U.S. markets close in 1 hour 43 minutes
  • S&P 500

    4,258.35
    +51.08 (+1.21%)
     
  • Dow 30

    33,630.88
    +294.21 (+0.88%)
     
  • Nasdaq

    12,977.33
    +197.42 (+1.54%)
     
  • Russell 2000

    2,006.92
    +31.66 (+1.60%)
     
  • Crude Oil

    92.70
    -1.64 (-1.74%)
     
  • Gold

    1,815.50
    +8.30 (+0.46%)
     
  • Silver

    20.72
    +0.37 (+1.80%)
     
  • EUR/USD

    1.0269
    -0.0056 (-0.54%)
     
  • 10-Yr Bond

    2.8550
    -0.0330 (-1.14%)
     
  • GBP/USD

    1.2145
    -0.0057 (-0.47%)
     
  • USD/JPY

    133.4500
    +0.4510 (+0.34%)
     
  • BTC-USD

    24,005.18
    -261.09 (-1.08%)
     
  • CMC Crypto 200

    570.52
    -0.76 (-0.13%)
     
  • FTSE 100

    7,500.89
    +34.98 (+0.47%)
     
  • Nikkei 225

    28,546.98
    +727.65 (+2.62%)
     

Green Brick Partners, Inc. Reports Record Second Quarter 2022 Results

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·16 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Green Brick Partners, Inc.
Green Brick Partners, Inc.

RECORD HOME CLOSINGS REVENUE OF $510.5 MILLION, UP 53.6%
RECORD INCOME BEFORE TAXES OF $138.3 MILLION, UP 86.9%
HOME BUILDING GROSS MARGIN UP 550 BPS TO 32.3%
RECORD DILUTED EPS OF $2.08, UP 103.9%

PLANO, Texas, Aug. 03, 2022 (GLOBE NEWSWIRE) -- Green Brick Partners, Inc. (NYSE: GRBK) (“we,” “Green Brick” or the “Company”) today reported record results for its second quarter ended June 30, 2022.

“We are pleased to report another outstanding quarter highlighted by record EPS of $2.08 per diluted share, which was up 73.3% sequentially over the first quarter of 2022 on a 33.4% sequential growth in total revenues. During the second quarter, we delivered a record number of homes and achieved a record high home building gross margin of 32.3%, which was up 450 basis points sequentially,” said Jim Brickman, CEO and Co-Founder. “Year-to-date, we were able to generate annualized returns on equity of 37.4%. Additionally, to further enhance shareholder value, we repurchased another 3.7 million shares of Green Brick common stock for $75.7 million during the second quarter and third quarter through July 29, 2022. Year-to-date through July 29, 2022, we have repurchased a total of $101.5 million of common stock at an average price under $21 per share, representing 9.5% of total shares outstanding as of the end of 2021.”

“We believe that Green Brick is strategically positioned to navigate well within the evolving environment. We operate in some of the best markets in the United States. Within those markets, over 80% of our revenue year-to-date is generated from more supply constrained in-fill submarkets that we believe are more insulated from competition and more resilient during economic downturns,” continued Mr. Brickman. “Additionally, despite purchasing 9.5% of our outstanding shares, we have one of the lowest leverage ratios among our peers with a debt to total capital ratio of 28.9% as of June 30, 2022, where almost all of outstanding debt is fixed interest rate long term with an attractive weighted average interest rate of 3.4%. We believe that we have a superior lot and land position to support future growth that also provides us with the ability to be defensive and offensive in a changing environment. Green Brick has a track record of generating one of the best returns on equity in the homebuilding industry and we will continue to devote efforts to initiatives that are accretive to our shareholders.”

Results for the Quarter Ended June 30, 2022:

For the quarter ended June 30, 2022, our net income attributable to Green Brick per common share (“EPS”), total revenues, residential units revenue, and net income attributable to Green Brick reflect a record for any quarter since the Company’s inception, as detailed below.

(Dollars in thousands, except per share data)

Three Months Ended June 30,

 

 

 

2022

 

2021

 

Change

New homes delivered

 

881

 

 

 

757

 

 

 

16.4

%

 

 

 

 

 

 

Total revenues

$

525,144

 

 

$

373,806

 

 

 

40.5

%

Total cost of revenues

 

356,248

 

 

 

272,830

 

 

 

30.6

%

Total gross profit

$

168,896

 

 

$

100,976

 

 

 

67.3

%

Income before income taxes

$

138,282

 

 

$

73,977

 

 

 

86.9

%

Net income attributable to Green Brick Partners, Inc.

