8-K
Green Brick Partners, Inc. (GRBK)
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________
FORM 8-K
___________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 1, 2024
| Green Brick Partners, Inc. |
|---|
(Exact name of registrant as specified in its charter)
| Delaware | 001-33530 | 20-5952523 | |||
|---|---|---|---|---|---|
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification Number) | |||
| 5501 Headquarters Drive | , | Ste 300W | |||
| Plano | , | TX | 75024 | (469) | 573-6755 |
| (Address of principal executive offices, including Zip Code) | (Registrant’s telephone number, including area code) |
(Former name or former address, if changed since last report) Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $0.01 per share | GRBK | The New York Stock Exchange |
| Depositary Shares (each representing a 1/1000th interest in a share of 5.75% Series A Cumulative Perpetual Preferred Stock, par value $0.01 per share) | GRBK PRA | The New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
On May 1, 2024, Green Brick Partners, Inc. (the “Company”) issued a press release announcing its financial and operational results for the first quarter ended March 31, 2024. A copy of the press release is furnished as Exhibit 99 to this report.
Item 8.01 Other Events.
The Company announced today that on June 15, 2024 holders of record as of June 1, 2024 (the “Record Date”) of its depositary shares (the “Series A Depositary Shares” (NYSE:GRBK.PRA)), each representing a 1/1,000th interest in a share of its 5.75% Series A Cumulative Perpetual Preferred Stock (the “Series A Preferred Stock”) will receive a quarterly dividend in the amount of $359.38 per share of Series A Preferred Stock (equivalent to $0.35938 per Series A Depositary Share), which will cover the period from, and including, March 15, 2024 through, but not including June 15, 2024. The dividend represents dividends at the rate of 5.75% of the $25,000.00 liquidation preference per share (equivalent to $25.00 per depositary share) per year (equivalent to $1,437.50 per share per year or $1.4375 per Series A Depositary Share per year).
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. | Description of Exhibit |
|---|---|
| 99 | Press Release dated May 1, 2024 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| GREEN BRICK PARTNERS, INC. | |
|---|---|
| By: | /s/ Richard A. Costello |
| Name: | Richard A. Costello |
| Title: | Chief Financial Officer |
Date: May 1, 2024
Document
Exhibit 99
GREEN BRICK PARTNERS, INC. REPORTS RECORD FIRST QUARTER 2024 RESULTS
DILUTED EPS OF $1.82, A RECORD FOR ANY FIRST QUARTER, UP 32.8%
RECORD HOMEBUILDING GROSS MARGIN OF 33.4%, UP 580 BASIS POINTS
NET NEW HOME ORDERS OF 1,071, FLAT YOY AND UP 58% SEQUENTIALLY
BACKLOG OF $725 MILLION, UP 31.8% YOY
DEBT TO TOTAL CAPITAL OF 18.3%; NET DEBT TO TOTAL CAPITAL OF 8.2%
PLANO, Texas, May 1, 2024 — Green Brick Partners, Inc. (NYSE: GRBK) (“we,” “Green Brick” or the “Company”) today reported record results for its first quarter ended March 31, 2024.
“Green Brick kicked off 2024 with excellent first quarter results highlighted by diluted earnings per share of $1.82, a record for any first quarter and an increase of 32.8% year-over-year. I am extremely proud of our teams being able to deliver consistently outstanding performance and results. During the first quarter, we delivered 821 homes, generating $443.1 million in home closings revenue,” said Jim Brickman, CEO and Co-Founder. “Our advantages in infill and infill-adjacent locations and self-development strategy produced a record homebuilding gross margin of 33.4%, which was the highest amongst our public homebuilding peers. More importantly, our accomplishments were achieved with a balance sheet that is stronger than ever. With record earnings and strong operating cash flows, we continued to invest in future growth while we decreased our debt-to-total-capital ratio by 550 basis points year-over-year to 18.3% at the end of the quarter and lowered our net-debt-to-total-capital ratio to 8.2%.”
