Green Brick Partners, Inc. Reports Fourth Quarter and Full Year 2023 Results
Green Brick Partners, Inc. reports record high diluted EPS of $6.14 and total revenues of $1.8 billion for Q4, with net new home orders up 60.5% and debt to total capital at 21.1%. The company's expansion into Houston, Texas and strong performance in Dallas-Fort Worth and Atlanta markets contribute to its success.
Positive
Record diluted EPS of $6.14 and total revenues of $1.8 billion for Q4 showcase strong financial performance.
Net new home orders increased by 60.5% year-over-year, demonstrating robust demand.
Debt to total capital stands at 21.1%, indicating a healthy financial position.
Expansion into Houston, Texas, and success in key markets like Dallas-Fort Worth and Atlanta drive growth.
Industry-leading homebuilding gross margin of 31.4% for the quarter reflects operational excellence.
Backlog of $555 million at the end of 2023 sets a solid foundation for 2024.
Low leverage and cost of debt enable the company to retain profits for growth.
Return on equity at 24.9% for the full year highlights strong performance and strategic advantages.
The reported homebuilding gross margin of 31.4% for Green Brick Partners in Q4 represents a significant increase from the previous year, indicating a robust pricing environment and effective cost management. The gross margin expansion by 520 basis points (bps) year-over-year (YOY) exceeds typical industry averages, which generally hover around the mid to high-20% range. This suggests that the company has a competitive advantage in its operational efficiency or is benefiting from economies of scale in its primary markets of Dallas-Fort Worth and Atlanta.
Furthermore, the increase in diluted earnings per share (EPS) by 33.9% YOY and a record high full-year diluted EPS of $6.14 reflect strong profitability and earnings growth. The reported net new home orders up by 60.5% for the quarter and 70.1% YOY, combined with a low debt to total capital ratio of 21.1% and an even lower net debt to total capital ratio of 11.4%, indicate a healthy balance sheet, which is conducive to future growth. The company's low leverage compared to its peers provides financial flexibility and could be a strategic advantage in pursuing expansion opportunities or weathering potential market downturns.
The expansion into the Houston market represents a strategic move for Green Brick Partners, as Houston is one of the most populous and active homebuilding markets in the United States. The entry into this market with a large-scale project of 460 home sites, developed in partnership with one of the largest public homebuilders, could significantly increase the company's market share and revenue potential. However, it is essential to monitor the absorption rates and average selling prices in the new market to ensure that the value proposition aligns with local demand, particularly for entry-level and move-up homes.
The company's backlog increase of 50.4% YOY is an indicator of strong future revenues, but it also necessitates careful monitoring of supply chain and labor availability to meet the construction timelines. The shorter construction cycle times reported in the fourth quarter, which are 35% shorter YOY, reflect operational efficiencies that can lead to faster inventory turnover and improved cash flows. Keeping these cycle times low will be crucial as the company scales up operations in new markets.
The reported financial results of Green Brick Partners, particularly the 24.9% return on equity (ROE) for the full year, signify a robust return on investment for shareholders. This high ROE, when compared to the industry average, which typically ranges between 10-15%, indicates that the company is generating substantial profit from its equity base. Such performance could be attributed to strategic land acquisitions, effective land underwriting and the company's success in management and land development.
Additionally, the favorable demographic shifts and strong employment in the company's primary markets have likely contributed to the healthy demand for housing. The 'golden handcuffs' phenomenon—where existing homeowners are reluctant to sell due to low-rate mortgages—may also be reducing competition and supporting Green Brick's pricing power. However, it's important to consider the potential impact of interest rate changes on mortgage rates and housing affordability, which could affect future demand.