$

101,256

 

 

$

52,263

 

 

 

93.7

%

Diluted net income attributable to Green Brick Partners, Inc. per common share

$

2.08

 

 

$

1.02

 

 

 

103.9

%

 

 

 

 

 

 

Residential units revenue

$

512,515

 

 

$

333,500

 

 

 

53.7

%

Average sales price of homes delivered

$

579.5

 

 

$

438.9

 

 

 

32.0

%

Homebuilding gross margin percentage

 

32.3

%

 

 

26.8

%

 

550 bps

Selling, general and administrative expenses as a percentage of residential units revenue

 

8.2

%

 

 

10.2

%

 

-200 bps

 

 

 

 

 

 

Backlog

$

710,199

 

 

$

974,349

 

 

$

(264,150

)

Homes under construction

 

2,436

 

 

 

2,486

 

 

(2.0

)%

 

 

 

 

 

 

 

 

 

 

Results for the Six Months Ended June 30, 2022:

(Dollars in thousands, except per share data)

Six Months Ended June 30,

 

 

 

2022

 

2021

 

Change

New homes delivered

 

1,539

 

 

 

1,273

 

 

20.9

%

 

 

 

 

 

 

Total revenues

$

918,760

 

 

$

608,285

 

 

51.0

%

Total cost of revenues

 

641,508

 

 

 

448,320

 

 

43.1

%

Total gross profit

$

277,252

 

 

$

159,965

 

 

73.3

%

Income before income taxes

$

220,915

 

 

$

109,239

 

 

102.2

%

Net income attributable to Green Brick Partners, Inc.

$

162,833

 

 

$

78,232

 

 

108.1

%

Diluted net income attributable to Green Brick Partners, Inc. per common share

$

3.25

 

 

$

1.53

 

 

112.4

%

 

 

 

 

 

 

Residential units revenue

$

877,176

 

 

$

550,736

 

 

59.3

%

Average sales price of homes delivered

$

567.6

 

 

$

430.8

 

 

31.8

%

Homebuilding gross margin percentage

 

30.5

%

 

 

26.3

%

 

420 bps

Selling, general and administrative expenses as a percentage of residential units revenue

 

8.7

%

 

 

11.5

%

 

-280 bps

 

 

 

 

 

 

 

 

 

 

Earnings Conference Call:

We will host our earnings conference call to discuss our second quarter ended June 30, 2022 at 12:00 p.m. Eastern Time on Thursday, August 4, 2022. 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/871633067

A telephone replay of the call will be available through September 4, 2022. 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 June 30,

 

Six Months Ended June 30,

 

 

2022

 

2021

 

2022

 

2021

Residential units revenue

 

$

512,515

 

 

$

333,500

 

 

$

877,176

 

 

$

550,736

 

Land and lots revenue

 

 

12,629

 

 

 

40,306

 

 

 

41,584

 

 

 

57,549

 

Total revenues

 

 

525,144

 

 

 

373,806

 

 

 

918,760

 

 

 

608,285

 

Cost of residential units

 

 

347,142

 

 

 

244,165

 

 

 

610,572

 

 

 

406,237

 

Cost of land and lots

 

 

9,106

 

 

 

28,665

 

 

 

30,936

 

 

 

42,083

 

Total cost of revenues

 

 

356,248

 

 

 

272,830

 

 

 

641,508

 

 

 

448,320

 

Total gross profit

 

 

168,896

 

 

 

100,976

 

 

 

277,252

 

 

 

159,965

 

Selling, general and administrative expenses

 

 

(41,798

)

 

 

(33,985

)

 

 

(76,063

)

 

 

(63,473

)

Equity in income of unconsolidated entities

 

 

8,523

 

 

 

4,593

 

 

 

14,210

 

 

 

8,484

 

Other income, net

 

 

2,661

 

 

 

2,393

 

 

 

5,516

 

 

 

4,263

 

Income before income taxes

 

 

138,282

 

 

 

73,977

 

 

 

220,915

 

 

 

109,239

 

Income tax expense

 

 

30,278

 

 

 

15,694

 

 

 

48,715

 

 

 

23,195

 

Net income

 

 

108,004

 

 

 

58,283

 

 

 

172,200

 

 

 

86,044

 

Less: Net income attributable to noncontrolling interests

 

 

6,748

 

 

 

6,020

 

 

 

9,367

 

 

 

7,812

 

Net income attributable to Green Brick Partners, Inc.

