QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation) | (IRS Employer Identification Number) | |||||||||||||||||||
, | ||||||||||||||||||||
(Address of principal executive offices, including Zip Code) | (Registrant’s telephone number, including area code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 4. | |||||||||||
Item 2. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Receivables | |||||||||||
Inventory | |||||||||||
Investments in unconsolidated entities | |||||||||||
Right-of-use assets - operating leases | |||||||||||
Property and equipment, net | |||||||||||
Earnest money deposits | |||||||||||
Deferred income tax assets, net | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND EQUITY | |||||||||||
Liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses | |||||||||||
Customer and builder deposits | |||||||||||
Lease liabilities - operating leases | |||||||||||
Borrowings on lines of credit, net | ( | ( | |||||||||
Senior unsecured notes, net | |||||||||||
Notes payable | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Redeemable noncontrolling interest in equity of consolidated subsidiary | |||||||||||
Equity: | |||||||||||
Green Brick Partners, Inc. stockholders’ equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Treasury stock, at cost: | ( | ||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Total Green Brick Partners, Inc. stockholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Residential units revenue | $ | $ | ||||||||||||
Land and lots revenue | ||||||||||||||
Total revenues | ||||||||||||||
Cost of residential units | ||||||||||||||
Cost of land and lots | ||||||||||||||
Total cost of revenues | ||||||||||||||
Total gross profit | ||||||||||||||
Selling, general and administrative expenses | ( | ( | ||||||||||||
Equity in income of unconsolidated entities | ||||||||||||||
Other income, net | ||||||||||||||
Income before income taxes | ||||||||||||||
Income tax expense | ||||||||||||||
Net income | ||||||||||||||
Less: Net income attributable to noncontrolling interests | ||||||||||||||
Net income attributable to Green Brick Partners, Inc. | $ | $ | ||||||||||||
Net income attributable to Green Brick Partners, Inc. per common share: | ||||||||||||||
Basic | $ | $ | ||||||||||||
Diluted | $ | $ | ||||||||||||
Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share: | ||||||||||||||
Basic | ||||||||||||||
Diluted |
Common Stock | Preferred Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Total GRBK Stockholders’ Equity | Non controlling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under 2014 Omnibus Equity Incentive Plan, net of forfeitures | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Withholdings from vesting of restricted stock awards | ( | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred share-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Stock repurchases | — | — | — | — | ( | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of redeemable noncontrolling interest | — | — | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | $ | ( | $ | ( | $ | $ | $ | $ | $ |
Common Stock | Preferred Stock | Treasury Stock | Additional Paid-in Capital | Retained Earnings | Total GRBK Stockholders’ Equity | Non controlling Interests | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock under 2014 Omnibus Equity Incentive Plan, net of forfeitures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Withholdings from vesting of restricted stock awards | ( | ( | — | — | — | — | ( | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Amortization of deferred share-based compensation | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends | — | — | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Stock repurchases | — | — | — | — | ( | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Change in fair value of redeemable noncontrolling interest | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions | — | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | ( | $ | ( | $ | $ | $ | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization expense | |||||||||||
Loss (gain) on disposal of property and equipment, net | ( | ||||||||||
Share-based compensation expense | |||||||||||
Equity in income of unconsolidated entities | ( | ( | |||||||||
Allowances for option deposits and pre-acquisition costs | |||||||||||
Distributions of income from unconsolidated entities | |||||||||||
Gain on sale of investment in unconsolidated entity | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Decrease (increase) in receivables | ( | ||||||||||
(Increase) decrease in inventory | ( | ||||||||||
Decrease in earnest money deposits | |||||||||||
Decrease in other assets | |||||||||||
(Decrease) increase in accounts payable | ( | ||||||||||
Increase in accrued expenses | |||||||||||
Increase in customer and builder deposits | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Investments in unconsolidated entities | ( | ( | |||||||||
Proceeds from sale of investment in unconsolidated entity | |||||||||||
Purchase of property and equipment, net of disposals | ( | ( | |||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Cash flows from financing activities: | |||||||||||
Borrowings from lines of credit | |||||||||||
Repayments of lines of credit | ( | ||||||||||
Repayments of senior unsecured notes | ( | ||||||||||
Repayments of notes payable | ( | ( | |||||||||
Payments of debt issuance costs | ( | ||||||||||
Payments of withholding tax on vesting of restricted stock awards | ( | ( | |||||||||
Share repurchases | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net increase in cash and cash equivalents and restricted cash | |||||||||||
Cash and cash equivalents and restricted cash, beginning of period | |||||||||||
Cash and cash equivalents and restricted cash, end of period | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Homes completed or under construction | $ | $ | |||||||||
Land and lots - developed and under development | |||||||||||
Land held for future development(1) | |||||||||||
Land held for sale | |||||||||||
Total inventory | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Interest capitalized at beginning of period | $ | $ | |||||||||
Interest incurred | |||||||||||
Interest charged to cost of revenues | ( | ( | |||||||||
Interest capitalized at end of period | $ | $ | |||||||||
