Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 29, 2022 | |
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | GRBK | |
Security Exchange Name | NYSE | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Entity Incorporation, State or Country Code | DE | |
Entity Registrant Name | Green Brick Partners, Inc. | |
Entity Central Index Key | 0001373670 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Tax Identification Number | 20-5952523 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding | 48,429,623 | |
Entity Shell Company | false | |
Entity File Number | 001-33530 | |
Entity Address, Address Line One | 2805 Dallas Pkwy | |
Entity Address, Address Line Two | Ste 400 | |
Entity Address, City or Town | Plano | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75093 | |
City Area Code | (469) | |
Local Phone Number | 573-6755 | |
Entity Small Business | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 66,083 | $ 78,696 |
Restricted cash | 14,152 | 14,858 |
Inventory | 1,327,509 | 1,203,743 |
Investments in unconsolidated entities | 58,127 | 55,616 |
Operating Lease, Right-of-Use Asset | 4,215 | 4,596 |
Property and equipment, net | 2,617 | 2,812 |
Earnest money deposits | 24,744 | 26,008 |
Deferred income tax assets, net | 15,741 | 15,741 |
Intangible assets, net | 516 | 537 |
Goodwill | 680 | 680 |
Other assets | 7,223 | 11,709 |
Total assets | 1,528,657 | 1,421,867 |
LIABILITIES AND EQUITY | ||
Accounts payable | 56,899 | 45,682 |
Accrued expenses | 89,558 | 61,351 |
Operating Lease, Liability | 4,415 | 4,745 |
Borrowings on lines of credit, net | (19,421) | (738) |
Senior Notes | 335,538 | 335,446 |
Contract with Customer, Liability | 63,618 | 64,610 |
Total liabilities | 584,117 | 511,306 |
Commitments and contingencies | ||
Redeemable noncontrolling interest in equity of consolidated subsidiary | 22,179 | 21,867 |
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, 2022 and December 31 2021, respectively | 47,696 | 47,696 |
Common stock, $0.01 par value: 100,000,000 shares authorized; 51,245,206 and 51,151,911 issued and 49,660,230 and 50,759,972 outstanding as of March 31, 2022 and December 31, 2021, respectively | 512 | 512 |
Additional Paid in Capital | 292,155 | 289,641 |
Retained earnings | 600,788 | 539,866 |
Total Green Brick Partners, Inc. stockholders’ equity | 912,183 | 874,548 |
Noncontrolling interests | 10,178 | 14,146 |
Total equity | 922,361 | 888,694 |
Total liabilities and equity | 1,528,657 | 1,421,867 |
Accounts Receivable, after Allowance for Credit Loss | 7,050 | 6,871 |
Treasury Stock, Value | 28,968 | 3,167 |
Other Notes Payable | $ 14,668 | $ 210 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 2,000 | 2,000 |
Preferred stock, shares outstanding (in shares) | 2,000 | 2,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 51,245,206 | 51,151,911 |
Common stock, shares outstanding (in shares) | 49,660,230 | 50,759,972 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total revenues | $ 393,616 | $ 234,479 |
Cost of Goods and Services Sold | 285,260 | 175,490 |
Total gross profit | 108,356 | 58,989 |
Selling, general and administrative expenses | 34,265 | 29,488 |
Equity in income of unconsolidated entities | 5,687 | 3,891 |
Other income, net | 2,855 | 1,870 |
Income before income taxes | 82,633 | 35,262 |
Income tax expense | 18,437 | 7,501 |
Net income | 64,196 | 27,761 |
Less: Net income attributable to noncontrolling interests | 2,619 | 1,792 |
Net income attributable to Green Brick Partners, Inc. | $ 61,577 | $ 25,969 |
Net income attributable to Green Brick Partners, Inc. per common share: | ||
Basic (in dollars per share) | $ 1.20 | $ 0.51 |
Diluted (in dollars per share) | $ 1.20 | $ 0.51 |
Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share: | ||
Basic (in shares) | 50,586 | 50,633 |
Diluted (in shares) | 50,924 | 50,993 |
Residential Real Estate [Member] | ||
Total revenues | $ 364,661 | $ 217,236 |
Cost of Goods and Services Sold | 263,430 | 162,072 |
Real Estate, Other [Member] | ||
Total revenues | 28,955 | 17,243 |
Cost of Goods and Services Sold | $ 21,830 | $ 13,418 |
Statement of Shareholders' Equi
Statement of Shareholders' Equity (Statement) - USD ($) | Total | Additional Paid-in Capital [Member] | Common Stock [Member] |
Statement of Stockholders' Equity [Abstract] | |||
Additional Paid in Capital | $ 293,242,000 | ||
Treasury Stock, Value | $ 3,167,000 | ||
Treasury Stock, Common, Shares | 391,939 | ||
Common Stock, Shares, Issued | 51,053,858 | ||
Common stock, $0.01 par value: 100,000,000 shares authorized; 51,245,206 and 51,151,911 issued and 49,660,230 and 50,759,972 outstanding as of March 31, 2022 and December 31, 2021, respectively | $ 511,000 | ||
Treasury Stock, Value | $ 3,167,000 | ||
Common Stock, Shares, Issued | 51,053,858 | ||
Common stock, $0.01 par value: 100,000,000 shares authorized; 51,245,206 and 51,151,911 issued and 49,660,230 and 50,759,972 outstanding as of March 31, 2022 and December 31, 2021, respectively | $ 511,000 | ||
Treasury Stock, Common, Shares | 391,939 | ||
Additional Paid in Capital | $ 293,242,000 | ||
Retained Earnings (Accumulated Deficit) | 349,656,000 | ||
Stockholders' Equity Attributable to Parent | 640,242,000 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 9,167,000 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 649,409,000 | ||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 111,675 | ||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 2,437,000 | $ 2,436,000 | $ 1,000 |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 834,000 | (833,000) | (1,000) |
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 41,318 | ||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 146,000 | ||
Temporary Equity, Accretion to Redemption Value, Adjustment | (1,829,000) | ||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 1,463,000 | ||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 27,432,000 | ||
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | 146,000 | ||
Temporary Equity, Accretion to Redemption Value, Adjustment | (1,829,000) | ||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 834,000 | (833,000) | (1,000) |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 2,437,000 | 2,436,000 | 1,000 |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 111,675 | ||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 41,318 | ||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 146,000 | ||
Net income attributable to Green Brick Partners, Inc. | 25,969,000 | ||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 1,463,000 | ||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 27,432,000 | ||
APIC, Share-based Payment Arrangement, Option, Increase for Cost Recognition | 146,000 | ||
Dividends, Preferred Stock | 0 | ||
Additional Paid in Capital | 293,162,000 | ||
Treasury Stock, Value | $ 3,167,000 | ||
Treasury Stock, Common, Shares | 391,939 | ||
Common Stock, Shares, Issued | 51,124,215 | ||
Common stock, $0.01 par value: 100,000,000 shares authorized; 51,245,206 and 51,151,911 issued and 49,660,230 and 50,759,972 outstanding as of March 31, 2022 and December 31, 2021, respectively | $ 511,000 | ||
Treasury Stock, Value | $ 3,167,000 | ||
Common Stock, Shares, Issued | 51,124,215 | ||
Common stock, $0.01 par value: 100,000,000 shares authorized; 51,245,206 and 51,151,911 issued and 49,660,230 and 50,759,972 outstanding as of March 31, 2022 and December 31, 2021, respectively | $ 511,000 | ||
Treasury Stock, Common, Shares | 391,939 | ||
Additional Paid in Capital | $ 293,162,000 | ||
Retained Earnings (Accumulated Deficit) | 375,625,000 | ||
Stockholders' Equity Attributable to Parent | 666,131,000 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 10,630,000 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 676,761,000 | ||
Additional Paid in Capital | 289,641,000 | ||
Treasury Stock, Value | $ 3,167,000 | ||
Treasury Stock, Common, Shares | 391,939 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 500,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 7.49 | ||
Common Stock, Shares, Issued | 51,151,911 | ||
Common stock, $0.01 par value: 100,000,000 shares authorized; 51,245,206 and 51,151,911 issued and 49,660,230 and 50,759,972 outstanding as of March 31, 2022 and December 31, 2021, respectively | $ 512,000 | ||
Treasury Stock, Value | $ 3,167,000 | ||
Common Stock, Shares, Issued | 51,151,911 | ||
Common stock, $0.01 par value: 100,000,000 shares authorized; 51,245,206 and 51,151,911 issued and 49,660,230 and 50,759,972 outstanding as of March 31, 2022 and December 31, 2021, respectively | $ 512,000 | ||
Treasury Stock, Common, Shares | 391,939 | ||
Additional Paid in Capital | $ 289,641,000 | ||
Retained Earnings (Accumulated Deficit) | 539,866,000 | ||
Stockholders' Equity Attributable to Parent | 874,548,000 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 14,146,000 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 888,694,000 | ||
Preferred Stock, Value, Outstanding | $ 47,696,000 | ||
Preferred stock, shares outstanding (in shares) | 2,000 | ||
Preferred Stock, Liquidation Preference Per Share | $ 25,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 6 months 29 days | ||
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 139,710 | ||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 2,752,000 | 2,751,000 | 1,000 |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 1,075,000 | 1,074,000 | (1,000) |
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 46,415 | ||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 280,000 | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 5,718,000 | ||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 1,750,000 | ||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | $ 63,327,000 | ||
Granted (in shares) | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 0 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 6 months 29 days | ||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 1,075,000 | 1,074,000 | (1,000) |
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | $ 2,752,000 | 2,751,000 | 1,000 |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 139,710 | ||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 46,415 | ||
Dividends | $ (655,000) | ||
Treasury Stock, Value, Acquired, Cost Method | $ (25,801,000) | ||