02/29/2024 - 04:34 PM
EXPANSION INTO HOUSTON, TEXAS
Q4 HOMEBUILDING GROSS MARGIN OF 31.4% , UP 520 BPS YOY
Q4 DILUTED EPS OF $1.58 33.9% YOY
RECORD HIGH FULL YEAR DILUTED EPS OF $6.14
NET NEW HOME ORDERS UP 60.5% FOR THE QUARTER AND 70.1% YOY
DEBT TO TOTAL CAPITAL OF 21.1% ; NET DEBT TO TOTAL CAPITAL OF 11.4%
PLANO, Texas --(BUSINESS WIRE)--
Green Brick Partners, Inc. (NYSE: GRBK) (“we,” “Green Brick” or the “Company”), today reported results for its fourth quarter ended December 31, 2023.
Green Brick finished 2023 with a record $6.14 $1.8 billion
“For the fourth quarter, we delivered a record 825 homes, an increase of 13.5% due to shorter construction cycle times and strong demand. Our industry leading homebuilding gross margin was 31.4% for the quarter and 30.9% for the year. As a result, diluted EPS for the fourth quarter increased 34% year-over-year to $1.58
“Dallas-Fort Worth and Atlanta , our two primary markets, continue to rank very high among in-migration destination cities and are among the largest housing markets in the nation. Demand in these markets remained healthy throughout 2023, benefiting from favorable demographic shifts and strong employment. We continue to experience limited competition in our infill and infill-adjacent locations from new home builders as well as existing homeowners due to the ‘golden handcuffs’ of low-rate mortgages. As a result, our net new orders for the full year grew 70.1% year-over-year to 3,356, a record number for the company.”
Mr. Brickman added, “During the fourth quarter, we started 948 homes, which tripled the pace of 4Q22. Our home starts for the last nine months have now averaged almost 900 homes per quarter. At the same time, our fourth quarter cycle times were 35% shorter year-over-year. Our backlog of $555 million 50.4% year-over-year, which we believe provides us a great platform to start 2024.
Our industry leading results would not have been possible without a fantastic team effort combined with our financial discipline and investment grade balance sheet. At the end of the year, our net debt to total capital ratio was 11.4% and our total debt to total capital ratio was only 21.1% , one of the lowest among our public homebuilder peers. Our low leverage and cost of debt have enabled us to retain more profits to fund our growth. Our return on equity was 24.9% for the full year, which we believe reflects the strategic advantages of our markets, our rigorous land underwriting and continued success of our management and land development teams. As we look ahead, we believe we are well positioned to continue delivering one of the best risk-adjusted returns on equity in the industry.”
Mr. Brickman concluded, “We are excited to announce that Green Brick recently closed its first land acquisition in Houston , which will be co-developed with one of the largest public homebuilders in the country. Trophy will have 460 home sites in the community, and we expect to start home construction in 2025. Houston , the fourth most populous city in the U.S , continues to be one of the most active homebuilding markets in the county. We believe Trophy is in an excellent position to capture the demand for entry-level and move-up homes with their value-rich products. As demonstrated with Trophy’s meteoric growth in the Dallas-Fort Worth area the last five years, we believe Trophy has scalability in the Houston market as well.”
Results for the Quarter Ended December 31, 2023:
(Dollars in thousands, except per share data)
Three Months Ended December 31,
2023
2022
Change
New homes delivered
825
727
13.5
%
Total revenues
$
450,382
$
431,089
4.5
%
Total cost of revenues
308,754
318,635
(3.1
)%
Total gross profit
$
141,628
$
112,454
25.9
%
Income before income taxes
$
101,843
$
77,954
30.6
%
Net income attributable to Green Brick Partners, Inc.
$
73,020
$
55,547
31.5
%
Diluted net income attributable to Green Brick Partners, Inc. per common share
$
1.58
$
1.18
33.9
%
Residential units revenue
$
448,525
$
430,026
4.3
%
Average sales price of homes delivered
$
543.5
$
589.5
(7.8
)%
Homebuilding gross margin percentage
31.4
%
26.2
%
520 bps
Backlog
$
555,200
$
369,095
$
186,105
Homes under construction
2,057
1,853
11.0
%
Results for the Year Ended December 31, 2023:
(Dollars in thousands, except per share data)
Twelve Months Ended December 31,
2023
2022
Change
New homes delivered
3,123
2,916
7.1
%
Total revenues
$
1,777,710
$
1,757,793
1.1
%
Total cost of revenues
1,229,528
1,234,768
(0.4
)%
Total gross profit
$
548,182
$
523,025
4.8
%
Income before income taxes
$
391,313
$
396,465
(1.3
)%
Net income attributable to Green Brick Partners, Inc.
