LGIH · 10-Q · 2026Q1 · Full report

Land Acquisition and Development Pipeline

LGI Homes, Inc. · 2026-04-28 · Importance 31 · Surprise 32

LGI had 142 active communities at March 31, 2026 (down slightly from 144 at December 31, 2025) and owned or controlled 59,028 lots as of March 31, 2026, down from 60,842 at year-end 2025 due to selective land approvals and strategic lot sales. The company typically takes three to four years to convert raw land to active communities and uses land-banking financing arrangements with a third-party land banker to acquire finished lots via staged takedowns while limiting near-term cash outlays. Under this land-banking structure, LGI paid non-refundable commitment fees, retains control over economic outcomes for certain lots (which remain reported as real estate not owned), and recognizes corresponding accrued liabilities while not guaranteeing the land banker’s liabilities.

Key facts

• The company owned and controlled 59,028 lots at March 31, 2026 compared to 60,842 lots at December 31, 2025.
• As of March 31, 2026 the company had 51,193 owned lots and 7,835 controlled lots, totaling 59,028 lots.
• Of the 51,193 owned lots as of March 31, 2026, 34,168 were raw/under development lots and 17,025 were finished lots.
• The company stated it generally takes three to four years to turn raw or undeveloped land into an active community.