Company: LGIH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001580670-25-000016
Chunk: 31

Company: LGI Homes, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 31
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, as included in general and administrative expense in our consolidated statements of operations, totaled $2.4 million, $2.5 million and $2.1 million for the years ended December 31, 2024, 2023 and 2022, respectively. Cash paid for amounts included in the measurement of lease liabilities for operating leases during the years ended December 31, 2024 and 2023 was $1.9 million and $1.9 million, respectively. As of December 31, 2024, the weighted-average discount rate was 5.9% and our weighted-average remaining life was 2.1 years. We do not have any significant lease contracts that have not yet commenced at December 31, 2024. 

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The table below shows the future minimum payments under non-cancelable operating leases at December 31, 2024 (in thousands):Year Ending December 31,Operating leases2025$1,892 20261,674 20271,486 20281,062 2029473 Thereafter331 Total6,918 Lease amount representing interest(784)Present value of lease liabilities$6,134 Bonding and Letters of Credit We have outstanding letters of credit and performance and surety bonds totaling $377.5 million (including $24.5 million of letters of credit issued under the Credit Agreement) and $357.0 million (including $28.1 million of letters of credit issued under the our credit agreement then in effect) at December 31, 2024 and 2023, respectively, related to our obligations for site improvements at various projects. Management does not believe that draws upon the letters of credit, surety bonds, or financial guarantees if any, will have a material effect on our consolidated financial position, results of operations, or cash flows.Investment in Unconsolidated Entities 

As of December 31, 2024, we had two equity-method real estate joint ventures and four additional joint ventures engaged primarily to provide services, such as mortgage and insurance, to our homebuyers. As of December 31, 2024 and 2023, we have a total of $28.3 million and $21.5 million, respectively, within other assets on the balance sheet relating to our investment in joint ventures associated with our operations. Contributions into the unconsolidated entities are for the use of investing in certain real estate transactions and residential mortgage services, respectively. Income associated