$
284,626
$
291,900
(2.5
)%
Diluted net income attributable to Green Brick Partners, Inc. per common share
$
6.14
$
6.02
2.0
%
Residential units revenue
$
1,769,255
$
1,703,951
3.8
%
Average sales price of homes delivered
$
566.1
$
581.9
(2.7
)%
Homebuilding gross margin percentage
30.9
%
29.8
%
110 bps
Selling, general and administrative expenses as a percentage of residential units revenue
10.9
%
9.6
%
130 bps
Earnings Conference Call:
We will host our earnings conference call to discuss our fourth quarter ended December 31, 2023 at 12:00 p.m. Eastern Time on Friday, March 1, 2024. The call can be accessed by dialing 1-888-660-6353 for domestic participants or 1-929-203-2106 for international participants and should reference meeting number 3162560. Participants may also join the call via webcast at: https://events.q4inc.com/attendee/984972633
A telephone replay of the call will be available through March 31, 2024. To access the telephone replay, the domestic dial-in number is 1-800-770-2030, the international dial-in number is 1-647-362-9199 and the access code is 3162560, or by using the link at investors.greenbrickpartners.com.
GREEN BRICK PARTNERS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share data)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Residential units revenue
$
448,525
$
430,026
$
1,769,255
$
1,703,951
Land and lots revenue
1,857
1,063
8,455
53,842
Total revenues
450,382
431,089
1,777,710
1,757,793
Cost of residential units
307,479
317,806
1,223,079
1,196,914
Cost of land and lots
1,275
829
6,449
37,854
Total cost of revenues
308,754
318,635
1,229,528
1,234,768
Total gross profit
141,628
112,454
548,182
523,025
Selling, general and administrative expenses
(50,919
)
(44,629
)
(192,977
)
(163,943
)
Equity in income of unconsolidated entities
5,477
5,719
16,742
25,626
Other income, net
5,657
4,410
19,366
11,757
Income before income taxes
101,843
77,954
391,313
396,465
Income tax expense
21,484
16,790
84,638
82,468
Net income
80,359
61,164
306,675
313,997
Less: Net income attributable to noncontrolling interests
7,339
5,617
22,049
22,097
Net income attributable to Green Brick Partners, Inc.
$
73,020
$
55,547
$
284,626
$
291,900
Net income attributable to Green Brick Partners, Inc. per common share:
Basic
$
1.60
$
1.19
$
6.20
$
6.07
Diluted
$
1.58
$
1.18
$
6.14
$
6.02
Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share:
Basic
45,160
45,994
45,446
47,648
Diluted
45,635
46,332
45,917
47,987
GREEN BRICK PARTNERS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
December 31, 2023
December 31, 2022
ASSETS
Cash and cash equivalents
$
179,756
$
76,588
Restricted cash
19,703
16,682
Receivables
10,632
5,288
Inventory
1,533,223
1,422,680
Investments in unconsolidated entities
84,654
74,224
Right-of-use assets - operating leases
7,255
3,458
Property and equipment, net
7,054
2,919
Earnest money deposits
16,619
23,910
Deferred income tax assets, net
15,306
16,448
Intangible assets, net
367
452
Goodwill
680
680
Other assets
27,583
12,346
Total assets
$
1,902,832
$
1,655,675
LIABILITIES AND EQUITY
Liabilities:
Accounts payable
$
54,321
$
51,804
Accrued expenses
96,457
91,281
Customer and builder deposits
43,148
29,112
Lease liabilities - operating leases
7,898
3,582
Borrowings on lines of credit, net
(2,328
)
17,395
Senior unsecured notes, net
336,207
335,825
Notes payable
12,981
14,622
Total liabilities
548,684
543,621
Commitments and contingencies
Redeemable noncontrolling interest in equity of consolidated subsidiary
36,135
29,239
Equity:
Green Brick Partners, Inc. stockholders’ equity
Preferred stock, $0.01
47,603
47,696
Common stock, $0.01
450
460
Additional paid-in capital
255,614
259,410
Retained earnings
997,037
754,341
Total Green Brick Partners, Inc. stockholders’ equity
1,300,704
1,061,907
Noncontrolling interests
17,309
20,908
Total equity
1,318,013
1,082,815
Total liabilities and equity
$
1,902,832
$
1,655,675
GREEN BRICK PARTNERS, INC.
