View Filing Data

Cash and cash equivalents

Assets

9,392,646

$ 7,069,471

Accounts receivable

1,604,638

922,897

Accounts receivable, related parties

669,079

1,026,925

Real estate inventory

66,800,545

28,489,191

Pre-acquisition costs and deposits

3,671,963

997,875

Investments in unconsolidated joint ventures

5,118,726

4,446,302

Property and equipment, net

651,761

719,390

Other assets

3,984,063

1,884,100

Total assets

91,893,421

45,556,151

LIABILITIES AND EQUITY

Accounts payable

6,347,461

3,090,890

Accounts payable, related parties

7,688

108,577

Accrued expenses and other liabilities

5,177,709

2,176,945

COMMITMENTS AND CONTINGENCIES (Note 11)

27,443,882

14,968,762

^[1]

Total liabilities

38,976,740

20,345,174

Stockholder’s Equity

Owners’ equity

37,702,488

25,210,977

Non-controlling interests

15,214,193

Total stockholder’s equity

52,916,681

25,210,977

TOTAL LIABILITIES AND EQUITY

$ 91,893,421

$ 45,556,151

[1]	As of December 31, 2012, the Companies’ construction and development activities were financed through credit facilities generally providing for secured notes for the construction of individual homes and/or completed lots, with maturities ranging from 9 – 12 months from the borrowing date.

Combined Statements of Operations - Predecessor - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues:
Home sales	$ 37,035,022	$ 22,850,711	$ 95,032,844	$ 50,711,231
Management and warranty fees	1,007,605	705,883	2,309,327	1,697,586
Total revenues	38,042,627	23,556,594	97,342,171	52,408,817
Cost of sales	27,083,342	16,698,926	69,225,134	36,971,435
Selling expenses	3,589,221	1,846,511	9,082,074	4,709,674
General and administrative	4,051,706	1,804,628	9,077,539	4,255,812
(Income) from unconsolidated joint ventures	(1,976,197)	(525,863)	(2,919,884)	(1,111,688)
Operating income	5,294,555	3,732,392	12,877,308	7,583,584
Interest expense	(41,968)	(11,083)	(47,636)	(35,767)
Other income, net	33,914	60,913	56,216	84,852
Net income before income taxes	5,286,501	3,782,222	12,885,888	7,632,669
Income tax provision	(136,318)	(32,461)	(272,595)	(97,027)
Net income	5,150,183	3,749,761	12,613,293	7,535,642
(Income) loss attributable to non-controlling interests	437,535	(94,954)	583,057	(162,969)
Net income attributable to owners	$ 5,587,718	$ 3,654,807	$ 13,196,350	$ 7,372,673

Combined Statement of Equity - 9 months ended Sep. 30, 2013 - USD ($)	Total	Parent	Non-Controlling Interest
Beginning Balance (Predecessor) at Dec. 31, 2012	$ 25,210,977	$ 25,210,977
Net income (loss) \| Predecessor	12,613,293	13,196,350	$ (583,057)
Contributions \| Predecessor	18,332,250	2,535,000	15,797,250
Distributions \| Predecessor	(3,239,839)	(3,239,839)
Ending Balance (Predecessor) at Sep. 30, 2013	52,916,681	$ 37,702,488	$ 15,214,193
Ending Balance at Sep. 30, 2013	$ 1,000

Combined Statements of Cash Flows - Predecessor - USD ($)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net income (loss)	$ 12,613,293	$ 7,535,642
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
(Income) from unconsolidated joint ventures	(2,919,884)	(1,111,688)
Distributions from unconsolidated joint ventures	3,027,135	1,099,187
Depreciation and amortization	198,752	126,066
Gain on settlement of participation fee obligation	(8,614)
Net loss on disposal of vehicles	61,055
Changes in assets and liabilities:
Accounts receivable	(681,741)	(344,431)
(Receivables from) payables to related parties, net	256,957	49,444
Real estate inventory	(38,311,354)	(10,862,446)
Pre-acquisition costs and deposits	(2,674,088)	(883,064)
Other assets	(2,099,963)	(263,876)
Accounts payable	3,256,571	1,510,053
Accrued expenses and other liabilities	3,000,764	589,438
Net cash used in operating activities	(24,281,117)	(2,555,675)
Cash flows from investing activities:
Investments of capital into unconsolidated joint ventures	(927,977)	(318,500)
Distributions of capital from unconsolidated joint ventures	148,303	33,313
Purchases of property and equipment	(532,653)	(279,387)
Proceeds from disposal of assets	34,647
Net cash used in investing activities	(1,277,680)	(564,574)
Cash flows from financing activities:
Proceeds from notes payable	64,151,438	29,090,823
Payments on notes payable	(51,361,877)	(24,661,085)
Contributions	2,535,000	6,450,000
Distributions	(3,239,839)	(4,247,261)
Contributions from non-controlling interests	15,797,250
Net cash provided by financing activities	27,881,972	6,632,477
Net increase in cash and cash equivalents	2,323,175	3,512,228
Cash and cash equivalents, beginning of period	7,069,471	5,106,183
Cash and cash equivalents, end of period	$ 9,392,646	$ 8,618,411

Organization and Business	9 Months Ended
Organization and Business	Sep. 30, 2013
Organization and Business	1. ORGANIZATION Organization and Description of the Business LGI Homes, Inc., a Delaware corporation (the “Company”), was organized on July 9, 2013 as a holding company for the purposes of facilitating the initial public offering of its common stock (the “IPO”). At September 30, 2013, the Company had no material assets, no liabilities and had conducted no operations, and engaged only in activities in contemplation of the IPO. Costs incurred in connection with the IPO are the obligations of LGI Homes Group, LLC, LGI Homes Corporate, LLC and their affiliates, all of which were part of the reorganization transactions completed concurrent with the IPO (see Note 4). LGI Homes, Inc.’s principal business is the development of communities and the design and construction of homes in Texas, Arizona, Florida and Georgia. Subsequent to September 30, 2013, LGI Homes Inc. commenced homebuilding operations in New Mexico.
Predecessor
Organization and Business	1. BUSINESS Organization and Description of the Business LGI Homes Group (Predecessor) (the “Companies”) is a group of affiliated entities, under common control, which is engaged in the design and construction of homes in Texas, Arizona, Florida and Georgia as of September 30, 2013. Effective November 13, 2013, the Companies were reorganized and became wholly-owned subsidiaries of LGI Homes, Inc. in connection with the closing of the initial public offering of LGI Homes, Inc.’s shares of common stock (the “IPO”). The reorganization transactions will be accounted for as a combination of entities under common control. Refer to Note 13 for a discussion of subsequent event activity, including but not limited to the IPO, the reorganization transactions and the acquisition of joint venture partners’ interests by LGI Homes, Inc. in November 2013.