Treasury Stock, Shares, Acquired | (1,193,037) | ||
APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $ 280,000 | ||
Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders | 5,718,000 | ||
Net income attributable to Green Brick Partners, Inc. | 61,577,000 | ||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 1,750,000 | ||
Net Income (Loss), Including Portion Attributable to Nonredeemable Noncontrolling Interest | 63,327,000 | ||
Noncontrolling Interest, Change in Redemption Value | $ 557,000 | 557,000 | |
Preferred Stock, Dividend Rate, Percentage | 5.75% | ||
Dividends, Preferred Stock | $ 700,000 | ||
Additional Paid in Capital | 292,155,000 | 292,155,000 | |
Treasury Stock, Value | $ 28,968,000 | ||
Treasury Stock, Common, Shares | 1,584,976 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 500,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 7.49 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 6,135,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 500,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 7.49 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 6,135,000 | ||
Common Stock, Shares, Issued | 51,245,206 | ||
Common stock, $0.01 par value: 100,000,000 shares authorized; 51,245,206 and 51,151,911 issued and 49,660,230 and 50,759,972 outstanding as of March 31, 2022 and December 31, 2021, respectively | $ 512,000 | 512,000 | |
Treasury Stock, Value | $ 28,968,000 | ||
Common Stock, Shares, Issued | 51,245,206 | ||
Common stock, $0.01 par value: 100,000,000 shares authorized; 51,245,206 and 51,151,911 issued and 49,660,230 and 50,759,972 outstanding as of March 31, 2022 and December 31, 2021, respectively | $ 512,000 | $ 512,000 | |
Treasury Stock, Common, Shares | 1,584,976 | ||
Additional Paid in Capital | $ 292,155,000 | $ 292,155,000 | |
Retained Earnings (Accumulated Deficit) | 600,788,000 | ||
Stockholders' Equity Attributable to Parent | 912,183,000 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 10,178,000 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 922,361,000 | ||
Preferred Stock, Value, Outstanding | $ 47,696,000 | ||
Preferred stock, shares outstanding (in shares) | 2,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 24,199,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 64,196,000 | $ 27,761,000 |
Depreciation, Depletion and Amortization | 625,000 | 841,000 |
Gain (Loss) on Disposition of Property Plant Equipment | 39,000 | 10,000 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Share-based compensation expense | 2,923,000 | 2,583,000 |
Earnest Money Deposits and Pre-acquisition Costs Written-Off | 59,000 | 43,000 |
Income (Loss) from Equity Method Investments | (5,687,000) | (3,891,000) |
Distributions of income from unconsolidated entities | 3,176,000 | 1,886,000 |
Changes in operating assets and liabilities: | ||
Increase in receivables | (179,000) | (2,337,000) |
Increase in inventory | (123,429,000) | (76,034,000) |
Decrease (increase) in earnest money deposits | 1,265,000 | (1,009,000) |
Decrease (increase) in other assets | 4,476,000 | (106,000) |
Increase in accounts payable | (11,217,000) | (14,479,000) |
Increase in accrued expenses | 28,317,000 | 9,819,000 |
Increase (Decrease) in Contract with Customer, Liability | (992,000) | 17,942,000 |
Net cash used in operating activities | (13,994,000) | (8,013,000) |
Cash flows from investing activities: | ||
Purchase of property and equipment, net of disposals | (448,000) | (740,000) |
Net cash used in investing activities | (448,000) | (749,000) |
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||
Borrowings from lines of credit | 112,000,000 | 108,000,000 |
Repayments of Lines of Credit | 92,000,000 | 211,000,000 |
Payment, Tax Withholding, Share-based Payment Arrangement | 1,075,000 | 834,000 |
Payments for Repurchase of Common Stock | (25,801,000) | |
Payments of Dividends | (655,000) | 0 |
Payments to Noncontrolling Interests | 5,718,000 | 0 |
Net cash provided by financing activities | 1,123,000 | 18,565,000 |
Net (decrease) increase in cash and cash equivalents and restricted cash | (13,319,000) | 9,803,000 |
Cash and cash equivalents, beginning of period | 78,696,000 | 19,479,000 |
Restricted cash, beginning of period | 14,858,000 | 14,156,000 |
Cash and cash equivalents and restricted cash, beginning of period | 93,554,000 | 33,635,000 |
Cash and cash equivalents, end of period | 66,083,000 | 28,688,000 |
Restricted cash, end of period | 14,152,000 | 14,750,000 |
Cash and cash equivalents and restricted cash, end of period | 80,235,000 | 43,438,000 |
Supplemental Cash Flow Information [Abstract] | ||
Income Taxes Paid, Net | 25,000 | 0 |
Earnest Money Deposits and Pre-acquisition Costs Written-Off | 59,000 | 43,000 |
Proceeds from Notes Payable | 14,472,000 | 0 |
Repayments of Notes Payable | (14,000) | (2,006,000) |
Payments of Debt Issuance Costs | (86,000) | (595,000) |
Payments to Acquire Equity Method Investments | 0 | (9,000) |
Proceeds from Issuance of Senior Long-term Debt | $ 0 | $ 125,000,000 |
Significant Accounting Policies
Significant Accounting Policies Accounting Policies (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”), but do not include all of the information and footnotes required for complete financial statements. The condensed consolidated balance sheet as of December 31, 2021 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, the accompanying unaudited condensed consolidated financial statements for the periods presented reflect all adjustments of a normal, recurring nature necessary to fairly state our financial position, results of operations and cash flows. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022 or subsequent periods due to seasonal variations and other factors. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Green Brick Partners, Inc., its controlled subsidiaries, and variable interest entities (“VIEs”) in which Green Brick Partners, Inc. or one of its controlled subsidiaries is deemed to be the primary beneficiary (together, the “Company”, “we”, or “Green Brick”). All intercompany balances and transactions have been eliminated in consolidation. The Company uses the equity method of accounting for its investments in unconsolidated entities over which it exercises significant influence but does not have a controlling interest. Under the equity method, the Company’s share of the unconsolidated entities’ earnings or losses, if any, is included in the condensed consolidated statements of income. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management of the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes, including the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation with no impact to net income in any period. For a complete set of the Company’s significant accounting policies, refer to Note 1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) through Accounting Standards Updates (“ASU”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs and has determined that any recently adopted accounting pronouncements did not have a material impact on the Company's condensed consolidated financial statements and all recent accounting pronouncements not yet adopted are not applicable or are not expected to have a material impact on the Company's condensed consolidated financial statements. |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Green Brick Partners, Inc., its controlled subsidiaries, and variable interest entities (“VIEs”) in which Green Brick Partners, Inc. or one of its controlled subsidiaries is deemed to be the primary beneficiary (together, the “Company”, “we”, or “Green Brick”). All intercompany balances and transactions have been eliminated in consolidation. |
Equity Method Investments [Policy Text Block] | The Company uses the equity method of accounting for its investments in unconsolidated entities over which it exercises significant influence but does not have a controlling interest. Under the equity method, the Company’s share of the unconsolidated entities’ earnings or losses, if any, is included in the condensed consolidated statements of income. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) through Accounting Standards Updates (“ASU”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs and has determined that any recently adopted accounting pronouncements did not have a material impact on the Company's condensed consolidated financial statements and all recent accounting pronouncements not yet adopted are not applicable or are not expected to have a material impact on the Company's condensed consolidated financial statements. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Entities | INVESTMENT IN UNCONSOLIDATED ENTITIES A summary of the Company’s investments in unconsolidated entities is as follows (in thousands): March 31, 2022 December 31, 2021 GB Challenger, LLC $ 39,532 $ 37,737 GBTM Sendera, LLC 9,854 9,854 EJB River Holdings, LLC 6,868 6,130 BHome Mortgage, LLC 1,041 1,180 Green Brick Mortgage, LLC 832 715 Total investment in unconsolidated entities $ 58,127 $ 55,616 A summary of the unaudited condensed financial information of the five unconsolidated entities that are accounted for by the equity method is as follows (in thousands): March 31, 2022 December 31, 2021 Assets: Cash $ 20,218 $ 15,903 Accounts receivable 4,609 4,787 Bonds and notes receivable 5,762 5,772 Loans held for sale, at fair value 18,277 20,734 Inventory 167,999 166,861 Other assets 12,375 7,220 Total assets $ 229,240 $ 221,277 Liabilities: Accounts payable $ 12,547 $ 7,701 Accrued expenses and other liabilities 15,051 13,992 Notes payable 92,617 95,816 Total liabilities $ 120,215 $ 117,509 Owners’ equity: Green Brick $ 55,508 $ 52,983 Others 53,517 50,785 Total owners’ equity $ 109,025 $ 103,768 Total liabilities and owners’ equity $ 229,240 $ 221,277 Three Months Ended March 31, 2022 2021 Revenues $ 70,636 $ 39,721 Costs and expenses 59,197 31,951 Net earnings of unconsolidated entities $ 11,439 $ 7,770 Company’s share in net earnings of unconsolidated entities $ 5,687 $ 3,891 |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | 2. INVENTORY A summary of inventory is as follows (in thousands): March 31, 2022 December 31, 2021 Homes completed or under construction $ 601,504 $ 544,258 Land and lots - developed and under development 718,411 620,129 Land held for sale 7,594 39,356 Total inventory $ 1,327,509 $ 1,203,743 A summary of interest costs incurred, capitalized and expensed is as follows (in thousands): Three Months Ended March 31, 2022 2021 Interest capitalized at beginning of period $ 19,950 $ 17,520 Interest incurred 3,734 2,851 Interest charged to cost of revenues (2,933) (1,991) Interest capitalized at end of period $ 20,751 $ 18,380 Capitalized interest as a percentage of inventory 1.6 % 2.0 % As of March 31, 2022, the Company reviewed the performance and outlook for all of its communities for indicators of potential impairment and performed detailed impairment analysis when necessary. As of March 31, 2022, the Company did not identify any selling communities with indicators of impairment. For the three months ended March 31, 2022 and 2021, the Company did not record an impairment adjustment to reduce the carrying value of impaired communities to fair value. