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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 strong financial results for the fourth quarter and fiscal year 2020, achieving record diluted EPS of $2.24, a 93% increase year-over-year. Total revenues reached $976 million, up 23% from 2019, driven by 50% growth in net new home orders. The company’s inventory of controlled lots rose to 14,468, a 58% increase in six months. Notably, net income grew to $113.7 million, a 94% increase. A new $50 million stock repurchase program was authorized, enhancing shareholder value. The firm anticipates ongoing growth into 2021, supported by a strong backlog and increased home prices.
Green Brick Partners has successfully issued $125 million of senior unsecured notes due in 2028, with a fixed interest rate of 3.25%. This private placement, structured by Prudential Private Capital, is the third issuance in recent years, enhancing the company’s long-term capital structure. The proceeds will be used primarily to repay existing debt and cover transaction costs. The firm plans to release its financial results for the fourth quarter and year ended December 31, 2020, on March 8, 2021, and will discuss this during a conference call on March 9.
Green Brick Partners, Inc. (Nasdaq: GRBK) will release its financial results for the fourth quarter and year ended December 31, 2020, after market close on March 8, 2021. An earnings conference call hosted by CEO Jim Brickman will follow on March 9, 2021, at 12:00 p.m. ET. Participants can access the call via specific dial-in numbers and must use conference ID 5479336. A replay will be available from March 9 through March 23, 2021.
Green Brick Partners (Nasdaq: GRBK) has priced a secondary offering of 6,000,000 shares, raising approximately $125.7 million for certain affiliates of Greenlight Capital. The underwriters are granted a 30-day option to purchase an additional 900,000 shares. Green Brick will not receive any proceeds from the sale. The offering is expected to close on January 27, 2021, subject to standard conditions. Barclays Capital and Goldman Sachs are the joint book-running managers for this offering, which is conducted under an effective shelf registration statement with the SEC.
Green Brick Partners (Nasdaq: GRBK) has launched a public offering of 6,000,000 shares of its common stock, primarily through affiliates of Greenlight Capital. An additional 900,000 shares may be available through a 30-day underwriter option. The company will not receive proceeds from this offering, and Barclays Capital and Goldman Sachs are the lead managers. A shelf registration statement has been filed with the SEC to facilitate this offering, which is subject to customary closing conditions and market risks.
Green Brick Partners, Inc. (Nasdaq: GRBK) reported record financial results for 2020, with diluted earnings per share expected between $2.21 and $2.23, a surge of over 90% from 2019. The company achieved 848 net new orders in Q4, a 43.7% increase year-over-year, contributing to a $687 million backlog, up 98%. New homes delivered rose 13.8% in Q4 and 28.4% for the year. Despite ramping up production with 1,004 homes started in Q4, total debt decreased by $18 million compared to the previous year. The firm anticipates strong growth potential in 2021.
Green Brick Partners (NASDAQ: GRBK) has acquired over 2,000 homesites in the Dallas-Fort Worth area to develop five new communities. This strategic acquisition aims to address the ongoing housing demand, particularly in Red Oak, Prosper, Celina, and Princeton, Texas. The new neighborhoods will include a mix of single-family and townhomes, catering to first-time buyers with value-oriented options. The company acknowledges rising land prices and limited supply as factors driving the average new home price in the area.
Green Brick Partners has successfully acquired approximately 2,400 homesites in Princeton, Texas, valued at around $640 million for the Eastridge community. This project, in collaboration with Meritage Homes, will include a blend of single-family homesites and amenities such as parks and trails. Anticipated presales will start in late 2022, addressing the growing demand for homes in the area. Homes by Trophy Signature will be priced from the mid $200,000s, while Meritage will offer options starting in the low $200,000s, emphasizing energy efficiency.
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