“We achieved the second highest quarterly sales orders in company history at 1,071 net orders, just shy of the Covid-fueled 1,082 orders in the first quarter of 2021. Our absorption rate per average active selling community remained robust at 11.4 per quarter, or 3.8 per month, despite higher interest rates. Moreover, our net new home orders increased nearly 58% sequentially from the fourth quarter of 2023 due to strong demand within our markets. We were also able to reduce overall average incentive rates from 5.6% of sales price in 4Q23 to 3.8% in March 2024. Our cancellation rate dropped to 4.1%, the lowest of other public homebuilders in the quarter and the lowest in company history. Based on our strong sales performance, our backlog grew 30.7% sequentially to $725 million. Notably, our ending community count grew 24.1% year-over-year to 98. Additionally, we continued to grow starts as we started 997 homes in 1Q24, averaging over 940 starts during the last three quarters. With a mean companywide cycle time of 5.5 months for homes completed in the quarter, we improved our operations in terms of both scale and efficiency,” concluded Mr. Brickman.
Results for the Quarter Ended March 31, 2024:
| (Dollars in thousands, except per share data) | Three Months Ended March 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | % | ||||||
| New homes delivered | 821 | 761 | 7.9 | % | ||||
| Total revenues | $ | 447,338 | $ | 452,061 | (1.0) | % | ||
| Total cost of revenues | 299,081 | 327,455 | (8.7) | % | ||||
| Total gross profit | $ | 148,257 | $ | 124,606 | 19.0 | % | ||
| Income before income taxes | $ | 115,633 | $ | 87,172 | 32.6 | % | ||
| Net income attributable to Green Brick Partners, Inc. | $ | 83,301 | $ | 64,180 | 29.8 | % | ||
| Diluted net income attributable to Green Brick Partners, Inc. per common share | $ | 1.82 | $ | 1.37 | 32.8 | % | ||
| Residential units revenue | $ | 443,284 | $ | 450,362 | (1.6) | % | ||
| Average sales price of homes delivered | $ | 539.7 | $ | 590.6 | (8.6) | % | ||
| Homebuilding gross margin percentage | 33.4 | % | 27.6 | % | 580 bps | |||
| Backlog | $ | 725,489 | $ | 550,593 | 31.8 | % | ||
| --- | --- | --- | --- | --- | --- | --- | ||
| Homes under construction | 2,233 | 1,759 | 26.9 | % |
Earnings Conference Call:
We will host our earnings conference call to discuss our first quarter ended March 31, 2024 at 12:00 p.m. Eastern Time on Thursday, May 2, 2024. 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/341898024
A telephone replay of the call will be available through June 1, 2024. To access the telephone replay, the domestic dial-in number is 1-800-770-2030, the international dial-in number is 1-609-800-9909 and the access code is 3162560, or by using the link at investors.greenbrickpartners.com.
