The table below provides information as of October 31, 2021, regarding active joint ventures that we are invested in, by joint venture category ($ amounts in thousands):


	Land Development Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Number of unconsolidated entities	12		2		32		4		50
Investment in unconsolidated entities	$	243,767	$	12,944	$	316,580	$	25,810	$	599,101
Number of unconsolidated entities with funding commitments by the Company	9		—		9		1		19
Company’s remaining funding commitment to unconsolidated entities	$	173,786	$	—	$	50,800	$	23,424	$	248,010

Certain joint ventures in which we have investments obtained debt financing to finance a portion of their activities. The table below provides information at October 31, 2021, regarding the debt financing obtained by category ($ amounts in thousands):


	Land Development Joint Ventures		Rental Property Joint Ventures		Total
Number of joint ventures with debt financing	7		27		34
Aggregate loan commitments	$	422,446	$	2,351,156	$	2,773,602
Amounts borrowed under commitments	$	328,173	$	1,342,918	$	1,671,091

In August 2021, we announced a strategic partnership with Equity Residential, an NYSE-listed company focused on the acquisition, development and management of residential rental properties, to selectively acquire and develop sites for new rental apartment communities in metro Boston, MA; Atlanta, GA; Austin, TX; Denver, CO; Orange County/San Diego, CA; Seattle, WA; and Dallas-Fort Worth, TX. The strategic partnership has an initial term of three years. For selected projects, Equity Residential is expected to invest 75% of the equity and Toll Brothers is expected to invest the remaining 25% of the equity. It is expected that each project will also be financed with approximately 60% leverage. Equity Residential will have the option to acquire each property upon stabilization. The parties have targeted an initial minimum co-investment of $733.0 million in combined equity, or $1.83 billion in aggregate value, assuming 60% leverage. In connection with this strategic partnership, our apartment living division will act as the managing member of each project, overseeing approvals, design and construction for which we will receive development, construction management, and financing fees, as well as a promoted interest to be realized upon the sale of each property. We have agreed, with limited exceptions, to develop apartment projects exclusively with Equity Residential in the designated metro markets. In connection with this strategic partnership, Equity Residential will receive fees for property management, leasing and marketing services, as well as construction oversight. In the fourth quarter of fiscal 2021, we entered into three joint ventures with Equity Residential under this arrangement.

In fiscal 2021, 2020 and 2019, certain of our Rental Property Joint Ventures sold their underlying assets to unrelated parties or to our joint venture partner. In connection with these sales, we recognized gains of $74.8 million, $10.7 million, and $3.8 million, respectively, which is included in “Income from unconsolidated entities” in our Consolidated Statements of Operations and Comprehensive Income.

In fiscal 2021, 2020 and 2019, we purchased land from unconsolidated entities, principally related to our acquisition of lots from our Land Development Joint Ventures, totaling $18.5 million, $17.6 million, and $137.1 million, respectively. Our share of income from the lots we acquired was insignificant in each period. We sold land to unconsolidated entities, which principally involved land sales to our Rental Property Joint Ventures, totaling $227.8 million, $74.1 million and $110.9 million in our fiscal 2021, 2020 and 2019. These amounts are included in “Land sales and other revenue” on our Consolidated Statements of Operations and Comprehensive Income and are generally sold at or near our land basis.

In November 2021, one of our Rental Property Joint Ventures sold their assets to an unrelated party for $91.0 million. In connection with such sale, the joint venture repaid its then-outstanding loan, in an aggregate principal amount of $36.9 million. We received cash of $30.5 million and expect to recognize gains of approximately $20.0 million, which will be included in “Income (loss) from unconsolidated entities” in our Consolidated Statements of Operations and Comprehensive Income for the three-month period ending January 31, 2022.

The unconsolidated entities in which we have investments generally finance their activities with a combination of partner equity and debt financing. In some instances, we have guaranteed debt of unconsolidated entities. These guarantees may include any or all of the following: (i) project completion guarantees, including any cost overruns; (ii) repayment guarantees, generally covering a percentage of the outstanding loan; (iii) carry cost guarantees, which cover costs such as interest, real estate taxes, and insurance; (iv) an environmental indemnity provided to the lender that holds the lender harmless from and against losses arising from the discharge of hazardous materials from the property and non-compliance with applicable environmental laws; and (v) indemnification of the lender from “bad boy acts” of the unconsolidated entity.

In some instances, we and our joint venture partner have provided joint and several guarantees in connection with loans to unconsolidated entities. In these situations, we generally seek to implement a reimbursement agreement with our partner that provides that neither party is responsible for more than its proportionate share or agreed upon share of the guarantee; however, we are not always successful. In addition, if the joint venture partner does not have adequate financial resources to meet its obligations under such a reimbursement agreement, we may be liable for more than our proportionate share.

