Company: LGIH
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001580670-25-000043
Chunk: 73

Company: LGI Homes, Inc.
Filing Date: 2025-04-30
Form: 10-Q
Item: Part I, Item 8
Chunk 73
---
6 million as of both March 31, 2025 and December 31, 2024. Lease obligations, as included in accrued expenses and other liabilities on the consolidated balance sheets, were $6.1 million as of both March 31, 2025 and December 31, 2024.Operating lease cost, as included in general and administrative expense in our consolidated statements of operations, was $0.5 million and $0.4 million for the three months ended March 31, 2025 and 2024, respectively. Cash paid for amounts included in the measurement of lease liabilities for operating leases was $0.6 million and $0.6 million for the three months ended March 31, 2025 and 2024, respectively.  As of March 31, 2025, 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 March 31, 2025.The table below shows the future minimum payments under non-cancelable operating leases at March 31, 2025 (in thousands):Year Ending December 31,Operating leases2025$1,449 20261,753 20271,590 20281,145 2029532 Thereafter398 Total6,867 Lease amount representing interest(763)Present value of lease liabilities$6,104 Bonding and Letters of Credit    We have outstanding letters of credit and performance and surety bonds totaling $427.2 million (including $24.5 million of letters of credit issued under the 2024 Credit Agreement) and $377.5 million (including $24.5 million of letters of credit issued under the 2024 Credit Agreement) at March 31, 2025 and December 31, 2024, respectively, related to our obligations for 

15

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 EntitiesAs of March 31, 2025, 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 March 31, 2025 and December 31, 2024,