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | 4. DEBT Lines of Credit Borrowings on lines of credit outstanding, net of debt issuance costs, as of March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 December 31, 2021 Secured Revolving Credit Facility $ — $ 2,000 Unsecured Revolving Credit Facility 22,000 — Debt issuance costs, net of amortization (2,579) (2,738) Total borrowings on lines of credit, net $ 19,421 $ (738) Secured Revolving Credit Facility The Company is party to a revolving credit facility (the “Secured Revolving Credit Facility”) with Inwood National Bank, which provides for an aggregate commitment amount of $35.0 million. On February 9, 2022, the Company entered into the Eighth Amendment to this credit agreement to extend its maturity from May 1, 2022 to May 1, 2025 and to reduce the minimum interest rate from 4.00% to 3.15%. All other material terms of the credit agreement, as amended, remained unchanged. The entire unpaid principal balance and any accrued but unpaid interest is due and payable on the maturity date. As of March 31, 2022, the maturity date of the Secured Revolving Credit Facility is May 1, 2025. As of March 31, 2022, there were no letters of credit outstanding and a net available commitment amount of $35.0 million. The Company incurred $0.1 million in fees and other debt issuance costs associated with the amendment. These costs were deferred and reduce the carrying amount of debt on our condensed consolidated balance sheet. Unsecured Revolving Credit Facility The Company is party to a credit agreement, providing for a senior, unsecured revolving credit facility (the “Unsecured Revolving Credit Facility”). The Unsecured Revolving Credit Facility provides for maximum aggregate lending commitments of up to $325.0 million of which the Company has secured outstanding commitments of $300.0 million. On December 10, 2021, the Company amended the Unsecured Revolving Credit Facility to increase the aggregate commitment amount from $275.0 million to $300.0 million. The termination date with respect to commitments under the Unsecured Revolving Credit Facility is December 14, 2024. As of March 31, 2022, the interest rate on outstanding borrowings under the Unsecured Revolving Credit Facility was 2.85% per annum. Senior Unsecured Notes On August 8, 2019, the Company entered into a Note Purchase Agreement with Prudential Private Capital to issue $75.0 million aggregate principal amount of senior unsecured notes (the “2026 Notes”) due on August 8, 2026 at a fixed rate of 4.00% per annum in a Section 4(a)(2) private placement transaction. The Company received net proceeds of $73.3 million and incurred debt issuance costs of approximately $1.7 million that were deferred and reduced the amount of debt on our condensed balance sheet. The Company used the net proceeds from the issuance of the 2026 Notes to repay borrowings under the Company’s existing revolving credit facilities. Principal on the 2026 Notes is required to be paid in increments of $12.5 million on August 8, 2024 and $12.5 million on August 8, 2025. The final principal payment of $50.0 million is due on August 8, 2026. Optional prepayment is allowed with payment of a “make-whole” penalty which fluctuates depending on market interest rates. Interest is payable quarterly in arrears commencing on November 8, 2019. On August 26, 2020, the Company entered into a Note Purchase Agreement with The Prudential Insurance Company of America and Prudential Universal Reinsurance Company to issue $37.5 million aggregate principal amount of senior unsecured notes (the “2027 Notes”) due on August 26, 2027 at a fixed rate of 3.35% per annum in a Section 4(a)(2) private placement transaction. The Company received net proceeds of $37.4 million and incurred debt issuance costs of approximately $0.1 million that were deferred and reduced the amount of debt on our condensed consolidated balance sheet. The Company used the net proceeds from the issuance of the 2027 Notes to repay borrowings under the Company’s existing revolving credit facilities and for general corporate purposes. Optional prepayment is allowed with payment of a “make-whole” penalty which fluctuates depending on market interest rates. Interest is payable quarterly in arrears commencing on November 26, 2020. On February 25, 2021, the Company entered into a Note Purchase Agreement with several purchasers to issue $125.0 million aggregate principal amount of senior unsecured notes (the “2028 Notes”) due on May 25, 2028 at a fixed rate of 3.25% per annum in a Section 4(a)(2) private placement transaction. The Company received net proceeds of $124.4 million and incurred debt issuance costs of approximately $0.6 million that were deferred and reduced the amount of debt on our condensed consolidated balance sheet. The Company used the net proceeds from the issuance of the 2028 Notes to repay borrowings under the Company’s existing revolving credit facilities and for general corporate purposes. Principal on the 2028 Notes is due in increments of $25.0 million on February 25, 2024; $25.0 million on February 25, 2025; $25.0 million on February 25, 2026; $25.0 million on February 25, 2027 and $25.0 million on February 25, 2028. Optional prepayment is allowed with payment of a “make-whole” penalty which fluctuates depending on market interest rates. Interest is payable quarterly in arrears commencing on May 25, 2021. On December 28, 2021, the Company entered into a Note Purchase Agreement with several purchasers to issue $100.0 million aggregate principal amount of senior unsecured notes (the “2029 Notes”) due on December 28, 2029 at a fixed rate of 3.25% per annum in a Section 4(a)(2) private placement transaction. The Company received net proceeds of $99.6 million and incurred debt issuance costs of approximately $0.4 million that were deferred and reduced the amount of debt on our condensed consolidated balance sheet. The Company used the net proceeds from the issuance of the 2029 Notes to repay borrowings under the Company’s existing revolving credit facilities and for general corporate purposes. Principal on the 2029 Notes of $30.0 million is due on December 28, 2028. The remaining principal amount of $70.0 million is due on December 29, 2029. Optional prepayment is allowed with payment of a “make-whole” penalty which fluctuates depending on market interest rates. Interest is payable quarterly in arrears commencing on March 28, 2022. Notes payable On February 7, 2022, a subsidiary of the Company entered into a Promissory Note agreement with another homebuilder for $28.8 million in connection with the acquisition of a tract of land in Bastrop County, Texas. The Company agreed to pay $14.4 million per the governing Joint Ownership and Development Agreement. The Promissory Note matures on February 7, 2024 and it carries an annual fixed rate of 0.6%. |
Business Combination
Business Combination | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Business Combination | The Company has a noncontrolling interest attributable to the 20% minority interest in GRBK GHO Homes, LLC (“GRBK GHO”) owned by our Florida-based partner that is included as redeemable noncontrolling interest in equity of consolidated subsidiary in the Company’s condensed consolidated financial statements. The following tables show the changes in redeemable noncontrolling interest in equity of consolidated subsidiary during the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Redeemable noncontrolling interest, beginning of period $ 21,867 $ 13,543 Net income attributable to redeemable noncontrolling interest partner 869 329 Change in fair value of redeemable noncontrolling interest (557) 1,829 Redeemable noncontrolling interest, end of period $ 22,179 $ 15,701 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure | 6. STOCKHOLDERS’ EQUITY 2021 Share Repurchase Program On March 1, 2021, the Company’s Board of Directors (the “Board”) authorized a new $50.0 million stock repurchase program (the “Repurchase Plan”). The Repurchase Plan authorizes the Company to purchase from time to time on or prior to December 31, 2022, up to $50.0 million of our outstanding common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Shares repurchased can be retired. The Repurchase Plan may be modified or terminated by our Board at any time in its sole discretion. During the period ended March 31, 2022, the Company completed discrete open market repurchases under the Repurchase Plan of 1,193,037 shares for approximately $25.8 million. As of March 31, 2022, the remaining dollar value of shares that may yet be purchased under the Repurchase Plan was $24.2 million. 2022 Share Repurchase Program On April 27,2022, the Board approved a new stock repurchase program that authorizes the Company to purchase, from time to time, up to an additional $100.0 million of our outstanding common stock through open market repurchases in compliance with Rule 10b-18 under the Exchange Act and/or in privately negotiated transactions at management’s discretion based on market and business conditions, applicable legal requirements and other factors. Shares repurchased will be retired. The new plan has no time deadline and will continue until otherwise modified or terminated by the Company’s board at any time in its sole discretion. Preferred Stock The table below presents a summary of the perpetual preferred stock outstanding at March 31, 2022 and December 31, 2021. Series Description Initial date of issuance Total Shares Outstanding Liquidation Preference per Share (in dollars) Carrying Value (in thousands) Per Annum Dividend Rate Redemption Period Series A (1) 5.75% Cumulative Perpetual December 2021 2,000 $ 25 $ 50,000 5.75 % n/a (1) Ownership is held in the form of Depositary Shares, each representing a 1/1,000th interest in a share of preferred stock, paying a quarterly cash dividend, if and when declared. Dividends According to the terms of the preferred stock offering, the Company will pay cumulative cash dividends on the Series A Preferred Stock, when and as declared by the Board, on a quarterly basis in arrears. On April 27, 2022, the Board declared a quarterly cash dividend of $0.0359 per depositary share on the Company’s preferred stock. The dividend is payable on June 15, 2022 to shareholders of record as of June 1, 2022. |