Capitalized interest as a percentage of inventory | % | % |
March 31, 2024 | December 31, 2023 | |||||||||||||
GB Challenger, LLC | $ | $ | ||||||||||||
GBTM Sendera, LLC | ||||||||||||||
EJB River Holdings, LLC | ||||||||||||||
BHome Mortgage, LLC | ||||||||||||||
Rainwater Crossing Single-Family, LLC | $ | $ | ||||||||||||
Total investment in unconsolidated entities | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Assets: | |||||||||||
Cash | $ | $ | |||||||||
Accounts receivable | |||||||||||
Bonds and notes receivable | |||||||||||
Loans held for sale, at fair value | |||||||||||
Inventory | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other liabilities | |||||||||||
Notes payable | |||||||||||
Total liabilities | $ | $ | |||||||||
Owners’ equity: | |||||||||||
Green Brick | $ | $ | |||||||||
Others | |||||||||||
Total owners’ equity | $ | $ | |||||||||
Total liabilities and owners’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenues | $ | $ | |||||||||
Costs and expenses | |||||||||||
Net earnings of unconsolidated entities | $ | $ | |||||||||
Company’s share in net earnings of unconsolidated entities | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
GB Challenger, LLC(1) | $ | $ | |||||||||
BHome Mortgage, LLC | |||||||||||
EJB River Holdings, LLC | |||||||||||
Total net earnings from unconsolidated entities | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||
Real estate development reserve to complete(1) | $ | $ | ||||||||||||
Warranty reserve | ||||||||||||||
Federal income tax payable | 17,402 | — | ||||||||||||
Accrued compensation | ||||||||||||||
Accrued property tax payable | ||||||||||||||
Other accrued expenses | ||||||||||||||
Total accrued expenses | $ | $ | 96,457 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Warranty accrual, beginning of period | $ | $ | |||||||||
Warranties issued | |||||||||||
Changes in liability for existing warranties | |||||||||||
Payments made | ( | ( | |||||||||
Warranty accrual, end of period | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Secured Revolving Credit Facility | $ | $ | |||||||||
Unsecured Revolving Credit Facility | |||||||||||
Debt issuance costs, net of amortization | ( | ( | |||||||||
Total borrowings on lines of credit, net | $ | ( | $ | ( |
March 31, 2024 | December 31, 2023 | ||||||||||
4.00% senior unsecured notes due in 2026 (“2026 Notes”) | $ | $ | |||||||||
3.35% senior unsecured notes due in 2027 (“2027 Notes”) | |||||||||||
3.25% senior unsecured notes due in 2028 (“2028 Notes”) | |||||||||||
3.25% senior unsecured notes due in 2029 (“2029 Notes”) | |||||||||||
Debt issuance costs, net of amortization | ( | ( | |||||||||
Total senior unsecured notes, net | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Redeemable noncontrolling interest, beginning of period | $ | $ | |||||||||
Net income attributable to redeemable noncontrolling interest partner | |||||||||||
Change in fair value of redeemable noncontrolling interest | ( | ||||||||||
Redeemable noncontrolling interest, end of period | $ | $ |
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 |
Number of Shares (in thousands) | Weighted Average Grant Date Fair Value per Share | ||||||||||
Unvested, December 31, 2023 | $ | ||||||||||
Granted | $ | ||||||||||
Vested | ( | $ | |||||||||
Forfeited | ( | $ | |||||||||
Unvested, March 31, 2024 | $ |
Number of Shares (in thousands) | Weighted Average Exercise Price per Share | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||
Options outstanding, December 31, 2023 | $ | ||||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | |||||||||||||||||||||||
Forfeited | |||||||||||||||||||||||
Options outstanding, March 31, 2024 | $ | $ | |||||||||||||||||||||
Options exercisable, March 31, 2024 | $ | $ |
Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | ||||||||||||||||||||||
Residential units revenue | Land and lots revenue | Residential units revenue | Land and lots revenue | ||||||||||||||||||||
Primary Geographical Market | |||||||||||||||||||||||
Central | $ | $ | $ | $ | |||||||||||||||||||
Southeast | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Type of Customer | |||||||||||||||||||||||
Homebuyers | $ | $ | $ | $ | |||||||||||||||||||
Homebuilders and Multi-family Developers | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Product Type | |||||||||||||||||||||||
Residential units | $ | $ | $ | $ | |||||||||||||||||||
Land and lots | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Timing of Revenue Recognition | |||||||||||||||||||||||
Transferred at a point in time | $ | $ | $ | $ | |||||||||||||||||||
Transferred over time(1) | |||||||||||||||||||||||
Total revenues | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Customer and builder deposits | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Type of Customer | |||||||||||
Homebuyers | $ | $ | |||||||||
Homebuilders and Multi-Family Developers | |||||||||||
Total deposits recognized as revenue | $ | $ |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Revenues: (1) | |||||||||||
Builder operations | |||||||||||
Central | $ | $ | |||||||||
Southeast | |||||||||||
Total builder operations | |||||||||||
Land development | |||||||||||
Total revenues | $ | $ | |||||||||
Gross profit: | |||||||||||
Builder operations | |||||||||||
Central | $ | $ | |||||||||
Southeast | |||||||||||
Total builder operations | |||||||||||
Land development | |||||||||||
Corporate, other and unallocated (2) | ( | ( | |||||||||
Total gross profit | $ | $ | |||||||||
Income before income taxes: | |||||||||||
Builder operations | |||||||||||
Central | $ | $ | |||||||||
Southeast | |||||||||||
Total builder operations | |||||||||||
Land development | |||||||||||
Corporate, other and unallocated (3) | ( | ||||||||||
Income before income taxes | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Inventory: | |||||||||||
Builder operations | |||||||||||
Central | $ | $ | |||||||||
Southeast | |||||||||||
Total builder operations | |||||||||||
Land development | |||||||||||
Corporate, other and unallocated (4) | |||||||||||
Total inventory | $ | $ | |||||||||
Goodwill: | |||||||||||
Builder operations - Southeast | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net income attributable to Green Brick Partners, Inc. | $ | $ | |||||||||
Cumulative preferred stock dividends | (719) | (719) | |||||||||
