Company: LGIH
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001580670-25-000076
Chunk: 30

Company: LGI Homes, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 and December 31, 2024, respectively.

Operating lease cost, as included in general and administrative expense in our consolidated statements of operations, was $0.5 million and $0.6 million for the three months ended September 30, 2025 and 2024, respectively.  Operating lease cost, as included in general and administrative expense in our consolidated statements of operations, was $1.5 million and $1.8 million for the nine months ended September 30, 2025 and 2024, respectively. Cash paid for amounts included in the measurement of lease liabilities for operating leases was $0.7 million and $1.4 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the weighted-average discount rate was 5.9% and our weighted-average remaining life was 2.0 years. We do not have any significant lease contracts that have not yet commenced at September 30, 2025.

The table below shows the future minimum payments under non-cancelable operating leases at September 30, 2025 (in thousands):Year Ending December 31,Operating leases2025$506 20261,882 20271,675 20281,188 2029532 Thereafter399 Total6,182 Lease amount representing interest(614)Present value of lease liabilities$5,568 Bonding and Letters of Credit We have outstanding letters of credit and performance and surety bonds totaling $423.1 million (including $27.0 million  of letters of credit issued under the Credit Agreement) and $377.5 million (including $24.5 million of letters of credit issued under the credit agreement then in effect) at September 30, 2025 and December 31, 2024, 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 EntitiesAs of September 30, 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 September 30, 2025 and December 31, 2024, we have a total of $21.1 million