Compensation Related Costs, Sha
Compensation Related Costs, Share Based Payments | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement | SHARE-BASED COMPENSATION Share-Based Award Activity During the three months ended March 31, 2022, the Company granted stock awards (“SAs”) under its 2014 Omnibus Equity Incentive Plan to executive officers (“EOs”). The SAs granted to the EOs were 100% vested and non-forfeitable on the grant date. The fair value of the SAs granted to EOs was recorded as share-based compensation expense on the grant date. The Company withheld 46,415 shares of common stock from EOs, at a total cost of $1.1 million, to satisfy statutory minimum tax requirements upon grant of the SAs. 2021 Employee Stock Awards On March 1, 2021, the Company’s Board of Directors approved an incentive program for eligible employees to participate in the Company’s new Employee Performance Based Restricted Stock Awards Plan (the “PBRS Award Plan”). This plan is being offered pursuant to the Company’s 2014 Omnibus Equity Incentive Plan. The Company incurred de minimis share-based compensation expense and compensation expense related to these awards during the three months ended March 31, 2022 and 2021, respectively. 2022 Employee Stock Awards On March 1, 2022, the Company’s Board of Directors approved the issuance of restricted stock awards for eligible employees in accordance with the PBRS Award Plan. The Company incurred de minimis compensation expense related to these awards during the three months ended March 31, 2022. A summary of share-based awards activity during the three months ended March 31, 2022 is as follows: Number of Shares Weighted Average Grant Date Fair Value per Share (in thousands) Nonvested, December 31, 2021 28 $ 23.21 Granted 140 $ 22.08 Vested (126) $ 21.94 Forfeited — $ — Nonvested, March 31, 2022 42 $ 23.23 Stock Options A summary of stock options activity during the three months ended March 31, 2022 is as follows: Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in thousands) (in years) (in thousands) Options outstanding, December 31, 2021 500 $ 7.49 Granted — Exercised — — Forfeited — — Options outstanding, March 31, 2022 500 $ 7.49 2.58 $ 6,135 Options exercisable, March 31, 2022 500 $ 7.49 2.58 $ 6,135 Share-Based Compensation Expense Share-based compensation expense was $2.9 million and $2.6 million for the three months ended March 31, 2022 and 2021, respectively. Recognized tax benefit related to share-based compensation expense was $0.7 million and $0.6 million for the three months ended March 31, 2022 and 2021, respectively. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION Financial information relating to the Company’s reportable segments is as follows. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Three Months Ended March 31, (in thousands) 2022 2021 Revenues: (1) Builder operations Central $ 261,698 $ 158,386 Southeast 103,057 68,684 Total builder operations 364,755 227,070 Land development 28,861 7,409 Total revenues $ 393,616 $ 234,479 Gross profit: Builder operations Central $ 84,064 $ 43,889 Southeast 25,776 19,049 Total builder operations 109,840 62,938 Land development 7,414 1,780 Corporate, other and unallocated (2) (8,898) (5,729) Total gross profit $ 108,356 $ 58,989 Income before income taxes: Builder operations Central $ 59,485 $ 24,858 Southeast 15,494 10,163 Total builder operations 74,979 35,021 Land development 7,585 1,844 Corporate, other and unallocated (3) 69 (1,603) Income before income taxes $ 82,633 $ 35,262 March 31, 2022 December 31, 2021 Inventory: Builder operations Central $ 489,094 $ 460,796 Southeast 283,475 258,759 Total builder operations 772,569 719,555 Land development 517,892 449,654 Corporate, other and unallocated (4) 37,048 34,534 Total inventory $ 1,327,509 $ 1,203,743 Goodwill: Builder operations - Southeast $ 680 $ 680 (1) The sum of Builder operations Central and Southeast segments’ revenues does not equal residential units revenue included in the condensed consolidated statements of income in periods when our builders have revenues from land or lot closings, which for the three months ended March 31, 2022 were $0.1 million, compared to $9.8 million for the three months ended March 31, 2021. (2) Corporate, other and unallocated gross loss is comprised of capitalized overhead and capitalized interest adjustments that are not allocated to builder operations and land development segments. (3) Corporate, other and unallocated income (loss) before income taxes includes results from Green Brick Title, LLC, C Brick Insurance, LLC, and investments in unconsolidated subsidiaries, in addition to capitalized cost adjustments that are not allocated to operating segments. (4) Corporate, other and unallocated inventory consists of capitalized overhead and interest related to work in process and land under development. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | 10. INCOME TAXES The Company’s income tax expense for the three months ended March 31, 2022 was $18.4 million, compared to $7.5 million in the three months ended March 31, 2021. The effective tax rate was 22.3% for the three months ended March 31, 2022, compared to 21.3% in the comparable prior year period. The change in the effective tax rate for the three months ended March 31, 2022 relates primarily to the increase in book income offset by a decrease in the tax credit benefit from the enactment of the Taxpayer Certainty and Disaster Tax Relief Act of 2019 (“the 2019 Act”). The 2019 Act retroactively reinstated the federal energy efficient homes tax credit that expired on December 31, 2017 to homes closed from January 1, 2018 to December 31, 2020. In December 2020, Congress approved the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which extended the federal energy efficient homes tax credit through December 31, 2021. As of March 31, 2022, the credit for energy efficient new homes had not been extended past December 31, 2021. |
Net Income Attributable to Gree
Net Income Attributable to Green Brick Partners, Inc. Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Attributable to Green Brick Partners, Inc. Per Share | EARNINGS PER SHARE The Company’s RSAs have the right to receive forfeitable dividends on an equal basis with common stock and therefore are not considered participating securities that must be included in the calculation of net income per share using the two-class method. Basic earnings per common share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during each period, adjusted for non-vested shares of restricted stock awards during each period. Net income applicable to common shareholders is net income adjusted for preferred stock dividends including dividends declared and cumulative dividends related to the current dividend period that have not been declared as of period end. Diluted earnings per share is calculated using the treasury stock method and includes the effect of all dilutive securities, including stock options and restricted stock awards. The computation of basic and diluted net income attributable to Green Brick Partners, Inc. per share is as follows (in thousands, except per share amounts): Three Months Ended March 31, 2022 2021 Net income attributable to Green Brick Partners, Inc. $ 61,577 $ 25,969 Preferred stock dividends paid (599) — Cumulative preferred stock dividends (120) — Net income applicable to common shareholders 60,858 25,969 Weighted-average number of common shares outstanding - basic 50,586 50,633 Basic net income attributable to Green Brick Partners, Inc. per common share $ 1.20 $ 0.51 Weighted-average number of common shares outstanding - basic 50,586 50,633 Dilutive effect of stock options and restricted stock awards 338 360 Weighted-average number of common shares outstanding - diluted 50,924 50,993 Diluted net income attributable to Green Brick Partners, Inc. per common share $ 1.20 $ 0.51 The following shares which could potentially dilute earnings per share in the future are not included in the determination of diluted net income attributable to Green Brick Partners, Inc. per common share (in thousands): Three Months Ended March 31, 2022 2021 Antidilutive options to purchase common stock and restricted stock awards 29 — |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair Value of Financial Instruments The Company’s financial instruments, none of which are held for trading purposes, include cash and cash equivalents, restricted cash, receivables, earnest money deposits, other assets, accounts payable, accrued expenses, customer and builder deposits, borrowings on lines of credit, senior unsecured notes, and contingent consideration liability. Per the fair value hierarchy, level 1 financial instruments include: cash and cash equivalents, restricted cash, receivables, earnest money deposits, other assets, accounts payable, accrued expenses, and customer and builder deposits due to their short-term nature. The Company estimates that, due to the short-term nature of the underlying financial instruments or the proximity of the underlying transaction to the applicable reporting date, the fair value of level 1 financial instruments does not differ materially from the aggregate carrying values recorded in the condensed consolidated financial statements as of March 31, 2022 and December 31, 2021. Level 2 financial instruments include borrowings on lines of credit and senior unsecured notes. Due to the short-term nature and floating interest rate terms, the carrying amounts of borrowings on lines of credit are deemed to approximate fair value. The estimated fair value of the senior unsecured notes as of March 31, 2022 was $329.1 million. The carrying value of senior unsecured notes as of March 31, 2022 was $337.5 million. There were no transfers between the levels of the fair value hierarchy for any of our financial instruments during the three months ended March 31, 2022. |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | $ 0 |
