E xhib it 99.2 GREEN BRICK PARTNERS Q1 2018 INVESTOR CALL PRESENTATION MAY 7, 2018 1
FORWARD LOOKING STATEMENTS T his pre se nta tio n a nd the o ra l sta te me nts ma de b y re pre se nta tive s o f the Co mp a ny during the c o urse o f this pre se nta tio n tha t a re no t histo ric a l fa c ts a re fo rwa rd-lo o king sta te me nts. T he se sta te me nts a re o fte n, b ut no t a lwa ys, ma d e thro ug h the use o f wo rds o r phra se s suc h a s “ma y,” “will,” “sho uld,” “c o uld,” “wo uld,” “pre dic ts,” “po te ntia l,” “c o ntinue ,” “e xpe c ts,” “a ntic ipa te s,” “future ,” “o utlo o k,” “stra te g y,” “po sitio ne d,” “inte nds,” “pla ns,” “b e lie ve s,” “pro je c ts,” “e stima te s” a nd simila r e xpre ssio ns, a s we ll a s sta te me nts in the future te nse . Altho ug h the Co mpa ny b e lie ve s tha t the a ssumptio ns unde rlying the se sta te me nts a re re a so na b le , individua ls c o nside ring suc h sta te me nts fo r a ny p urpo se a re c a utio ne d tha t suc h fo rwa rd- lo o king sta te me nts a re inhe re ntly unc e rtain a nd ne c e ssa rily invo lve risks tha t ma y a ffe c t the Co mpa ny’ s b usine ss pro spe c ts a nd pe rfo rma nc e , c a using a c tua l re sults to diffe r fro m tho se disc usse d during the pre se nta tio n, a nd a ny suc h diffe re nc e ma y b e ma te ria l. F a c to rs tha t c o uld c a use ac tua l re sults to diffe rfro m tho se a ntic ipa te d a re disc usse d in the Co mpa ny’ s a nnua l a nd q ua rte rly re po rts file d with the SE C. Any fo rwa rd-lo o king sta te me nts ma de a re sub je c t to risks a nd unc e rtaintie s, ma ny o f whic h a re b e yo nd ma na g e me nt’ s c o ntro l. T he se risks inc lude the risks de sc rib e d in the Co mp a ny’ s filing s with the SE C. Sho uld o ne o r mo re o f the se risks o r unc e rtaintie s o c c ur, o r sho uld unde rlying a ssumptio ns pro ve inc o rre c t, the Co mpa ny’ s a c tua l re sults a nd pla ns c o uld diffe r ma te ria lly fro m tho se e xpre sse d in a ny fo rwa rd-lo o king sta te me nts. Give n the se risks a nd unc e rtaintie s, yo u a re c autio ne d no t to pla c e undue re lia nc e o n suc h fo rwa rd-lo o king sta te me nts. T he se fo rwa rd-lo o king sta te me nts a re ma de o nly a s o f the da te he re o f. T he Co mpa ny unde rta ke s no o b lig a tio n to pub lic ly upda te a ny fo rwa rd-lo o king sta te me nts, whe the r a s a re sult o f ne w info rma tio n o r future e ve nts. T he Co mpa ny pre se nts Ba sic Adjuste d EPS, Dilute d Adjuste d EPS, Ba sic a nd Dilute d Adjuste d we ig hte d-a ve ra g e numb e r o f sha re s o utsta nding , GRBK Pre -ta x Inc o me a nd Adjuste d Ho me b uilding Gro ss Ma rg in. T he Co mpa ny b e lie ve s the se a nd simila r me a sure s a re use ful to ma na g e me nt a nd inve sto rs in e va lua ting its o pe ra ting pe rfo rma nc e a nd fina nc ing struc ture . T he Co mpa ny a lso b e lie ve s the se me a sure s fa c ilita te the c o mpa riso n o f the ir o pe ra ting pe rfo rma nc e a nd fina nc ing struc