Net income applicable to common stockholders | $ | 82,582 | $ | 63,461 | |||||||
Weighted-average number of common shares outstanding - basic | |||||||||||
Basic net income attributable to Green Brick Partners, Inc. per common share | $ | $ | |||||||||
Weighted-average number of common shares outstanding - basic | |||||||||||
Dilutive effect of stock options and restricted stock awards | |||||||||||
Weighted-average number of common shares outstanding - diluted | |||||||||||
Diluted net income attributable to Green Brick Partners, Inc. per common share | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Antidilutive options to purchase common stock and restricted stock awards | ( | ( |
Remainder of 2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total future lease payments | $ | ||||
Less: Interest | |||||
Present value of lease liabilities | $ |
Three Months Ended March 31, 2024 | ||||||||
Home deliveries | Increased by 7.9% | |||||||
Home closings revenue | Decreased by 1.4% | |||||||
Average sales price of homes delivered | Decreased by 8.6% | |||||||
Net new home orders | Increased by 0.4% | |||||||
Homebuilding gross margin percentage | Increased by 580 bps |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | Change | % | |||||||||||||||||||||||
Home closings revenue | $ | 443,094 | $ | 449,430 | $ | (6,336) | (1.4) | % | ||||||||||||||||||
Mechanic’s lien contracts revenue | 190 | 932 | (742) | (79.6) | % | |||||||||||||||||||||
Residential units revenue | $ | 443,284 | $ | 450,362 | $ | (7,078) | (1.6) | % | ||||||||||||||||||
New homes delivered | 821 | 761 | 60 | 7.9 | % | |||||||||||||||||||||
Average sales price of homes delivered | $ | 539.7 | $ | 590.6 | $ | (50.9) | (8.6) | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | Change | % | |||||||||||||||||||||||
Net new home orders | 1,071 | 1,067 | 4 | 0.4 | % | |||||||||||||||||||||
Revenue from net new home orders | $ | 613,384 | $ | 630,928 | $ | (17,544) | (2.8) | % | ||||||||||||||||||
Average selling price of net new home orders | $ | 572.7 | $ | 591.3 | $ | (18.6) | (3.1) | % | ||||||||||||||||||
Cancellation rate | 4.1 | % | 6.2 | % | (2.1) | % | (33.9) | % | ||||||||||||||||||
Absorption rate per average active selling community per quarter | 11.4 | 13.3 | (1.9) | (14.3) | % | |||||||||||||||||||||
Average active selling communities | 94 | 80 | 14 | 17.5 | % | |||||||||||||||||||||
Active selling communities at end of period | 98 | 79 | 19 | 24.1 | % | |||||||||||||||||||||
Backlog | $ | 725,489 | $ | 550,593 | $ | 174,896 | 31.8 | % | ||||||||||||||||||
Backlog units | 1,020 | 843 | 177 | 21.0 | % | |||||||||||||||||||||
Average sales price of backlog | $ | 711.3 | $ | 653.1 | $ | 58.2 | 8.9 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||
Home closings revenue | $ | 443,094 | 100.0 | % | $ | 449,430 | 100.0 | % | ||||||||||||||||||
Cost of homebuilding units | 295,177 | 66.6 | % | 325,515 | 72.4 | % | ||||||||||||||||||||
Homebuilding gross margin | $ | 147,917 | 33.4 | % | $ | 123,915 | 27.6 | % | ||||||||||||||||||
Mechanic’s lien contracts revenue | $ | 190 | 100.0 | % | $ | 932 | 100.0 | % | ||||||||||||||||||
Cost of mechanic’s lien contracts | 136 | 71.6 | % | 609 | 65.3 | % | ||||||||||||||||||||
Mechanic’s lien contracts gross margin | $ | 54 | 28.4 | % | $ | 323 | 34.7 | % | ||||||||||||||||||
Residential units revenue | $ | 443,284 | 100.0 | % | $ | 450,362 | 100.0 | % | ||||||||||||||||||
Cost of residential units | 295,313 | 66.6 | % | 326,124 | 72.4 | % | ||||||||||||||||||||
Residential units gross margin | $ | 147,971 | 33.4 | % | $ | 124,238 | 27.6 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||
2024 | 2023 | Change | % | |||||||||||||||||||||||
Lots revenue | $ | 4,054 | $ | 1,699 | $ | 2,355 | 138.6 | % | ||||||||||||||||||
Lots closed | 63 | 18 | 45 | 250.0 | % | |||||||||||||||||||||
Average sales price of lots closed | $ | 64.3 | $ | 94.4 | $ | (30.1) | (31.9) | % |
Three Months Ended March 31, | As Percentage of Segment Revenue | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Builder operations | $ | 49,203 | $ | 47,243 | ||||||||||||||||||||||
Corporate, other and unallocated (income) expense | 1,302 | (1,407) | ||||||||||||||||||||||||
Net builder operations | 50,505 | 45,836 | 11.4 | % | 10.2 | % | ||||||||||||||||||||
Land development | 65 | 109 | 1.6 | % | 6.4 | % | ||||||||||||||||||||
Total selling, general and administrative expenses | $ | 50,570 | $ | 45,945 | 11.3 | % | 10.2 | % |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
Central | Southeast | Total | Central | Southeast | Total | ||||||||||||||||||||||||||||||
Lots owned | |||||||||||||||||||||||||||||||||||
Finished lots | 3,408 | 952 | 4,360 | 4,014 | 964 | 4,978 | |||||||||||||||||||||||||||||
Lots in communities under development | 17,192 | 1,252 | 18,444 | 9,122 | 1,335 | 10,457 | |||||||||||||||||||||||||||||
Land held for future development(1) | 3,800 | — | 3,800 | 8,366 | — | 8,366 | |||||||||||||||||||||||||||||
Total lots owned | 24,400 | 2,204 | 26,604 | 21,502 | 2,299 | 23,801 | |||||||||||||||||||||||||||||
Lots controlled | |||||||||||||||||||||||||||||||||||
Lots under third party option contracts | 1,183 | — | 1,183 | 1,169 | — | 1,169 | |||||||||||||||||||||||||||||
Land under option for future acquisition and development | 110 | 430 | 540 | 1,710 | 460 | 2,170 | |||||||||||||||||||||||||||||
Lots under option through unconsolidated development joint ventures | 2,157 | 302 | 2,459 | 1,210 | 331 | 1,541 | |||||||||||||||||||||||||||||
Total lots controlled | 3,450 | 732 | 4,182 | 4,089 | 791 | 4,880 | |||||||||||||||||||||||||||||
Total lots owned and controlled (2) | 27,850 | 2,936 | 30,786 | 25,591 | 3,090 | 28,681 | |||||||||||||||||||||||||||||
Percentage of lots owned | 87.6 | % | 75.1 | % | 86.4 | % | 84.0 | % | 74.4 | % | 83.0 | % |
March 31, 2024 | December 31, 2023 | ||||||||||
Total lots owned(1) | 26,604 | 23,801 | |||||||||
Land under option for future acquisition and development | 540 | 2,170 | |||||||||
Lots under option through unconsolidated development joint ventures | 2,459 | 1,541 | |||||||||
Total lots self-developed | 29,603 | 27,512 | |||||||||
Self-developed lots as a percentage of total lots owned and controlled(1) | 96.2 | % | 95.9 | % |
Gross | Cash and cash equivalents | Net | |||||||||||||||
