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Related Party Transactions
6 Months Ended
Jun. 30, 2018
Related Party Transactions [Abstract]  
Related Party Transactions
RELATED PARTY TRANSACTIONS

During the three and six months ended June 30, 2018 and 2017, the Company had related party transactions through the normal course of business. These transactions include the following:

Trevor Brickman, the son of Green Brick’s Chief Executive Officer, is the president of Centre Living, one of the Company's controlled builders. Green Brick’s ownership interest in Centre Living is 50% and Trevor Brickman’s ownership interest is 50%. Green Brick has 51% voting control over the operations of Centre Living. As such, 100% of Centre Living’s operations are included within our condensed consolidated financial statements. The noncontrolling interest attributable to Centre Living was $76,020 and $56,445 as of June 30, 2018 and December 31, 2017, respectively. In June 2016, the Company sold one developed lot to Trevor Brickman for $0.4 million, of which $0.3 million was included in the cost of land and lots. In September 2016, Trevor Brickman entered into an agreement with Centre Living to construct a home on the developed lot. In accordance with the Company’s employee discount policy, the contract price resulted in a margin of approximately 13%. The home was completed in 2017 and the Company incurred $0.6 million in costs to construct the home.

In September 2015, the Company purchased 11 lots from an entity affiliated with the president of TPG, one of its controlled builders. The lots are part of a 19 home community, The Parc at Cogburn in Atlanta. The total paid for the lots in 2015 was $1.8 million. Under the option contract in place, the Company purchased $0.5 million and $1.0 million in lots during the three and six months ended June 30, 2017, respectively. There were no lots remaining to be purchased as of December 31, 2017.

During March 2016, the Company purchased undeveloped land for development of an 83 lot community, Academy Street in Atlanta. Simultaneously, the Company entered into a partnership agreement with an entity affiliated with the president of TPG to develop the land for sale of the lots to TPG. Contributions and profits are shared 80% by the Company and 20% by the affiliated entity. Total capital contributions as of June 30, 2018 were $11.7 million. There were no contributions made to the partnership in 2018. The partnership distributed $2.2 million in the three and six months ended June 30, 2018, of which $1.8 million was distributed to the Company. Total contributions to the partnership during the three and six months ended June 30, 2017 were $0.0 million and $0.4 million, respectively, of which 80% was paid by the Company. Total distributions from the partnership during the three and six months ended June 30, 2017 were $1.2 million and $6.2 million, respectively, of which $0.9 million and $4.9 million, respectively, was paid to the Company. The Company has consolidated the entity’s results of operations and financial condition into its financial statements based on our 80% ownership.

During March 2016, the Company purchased undeveloped land for development of a 73 unit townhome community, Suwanee Station in Atlanta. Simultaneously, the Company entered into a partnership agreement with an entity affiliated with the president of TPG to develop the land for sale of the lots to TPG. Contributions and profits are shared 50% by the Company and 50% by the affiliated entity. Total capital contributions as of June 30, 2018 were $2.5 million. There were no contributions made to the partnership in the six months ended June 30, 2018. Total contributions made to the partnership in the three and six months ended June 30, 2017 were $0.4 million, of which $0.2 million was contributed by the Company. Total distributions made by the partnership during the three and six months ended June 30, 2018 were $0.0 million and $0.7 million, respectively, of which $0.3 million was paid to the Company. Total distributions made by the partnership during the three and six months ended June 30, 2017 were $0.0 million and $0.4 million, respectively, of which $0.2 million was paid to the Company. The Company holds two of the three board seats and is able to exercise control over the operations of the partnership and therefore has consolidated the entity’s results of operations and financial condition into its financial statements.

In June 2016, the Company purchased 14 lots from an entity affiliated with the president of TPG. The lots are part of a 40 unit townhome community, Dunwoody Towneship. The Company purchased the remaining 26 lots during the year ended December 31, 2017 for $3.3 million, of which $1.3 million was paid during the six months ended June 30, 2017.

In February 2017, Richard A. Costello paid a $110,000 deposit to Centre Living on a townhome. During the fourth quarter of 2017, Mr. Costello closed on the townhome for approximately $495,000. In accordance with the Company’s employee discount policy, the contract price resulted in a margin of approximately 13%.

In February 2017, Jed Dolson paid a $110,000 deposit to Centre Living on a townhome. During the fourth quarter of 2017, as allowed for in the Company’s employee discount policy, Mr. Dolson assigned his rights to purchase the townhome to his sister-in-law. The townhome was sold in the fourth quarter of 2017 for approximately $472,000. In accordance with the Company’s employee discount policy, the contract price resulted in a margin of approximately 13%.

GHO Homes leases office space from entities affiliated with the president of GHO Homes. During the period from April 26, 2018 through June 30, 2018, GHO Homes incurred rent expense of $31,165 under such lease agreements. As of June 30, 2018, there were no amounts due to the affiliated entities related to such lease agreements.
    
GHO Homes receives title closing services on the purchase of land and third-party lots from an entity affiliated with the president of GHO Homes. During the period from April 26, 2018 through June 30, 2018, GHO Homes incurred de minimus fees related to such title closing services. As of June 30, 2018, no amounts were due to the title company affiliate.