RECORD HOME CLOSINGS REVENUE FOR ANY Q4 OF $428.6 MILLION
RECORD GROSS PROFIT FOR ANY Q4 OF $112.4 MILLION
DEBT TO TOTAL CAPITAL FELL TO 25.7%
AVERAGE PRICE OF Q4 HOMES CLOSED OF $589.5K, UP 15.7%
Q4 GROSS MARGIN, FLAT; ADJUSTED GROSS MARGIN OF 28.3%, UP 130 BPS
PLANO, Texas, Feb. 27, 2023 (GLOBE NEWSWIRE) — Green Brick Partners, Inc. (NYSE: GRBK) (“we,” “Green Brick” or the “Company”) today reported results for its fourth quarter ended December 31, 2022.
“Our team did a great job closing out the year. For the full year ended December 31, 2022, we delivered 2,916 homes — a record number — generating 25.3% year-over-year growth in total revenue to $1.76 billion. Diluted earnings per share for 2022 increased 61.8% year-over-year to $6.02, with an annual gross margin of 29.8% and return on equity of 31.4%,” said Jim Brickman, CEO and Co-Founder. “While producing these results, we lowered our debt-to-total-capital ratio to 25.7%. We believe that these numbers reflect our superior lot position and operational excellence, as well as validate our ROE-driven approach.”
“For the fourth quarter, we delivered 727 homes and achieved record home closing revenue for any fourth quarter of $429 million. Our total gross profit was $112 million, also highest for any fourth quarter. Diluted earnings per share was $1.18, down 4.8% year-over-year. Net new home orders decreased 11.1% to 423, the smallest decline amongst peers. Importantly, we started to regain sales momentum since November. December sales were up 43% over the average of the prior six months. Our cancellation rate also improved throughout the quarter and was down to 12% in December. We started off 2023 with increased sales momentum particularly with our finished or finishing spec homes. Several communities opened in January and sold particularly well. Our cancellation rate has further improved in 2023, dropping to single digits. We believe our sales success is based in part upon our geographic footprint with supply-constrained locations in Dallas and Atlanta. These markets have some of the strongest demographic tailwinds and job growth in the country”
“We have also reduced construction costs of our homes. Homes started in Dallas during December and later have savings that average approximately $40,000 compared to homes started in the second and third quarter of 2022. The savings vary based on product line and floor plan and primarily resulted from significantly lower lumber prices and reduced labor costs. On average, our cycle time has been reduced by 30 days from peak 2022 levels, and we believe it should continue to improve slightly,” continued Mr. Brickman.
“We will continue to manage sales and pricing on a community-by-community basis as the market normalizes and to regulate our inventory levels to match starts to sales. We expect pent-up demand will enhance our sales if mortgage rates stabilize at less than 6%,” said Mr. Brickman. “Because we expect to have as many as approximately 6,000 finished lots at the end of 2023, with roughly 75% in infill locations, we have the capability to ramp up home construction quickly and increase active selling communities. So, if the pie gets smaller in 2023, we believe that we are well-positioned to take market share from other builders in our markets while maintaining our industry leading gross margins.”
Results for the Quarter Ended December 31, 2022:
For the quarter ended December 31, 2022, our home closings revenue and gross profit reflect records for any fourth quarter since the Company’s inception, as detailed below.
