Exhibit 99
GREEN BRICK PARTNERS, INC. REPORTS RECORD FOURTH QUARTER 2021 RESULTS
Q4 RECORD RESIDENTIAL UNITS REVENUE OF $420.1 MILLION, UP 70.4%
Q4 INCOME BEFORE TAXES OF $82.6 MILLION, UP 117.6%
FULL YEAR INCOME BEFORE TAXES OF $257.0 MILLION, UP 79.9%
Q4 SG&A EXPENSE 8.8%, IMPROVED 350 BPS
RECORD LOTS OWNED AND CONTROLLED UP, 97.8%
PLANO, Texas, March 1, 2022 — Green Brick Partners, Inc. (NYSE: GRBK) (“we,” “Green Brick” or the “Company”) today reported record results for its fourth quarter ended December 31, 2021.
“Our fourth quarter year-over-year total revenue growth of 78% reflected not just a record quarter for closings, but also a continuation of our dynamic growth which has now seen us grow total revenue by a compounded annual growth rate of 33% over the last two years and 29% over the past 6 years,” said Jim Brickman, CEO and Co-Founder. “During 2021, we continued to invest in our future growth by almost doubling our number of lots owned and controlled. Most recently, this includes our announcement of our expansion into Austin, TX, the 6th largest home starts market in the country. Our investment in lot growth in 2021 was accomplished with low financial leverage and high returns on equity. We have maintained our low debt to capital ratio at 27.7%. And our net income return on average equity was 31.9% for the fourth quarter annualized and 25.9% for the year.”
Results for the Year Ended December 31, 2021:
For the year ended December 31, 2021, 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 twelve-month period since the Company’s inception. Lots owned and control also represent a Company record as of the end of any reporting period. | | | | | | | | | | | | | | | | | |
| (Dollars in thousands, except per share data) | Twelve Months Ended December 31, | | |
| 2021 | | 2020 | | Change |
| New homes delivered | 2,834 | | | 2,208 | | | 28.4 | % |
| | | | | |
| Total revenues | $ | 1,402,876 | | | $ | 976,021 | | | 43.7 | % |
| Total cost of revenues | 1,040,817 | | | 741,417 | | | 40.4 | % |
| Total gross profit | $ | 362,059 | | | $ | 234,604 | | | 54.3 | % |
| Income before income taxes | $ | 256,986 | | | $ | 142,813 | | | 79.9 | % |
| Net income attributable to Green Brick Partners, Inc. | $ | 190,210 | | | $ | 113,693 | | | 67.3 | % |
| Diluted net income attributable to Green Brick Partners, Inc. per common share | $ | 3.72 | | | $ | 2.24 | | | 66.1 | % |
| | | | | |
| Residential units revenue | $ | 1,309,687 | | | $ | 930,176 | | | 40.8 | % |
| Average sales price of homes delivered | $ | 460.7 | | | $ | 418.4 | | | 10.1 | % |
| Homebuilding gross margin percentage | 26.4 | % | | 24.2 | % | | 220 bps |
| Selling, general and administrative expenses as a percentage of residential units revenue | 10.3 | % | | 12.1 | % | | -180 bps |
| | | | | |
| Backlog | $ | 869,856 | | | $ | 686,861 | | | 26.6 | % |
| Lots owned and controlled | 28,621 | | | 14,468 | | | 97.8 | % |
| Homes under construction | 2,278 | | | 1,780 | | | 28.0 | % |
Results for the Quarter Ended December 31, 2021:
For the quarter ended December 31, 2021, 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 December 31, | | |
| 2021 | | 2020 | | Change |
| New homes delivered | 823 | | | 585 | | | 40.7 | % |
| | | | | |
| Total revenues | $ | 452,251 | | | $ | 254,100 | | | 78.0 | % |
| Total cost of revenues | 341,493 | | | 190,246 | | | 79.5 | % |
| Total gross profit | $ | 110,758 | | | $ | 63,854 | | | 73.5 | % |
| Income before income taxes | $ | 82,589 | | | $ | 37,949 | | | 117.6 | % |
| Net income attributable to Green Brick Partners, Inc. | $ | 63,471 | | | $ | 29,310 | | | 116.6 | % |
| Diluted net income attributable to Green Brick Partners, Inc. per common share | $ | 1.24 | | | $ | 0.58 | | | 113.8 | % |
| | | | | |
| Residential units revenue | $ | 420,051 | | | $ | 246,437 | | | 70.4 | % |