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

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+ Details

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2013
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying balance sheet has been prepared in accordance with accounting principles generally accepted in the United States. Separate statements of income and changes in stockholder’s equity have not been presented because there have been no operating activities or equity transactions of the Company as of September 30, 2013. A separate statement of cash flows has not been presented, as the only transactions impacting such statement as of September 30, 2013, are fully described below.
Predecessor
Summary of Significant Accounting Policies	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Use of Estimates The accompanying combined financial statements include the accounts of LGI Homes Group, LLC and LGI Homes Corporate, LLC and their consolidated subsidiaries and controlled variable interest entities, as well as LGI Homes, Ltd., LGI Homes—Sunrise Meadow, Ltd., LGI Homes—Canyon Crossing, Ltd., and LGI Homes—Deer Creek, LLC. Immediate family members, a father and son, individually or jointly own more than 50% of the voting ownership interest of each entity and have historically voted their interests in concert. The immediate family members are referred to hereinafter as the Principals. These entities have been combined for reporting purposes as they are under common management, operate in the same business, and are controlled by the Principals. All intercompany balances and transactions have been eliminated in consolidation and all intracompany balances and transactions have been eliminated in combination. The accompanying unaudited condensed combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and should be read in conjunction with the Companies’ audited financial statements for the year ended December 31, 2012, which are included in the LGI Homes, Inc. prospectus dated November 6, 2013 that was filed with the Securities and Exchange Commission (“SEC”) on November 8, 2013. The accompanying unaudited condensed combined financial statements include all adjustments (consisting of normal recurring entries) necessary for the fair presentation of the Companies’ results for the interim periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and these differences could have a significant impact on the financial statements. The significant accounting estimates include real estate inventory and cost of sales, impairment of real estate inventory and property and equipment, warranty reserves, loss contingencies, and accounting for variable interest entities. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the year ending December 31, 2013. The balance sheet at December 31, 2012 has been derived from the audited combined financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements. Cash and Cash Equivalents and Concentration of Credit Risk Cash and cash equivalents are defined as cash on hand, demand deposits with financial institutions, and short-term liquid investments with an initial maturity date of less than three months. The Companies’ cash in demand deposit accounts may exceed federally insured limits. Management monitors the cash balances in the Companies’ operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be negatively impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Companies have experienced no loss or diminished access to cash in their operating accounts. Accounts Receivable Accounts receivable consist primarily of proceeds due from title companies for sales closed prior to period end and are generally collected within a few days from closing. Real Estate Inventory Inventory consists of land, land under development, finished lots, sales offices, homes in progress, and completed homes. Inventory is stated at cost unless the carrying amount is determined not to be recoverable, in which case inventory is written down to fair value. Land, development and other project costs, including interest and property taxes incurred during development and home construction, are capitalized to real estate inventory. Land development and other common costs that benefit the entire community, including field construction supervision and related direct overhead, are allocated to individual lots or homes, as appropriate. The costs of lots are transferred to homes in progress when home construction begins. Home construction costs and related carrying charges (principally capitalized interest and property taxes) are allocated to the cost of individual homes using the specific identification method. Costs that are not specifically identifiable to a home are allocated on a pro rata basis by taking costs and dividing by the total number of lots in the community. Management believes the allocation of costs on a pro rata basis approximates the allocation using relative sales value. Inventory costs for completed homes are expensed as cost of sales as homes are sold. Changes to estimated total development costs subsequent to initial home closings in a community are generally allocated to the remaining unsold lots and homes in the community on a pro rata basis. The life cycle of a community generally ranges from two to five years, commencing with the acquisition of land, continuing through the land development phase, and concluding with the construction, sale, and delivery of homes. A constructed home is used as the community sales office during the life of the community and then sold. Actual individual community lives will vary based on the size of the community, the sales absorption rate, and whether the property was purchased as raw land or finished lots. In accordance with the provisions of ASC 360, Property, Plant, and Equipment, real estate inventory is evaluated for indicators of impairment by each community during each reporting period. In conducting its review for indicators of impairment on a community level, management evaluates, among other things, the margins on homes that have been delivered, communities with slow moving inventory, projected margins on future home sales over the life of the community, and the estimated fair value of the land. For individual communities with indicators of impairment, additional analysis is performed to estimate the community’s undiscounted future cash flows. If the estimated undiscounted future cash flows are greater than the carrying value of the community group of assets, no impairment adjustment is required. If the undiscounted cash flows are less than the community’s carrying value, the asset group is impaired and is written down to its fair value. The Companies estimate the fair value of communities using a discounted cash flow model. As of September 30, 2013 and December 31, 2012, the real estate inventory is stated at cost; there were no inventory impairment charges recorded during the three or nine months ended September 30, 2013 and 2012. Capitalized Interest Interest and other financing costs related to real estate inventory are capitalized as cost of inventory during community development and home construction activities and expensed in cost of sales as homes in the community are sold. Pre-Acquisition Costs and Deposits Amounts paid for land options, deposits on land purchase contracts, and other pre-acquisition costs are capitalized and classified as deposits to purchase. Upon execution of the purchase, these deposits are applied to the acquisition price of the land and recorded as a cost component of the land in real estate inventory. To the extent that any deposits are nonrefundable and the associated land acquisition process is terminated or no longer determined probable, the related deposits are charged to general and administrative expense. Management reviews the likelihood of the acquisition of contracted lots in conjunction with its periodic real estate impairment analysis. Deferred Loan Costs Deferred loan costs represent debt issuance costs and, depending on the nature and purpose of the loan, are capitalized to real estate inventory or amortized to interest expense using the straight line method which approximates the effective interest method. Property and Equipment Property, equipment and leasehold improvements are stated at cost, less accumulated depreciation. Depreciation expense is recorded in general and administrative expenses. Upon sale or retirement, the costs and related accumulated depreciation are eliminated from the respective accounts and any resulting gain or loss is included in other income, net. Depreciation is generally computed using the straight-line method over the estimated useful lives of the assets, ranging from 3 to 7 years. Leasehold improvements are depreciated over the shorter of the asset life or the term of the lease. Maintenance and repair costs are expensed as incurred. Impairments of long-lived assets are determined periodically when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on judgments as to the future undiscounted operating cash flows to be generated from these assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related asset, impairment is recognized for the excess of the carrying value over its fair value. There were no impairments of property, equipment and leasehold improvements recorded during the three or nine months ended September 30, 2013 and 2012. Investments in Joint Ventures and Unconsolidated Variable Interest Entities (VIEs) The Companies function as the managing member of certain joint ventures conducting homebuilding activities. In accordance with ASC 810, Consolidation, management has assessed whether these entities may be VIEs. The Companies have variable interests in the joint venture arrangements that it manages, and these joint ventures have been determined to be VIEs because the members of the joint ventures, as a group, have insufficient equity at risk without further capital contributions. The Companies’ rights as well as the rights held by the other joint venture members have been evaluated to determine the primary beneficiary of the VIE, including the extent of substantive participating rights and control of activities that most significantly affect its economic performance. Such activities include, but are not limited to, the ability to determine the budget and scope of land development work, if any; the ability to control financing decisions for the VIE; and the ability to acquire additional land into the VIE. If the Companies are not able to control the significant decisions, the Companies are not considered the primary beneficiary of the VIE. If the Companies are determined to be the primary beneficiary of the VIE, the entity is consolidated in the accompanying combined financial statements. The Companies have investments in four joint ventures where the Companies and the other joint venture members have been deemed to have joint control and the Companies are not the primary beneficiary since all major decisions require both parties’ consent. Accordingly, the Companies’ interests in these joint ventures are accounted for using the equity method and its share of the joint ventures’ net earnings is included in income from unconsolidated joint ventures and investments in unconsolidated joint ventures. Distributions received are credited against the related investment in the joint venture. In addition, the Companies have interests in two VIE’s (LGI Homes – Sterling Lakes, LLC and LGI Fund III Holdings, LLC) where it has been determined that the Companies are the primary beneficiary. In addition to the Companies serving as the managing member of these entities, the Principals of the Companies also held the general partner controlling interests in the non-managing members of the VIEs. As a result, the Companies combined with the Principals’ related party interests have the power to direct all significant activities of the VIEs, and have exposure to the risks and rewards of the VIEs, based on the division of income and loss pursuant to the joint venture agreement and the Companies’ ownership in the joint ventures. These two VIEs have been consolidated in the accompanying combined financial statements. Management evaluates the Companies’ investments in unconsolidated entities for indicators of impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in value of the Companies’ investment in the unconsolidated entity has occurred which is other-than-temporary. The amount of impairment recognized is the excess of the investment’s carrying amount over its estimated fair value. No impairment charges have been recorded related to investments in unconsolidated entities during the three or nine months ended September 30, 2013 and 2012. Insurance Costs and Reserves The Companies have deductible limits under workers’ compensation, automobile and general liability insurance policies, and record expense and liabilities for the estimated costs of potential claims for construction defects. The excess liability limits are $2 million per occurrence and in the aggregate annually and apply in excess of automobile liability, employer’s liability under workers compensation, and general liability policies. The Companies generally require subcontractors and design professionals to indemnify the Companies for liabilities arising from their work, subject to certain limitations. Warranty Reserves Future direct warranty costs are accrued and charged to cost of sales in the period when the related home is sold. The Companies’ warranty liability is based upon historical warranty cost experience and is adjusted as appropriate to reflect qualitative risks associated with the types of homes built, the geographic areas in which they are built, and potential impacts of the Companies’ continued expansion. The Companies’ warranty reserves include amounts expected to be incurred under the warranty agreement with the LGI/GTIS Joint Ventures. Warranty reserves are reviewed quarterly to assess the reasonableness and adequacy and make adjustments to the balance of the pre-existing reserves, as needed, to reflect changes in trends and historical data as information becomes available. Home Sales In accordance with ASC 360 – 20, Real Estate Sales, revenues from home sales are recorded at the time each home sale is closed, title and possession are transferred to the buyer, and there is no significant continuing involvement of the Companies with the home. Home sales proceeds are generally received from the title company within a few days from closing. Home sales are reported net of sales discounts and incentives granted to home buyers, which are primarily seller-paid closing costs. Cost of Sales As discussed under Real Estate Inventory, above, cost of sales for homes closed include the construction costs of each home and allocable land acquisition and land development costs, capitalized interest, and other related common costs (both incurred and estimated to be incurred). Selling and Commission Costs Sales commissions are paid and expensed based on homes sold. Other residual selling costs are expensed in the period incurred. Advertising Costs Advertising and direct mail costs are expensed as incurred. Advertising and direct mail costs were $811,746 and $412,188 for the three months ended September 30, 2013 and 2012, respectively, and $1,888,157 and $1,223,296 for the nine months ended September 30, 2013 and 2012, respectively. Income Taxes The Companies consist of limited liability companies and limited partnerships, all of which are treated as partnerships for income tax purposes and federal income taxes on taxable income or losses realized by the Companies are the obligation of the individual members or partners. However, the Companies are subject to certain state taxes and fees, including the Texas margin tax, where applicable. There are no significant deferred income taxes related to state income taxes. Fair Value Measurement of Financial Instruments ASC 820, Fair Value Measurements, defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that differs from the transaction price or market price of the asset or liability. Under GAAP, the fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value. Fair value measurements should maximize the use of observable inputs and minimize the use of unobservable inputs, where possible. Observable inputs are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs may be needed to measure fair value in situations where there is little or no market activity for the asset or liability at the measurement date and are developed based on the best information available in the circumstances, which could include the reporting entity’s own judgments about the assumptions market participants would utilize in pricing the asset or liability. The Companies utilize fair value measurements to account for certain items and account balances within its combined financial statements. Fair value measurements may also be utilized on a nonrecurring basis, such as for the impairment of long-lived assets. The fair value of financial instruments, including cash and cash equivalents, accounts receivable and notes payable, approximate their carrying amounts due to the short term nature of these instruments. In addition, as of September 30, 2013, the notes payable have a floating interest rate, which increases or decreases with market interest rates, and is subject to an interest rate floor.

Stockholder's Equity	9 Months Ended
Stockholder's Equity	Sep. 30, 2013
Stockholder's Equity	3. STOCKHOLDER’S EQUITY The Company is authorized to issue 250,000,000 shares of common stock, par value $0.01 per share, and 5,000,000 shares of preferred stock, par value $0.01 per share. On July 9, 2013, 1,000 shares of common stock, par value $0.01 per share, were issued upon receipt of $1,000.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3

+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2013
Subsequent Events	4. SUBSEQUENT EVENTS On November 13, 2013, the Company completed the IPO and the reorganization of LGI Homes Group, LLC and LGI Homes Corporate, LLC and their consolidated subsidiaries and controlled variable interest entities, as well as LGI Homes II, LLC (formerly LGI Homes, Ltd.), LGI Homes — Sunrise Meadow, LLC (formerly LGI Homes — Sunrise Meadow, Ltd.), LGI Homes — Canyon Crossing, LLC (formerly LGI Homes — Canyon Crossing, Ltd.), and LGI Homes — Deer Creek, LLC, (collectively, “LGI Homes Group (Predecessor)”) into LGI Homes, Inc. A total of 10,003,358 shares of the Company’s common stock were issued to the owners of the entities that make up LGI Homes Group (Predecessor), including the issuance of 2,161,580 shares of the Company’s common stock to the non-controlling interests in a subsidiary of one of the entities. Immediate family members, a father and son, individually or jointly owned more than 50% of the voting ownership interest of each entity comprising LGI Homes Group (Predecessor). The LGI Homes Group (Predecessor) entities and the Company are under common management, operate in the same business, and are controlled by the family principals. Following the reorganization, the entities that comprise the LGI Homes Group (Predecessor) are wholly-owned subsidiaries of the Company. These reorganization transactions will be accounted for at the transaction date as a combination of entities under common control. Concurrent with the IPO, the Company acquired from GTIS Partners, LP and its affiliated entities (“GTIS”) all of GTIS’ equity interests in four unconsolidated joint ventures with LGI Homes Group (Predecessor), namely LGI-GTIS Holdings, LLC, LGI-GTIS Holdings II, LLC, LGI-GTIS Holdings III, LLC and LGI-GTIS Holdings IV, LLC (collectively, the “LGI/GTIS Joint Ventures”), in exchange for aggregate consideration of $41.4 million, consisting of a cash payment of approximately $36.9 million and 409,091 shares of the Company’s common stock valued at $4.5 million (based on the IPO price of $11.00 per share). As this transaction resulted in a change of control for the LGI/GTIS Joint Ventures, the acquisition will be accounted for at the transaction date in accordance with ASC 805, Business Combinations, and the assets and liabilities of the LGI/GTIS Joint Ventures will be recorded at fair value. In the IPO, the Company issued and sold 10,350,000 shares of its common stock at a price to the public of $11.00 per share and received net proceeds of $102.7 million after deducting underwriting discounts and commissions of $8.0 million and other offering expenses of approximately $3.2 million. On November 6, 2013, immediately prior to the effectiveness of the prospectus for the IPO, the Company granted 140,222 restricted stock units to employees, executives and non-employee directors under the LGI Homes, Inc. 2013 Equity Incentive Plan which vest over periods ranging from one to three years and will be settled in shares of the Company’s common stock. Of these grants, 93,315 restricted stock units represent the settlement of accrued liabilities of LGI Homes Group (Predecessor) for management and executive bonuses of $1.0 million which had been earned and recorded as compensation expense of LGI Homes Group (Predecessor) as part of a performance-based cash bonus plan through the date of the IPO. In addition, 46,907 restricted stock units were granted to certain employees, executives and the non-employee directors under the LGI Homes, Inc. 2013 Equity Incentive Plan.
Predecessor
Subsequent Events	13. SUBSEQUENT EVENTS Initial Public Offering and Reorganization Transactions In November 2013, LGI Homes, Inc. completed the initial public offering of its common stock (the “IPO”). In the IPO, LGI Homes, Inc. issued and sold 10,350,000 shares of its common stock at a price to the public of $11.00 per share and received net proceeds of $102.7 million after deducting underwriting discounts and commissions of $8.0 million and other offering expenses of approximately $3.2 million. In conjunction with the IPO, the Companies’ owners contributed their equity interests in the various entities combined in the accompanying financial statements of LGI Homes Group (Predecessor) to LGI Homes, Inc. in exchange for shares of LGI Homes, Inc. common stock. LGI Homes, Inc. became the parent of the Companies and accounted for the reorganization transactions as an exchange of shares between entities under common control at historical cost in a manner similar to a pooling of interests. After the reorganization transactions, the ownership percentage of each LGI Homes, Inc. common stockholder was equivalent to its ownership percentage in the Companies based on the relative fair values of the respective entities. A total of 10,003,358 shares of LGI Homes, Inc. common stock were issued to the owners of the Companies in connection with the reorganization transactions, including the issuance of 2,161,580 shares of common stock to LGI Fund III Holdings, LLC, a consolidated variable interest entity of the Companies. Since the Companies controlled LGI Fund III Holdings, LLC before and after the IPO, LGI Homes, Inc. has accounted for this transaction as an equity transaction. Following the reorganization transactions, the Companies are wholly-owned subsidiaries of LGI Homes, Inc. The Companies’ owners’ equity at September 30, 2013 and December 31, 2012, has not been retroactively restated for the reorganization transactions described above. In November 2013, prior to the closing of the IPO and the reorganization transactions described above, the entities comprising LGI Homes Group (Predecessor) distributed to their owners approximately $5.8 million to pay estimated federal income taxes on earnings for the period from January 1, 2013 through November 13, 2013. In addition, in November 2013, prior to the closing of the IPO, LGI Homes, Ltd., a Texas limited partnership, was converted into LGI Homes II, LLC, a Texas limited liability company; LGI Homes —Sunrise Meadow, Ltd. was converted into LGI Homes—Sunrise Meadow, LLC; and LGI Homes —Canyon Crossing, Ltd. was converted into LGI Homes—Canyon Crossing, LLC. Acquisition of Joint Venture Partners’ Interests Concurrent with the IPO, LGI Homes, Inc. acquired from GTIS all of GTIS’ equity interests in the LGI/GTIS Joint Ventures (the “GTIS Transaction”). The aggregate consideration for the GTIS Transaction was $41.4 million, consisting of a cash payment of approximately $36.9 million and 409,091 shares of LGI Homes, Inc. common stock valued at $4.5 million (based on the IPO price of $11.00 per share). As this transaction resulted in a change of control for the LGI/GTIS Joint Ventures, the transaction will be accounted for in accordance with ASC 805, and the assets and liabilities of the LGI/GTIS Joint Ventures will be recorded at fair value. The determination of the purchase price allocation is in process as of the date of filing of this Quarterly Report on Form 10-Q. Secured Revolving Credit Facility As of October 23, 2013, Texas Capital Bank, N.A. approved adding LGI Fund III Holdings, LLC and its subsidiaries as additional co-borrowers under the secured revolving credit facility. Other Subsequent to September 30, 2013, LGI Homes, Inc. commenced homebuilding operations in New Mexico. Subsequent to September 30, 2013, the Companies and LGI Homes, Inc. closed acquisitions of land and finished lots of approximately $37.6 million in the aggregate, using net proceeds from the IPO, borrowings under the revolving credit facility and cash generated from operations. Refer to Note 4 for a discussion of the collection of a receivable from the municipal utility district in November 2013.