GREEN BRICK PARTNERS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
| Three Months Ended March 31, | ||||
|---|---|---|---|---|
| 2024 | 2023 | |||
| Residential units revenue | $ | 443,284 | $ | 450,362 |
| Land and lots revenue | 4,054 | 1,699 | ||
| Total revenues | 447,338 | 452,061 | ||
| Cost of residential units | 295,313 | 326,124 | ||
| Cost of land and lots | 3,768 | 1,331 | ||
| Total cost of revenues | 299,081 | 327,455 | ||
| Total gross profit | 148,257 | 124,606 | ||
| Selling, general and administrative expenses | (50,570) | (45,945) | ||
| Equity in income of unconsolidated entities | 2,592 | 4,221 | ||
| Other income, net | 15,354 | 4,290 | ||
| Income before income taxes | 115,633 | 87,172 | ||
| Income tax expense | 24,842 | 19,031 | ||
| Net income | 90,791 | 68,141 | ||
| Less: Net income attributable to noncontrolling interests | 7,490 | 3,961 | ||
| Net income attributable to Green Brick Partners, Inc. | $ | 83,301 | $ | 64,180 |
| Net income attributable to Green Brick Partners, Inc. per common share: | ||||
| Basic | $ | 1.84 | $ | 1.38 |
| Diluted | $ | 1.82 | $ | 1.37 |
| Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share: | ||||
| Basic | 44,942 | 45,945 | ||
| Diluted | 45,430 | 46,351 |
GREEN BRICK PARTNERS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
| March 31, 2024 | December 31, 2023 | |||
|---|---|---|---|---|
| ASSETS | ||||
| Cash and cash equivalents | $ | 185,897 | $ | 179,756 |
| Restricted cash | 24,611 | 19,703 | ||
| Receivables | 8,630 | 10,632 | ||
| Inventory | 1,655,494 | 1,533,223 | ||
| Investments in unconsolidated entities | 34,701 | 84,654 | ||
| Right-of-use assets - operating leases | 6,997 | 7,255 | ||
| Property and equipment, net | 6,826 | 7,054 | ||
| Earnest money deposits | 16,464 | 16,619 | ||
| Deferred income tax assets, net | 15,306 | 15,306 | ||
| Intangible assets, net | 345 | 367 | ||
| Goodwill | 680 | 680 | ||
| Other assets | 20,623 | 27,583 | ||
| Total assets | $ | 1,976,574 | $ | 1,902,832 |
| LIABILITIES AND EQUITY | ||||
| Liabilities: | ||||
| Accounts payable | $ | 53,330 | $ | 54,321 |
| Accrued expenses | 114,218 | 96,457 | ||
| Customer and builder deposits | 54,120 | 43,148 | ||
| Lease liabilities - operating leases | 7,873 | 7,898 | ||
| Borrowings on lines of credit, net | (2,260) | (2,328) | ||
| Senior unsecured notes, net | 311,303 | 336,207 | ||
| Notes payable | 113 | 12,981 | ||
| Total liabilities | 538,697 | 548,684 | ||
| Commitments and contingencies | ||||
| Redeemable noncontrolling interest in equity of consolidated subsidiary | 38,186 | 36,135 | ||
| 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 March 31, 2024 and December 31, 2023, respectively | 47,603 | 47,603 | ||
| Common stock, $0.01 par value: 100,000,000 shares authorized; 45,096,392 issued and 45,025,151 outstanding as of March 31, 2024 and 45,005,175 issued and outstanding as of December 31, 2023, respectively | 451 | 450 | ||
| Treasury stock, at cost: 71,241 shares as of March 31, 2024 and none as of December 31, 2023 | (3,758) | — | ||
| Additional paid-in capital | 259,412 | 255,614 | ||
| Retained earnings | 1,079,619 | 997,037 | ||
| Total Green Brick Partners, Inc. stockholders’ equity | 1,383,327 | 1,300,704 | ||
| Noncontrolling interests | 16,364 | 17,309 | ||
| Total equity | 1,399,691 | 1,318,013 | ||
| Total liabilities and equity | $ | 1,976,574 | $ | 1,902,832 |
GREEN BRICK PARTNERS, INC.