ture with o the r c o mpa nie s in the industry. Be c a use the se me a sure s a re no t c a lc ula te d in a c c o rda nc e with Ge ne ra lly Ac c e pte d Ac c o unting Princ iple s (“G AAP”), the y ma y no t b e c o mpa ra b le to o the r simila rly title d me a sure s o f o the r c o mpa nie s a nd sho uld no t b e c o nside re d in iso la tio n o r a s a sub stitute fo r, o r supe rio r to , fina nc ia lme a sure s pre pa re d in a c c o rda nc e with GAAP. 2 2
MANAGEMENT PRESENTERS Jim Bric kman Ric k Coste llo Chie f E xe c utive Offic e r Chie f F inanc ial Offic e r • Ove r 40 ye a rs in re a l e sta te de ve lo pme nt a nd • Ove r 26 ye a rs o f fina nc ia l a nd o pe ra ting e xpe rie nc e in ho me b uilding . a ll a spe c ts o f re a l e sta te ma na g e me nt. • Co -fo unde d JBGL with Gre e nlig ht Ca pita l in 2008. JBGL • Pre vio usly se rve d a s CF O a nd COO o f GL Ho me s, a s AVP wa s me rg e d into Gre e n Bric k in 2014. o f fina nc e o f Pa ra g o n Gro up a nd a s a n a udito r fo r K PMG. • Pre vio usly se rve d a s Cha irma n a nd CE O o f Princ e to n • Re c e ive d his M.B.A fro m No rthwe ste rn Unive rsity’ s K e llo g g Ho me s a nd Princ e to n Re a lty Co rp. Sc ho o l. Je d Dolson Summe r L ove land Pr e side nt of T e xas Re gion Chie f Ac c ounting Offic e r • Ove r 15 ye a rs o f la nd de ve lo pme nt a nd pro pe rty • Ove r 20 ye a rs o f e xpe rie nc e in the a c c o unting a nd a c q uisitio n. fina nc ia l re po rting se rvic e s industry. • He a d o f GRBK la nd a c q uisitio ns sinc e 2010. • Pre vio usly se rve d a s Chie f F ina nc ia l Offic e r o f the Da lla s Po lic e a nd F ire Pe nsio n Syste m • Ma ste rs De g re e in E ng ine e ring , Sta nfo rd Unive rsity, a nd Re g iste re d E ng ine e r, Sta te o f T e xa s. • Ce rtifie d Pub lic Ac c o unta nt lic e nse d in the sta te s o f T e xa s a nd Ca lifo rnia . 3 3
MARKET UPDATE Na tio na l E c o no mic Ove rvie w T o p Jo b Gro wth Ma rke ts Ra nke d b y Cha ng e in E mplo yme nt – F e b rua ry 2018 So urc e : Me tro study - Me tro USA 4
MARKET UPDATE We ar e le ss than 2.0% of the star ts in two of the lar ge st housing mar ke ts, giving us signific ant oppor tunity for gr owth Na tio na l Ho using Ma rke t Annua l Sta rts b y Ma rke t – F e b rua ry 2018 GRBK ha s a lso e nte re d the Co lo ra do Spring s ma rke t thro ug h o ur inve stme nt in Cha lle ng e r Ho me s. So urc e : Me tro study - Me tro USA 5
MARKET UPDATE Dallas mar ke t c ontinue s 6- ye ar e xpansion but is still we ll be low the 2006 pe ak of mor e than 50,000 star ts Da lla s/ F o rt Wo rth Ma rke t SF D-T H – Sta rts a nd c lo sing s 40,000 Annual Starts Annual Closings 35,000 33,518 30,000 31,923 Annual Starts & Closings 25,000 20,000 15,000 10,000 5,000 So urc e : Me tro study - Me tro USA - 6 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18