Real Estate Inventory

9 Months Ended

Sep. 30, 2013

Real Estate Inventory

3. REAL ESTATE INVENTORY

The Companies’ real estate inventory consists of the following:

	September 30, 2013		December 31, 2012
Land, land under development, and finished lots	$	31,488,108	$	8,538,631
Sales offices		1,936,973		912,461
Homes in progress		19,123,622		8,045,848
Completed homes		14,251,842		10,992,251
Total real estate inventory	$	66,800,545	$	28,489,191

Interest and financing costs incurred under the Companies’ debt obligations, as more fully discussed in Note 8, are capitalized to qualifying real estate projects under development and homes under construction.

Other Assets

9 Months Ended

Sep. 30, 2013

Other Assets

4. OTHER ASSETS

Other assets consist of the following:

	September 30, 2013		December 31, 2012
Receivable from municipality	$	1,250,000	$	1,250,000
Prepaid expenses		2,385,059		320,738
Security deposits		320,382		299,132
Notes receivable		—		10,281
Deferred loan costs		28,622		3,949
Total other assets	$	3,984,063	$	1,884,100

In connection with the development of a community, LGI Homes – Sunrise Meadow, Ltd. financed the design, construction and initial operations of the municipal utility district subject to the district’s commitment to reimburse eligible costs in connection with a bond offering. The municipal utility district issued bonds during October 2013, and the receivable from the municipality for reimbursement of costs incurred by LGI Homes – Sunrise Meadow, Ltd. was collected during November 2013. Prepaid expenses as of September 30, 2013, include approximately $2.2 million of expenses incurred in connection with the IPO (see Note 13).

Property and Equipment

9 Months Ended

Sep. 30, 2013

Property and Equipment

5. PROPERTY AND EQUIPMENT

Property and equipment consist of the following:

	Asset Life		September 30, 2013			December 31, 2012
	(years)
Computer equipment		3‑5	$	403,337		$	291,112
Machinery, equipment and vehicles		4‑5		160,051			707,554
Furniture and fixtures		5‑7		603,839			338,647
Leasehold improvements		various		98,930			18,643
Total property and equipment				1,266,157			1,355,956
Less: Accumulated depreciation				(614,396	)		(636,566	)
Property and equipment, net			$	651,761		$	719,390

Depreciation expense incurred for the three months ended September 30, 2013 and 2012 was $67,469 and $48,887, respectively.

The following are non-cash transactions related to property and equipment:

	Nine Months Ended September 30,
	2013		2012
Equipment sold to the LGI/GTIS Joint Ventures at net book value	$	29,233	$	—
Settlement of vehicle notes payable (through trade in or assumption by purchaser)	$	305,827	$	—

Investments in Joint Ventures, Variable Interest Entities and Non-Controlling Interests

9 Months Ended

Sep. 30, 2013

Investments in Joint Ventures, Variable Interest Entities and Non-Controlling Interests

6. INVESTMENTS IN JOINT VENTURES, VARIABLE INTEREST ENTITIES AND NON-CONTROLLING INTERESTS

The combined financial statements reflect the Companies’ interests in the following four joint ventures (the “LGI/GTIS Joint Ventures”) accounted for using the equity method of accounting since the Companies are not deemed to be the primary beneficiaries of these variable interest entities.

Joint Venture Name	Date Formed	Companies’ Member
LGI—GTIS Holdings, LLC	March 2010	LGI Homes Corporate, LLC
LGI—GTIS Holdings II, LLC	November 2010	LGI Homes Corporate, LLC through March 2011, then interest transferred to LGI Homes Group, LLC
LGI—GTIS Holdings III, LLC	March 2011	LGI Homes Group, LLC
LGI—GTIS Holdings IV, LLC	October 2012	LGI Homes Group, LLC

The LGI/GTIS Joint Ventures are each engaged in homebuilding and land development activities. GTIS Partners, LP and affiliated entities (collectively “GTIS”) are joint venture members in these entities. The LGI/GTIS Joint Ventures are discussed collectively in these financial statements due to the similarity of the joint venture agreements and other aspects of the entities. Management of each of the LGI/GTIS Joint Ventures is vested in the members, being the Companies and GTIS. The Companies are considered the managing members of these entities. The managing member has the responsibility and authority to operate the LGI/GTIS Joint Ventures on a day-to-day basis subject to the operating budget and business plan, which is approved by both members. The Companies use their sales, development and operations teams to support operations and have significant influence even though the respective joint venture members have been deemed to have joint control under ASC 810. All major decisions require both members’ consent. Major decisions include, but are not limited to: the acquisition or disposition of a project; capital contributions; and changes, updates or amendments to the operating budget or business plan. Generally, the LGI/GTIS Joint Ventures have not obtained construction financing from outside lenders, but have financed their activities primarily through equity contributions from each of the joint venture members.

Profits are allocated to the members of the LGI/GTIS Joint Ventures based on the predetermined formulas specified in the joint venture agreements for the allocation of distributable cash. The GTIS member and the Companies are allocated 85% and 15% of the profits, respectively, (the “Sharing Percentages”) until such time as the members receive cash distributions equal to their initial capital investment plus, generally, a 15% internal rate of return (“First Tier Return”). Subsequent allocations of distributable cash and profits include a priority allocation of approximately 20% to 40% to the Companies’ member, depending on the amount of cash distributions achieved over the life of the joint venture. Upon liquidation of the Companies’ interests in the LGI/GTIS Joint Ventures, the Companies’ member is required to restore any deficit balance in its capital account as provided for in the respective joint venture agreements. Therefore, the Companies’ maximum exposure to loss as a result of involvement in each LGI/GTIS Joint Venture is the amount of the Companies’ equity in such joint venture ($5.1 million on a combined basis for the LGI/GTIS Joint Ventures at September 30, 2013) plus the potential to fund any deficit capital balance upon liquidation; management does not consider it likely that the Companies would have deficit capital balance at liquidation. Performance of the Companies under the joint venture agreements is guaranteed by the Companies, including LGI Homes, Ltd., LGI Homes – Sunrise Meadow, Ltd., LGI Homes – Canyon Crossing, Ltd., and LGI Homes – Deer Creek, LLC, and is secured by a first lien and security interest in the Companies’ interest and the right to receive any distributions from the respective LGI/GTIS Joint Venture.

Since the internal rates of return necessary to receive a higher proportion of distributions are calculated over the life of each LGI/GTIS Joint Venture and both the timing and amount of future contributions and distributions will affect the Companies’ share of distributions, there is no certainty that the Companies will receive greater than 15% of the LGI/GTIS Joint Ventures’ distributions. Therefore, the Companies record their investments in the LGI/GTIS Joint Ventures at 15% of each venture’s capital balance and recognize the incremental amounts due to the Companies as a result of reaching the higher distribution tiers only when received.

As of December 31, 2012, none of the LGI/GTIS Joint Ventures had achieved the First-Tier Return, therefore there were no priority allocations paid to the Companies’ member in 2012. During the six months ended June 30, 2013, LGI-GTIS Holdings, LLC achieved the First-Tier Return and began paying the priority allocation to the Companies’ member, and during the three months ended September 30, 2013, achieved the Second-Tier and Third-Tier Return increasing the priority allocation to the Companies’ member to approximately 40%. During the three months ended September 30, 2013, LGI-GTIS Holdings II, LLC and LGI-GTIS Holdings III, LLC also achieved the First-Tier Return and began paying the priority allocation to the Companies’ member. As of September 30, 2013, LGI-GTIS Holdings IV, LLC has yet to achieve the First-Tier Return. During the three and nine months ended September 30, 2013, the Companies recognized priority distributions from the LGI/GTIS Joint Ventures totaling $1.3 million and $1.5 million, respectively.

Summarized condensed combined financial information of the LGI/GTIS Joint Ventures that are accounted for by the equity method is as follows:

Balance Sheets	September 30, 2013		December 31, 2012
Assets:
Cash and cash equivalents	$	7,958,159	$	4,129,107
Real estate inventory:
Land, land under development, and finished lots		11,834,562		17,194,218
Sales offices		750,672		574,099
Homes in progress		8,020,460		2,102,925
Completed homes		8,573,842		6,964,360
Total real estate inventory		29,179,536		26,835,602
Other assets		2,730,130		2,128,764
Total assets	$	39,867,825	$	33,093,473
Liabilities and members’ equity:
Liabilities	$	5,742,985	$	3,451,448
Members’ equity:
LGI Homes Group (Predecessor)		5,118,726		4,446,302
GTIS members		29,006,114		25,195,723
Total members’ equity		34,124,840		29,642,025
Total liabilities and members’ equity	$	39,867,825	$	33,093,473

	Three Months Ended September 30,				Nine Months Ended September 30,
Statements of Operations	2013		2012		2013		2012
Home sales	$	30,961,933	$	20,089,653	$	68,933,308	$	48,476,147
Cost of sales	$	22,414,968	$	14,526,174	$	49,805,019	$	34,815,151
Net earnings of unconsolidated entities	$	4,674,762	$	3,233,043	$	9,502,060	$	7,138,539
Companies’ share in net earnings of unconsolidated entities	$	1,976,197	$	525,863	$	2,919,884	$	1,111,688

Consolidated Joint Ventures

The accompanying Combined Balance Sheets reflect two consolidated joint ventures, engaged in homebuilding and land development activities, which have been determined to be VIEs and the Companies have been deemed to be the primary beneficiary under ASC 810.

Profits are allocated to the members for the consolidated joint ventures based on the predetermined formulas specified in the joint venture agreements for the allocation of distributable cash. The non-managing members and the Companies are allocated 85% and 15% of the profits, respectively, (the “Sharing Percentages”) until such time as the members receive cash distributions equal to their initial capital investment plus, generally, a 15% internal rate of return (“First Tier Return”). Subsequent allocations of distributable cash and profits include a priority allocation of approximately 20% to 40% to the Companies’ member, depending on the amount of cash distributions achieved over the life of the joint venture.

LGI Fund III Holdings, LLC was formed March 31, 2013, and LGI Homes Group, LLC is the managing member. LGI Fund III Holdings, LLC had cash, real estate inventory (land, land development, and finished lots), pre-acquisition costs and deposits, and accounts payable and accrued liabilities of approximately $0.5 million, $19.2 million, $0.8 million, and $1.7 million, respectively, which are included in the amounts presented in the combined balance sheet at September 30, 2013. LGI Fund III Holdings, LLC, had no debt, and its assets were unencumbered as of September 30, 2013.