| (Dollars in thousands, except per share data) | Three Months Ended December 31, | ||||||||||
| 2022 | 2021 | Change | |||||||||
| New homes delivered | 727 | 823 | (11.7)% | ||||||||
| Total revenues | $ | 431,089 | $ | 452,251 | (4.7)% | ||||||
| Total cost of revenues | 318,635 | 341,493 | (6.7)% | ||||||||
| Total gross profit | $ | 112,454 | $ | 110,758 | 1.5% | ||||||
| Income before income taxes | $ | 77,954 | $ | 82,589 | (5.6)% | ||||||
| Net income attributable to Green Brick Partners, Inc. | $ | 55,547 | $ | 63,471 | (12.5)% | ||||||
| Diluted net income attributable to Green Brick Partners, Inc. per common share | $ | 1.18 | $ | 1.24 | (4.8)% | ||||||
| Residential units revenue | $ | 430,026 | $ | 420,051 | 2.4% | ||||||
| Average sales price of homes delivered | $ | 589.5 | $ | 509.3 | 15.7% | ||||||
| Homebuilding gross margin percentage | 26.2 | % | 26.2 | % | 0 bps | ||||||
| Backlog | $ | 369,095 | $ | 869,856 | $ | (500,761) | |||||
| Homes under construction | 1,853 | 2,278 | (18.7)% | ||||||||
Results for the Year Ended December 31, 2022:
For the year ended December 31, 2022, our net income attributable to Green Brick per diluted common share, total revenues, new homes delivered, and homebuilding gross margin percentage reflect a record for any year since the Company’s inception, as detailed below.
| (Dollars in thousands, except per share data) | Twelve Months Ended December 31, | |||||||||
| 2022 | 2021 | Change | ||||||||
| New homes delivered | 2,916 | 2,834 | 2.9 | % | ||||||
| Total revenues | $ | 1,757,793 | $ | 1,402,876 | 25.3 | % | ||||
| Total cost of revenues | 1,234,768 | 1,040,817 | 18.6 | % | ||||||
| Total gross profit | $ | 523,025 | $ | 362,059 | 44.5 | % | ||||
| Income before income taxes | $ | 396,465 | $ | 256,986 | 54.3 | % | ||||
| Net income attributable to Green Brick Partners, Inc. | $ | 291,900 | $ | 190,210 | 53.5 | % | ||||
| Diluted net income attributable to Green Brick Partners, Inc. per common share | $ | 6.02 | $ | 3.72 | 61.8 | % | ||||
| Residential units revenue | $ | 1,703,951 | $ | 1,309,687 | 30.1 | % | ||||
| Average sales price of homes delivered | $ | 581.9 | $ | 460.7 | 26.3 | % | ||||
| Homebuilding gross margin percentage | 29.8 | % | 26.4 | % | 340 bps | |||||
| Selling, general and administrative expenses as a percentage of residential units revenue | 9.6 | % | 10.3 | % | -70 bps | |||||
Earnings Conference Call:
We will host our earnings conference call to discuss our fourth quarter ended December 31, 2022 at 12:00 p.m. Eastern Time on Tuesday, February 28, 2023. The call can be accessed by dialing 1-888-660-6353 for domestic participants or 1-929-203-2106 for international participants and should reference meeting number 3162560. Participants may also join the call via webcast at: https://events.q4inc.com/attendee/115470786
A telephone replay of the call will be available through March 30, 2023. To access the telephone replay, the domestic dial-in number is 1-800-770-2030, the international dial-in number is 1-647-362-9199 and the access code is 3162560, or by using the link at investors.greenbrickpartners.com.