 

$

101,256

 

 

$

52,263

 

 

$

162,833

 

 

$

78,232

 

 

 

 

 

 

 

 

 

 

Net income attributable to Green Brick Partners, Inc. per common share:

 

 

 

 

 

 

 

 

Basic

 

$

2.09

 

 

$

1.03

 

 

$

3.27

 

 

$

1.54

 

Diluted

 

$

2.08

 

 

$

1.02

 

 

$

3.25

 

 

$

1.53

 

Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share:

 

 

 

 

 

 

 

 

Basic

 

 

48,046

 

 

 

50,701

 

 

 

49,309

 

 

 

50,667

 

Diluted

 

 

48,384

 

 

 

51,064

 

 

 

49,639

 

 

 

51,029

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

GREEN BRICK PARTNERS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)

 

 

 

 

 

June 30, 2022

 

December 31, 2021

ASSETS

Cash and cash equivalents

$

66,765

 

 

$

77,166

 

Restricted cash

 

22,889

 

 

 

16,388

 

Receivables

 

6,828

 

 

 

6,871

 

Inventory

 

1,369,200

 

 

 

1,203,743

 

Investments in unconsolidated entities

 

64,077

 

 

 

55,616

 

Right-of-use assets - operating leases

 

4,213

 

 

 

4,596

 

Property and equipment, net

 

2,761

 

 

 

2,812

 

Earnest money deposits

 

24,702

 

 

 

26,008

 

Deferred income tax assets, net

 

15,741

 

 

 

15,741

 

Intangible assets, net

 

494

 

 

 

537

 

Goodwill

 

680

 

 

 

680

 

Other assets

 

9,924

 

 

 

11,709

 

Total assets

$

1,588,274

 

 

$

1,421,867

 

LIABILITIES AND EQUITY

Liabilities:

 

 

 

Accounts payable

$

60,229

 

 

$

45,682

 

Accrued expenses

 

95,615

 

 

 

61,351

 

Customer and builder deposits

 

57,624

 

 

 

64,610

 

Lease liabilities - operating leases

 

4,362

 

 

 

4,745

 

Borrowings on lines of credit, net

 

34,662

 

 

 

(738

)

Senior unsecured notes, net

 

335,633

 

 

 

335,446

 

Notes payable

 

14,653

 

 

 

210

 

Total liabilities

 

602,778

 

 

 

511,306

 

Commitments and contingencies

 

 

 

Redeemable noncontrolling interest in equity of consolidated subsidiary

 

22,001

 

 

 

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 June 30, 2022 and December 31, 2021, respectively

 

47,696

 

 

 

47,696

 

Common stock, $0.01 par value: 100,000,000 shares authorized; 51,275,158 and 51,151,911 issued and 46,471,006 and 50,759,972 outstanding as of June 30, 2022 and December 31, 2021, respectively

 

513

 

 

 

512

 

Treasury stock, at cost, 4,804,152 and 391,939 shares as of June 30, 2022 and December 31, 2021, respectively

 

(95,479

)

 

 

(3,167

)

Additional paid-in capital

 

293,336

 

 

 

289,641

 

Retained earnings

 

701,325

 

 

 

539,866

 

Total Green Brick Partners, Inc. stockholders’ equity

 

947,391

 

 

 

874,548

 

Noncontrolling interests

 

16,104

 

 

 

14,146

 

Total equity

 

963,495

 

 

 

888,694

 

Total liabilities and equity

$

1,588,274

 

 

$

1,421,867

 

 

 

 

 

 

 

 

 

GREEN BRICK PARTNERS, INC.
SUPPLEMENTAL INFORMATION
(Unaudited)

Residential Units Revenue and New Homes Delivered
(dollars in thousands)

 

Three Months Ended June 30,

 

 

 

 

 

Six Months Ended June 30,

 

 

 

 

 

2022

 

2021

 

Change

 

%

 