SUPPLEMENTAL INFORMATION
(Unaudited)
Residential Units Revenue and New Homes Delivered (dollars in thousands)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
Change
%
2023
2022
Change
%
Home closings revenue
$
448,395
$
428,582
$
19,813
4.6
%
$
1,767,788
$
1,696,911
$
70,877
4.2
%
Mechanic’s lien contracts revenue
130
1,444
(1,314
)
(91.0
)%
1,467
7,040
(5,573
)
(79.2
)%
Residential units revenue
$
448,525
$
430,026
$
18,499
4.3
%
$
1,769,255
$
1,703,951
$
65,304
3.8
%
New homes delivered
825
727
98
13.5
%
3,123
2,916
207
7.1
%
Average sales price of homes delivered
$
543.5
$
589.5
$
(46.0
)
(7.8
)%
$
566.1
$
581.9
$
(15.8
)
(2.7
)%
Land and Lots Revenue
(dollars in thousands)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
Change
%
2023
2022
Change
%
Lots revenue
$
1,857
$
1,063
$
794
74.7
%
$
7,426
$
19,090
$
(11,664
)
(61.1
)%
Land revenue
—
—
—
0.0
%
1,029
34,752
(33,723
)
(97.0
)%
Land and lots revenue
$
1,857
$
1,063
$
794
74.7
%
$
8,455
$
53,842
$
(45,387
)
(84.3
)%
Lots closed
18
14
4
28.6
%
73
288
(215
)
(74.7
)%
Average sales price of lots closed
$
103.2
$
75.9
$
27.3
36.0
%
$
101.7
$
66.3
$
35.4
53.4
%
New Home Orders and Backlog
(dollars in thousands)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
Change
%
2023
2022
Change
%
Net new home orders
679
423
256
60.5
%
3,356
1,973
1,383
70.1
%
Revenue from net new home orders
$
381,044
$
247,818
$
133,226
53.8
%
$
1,953,903
$
1,210,315
$
743,588
61.4
%
Average selling price of net new home orders
$
561.2
$
585.9
$
(24.7
)
(4.2
)%
$
582.2
$
613.4
$
(31.2
)
(5.1
)%
Cancellation rate
7.2
%
20.3
%
(13.1
)%
(64.5
)%
6.6
%
13.8
%
(7.2
)%
(52.2
)%
Absorption rate per average active selling community per quarter
7.6
5.5
2.1
38.2
%
9.9
6.5
3.4
52.3
%
Average active selling communities
89
77
12
15.6
%
85
76
9
11.8
%
Active selling communities at end of period
91
80
11
13.8
%
Backlog
$
555,200
$
369,095
$
186,105
50.4
%
Backlog units
770
537
233
43.4
%
Average sales price of backlog
$
721.0
$
687.3
$
33.7
4.9
%
GREEN BRICK PARTNERS, INC.
SUPPLEMENTAL INFORMATION
(Unaudited)
December 31, 2023
December 31, 2022
Central
Southeast
Total
Central
Southeast
Total
Lots owned
Finished lots
4,014
964
4,978
1,901
998
2,899
Lots in communities under development
9,122
1,335
10,457
10,309
1,698
12,007
Land held for future development(1)
8,366
—
8,366
6,575
—
6,575
Total lots owned
21,502
2,299
23,801
18,785
2,696
21,481
Lots controlled
Lots under option contracts
1,169
—
1,169
2,212
6
2,218
Land under option for future development
1,710
460
2,170
110
18
128
Lots under option through unconsolidated development joint ventures
1,210
331
1,541
1,289
411
1,700
Total lots controlled
4,089
791
4,880
3,611
435
4,046
Total lots owned and controlled (2)
25,591
3,090
28,681
22,396
3,131
25,527
Percentage of lots owned
84.0
%
74.4
%
83.0
%
83.9
%
86.1
%
84.2
%
_________________
(1) Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors.