GREEN BRICK PARTNERS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
| (Unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Residential units revenue | $ | 430,026 | $ | 420,051 | $ | 1,703,951 | $ | 1,309,687 | ||||||||
| Land and lots revenue | 1,063 | 32,200 | 53,842 | 93,189 | ||||||||||||
| Total revenues | 431,089 | 452,251 | 1,757,793 | 1,402,876 | ||||||||||||
| Cost of residential units | 317,806 | 310,228 | 1,196,914 | 964,364 | ||||||||||||
| Cost of land and lots | 829 | 31,265 | 37,854 | 76,453 | ||||||||||||
| Total cost of revenues | 318,635 | 341,493 | 1,234,768 | 1,040,817 | ||||||||||||
| Total gross profit | 112,454 | 110,758 | 523,025 | 362,059 | ||||||||||||
| Selling, general and administrative expenses | (44,629 | ) | (37,087 | ) | (163,943 | ) | (134,269 | ) | ||||||||
| Equity in income of unconsolidated entities | 5,719 | 5,674 | 25,626 | 19,713 | ||||||||||||
| Other income, net | 4,410 | 3,244 | 11,757 | 9,483 | ||||||||||||
| Income before income taxes | 77,954 | 82,589 | 396,465 | 256,986 | ||||||||||||
| Income tax expense | 16,790 | 15,512 | 82,468 | 52,605 | ||||||||||||
| Net income | 61,164 | 67,077 | 313,997 | 204,381 | ||||||||||||
| Less: Net income attributable to noncontrolling interests | 5,617 | 3,606 | 22,097 | 14,171 | ||||||||||||
| Net income attributable to Green Brick Partners, Inc. | $ | 55,547 | $ | 63,471 | $ | 291,900 | $ | 190,210 | ||||||||
| Net income attributable to Green Brick Partners, Inc. per common share: | ||||||||||||||||
| Basic | $ | 1.19 | $ | 1.25 | $ | 6.07 | $ | 3.75 | ||||||||
| Diluted | $ | 1.18 | $ | 1.24 | $ | 6.02 | $ | 3.72 | ||||||||
| Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share: | ||||||||||||||||
| Basic | 45,994 | 50,732 | 47,648 | 50,700 | ||||||||||||
| Diluted | 46,332 | 51,104 | 47,987 | 51,060 | ||||||||||||
GREEN BRICK PARTNERS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
| December 31, 2022 | December 31, 2021 | |||||
| ASSETS | ||||||
| Cash and cash equivalents | $ | 76,588 | $ | 77,166 | ||
| Restricted cash | 16,682 | 16,388 | ||||
| Receivables | 5,288 | 6,871 | ||||
| Inventory | 1,422,680 | 1,203,743 | ||||
| Investments in unconsolidated entities | 74,224 | 55,616 | ||||
| Right-of-use assets – operating leases | 3,458 | 4,596 | ||||
| Property and equipment, net | 2,919 | 2,812 | ||||
| Earnest money deposits | 23,910 | 26,008 | ||||
| Deferred income tax assets, net | 16,448 | 15,741 | ||||
| Intangible assets, net | 452 | 537 | ||||
| Goodwill | 680 | 680 | ||||
| Other assets | 12,346 | 11,709 | ||||
| Total assets | $ | 1,655,675 | $ | 1,421,867 | ||
| LIABILITIES AND EQUITY | ||||||
| Liabilities: | ||||||
| Accounts payable | $ | 51,804 | $ | 45,682 | ||
| Accrued expenses | 91,281 | 61,351 | ||||
| Customer and builder deposits | 29,112 | 64,610 | ||||
| Lease liabilities – operating leases | 3,582 | 4,745 | ||||
| Borrowings on lines of credit, net | 17,395 | (738 | ) | |||
| Senior unsecured notes, net | 335,825 | 335,446 | ||||
| Notes payable | 14,622 | 210 | ||||
| Total liabilities | 543,621 | 511,306 | ||||
| Commitments and contingencies | ||||||
| Redeemable noncontrolling interest in equity of consolidated subsidiary | 29,239 | 21,867 | ||||
| Equity: | ||||||
| Green Brick Partners, Inc. stockholders’ equity | ||||||
| Preferred stock, $0.01 par value: 5,000,000 shares authorized; 2,000 issued and outstanding as of December 31, 2022 and 2021, respectively | 47,696 | 47,696 | ||||
| Common stock, $0.01 par value: 100,000,000 shares authorized; 46,032,930 issued and outstanding as of December 31, 2022 and 51,151,911 and 50,759,972 issued and outstanding as of December 31, 2021, respectively | 460 | 512 | ||||
| Treasury stock, at cost: none as of December 31, 2022 and 391,939 shares as of December 31, 2021 | — | (3,167 | ) | |||
| Additional paid-in capital | 259,410 | 289,641 | ||||
| Retained earnings | 754,341 | 539,866 | ||||
| Total Green Brick Partners, Inc. stockholders’ equity | 1,061,907 | 874,548 | ||||
| Noncontrolling interests | 20,908 | 14,146 | ||||
| Total equity | 1,082,815 | 888,694 | ||||
| Total liabilities and equity | $ | 1,655,675 | $ | 1,421,867 | ||
GREEN BRICK PARTNERS, INC.