Total debt, net of debt issuance costs | $ | 309,156 | $ | (185,897) | $ | 123,259 | |||||||||||
Total Green Brick Partners, Inc. stockholders’ equity | 1,383,327 | — | 1,383,327 | ||||||||||||||
Total capitalization | $ | 1,692,483 | $ | (185,897) | $ | 1,506,586 | |||||||||||
Debt to total capitalization ratio | 18.3 | % | |||||||||||||||
Net debt to total capitalization ratio | 8.2 | % |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value of shares that may yet be purchased under the plans or programs (1) | ||||||||||||||||||||||
January 1 - January 31, 2024 | 32,913 | $ | 49.57 | 32,913 | $ | 101,770,000 | ||||||||||||||||||||
February 1 - February 29, 2024 | — | — | — | 101,770,000 | ||||||||||||||||||||||
March 1 - March 31, 2024 | 38,328 | 54.52 | 38,328 | 99,682,000 | ||||||||||||||||||||||
Total | 71,241 | 52.23 | 71,241 |
Number | Description | |||||||
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101.INS** | XBRL Instance Document. The Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH** | XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL** | XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF** | XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB** | XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE** | XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104** | Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101). |
GREEN BRICK PARTNERS, INC. | |||||
/s/ James R. Brickman | |||||
By: James R. Brickman | |||||
Its: Chief Executive Officer | |||||
/s/ Richard A. Costello | |||||
By: Richard A. Costello | |||||
Its: Chief Financial Officer |
By: | /s/ James R. Brickman | ||||
Name: | James R. Brickman | ||||
Title: | Chief Executive Officer |
By: | /s/ Richard A. Costello | ||||
Name: | Richard A. Costello | ||||
Title: | Chief Financial Officer |
By: | /s/ James R. Brickman | ||||
Name: | James R. Brickman | ||||
Title: | Chief Executive Officer |
By: | /s/ Richard A. Costello | ||||
Name: | Richard A. Costello | ||||
Title: | Chief Financial Officer |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2024 |
Dec. 31, 2023 |
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Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 5,000,000 | |
Preferred stock, shares issued (in shares) | 2,000 | |
Preferred stock, shares outstanding (in shares) | 2,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized (in shares) | 100,000,000 | |
Common Stock, Shares, Issued | 45,096,392 | 45,005,175 |
Common stock, shares outstanding (in shares) | 45,025,151 | 45,005,175 |
Condensed Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Total revenues | $ 447,338 | $ 452,061 |
Cost of Goods and Services Sold | 299,081 | 327,455 |
Total gross profit | 148,257 | 124,606 |
Selling, general and administrative expenses | 50,570 | 45,945 |
Equity in income of unconsolidated entities | 2,592 | 4,221 |
Other income, net | 15,354 | 4,290 |
Income before income taxes | 115,633 | 87,172 |
Income tax expense | 24,842 | 19,031 |
Net income | 90,791 | 68,141 |
Less: Net income attributable to noncontrolling interests | 7,490 | 3,961 |
Net income attributable to Green Brick Partners, Inc. | $ 83,301 | $ 64,180 |
Net income attributable to Green Brick Partners, Inc. per common share: | ||
Basic (in dollars per share) | $ 1.84 | $ 1.38 |
Diluted (in dollars per share) | $ 1.82 | $ 1.37 |
Residential Real Estate [Member] | ||
Total revenues | $ 443,284 | $ 450,362 |
Cost of Goods and Services Sold | 295,313 | 326,124 |
Real Estate, Other [Member] | ||
Total revenues | 4,054 | 1,699 |
Cost of Goods and Services Sold | $ 3,768 | $ 1,331 |
Significant Accounting Policies Accounting Policies (Notes) |
3 Months Ended |
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Mar. 31, 2024 | |
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, 2023 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, 2023. 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, 2023. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024 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, (together, the “Company”, “we”, or “Green Brick”) and variable interest entities (“VIEs”) in which Green Brick Partners, Inc. or one of its controlled subsidiaries is deemed to be the primary beneficiary. 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. 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, 2023.
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Principles of Consolidation | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Green Brick Partners, Inc., its controlled subsidiaries, (together, the “Company”, “we”, or “Green Brick”) and variable interest entities (“VIEs”) in which Green Brick Partners, Inc. or one of its controlled subsidiaries is deemed to be the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
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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.
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New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Changes to U.S. GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standard Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). We consider the applicability and impact of all ASUs and any not listed below were assessed and determined to be not applicable or are not expected to have a material impact on our consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 (“ASU 2023-09”) Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires public companies to annually disclose specific categories in the income tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). ASU 2023-09 will be effective for the annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating ASU 2023-09 and does not expect it to have a material effect on the Company’s consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). ASU 2023-07 requires disclosure of (i) significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within the segment measure of profit or loss, (ii) an amount and description of its composition for other segment items to reconcile to segment profit or loss, and (iii) the title and position of the entity’s CODM. ASU 2023-07 will be applied retrospectively and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently reviewing the impact that the adoption of ASU 2023-07 may have on its Consolidated Financial Statements and disclosures.