(2) Total lots excludes lots with homes under construction.
The following table presents additional information on the lots we owned as of December 31, 2023 and December 31, 2022.
December 31, 2023
December 31, 2022
Total lots owned(1)
23,801
21,481
Add certain lots included in Total Lots Controlled
Land under option for future acquisition and development
2,170
128
Lots under option through unconsolidated development joint ventures
1,541
1,700
Total lots self-developed
27,512
23,309
Self-developed lots as a percentage of total lots owned and controlled(1)
95.9
%
91.3
%
_________________
(1) Total lots owned includes finished lot purchases, which were less than 3.2% of total lots self-developed as of December 31, 2023.
Non-GAAP Financial Measures
In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating our operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.
The following table represents the non-GAAP measure of adjusted homebuilding gross margin for the three and twelve months ended December 31, 2023 and 2022 and reconciles these amounts to homebuilding gross margin, the most directly comparable GAAP measure.
(Unaudited, in thousands):
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Residential units revenue
$
448,525
$
430,026
$
1,769,255
$
1,703,951
Less: Mechanic’s lien contracts revenue
(130
)
(1,444
)
(1,467
)
(7,040
)
Home closings revenue
$
448,395
$
428,582
$
1,767,788
$
1,696,911
Homebuilding gross margin
$
141,010
$
112,189
$
545,654
$
506,129
Homebuilding gross margin percentage
31.4
%
26.2
%
30.9
%
29.8
%
Homebuilding gross margin
141,010
112,189
545,654
506,129
Add back: Capitalized interest charged to cost of revenues
2,740
3,141
13,196
13,444
Add back: Land impairment charge
$
—
$
6,020
$
—
$
6,020
Adjusted homebuilding gross margin
$
143,750
$
121,350
$
558,850
$
525,593
Adjusted homebuilding gross margin percentage
32.1
%
28.3
%
31.6
%
31.0
%
Net debt to total capitalization is calculated as the total debt less cash and cash equivalents, divided by the sum of total Green Brick Partners, Inc. stockholders’ equity and total debt less cash and cash equivalents. The closest GAAP financial measure to the net debt to total capitalization ratio is the debt to total capitalization ratio. The following table represents a reconciliation of the net debt to total capitalization ratio as of December 31, 2023:
Gross
Cash and cash equivalents
Net
Total debt, net of debt issuance costs
$
346,860
$
(179,756
)
$
167,104
Total Green Brick Partners, Inc. stockholders’ equity
1,300,704
—
1,300,704
Total capitalization
$
1,647,564
$
(179,756
)
$
1,467,808
Debt to total capitalization ratio
21.1
%
—
%
—
%
Net debt to total capitalization ratio
—
%
—
%
11.4
%
About Green Brick Partners, Inc.
Green Brick Partners, Inc (NYSE: GRBK), the third largest homebuilder in Dallas-Fort Worth , is a diversified homebuilding and land development company that operates in Texas , Georgia , and Florida . Green Brick owns five subsidiary homebuilders in Texas (CB JENI Homes, Normandy Homes, Southgate Homes, Trophy Signature Homes, and a 90% interest in Centre Living Homes), as well as a controlling interest in a homebuilder in Atlanta, Georgia (The Providence Group) and an 80% interest in a homebuilder in Port St. Lucie, Florida (GHO Homes). Green Brick also retains interests in related financial services platforms, including Green Brick Title and BHome Mortgage. The Company is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing, and sales for its residential neighborhoods and master-planned communities. For more information about Green Brick Partners Inc.’s subsidiary homebuilders, please visit https://greenbrickpartners.com/brands-services/ .