LGI Homes—Sterling Lakes, LLC was formed in 2010, and LGI Homes Corporate, LLC was the managing member. LGI Homes—Sterling Lakes, LLC had income attributable to non-controlling interests of $162,969 for the nine months ended September 30, 2012, and was closed out prior to December 31, 2012.

Accrued Expenses and Other Liabilities

9 Months Ended

Sep. 30, 2013

Accrued Expenses and Other Liabilities

7. ACCRUED EXPENSES AND OTHER LIABILITIES

Accrued and other current liabilities consist of the following:

	September 30, 2013		December 31, 2012
Accrued liabilities	$	2,423,866	$	948,807
Accrued bonuses		1,749,236		583,242
Warranty reserve		550,000		450,000
Income taxes payable		276,413		119,473
Customer deposits		178,194		75,423
Total accrued expenses and other liabilities	$	5,177,709	$	2,176,945

Estimated Warranty Reserve—The Companies typically provide homebuyers with a ten-year limited warranty for major defects in structural elements such as framing components and foundation systems, a two-year limited warranty on major mechanical systems, and a one-year limited warranty on other construction components. The Companies provide similar warranty services for homes sold by the LGI/GTIS Joint Ventures (see Note 10).

Changes to the Companies’ warranty accrual are as follows:

Warranty reserves, December 31, 2012	$	450,000
Warranty provision		474,740
Warranty expenditures		(374,740	)
Warranty reserves, September 30, 2013	$	550,000

The following amounts represent warranty amounts related to the Companies and excludes the amounts attributable to the LGI/GTIS Joint Ventures discussed in Note 10.

Warranty reserves, December 31, 2012	$	283,100
Warranty provision		299,780
Warranty expenditures		(242,580	)
Warranty reserves, September 30, 2013	$	340,300

Notes Payable

9 Months Ended

Sep. 30, 2013

Notes Payable

8. NOTES PAYABLE

As of September 30, 2013, the Companies were party to two secured revolving credit facilities, up to an aggregate $37.0 million, to purchase and develop land parcel and construct new homes. The Companies repay the amounts borrowed under the secured revolving credit facilities for acquisition and development as lots are released based upon a specific release price, as defined in each respective credit facility agreement. The Companies repay the amounts borrowed under the credit facility for construction proceeds from home sales based upon a specific release price, as defined in each respective credit facility agreement. Interest on amounts borrowed is paid monthly at a rate based on LIBOR or the interest rate floor, whichever is greater.

The LGI Homes Group, LLC and the LGI Homes- Sunrise Meadow, Ltd. credit facilities with Texas Capital Bank, N.A. were amended during 2013 to establish a borrowing base to determine available loan proceeds. The individual facility’s borrowing base is determined based on the loan value of the pool of collateral in which the lenders have a security interest. Vacant lots and homes generally may remain in the borrowing base for up to one year. As of September 30, 2013, the borrowing base amounts under these agreements totaled $29.5 million.

	September 30, 2013		December 31, 2012 (1)
LGI Homes Group, LLC—Notes payable to Texas Capital Bank, N.A. under an amended credit facility ($35.0 million line at September 30, 2013, and $20.0 million line at December 31, 2012) expiring June 30, 2015; interest at LIBOR plus 3.0% and 3.9% at September 30, 2013 and December 31, 2012, respectively, with a 4.0% and 4.5% floor at September 30, 2013 and December 31, 2012, respectively; collateralized by borrower’s land, development and home construction costs (carrying value of $21.9 million at December 31, 2012); guaranteed by a family Principal, the managing member, and non-managing members as joint and several guarantors	$	26,459,882	$	12,270,636
LGI Homes—Sunrise Meadow, Ltd. and LGI Holdings, LLC—Notes payable to Texas Capital Bank, N.A. under an amended credit facility ($2 million at September 30, 2013 and $5 million line at December 31, 2012) expiring December 31, 2013; interest at LIBOR plus 3.0% and 3.9% at September 30, 2013 and December 31, 2012, respectively, with a floor of 4.0% and 4.5% at September 30, 2013 and December 31, 2012, respectively; collateralized by borrowers’ land, development and home construction costs (carrying value of $4.6 million at December 31, 2012); guaranteed by a family Principal		984,000		835,363
LGI Homes—Texas, LLC—Notes payable to Regions Bank, under $3 million amended revolving credit facility expiring March 29, 2014; interest at LIBOR plus 4.0%, with a 5% floor; collateralized by borrowers’ land, development and home construction costs (carrying value of $2.1 million at December 31, 2012); guaranteed by LGI Homes Corporate, LLC; the credit facility was paid in full in September 2013		—		1,225,121
LGI Homes Corporate, LLC—Notes payable to banks; interest rates ranging from 0% to 4.3%; principal and interest is payable in monthly installments; maturity dates ranged from July 2014 through December 2016; collateralized by vehicles, the notes were settled during September 2013		—		425,120
LGI Homes—Sunrise Meadow, Ltd. participation fee obligation, secured by second lien on LGI Homes—Sunrise Meadow, Ltd. land, development, and home construction assets; guaranteed by a family Principal		—		212,522
Total notes payable	$	27,443,882	$	14,968,762

(1) As of December 31, 2012, the Companies’ construction and development activities were financed through credit facilities generally providing for secured notes for the construction of individual homes and/or completed lots, with maturities ranging from 9 – 12 months from the borrowing date.

As of September 30, 2013 and December 31, 2012, LIBOR was 0.25% and 0.31%, respectively. Based on the terms of the variable rate notes payable, the interest amounts paid during the three and nine months ended September 30, 2013 and 2012, were based on the interest rate floor terms.

The Companies’ credit agreements generally require the borrower and guarantor to maintain certain net worth, liquidity and leverage ratios and, in some cases, include cross-default provisions and restrictive covenants related to transfer of control of the borrower. The Companies obtained a waiver from the bank to complete the reorganization transactions and the IPO (see Note 13). The Companies may borrow additional amounts under the credit facilities with Texas Capital Bank, N.A. for new home starts through the facility expiration date which are subject to the lender’s final approval of each project and limitations on the borrowings attributable to certain markets, speculative home building, vacant lots, and acquisition and development funding. The Companies’ current homebuilding operations are primarily funded by borrowings from one primary bank or with equity. The availability of credit to fund ongoing and future operations could be negatively impacted if the underlying financial institution fails or is subject to other adverse conditions in the financial markets. To date, the Companies have experienced no loss or lack of access to cash in their credit facilities with the bank.

Participation Obligations

The development and construction financing provided to the Companies by mezzanine lenders have included participation fee provisions based on a percentage of the home sale prices realized from the funded projects. The participation fees are paid at the time the homes are sold. The participation fees have been recorded to deferred loan costs and are amortized to interest expense, and considered in the Companies’ determination of capitalized interest discussed further below, over the term of the respective loan.

As of December 31, 2012, LGI Homes—Sunrise Meadow, Ltd. had a participation fee obligation for the remaining 264 unsold lots of the 974 total community lots; the related loan matured during April 2012. The participation fee obligation was settled with the lenders during September 2013 for $0.2 million, and the corresponding gain of $8,614 is included in other income, net in the accompanying combined statement of operations.

Capitalized Interest

Interest activity for notes payable for the periods presented is as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Interest incurred	$	385,217		$	118,486		$	923,439		$	384,758
Less: Amounts capitalized		(343,249	)		(107,403	)		(875,803	)		(348,991	)
Interest expense	$	41,968		$	11,083		$	47,636		$	35,767
Cash paid for interest	$	281,417		$	145,963		$	769,161		$	511,829

Owners' Equity

9 Months Ended

Sep. 30, 2013

Owners' Equity

9. OWNERS’ EQUITY

The following table reflects the activity and balances in the owners’ equity of LGI Homes Group (Predecessor):

	LGI Homes Group, LLC Members’ Capital			LGI Homes Corporate, LLC Members’ Capital			Other Partnerships’ Capital		Total Owners’ Equity
BALANCE—DECEMBER 31, 2012	$	17,154,720		$	3,431,370		$	4,624,887	$	25,210,977
Net income		11,596,649			279,459			1,320,242		13,196,350
Contributions		—			2,500,000			35,000		2,535,000
Distributions		(2,239,839	)		(1,000,000	)		—		(3,239,839	)
BALANCE—SEPTEMBER 30, 2013	$	26,511,530		$	5,210,829		$	5,980,129	$	37,702,488

LGI Homes Group, LLC is a Texas limited liability company formed in March 2011. EDSS Holdings, LP, a limited partnership wholly-owned by the Principals, owns 50.125% of LGI Homes Group, LLC, and LGI Investment Fund II, LP, owns the remaining 49.875%. LGI Investment Fund II, LP was formed as a Texas limited partnership in June 2011; LGI Fund II GP, LLC is the 1% general partner. LGI Fund II GP, LLC is wholly-owned by Eric Lipar. The limited partners are various investors.

In 2013, LGI Homes Group, LLC formed LGI Fund III Holdings, LLC (a joint venture consolidated in the accompanying financial statements) with LGI Investment Fund III, LP (see Note 6). LGI Homes Group, LLC is the managing member. LGI Investment Fund III, LP was formed as a Texas limited partnership in February 2013; LGI Fund II GP, LLC is the 1% general partner. LGI Fund III GP, LLC is wholly-owned by Eric Lipar. The limited partners are various investors. In connection with the formation of LGI Investment III, LP, a commitment was made to the limited partnership to exchange its 85% ownership in LGI Fund III Holdings, LLC for approximately 1.5 times the investment amount in the event of an initial public offering.

LGI Homes Corporate, LLC is a Texas limited liability company formed in March 2010 and is wholly-owned and managed by the family Principals.

LGI Homes—Deer Creek, LLC is a Texas limited liability company formed in June 2009. The entity is wholly-owned and managed by the family Principals. The LGI Homes —Deer Creek, LLC members’ capital account had a zero balance as of December 31, 2012 and September 30, 2013.

The Other Partnerships included in the accompanying combined financial statements and aggregated in the above table are:

• LGI Homes, Ltd. (formerly JTM Housing, Ltd.) was formed as a Texas limited partnership in December 2002 and renamed LGI Homes, Ltd. in October 2004. LGI GP, LLC, a wholly-owned Texas limited liability company formed in 2002 as a wholly-owned subsidiary of LGI Holdings, LLC, is the 1% general partner of LGI Homes, Ltd. The 99% limited partner is owned by the family Principals.

• LGI Homes—Sunrise Meadow, Ltd. is a Texas limited partnership formed in February 2005. LGI GP, LLC, is the 1% general partner. The entity is wholly-owned and managed by the family Principals.

• LGI Homes—Canyon Crossing, Ltd. is a Texas limited partnership formed in May 2005. LGI GP, LLC, is the 1% general partner. The entity is wholly-owned and managed by the family Principals.

Related Party Transactions

9 Months Ended

Sep. 30, 2013

Related Party Transactions

10. RELATED PARTY TRANSACTIONS

From time to time, the Companies may engage in transactions with entities that are affiliated with the Companies. Transactions with related parties are in the normal course of operations. Receivables due from and payables due to related parties included in the accompanying combined balance sheets consist of the following:

	September 30, 2013		December 31, 2012
Receivables:
LGI/GTIS Joint Ventures	$	640,521	$	985,719
Other affiliates and owners		28,558		41,206
Total	$	669,079	$	1,026,925
Payables:
LGI/GTIS Joint Ventures	$	7,688	$	108,577
Total	$	7,688	$	108,577

Management and Warranty Fees

The Companies have a Management Services Agreement with each of the LGI/GTIS Joint Ventures. The Companies provide administration, supervision, marketing, and various other services for the joint ventures. The Companies charge the joint ventures a management fee of approximately 3% of home sale revenues. The Companies also charge the joint ventures a management fee of 3% of construction costs for the development of land, as applicable. The management and construction fees are in addition to direct costs charged to the joint ventures. Management fees earned under the agreements were $1.0 million and $0.7 million for the three months ended September 30, 2013 and 2012, respectively, and $2.2 million and $1.6 million for the nine months ended September 30, 2013 and 2012, respectively.

