2 unchanged sentences
Since commencing home building operations in 2003, we have constructed and closed over 75,000 homes.
−Removed: During the year ended December 31, 2023, we had 6,729 home closings, compared to 6,621 home closings in 2022.
+Added: During the year ended December 31, 2024, we had 6,131 home closings, including the bulk sale of 103 leased, single-family homes, compared to 6,729 home closings in 2023.
LGI Homes, Inc.
6 unchanged sentences
Since December 2013, we have grown substantially, expanding our operations from eight markets in four states to 36 markets in 21 states.
−Removed: We currently offer homes for sale in 117 communities throughout the United States.
−Removed: We focus on demographic and economic trends forecasted for these markets and expect to continue to grow.
+Added: As of December 31, 2024, we were active in 151 communities throughout the United States.
+Added: We focus on demographic and economic trends forecasted for these markets and expect to continue increasing our community count in the future.
Driven by commitment to our customers and our desire to make their dreams of homeownership a reality, we offer multiple product lines, including attached and detached entry-level homes and active adult offerings that are marketed and sold under our LGI Homes brand and luxury homes that are marketed and sold under our Terrata Homes brand.
−Removed: During 2023, our average home completion time was approximately 108 to 150 days, our home size ranged between 950 to approximately 4,100 square feet and our overall sales prices ranged from approximately $189,000 to more than $1,000,000.
−Removed: For the year ended December 31, 2023, we closed 6,729 homes at an average sales price per home closed of $350,510.
+Added: During 2024, our average home completion time was approximately 105 to 135 calendar days, our home size ranged between 900 to approximately 4,100 square feet and our overall sales prices ranged from approximately $191,000 to more than $1,000,000.
+Added: For the year ended December 31, 2024, we closed 6,131 homes, including the bulk sale of 103 leased, single-family homes.
+Added: Excluding the bulk sale of 103 leased, single-family homes, our average sales price per home closed was $365,394.
During 2023, our average home completion time was approximately 108 to 150 days, our home size ranged between 950 to approximately 4,100 square feet and our overall sales prices ranged from approximately $189,000 to more than $1,000,000.
13 unchanged sentences
These rental projects are income producing and we maintain the option to sell these homes in a bulk purchase agreement.
−Removed: Finally, our strategic joint ventures, LGI Mortgage Solutions and LGI Insurance Solutions, provide mortgage financing and homeowners insurance services to our customers.
+Added: Finally, from time to time, we enter into strategic joint ventures.
+Added: We have 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.
Sales and Marketing
9 unchanged sentences
We provide each customer with a comprehensive introduction to the community and the surrounding area, furnishing them with detailed information regarding utilities, schools, homeowners association dues and restrictions, local entertainment and nearby dining and shopping options.
−Removed: As a result of our transparent approach, customers receive all the information needed to make a buying decision, which we believe sets clear expectations and eliminates confusion during the home buying process.
+Added: As a result of our transparent approach, we believe customers receive all the critical information needed to make a buying decision, which we believe sets clear expectations and eliminates confusion during the home buying process.
Homebuilding Operations
38 unchanged sentences
We believe that this product helps to counter rising land and home costs.
−Removed: Our active adult communities offer affordable homes in both open and age-restricted lifestyles in amenity-rich communities.
−Removed: These communities leverage existing floor plans with minor modifications designed to meet the needs of active adult homebuyers at prices that present a compelling value-proposition.
+Added: Our active adult community offers affordable homes in both open and age-restricted lifestyles in amenity-rich communities.
+Added: This community leverages existing floor plans with minor modifications designed to meet the needs of active adult homebuyers at prices that present a compelling value-proposition.
Our Terrata Homes brand allows us to leverage our systems and processes, including our customer centric sales system, to deliver move-in ready homes with preselected luxury features.
2 unchanged sentences
We expect that home closings in our Terrata Homes branded communities will be less than 5% of our annual home closings during 2025.
−Removed: Our mortgage financing and homeowners insurance joint ventures provide a streamlined, customer-focused experience for our homebuyers.
+Added: Our two equity-method real estate joint ventures and four additional joint ventures provide a streamlined, customer-focused experience for our homebuyers.
LGI Mortgage Solutions provides mortgage services to our customers through an unconsolidated joint venture.
LGI Insurance Solutions provides homeowners and other insurance products to our customers through an unconsolidated joint venture.
−Removed: Our wholesale business provides opportunities for us to leverage our even-flow construction methodology to build and sell homes primarily to large institutions interested in acquiring homes to be used as rental properties, primarily through bulk sales agreements.
+Added: Our wholesale business provides opportunities for us to leverage our even-flow construction methodology to build and sell homes primarily to large institutions interested in acquiring homes to be used as rental properties through bulk sales agreements.
During 2024 and 2023, we had 552 and 679 wholesale home closings, respectively, which represented 9.2% and 10.1% of our total home closings in 2024 and 2023, respectively.
8 unchanged sentences
We had 151 and 117 active communities as of December 31, 2024 and December 31, 2023, respectively.