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Inventory |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | 2. INVENTORY A summary of our inventory is as follows (in thousands):
(1)Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors. All applicable carrying costs, including property taxes, are expensed as incurred. As of March 31, 2024, the Company reviewed the performance and outlook for all of its communities for indicators of potential impairment and performed detailed impairment analysis when such indicators were identified. As of March 31, 2024, one selling community had an indicator of impairment. The Company estimated the remaining undiscounted cash flows for this community and determined its carrying value of $22.3 million does not exceed the community’s fair value. For the three months ended March 31, 2024 and 2023, the Company did not record an impairment adjustment to reduce the carrying value of communities or land inventory to fair value. A summary of interest costs incurred, capitalized, and expensed is as follows (in thousands):
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Investment in Unconsolidated Entities |
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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):
Sale of GB Challenger Ownership Interest Effective February 1, 2024, the Company sold its ownership interest in GB Challenger, LLC (“Challenger”) to the entity that already held the controlling interest in Challenger for approximately $64.0 million in cash. A gain on this sale of $10.7 million is included in other income, net in the condensed consolidated statements of income. Rainwater Crossing Single-Family, LLC Joint Venture On February 15, 2024, a wholly owned subsidiary of the Company established a joint venture (“JV”), Rainwater Crossing Single-Family, LLC (“Rainwater Crossing”), with Rainwater Single Family S-CORP to develop a tract of land in Celina, Texas. Both parties hold a 50% ownership interest in Rainwater Crossing. The Company evaluated the JV agreements and determined that it has a variable interest in this entity, but the Company is not its primary beneficiary. Specifically, the Company determined that it does not direct the activities that most significantly impact the entity’s economic performance as key decisions are subject to the approval of a management committee where both members are equally represented. Therefore, the Company’s investment in Rainwater Crossing is treated as an unconsolidated investment under the equity method of accounting and is included in investments in unconsolidated entities in the Company’s condensed consolidated balance sheets. As of March 31, 2024, the Company’s maximum exposure to loss as a result from its involvement with Rainwater Crossing was approximately $20.6 million, representing its $0.8 million investment and the Company’s remaining commitment to contribute to the joint venture $15.0 million in quarterly payments through March 31, 2029 and $4.8 million upon the joint venture’s initial land contribution. The Company will also fund the development costs related to this project. 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):
A summary of the Company’s share in net earnings by unconsolidated entity is as follows (in thousands):
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Payables and Accruals |
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Accounts Payable and Accrued Liabilities Disclosure | 4. ACCRUED EXPENSES A summary of the Company’s accrued expenses is as follows (in thousands):
(1)The Company’s real estate development reserve to complete consists of estimated future costs to complete the development of its communities. Warranties Warranty accruals are included within accrued expenses on the condensed consolidated balance sheets. Warranty activity during the three months ended March 31, 2024 and 2023 consisted of the following (in thousands):
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure | . DEBT Lines of Credit Borrowings on lines of credit outstanding, net of debt issuance costs, as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands):
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 of $35.0 million. The Secured Revolving Credit Facility matures on May 1, 2025 and it carries a minimum interest rate of 3.15%. The entire unpaid principal balance and any accrued but unpaid interest is due and payable on the maturity date. As of March 31, 2024, there were no letters of credit outstanding and a net available commitment of $35.0 million. 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”). On December 8, 2023, the Company entered into the Eleventh Amendment to this credit agreement which was amended to revise certain financial covenants in order to appropriately reflect the Company’s size and growth. The Eleventh Amendment also extends the maturity of $300.0 million of the commitments under the credit facility through December 14, 2026, with the remaining $25.0 million commitment expiring December 14, 2025. The Unsecured Revolving Credit Facility is guaranteed on an unsecured senior basis by the Company’s significant subsidiaries and certain other subsidiaries. Senior Unsecured Notes Senior unsecured notes, net of debt issuance costs, as of March 31, 2024 and December 31, 2023 consisted of the following (in thousands):
The Senior Unsecured Notes are guaranteed on an unsecured senior basis by the Company’s significant subsidiaries and certain other subsidiaries. Optional prepayment of each of the Notes is allowed with a payment of a “make-whole” penalty which fluctuates depending on market interest rates. Interest is payable quarterly in arrears. 2026 Notes 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. 2027 Notes The aggregate principal amount of the 2027 Notes is due on August 26, 2027. 2028 Notes Principal on the 2028 Notes is due in increments of $25.0 million annually on February 25 in each of 2025, 2026, 2027, and 2028. 2029 Notes 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 28, 2029. Our debt instruments require us to maintain specific financial covenants, each of which we were in compliance with as of March 31, 2024.
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Business Combination |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. On March 23, 2023, the Company and the minority partner amended the operating agreement of GRBK GHO to change the start of the put and purchase options from April 2024 to April 2027. Refer to Note 2 in the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for details on the put/call structure of this agreement. The following table shows the changes in redeemable noncontrolling interest in equity of the consolidated subsidiary during the three months ended March 31, 2024 and 2023 (in thousands):
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Equity |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note Disclosure | . STOCKHOLDERS’ EQUITY 2022 Share Repurchase Plan During the three months ended March 31, 2024, the Company completed discrete open market repurchases under the 2022 Repurchase Plan of 65,800 shares for approximately $3.4 million, excluding excise tax. As of March 31, 2024, the Company has repurchased the full $100.0 million that had been authorized under the 2022 Repurchase Plan. The repurchased shares will be retired. 2023 Share Repurchase Plan On April 27, 2023, the Board approved a new stock repurchase program (the “2023 Repurchase Plan”) 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 based on market and business conditions, applicable legal requirements and other factors. Shares repurchased will be retired. The 2023 Repurchase Plan has no time deadline and will continue until otherwise modified, completed, or terminated by the Board at any time in its sole discretion. During the three months ended March 31, 2024, the Company completed open market repurchases under the 2023 Share Repurchase Plan of 5,441 shares for approximately $0.3 million, excluding excise tax. Preferred Stock The table below presents a summary of the perpetual preferred stock outstanding at March 31, 2024 and December 31, 2023.
(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 Dividends paid on our Series A preferred stock were $0.7 million for each of the three months ended March 31, 2024 and 2023, respectively. On April 25, 2024, the Board declared a quarterly cash dividend of $0.359 per depositary share on the Company’s preferred stock. The dividend is payable on June 15, 2024 to stockholders of record as of June 1, 2024.
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Revenue from Contract with Customer |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024 and 2023 (in thousands):
(1) 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):
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 delivery of the home, impacted slightly by cancellations of contracts. The 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, 2024 and 2023 are as follows (in thousands):
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 $7.2 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 in the remainder of 2024. The timing of lot takedowns is contingent upon a number of factors, including customer and business 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, and therefore has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period.