We believe that, as of October 31, 2021, in the event we become legally obligated to perform under a guarantee of an obligation of an unconsolidated entity due to a triggering event, the collateral in such entity should be sufficient to repay a significant portion of the obligation. If it is not, we and our partners would need to contribute additional capital to the venture.

Information with respect to certain of the Company’s unconsolidated entities’ outstanding debt obligations, loan commitments and our guarantees thereon are as follows ($ amounts in thousands):


	October 31, 2021
Loan commitments in the aggregate	$	2,195,200
Our maximum estimated exposure under repayment and carry cost guarantees if the full amount of the debt obligations were borrowed	$	418,800
Debt obligations borrowed in the aggregate	$	1,092,700
Our maximum estimated exposure under repayment and carry cost guarantees of the debt obligations borrowed	$	222,000
Estimated fair value of guarantees provided by us related to debt and other obligations	$	11,000
Terms of guarantees	4 months - 4.0 years


	October 31, 2021		October 31, 2020
Number of Joint Venture VIEs that the Company is not the Primary Beneficiary (“PB”)	12		12
Investment balance in unconsolidated Joint Venture VIEs included in Investments in unconsolidated entities in our Consolidated Balance Sheets	$	105,200	$	63,100
Our maximum exposure to losses related to loan guarantees and additional commitments provided to unconsolidated Joint Venture VIEs	$	290,600	$	122,100

The table below provide information as of October 31, 2021 and 2020, regarding our consolidated joint venture-related variable interests in VIEs ($ amounts in thousands):


	Balance Sheet Classification	October 31, 2021		October 31, 2020
Number of Joint Venture VIEs that the Company is the PB and consolidates		5		5
Carrying value of consolidated VIEs assets	Receivables prepaid expenses, and other assets	$	90,800	$	163,000
Our partners’ interests in consolidated VIEs	Noncontrolling interest	$	39,400	$	46,200

As shown above, we have concluded we are the PB of certain VIEs due to our controlling financial interest in such ventures as we have the power to direct the activities that most significantly impact the joint ventures’ performance and the obligation to absorb expected losses or receive benefits from the joint ventures. The assets of these VIEs can only be used to settle the obligations of the VIEs. In addition, in certain of the joint ventures, in the event additional contributions are required to be funded to the joint ventures prior to the admission of any additional investor at a future date, we will fund 100% of such contributions, including our partner’s pro rata share, which we expect would be funded through an interest-bearing loan. For other VIEs, we have concluded that we are not the PB because the power to direct the activities of such VIEs that most significantly impact their performance was either shared by us and such VIEs’ other partners or such activities were controlled by our partner. For VIEs where the power to direct significant activities is shared, business plans, budgets, and other major decisions are required to be unanimously approved by all members. Management and other fees earned by us are nominal and believed to be at market rates, and there is no significant economic disproportionality between us and other members.

Condensed Combined Balance Sheets:


	October 31, 2021
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Cash and cash equivalents	$	39,191	$	28,137	$	85,499	$	755	$	153,582
Inventory	820,916		98,981		—		45,065		964,962
Loan receivables, net	—		—		—		86,727		86,727
Rental properties	—		—		1,496,355		—		1,496,355
Rental properties under development	—		—		697,659		—		697,659
Real estate owned	—		—		—		211		211
Other assets	144,320		10,157		71,917		974		227,368
Total assets	$	1,004,427	$	137,275	$	2,351,430	$	133,732	$	3,626,864
Debt, net of deferred financing costs	$	325,973	$	—	$	1,351,646	$	—	$	1,677,619
Other liabilities	65,033		11,725		153,338		18,449		248,545
Members’ equity	613,421		125,550		846,446		115,283		1,700,700

Total liabilities and equity	$	1,004,427	$	137,275	$	2,351,430	$	133,732	$	3,626,864
Company’s net investment in unconsolidated entities (1)	$	243,767	$	12,944	$	316,580	$	25,810	$	599,101


	October 31, 2020
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Cash and cash equivalents	$	24,330	$	18,106	$	64,244	$	2,798	$	109,478
Inventory	303,960		198,260		—		8,780		511,000
Loan receivables, net	—		—		—		78,576		78,576
Rental properties	—		—		1,244,911		—		1,244,911
Rental properties under development	—		—		666,386		—		666,386
Real estate owned	—		—		—		6,752		6,752
Other assets	108,289		21,930		38,851		298		169,368
Total assets	$	436,579	$	238,296	$	2,014,392	$	97,204	$	2,786,471
Debt, net of deferred financing costs	$	117,342	$	30,116	$	1,220,607	$	—	$	1,368,065
Other liabilities	54,714		12,768		113,282		6,053		186,817
Members’ equity	264,523		195,412		680,503		90,735		1,231,173
Noncontrolling interest	—		—		—		416		416
Total liabilities and equity	$	436,579	$	238,296	$	2,014,392	$	97,204	$	2,786,471
Company’s net investment in unconsolidated entities (1)	$	127,690	$	33,819	$	247,049	$	22,143	$	430,701

