Company: LGIH
Filing Date: 2025-11-04
Form Type: 10-Q
Source: 0001580670-25-000076
Chunk: 88

Company: LGI Homes, Inc.
Filing Date: 2025-11-04
Form: 10-Q
Item: Part I, Item 8
Chunk 88
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-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 and $28.3 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 with our investment in unconsolidated entities during the three and nine months ended September 30, 2025 was $(0.03) million and $1.9 million, respectively.  Income associated with our investment in unconsolidated entities during the three and nine months ended September 30, 2024 was $4.6 million and $9.6 million, respectively.

11.     REVENUES

Home Sales RevenuesWe generate revenues primarily by delivering move-in ready entry-level and move-up spec homes sold under our LGI Homes brand and our move-up and luxury