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Compensation Related Costs, Share Based Payments |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement | SHARE-BASED COMPENSATION The Company’s stock compensation plan, the 2014 Omnibus Equity Incentive Plan, is administered by the Board and allows for the grant of stock awards (“SAs”), restricted stock awards (“RSAs”), performance restricted stock units (“PRSUs”), restricted stock units (RSUs), stock options and other stock based awards. Share-Based Award Activity During the three months ended March 31, 2024, the Company granted SAs to executive officers, RSAs to non-employee members of the Board, and PRSUs to employees. The SAs granted to the executive officers were 100% vested and non-forfeitable on the grant date. Non-vested stock awards are usually granted with a one-year vesting for non-employee directors, two-year cliff vesting for employee RSAs, and three-year cliff vesting for PRSUs. The fair value of all share awards were recorded as share-based compensation expense on the grant date and over the vesting period, respectively. The Company withheld 41,679 shares of common stock from executive officers at a total cost of $2.2 million, to satisfy statutory minimum tax requirements upon grant of the SAs. A summary of share-based awards activity during the three months ended March 31, 2024 is as follows:
Stock Options A summary of stock options activity during the three months ended March 31, 2024 is as follows:
Share-Based Compensation Expense Share-based compensation expense was $6.4 million and $5.5 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the estimated total remaining unamortized share-based compensation expense related to unvested RSAs and PRSUs, net of forfeitures, was $3.9 million which is expected to be recognized over a weighted-average period of 1.8 years.
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | SEGMENT INFORMATION 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. Financial information relating to the Company’s reportable segments is as follows.
(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. For the three months ended March 31, 2024, Builders had revenues from land or lot closings of $0.1 million and no revenues from land or lot closings for the three months ended March 31, 2023. (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 loss before income taxes includes results from Green Brick Title, Ventana Insurance, 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.
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Income Taxes |
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Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | The Company’s income tax expense for the three months ended March 31, 2024 and 2023 was $24.8 million and $19.0 million, respectively. The effective tax rate was 21.5% for the three months ended March 31, 2024, compared to 21.8% in the comparable prior year period. The change in the effective tax rate for the three months ended March 31, 2024 relates primarily to lower state tax expense and an improved rate benefit in the Energy Efficient Homes Tax credit as compared to pre-tax book income.
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Net Income Attributable to Green Brick Partners, Inc. Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Attributable to Green Brick Partners, Inc. Per Share | 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 stockholders by the weighted average number of common shares outstanding during each period, adjusted for non-vested shares of RSAs and PRSUs during each period. Net income applicable to common stockholders 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, RSAs and PRSUs. 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):
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):
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Fair Value Measurements |
3 Months Ended |
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Mar. 31, 2024
USD ($)
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Fair Value Disclosures [Abstract] | |
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 notes payable. 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, 2024 and December 31, 2023. Level 2 financial instruments include borrowings on lines of credit, senior unsecured notes, and notes payable. 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, 2024 and December 31, 2023 was $296.0 million and $322.5 million, respectively. The aggregate principal balance of the senior unsecured notes was $312.5 million and $337.5 million as of March 31, 2024 and December 31, 2023, respectively. 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, 2024 and 2023.
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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 |
3 Months Ended |
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Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | During the three months ended March 31, 2024 and 2023, 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 each of the three months ended March 31, 2024 and 2023, GRBK GHO incurred de minimis rent expense under such lease agreements. As of March 31, 2024, there were no amounts due to the affiliated entities related to such lease agreements. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024 and December 31, 2023, letters of credit and performance bonds outstanding were $9.3 million and $13.5 million. 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. 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 each of the three months ended March 31, 2024 and 2023 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 $0.2 million and $0.4 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the weighted-average remaining lease term and the weighted-average discount rate used in calculating our lease liabilities were 6.4 years and 7.3%, 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, 2024 are presented below (in thousands):
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 for each of the three months ended March 31, 2024 and 2023 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.
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Significant Accounting Policies Changes in Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
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, 2023 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, 2023. 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, 2023. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024 or subsequent periods due to seasonal variations and other factors.
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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.
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Inventory (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Inventory | A summary of our inventory is as follows (in thousands):
(1)Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors. All applicable carrying costs, including property taxes, are expensed as incurred. As of March 31, 2024, the Company reviewed the performance and outlook for all of its communities for indicators of potential impairment and performed detailed impairment analysis when such indicators were identified. As of March 31, 2024, one selling community had an indicator of impairment. The Company estimated the remaining undiscounted cash flows for this community and determined its carrying value of $22.3 million does not exceed the community’s fair value. For the three months ended March 31, 2024 and 2023, the Company did not record an impairment adjustment to reduce the carrying value of communities or land inventory to fair value.
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Summary of Real Estate Inventory Capitalized Interest Costs | A summary of interest costs incurred, capitalized, and expensed is as follows (in thousands):
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Payables and Accruals (Tables) |
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Payables and Accruals [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Payable and Accrued Liabilities |
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Schedule of Warranty Activity |
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Debt (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2024 and December 31, 2023 consisted of the following (in thousands):
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Schedule of Debt |
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Business Combination (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | The following table shows the changes in redeemable noncontrolling interest in equity of the consolidated subsidiary during the three months ended March 31, 2024 and 2023 (in thousands):
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Compensation Related Costs, Share Based Payments (Tables) |
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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, 2024 is as follows:
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | 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. Financial information relating to the Company’s reportable segments is as follows.
(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. For the three months ended March 31, 2024, Builders had revenues from land or lot closings of $0.1 million and no revenues from land or lot closings for the three months ended March 31, 2023. (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 loss before income taxes includes results from Green Brick Title, Ventana Insurance, 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.