2022

 

2021

 

Change

 

%

Home closings revenue

 

$

510,535

 

 

$

332,279

 

 

$

178,256

 

 

53.6

%

 

$

873,598

 

 

$

548,413

 

 

$

325,185

 

 

59.3

%

Mechanic’s lien contracts revenue

 

 

1,980

 

 

 

1,221

 

 

 

759

 

 

62.2

%

 

 

3,578

 

 

 

2,323

 

 

 

1,255

 

 

54.0

%

Residential units revenue

 

$

512,515

 

 

$

333,500

 

 

$

179,015

 

 

53.7

%

 

$

877,176

 

 

$

550,736

 

 

$

326,440

 

 

59.3

%

New homes delivered

 

 

881

 

 

 

757

 

 

 

124

 

 

16.4

%

 

 

1,539

 

 

 

1,273

 

 

 

266

 

 

20.9

%

Average sales price of homes delivered

 

$

579.5

 

 

$

438.9

 

 

$

140.6

 

 

32.0

%

 

$

567.6

 

 

$

430.8

 

 

$

136.8

 

 

31.8

%


Land and Lots Revenue
(dollars in thousands)

 

Three Months Ended June 30,

 

 

 

 

 

Six Months Ended June 30,

 

 

 

 

 

2022

 

2021

 

Change

 

%

 

2022

 

2021

 

Change

 

%

Lots revenue

 

$

12,081

 

 

$

4,615

 

 

$

7,466

 

 

161.8

%

 

$

14,036

 

 

$

13,058

 

 

$

978

 

 

7.5

%

Land revenue

 

 

548

 

 

 

35,691

 

 

 

(35,143

)

 

(98.5

)%

 

 

27,548

 

 

 

44,491

 

 

 

(16,943

)

 

(38.1

)%

Land and lots revenue

 

$

12,629

 

 

$

40,306

 

 

$

(27,677

)

 

(68.7

)%

 

$

41,584

 

 

$

57,549

 

 

$

(15,965

)

 

(27.7

)%

Lots closed

 

 

184

 

 

 

63

 

 

 

121

 

 

192.1

%

 

 

217

 

 

 

142

 

 

 

75

 

 

52.8

%

Average sales price of lots closed

 

$

65.7

 

 

$

73.3

 

 

$

(7.6

)

 

(10.4

)%

 

$

64.7

 

 

$

92.0

 

 

$

(27.3

)

 

(29.7

)%


New Home Orders and Backlog
(dollars in thousands)

 

Three Months Ended June 30,

 

 

 

 

 

Six Months Ended June 30,

 

 

 

 

 

2022

 

2021

 

Change

 

%

 

2022

 

2021

 

Change

 

%

Net new home orders

 

 

545

 

 

 

604

 

 

 

(59

)

 

(9.8

)%

 

1,146

 

 

1,686

 

 

(540

)

 

(32.0

)%

Cancellation rate

 

 

11.4

%

 

 

7.6

%

 

 

3.8

%

 

50.0

%

 

9.6

%

 

6.6

%

 

3.0

%

 

45.5

%

Absorption rate per average active selling community per quarter

 

 

7.1

 

 

 

6.8

 

 

 

0.3

 

 

4.4

%

 

7.5

 

 

9.1

 

 

(1.6

)

 

(17.6

)%

Average active selling communities

 

 

77

 

 

 

89

 

 

 

(12

)

 

(13.5

)%

 

76

 

 

93

 

 

(17

)

 

(18.3

)%

Active selling communities at end of period

 

 

78

 

 

 

87

 

 

 

(9

)

 

(10.3

)%

 

 

 

 

 

 

 

 

Backlog

 

$

710,199

 

 

$

974,349

 

 

$

(264,150

)

 

(27.1

)%

 

 

 

 

 

 

 

 

Backlog (units)

 

 

1,087

 

 

 

1,876

 

 

 

(789

)

 

(42.1

)%

 

 

 

 

 

 

 

 

Average sales price of backlog

 

$

653.4

 

 

$

519.4

 

 

$

134.0

 

 

25.8

%

 

 

 

 

 

 

 

 


 

 

June 30, 2022

 

December 31, 2021

Lots owned(1)

 

 

 

 

Central

 

19,043

 

 

17,767

 

Southeast

 

2,742

 

