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Green Brick Partners, Inc. (NASDAQ: GRBK) is a prominent homebuilding and land development company that invests in a diverse range of real estate projects. Operating under the brand Green Brick Communities, the company collaborates with both public and private builders across the nation to develop neighborhoods featuring timeless architecture combined with the latest technological advancements.
Green Brick Partners, Inc. is involved in multiple facets of the homebuilding process including land acquisition, development, entitlements, design, construction, marketing, and sales. The company has three primary reportable segments: Builder Operations Central, Builder Operations Southeast, and Land Development. The majority of its revenue is generated from the Builder Operations Central segment, largely driven by its activities in Texas.
The company owns several subsidiary homebuilders, including CB JENI Homes, Normandy Homes, Southgate Homes, Trophy Signature Homes, and a 90% interest in Centre Living Homes in Texas. It also holds a controlling interest in The Providence Group based in Atlanta, Georgia, and an 80% interest in GHO Homes located in Port St. Lucie, Florida. Additionally, Green Brick has a non-controlling interest in Challenger Homes in Colorado Springs, Colorado.
Beyond homebuilding, Green Brick Partners extends its services through financial platforms such as Green Brick Title and BHome Mortgage. This comprehensive involvement in every step of the land entitlement, development, and home construction process enables Green Brick to master plan and develop complex, high-density residential communities optimally.
With a mission to provide superior long-term returns for investors, residents, and the cities in which it builds, Green Brick Partners, Inc. continues to lead the industry in creating neighborhoods designed for modern living.
Green Brick Partners reported a robust third quarter, achieving a basic EPS of $0.69, a 122.6% increase year-over-year. Total revenues reached $275.8 million, an increase of 31.7%, while net new home orders surged 88.8% to 823 units. Strong demand in the DFW market fueled growth, with the backlog increasing 73% to $553.1 million. The company maintained a low debt-to-capital ratio of 25.3%, enhancing its financial position for future expansion.
Green Brick Partners has acquired approximately 214 acres in Waxahachie, Texas, for its new Dove Hollow community, set to develop over 600 single-family homes. Construction will commence in mid-2022, following the success of the nearby Buffalo Ridge community. Dove Hollow will feature various homes on 50’ - 80’ wide sites, emphasizing modern designs with standard upgrades. The community aims to meet the growing demand for larger homes near Dallas, with an anticipated interest in pre-sales.
Green Brick Partners (Nasdaq: GRBK) will announce its third quarter financial results for the period ending September 30, 2020, on October 29, 2020, after market close. CEO Jim Brickman will host a conference call on October 30, 2020, at 12:00 p.m. ET to discuss the earnings. Participants can join via a designated toll-free number, and a replay will be available from October 30 to November 13, 2020. Green Brick is involved in homebuilding and land development, owning several builders across Texas and other states.
Green Brick Partners has acquired nearly 900 acres in Fort Worth, Texas, for a joint development with Taylor Morrison, named Madero, which will feature over 2,500 value-oriented homes. Construction is anticipated to start in Q1 2021, with homes ranging from 1,500 to 3,500 square feet and prices beginning in the high $200s. Madero will include various amenities and is situated in a rapidly growing area with easy access to employment centers. The project aims to address the increasing demand for residential options in master-planned communities.
Green Brick Partners has partnered with Taylor Morrison to acquire nearly 900 acres in Fort Worth, Texas, for a new community named Madero, which will feature over 2,500 homes. Construction is set to commence in Q1 2021, offering various home sizes ranging from 1,400 to 3,500 square feet and starting in the high $200s. The community will include extensive amenities, located within a sought-after school district, and promise proximity to employment hubs. This move expands Green Brick's footprint in a rapidly growing area of the Dallas-Fort Worth region.
Green Brick Partners, Inc. (NASDAQ: GRBK) has announced the promotion of Mr. Jed Dolson to Chief Operating Officer and Executive Vice President. Previously serving as President of the Texas Region, Dolson has overseen significant operations and growth. His new role will focus on enhancing efficiency across Green Brick's national Team Builder™ network. CEO Jim Brickman highlighted Dolson's leadership in achieving nearly $1 billion in annual revenue. Green Brick continues to be a diversified homebuilding and land development company, with operations across multiple states.
Green Brick Partners, Inc. (Nasdaq: GRBK) announced the issuance of $37.5 million in senior unsecured notes due in 2027 at a fixed rate of 3.35% to Prudential Private Capital. This follows a $75 million issuance at a 4.00% rate in 2019. The proceeds will be used to repay revolving credit borrowings and for general corporate purposes. CFO Richard Costello highlighted the company's strong market position enabling favorable note pricing. CEO Jim Brickman noted that this financing supports long-term growth strategies while expanding their relationship with Prudential.
Green Brick Partners, Inc. (Nasdaq: GRBK) reported record-breaking financial results for Q2 2020, with basic EPS of $0.67, a 131.0% increase YoY. Total revenues surged to $232.8 million, a 26.9% rise from $183.5 million, while gross profit reached $53.9 million, up 33.8%. The company also experienced a 28.5% increase in new home orders and a 34.8% growth in backlog, totaling $446.6 million. Despite the challenges posed by COVID-19, Green Brick noted strong sales recovery in May and June, attributing success to low mortgage rates and changing housing trends.
Green Brick Partners, Inc. (Nasdaq: GRBK) will release its second-quarter financial results for the period ending June 30, 2020, on August 4, 2020, after the market closes. CEO Jim Brickman will host an earnings call on August 5, 2020, at 12:00 p.m. Eastern Time to discuss the results. This call will provide insights into the company's performance. A replay will be available from August 5 until August 19, 2020. Green Brick is a diversified homebuilding and land development company with interests in multiple homebuilders across Texas, Georgia, and Florida.
Green Brick Partners (Nasdaq: GRBK) announced a change in the format of its 2020 Annual Meeting of Stockholders due to the COVID-19 pandemic. The meeting will be held virtually on June 23, 2020, at 10:00 a.m. Central Time. Stockholders of record as of April 28, 2020, can attend by registering in advance. Voting can be done online during the meeting or through previously distributed proxy materials. The company plans to return to in-person meetings in the future when public health permits.
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