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Net Income Attributable to Green Brick Partners, Inc. Per Share (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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):
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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):
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Commitments and Contingencies (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Warranty Activity |
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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, 2024 are presented below (in thousands):
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Significant Accounting Policies Leases, Adoption of ASC 842 (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
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Leases [Abstract] | ||
Operating Lease, Liability | $ 7,873 | $ 7,898 |
Operating Lease, Right-of-Use Asset | $ 6,997 | $ 7,255 |
Inventory (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
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Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
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Inventory Disclosure [Abstract] | |||
Finished Homes and Homes under Construction | $ 624,461 | $ 559,488 | |
Inventory, Real Estate, Land and Land Development Costs | 1,012,584 | 921,241 | |
Inventory, Land Held-for-sale | 3,503 | 3,503 | |
Total inventory | $ 1,655,494 | 1,533,223 | |
Document Period End Date | Mar. 31, 2024 | ||
Earnest Money Deposits and Pre-acquisition Costs Written-Off | $ 5 | $ 10 | |
Land held for future development | 14,946 | $ 48,991 | |
Carrying value of inventory evaluated for impairment | $ 22,300 |
Inventory (Capitalization of Interest) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Real Estate Inventory, Capitalized Interest Costs [Roll Forward] | ||
Interest capitalized at beginning of period | $ 24,126 | $ 22,752 |
Interest incurred | 3,451 | 3,743 |
Interest charged to cost of revenues | (2,684) | (3,648) |
Interest capitalized at end of period | $ 24,893 | $ 22,847 |
Document Period End Date | Mar. 31, 2024 | |
Capitalized interest as a percentage of inventory | 1.50% | 1.70% |
Investment in Unconsolidated Entities (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | ||
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Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
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Equity Method Investments and Joint Ventures [Abstract] | |||
Common stock, par value (in dollars per share) | $ 0.01 | ||
Goodwill | $ 680 | $ 680 | |
Investments in unconsolidated entities | 34,701 | $ 84,654 | |
Equity in income of unconsolidated entity | $ 2,592 | $ 4,221 |
Payables and Accruals (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
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Payables and Accruals [Abstract] | ||||
Inventory, Real Estate, Land and Land Development Costs | $ 1,012,584 | $ 921,241 | ||
other accrued liabilities [Line Items] | ||||
Inventory, Real Estate, Land and Land Development Costs | 1,012,584 | 921,241 | ||
Standard Product Warranty Accrual | 25,116 | 23,474 | $ 19,532 | $ 17,945 |
Accrued expenses | 114,218 | 96,457 | ||
Accrued Expenses | ||||
Payables and Accruals [Abstract] | ||||
Inventory, Real Estate, Land and Land Development Costs | 28,328 | 26,063 | ||
other accrued liabilities [Line Items] | ||||
Accrued Income Taxes | 6,797 | 5,003 | ||
Inventory, Real Estate, Land and Land Development Costs | 28,328 | 26,063 | ||
Standard Product Warranty Accrual | 25,116 | 23,474 | ||
Accrued Bonuses | 8,841 | 14,960 | ||
Other Accrued Liabilities | 27,734 | 26,957 | ||
Other Accrued Liabilities | $ 27,734 | $ 26,957 |
Debt (Schedule of Lines of Credit Outstanding) (Details) - USD ($) |
3 Months Ended | ||||
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Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 09, 2022 |
Jul. 30, 2015 |
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Line of Credit Facility [Line Items] | |||||
Document Period End Date | Mar. 31, 2024 | ||||
Debt issuance costs, net of amortization | $ (2,260,000) | $ (2,328,000) | |||
Debt Issuance Costs, Line of Credit Arrangements, Net | (2,260,000) | (2,328,000) | |||
Letters of Credit Outstanding, Amount | 9,300,000 | 13,500,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | 35,000,000 | ||||
Payments of Debt Issuance Costs | 0 | $ 72,000 | |||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit | 0 | 0 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | $ 35,000,000 | |||
Unsecured Debt [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Long-term Line of Credit | $ 0 | $ 0 |
Business Combination (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
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Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
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Assets acquired | |||||
Goodwill | $ 680 | $ 680 | |||
Liabilities assumed | |||||
Homebuilding revenues | 447,338 | $ 452,061 | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 115,633 | 87,172 | |||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 1,651 | 1,365 | |||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 38,186 | 30,291 | $ 36,135 | $ 29,239 | |
Noncontrolling Interest, Change in Redemption Value | $ 400 | $ 313 | |||
GHO Homes [Member] | |||||
Liabilities assumed | |||||
Ownership percentage by noncontrolling owners | 20.00% |
Equity (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
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Mar. 31, 2024 |
Mar. 31, 2023 |
Apr. 27, 2023 |
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Equity [Abstract] | |||
Stock Repurchase Program, Authorized Amount | $ 100,000 | ||
Dividends, Cash | $ (700) | ||
Payments for Repurchase of Common Stock | 3,758 | $ 15,351 | |
Stock Repurchase Program, Authorized Amount | $ 100,000 | ||
Payments for Repurchase of Common Stock | 3,758 | $ 15,351 | |
2022 Share Repurchase Plan | |||
Equity [Abstract] | |||
Payments for Repurchase of Common Stock | 3,400 | ||
Payments for Repurchase of Common Stock | 3,400 | ||
2023 Share Repurchase Plan | |||
Equity [Abstract] | |||
Payments for Repurchase of Common Stock | 300 | ||
Payments for Repurchase of Common Stock | $ 300 |
Revenue Recognition (Transaction Price Allocated to Remaining Performance Obligations) (Details) $ in Millions |
3 Months Ended |
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Mar. 31, 2024
USD ($)
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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 in the remainder of 2024. |
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. |
Remaining performance obligations | $ 7.2 |
Compensation Related Costs, Share Based Payments (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | ||
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Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Share-Based Payment Arrangement [Abstract] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 months 25 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 500,000 | 500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 7.49 | $ 7.49 | |