Related Party Disclosures
Related Party Disclosures | 3 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS During the three months ended March 31, 2022 and 2021, the Company had the following related party transactions in the normal course of business. Corporate Officers Trevor Brickman, the son of Green Brick’s Chief Executive Officer, is the President of CLH20, LLC (“Centre Living”). Green Brick’s ownership interest in Centre Living is 90% and Trevor Brickman’s ownership interest is 10%. Green Brick has 90% voting control over the operations of Centre Living. As such, 100% of Centre Living’s operations are included within our condensed consolidated financial statements. GRBK GHO GRBK GHO leases office space from entities affiliated with the president of GRBK GHO. During the three months ended March 31, 2022 and 2021, GRBK GHO incurred de minimis rent expense under such lease agreements. As of March 31, 2022 and December 31, 2021, there were no amounts due to the affiliated entities related to such lease agreements. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. COMMITMENTS AND CONTINGENCIES Letters of Credit and Performance Bonds During the ordinary course of business, certain regulatory agencies and municipalities require the Company to post letters of credit or performance bonds related to development projects. As of March 31, 2022 and December 31, 2021, letters of credit and performance bonds outstanding were $1.5 million and $1.7 million, respectively. The Company does not believe that it is likely that any material claims will be made under a letter of credit or performance bond in the foreseeable future. Warranties Warranty accruals are included within accrued expenses on the condensed consolidated balance sheets. Warranty activity during the three months ended March 31, 2022 and 2021 consisted of the following (in thousands): Three Months Ended March 31, 2022 2021 Warranty accrual, beginning of period $ 9,378 $ 6,407 Warranties issued 1,814 1,100 Changes in liability for existing warranties 295 39 Settlements (874) (685) Warranty accrual, end of period $ 10,613 $ 6,861 Operating Leases The Company has leases associated with office and design center space in Georgia, Texas, and Florida that, at the commencement date, have a lease term of more than 12 months and are classified as operating leases. The exercise of any extension options available in such operating lease contracts is not reasonably certain. Operating lease cost of $0.4 million for the three months ended March 31, 2022, and $0.3 million in the prior year period, is included in selling, general and administrative expenses in the condensed consolidated statements of income. Cash paid for amounts included in the measurement of operating lease liabilities was $0.4 million and $0.3 million, for the three months ended March 31, 2022 and 2021. As of March 31, 2022, the weighted-average remaining lease term and the weighted-average discount rate used in calculating our lease liabilities were 4.7 years and 4.1%, respectively. The future annual undiscounted cash flows in relation to the operating leases and a reconciliation of such undiscounted cash flows to the operating lease liabilities recognized in the condensed consolidated balance sheet as of March 31, 2022 are presented below (in thousands): Remainder of 2022 $ 1,158 2023 1,306 2024 507 2025 517 2026 504 Thereafter 864 Total future lease payments $ 4,856 Less: Interest 441 Present value of lease liabilities $ 4,415 The Company elected the short-term lease recognition exemption for all leases that, at the commencement date, have a lease term of 12 months or less and do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. For such leases, the Company does not recognize right-of-use assets or lease liabilities and instead recognizes lease payments in the condensed consolidated income statements on a straight-line basis. Short-term lease cost of $0.2 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively, is included in selling, general and administrative expenses in the condensed consolidated statements of income. Legal Matters Lawsuits, claims and proceedings may be instituted or asserted against us in the normal course of business. The Company is also subject to local, state and federal laws and regulations related to land development activities, house construction standards, sales practices, title company regulations, employment practices and environmental protection. As a result, the Company may be subject to periodic examinations or inquiry by agencies administering these laws and regulations. The Company records an accrual for legal claims and regulatory matters when they are probable of occurring and a potential loss is reasonably estimable. The Company accrues for these matters based on facts and circumstances specific to each matter and revises these estimates when necessary. In view of the inherent difficulty of predicting outcomes of legal claims and related contingencies, the Company generally cannot predict their ultimate resolution, related timing or eventual loss. If evaluations indicate loss contingencies that could be material are not probable, but are reasonably possible, the Company will disclose their nature with an estimate of the possible range of losses or a statement that such loss is not reasonably estimable. We believe that the disposition of legal claims and related contingencies will not have a material adverse effect on our results of operations and liquidity or on our financial condition. |
Significant Accounting Polici_2
Significant Accounting Policies Changes in Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”), but do not include all of the information and footnotes required for complete financial statements. The condensed consolidated balance sheet as of December 31, 2021 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, the accompanying unaudited condensed consolidated financial statements for the periods presented reflect all adjustments of a normal, recurring nature necessary to fairly state our financial position, results of operations and cash flows. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022 or subsequent periods due to seasonal variations and other factors. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management of the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes, including the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | A summary of the unaudited condensed financial information of the five unconsolidated entities that are accounted for by the equity method is as follows (in thousands): March 31, 2022 December 31, 2021 Assets: Cash $ 20,218 $ 15,903 Accounts receivable 4,609 4,787 Bonds and notes receivable 5,762 5,772 Loans held for sale, at fair value 18,277 20,734 Inventory 167,999 166,861 Other assets 12,375 7,220 Total assets $ 229,240 $ 221,277 Liabilities: Accounts payable $ 12,547 $ 7,701 Accrued expenses and other liabilities 15,051 13,992 Notes payable 92,617 95,816 Total liabilities $ 120,215 $ 117,509 Owners’ equity: Green Brick $ 55,508 $ 52,983 Others 53,517 50,785 Total owners’ equity $ 109,025 $ 103,768 Total liabilities and owners’ equity $ 229,240 $ 221,277 Three Months Ended March 31, 2022 2021 Revenues $ 70,636 $ 39,721 Costs and expenses 59,197 31,951 Net earnings of unconsolidated entities $ 11,439 $ 7,770 Company’s share in net earnings of unconsolidated entities $ 5,687 $ 3,891 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Real Estate Inventory | A summary of inventory is as follows (in thousands): March 31, 2022 December 31, 2021 Homes completed or under construction $ 601,504 $ 544,258 Land and lots - developed and under development 718,411 620,129 Land held for sale 7,594 39,356 Total inventory $ 1,327,509 $ 1,203,743 |
Summary of Real Estate Inventory Capitalized Interest Costs | A summary of interest costs incurred, capitalized and expensed is as follows (in thousands): Three Months Ended March 31, 2022 2021 Interest capitalized at beginning of period $ 19,950 $ 17,520 Interest incurred 3,734 2,851 Interest charged to cost of revenues (2,933) (1,991) Interest capitalized at end of period $ 20,751 $ 18,380 Capitalized interest as a percentage of inventory 1.6 % 2.0 % |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Lines of Credit Outstanding | Lines of Credit Borrowings on lines of credit outstanding, net of debt issuance costs, as of March 31, 2022 and December 31, 2021 consisted of the following (in thousands): March 31, 2022 December 31, 2021 Secured Revolving Credit Facility $ — $ 2,000 Unsecured Revolving Credit Facility 22,000 — Debt issuance costs, net of amortization (2,579) (2,738) Total borrowings on lines of credit, net $ 19,421 $ (738) |
Business Combination (Tables)
Business Combination (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Redeemable Noncontrolling Interest [Table Text Block] | The following tables show the changes in redeemable noncontrolling interest in equity of consolidated subsidiary during the three months ended March 31, 2022 and 2021 (in thousands): |
Compensation Related Costs, S_2