SUPPLEMENTAL INFORMATION
(Unaudited)
| Residential Units Revenue and New Homes Delivered (dollars in thousands) |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||
| 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | ||||||||||||||||||
| Home closings revenue | $ | 428,582 | $ | 419,132 | $ | 9,450 | 2.3 | % | $ | 1,696,911 | $ | 1,305,620 | $ | 391,291 | 30.0 | % | |||||||||
| Mechanic’s lien contracts revenue | 1,444 | 919 | 525 | 57.1 | % | 7,040 | 4,067 | 2,973 | 73.1 | % | |||||||||||||||
| Residential units revenue | $ | 430,026 | $ | 420,051 | $ | 9,975 | 2.4 | % | $ | 1,703,951 | $ | 1,309,687 | $ | 394,264 | 30.1 | % | |||||||||
| New homes delivered | 727 | 823 | (96 | ) | (11.7 | )% | 2,916 | 2,834 | 82 | 2.9 | % | ||||||||||||||
| Average sales price of homes delivered | $ | 589.5 | $ | 509.3 | $ | 80.2 | 15.7 | % | $ | 581.9 | $ | 460.7 | $ | 121.2 | 26.3 | % | |||||||||
| Land and Lots Revenue (dollars in thousands) |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||||
| 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | ||||||||||||||||||
| Lots revenue | $ | 1,063 | $ | 9,682 | $ | (8,619 | ) | (89.0 | )% | $ | 19,090 | $ | 24,866 | $ | (5,776 | ) | (23.2) % | ||||||||
| Land revenue | — | 22,518 | (22,518 | ) | (100.0 | )% | 34,752 | 68,323 | (33,571 | ) | (49.1) % | ||||||||||||||
| Land and lots revenue | $ | 1,063 | $ | 32,200 | $ | (31,137 | ) | (96.7 | )% | $ | 53,842 | $ | 93,189 | $ | (39,347 | ) | (42.2) % | ||||||||
| Lots closed | 14 | 150 | (136 | ) | (90.7 | )% | 288 | 323 | (35 | ) | (10.8) % | ||||||||||||||
| Average sales price of lots closed | $ | 75.9 | $ | 64.5 | $ | 11.4 | 17.7 | % | $ | 66.3 | $ | 77.0 | $ | (10.7 | ) | (13.9) % | |||||||||
| New Home Orders and Backlog (dollars in thousands) |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||||
| 2022 | 2021 | Change | % | 2022 | 2021 | Change | % | |||||||||||||||||||||||
| Net new home orders | 423 | 476 | (53 | ) | (11.1 | )% | 1,973 | 2,851 | (878 | ) | (30.8) % | |||||||||||||||||||
| Revenue from new net home orders | $ | 247,818 | $ | 271,768 | $ | (23,950 | ) | (8.8 | )% | $ | 1,210,315 | $ | 1,488,613 | $ | (278,298 | ) | (18.7 | )% | ||||||||||||
| Average selling price of net new home orders | $ | 585.9 | $ | 570.9 | $ | 15.0 | 2.6 | % | $ | 613.4 | $ | 522.1 | $ | 91.3 | 17.5 | % | ||||||||||||||
| Cancellation rate | 20.3 | % | 12.3 | % | 8.0 | % | 65.0 | % | 13.8 | % | 7.7 | % | 6.1 | % | 79.2 | % | ||||||||||||||
| Absorption rate per average active selling community per quarter | 5.5 | 6.2 | (0.7 | ) | (11.3 | )% | 6.5 | 8.2 | (1.7 | ) | (20.7) % | |||||||||||||||||||
| Average active selling communities | 77 | 77 | — | — | % | 76 | 87 | (11 | ) | (12.6) % | ||||||||||||||||||||
| Active selling communities at end of period | 80 | 74 | 6 | 8.1 | % | |||||||||||||||||||||||||
| Backlog | $ | 369,095 | $ | 869,856 | $ | (500,761 | ) | (57.6 | )% | |||||||||||||||||||||
| Backlog units | 537 | 1,480 | (943 | ) | (63.7 | )% | ||||||||||||||||||||||||
| Average sales price of backlog | $ | 687.3 | $ | 587.7 | $ | 99.6 | 16.9 | % | ||||||||||||||||||||||
GREEN BRICK PARTNERS, INC.