−Removed: Generally, it takes us two to three years to turn raw or undeveloped land into an active community.
+Added: Generally, it takes us two to five years to turn raw or undeveloped land into an active community.
We utilize land banking financing arrangements on a limited and strategic basis.
−Removed: During the years ended December 31, 2023 and 2022, we entered into several 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.
+Added: We have 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.
In consideration for this repurchase option, we paid a non-refundable commitment fee.
69 unchanged sentences
The particular environmental laws which apply to any given homebuilding site vary according to multiple factors, including the site’s location, whether the site contains wetlands or other features that may create burdensome permitting requirements, its environmental conditions, the present and former uses of the site, the presence or absence of endangered plants or species or sensitive habitats, and environmental conditions at adjoining or nearby properties.
−Removed: Environmental laws and conditions may result in delays, may cause us to incur substantial compliance and other costs, and can prohibit or severely restrict homebuilding activity in environmentally sensitive regions or areas.
+Added: Environmental laws and conditions may result in delays, may cause us to incur substantial compliance and other costs, and can
+Added: prohibit or severely restrict homebuilding activity in environmentally sensitive regions or areas.
In addition, in those cases where an endangered or threatened species is involved, environmental rules and regulations can result in the restriction or elimination of development in identified environmentally sensitive areas.
4 unchanged sentences
Under various environmental laws, current or former owners of real estate, as well as certain other categories of parties, may be required to investigate and clean up hazardous or toxic substances or petroleum product releases, and may be held strictly and/or jointly and severally liable to a governmental entity or to third parties for related damages, including property damage or bodily injury, and for investigation and cleanup costs incurred by such parties in connection with the contamination.
−Removed: A mitigation plan may be implemented during the construction of a home if a cleanup does not remove all contaminants of
−Removed: concern or to address a naturally occurring condition, such as methane or radon.
+Added: A mitigation plan may be implemented during the construction of a home if a cleanup does not remove all contaminants of concern or to address a naturally occurring condition, such as methane or radon.
Some homebuyers may not want to purchase a home that is, or may have been, subject to a mitigation plan.
12 unchanged sentences
We have built a diverse team of professionals with a wide range of industry experience across our markets.
−Removed: We are dedicated to supporting our employees when times are challenging.
None of our employees are covered by collective bargaining agreements, and we have not experienced any strikes or work stoppages.
4 unchanged sentences
We believe we have good relations with our subcontractors and tradespeople.
−Removed: We are committed to equal employment and advancement opportunities for all individuals regardless of race, color, religion, gender, gender identity or expression, sex, sexual orientation, national origin, age, disability, genetic information, marital status or status as a covered veteran in accordance with applicable federal, state and local laws.
−Removed: As of December 31, 2023, our workforce at our corporate headquarters was comprised of 60% women and 34% identified as racially or ethnically diverse.
−Removed: As of December 31, 2023, our on-site sales, sales support and construction workforce located outside of our corporate headquarters was comprised of 28% women and 37% identified as racially or ethnically diverse.
−Removed: We are committed to maintaining a workplace that is respectful to all individuals and we maintain a zero-tolerance policy on discrimination and harassment of any kind.
−Removed: Any conduct that creates an offensive or intimidating environment runs counter to our culture and core values and is strictly prohibited.
−Removed: This policy is expressly described in our Code of Business Conduct and Ethics and our Employee Handbook and includes, but is not limited to, any protected status or characteristic, including race, color, ethnicity or national origin, age, sex, religion, disability, marital status, status as a veteran, genetic information, or any other status or characteristic protected by any federal, state, or local law.
We focus on identifying and attracting the best talent and providing our employees with world-class training and continuous development.
7 unchanged sentences
Our workplaces are required to comply with all applicable laws and regulations, including those established by the Occupational Safety and Health Administration, as they pertain to health and safety in the workplace.
−Removed: As part of this commitment, we have implemented a systems-based program of regularly scheduled safety reviews, meetings and continuing education that are held in our communities and include our employees and the employees of our subcontractors and tradespeople.
+Added: As part of this commitment, we have implemented a systems-based program of regularly scheduled safety reviews, meetings
+Added: and continuing education that are held in our communities and include our employees and the employees of our subcontractors and tradespeople.
We are committed to improving and giving back to the communities we serve.
58 unchanged sentences
Ryan Edone - Chief Financial Officer of Petroleum Wholesale L.P., a distributor of branded and wholesale motor fuel products and operator of retail convenience stores/travel centers.
−Removed: Shailee Parikh - Managing Partner of ARK Real Estate, LLC, a real estate investment and management company.
+Added: Shailee Parikh - Chief Operating Officer of Revantage, a Blackstone portfolio company that provides support to Blackstone’s real estate portfolio, and Managing Partner of ARK Real Estate, LLC, a real estate investment and management company.
Bryan Sansbury - Chief Executive Officer, Chairman of the Board of Directors, and a founding partner of AEGIS Hedging Solutions, LLC, formerly known as AEGIS Energy Risk, LLC.
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.