The Companies collect a warranty fee of $250 from the LGI/GTIS Joint Ventures upon the closing of the sale of each home. The Companies provide a Home Builder’s Limited Warranty to the buyer of each home. The Companies are responsible for the performance and discharge of any warranty claims asserted against the joint ventures or the GTIS member. Warranty fees earned under the Management Services Agreement were $52,000 and $54,000 for the three months ended September 30, 2013 and 2012, respectively, and $118,750 and $108,500 for the nine months ended September 30, 2013 and 2012, respectively.

Profit Sharing Plan

The Companies’ employees are eligible to participate in the 401(k) Savings Plan established by LGI Holdings, LLC, a sister company in an unrelated business. Employees are eligible to participate after completing ninety days of service and having attained the age of 21. Salary deferrals are allowed in amounts up to 100% of an eligible employee’s salary, not to exceed the maximum allowed by law. A discretionary match may be made by the Companies of up to 100% of the first 3% of an eligible employee’s deferral, not to exceed $3,000. For the three months ended September 30, 2013 and 2012, the Companies’ matching contributions were $24,153 and $10,934, respectively, and for the nine months ended September 30, 2013 and 2012, the Companies’ matching contributions were $90,999 and $53,793, respectively.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References + Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies

11. COMMITMENTS AND CONTINGENCIES

Contingencies

In the ordinary course of doing business, the Companies become subject to claims or proceedings from time to time relating to the purchase, development, and sale of real estate. Management believes that these claims include usual obligations incurred by real estate developers in the normal course of business. In the opinion of management, these matters will not have a material effect on the Companies’ combined financial position, results of operations or cash flows.

The Companies have provided unsecured environmental indemnities to certain lenders and joint venture members. In each case, the Companies have performed due diligence on the potential environmental risks including obtaining an independent environmental review from outside environmental consultants. These indemnities obligate the Companies to reimburse the guaranteed parties for damages related to environmental matters. There is no term or damage limitation on these indemnities; however, if an environmental matter arises, the Companies may have recourse against other previous owners. Management of the Companies is not aware of any environmental claims or occurrences and has recorded no reserves for environmental matters.

Land Deposits

The Companies have land purchase option contracts, generally through cash deposits, for the right to purchase land or lots at a future point in time with predetermined terms. The Companies do not have title to the property and obligations with respect to the option contracts are generally limited to the forfeiture of the related nonrefundable cash deposits. The following is a summary of the Companies’ land purchase deposits and option contracts included in pre-acquisition costs and deposits:

	September 30, 2013		December 31, 2012
Land deposits and option payments	$	3,486,250	$	963,500
Commitments under the land purchase option and deposit agreements if the purchases are consummated	$	93,585,956	$	33,057,761
Lots under land options and land purchase contracts		6,726		2,242

Leasing Arrangements

The Companies lease office facilities and certain equipment under non-cancellable operating lease agreements. Rent escalation provisions are accounted for using the straight-line method. Rent expense includes common area maintenance costs and was $107,435 and $66,880 for the three months ended September 30, 2013 and 2012, respectively, and was $206,634 and $154,037 for the nine months ended September 30, 2013 and 2012, respectively.

Letters of Credit and Bonding

The Companies have outstanding performance and surety bonds of $333,183 and $183,103 at September 30, 2013 and December 31, 2012, respectively, related to the Companies’ obligations for site improvements at various projects. The surety bonds are guaranteed by one of the Family Principals. Management of the Companies does not believe that draws upon these bonds, if any, will have a material effect on the Companies’ combined financial position, results of operations, or cash flows. The Companies had no letters of credit outstanding at September 30, 2013 and December 31, 2012.

Segment Information	9 Months Ended
Segment Information	Sep. 30, 2013
Predecessor
Segment Information	12. SEGMENT INFORMATION The Companies operate one principal homebuilding business which is organized by region and division. Initial operations were conducted in the Central region (Texas division), expanding into the Western region (Arizona division) during 2011 and the Eastern region (Georgia division and Florida division) during 2012. During August 2013, the Eastern region had its first home closings. In accordance with ASC 280, Segment Reporting, operating segments are defined as components of an enterprise for which separate financial information is available that is evaluated regularly by the chief operating decision-maker (CODM) in deciding how to allocate resources and in assessing performance. The Companies have determined that they have three operating segments as of September 30, 2013, the Central region, the Western region and the Eastern region. The Central region is the largest region comprising greater than 80% of total home sales revenues for the three and nine months ended September 30, 2013. The operating segments qualify for aggregation as one reporting segment. In determining the reportable segment, the Companies concluded that all operating segments have similar economic and other characteristics, including similar home floor plans, average selling prices, gross margin, production construction processes, suppliers, subcontractors, regulatory environments, customer type, and underlying demand and supply. The CODM primarily evaluates performance based on the number of homes sold, gross margin and net income. Each operating segment follows the same accounting policies as the Companies and is managed by the Companies’ management team. The Companies have no inter-segment sales, as all sales are to external customers.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2013
Basis of Presentation	The accompanying balance sheet has been prepared in accordance with accounting principles generally accepted in the United States. Separate statements of income and changes in stockholder’s equity have not been presented because there have been no operating activities or equity transactions of the Company as of September 30, 2013. A separate statement of cash flows has not been presented, as the only transactions impacting such statement as of September 30, 2013, are fully described below.
Predecessor
Basis of Presentation	Basis of Presentation and Use of Estimates The accompanying combined financial statements include the accounts of LGI Homes Group, LLC and LGI Homes Corporate, LLC and their consolidated subsidiaries and controlled variable interest entities, as well as LGI Homes, Ltd., LGI Homes—Sunrise Meadow, Ltd., LGI Homes—Canyon Crossing, Ltd., and LGI Homes—Deer Creek, LLC. Immediate family members, a father and son, individually or jointly own more than 50% of the voting ownership interest of each entity and have historically voted their interests in concert. The immediate family members are referred to hereinafter as the Principals. These entities have been combined for reporting purposes as they are under common management, operate in the same business, and are controlled by the Principals. All intercompany balances and transactions have been eliminated in consolidation and all intracompany balances and transactions have been eliminated in combination. The accompanying unaudited condensed combined financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X and should be read in conjunction with the Companies’ audited financial statements for the year ended December 31, 2012, which are included in the LGI Homes, Inc. prospectus dated November 6, 2013 that was filed with the Securities and Exchange Commission (“SEC”) on November 8, 2013. The accompanying unaudited condensed combined financial statements include all adjustments (consisting of normal recurring entries) necessary for the fair presentation of the Companies’ results for the interim periods presented. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and these differences could have a significant impact on the financial statements. The significant accounting estimates include real estate inventory and cost of sales, impairment of real estate inventory and property and equipment, warranty reserves, loss contingencies, and accounting for variable interest entities. The results of operations for the three and nine months ended September 30, 2013 are not necessarily indicative of the results to be expected for the year ending December 31, 2013. The balance sheet at December 31, 2012 has been derived from the audited combined financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements.
Cash and Cash Equivalents and Concentration of Credit Risk	Cash and Cash Equivalents and Concentration of Credit Risk Cash and cash equivalents are defined as cash on hand, demand deposits with financial institutions, and short-term liquid investments with an initial maturity date of less than three months. The Companies’ cash in demand deposit accounts may exceed federally insured limits. Management monitors the cash balances in the Companies’ operating accounts and adjusts the cash balances as appropriate; however, these cash balances could be negatively impacted if the underlying financial institutions fail or are subject to other adverse conditions in the financial markets. To date, the Companies have experienced no loss or diminished access to cash in their operating accounts.
Accounts Receivable	Accounts Receivable Accounts receivable consist primarily of proceeds due from title companies for sales closed prior to period end and are generally collected within a few days from closing.
Real Estate Inventory	Real Estate Inventory Inventory consists of land, land under development, finished lots, sales offices, homes in progress, and completed homes. Inventory is stated at cost unless the carrying amount is determined not to be recoverable, in which case inventory is written down to fair value. Land, development and other project costs, including interest and property taxes incurred during development and home construction, are capitalized to real estate inventory. Land development and other common costs that benefit the entire community, including field construction supervision and related direct overhead, are allocated to individual lots or homes, as appropriate. The costs of lots are transferred to homes in progress when home construction begins. Home construction costs and related carrying charges (principally capitalized interest and property taxes) are allocated to the cost of individual homes using the specific identification method. Costs that are not specifically identifiable to a home are allocated on a pro rata basis by taking costs and dividing by the total number of lots in the community. Management believes the allocation of costs on a pro rata basis approximates the allocation using relative sales value. Inventory costs for completed homes are expensed as cost of sales as homes are sold. Changes to estimated total development costs subsequent to initial home closings in a community are generally allocated to the remaining unsold lots and homes in the community on a pro rata basis. The life cycle of a community generally ranges from two to five years, commencing with the acquisition of land, continuing through the land development phase, and concluding with the construction, sale, and delivery of homes. A constructed home is used as the community sales office during the life of the community and then sold. Actual individual community lives will vary based on the size of the community, the sales absorption rate, and whether the property was purchased as raw land or finished lots. In accordance with the provisions of ASC 360, Property, Plant, and Equipment, real estate inventory is evaluated for indicators of impairment by each community during each reporting period. In conducting its review for indicators of impairment on a community level, management evaluates, among other things, the margins on homes that have been delivered, communities with slow moving inventory, projected margins on future home sales over the life of the community, and the estimated fair value of the land. For individual communities with indicators of impairment, additional analysis is performed to estimate the community’s undiscounted future cash flows. If the estimated undiscounted future cash flows are greater than the carrying value of the community group of assets, no impairment adjustment is required. If the undiscounted cash flows are less than the community’s carrying value, the asset group is impaired and is written down to its fair value. The Companies estimate the fair value of communities using a discounted cash flow model. As of September 30, 2013 and December 31, 2012, the real estate inventory is stated at cost; there were no inventory impairment charges recorded during the three or nine months ended September 30, 2013 and 2012.
Capitalized Interest	Capitalized Interest Interest and other financing costs related to real estate inventory are capitalized as cost of inventory during community development and home construction activities and expensed in cost of sales as homes in the community are sold.
Pre-Acquisition Costs and Deposits	Pre-Acquisition Costs and Deposits Amounts paid for land options, deposits on land purchase contracts, and other pre-acquisition costs are capitalized and classified as deposits to purchase. Upon execution of the purchase, these deposits are applied to the acquisition price of the land and recorded as a cost component of the land in real estate inventory. To the extent that any deposits are nonrefundable and the associated land acquisition process is terminated or no longer determined probable, the related deposits are charged to general and administrative expense. Management reviews the likelihood of the acquisition of contracted lots in conjunction with its periodic real estate impairment analysis.
Deferred Loan Costs	Deferred Loan Costs Deferred loan costs represent debt issuance costs and, depending on the nature and purpose of the loan, are capitalized to real estate inventory or amortized to interest expense using the straight line method which approximates the effective interest method.
Property and Equipment	Property and Equipment Property, equipment and leasehold improvements are stated at cost, less accumulated depreciation. Depreciation expense is recorded in general and administrative expenses. Upon sale or retirement, the costs and related accumulated depreciation are eliminated from the respective accounts and any resulting gain or loss is included in other income, net. Depreciation is generally computed using the straight-line method over the estimated useful lives of the assets, ranging from 3 to 7 years. Leasehold improvements are depreciated over the shorter of the asset life or the term of the lease. Maintenance and repair costs are expensed as incurred. Impairments of long-lived assets are determined periodically when indicators of impairment are present. If such indicators are present, the determination of the amount of impairment is based on judgments as to the future undiscounted operating cash flows to be generated from these assets throughout their remaining estimated useful lives. If these undiscounted cash flows are less than the carrying amount of the related asset, impairment is recognized for the excess of the carrying value over its fair value. There were no impairments of property, equipment and leasehold improvements recorded during the three or nine months ended September 30, 2013 and 2012.
Investments in Joint Ventures and Unconsolidated Variable Interest Entities (VIEs)	Investments in Joint Ventures and Unconsolidated Variable Interest Entities (VIEs) The Companies function as the managing member of certain joint ventures conducting homebuilding activities. In accordance with ASC 810, Consolidation, management has assessed whether these entities may be VIEs. The Companies have variable interests in the joint venture arrangements that it manages, and these joint ventures have been determined to be VIEs because the members of the joint ventures, as a group, have insufficient equity at risk without further capital contributions. The Companies’ rights as well as the rights held by the other joint venture members have been evaluated to determine the primary beneficiary of the VIE, including the extent of substantive participating rights and control of activities that most significantly affect its economic performance. Such activities include, but are not limited to, the ability to determine the budget and scope of land development work, if any; the ability to control financing decisions for the VIE; and the ability to acquire additional land into the VIE. If the Companies are not able to control the significant decisions, the Companies are not considered the primary beneficiary of the VIE. If the Companies are determined to be the primary beneficiary of the VIE, the entity is consolidated in the accompanying combined financial statements. The Companies have investments in four joint ventures where the Companies and the other joint venture members have been deemed to have joint control and the Companies are not the primary beneficiary since all major decisions require both parties’ consent. Accordingly, the Companies’ interests in these joint ventures are accounted for using the equity method and its share of the joint ventures’ net earnings is included in income from unconsolidated joint ventures and investments in unconsolidated joint ventures. Distributions received are credited against the related investment in the joint venture. In addition, the Companies have interests in two VIE’s (LGI Homes – Sterling Lakes, LLC and LGI Fund III Holdings, LLC) where it has been determined that the Companies are the primary beneficiary. In addition to the Companies serving as the managing member of these entities, the Principals of the Companies also held the general partner controlling interests in the non-managing members of the VIEs. As a result, the Companies combined with the Principals’ related party interests have the power to direct all significant activities of the VIEs, and have exposure to the risks and rewards of the VIEs, based on the division of income and loss pursuant to the joint venture agreement and the Companies’ ownership in the joint ventures. These two VIEs have been consolidated in the accompanying combined financial statements. Management evaluates the Companies’ investments in unconsolidated entities for indicators of impairment during each reporting period. A series of operating losses of an investee or other factors may indicate that a decrease in value of the Companies’ investment in the unconsolidated entity has occurred which is other-than-temporary. The amount of impairment recognized is the excess of the investment’s carrying amount over its estimated fair value. No impairment charges have been recorded related to investments in unconsolidated entities during the three or nine months ended September 30, 2013 and 2012.
Insurance Costs And Reserves	Insurance Costs and Reserves The Companies have deductible limits under workers’ compensation, automobile and general liability insurance policies, and record expense and liabilities for the estimated costs of potential claims for construction defects. The excess liability limits are $2 million per occurrence and in the aggregate annually and apply in excess of automobile liability, employer’s liability under workers compensation, and general liability policies. The Companies generally require subcontractors and design professionals to indemnify the Companies for liabilities arising from their work, subject to certain limitations.
Warranty Reserves	Warranty Reserves Future direct warranty costs are accrued and charged to cost of sales in the period when the related home is sold. The Companies’ warranty liability is based upon historical warranty cost experience and is adjusted as appropriate to reflect qualitative risks associated with the types of homes built, the geographic areas in which they are built, and potential impacts of the Companies’ continued expansion. The Companies’ warranty reserves include amounts expected to be incurred under the warranty agreement with the LGI/GTIS Joint Ventures. Warranty reserves are reviewed quarterly to assess the reasonableness and adequacy and make adjustments to the balance of the pre-existing reserves, as needed, to reflect changes in trends and historical data as information becomes available.
Home Sales	Home Sales In accordance with ASC 360 – 20, Real Estate Sales, revenues from home sales are recorded at the time each home sale is closed, title and possession are transferred to the buyer, and there is no significant continuing involvement of the Companies with the home. Home sales proceeds are generally received from the title company within a few days from closing. Home sales are reported net of sales discounts and incentives granted to home buyers, which are primarily seller-paid closing costs.
Cost of Sales	Cost of Sales As discussed under Real Estate Inventory, above, cost of sales for homes closed include the construction costs of each home and allocable land acquisition and land development costs, capitalized interest, and other related common costs (both incurred and estimated to be incurred).
Selling and Commission Costs	Selling and Commission Costs Sales commissions are paid and expensed based on homes sold. Other residual selling costs are expensed in the period incurred.
Advertising Costs	Advertising Costs Advertising and direct mail costs are expensed as incurred. Advertising and direct mail costs were $811,746 and $412,188 for the three months ended September 30, 2013 and 2012, respectively, and $1,888,157 and $1,223,296 for the nine months ended September 30, 2013 and 2012, respectively.
Income Taxes	Income Taxes The Companies consist of limited liability companies and limited partnerships, all of which are treated as partnerships for income tax purposes and federal income taxes on taxable income or losses realized by the Companies are the obligation of the individual members or partners. However, the Companies are subject to certain state taxes and fees, including the Texas margin tax, where applicable. There are no significant deferred income taxes related to state income taxes.
Fair Value Measurement of Financial Instruments	Fair Value Measurement of Financial Instruments ASC 820, Fair Value Measurements, defines fair value as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date” within an entity’s principal market, if any. The principal market is the market in which the reporting entity would sell the asset or transfer the liability with the greatest volume and level of activity, regardless of whether it is the market in which the entity will ultimately transact for a particular asset or liability or if a different market is potentially more advantageous. Accordingly, this exit price concept may result in a fair value that differs from the transaction price or market price of the asset or liability. Under GAAP, the fair value hierarchy prioritizes inputs to valuation techniques used to measure fair value. Fair value measurements should maximize the use of observable inputs and minimize the use of unobservable inputs, where possible. Observable inputs are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs may be needed to measure fair value in situations where there is little or no market activity for the asset or liability at the measurement date and are developed based on the best information available in the circumstances, which could include the reporting entity’s own judgments about the assumptions market participants would utilize in pricing the asset or liability. The Companies utilize fair value measurements to account for certain items and account balances within its combined financial statements. Fair value measurements may also be utilized on a nonrecurring basis, such as for the impairment of long-lived assets. The fair value of financial instruments, including cash and cash equivalents, accounts receivable and notes payable, approximate their carrying amounts due to the short term nature of these instruments. In addition, as of September 30, 2013, the notes payable have a floating interest rate, which increases or decreases with market interest rates, and is subject to an interest rate floor.