| Average sales price of homes delivered | $ | 509.3 | | | $ | 419.7 | | | 21.3 | % |
| Homebuilding gross margin percentage | 26.2 | % | | 25.1 | % | | 110 bps |
| Selling, general and administrative expenses as a percentage of residential units revenue | 8.8 | % | | 12.3 | % | | - 350 bps |
“By metering sales, we have kept our pipeline of backlog revenues filled while successfully increasing spec inventory. From a low of 28% spec units under construction at the end of the first quarter of 2021, we have increased that percentage to 39%. We believe that increasing our spec levels will lead to more efficient operations, higher margins and returns, and less risk of construction costs,” said Rick Costello, CFO. “Our presence in high job growth markets coupled with credit worthy buyers who can afford larger homes and bigger mortgages allow us to continue to raise prices with new releases of lots. So, selling some houses 2 to 4 months before completion will get a better margin than selling all the houses 7 to 12 months ahead of completion. Our return to a higher level of spec units under construction should position us to continue capturing increased sales prices. Managing this type of flow is a corporate strength and making decisions like this contribute to our superior gross margins and return on capital.”
Green Brick, like every other company in the United States and the global economy, has been impacted by the coronavirus, or COVID-19, pandemic and the impact of governmental actions taken to combat the pandemic. After an initial decline in orders and construction at the onset of the crisis, orders have subsequently achieved all-time highs. The significant increase in new home demand that we have seen and that the industry has experienced since the second half of 2020 has, in turn, led to substantial price increases, but also increased demand for labor and the raw materials, products and appliances for new homes. As a result, we have and expect to continue to experience increases in cost and decreased availability of skilled labor as well as increases, shortages, and significant extensions to our lead time for the delivery of key materials and inputs.
Earnings Conference Call:
We will host our earnings conference call to discuss our fourth quarter ended December 31, 2021 at 12:00 p.m. Eastern Time on Wednesday, March 2, 2022. The call can be accessed by dialing 877-407-0890 for domestic participants or 201-389-0918 for international participants and should reference meeting number 13726490. Participants may also join the call via webcast at: https://www.webcast-eqs.com/greenbrickpartners20220302/en
A replay of the call will be available from approximately 3:00 p.m. Eastern Time on March 2, 2022 through 11:59 p.m. Eastern Time on March 30, 2022. To access the replay, the domestic dial-in number is 877-660-6853, the international dial-in number is 201-612-7415 and the conference ID code is 13726490.
Non-GAAP Financial Measures and Key Financial Metrics:
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.
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, |
| | 2021 | | 2020 | | 2021 | | 2020 |
| Residential units revenue | | $ | 420,051 | | | $ | 246,437 | | | $ | 1,309,687 | | | $ | 930,176 | |
| Land and lots revenue | | 32,200 | | | 7,663 | | | 93,189 | | | 45,845 | |
| Total revenues | | 452,251 | | | 254,100 | | | 1,402,876 | | | 976,021 | |
| Cost of residential units | | 310,228 | | | 184,534 | | | 964,364 | | | 705,866 | |
| Cost of land and lots | | 31,265 | | | 5,712 | | | 76,453 | | | 35,551 | |
| Total cost of revenues | | 341,493 | | | 190,246 | | | 1,040,817 | | | 741,417 | |
| Total gross profit | | 110,758 | | | 63,854 | | | 362,059 | | | 234,604 | |
| Selling, general and administrative expenses | | (37,087) | | | (30,416) | | | (134,269) | | | (112,134) | |