SUPPLEMENTAL INFORMATION
(Unaudited)
| December 31, 2022 | December 31, 2021 | ||||||||||||||||
| Central | Southeast | Total | Central | Southeast | Total | ||||||||||||
| Lots owned | |||||||||||||||||
| Finished lots | 1,901 | 998 | 2,899 | 1,328 | 797 | 2,125 | |||||||||||
| Lots in communities under development | 10,309 | 1,698 | 12,007 | 16,439 | 1,675 | 18,114 | |||||||||||
| Land held for future development(1) | 6,575 | — | 6,575 | — | — | — | |||||||||||
| Total lots owned | 18,785 | 2,696 | 21,481 | 17,767 | 2,472 | 20,239 | |||||||||||
| Lots controlled | |||||||||||||||||
| Lots under third party option contracts | 2,212 | 6 | 2,218 | 2,670 | 70 | 2,740 | |||||||||||
| Land under option for future acquisition and development | 110 | 18 | 128 | 3,318 | 508 | 3,826 | |||||||||||
| Lots under option through unconsolidated development joint ventures | 1,289 | 411 | 1,700 | 1,333 | 483 | 1,816 | |||||||||||
| Total lots controlled | 3,611 | 435 | 4,046 | 7,321 | 1,061 | 8,382 | |||||||||||
| Total lots owned and controlled(2) | 22,396 | 3,131 | 25,527 | 25,088 | 3,533 | 28,621 | |||||||||||
| Percentage of lots owned | 83.9 | % | 86.1 | % | 84.2 | % | 70.8 | % | 70.0 | % | 70.7 | % | |||||
(1) Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors.
(2) Total lots excludes lots with homes under construction.
The following table presents additional information on the lots we owned as of December 31, 2022 and December 31, 2021.
| December 31, 2022 | December 31, 2021 | ||||
| Total lots owned | 21,481 | 20,239 | |||
| Add certain lots included in Total Lots Controlled | |||||
| Land under option for future acquisition and development | 128 | 3,826 | |||
| Lots under option through unconsolidated development joint ventures | 1,700 | 1,816 | |||
| Total lots self-developed | 23,309 | 25,881 | |||
| Self-developed lots as a percentage of total lots owned and controlled | 91.3 | % | 90.4 | % | |
Non-GAAP Financial Measures
In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating our operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.
The following table represents the non-GAAP measure of adjusted homebuilding gross margin for the twelve months ended months ended December 31, 2022 and 2021 and reconciles these amounts to homebuilding gross margin, the most directly comparable GAAP measure.
| (Unaudited, in thousands): | Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Residential units revenue | $ | 430,026 | $ | 420,051 | $ | 1,703,951 | $ | 1,309,687 | ||||||||
| Less: Mechanic’s lien contracts revenue | (1,444 | ) | (919 | ) | (7,040 | ) | (4,067 | ) | ||||||||
| Home closings revenue | $ | 428,582 | $ | 419,132 | $ | 1,696,911 | $ | 1,305,620 | ||||||||
| Homebuilding gross margin | $ | 112,189 | $ | 109,671 | $ | 506,129 | $ | 344,505 | ||||||||
| Homebuilding gross margin percentage | 26.2 | % | 26.2 | % | 29.8 | % | 26.4 | % | ||||||||
| Homebuilding gross margin | 112,189 | 109,671 | 506,129 | 344,505 | ||||||||||||
| Add back: Capitalized interest charged to cost of revenues | 3,141 | 3,326 | 13,444 | 10,241 | ||||||||||||
| Add back: Land impairment charge | $ | 6,020 | $ | — | $ | 6,020 | $ | — | ||||||||
| Adjusted homebuilding gross margin | $ | 121,350 | $ | 112,997 | $ | 525,593 | $ | 354,746 | ||||||||
| Adjusted homebuilding gross margin percentage | 28.3 | % | 27.0 | % | 31.0 | % | 27.2 | % | ||||||||
About Green Brick Partners, Inc.