Real Estate Inventory (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of Real Estate Inventory

The Companies’ real estate inventory consists of the following:

	September 30, 2013		December 31, 2012
Land, land under development, and finished lots	$	31,488,108	$	8,538,631
Sales offices		1,936,973		912,461
Homes in progress		19,123,622		8,045,848
Completed homes		14,251,842		10,992,251
Total real estate inventory	$	66,800,545	$	28,489,191

Other Assets (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of Property and Equipment

Schedule of Other Assets

Other assets consist of the following:

	September 30, 2013		December 31, 2012
Receivable from municipality	$	1,250,000	$	1,250,000
Prepaid expenses		2,385,059		320,738
Security deposits		320,382		299,132
Notes receivable		—		10,281
Deferred loan costs		28,622		3,949
Total other assets	$	3,984,063	$	1,884,100

Property and Equipment (Tables) - Predecessor

9 Months Ended

Sep. 30, 2013

Property and equipment consist of the following:

	Asset Life		September 30, 2013			December 31, 2012
	(years)
Computer equipment		3‑5	$	403,337		$	291,112
Machinery, equipment and vehicles		4‑5		160,051			707,554
Furniture and fixtures		5‑7		603,839			338,647
Leasehold improvements		various		98,930			18,643
Total property and equipment				1,266,157			1,355,956
Less: Accumulated depreciation				(614,396	)		(636,566	)
Property and equipment, net			$	651,761		$	719,390

Non-Cash Transactions related to Property and Equipment

The following are non-cash transactions related to property and equipment:

	Nine Months Ended September 30,
	2013		2012
Equipment sold to the LGI/GTIS Joint Ventures at net book value	$	29,233	$	—
Settlement of vehicle notes payable (through trade in or assumption by purchaser)	$	305,827	$	—

Investments in Joint Ventures, Variable Interest Entities and Non-Controlling Interests (Tables) - Predecessor - LGI/GTIS Joint Venture

9 Months Ended

Sep. 30, 2013

Statements of Operations

Summary of Condensed Combined Financial Information Accounted for Equity Method

	Three Months Ended September 30,				Nine Months Ended September 30,
Statements of Operations	2013		2012		2013		2012
Home sales	$	30,961,933	$	20,089,653	$	68,933,308	$	48,476,147
Cost of sales	$	22,414,968	$	14,526,174	$	49,805,019	$	34,815,151
Net earnings of unconsolidated entities	$	4,674,762	$	3,233,043	$	9,502,060	$	7,138,539
Companies’ share in net earnings of unconsolidated entities	$	1,976,197	$	525,863	$	2,919,884	$	1,111,688

Balance Sheets

Summary of Condensed Combined Financial Information Accounted for Equity Method

Summarized condensed combined financial information of the LGI/GTIS Joint Ventures that are accounted for by the equity method is as follows:

Balance Sheets	September 30, 2013		December 31, 2012
Assets:
Cash and cash equivalents	$	7,958,159	$	4,129,107
Real estate inventory:
Land, land under development, and finished lots		11,834,562		17,194,218
Sales offices		750,672		574,099
Homes in progress		8,020,460		2,102,925
Completed homes		8,573,842		6,964,360
Total real estate inventory		29,179,536		26,835,602
Other assets		2,730,130		2,128,764
Total assets	$	39,867,825	$	33,093,473
Liabilities and members’ equity:
Liabilities	$	5,742,985	$	3,451,448
Members’ equity:
LGI Homes Group (Predecessor)		5,118,726		4,446,302
GTIS members		29,006,114		25,195,723
Total members’ equity		34,124,840		29,642,025
Total liabilities and members’ equity	$	39,867,825	$	33,093,473

Accrued Expenses and Other Liabilities (Tables)

9 Months Ended

Sep. 30, 2013

Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following:

	September 30, 2013		December 31, 2012
Accrued liabilities	$	2,423,866	$	948,807
Accrued bonuses		1,749,236		583,242
Warranty reserve		550,000		450,000
Income taxes payable		276,413		119,473
Customer deposits		178,194		75,423
Total accrued expenses and other liabilities	$	5,177,709	$	2,176,945

Changes in Companies' Warranty Accrual

Changes to the Companies’ warranty accrual are as follows:

Warranty reserves, December 31, 2012	$	450,000
Warranty provision		474,740
Warranty expenditures		(374,740	)
Warranty reserves, September 30, 2013	$	550,000

Parent Company | LGI/GTIS Joint Venture

Changes in Companies' Warranty Accrual

The following amounts represent warranty amounts related to the Companies and excludes the amounts attributable to the LGI/GTIS Joint Ventures discussed in Note 10.