| Change in fair value of contingent consideration | | — | | | (158) | | | — | | | (368) | |
| Equity in income of unconsolidated entities | | 5,674 | | | 3,616 | | | 19,713 | | | 16,654 | |
| Other income, net | | 3,244 | | | 1,053 | | | 9,483 | | | 4,057 | |
| Income before income taxes | | 82,589 | | | 37,949 | | | 256,986 | | | 142,813 | |
| Income tax expense | | 15,512 | | | 7,659 | | | 52,605 | | | 25,016 | |
| Net income | | 67,077 | | | 30,290 | | | 204,381 | | | 117,797 | |
| Less: Net income attributable to noncontrolling interests | | 3,606 | | | 980 | | | 14,171 | | | 4,104 | |
| Net income attributable to Green Brick Partners, Inc. | | $ | 63,471 | | | $ | 29,310 | | | $ | 190,210 | | | $ | 113,693 | |
| | | | | | | | |
| Net income attributable to Green Brick Partners, Inc. per common share: | | | | | | | | |
| Basic | | $ | 1.25 | | | $ | 0.58 | | | $ | 3.75 | | | $ | 2.25 | |
| Diluted | | $ | 1.24 | | | $ | 0.58 | | | $ | 3.72 | | | $ | 2.24 | |
| Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share: | | | | | | | | |
| Basic | | 50,732 | | | 50,617 | | | 50,700 | | | 50,568 | |
| Diluted | | 51,104 | | | 50,967 | | | 51,060 | | | 50,795 | |
GREEN BRICK PARTNERS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
| | | | | | | | | | | |
| December 31, 2021 | | December 31, 2020 |
| ASSETS |
| Cash and cash equivalents | $ | 78,696 | | | $ | 19,479 | |
| Restricted cash | 14,858 | | | 14,156 | |
| Receivables | 6,871 | | | 5,224 | |
| Inventory | 1,203,743 | | | 844,635 | |
| Investments in unconsolidated entities | 55,616 | | | 46,443 | |
| Right-of-use assets - operating leases | 4,596 | | | 2,538 | |
| Property and equipment, net | 2,812 | | | 3,595 | |
| Earnest money deposits | 26,008 | | | 22,242 | |
| Deferred income tax assets, net | 15,741 | | | 15,376 | |
| Intangible assets, net | 537 | | | 622 | |
| Goodwill | 680 | | | 680 | |
| Other assets | 11,709 | | | 13,857 | |
| Total assets | $ | 1,421,867 | | | $ | 988,847 | |
| LIABILITIES AND EQUITY |
| Liabilities: | | | |
| Accounts payable | $ | 45,682 | | | $ | 24,521 | |
| Accrued expenses | 61,351 | | | 40,416 | |
| Customer and builder deposits | 64,610 | | | 38,131 | |
| Lease liabilities - operating leases | 4,745 | | | 2,591 | |
| Borrowings on lines of credit, net | (738) | | | 106,687 | |
| Senior unsecured notes, net | 335,446 | | | 111,056 | |
| Notes payable | 210 | | | 2,125 | |
| Contingent consideration | — | | | 368 | |
| Total liabilities | 511,306 | | | 325,895 | |
| Commitments and contingencies | | | |
| Redeemable noncontrolling interest in equity of consolidated subsidiary | 21,867 | | | 13,543 | |
| Equity: | | | |
| Green Brick Partners, Inc. stockholders’ equity | | | |
| Preferred stock, $0.01 par value: 5,000,000 shares authorized; 2,000 and zero issued and outstanding as of December 31, 2021 and 2020, respectively | 47,696 | | | — | |
| Common stock, $0.01 par value: 100,000,000 shares authorized; 51,151,911 and 51,053,858 issued and 50,759,972 and 50,661,919 outstanding as of December 31, 2021 and 2020, respectively | 512 | | | 511 | |
| Treasury stock, at cost, 391,939 shares | (3,167) | | | (3,167) | |
| Additional paid-in capital | 289,641 | | | 293,242 | |
| Retained earnings | 539,866 | | | 349,656 | |
| Total Green Brick Partners, Inc. stockholders’ equity | 874,548 | | | 640,242 | |
| Noncontrolling interests | 14,146 | | | 9,167 | |
| Total equity | 888,694 | | | 649,409 | |
| Total liabilities and equity | $ | 1,421,867 | | | $ | 988,847 | |
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, | | | | |
| 2021 | | 2020 | | Change | | % | | 2021 | | 2020 | | Change | | % |
| Home closings revenue | | $ | 419,132 | | | $ | 245,549 | | | $ | 173,583 | | | 70.7% | | $ | 1,305,620 | | | $ | 923,901 | | | $ | 381,719 | | | 41.3 | % |
| Mechanic’s lien contracts revenue | | 919 | | | 888 | | | 31 | | | 3.5% | | 4,067 | | | 6,275 | | | (2,208) | | | (35.2) | % |