(1) Our underlying equity in the net assets of the unconsolidated entities exceeded our net investment in unconsolidated entities by $16.5 million and $29.4 million as of October 31, 2021 and 2020, respectively, and these differences are primarily a result of other than temporary impairments related to our investments in unconsolidated entities; interest capitalized on our investments; the estimated fair value of the guarantees provided to the joint ventures; unrealized gains on our retained joint venture interests; gains recognized from the sale of our ownership interests; and distributions from entities in excess of the carrying amount of our net investment.

Condensed Combined Statements of Operations and Comprehensive Income:


	For the year ended October 31, 2021
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Revenues	$	110,330	$	88,534	$	141,373	$	21,357	$	361,594
Cost of revenues	81,207		105,436		61,278		10,506		258,427
Other expenses	2,622		4,887		143,050		1,947		152,506
Total expenses	83,829		110,323		204,328		12,453		410,933
Gain on disposition of loans and REO	—		—		—		(4,109)		(4,109)
Income (loss) from operations	26,501		(21,789)		(62,955)		4,795		(53,448)
Other income	8,807		317		177,777		—		186,901
Income (loss) before income taxes	35,308		(21,472)		114,822		4,795		133,453
Income tax provision (benefit)	258		(875)		(824)		—		(1,441)


Net income (loss)	$	35,050	$	(20,597)	$	115,646	$	4,795	$	134,894


Company’s equity (deficit) in earnings of unconsolidated entities (2)	$	18,155	$	(241)	$	53,792	$	2,329	$	74,035


	For the year ended October 31, 2020
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Revenues	$	87,174	$	139,587	$	111,122	$	26,781	$	364,664
Cost of revenues	64,810		124,899		37,770		15,762		243,241
Other expenses	2,948		15,731		117,419		1,505		137,603
Total expenses	67,758		140,630		155,189		17,267		380,844
Gain on disposition of loans and REO	—		—		—		1,053		1,053
Income (loss) from operations	19,416		(1,043)		(44,067)		10,567		(15,127)
Other income (loss)	3,061		536		(448)				3,149
Income (loss) before income taxes	22,477		(507)		(44,515)		10,567		(11,978)
Income tax provision (benefit)	188		(254)				—		(66)
Net income (loss) including earnings from noncontrolling interests	22,289		(253)		(44,515)		10,567		(11,912)
Plus: loss attributable to noncontrolling interest	—		—		—		48		48
Net income (loss) attributable to controlling interest	$	22,289	$	(253)	$	(44,515)	$	10,615	$	(11,864)


Company’s equity (deficit) in earnings of unconsolidated entities (2)	$	11,412	$	(3,424)	$	(9,389)	$	2,349	$	948


	For the year ended October 31, 2019
	Land Develop- ment Joint Ventures		Home Building Joint Ventures		Rental Property Joint Ventures		Gibraltar Joint Ventures		Total
Revenues	$	261,677	$	374,587	$	99,401	$	21,377	$	757,042
Cost of revenues	246,980		323,764		68,502		13,234		652,480
Other expenses	4,752		24,633		58,928		1,880		90,193
Total expenses	251,732		348,397		127,430		15,114		742,673
Gain on disposition of loans and REO	—		—		—		4,383		4,383
Income (loss) from operations	9,945		26,190		(28,029)		10,646		18,752
Other income	3,079		6,144		16,651		12,793		38,667
Income (loss) before income taxes	13,024		32,334		(11,378)		23,439		57,419
Income tax provision	193		457		—		—		650
Net income (loss) including earnings from noncontrolling interests	12,831		31,877		(11,378)		23,439		56,769
Less: income attributable to noncontrolling interest	—		—		—		(9,593)		(9,593)
Net income (loss) attributable to controlling interest	$	12,831	$	31,877	$	(11,378)	$	13,846	$	47,176


Company’s equity (deficit) in earnings of unconsolidated entities (2)	$	6,160	$	17,004	$	(824)	$	2,528	$	24,868

(2) Differences between our equity in earnings of unconsolidated entities and the underlying net income (loss) of the entities are primarily a result of distributions from entities in excess of the carrying amount of our investment; other than temporary impairments related to our investments in unconsolidated entities; recoveries of previously incurred charges; unrealized gains on our retained joint venture interests; gained recognized from the sale of our investment to our joint venture partner; and our share of the entities’ profits related to home sites purchased by us which reduces our cost basis of the home sites acquired.