Warranty reserves, December 31, 2012	$	283,100
Warranty provision		299,780
Warranty expenditures		(242,580	)
Warranty reserves, September 30, 2013	$	340,300

Notes Payable (Tables) - Predecessor

9 Months Ended

Sep. 30, 2013

Schedule of Notes Payable

	September 30, 2013		December 31, 2012 (1)
LGI Homes Group, LLC—Notes payable to Texas Capital Bank, N.A. under an amended credit facility ($35.0 million line at September 30, 2013, and $20.0 million line at December 31, 2012) expiring June 30, 2015; interest at LIBOR plus 3.0% and 3.9% at September 30, 2013 and December 31, 2012, respectively, with a 4.0% and 4.5% floor at September 30, 2013 and December 31, 2012, respectively; collateralized by borrower’s land, development and home construction costs (carrying value of $21.9 million at December 31, 2012); guaranteed by a family Principal, the managing member, and non-managing members as joint and several guarantors	$	26,459,882	$	12,270,636
LGI Homes—Sunrise Meadow, Ltd. and LGI Holdings, LLC—Notes payable to Texas Capital Bank, N.A. under an amended credit facility ($2 million at September 30, 2013 and $5 million line at December 31, 2012) expiring December 31, 2013; interest at LIBOR plus 3.0% and 3.9% at September 30, 2013 and December 31, 2012, respectively, with a floor of 4.0% and 4.5% at September 30, 2013 and December 31, 2012, respectively; collateralized by borrowers’ land, development and home construction costs (carrying value of $4.6 million at December 31, 2012); guaranteed by a family Principal		984,000		835,363
LGI Homes—Texas, LLC—Notes payable to Regions Bank, under $3 million amended revolving credit facility expiring March 29, 2014; interest at LIBOR plus 4.0%, with a 5% floor; collateralized by borrowers’ land, development and home construction costs (carrying value of $2.1 million at December 31, 2012); guaranteed by LGI Homes Corporate, LLC; the credit facility was paid in full in September 2013		—		1,225,121
LGI Homes Corporate, LLC—Notes payable to banks; interest rates ranging from 0% to 4.3%; principal and interest is payable in monthly installments; maturity dates ranged from July 2014 through December 2016; collateralized by vehicles, the notes were settled during September 2013		—		425,120
LGI Homes—Sunrise Meadow, Ltd. participation fee obligation, secured by second lien on LGI Homes—Sunrise Meadow, Ltd. land, development, and home construction assets; guaranteed by a family Principal		—		212,522
Total notes payable	$	27,443,882	$	14,968,762

Schedule of Interest Activity for Notes Payable

Interest activity for notes payable for the periods presented is as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2013			2012			2013			2012
Interest incurred	$	385,217		$	118,486		$	923,439		$	384,758
Less: Amounts capitalized		(343,249	)		(107,403	)		(875,803	)		(348,991	)
Interest expense	$	41,968		$	11,083		$	47,636		$	35,767
Cash paid for interest	$	281,417		$	145,963		$	769,161		$	511,829

Stockholder's Equity (Tables)

9 Months Ended

Sep. 30, 2013

Owners' Equity of LGI Homes Group

The following table reflects the activity and balances in the owners’ equity of LGI Homes Group (Predecessor):

	LGI Homes Group, LLC Members’ Capital			LGI Homes Corporate, LLC Members’ Capital			Other Partnerships’ Capital		Total Owners’ Equity
BALANCE—DECEMBER 31, 2012	$	17,154,720		$	3,431,370		$	4,624,887	$	25,210,977
Net income		11,596,649			279,459			1,320,242		13,196,350
Contributions		—			2,500,000			35,000		2,535,000
Distributions		(2,239,839	)		(1,000,000	)		—		(3,239,839	)
BALANCE—SEPTEMBER 30, 2013	$	26,511,530		$	5,210,829		$	5,980,129	$	37,702,488

Related Party Transactions (Tables)

9 Months Ended

Sep. 30, 2013

Schedule of Receivables Due from and Payables Due to Related Parties

	September 30, 2013		December 31, 2012
Receivables:
LGI/GTIS Joint Ventures	$	640,521	$	985,719
Other affiliates and owners		28,558		41,206
Total	$	669,079	$	1,026,925
Payables:
LGI/GTIS Joint Ventures	$	7,688	$	108,577
Total	$	7,688	$	108,577

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2013

Summary of Land Purchase Deposits and Option Contracts Included Pre-Acquisition Cost and Deposits

	September 30, 2013		December 31, 2012
Land deposits and option payments	$	3,486,250	$	963,500
Commitments under the land purchase option and deposit agreements if the purchases are consummated	$	93,585,956	$	33,057,761
Lots under land options and land purchase contracts		6,726		2,242

Stockholder's Equity - Additional Information (Detail) - USD ($)	1 Months Ended
	Jul. 09, 2013	Sep. 30, 2013
Class Of Stock [Line Items]
Common stock, shares authorized		250,000,000
Common stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized		5,000,000
Preferred stock, par value		$ 0.01
Common stock, shares issued	1,000	1,000
Common stock issued price	$ 1,000

Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Millions	1 Months Ended
	Nov. 13, 2013 USD ($) Joint_Ventures $ / shares shares	Nov. 06, 2013 USD ($) shares
LGI/GTIS Joint Venture
Subsequent Event [Line Items]
Unconsolidated Joint Ventures \| Joint_Ventures	4
Subsequent Event
Subsequent Event [Line Items]
Net proceeds from issuance of common stock \| $	$ 102.7
Underwriting commission and expenses \| $	8.0
Other offering expenses \| $	3.2
Subsequent Event \| Restricted stock units (RSUs)
Subsequent Event [Line Items]
Restricted stock unit grants to employees, executives and non-employee directors \| shares		140,222
Subsequent Event \| Restricted stock units (RSUs) \| Management Deferred Bonus
Subsequent Event [Line Items]
Compensation expense \| $		$ 1.0
Subsequent Event \| Restricted stock units (RSUs) \| Non Deferred Bonus
Subsequent Event [Line Items]
Restricted stock unit grants to employees, executives and non-employee directors \| shares		46,907
Subsequent Event \| Restricted stock units (RSUs) \| Management \| Deferred Bonus
Subsequent Event [Line Items]
Restricted stock unit grants to employees, executives and non-employee directors \| shares		93,315
Subsequent Event \| Minimum \| Restricted stock units (RSUs)
Subsequent Event [Line Items]
Restricted stock units, vesting period		1 year
Subsequent Event \| Maximum \| Restricted stock units (RSUs)
Subsequent Event [Line Items]
Restricted stock units, vesting period		3 years
Subsequent Event \| LGI/GTIS Joint Venture
Subsequent Event [Line Items]
Aggregate consideration \| $	41.4
Cash payment \| $	$ 36.9
Shares issued due to acquisition \| shares	409,091
Common stock value \| $	$ 4.5
Subsequent Event \| IPO
Subsequent Event [Line Items]
Common stock issued \| shares	10,350,000
Common stock, public offering price \| $ / shares	$ 11.00
Subsequent Event \| IPO \| Non-Controlling Interest
Subsequent Event [Line Items]
Common stock issued \| shares	2,161,580
Affiliated Entity \| Subsequent Event
Subsequent Event [Line Items]
Voting ownership interest acquired	50.00%
Affiliated Entity \| Subsequent Event \| IPO
Subsequent Event [Line Items]
Common stock issued \| shares	10,003,358

Summary of Significant Accounting Policies - Additional Information (Detail) - Predecessor	3 Months Ended		9 Months Ended
	Sep. 30, 2013 USD ($) VIE	Sep. 30, 2012 USD ($)	Sep. 30, 2013 USD ($) VIE Joint_Ventures	Sep. 30, 2012 USD ($)
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Number of unconsolidated joint ventures \| Joint_Ventures			4
Number of investments in VIE's \| VIE	2		2
Advertising and direct mail costs	$ 811,746	$ 412,188	$ 1,888,157	$ 1,223,296
Impairment of real estate inventory	0	0	0	0
Impairments of property, equipment and leasehold improvements	0	0	0	0
Impairment of investments	0	$ 0	0	$ 0
Excess liability limits applied in automobile liability, employer’s liability under workers compensation, and general liability policies per occurrence	$ 2,000,000		$ 2,000,000
Minimum
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Life cycle of community			2 years
Estimated useful life of asset			3 years
Maximum
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Life cycle of community			5 years
Estimated useful life of asset			7 years
Affiliated Entity
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Voting ownership interest acquired			50.00%

Real Estate Inventory - Schedule of Real Estate Inventory (Detail) - Predecessor - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Inventory [Line Items]
Land, land under development, and finished lots	$ 31,488,108	$ 8,538,631
Sales offices	1,936,973	912,461
Homes in progress	19,123,622	8,045,848
Completed homes	14,251,842	10,992,251
Total real estate inventory	$ 66,800,545	$ 28,489,191

Other Assets - Schedule of Other Assets (Detail) - Predecessor - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Schedule Of Other Assets [Line Items]
Receivable from municipality	$ 1,250,000	$ 1,250,000
Prepaid expenses	2,385,059	320,738
Security deposits	320,382	299,132
Notes receivable		10,281
Deferred loan costs	28,622	3,949
Total other assets	$ 3,984,063	$ 1,884,100

Other Assets - Additional Information (Detail) - Predecessor - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Schedule Of Other Assets [Line Items]
Prepaid expenses	$ 2,385,059	$ 320,738
IPO
Schedule Of Other Assets [Line Items]
Prepaid expenses	$ 2,200,000

Property and Equipment - Schedule of Property and Equipment (Detail) - Predecessor - USD ($)	9 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Property Plant And Equipment [Line Items]
Property and equipment	$ 1,266,157	$ 1,355,956
Less: Accumulated depreciation	(614,396)	(636,566)
Property and equipment, net	$ 651,761	719,390
Minimum
Property Plant And Equipment [Line Items]
Estimated useful life of asset	3 years
Maximum
Property Plant And Equipment [Line Items]
Estimated useful life of asset	7 years
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment	$ 403,337	291,112
Computer Equipment \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life of asset	3 years
Computer Equipment \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life of asset	5 years
Machinery, equipment and vehicles
Property Plant And Equipment [Line Items]
Property and equipment	$ 160,051	707,554
Machinery, equipment and vehicles \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life of asset	4 years
Machinery, equipment and vehicles \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life of asset	5 years
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment	$ 603,839	338,647
Furniture and Fixtures \| Minimum
Property Plant And Equipment [Line Items]
Estimated useful life of asset	5 years
Furniture and Fixtures \| Maximum
Property Plant And Equipment [Line Items]
Estimated useful life of asset	7 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment	$ 98,930	$ 18,643

Property and Equipment - Non-Cash Transactions related to Property and Equipment (Detail) - Predecessor - USD ($)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Property Plant And Equipment [Line Items]
Equipment sold to the LGI/GTIS Joint Ventures at net book value	$ 29,233
Settlement of vehicle notes payable (through trade in or assumption by purchaser)	$ 305,827

Property and Equipment - Additional Information (Detail) - USD ($)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Predecessor
Property Plant And Equipment [Line Items]
Depreciation expense	$ 67,469	$ 48,887

Investments in Joint Ventures, Variable Interest Entities and Non-Controlling Interests - Summary of Condensed Combined Financial Information Accounted for Equity Method (Balance Sheets) (Detail) - USD ($)	Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2012	Dec. 31, 2011
Real estate inventory:
Total assets	$ 1,000
LIABILITIES AND EQUITY
Liabilities
Members’ equity:
TOTAL LIABILITIES AND EQUITY	1,000
Predecessor
Assets
Cash and cash equivalents	9,392,646	$ 7,069,471	$ 8,618,411	$ 5,106,183
Real estate inventory:
Land, land under development, and finished lots	31,488,108	8,538,631
Other assets	3,984,063	1,884,100
Total assets	91,893,421	45,556,151
LIABILITIES AND EQUITY
Liabilities	38,976,740	20,345,174
Members’ equity:
TOTAL LIABILITIES AND EQUITY	91,893,421	45,556,151
Predecessor \| LGI/GTIS Joint Venture
Assets
Cash and cash equivalents	7,958,159	4,129,107
Real estate inventory:
Land, land under development, and finished lots	11,834,562	17,194,218
Sales offices	750,672	574,099
Homes in progress	8,020,460	2,102,925
Completed homes	8,573,842	6,964,360
Total real estate inventory	29,179,536	26,835,602
Other assets	2,730,130	2,128,764
Total assets	39,867,825	33,093,473
LIABILITIES AND EQUITY
Liabilities	5,742,985	3,451,448
Members’ equity:
Total members’ equity	34,124,840	29,642,025
TOTAL LIABILITIES AND EQUITY	39,867,825	33,093,473
LGI Homes Group (Predecessor) \| Predecessor \| LGI/GTIS Joint Venture
Members’ equity:
Companies' equity in the joint ventures	5,118,726	4,446,302
GTIS Members \| Predecessor \| LGI/GTIS Joint Venture
Members’ equity:
Members' equity	$ 29,006,114	$ 25,195,723

Investments in Joint Ventures, Variable Interest Entities and Non-Controlling Interests - Summary of Condensed Combined Financial Information Accounted for Equity Method (Statements of Operations) (Detail) - Predecessor - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Schedule Of Results Related To Equity Accounted Investees [Line Items]
Home sales	$ 37,035,022	$ 22,850,711	$ 95,032,844	$ 50,711,231
Cost of sales	27,083,342	16,698,926	69,225,134	36,971,435
Net income (loss)	5,150,183	3,749,761	12,613,293	7,535,642
Companies’ share in net earnings of unconsolidated entities	1,976,197	525,863	2,919,884	1,111,688
LGI/GTIS Joint Venture
Schedule Of Results Related To Equity Accounted Investees [Line Items]
Home sales	30,961,933	20,089,653	68,933,308	48,476,147
Cost of sales	22,414,968	14,526,174	49,805,019	34,815,151
Net income (loss)	4,674,762	3,233,043	9,502,060	7,138,539
Companies’ share in net earnings of unconsolidated entities	$ 1,976,197	$ 525,863	$ 2,919,884	$ 1,111,688

