count in fiscal year 2024. Now let me turn it back to Doug. Douglas Yearley : Thank you, Marty. Earlier this month, Fortune Magazine named us the #1 World's Most Admired Homebuilding Company. This is the eighth time we have received this honor. I would like to thank all of our Toll Brothers team members for achieving this tremendous recognition. They continue to demonstrate their dedication to our brand and to”