Granted (in shares) | 0 | ||
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, Outstanding, Intrinsic Value | $ 26,370 | ||
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, Weighted Average Remaining Contractual Term | 6 months 25 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 26,370 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 43.91 | $ 33.56 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 115,000 | 92,000 | |
Granted (in dollars per share) | $ 51.73 | ||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | (45,560) | ||
Share-based compensation expense | $ 6,365 | $ 5,499 | |
Compensation cost not yet recognized | $ 3,900 | ||
Period for recognition | 1 year 9 months 18 days | ||
Percentage of awards vested and forfeitable at time of grant | 100.00% | ||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 2,161 | $ 1,976 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 147,000 | ||
Vested (in dollars per share) | $ 44.72 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 1,000 | ||
Document Period End Date | Mar. 31, 2024 | ||
Forfeited (in dollars per share) | $ 32.97 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 171,000 |
Segment Information (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Segment Reporting Information [Line Items] | |||
Entity Emerging Growth Company | false | ||
Revenues: | |||
Total revenues | $ 447,338 | $ 452,061 | |
Gross profit: | |||
Gross Profit | 148,257 | 124,606 | |
Income before income taxes: | |||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 115,633 | 87,172 | |
Inventory | |||
Inventory | 1,655,494 | $ 1,533,223 | |
Goodwill | |||
Goodwill | 680 | 680 | |
Inventory | 1,655,494 | 1,533,223 | |
Corporate and Other [Member] | |||
Gross profit: | |||
Gross Profit | (9,805) | (11,816) | |
Income before income taxes: | |||
Results of Operations, Income before Income Taxes | 4,845 | (3,891) | |
Goodwill | |||
Inventory | 45,989 | 43,438 | |
Southeast [Domain] | |||
Goodwill | |||
Goodwill | 680 | 680 | |
Homebuilders [Member] | |||
Revenues: | |||
Total revenues | 443,394 | 450,362 | |
Gross profit: | |||
Gross Profit | 157,757 | 135,734 | |
Income before income taxes: | |||
Results of Operations, Income before Income Taxes | 110,315 | 90,288 | |
Goodwill | |||
Inventory | 981,300 | 960,074 | |
Homebuilders [Member] | Southeast [Domain] | |||
Revenues: | |||
Total revenues | 128,047 | 105,898 | |
Gross profit: | |||
Gross Profit | 48,091 | 33,329 | |
Income before income taxes: | |||
Results of Operations, Income before Income Taxes | 34,794 | 22,271 | |
Goodwill | |||
Inventory | 335,256 | 314,087 | |
Homebuilders [Member] | Central | |||
Gross profit: | |||
Gross Profit | 109,666 | 102,405 | |
Income before income taxes: | |||
Results of Operations, Income before Income Taxes | 75,521 | 68,017 | |
Goodwill | |||
Inventory | 646,044 | 645,987 | |
Homebuilders [Member] | Central America | |||
Revenues: | |||
Total revenues | 315,347 | 344,464 | |
Land Subdivider and Developers | |||
Revenues: | |||
Total revenues | 3,944 | 1,699 | |
Gross profit: | |||
Gross Profit | 305 | 688 | |
Income before income taxes: | |||
Results of Operations, Income before Income Taxes | 473 | 775 | |
Goodwill | |||
Inventory | 628,205 | $ 529,711 | |
Real Estate, Other [Member] | |||
Revenues: | |||
Total revenues | 4,054 | 1,699 | |
Real Estate, Other [Member] | Southeast [Domain] | |||
Revenues: | |||
Total revenues | 0 | 0 | |
Real Estate, Other [Member] | Central | |||
Revenues: | |||
Total revenues | 4,054 | 1,699 | |
Residential Real Estate [Member] | |||
Revenues: | |||
Total revenues | 443,284 | 450,362 | |
Residential Real Estate [Member] | Southeast [Domain] | |||
Revenues: | |||
Total revenues | 128,047 | 105,898 | |
Residential Real Estate [Member] | Central | |||
Revenues: | |||
Total revenues | 315,237 | 344,464 | |
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) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 24,842 | $ 19,031 |
Effective tax rate | 21.50% | 21.80% |
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, 2024 |
Mar. 31, 2023 |
|
Earnings Per Share [Abstract] | ||
Net income attributable to Green Brick Partners, Inc. | $ 83,301 | $ 64,180 |
Weighted-average number of shares outstanding —basic (in shares) | 44,942 | 45,945 |
Basic net income attributable to Green Brick Partners, Inc. per share (in dollars per share) | $ 1.84 | $ 1.38 |
Dilutive effect of stock options and restricted stock awards (in shares) | 488 | 406 |
Weighted-average number of shares outstanding —diluted (in shares) | 45,430 | 46,351 |
Diluted net income attributable to Green Brick Partners, Inc. per share (in dollars per share) | $ 1.82 | $ 1.37 |
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, 2024 |
Mar. 31, 2023 |
|
Earnings Per Share [Abstract] | ||
Antidilutive options to purchase common stock and restricted stock awards (in shares) | (9) | (67) |
Fair Value Measurements (Schedule of Carrying Value and Estimated Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Debt Instrument, Fair Value Disclosure | $ 296.0 | $ 322.5 |
Related Party Disclosures (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
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 Transaction [Line Items] | |
Related Party Transaction, Amounts of Transaction | $ 0 |
GHO Homes [Member] | |
Related Party Transaction [Line Items] | |
Related Party Transaction, Amounts of Transaction | $ 0 |
Commitments and Contingencies (Warranty activity) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Letters of Credit Outstanding, Amount | $ 9,300 | $ 13,500 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Warranty accrual, beginning of period | 23,474 | $ 17,945 | |
Warranties issued | 2,753 | 2,045 | |
Standard Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties | 198 | 633 | |
Payments made | (1,309) | (1,091) | |
Warranty accrual, end of period | $ 25,116 | $ 19,532 |
Commitments and Contingencies (Schedule of Annual Minimum Operating Lease Payments) (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Operating Lease, Liability | $ 7,873 | $ 7,898 |
Remainder of 2024 | 1,063 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 1,533 | |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 1,501 | |
2021 | 1,462 | |
Total future lease payments | 10,002 | |
Lessee, Operating Lease, Liability, to be Paid, Year One | 1,618 | |
Lessee, Operating Lease, Liability, to be Paid, after Year Five | 2,825 | |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | $ 2,129 |
Commitments and Contingencies Operating Leases Disclosures - ASC 842 (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Leases [Abstract] | ||
Earnest Money Deposits and Pre-acquisition Costs Written-Off | $ 5 | $ 10 |
Short-term Lease, Cost | 200 | 200 |
Operating Lease, Expense | 400 | 400 |
Operating Lease, Payments | $ 200 | $ 200 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 4 months 24 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 7.30% |
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