Compensation Related Costs, Share Based Payments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-Based Awards Activity | A summary of share-based awards activity during the three months ended March 31, 2022 is as follows: Number of Shares Weighted Average Grant Date Fair Value per Share (in thousands) Nonvested, December 31, 2021 28 $ 23.21 Granted 140 $ 22.08 Vested (126) $ 21.94 Forfeited — $ — Nonvested, March 31, 2022 42 $ 23.23 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Financial information relating to the Company’s reportable segments is as follows. Operational results of each reportable segment are not necessarily indicative of the results that would have been achieved had the reportable segment been an independent, stand-alone entity during the periods presented. Three Months Ended March 31, (in thousands) 2022 2021 Revenues: (1) Builder operations Central $ 261,698 $ 158,386 Southeast 103,057 68,684 Total builder operations 364,755 227,070 Land development 28,861 7,409 Total revenues $ 393,616 $ 234,479 Gross profit: Builder operations Central $ 84,064 $ 43,889 Southeast 25,776 19,049 Total builder operations 109,840 62,938 Land development 7,414 1,780 Corporate, other and unallocated (2) (8,898) (5,729) Total gross profit $ 108,356 $ 58,989 Income before income taxes: Builder operations Central $ 59,485 $ 24,858 Southeast 15,494 10,163 Total builder operations 74,979 35,021 Land development 7,585 1,844 Corporate, other and unallocated (3) 69 (1,603) Income before income taxes $ 82,633 $ 35,262 March 31, 2022 December 31, 2021 Inventory: Builder operations Central $ 489,094 $ 460,796 Southeast 283,475 258,759 Total builder operations 772,569 719,555 Land development 517,892 449,654 Corporate, other and unallocated (4) 37,048 34,534 Total inventory $ 1,327,509 $ 1,203,743 Goodwill: Builder operations - Southeast $ 680 $ 680 (1) The sum of Builder operations Central and Southeast segments’ revenues does not equal residential units revenue included in the condensed consolidated statements of income in periods when our builders have revenues from land or lot closings, which for the three months ended March 31, 2022 were $0.1 million, compared to $9.8 million for the three months ended March 31, 2021. (2) Corporate, other and unallocated gross loss is comprised of capitalized overhead and capitalized interest adjustments that are not allocated to builder operations and land development segments. (3) Corporate, other and unallocated income (loss) before income taxes includes results from Green Brick Title, LLC, C Brick Insurance, LLC, and investments in unconsolidated subsidiaries, in addition to capitalized cost adjustments that are not allocated to operating segments. (4) Corporate, other and unallocated inventory consists of capitalized overhead and interest related to work in process and land under development. |
Net Income Attributable to Gr_2
Net Income Attributable to Green Brick Partners, Inc. Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The computation of basic and diluted net income attributable to Green Brick Partners, Inc. per share is as follows (in thousands, except per share amounts): Three Months Ended March 31, 2022 2021 Net income attributable to Green Brick Partners, Inc. $ 61,577 $ 25,969 Preferred stock dividends paid (599) — Cumulative preferred stock dividends (120) — Net income applicable to common shareholders 60,858 25,969 Weighted-average number of common shares outstanding - basic 50,586 50,633 Basic net income attributable to Green Brick Partners, Inc. per common share $ 1.20 $ 0.51 Weighted-average number of common shares outstanding - basic 50,586 50,633 Dilutive effect of stock options and restricted stock awards 338 360 Weighted-average number of common shares outstanding - diluted 50,924 50,993 Diluted net income attributable to Green Brick Partners, Inc. per common share $ 1.20 $ 0.51 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following shares which could potentially dilute earnings per share in the future are not included in the determination of diluted net income attributable to Green Brick Partners, Inc. per common share (in thousands): Three Months Ended March 31, 2022 2021 Antidilutive options to purchase common stock and restricted stock awards 29 — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Warranty Activity | Warranty activity during the three months ended March 31, 2022 and 2021 consisted of the following (in thousands): Three Months Ended March 31, 2022 2021 Warranty accrual, beginning of period $ 9,378 $ 6,407 Warranties issued 1,814 1,100 Changes in liability for existing warranties 295 39 Settlements (874) (685) Warranty accrual, end of period $ 10,613 $ 6,861 |
Lessee, Operating Lease, Liability, Maturity | The future annual undiscounted cash flows in relation to the operating leases and a reconciliation of such undiscounted cash flows to the operating lease liabilities recognized in the condensed consolidated balance sheet as of March 31, 2022 are presented below (in thousands): Remainder of 2022 $ 1,158 2023 1,306 2024 507 2025 517 2026 504 Thereafter 864 Total future lease payments $ 4,856 Less: Interest 441 Present value of lease liabilities $ 4,415 |
Significant Accounting Polici_3
Significant Accounting Policies Leases, Adoption of ASC 842 (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating Lease, Liability | $ 4,415 | $ 4,745 |
Operating Lease, Right-of-Use Asset | $ 4,215 | $ 4,596 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities (Summary of Financial Information of Investment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||||
Company’s share in net earnings of unconsolidated entities | $ 5,687 | $ 3,891 | ||
Assets | 1,528,657 | $ 1,421,867 | ||
Liabilities | 584,117 | 511,306 | ||
Stockholders' Equity Attributable to Parent | 912,183 | 666,131 | 874,548 | $ 640,242 |
Stockholders' Equity Attributable to Noncontrolling Interest | 10,178 | 10,630 | 14,146 | 9,167 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 922,361 | 676,761 | 888,694 | 649,409 |
Liabilities and Equity | 1,528,657 | 1,421,867 | ||
Total revenues | 393,616 | 234,479 | ||
Net income | 64,196 | 27,761 | ||
Schedule of Equity Method Investments [Line Items] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 10,178 | 10,630 | 14,146 | 9,167 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 922,361 | 676,761 | 888,694 | 649,409 |
Total revenues | 393,616 | 234,479 | ||
Net income | 64,196 | 27,761 | ||
Equity in income of unconsolidated entities | 5,687 | 3,891 | ||
Assets | 1,528,657 | 1,421,867 | ||
Liabilities | 584,117 | 511,306 | ||
Stockholders' Equity Attributable to Parent | 912,183 | 666,131 | 874,548 | $ 640,242 |
Liabilities and Equity | 1,528,657 | 1,421,867 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Income Statement [Abstract] | ||||
Company’s share in net earnings of unconsolidated entities | 5,687 | 3,891 | ||
Assets | 229,240 | 221,277 | ||
Liabilities | 120,215 | 117,509 | ||
Stockholders' Equity Attributable to Parent | 55,508 | 52,983 | ||
Stockholders' Equity Attributable to Noncontrolling Interest | 53,517 | 50,785 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 109,025 | 103,768 | ||
Liabilities and Equity | 229,240 | 221,277 | ||
Total revenues | 70,636 | 39,721 | ||
Net income | 11,439 | 7,770 | ||
Cash | 20,218 | 15,903 | ||
Schedule of Equity Method Investments [Line Items] | ||||
Stockholders' Equity Attributable to Noncontrolling Interest | 53,517 | 50,785 | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 109,025 | 103,768 | ||
Total revenues | 70,636 | 39,721 | ||
Net income | 11,439 | 7,770 | ||
Equity in income of unconsolidated entities | 5,687 | 3,891 | ||
Accounts and Other Receivables, Net, Current | 4,609 | 4,787 | ||
Financing Receivable, after Allowance for Credit Loss | 5,762 | 5,772 | ||
Financing Receivable, Held-for-Sale | 18,277 | 20,734 | ||
Inventory, Net | 167,999 | 166,861 | ||
Other Assets, Current | 12,375 | 7,220 | ||
Accounts Payable, Current | 12,547 | 7,701 | ||
Accrued Liabilities, Current | 15,051 | 13,992 | ||
Notes Payable, Current | 92,617 | 95,816 | ||
Costs and Expenses | 59,197 | $ 31,951 | ||
Assets | 229,240 | 221,277 | ||
Cash | 20,218 | 15,903 | ||
Liabilities | 120,215 | 117,509 | ||
Stockholders' Equity Attributable to Parent | 55,508 | 52,983 | ||
Liabilities and Equity | $ 229,240 | $ 221,277 |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |
Goodwill | $ 680 | $ 680 | |
Investments in unconsolidated entities | 58,127 | $ 55,616 | |
Equity in income of unconsolidated entity | $ 5,687 | $ 3,891 |
Investment in Unconsolidated _5
Investment in Unconsolidated Entities (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity in income of unconsolidated entities | $ 5,687 | $ 3,891 | |
Investments in unconsolidated entities | 58,127 | $ 55,616 | |
GB Challenger, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income of unconsolidated entities | 4,067 | 2,750 | |
Investments in unconsolidated entities | 39,532 | 37,737 | |
Green Brick Mortgage, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income of unconsolidated entities | 328 | 1,088 | |
Investments in unconsolidated entities | 832 | 715 | |
EJB River Holdings, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income of unconsolidated entities | 738 | (1) | |
Investments in unconsolidated entities | 6,868 | 6,130 | |
GBTM Sendera, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income of unconsolidated entities | (17) | ||
Investments in unconsolidated entities | 9,854 | 9,854 | |
BHome Mortgage, LLC | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income of unconsolidated entities | 554 | 71 | |
Investments in unconsolidated entities | 1,041 | $ 1,180 | |
Equity Method Investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity in income of unconsolidated entities | $ 5,687 | $ 3,891 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |||
Finished Homes and Homes under Construction | $ 601,504 | $ 544,258 | |
Inventory, Real Estate, Land and Land Development Costs | 718,411 | 620,129 | |
Inventory, Land Held-for-sale | 7,594 | 39,356 | |
Total inventory | $ 1,327,509 | $ 1,203,743 | |
Document Period End Date | Mar. 31, 2022 | ||
Earnest Money Deposits and Pre-acquisition Costs Written-Off | $ 59 | $ 43 |
Inventory (Capitalization of In
Inventory (Capitalization of Interest) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Real Estate Inventory, Capitalized Interest Costs [Roll Forward] | ||
Interest capitalized at beginning of period | $ 19,950 | $ 17,520 |
Interest incurred | 3,734 | 2,851 |
Interest charged to cost of revenues | (2,933) | (1,991) |
Interest capitalized at end of period | $ 20,751 | $ 18,380 |
Document Period End Date | Mar. 31, 2022 | |
Capitalized interest as a percentage of inventory | 1.60% | 2.00% |
Debt (Schedule of Lines of Cred
Debt (Schedule of Lines of Credit Outstanding) (Details) - USD ($) | Aug. 26, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 15, 2015 |