SUPPLEMENTAL INFORMATION
(Unaudited)
| Residential Units Revenue and New Homes Delivered <br>(dollars in thousands) | Three Months Ended March 31, | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | Change | % | ||||||||||||
| Home closings revenue | $ | 443,094 | $ | 449,430 | $ | (6,336) | (1.4) | % | |||||||
| Mechanic’s lien contracts revenue | 190 | 932 | (742) | (79.6) | % | ||||||||||
| Residential units revenue | $ | 443,284 | $ | 450,362 | $ | (7,078) | (1.6) | % | |||||||
| New homes delivered | 821 | 761 | 60 | 7.9 | % | ||||||||||
| Average sales price of homes delivered | $ | 539.7 | $ | 590.6 | $ | (50.9) | (8.6) | % | |||||||
| Land and Lots Revenue<br>(dollars in thousands) | Three Months Ended March 31, | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| 2024 | 2023 | Change | % | ||||||||||||
| Lots revenue | $ | 4,054 | $ | 1,699 | $ | 2,355 | 138.6 | % | |||||||
| Lots closed | 63 | 18 | 45 | 250.0 | % | ||||||||||
| Average sales price of lots closed | $ | 64.3 | $ | 94.4 | $ | (30.1) | (31.9) | % | |||||||
| New Home Orders and Backlog<br>(dollars in thousands) | Three Months Ended March 31, | ||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2024 | 2023 | Change | % | ||||||||||||
| Net new home orders | 1,071 | 1,067 | 4 | 0.4 | % | ||||||||||
| Revenue from net new home orders | $ | 613,384 | $ | 630,928 | $ | (17,544) | (2.8) | % | |||||||
| Average selling price of net new home orders | $ | 572.7 | $ | 591.3 | $ | (18.6) | (3.1) | % | |||||||
| Cancellation rate | 4.1 | % | 6.2 | % | (2.1) | % | (33.9) | % | |||||||
| Absorption rate per average active selling community per quarter | 11.4 | 13.3 | (1.9) | (14.3) | % | ||||||||||
| Average active selling communities | 94 | 80 | 14 | 17.5 | % | ||||||||||
| Active selling communities at end of period | 98 | 79 | 19 | 24.1 | % | ||||||||||
| Backlog | $ | 725,489 | $ | 550,593 | $ | 174,896 | 31.8 | % | |||||||
| Backlog units | 1,020 | 843 | 177 | 21.0 | % | ||||||||||
| Average sales price of backlog | $ | 711.3 | $ | 653.1 | $ | 58.2 | 8.9 | % |
GREEN BRICK PARTNERS, INC.
SUPPLEMENTAL INFORMATION
(Unaudited)
| March 31, 2024 | December 31, 2023 | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Central | Southeast | Total | Central | Southeast | Total | |||||||||
| Lots owned | ||||||||||||||
| Finished lots | 3,408 | 952 | 4,360 | 4,014 | 964 | 4,978 | ||||||||
| Lots in communities under development | 17,192 | 1,252 | 18,444 | 9,122 | 1,335 | 10,457 | ||||||||
| Land held for future development(1) | 3,800 | — | 3,800 | 8,366 | — | 8,366 | ||||||||
| Total lots owned | 24,400 | 2,204 | — | 26,604 | 21,502 | 2,299 | 23,801 | |||||||
| Lots controlled | ||||||||||||||
| Lots under third party option contracts | 1,183 | — | 1,183 | 1,169 | — | 1,169 | ||||||||
| Land under option for future acquisition and development | 110 | 430 | 540 | 1,710 | 460 | 2,170 | ||||||||
| Lots under option through unconsolidated development joint ventures | 2,157 | 302 | 2,459 | 1,210 | 331 | 1,541 | ||||||||
| Total lots controlled | 3,450 | 732 | 4,182 | 4,089 | 791 | 4,880 | ||||||||
| Total lots owned and controlled (2) | 27,850 | 2,936 | 30,786 | 25,591 | 3,090 | — | 28,681 | |||||||
| Percentage of lots owned | 87.6 | % | 75.1 | % | 86.4 | % | 84.0 | % | 74.4 | % | 83.0 | % |
(1) Land held for future development consist 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 March 31, 2024 and December 31, 2023.
| March 31, 2024 | December 31, 2023 | |||
|---|---|---|---|---|
| Total lots owned(1) | 26,604 | 23,801 | ||
| Add certain lots included in Total Lots Controlled | ||||
| Land under option for future acquisition and development | 540 | 2,170 | ||
| Lots under option through unconsolidated development joint ventures | 2,459 | 1,541 | ||
| Total lots self-developed | 29,603 | 27,512 | ||
| Self-developed lots as a percentage of total lots owned and controlled(1) | 96.2 | % | 95.9 | % |
(1) Total lots owned includes finished lot purchases, which were less than 2.4% of total lots self-developed as of December 31, 2023.