Green Brick Partners, Inc. is a diversified homebuilding and land development company that operates in Texas, Georgia, and Florida and has a non-controlling interest in a Colorado homebuilder. Green Brick owns five subsidiary homebuilders in Texas (CB JENI Homes, Normandy Homes, Southgate Homes, Trophy Signature Homes, and a 90% interest in Centre Living Homes), as well as a controlling interest in a homebuilder in Atlanta, Georgia (The Providence Group) and an 80% interest in a homebuilder in Port St. Lucie, Florida (GHO Homes). Green Brick also owns a noncontrolling interest in Challenger Homes in Colorado Springs, Colorado, and retains interests in related financial services platforms, including Green Brick Title and BHome Mortgage. The Company is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing, and sales for its residential neighborhoods and master-planned communities. For more information about Green Brick Partners Inc.’s subsidiary homebuilders, please visit greenbrickpartners.com/homebuilders.
Forward-Looking and Cautionary Statements:
This press release and our earnings call contain “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts and typically include the words “anticipate,” “believe,” “consider,” “estimate,” “expect,” “feel,” “intend,” “plan,” “predict,” “seek,” “strategy,” “target,” “will” or other words of similar meaning. Forward-looking statements in this press release and in our earnings call include statements regarding (i) our position to adapt and succeed in a rapidly changing environment, including our focus on operational efficiency; (ii) our expectations regarding trends in our markets, including demand for new homes and available inventories; (iii) our beliefs regarding the relationship between our financial results and our lot strategy, operations and ROE-driven approach; (iv) our expectations related to reduction of construction costs and average cycle times; (v) our intention to manage sales, pricing and inventory levels for each of our communities; (vi) our priorities and strategies for growth, the drivers of that growth, and its impact on our future results; (vii) our expectation to sustain our industry-leading margins; (viii) our positioning and flexibility to capitalize on market opportunities and grow our market share as well as the impact on our financial and operational performance; (ix) our beliefs that our lot and land positions will support future growth; (x) our beliefs that we operate in the most advantageous markets in the U.S.; (xi) our expectations related to the number and location quality of our finished lots at the end of 2023; (xii) our expectations for future demand, including the impact of lower stabilized mortgage rates; and (xiii) our expectation to continue to provide favorable returns on equity to our shareholders. These forward-looking statements reflect our current views about future events and involve estimates and assumptions which may be affected by risks and uncertainties in our business, as well as other external factors, which could cause future results to materially differ from those expressed or implied in any forward-looking statement. These risks include, but are not limited to: (1) changes in macroeconomic conditions, including increased interest rates and inflation, that could adversely impact demand for new homes or the ability of potential buyers to qualify for acceptable financing; (2) general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; (3) shortages, delays or increased costs of raw materials and increased demand for materials, or increases in other operating costs, including costs related to labor, real estate taxes and insurance, which in each case exceed our ability to increase prices; (4) a shortage of qualified and available labor; (5) an inability to acquire land in our current and new markets at acceptable prices or difficulty in obtaining land- use entitlements; (6) our inability to successfully execute our strategies, including an inability to grow or expand our operations or expand our Trophy brand; (7) our inability to implement or capitalize on new strategic investments; (8) a failure to recruit, retain or develop highly skilled and competent employees; (9) government regulation risks; (10) adverse changes in availability or volatility of mortgage financing; (11) severe weather events or natural disasters; (12) difficulty in obtaining sufficient capital to fund our growth; (13) our ability to meet our debt service obligations; (14) a decline in the value of our inventories and resulting write-downs of the carrying value of our real estate assets; and (15) changes in accounting standards that adversely affect our reported earnings or financial condition. For a more detailed discussion of these and other risks and uncertainties applicable to Green Brick please see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.
Contact:
Benting Hu
Vice President of Finance
(469) 808-1014
IR@greenbrickpartners.com