Investments in Joint Ventures, Variable Interest Entities and Non-Controlling Interests - Additional Information (Detail) - Predecessor - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012	Dec. 31, 2011
Schedule Of Results Related To Equity Accounted Investees [Line Items]
Companies' equity in the joint ventures	$ 5,100,000		$ 5,100,000
Percentage of cash distributions			40.00%
Priority distributions from Unconsolidated Joint Ventures			$ 3,027,135	$ 1,099,187
Cash and cash equivalents	9,392,646	$ 8,618,411	9,392,646	8,618,411	$ 7,069,471	$ 5,106,183
Pre-acquisition costs and deposits	3,671,963		3,671,963		997,875
Net Income (Loss) Attributable to Noncontrolling Interest	(437,535)	$ 94,954	$ (583,057)	$ 162,969
LGI/GTIS Joint Venture
Schedule Of Results Related To Equity Accounted Investees [Line Items]
Percentage of capital balance			15.00%
Priority distributions from Unconsolidated Joint Ventures	1,300,000		$ 1,500,000
Cash and cash equivalents	$ 7,958,159		$ 7,958,159		$ 4,129,107
GTIS Member \| LGI/GTIS Joint Venture
Schedule Of Results Related To Equity Accounted Investees [Line Items]
Profit sharing percentage			85.00%
Percentage of internal rate of return			15.00%
Companies \| LGI/GTIS Joint Venture
Schedule Of Results Related To Equity Accounted Investees [Line Items]
Profit sharing percentage			15.00%
Companies \| LGI/GTIS Joint Venture \| Minimum
Schedule Of Results Related To Equity Accounted Investees [Line Items]
Percentage of cash and profit distribution	20.00%		20.00%
Companies \| LGI/GTIS Joint Venture \| Maximum
Schedule Of Results Related To Equity Accounted Investees [Line Items]
Percentage of cash and profit distribution	40.00%		40.00%
Companies \| Consolidated Joint Ventures
Schedule Of Results Related To Equity Accounted Investees [Line Items]
Profit sharing percentage			15.00%
Variable Interest Entity, Primary Beneficiary
Schedule Of Results Related To Equity Accounted Investees [Line Items]
Cash and cash equivalents	$ 500,000		$ 500,000
Real estate inventory (land, land development, and finished lots)	19,200,000		19,200,000
Pre-acquisition costs and deposits	800,000		800,000
Accounts payable and accrued liabilities	$ 1,700,000		$ 1,700,000
Non-Managing Members \| Consolidated Joint Ventures
Schedule Of Results Related To Equity Accounted Investees [Line Items]
Profit sharing percentage			85.00%
Percentage of internal rate of return			15.00%
Non-Managing Members \| Consolidated Joint Ventures \| Minimum
Schedule Of Results Related To Equity Accounted Investees [Line Items]
Percentage of cash and profit distribution	20.00%		20.00%
Non-Managing Members \| Consolidated Joint Ventures \| Maximum
Schedule Of Results Related To Equity Accounted Investees [Line Items]
Percentage of cash and profit distribution	40.00%		40.00%

Accrued Expenses and Other Liabilities - Accrued and Other Current Liabilities (Detail) - Predecessor - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Schedule Of Accrued Expenses And Other Current Liabilities [Line Items]
Accrued liabilities	$ 2,423,866	$ 948,807
Accrued bonuses	1,749,236	583,242
Warranty reserve	550,000	450,000
Income taxes payable	276,413	119,473
Customer deposits	178,194	75,423
Total accrued expenses and other liabilities	$ 5,177,709	$ 2,176,945

Accrued Expenses and Other Liabilities - Additional Information (Detail) - Predecessor	9 Months Ended
	Sep. 30, 2013
Structural Elements
Schedule Of Product Warranty Liability [Line Items]
Limited warranty periods	10 years
Mechanical Systems
Schedule Of Product Warranty Liability [Line Items]
Limited warranty periods	2 years
Other Construction Components
Schedule Of Product Warranty Liability [Line Items]
Limited warranty periods	1 year

Accrued Expenses and Other Liabilities - Changes in Companies' Warranty Accrual (Detail)	9 Months Ended
	Sep. 30, 2013 USD ($)
Predecessor
Schedule Of Product Warranty Liability [Line Items]
Warranty reserves, December 31, 2012	$ 450,000
Warranty provision	474,740
Warranty expenditures	(374,740)
Warranty reserves, September 30, 2013	550,000
Predecessor Excluding LGI/GTIS Joint Ventures
Schedule Of Product Warranty Liability [Line Items]
Warranty reserves, December 31, 2012	283,100
Warranty provision	299,780
Warranty expenditures	(242,580)
Warranty reserves, September 30, 2013	$ 340,300

Notes Payable - Schedule of Notes Payable (Detail) - Predecessor - USD ($)

Sep. 30, 2013

Dec. 31, 2012

LGI Homes Group, LLC | Texas Capital Bank, N.A.

$ 27,443,882

$ 14,968,762

^[1]

LGI Homes-Sunrise Meadow, Ltd. and LGI Holdings, LLC | Texas Capital Bank, N.A.

26,459,882

12,270,636

^[1]

LGI Homes—Texas LLC | Regions Bank

$ 984,000

835,363

^[1]

^[1]

1,225,121

LGI Homes Corporate, LLC

LGI Homes-Sunrise Meadow, Ltd.

^[1]

425,120

^[1]

$ 212,522

[1]	As of December 31, 2012, the Companies’ construction and development activities were financed through credit facilities generally providing for secured notes for the construction of individual homes and/or completed lots, with maturities ranging from 9 – 12 months from the borrowing date.

Notes Payable - Schedule of Notes Payable (Parenthetical) (Detail) - Predecessor - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Line of credit facility, expiring date		Apr. 30, 2012
Line of credit facility, LIBOR plus	0.25%	0.31%
Minimum
Debt Instrument [Line Items]
Line of credit facility maturities period	9 months
Maximum
Debt Instrument [Line Items]
Line of credit facility maturities period	12 months
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, Carrying value	$ 37.0
LGI Homes Group, LLC \| Texas Capital Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility	$ 35.0	$ 20.0
Line of credit facility, expiring date	Jun. 30, 2015
Line of credit facility, LIBOR plus	3.00%	3.90%
Line of credit facility, floor rate	4.00%	4.50%
Line of credit facility, Carrying value		$ 21.9
LGI Homes-Sunrise Meadow, Ltd. and LGI Holdings, LLC \| Texas Capital Bank, N.A.
Debt Instrument [Line Items]
Line of credit facility	$ 2.0	$ 5.0
Line of credit facility, expiring date	Dec. 31, 2013
Line of credit facility, LIBOR plus	3.00%	3.90%
Line of credit facility, floor rate	4.00%	4.50%
Line of credit facility, Carrying value		$ 4.6
LGI Homes—Texas LLC \| Regions Bank
Debt Instrument [Line Items]
Line of credit facility, expiring date	Mar. 29, 2014
Line of credit facility, LIBOR plus	4.00%
Line of credit facility, floor rate	5.00%
Line of credit facility, Carrying value		$ 2.1
LGI Homes—Texas LLC \| Regions Bank \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility	$ 3.0
LGI Homes Corporate, LLC
Debt Instrument [Line Items]
Notes payable interest rate percentage, minimum	0.00%
Notes payable interest rate percentage, maximum	4.30%
LGI Homes Corporate, LLC \| Minimum
Debt Instrument [Line Items]
Line of credit facility, expiring date	2014-07
LGI Homes Corporate, LLC \| Maximum
Debt Instrument [Line Items]
Line of credit facility, expiring date	2016-12

Notes Payable - Schedule of Interest Activity for Notes Payable (Detail) - Predecessor - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Schedule Of Interest Expenses [Line Items]
Interest incurred	$ 385,217	$ 118,486	$ 923,439	$ 384,758
Less: Amounts capitalized	(343,249)	(107,403)	(875,803)	(348,991)
Interest expense	41,968	11,083	47,636	35,767
Cash paid for interest	$ 281,417	$ 145,963	$ 769,161	$ 511,829

Notes Payable - Additional Information (Detail) - Predecessor	9 Months Ended	12 Months Ended
	Sep. 30, 2013 USD ($)	Dec. 31, 2012 Lot
Debt Instrument [Line Items]
Number of secured revolving credit facilities	2
Line of credit facility, LIBOR plus	0.25%	0.31%
Unsold lots \| Lot		264
Total community lots \| Lot		974
Line of credit facility, maturity date		Apr. 30, 2012
Settlement of participation fee obligation	$ 200,000
Gain on settlement of participation fee obligation	8,614
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, Carrying value	37,000,000
LGI Homes-Sunrise Meadow, Ltd.
Debt Instrument [Line Items]
Line of credit facility, maximum	$ 29,500,000
Period vacant lots and homes remain in borrowing base	1 year

Owners' Equity - Owners' Equity of LGI Homes Group (Detail) - Predecessor - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Schedule Of Capitalization Equity [Line Items]
Beginning Balance			$ 25,210,977
Net income	$ 5,587,718	$ 3,654,807	13,196,350	$ 7,372,673
Contributions			18,332,250
Distributions			(3,239,839)
Ending Balance	37,702,488		37,702,488
LGI Homes Group, LLC Members' Capital
Schedule Of Capitalization Equity [Line Items]
Beginning Balance			17,154,720
Net income			11,596,649
Contributions
Distributions			(2,239,839)
Ending Balance	26,511,530		26,511,530
LGI Homes Corporate, LLC Members' Capital
Schedule Of Capitalization Equity [Line Items]
Beginning Balance			3,431,370
Net income			279,459
Contributions			2,500,000
Distributions			(1,000,000)
Ending Balance	5,210,829		5,210,829
Other Partnerships' Capital
Schedule Of Capitalization Equity [Line Items]
Beginning Balance			4,624,887
Net income			1,320,242
Contributions			35,000
Distributions
Ending Balance	5,980,129		5,980,129
Parent
Schedule Of Capitalization Equity [Line Items]
Beginning Balance			25,210,977
Net income			13,196,350
Contributions			2,535,000
Distributions			(3,239,839)
Ending Balance	$ 37,702,488		$ 37,702,488

Owners' Equity - Additional Information (Detail)	Feb. 28, 2013	Jun. 30, 2011	Mar. 31, 2011	May 31, 2005	Feb. 28, 2005	Dec. 31, 2002
LGI Investment III LP
Stockholders Equity [Line Items]
Limited Partner Ownership Interest	85.00%
EDSS Holdings LP
Stockholders Equity [Line Items]
Limited Partner Ownership Interest			50.125%
LGI Investment Fund II LP
Stockholders Equity [Line Items]
Limited Partner Ownership Interest		49.875%
LG Fund II GP
Stockholders Equity [Line Items]
General Partners Ownership Interest		1.00%
LGI Homes Ltd
Stockholders Equity [Line Items]
Limited Partner Ownership Interest						99.00%
General Partners Ownership Interest						1.00%
LGI Homes - Sunrise Meadow Ltd
Stockholders Equity [Line Items]
General Partners Ownership Interest					1.00%
LGI Homes - Canyon Crossing Ltd
Stockholders Equity [Line Items]
General Partners Ownership Interest				1.00%

Related Party Transactions - Schedule of Receivables Due from and Payables Due to Related Parties (Detail) - Predecessor - USD ($)	Sep. 30, 2013	Dec. 31, 2012
Receivables:
Accounts receivable, related parties	$ 669,079	$ 1,026,925
Payables:
Accounts payable, related parties	7,688	108,577
LGI/GTIS Joint Venture
Receivables:
Accounts receivable, related parties	640,521	985,719
Payables:
Accounts payable, related parties	7,688	108,577
Other affiliates and owners
Receivables:
Accounts receivable, related parties	$ 28,558	$ 41,206