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 months ended March 31, 2024 and 2023 and reconciles these amounts to homebuilding gross margin, the most directly comparable GAAP measure.
| (Unaudited, in thousands): | Three Months Ended March 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||||
| Residential units revenue | $ | 443,284 | $ | 450,362 | ||||
| Less: Mechanic’s lien contracts revenue | (190) | (932) | ||||||
| Home closings revenue | $ | 443,094 | $ | 449,430 | ||||
| Homebuilding gross margin | $ | 147,917 | $ | 123,915 | ||||
| Homebuilding gross margin percentage | 33.4 | % | 27.6 | % | ||||
| Homebuilding gross margin | 147,917 | 123,915 | ||||||
| Add back: Capitalized interest charged to cost of revenues | 2,684 | 3,626 | ||||||
| Adjusted homebuilding gross margin | $ | 150,601 | $ | 127,541 | ||||
| Adjusted homebuilding gross margin percentage | 34.0 | % | 28.4 | % |
Net debt to total capitalization is calculated as the total debt less cash and cash equivalents, divided by the sum of total Green Brick Partners, Inc. stockholders’ equity and total debt less cash and cash equivalents. The closest GAAP financial measure to the net debt to total capitalization ratio is the debt to total capitalization ratio. The following table represents a reconciliation of the net debt to total capitalization ratio as of March 31, 2024.
| Gross | Less: Cash and cash equivalents | Net | ||||||
|---|---|---|---|---|---|---|---|---|
| Total debt, net of debt issuance costs | $ | 309,156 | $ | (185,897) | $ | 123,259 | ||
| Total Green Brick Partners, Inc. stockholders’ equity | 1,383,327 | — | 1,383,327 | |||||
| Total capitalization | $ | 1,692,483 | $ | (185,897) | $ | 1,506,586 | ||
| Debt to total capitalization ratio | 18.3 | % | ||||||
| Net debt to total capitalization ratio | 8.2 | % |
About Green Brick Partners, Inc.
Green Brick Partners, Inc (NYSE: GRBK), the third largest homebuilder in Dallas-Fort Worth, is a diversified homebuilding and land development company that operates in Texas, Georgia, and Florida. 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 retains interests in related financial services platforms, including Green Brick Title and BHome Mortgage. Green Brick 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/brands-services/
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. Specifically, these statements reflect our beliefs and expectations regarding (i) our strategic advantages, including our focus on infill and infill-adjacent locations, and the impact on our future results; (ii) our positioning to capture future demand and succeed in the current environment, including our ability to maintain industry-leading performance and margins; (iii) our ability to successfully implement our growth strategy, including our expectations for expansion and growth of our Trophy brand within DFW and into Austin and Houston, and ancillary business opportunities, (iv) our expectations regarding trends in our markets, such as
demographic trends and demand for single-family homes; (v) our strategies to maintain the strength of our balance sheet and financial flexibility, and our positioning in the industry; (vi) the advantages of our lot and land strategies and locations, including the benefits to our returns, margins and ability to scale; (vii) our expectations for our investments in land, lots and development in 2024, and the impact on our growth; (viii) our expected lot deliveries in 2024; (ix) the demand for home ownership in the markets in which we operate and our ability to capitalize on such demand, and (x) our ability to deliver efficient and cost-effective growth, including our ability to manage costs and cycle times. 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; (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 in the industries or markets we operate in; (10) a lack of availability or volatility of mortgage financing for homebuyers; (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. Green Brick assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. 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
469-573-6755
IR@greenbrickpartners.com
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