| Residential units revenue | | $ | 420,051 | | | $ | 246,437 | | | $ | 173,614 | | | 70.4% | | $ | 1,309,687 | | | $ | 930,176 | | | $ | 379,511 | | | 40.8 | % |
| New homes delivered | | 823 | | | 585 | | | 238 | | | 40.7% | | 2,834 | | | 2,208 | | | 626 | | | 28.4 | % |
| Average sales price of homes delivered | | $ | 509.3 | | | $ | 419.7 | | | $ | 89.6 | | | 21.3% | | $ | 460.7 | | | $ | 418.4 | | | $ | 42.3 | | | 10.1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Land and Lots Revenue
(dollars in thousands) | | Three Months Ended December 31, | | | | | | Twelve Months Ended December 31, | | | | |
| 2021 | | 2020 | | Change | | % | | 2021 | | 2020 | | Change | | % |
| Lots revenue | | $ | 9,682 | | | $ | 7,663 | | | $ | 2,019 | | | 26.3% | | $ | 24,866 | | | $ | 45,461 | | | $ | (20,595) | | | (45.3) | % |
| Land revenue | | 22,518 | | | — | | | 22,518 | | | 100.0% | | 68,323 | | | 384 | | | 67,939 | | | 17,692.4 | % |
| Land and lots revenue | | $ | 32,200 | | | $ | 7,663 | | | $ | 24,537 | | | 320.2% | | $ | 93,189 | | | $ | 45,845 | | | $ | 47,344 | | | 103.3 | % |
| Lots closed | | 150 | | 73 | | 77 | | | 105.5% | | 323 | | | 375 | | | (52) | | | (13.9) | % |
| Average sales price of lots closed | | $ | 64.5 | | | $ | 105.0 | | | $ | (40.5) | | | (38.6)% | | $ | 77.0 | | | $ | 121.2 | | | $ | (44.2) | | | (36.5) | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
New Home Orders and Backlog
(dollars in thousands) | | Three Months Ended December 31, | | | | | | Twelve Months Ended December 31, | | | | |
| 2021 | | 2020 | | Change | | % | | 2021 | | 2020 | | Change | | % |
| Net new home orders | | 476 | | | 848 | | | (372) | | | (43.9)% | | 2,851 | | | 2,885 | | | (34) | | | (1.2) | % |
| Cancellation rate | | 12.3 | % | | 8.6 | % | | 3.7 | % | | 43.0% | | 7.7 | % | | 13.0 | % | | (5.3) | % | | (40.8) | % |
| Absorption rate per average active selling community per quarter | | 6.2 | | | 8.3 | | | (2.1) | | | (25.3)% | | 8.2 | | | 7.5 | | | 0.7 | | | 9.3 | % |
| Average active selling communities | | 77 | | | 102 | | | (25) | | | (24.5)% | | 87 | | | 96 | | | (9) | | | (9.4) | % |
| Active selling communities at end of period | | 74 | | | 103 | | | (29) | | | (28.2)% | | | | | | | | |
| Backlog | | $ | 869,856 | | | $ | 686,861 | | | $ | 182,995 | | | 26.6% | | | | | | | | |
| Backlog (units) | | 1,480 | | | 1,463 | | | 17 | | | 1.2% | | | | | | | | |
| Average sales price of backlog | | $ | 587.7 | | | $ | 469.5 | | | $ | 118.2 | | | 25.2% | | | | | | | | |
| | | | | | | | | | | | | | |
| | | December 31, 2021 | | December 31, 2020 |
Lots owned (1) | | | | |
| Central | | 17,767 | | | 6,823 | |
| Southeast | | 2,472 | | | 2,097 | |
| Total lots owned | | 20,239 | | | 8,920 | |
Lots controlled (1) | | | | |
| Central | | 7,321 | | | 4,398 | |
| Southeast | | 1,061 | | | 1,150 | |
| Total lots controlled | | 8,382 | | | 5,548 | |
Total lots owned and controlled (1) | | 28,621 | | | 14,468 | |
| Percentage of lots owned | | 70.7 | % | | 61.7 | % |
(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 December 31, 2021 and December 31, 2020. | | | | | | | | | | | |
| December 31, 2021 | | December 31, 2020 |
| Total lots owned | 20,239 | | | 8,920 | |
| Add certain lots included in Total Lots Controlled | | | |
| Land under option for future acquisition and development | 3,826 | | | 740 | |
| Lots under option through unconsolidated development joint ventures | 1,816 | | | 1,838 | |
| Total lots self-developed | 25,881 | | | 11,498 | |
| Self-developed lots as a percentage of total lots owned and controlled | 90.4 | % | | 79.5 | % |
Reconciliation of Non-GAAP Financial Measures
The following table represents the non-GAAP measure of adjusted homebuilding gross margin for the three and twelve months ended December 31, 2021 and 2020 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, |
