Welcome to our dedicated page for LGI Homes news (Ticker: LGIH), a resource for investors and traders seeking the latest updates and insights on LGI Homes stock.
LGI Homes, Inc. (symbol: LGIH) is a premier homebuilder based in The Woodlands, Texas, dedicated to making homeownership dreams come true since 2003. Specializing in the design, construction, and sale of new homes, LGI Homes strategically places its beautiful new homes in amenity-rich communities near major metropolitan areas, offering the perfect blend of location, affordability, and lifestyle.
The company’s mission is to provide both first-time and long-time homebuyers with quality homes at affordable prices. This is achieved through an efficient business model where LGI Homes procures and develops its own land, allowing for significant cost savings that are passed directly to customers. The communities are situated close to urban centers, providing residents with the benefits of city life while enjoying the open space and lower costs of suburban living.
LGI Homes offers a variety of products including entry-level homes, move-up homes, and luxury series homes under the LGI Homes and Terrata Homes brands. Each community features a set number of floor plans with appealing upgrades such as granite countertops, modern appliances, and ceramic tile flooring. The company's operations are divided into seven segments: Central, Midwest, Southeast, Mid-Atlantic, Northwest, West, and Florida, with the majority of revenue generated from the Central division.
Recent achievements include robust balance sheet highlights, significant home sales revenue, increased average sales prices per home closed (ASP), and notable average monthly absorption rates. LGI Homes continues to expand its footprint with a substantial backlog of owned and controlled lots, ensuring a steady pipeline of new homes to meet market demand.
As a publicly traded company, LGI Homes is committed to transparency and providing shareholders with the latest updates on financial performance, community counts, and closing metrics by reportable segment. For more detailed information and the latest news, visit here.
LGI Homes (NASDAQ: LGIH) announced the acquisition of Buffington Homebuilding Group for approximately $40 million in cash. This strategic move enhances LGI's land holdings in Central Texas, aligning with its goal to become a top five national homebuilder. The acquisition includes over 100 homes under construction and 350 finished lots, along with control of 150 more finished lots. LGI aims to introduce its luxury Terrata Homes brand in Austin, leveraging Buffington's established reputation in eco-friendly, smart homes.
LGI Homes reported impressive growth in home closings for June 2021, achieving 997 closed homes, a 31.2% increase from June 2020. The company also set a new quarterly record with 2,856 closings in Q2 2021, reflecting a 42.4% year-over-year increase. Year-to-date, 5,417 homes have been closed, marking a 41.1% rise compared to the same period in 2020. As of June 30, 2021, LGI Homes operated 106 active selling communities. Financial results for Q2 2021 will be announced on August 3, 2021.
LGI Homes (NASDAQ: LGIH) has announced the grand opening of Cedar Hill Estates in Stanwood, Washington, featuring 78 new homes priced starting from the $500s. This community offers a mix of single-family homes and townhomes with floor plans ranging from 1,360 to 2,600 square feet. Cedar Hill Estates boasts proximity to major employers like Boeing and attractions such as Kayak Regional County Park. Each home includes modern amenities such as stainless steel appliances, granite countertops, and a private park for residents.
LGI Homes (NASDAQ: LGIH) has successfully closed its 50,000th home, marking a significant milestone since its inception in 2003. The company, operating in 35 markets across 19 states, specializes in affordable, quality homes. CEO Eric Lipar highlighted the commitment to customer satisfaction and operational efficiency as key to this growth. LGI’s innovations include the CompleteHome™ and CompleteHome Plus™ packages that offer premium upgrades. The company aims to become a top 5 homebuilder, driven by a focus on first-time buyers and energy-efficient features.
LGI Homes (NASDAQ: LGIH) has partnered with Modsy, an online interior design service, to enhance user experiences on LGIHomes.com. This collaboration introduces immersive 360° Looks, allowing potential buyers to virtually explore LGI's floor plans and visualize home designs. Rachel Eaton, LGI's CMO, emphasized the initiative's focus on delivering industry-leading experiences tailored to specific buyer demographics. Available in select markets, these virtual renderings aim to showcase LGI's spacious layouts and included upgrades, such as modern finishes and appliances.
LGI Homes announced the pricing of its $300 million unsecured Senior Notes due 2029. The notes will carry a 4.000% interest rate and are expected to close on June 28, 2021. Proceeds will be used to redeem all of the Company’s outstanding 6.875% Senior Notes due 2026, totaling $300 million, and may also reduce debt under its revolving credit facility or be invested in short-term liquid assets. This offering is targeted at institutional buyers and is not registered under the Securities Act.
LGI Homes has initiated a $300 million private offering of unsecured Senior Notes due 2029. These notes will be offered to qualified institutional buyers and certain non-U.S. persons. The company aims to use the net proceeds to retire its 6.875% Senior Notes due 2026, which total $300 million. Redemption of the 2026 notes is conditioned on the successful issuance of the new notes, and will occur at a price of 103.438% of their principal amount. The offering's pricing and terms will depend on market conditions.
LGI Homes reported strong growth in home closings for May 2021, closing 911 homes, a 42.3% increase from 640 homes in May 2020. Year-to-date, the company closed 4,420 homes in the first five months of 2021, reflecting a 43.5% increase compared to 3,080 homes in the same period last year. As of May 31, 2021, LGI Homes has 104 active selling communities.
LGI Homes has launched a new townhome community named Carthage Townes in Sanford, North Carolina. This development features two-story townhomes ranging from 1,075 to 1,521 sq. ft. with 2-3 bedrooms and 2.5 baths. Homes come with the CompleteHome™ package, which includes modern amenities such as stainless steel appliances and spacious designs. Prices start in the $180,000s, with quick move-in opportunities available. The community offers easy access to shopping, schools, and recreational activities, appealing to potential homebuyers.
LGI Homes, Inc. (NASDAQ: LGIH) will present at the 14th Annual J.P. Morgan Homebuilding & Building Products Conference virtually on May 19, 2021, at 9:45 AM EDT. Investors can access the live webcast through the Investors section on the Company's website or directly via a provided link. LGI Homes, headquartered in The Woodlands, Texas, is one of the largest residential builders in the U.S., having closed over 45,000 homes in more than 18 years of operation. The Company ranks 10th in residential building based on units closed since 2018.
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