Line of Credit Facility [Line Items] | |||||
Document Period End Date | Mar. 31, 2022 | ||||
Debt issuance costs, net of amortization | $ (2,579,000) | $ (2,738,000) | |||
Debt Issuance Costs, Line of Credit Arrangements, Net | 19,421,000 | 738,000 | |||
Letters of Credit Outstanding, Amount | 1,500,000 | 1,700,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 35,000,000 | ||||
Payments of Debt Issuance Costs | $ 0.1 | $ 86,000 | $ 595,000 | ||
Line of Credit Facility, Interest Rate at Period End | 3.15% | ||||
Debt Issuance Costs, Gross | $ 100,000 | ||||
Unsecured Debt [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit | $ (300,000,000) | ||||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit | 0 | (2,000,000) | |||
Line of Credit Facility, Maximum Borrowing Capacity | 35,000,000 | $ 325,000,000 | |||
Unsecured Debt [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit | $ (22,000,000) | $ 0 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | Aug. 26, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2020 | Aug. 08, 2026 | Aug. 08, 2025 | Aug. 08, 2024 | Dec. 31, 2021 | Feb. 25, 2021 | Aug. 08, 2019 | Dec. 15, 2015 |
Debt Instrument [Line Items] | |||||||||||
Document Period End Date | Mar. 31, 2022 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 4.00% | |||||||||
Proceeds from Issuance of Senior Long-term Debt | $ 0 | $ 125,000,000 | |||||||||
Payments of Debt Issuance Costs | $ 0.1 | 86,000 | $ 595,000 | ||||||||
Costs associated with amendment | $ 2,579,000 | $ 2,738,000 | |||||||||
Line of Credit Facility, Interest Rate at Period End | 3.15% | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 35,000,000 | ||||||||||
Senior Notes | 335,538,000 | 335,446,000 | |||||||||
Letters of Credit Outstanding, Amount | $ 1,500,000 | 1,700,000 | |||||||||
Unsecured Debt | $ 37,500,000 | ||||||||||
Proceeds from Issuance of Unsecured Debt | $ 37.4 | ||||||||||
Unsecured Debt [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Borrowings on lines of credit | $ 300,000,000 | ||||||||||
Unsecured Debt [Member] | Minimum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Interest Rate at Period End | 2.85% | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | $ 325,000,000 | |||||||||
Borrowings on lines of credit | $ 0 | $ 2,000,000 | |||||||||
Forecast [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five | $ 50,000,000 | $ 12,500,000 | $ 12,500,000 |
Business Combination (Narrative
Business Combination (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets acquired | ||||
Goodwill | $ 680 | $ 680 | ||
Liabilities assumed | ||||
Homebuilding revenues | 393,616 | $ 234,479 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 82,633 | 35,262 | ||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 869 | 329 | ||
Temporary Equity, Accretion to Redemption Value | (557) | (1,829) | ||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 22,179 | $ 15,701 | $ 21,867 | $ 13,543 |
Noncontrolling Interest, Change in Redemption Value | $ (557) | |||
GHO Homes [Member] | ||||
Liabilities assumed | ||||
Ownership percentage by noncontrolling owners | 20.00% |
Equity (Details)
Equity (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 01, 2021 | |
Equity [Abstract] | |||
Stock Repurchase Program, Authorized Amount | $ 50,000,000 | ||
Dividends, Preferred Stock | $ 700,000 | $ 0 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 24,199,000 | ||
2021 Share repurchase program | |||
Equity [Abstract] | |||
Treasury Stock, Shares | 1,193,037 | ||
Average price per share | $ 21.60 | ||
Equity, Class of Treasury Stock [Line Items] | |||
Average price per share | $ 21.60 | ||
Treasury Stock, Shares | 1,193,037 |
Compensation Related Costs, S_3
Compensation Related Costs, Share Based Payments (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 23.23 | $ 23.21 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 42,000 | 28,000 | |
Granted (in dollars per share) | $ 22.08 | ||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 46,415 | 41,318 | |
Share-based compensation expense | $ 2,923 | $ 2,583 | |
Share-based Payment Arrangement, Expense, Tax Benefit | 700 | 600 | |
Compensation cost not yet recognized | $ 400 | ||
Period for recognition | 1 year 6 months | ||
Percentage of awards vested and forfeitable at time of grant | 100.00% | ||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 1,075 | 834 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 126,000 | ||
Vested (in dollars per share) | $ 21.94 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Forfeited (in dollars per share) | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 140,000 | ||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 1,075 | 834 | |
Document Period End Date | Mar. 31, 2022 | ||
Percentage of awards vested and forfeitable at time of grant | 100.00% | ||
Share-based compensation expense | $ 2,923 | 2,583 | |
Document Period End Date | Mar. 31, 2022 | ||
Common Stock [Member] | |||
Share-based Payment Arrangement [Abstract] | |||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ (1) | (1) | |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | (1) | (1) | |
Additional Paid-in Capital [Member] | |||
Share-based Payment Arrangement [Abstract] | |||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | 1,074 | (833) | |
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 1,074 | $ (833) |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||||
Disaggregation of Revenue | The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Residential units revenue Land and lots revenue Residential units revenue Land and lots revenue Primary Geographical Market Central $ 261,698 $ 28,861 $ 157,378 $ 8,417 Southeast 102,963 94 59,858 8,826 Total revenues $ 364,661 $ 28,955 $ 217,236 $ 17,243 Type of Customer Homebuyers $ 364,661 $ — $ 217,236 $ — Homebuilders and Multi-family Developers — 28,955 — 17,243 Total revenues $ 364,661 $ 28,955 $ 217,236 $ 17,243 Product Type Residential units $ 364,661 $ — $ 217,236 $ — Land and lots — 28,955 — 17,243 Total revenues $ 364,661 $ 28,955 $ 217,236 $ 17,243 Timing of Revenue Recognition Transferred at a point in time $ 363,063 $ 28,955 $ 216,134 $ 17,243 Transferred over time 1,598 — 1,102 — Total revenues $ 364,661 $ 28,955 $ 217,236 $ 17,243 Revenue recognized over time represents revenue from mechanic’s lien contracts. | |||
Opening and Closing Contract Balances Included in Customer and Builder Deposits on Balance Sheet and Deposits Recognized as Revenue | Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands): March 31, 2022 December 31, 2021 Customer and builder deposits $ 63,618 $ 64,610 The amount of deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three months ended March 31, 2022 and 2021 are as follows (in thousands): Three Months Ended March 31, 2022 2021 Type of Customer Homebuyers $ 20,795 $ 6,616 Homebuilders and Multi-Family Developers 100 1,109 Total deposits recognized as revenue $ 20,895 $ 7,725 | |||
Revenue Recognition | REVENUE RECOGNITION Disaggregation of Revenue The following reflects the disaggregation of revenue by primary geographic market, type of customer, product type, and timing of revenue recognition for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Residential units revenue Land and lots revenue Residential units revenue Land and lots revenue Primary Geographical Market Central $ 261,698 $ 28,861 $ 157,378 $ 8,417 Southeast 102,963 94 59,858 8,826 Total revenues $ 364,661 $ 28,955 $ 217,236 $ 17,243 Type of Customer Homebuyers $ 364,661 $ — $ 217,236 $ — Homebuilders and Multi-family Developers — 28,955 — 17,243 Total revenues $ 364,661 $ 28,955 $ 217,236 $ 17,243 Product Type Residential units $ 364,661 $ — $ 217,236 $ — Land and lots — 28,955 — 17,243 Total revenues $ 364,661 $ 28,955 $ 217,236 $ 17,243 Timing of Revenue Recognition Transferred at a point in time $ 363,063 $ 28,955 $ 216,134 $ 17,243 Transferred over time 1,598 — 1,102 — Total revenues $ 364,661 $ 28,955 $ 217,236 $ 17,243 Revenue recognized over time represents revenue from mechanic’s lien contracts. Contract Balances Opening and closing contract balances included in customer and builder deposits on the condensed consolidated balance sheets are as follows (in thousands): March 31, 2022 December 31, 2021 Customer and builder deposits $ 63,618 $ 64,610 The difference between the opening and closing balances of customer and builder deposits results from the timing difference between the customers’ payments of deposits and the Company’s performance, impacted slightly by terminations of contracts. The amount of deposits on residential units and land and lots held as of the beginning of the period and recognized as revenue during the three months ended March 31, 2022 and 2021 are as follows (in thousands): Three Months Ended March 31, 2022 2021 Type of Customer Homebuyers $ 20,795 $ 6,616 Homebuilders and Multi-Family Developers 100 1,109 Total deposits recognized as revenue $ 20,895 $ 7,725 Performance Obligations There was no revenue recognized during the three months ended March 31, 2022 and 2021 from performance obligations satisfied in prior periods. Transaction Price Allocated to the Remaining Performance Obligations The aggregate amount of transaction price allocated to the remaining performance obligations on our land sale and lot option contracts is $24.1 million. The Company will recognize the remaining revenue when the lots are taken down, or upon closing for the sale of a land parcel, which is expected to occur as follows (in thousands): Total Remainder of 2022 $ 17,949 2023 6,163 2024 — Total $ 24,112 The timing of lot takedowns is contingent upon a number of factors, including customer needs, the number of lots being purchased, receipt of acceptance of the plat by the municipality, weather-related delays, and agreed-upon lot takedown schedules. Our contracts with homebuyers have a duration of less than one year. As such, the Company uses the practical expedient as allowed under ASC 606, Revenue from Contracts with Customers, | |||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 393,616,000 | $ 234,479,000 | ||
Revenue recognized | 20,895,000 | 7,725,000 | ||
Revenue recognized from performance obligations satisfied in prior periods | 0 | |||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 22,179,000 | 15,701,000 | $ 21,867,000 | $ 13,543,000 |