 

2,472

 

Total lots owned

 

21,785

 

 

20,239

 

Lots controlled(1)

 

 

 

 

Central

 

3,687

 

 

7,321

 

Southeast

 

616

 

 

1,061

 

Total lots controlled

 

4,303

 

 

8,382

 

Total lots owned and controlled(1)

 

26,088

 

 

28,621

 

Percentage of lots owned

 

83.5

%

 

70.7

%

_________________
(1)   Excludes lots with homes under construction.

GREEN BRICK PARTNERS, INC.
SUPPLEMENTAL INFORMATION
(Unaudited)

The following table presents additional information on the lots we owned as of June 30, 2022 and December 31, 2021.

 

June 30, 2022

 

December 31, 2021

Total lots owned

21,785

 

 

20,239

 

Add certain lots included in Total Lots Controlled

 

 

 

Land under option for future acquisition and development

289

 

 

3,826

 

Lots under option through unconsolidated development joint ventures

1,714

 

 

1,816

 

Total lots self-developed

23,788

 

 

25,881

 

Self-developed lots as a percentage of total lots owned and controlled

91.2

%

 

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 three and six months ended June 30, 2022 and 2021 and reconciles these amounts to homebuilding gross margin, the most directly comparable GAAP measure.

(Unaudited, in thousands):

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2022

 

2021

 

2022

 

2021

Residential units revenue

 

$

512,515

 

 

$

333,500

 

 

$

877,176

 

 

$

550,736

 

Less: Mechanic’s lien contracts revenue

 

 

(1,980

)

 

 

(1,221

)

 

 

(3,578

)

 

 

(2,323

)

Home closings revenue

 

$

510,535

 

 

$

332,279

 

 

$

873,598

 

 

$

548,413

 

Homebuilding gross margin

 

$

165,106

 

 

$

89,055

 

 

$

266,079

 

 

$

143,959

 

Homebuilding gross margin percentage

 

 

32.3

%

 

 

26.8

%

 

 

30.5

%

 

 

26.3

%

 

 

 

 

 

 

 

 

 

Homebuilding gross margin

 

 

165,106

 

 

 

89,055

 

 

 

266,079

 

 

 

143,959

 

Add back: Capitalized interest charged to cost of revenues

 

 

4,337

 

 

 

2,533

 

 

 

7,198

 

 

 

4,346

 

Adjusted homebuilding gross margin

 

$

169,443

 

 

$

91,588

 

 

$

273,277

 

 

$

148,305

 

Adjusted homebuilding gross margin percentage

 

 

33.2

%

 

 

27.6

%

 

 

31.3

%

 

 

27.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

About Green Brick Partners, Inc.

Green Brick Partners, Inc. is a diversified homebuilding and land development company operating through eight homebuilder brands in major markets in Texas, the Southeast and Colorado. 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, Green Brick Mortgage, 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; (ii) our expectations regarding trends in our markets, such as demand for single-family homes, stability of the built-to-rent sector, and buyer quality levels; (iii) the ability to mitigate future inventory buildup, including through reductions in single-family starts; (iv) expected closings of our current backlog, and our ability to manage such closings; (v) our priorities and strategies for growth, the drivers of that growth, and the impact on our future results; (vi) our beliefs regarding first time homebuyer preferences; (vii) our flexibility to capitalize on market opportunities and the impact on our financial and operational performance; (viii) our beliefs that our lot and land positions will support future growth and provide us with advantages on margins and adaptability; (ix) our beliefs that we operate in the most advantageous markets in the U.S. and the resilience of our markets in both stronger and weaker economies; (x) our intention to continue strengthening our financial position; (xi) our beliefs regarding future shifts in labor market pricing power and cycle timing; (xii) our beliefs regarding our position to manage costs and cycle times; 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 increasing interest rates, inflation, and the COVID-19 pandemic that could adversely impact demand for new homes or the ability of potential buyers to qualify; (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 labor; (5) an inability to acquire land in our current and new markets at anticipated prices or difficulty in obtaining land-use entitlements; (6) our inability to successfully execute our strategies, including an inability to grow our operations or expand our Trophy brand; (7) our inability to implement new strategic investments; (8) a failure to recruit, retain or develop highly skilled and competent employees; (9) government regulation risks; (10) a lack of 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; (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