Company: LGIH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001580670-25-000016
Chunk: 390

Company: LGI Homes, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 390
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 or benefit from continuing operations (disaggregated by federal, state and foreign). The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, while retrospective application is permitted. We are currently evaluating the impact that this standard will have on our financial statements.In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires disclosure of certain costs and expenses on an interim and annual basis in the notes to the financial statements. The amendments in this update are to be applied on a prospective basis, with the option for retrospective application. Early adoption is permitted. We are currently evaluating the impact that this standard will have on our disclosures.

3.     REAL ESTATE INVENTORY

Our real estate inventory consists of the following (in thousands): December 31,   20242023Land, land under development, and finished lots$2,287,352 $2,099,133 Information centers57,622 47,936 Homes in progress325,579 313,124 Completed homes680,160 542,996 Total owned inventory3,350,713 3,003,189 Real estate not owned37,140 104,459 Total real estate inventory$3,387,853 $3,107,648 

Our real estate not owned relates to land banking financing arrangements with a third-party land banker to repurchase land that we sold to the land banker as a method of acquiring finished lots in staged takedowns, while limiting risk and minimizing the use of funds from our available cash or other financing sources.  See “Real Estate Inventory” under Note 2 for more information. 

4.     PROPERTY AND EQUIPMENT

Property and equipment consist of the following (in thousands):December 31,   20242023         Rental properties$54,435 $43,324 Computer software and equipment4,937 3,946 Leasehold improvements1,799 1,722 Furniture and fixtures2,906 2,091 Machinery and equipment261 231 Total property and equipment64