Contract with Customer, Liability | 63,618,000 | $ 64,610,000 | ||
Residential Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 364,661,000 | 217,236,000 | ||
Residential Real Estate [Member] | Transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 363,063,000 | 216,134,000 | ||
Residential Real Estate [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 1,598,000 | 1,102,000 | ||
Real Estate, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 28,955,000 | 17,243,000 | ||
Real Estate, Other [Member] | Transferred at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 28,955,000 | 17,243,000 | ||
Real Estate, Other [Member] | Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | ||
Homebuilders [Member] | Residential Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | ||
Revenue recognized | 100,000 | 1,109,000 | ||
Homebuilders [Member] | Real Estate, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 28,955,000 | 17,243,000 | ||
Homebuyers [Member] | Residential Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 364,661,000 | 217,236,000 | ||
Revenue recognized | 20,795,000 | 6,616,000 | ||
Homebuyers [Member] | Real Estate, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | ||
Central | Residential Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 261,698,000 | 157,378,000 | ||
Central | Real Estate, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 28,861,000 | 8,417,000 | ||
Southeast [Domain] | Residential Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 102,963,000 | 59,858,000 | ||
Southeast [Domain] | Real Estate, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 94,000 | 8,826,000 | ||
Land Subdivider and Developers | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 28,861,000 | 7,409,000 | ||
Land Subdivider and Developers | Residential Real Estate [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | ||
Homebuilders [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 364,755,000 | 227,070,000 | ||
Homebuilders [Member] | Real Estate, Other [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 100,000 | 9,800,000 | ||
Homebuilders [Member] | Land and Lots [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | 0 | 0 | ||
Homebuilders [Member] | Southeast [Domain] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenues | $ 103,057,000 | $ 68,684,000 |
Revenue Recognition (Transactio
Revenue Recognition (Transaction Price Allocated to Remaining Performance Obligations) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Revenue from Contract with Customer [Abstract] | |
Remaining Performance Obligation, Expected Timing of Satisfaction | he Company will recognize the remaining revenue when the lots are taken down, or upon closing for the sale of a land parcel, which is expected to occur as follows (in thousands): Total Remainder of 2022 $ 17,949 2023 6,163 2024 — Total $ 24,112 |
Revenue, Practical Expedient, Remaining Performance Obligation, Description | Our contracts with homebuyers have a duration of less than one year. As such, the Company uses the practical expedient as allowed under ASC 606, Revenue from Contracts with Customers, and therefore has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period. |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 24,112 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 17,949 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 6,163 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations | $ 0 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Entity Emerging Growth Company | false | ||
Revenues: | |||
Total revenues | $ 393,616 | $ 234,479 | |
Gross profit: | |||
Gross Profit | 108,356 | 58,989 | |
Income before income taxes: | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 82,633 | 35,262 | |
Inventory | |||
Inventory | 1,327,509 | $ 1,203,743 | |
Goodwill | |||
Goodwill | 680 | 680 | |
Inventory | 1,327,509 | 1,203,743 | |
Corporate and Other [Member] | |||
Gross profit: | |||
Gross Profit | (8,898) | (5,729) | |
Income before income taxes: | |||
Results of Operations, Income before Income Taxes | 69 | (1,603) | |
Goodwill | |||
Inventory | 37,048 | 34,534 | |
Southeast [Domain] | |||
Goodwill | |||
Goodwill | 680 | 680 | |
Homebuilders [Member] | |||
Revenues: | |||
Total revenues | 364,755 | 227,070 | |
Gross profit: | |||
Gross Profit | 109,840 | 62,938 | |
Income before income taxes: | |||
Results of Operations, Income before Income Taxes | 74,979 | 35,021 | |
Goodwill | |||
Inventory | 772,569 | 719,555 | |
Homebuilders [Member] | Southeast [Domain] | |||
Revenues: | |||
Total revenues | 103,057 | 68,684 | |
Gross profit: | |||
Gross Profit | 25,776 | 19,049 | |
Income before income taxes: | |||
Results of Operations, Income before Income Taxes | 15,494 | 10,163 | |
Goodwill | |||
Inventory | 283,475 | 258,759 | |
Homebuilders [Member] | Central | |||
Gross profit: | |||
Gross Profit | 84,064 | 43,889 | |
Income before income taxes: | |||
Results of Operations, Income before Income Taxes | 59,485 | 24,858 | |
Goodwill | |||
Inventory | 489,094 | 460,796 | |
Homebuilders [Member] | Central America | |||
Revenues: | |||
Total revenues | 261,698 | 158,386 | |
Land Subdivider and Developers | |||
Revenues: | |||
Total revenues | 28,861 | 7,409 | |
Gross profit: | |||
Gross Profit | 7,414 | 1,780 | |
Income before income taxes: | |||
Results of Operations, Income before Income Taxes | 7,585 | 1,844 | |
Goodwill | |||
Inventory | 517,892 | $ 449,654 | |
Real Estate, Other [Member] | |||
Revenues: | |||
Total revenues | 28,955 | 17,243 | |
Real Estate, Other [Member] | Southeast [Domain] | |||
Revenues: | |||
Total revenues | 94 | 8,826 | |
Real Estate, Other [Member] | Central | |||
Revenues: | |||
Total revenues | 28,861 | 8,417 | |
Real Estate, Other [Member] | Homebuilders [Member] | |||
Revenues: | |||
Total revenues | 100 | 9,800 | |
Residential Real Estate [Member] | |||
Revenues: | |||
Total revenues | 364,661 | 217,236 | |
Residential Real Estate [Member] | Southeast [Domain] | |||
Revenues: | |||
Total revenues | 102,963 | 59,858 | |
Residential Real Estate [Member] | Central | |||
Revenues: | |||
Total revenues | 261,698 | 157,378 | |
Residential Real Estate [Member] | Land Subdivider and Developers | |||
Revenues: | |||
Total revenues | 0 | 0 | |
Land and Lots [Member] | Homebuilders [Member] | |||
Revenues: | |||
Total revenues | $ 0 | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 18,437 | $ 7,501 |
Effective tax rate | 22.30% | 21.30% |
Net Income Attributable to Gr_3
Net Income Attributable to Green Brick Partners, Inc. Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income attributable to Green Brick Partners, Inc. | $ 61,577 | $ 25,969 |
Preferred Stock Dividends, Income Statement Impact | (599) | 0 |
Preferred Stock Dividends and Other Adjustments | (120) | 0 |
Net Income (Loss) Available to Common Stockholders, Basic | $ 60,858 | $ 25,969 |
Weighted-average number of shares outstanding —basic (in shares) | 50,586 | 50,633 |
Basic net income attributable to Green Brick Partners, Inc. per share (in dollars per share) | $ 1.20 | $ 0.51 |
Dilutive effect of stock options and restricted stock awards (in shares) | 338 | 360 |
Weighted-average number of shares outstanding —diluted (in shares) | 50,924 | 50,993 |
Diluted net income attributable to Green Brick Partners, Inc. per share (in dollars per share) | $ 1.20 | $ 0.51 |
Net Income Attributable to Gr_4
Net Income Attributable to Green Brick Partners, Inc. Per Share (Antidilutive Options Excluded From Calculation of Earnings Per Share) (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Antidilutive options to purchase common stock and restricted stock awards (in shares) | 29 | 0 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Carrying Value and Estimated Fair Value of Financial Instruments) (Details) $ in Millions | Mar. 31, 2022USD ($) |
Fair Value Disclosures [Abstract] | |
Debt Instrument, Fair Value Disclosure | $ 329.1 |
Notes Payable | $ 337.5 |
Related Party Disclosures (Deta
Related Party Disclosures (Details) | Mar. 31, 2022USD ($) |
Centre Living | |
Related Party Transactions [Abstract] | |
Ownership percentage by noncontrolling owners | 10.00% |
Related Party Transaction [Line Items] | |
Ownership percentage by noncontrolling owners | 10.00% |
Ownership percentage by parent | 90.00% |
Office Space Lease Agreements | |
Related Party Transactions [Abstract] | |
Amounts due to affiliates | $ 0 |
Related Party Transaction [Line Items] | |
Amounts due to affiliates | 0 |
GHO Homes [Member] | |
Related Party Transactions [Abstract] | |
Amounts due to affiliates | 0 |
Related Party Transaction [Line Items] | |
Amounts due to affiliates | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Warranty activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Letters of Credit Outstanding, Amount | $ 1,500 | $ 1,700 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | 295 | $ 39 | |
Accrued Expenses | |||
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Warranty accrual, beginning of period | 9,378 | 6,407 | |
Warranties issued | 1,814 | 1,100 | |
Settlements | (874) | (685) | |
Warranty accrual, end of period | $ 10,613 | $ 6,861 |
Commitments and Contingencies_3
Commitments and Contingencies (Schedule of Annual Minimum Operating Lease Payments) (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating Lease, Liability | $ 4,415 | $ 4,745 |
Remainder of 2022 | 1,158 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 507 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 517 | |
2021 | 504 | |
Total future lease payments | 4,856 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 1,306 | |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 864 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 441 |
Commitments and Contingencies O
Commitments and Contingencies Operating Leases Disclosures - ASC 842 (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Earnest Money Deposits and Pre-acquisition Costs Written-Off | $ 59 | $ 43 |
Short-term Lease, Cost | 200 | 200 |
Operating Lease, Expense | 400 | 300 |
Operating Lease, Payments | $ 400 | $ 300 |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 8 months 12 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.10% |