| 2021 | | 2020 | | 2021 | | 2020 |
| Residential units revenue | | $ | 420,051 | | | $ | 246,437 | | | $ | 1,309,687 | | | $ | 930,176 | |
| Less: Mechanic’s lien contracts revenue | | (919) | | | (888) | | | (4,067) | | | (6,275) | |
| Home closings revenue | | $ | 419,132 | | | $ | 245,549 | | | $ | 1,305,620 | | | $ | 923,901 | |
| Homebuilding gross margin | | $ | 109,671 | | | $ | 61,680 | | | $ | 344,505 | | | $ | 223,130 | |
| Homebuilding gross margin percentage | | 26.2 | % | | 25.1 | % | | 26.4 | % | | 24.2 | % |
| | | | | | | | |
| Homebuilding gross margin | | 109,671 | | | 61,680 | | | 344,505 | | | 223,130 | |
| Add back: Capitalized interest charged to cost of revenues | | 3,326 | | | 2,380 | | | 10,241 | | | 10,182 | |
| Adjusted homebuilding gross margin | | $ | 112,997 | | | $ | 64,060 | | | $ | 354,746 | | | $ | 233,312 | |
| Adjusted homebuilding gross margin percentage | | 27.0 | % | | 26.1 | % | | 27.2 | % | | 25.3 | % |
The following table presents the pre-tax income for the three and twelve months ended December 31, 2021 and 2020, which represents net income attributable to Green Brick for the period excluding the provision for income taxes attributable to Green Brick, and reconciles these amounts to net income attributable to Green Brick, the most directly comparable GAAP measure.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| (Unaudited, in thousands): | | Three Months Ended December 31, | | Twelve Months Ended December 31, |
| 2021 | | 2020 | | 2021 | | 2020 |
| Net income attributable to Green Brick Partners, Inc. | | $ | 63,471 | | | $ | 29,310 | | | $ | 190,210 | | | $ | 113,693 | |
| Income tax expense attributable to Green Brick Partners, Inc. | | 15,510 | | | 7,656 | | | 52,599 | | | 25,010 | |
| Pre-tax income attributable to Green Brick Partners, Inc. | | $ | 78,981 | | | $ | 36,966 | | | $ | 242,809 | | | $ | 138,703 | |
About Green Brick Partners, Inc.
Green Brick Partners, Inc. is a diversified homebuilding and land development company operating through eight homebuilder brands in five major markets. 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 include statements regarding (i) our belief that our land position and back-log will position us to grow our business in 2022 and beyond, (ii) our intent to increase the number of spec homes in our portfolio and the impact of that strategy on our ability to capture the most current price increases and to maximize profitability, (iv) impact of increased demand for labor and the raw materials, products and appliances for new homes on our costs, markets and delivery time of our home, (v) our strategy for growth, the drivers and acceleration of that growth, and the impact on our results during 2022, and (vi) our ability to capitalize on market opportunities and the impact on our results. 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) continuing impacts from the COVID-19 pandemic; (2) general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; (3) changes in macroeconomic conditions, including interest rates and unemployment rates, that could adversely impact demand for new homes or the ability of potential buyers to qualify; (4) shortages, delays or increased costs of raw materials, especially in light of COVID-19 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; (5) a shortage of labor; (6) an inability to acquire land in our markets at anticipated prices or difficulty in obtaining land-use entitlements; (7) our inability to successfully execute our strategies, including an inability to grow our operations or expand our Trophy brand; (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 or a rise in interest rates; (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: Richard A. Costello
Chief Financial Officer
(469) 573-6755