MARKET UPDATE GRBK has ne ar ly 4,600 lots in Dallas whe r e the mar ke t c ontinue s its 7- ye ar tr e nd of c onstr aine d supply Da lla s/ F o rt Wo rth Ma rke t L o t Inve nto ry 100,000 80.0 Vacant Developed Lots Annual Starts VDL Months of Supply 90,000 70.0 80,000 60.0 70,000 Months of Supply 50.0 60,000 Lots/ Starts 50,000 40.0 53,599 40,000 30.0 30,000 20.0 19.2 20,000 10.0 10,000 So urc e : Me tro study - Me tro USA 0 0.0 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13 1Q14 1Q15 1Q16 1Q17 1Q18 7
MARKET UPDATE T he Atlanta mar ke t also c ontinue s to e xpand but is still we ll be low pr ior pe ak Atla nta Re g io n 16 Ye a r Histo ry Annua l Co nstruc tio n Sta rts a nd Clo sing s 2Q06 Peaked 2Q06 Pe ake d 60,000 55,000 ~70% of a c tivity is in North Atla nta 50,000 whe re GRBK builds. 45,000 40,000 24,451 35,000 +9.9% 30,000 Units 25,000 20,000 15,000 22,727 +8.5% 10,000 5,000 0 Quarter So urc e : Me tro study - Me tro USA Annual Starts Annual Closings 8
GREEN BRICK AT A GLANCE Contr Contr olle d Builde r olle d Builde r s s We a re a dive rsifie d ho me b uilding a nd la nd • de ve lo pme nt c o mpa ny. Produc ts Offe re d T e xa s We b uild a nd de live r ho me s thro ug h o ur c o ntro lle d • T o wnho me s, sing le fa mily CB JE NI Ho me s b uilde rs in whic h we o wn a 50% to 80% c o ntro lling Sing le fa mily No rma ndy Ho me s inte re st a s we ll a s o ur inve stme nt in unc o nso lida te d L uxury ho me s So uthg a te Ho me s T o wnho me s, c o ntra c to r o n luxury b uilde r pa rtne rs. Ce ntre L iving Ho me s ho me s We se ll lo ts a nd pro vide lo t a c q uisitio n a nd ve rtic a l • Ge org ia c o nstruc tio n fina nc ing to mo st o f o ur c o ntro lle d T o wnho me s, sing le fa mily, luxury b uilde rs. T he Pro vide nc e Gro up ho me s Curre ntly fo c use d o n hig h g ro wth me tro po lita n a re a s • F lorida in T e xa s, Ge o rg ia , Co lo ra do , a nd F lo rida . Ag e -ta rg e te d sing le fa mily, pa tio GRBK GHO Ho me s Attra c tive la nd po sitio n o f a ppro xima te ly 6,300 we ll- • ho me s, luxury ho me s, to wnho me s lo c a te d re side ntia l lo ts a s o f Ma rc h 31, 2017. Unc onsolidate d Builde r Par tne r s Ove r 76% o f o ur re side ntia l lo ts a re o wne d. Unc onsolidate d Builde r Par tne r s • Colora do Produc ts offe re d Virtua lly a ll o f o ur o wne d lo ts a re o wne d a t the • c o rpo ra te le ve l vs. a t the c o ntro lle d b uilde r le ve l. Cha lle ng e r Ho me s T o wnho me s, sing le fa mily 9 9 9
MARKET UPDATE Home s Close d and Re ve nue s by Builde r for F ull Ye ar 2017 (1)(2)(3) 2017 T ota l Home s Close d: 1,643 2017 T ota l Builde r R e ve nue s: $652.6M (2) (1)All a mo unts a re a ppro xima te . (2)Gre e n Bric k Pa rtne rs o wns a 49.9% inte re st in Cha lle ng e r Ho me s a s o f Aug ust 2017, with a pa thwa y to c o ntro lle d o wne rship. Due to o ur mino rity inte re st, o ur c o nso lida te d fina nc ials do no t inc lude Cha lle ng e r (3) units, re ve nue s, a nd lo ts o wne d. (3)GHO Ho me s wa s a c q uire d April 2018. 2017 re sults a re no t inc lude d in 10 10 o ur c o nso lida te d fina nc ia ls.
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