Forward-Looking and Cautionary Statements:
This press release and our earnings call contain “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts and typically include the words “anticipate,” “believe,” “consider,” “estimate,” “expect,” “feel,” “intend,” “plan,” “predict,” “seek,” “strategy,” “target,” “will” or other words of similar meaning. Forward-looking statements in this press release and in our earnings call include statements regarding (i) our position to succeed in the current environment, including our ability to maintain industry-leading performance and margins; (ii) our strategies to capitalize on market opportunities, including our advantages to do so and the impact to our results; (iii) our expectations regarding trends in our markets, such as demographic trends and demand for single-family homes; (iv) our beliefs regarding returns on capital and position amongst market peers; (v) the use of proceeds for investments and potential opportunities, including expectations for performance in markets we invest in; (vi) our priorities and strategies for growth, the drivers of that growth, and the impact on our future results, including in the Austin market expansion of our Trophy brand, and potential new, related business; (vii) our expectations for our expansion into the Houston market, including the opportunities and positioning of our Trophy brand for growth and ability to capitalize on such opportunities; (viii) our capital resources and flexibility to capitalize on market opportunities and the impact on our financial and operational performance; (ix) the advantages of our lot and land strategies and locations, including the benefits to our returns, margins and ability to scale; (x) our expectations for our investments in land, lots and development in 2024, and the impact on our growth; (xi) our beliefs regarding our infill and infill-adjacent locations, including competition and the impact to our results; (xii) our expectations for growth of our Trophy brand and the drivers of that growth; (xiii) our beliefs that we operate in the most advantageous markets in the U.S. ; (xiv) our beliefs regarding our financial and operational strengths and the benefits to returns on equity; and (xv) our beliefs regarding our position and ability to scale, including our ability to manage costs and cycle times.
These forward-looking statements reflect our current views about future events and involve estimates and assumptions which may be affected by risks and uncertainties in our business, as well as other external factors, which could cause future results to materially differ from those expressed or implied in any forward-looking statement. These risks include, but are not limited to: (1) changes in macroeconomic conditions, including increased interest rates and inflation that could adversely impact demand for new homes or the ability of potential buyers to qualify; (2) general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; (3) shortages, delays or increased costs of raw materials and increased demand for materials, or increases in other operating costs, including costs related to labor, real estate taxes and insurance, which in each case exceed our ability to increase prices; (4) a shortage of qualified labor; (5) an inability to acquire land in our current and new markets at anticipated prices or difficulty in obtaining land-use entitlements; (6) our inability to successfully execute our strategies, including an inability to grow our operations or expand our Trophy brand; (7) our inability to implement new strategic investments; (8) a failure to recruit, retain or develop highly skilled and competent employees; (9) government regulation risks in the industries or markets we operate in; (10) a lack of availability or volatility of mortgage financing for homebuyers; (11) severe weather events or natural disasters; (12) difficulty in obtaining sufficient capital to fund our growth; (13) our ability to meet our debt service obligations; (14) a decline in the value of our inventories and resulting write-downs of the carrying value of our real estate assets, and (15) changes in accounting standards that adversely affect our reported earnings or financial condition. Green Brick assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. For a more detailed discussion of these and other risks and uncertainties applicable to Green Brick please see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240229983950/en/
Benting Hu
IR@greenbrickpartners.com
Source: Green Brick Partners, Inc.
Green Brick Partners, Inc. reported a diluted EPS of $6.14 for Q4.
Green Brick Partners, Inc. reported total revenues of $1.8 billion for Q4.
Net new home orders for Green Brick Partners, Inc. increased by 60.5%.
Green Brick Partners, Inc.'s debt to total capital ratio was 21.1% for Q4.
Green Brick Partners, Inc. recently closed its first land acquisition in Houston.
Green Brick Partners, Inc. had a homebuilding gross margin percentage of 31.4% in Q4.
Green Brick Partners, Inc. had a backlog of $555 million at the end of 2023.
Green Brick Partners, Inc.'s return on equity was 24.9% for the full year.
