Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 263

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 7
Chunk 263
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 and volume of development projects starting during the year ended December 31, 2024, as compared to the same period of 2023.

There were no value-add acquisitions during the year ended December 31, 2024.

Also during 2024, EastGroup purchased 61.1 acres of development land in two markets for $13,762,000.  Costs associated with these acquisitions are included below in the Development and Value-Add Properties table.  These increases were offset by the transfer of seven development and value-add projects to Real estate properties with a total investment of $199,971,000 as of the date of transfer.  

During the year ended December 31, 2024, EastGroup sold 5.4 acres of land in two markets, generating gross sales proceeds of $4,261,000. The Company recognized $362,000 in gains on sales of non-operating real estate (included in Other on the Consolidated Statements of Income and Comprehensive Income) during the year ended December 31, 2024.

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A summary of the Company’s Development and Value-Add Properties for the year ended December 31, 2024 follows:

Actual or Estimated Building Size Cumulative Costs Incurred as of 12/31/2024 Projected Total Costs(Square feet)(In thousands)Lease-up1,721,000 $223,889 $239,400 Under construction2,422,000 200,179 369,300 Total lease-up and under construction4,143,000 424,068 $608,700 Prospective development (primarily land)9,919,000 250,404 Total Development and value-add properties as of December 31, 202414,062,000 $674,472 Total Development and value-add properties transferred to Real estate             properties during the year ended December 31, 20241,519,000 $199,971 (1)

(1) Represents cumulative costs at the date of transfer.

Accumulated Depreciation

Accumulated depreciation on real estate, development and value-add properties increased $141,853,000 during 2024 due primarily to depreciation expense of $155,240,000, which increased due to operating properties acquired in 2023 and 2024 and properties transferred to Real estate properties.  This increase was partially offset by the sale of operating properties.

Other Assets

Other assets increased $