Company: EGP
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0000049600-25-000109
Chunk: 17

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 assets, net on the Consolidated Balance Sheets and are amortized over the remaining terms of the existing leases.  Net amortization of above and below market lease intangibles, which is included in Income from real estate operations, increased rental income by $1,547,000 and $4,634,000 for the three and nine months ended September 30, 2025, respectively, and $612,000 and $1,765,000 for the same periods in 2024.  Amortization expense for in-place lease intangibles, which is included in Depreciation and amortization, was $3,148,000 and $9,433,000 for the three and nine months ended September 30, 2025, respectively, and $2,009,000 and $5,828,000 for the same periods in 2024.  During the nine months ended September 30, 2025, EastGroup acquired the following properties:REAL ESTATE PROPERTIES ACQUIRED IN 2025LocationSizeDateAcquiredCost (1)  (Square feet) (In thousands)Operating properties acquiredLifeScience Logistics CenterRaleigh, NC251,000 07/08/2025$47,150 Lumley Logistics CenterRaleigh, NC67,000 07/15/202514,174 McKinney Airport Trade CenterDallas, TX320,000 09/19/202560,641 Total operating property acquisitions (2)(3)638,000 $121,965 (1)Cost is calculated in accordance with FASB ASC 805 and represents the sum of the purchase price, closing costs and capitalized acquisition costs.(2)Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets.(3)Excludes acquired development land as discussed below.There were no value-add acquisitions during the nine months ended September 30, 2025.

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The following table summarizes the allocation of the total consideration for the acquired assets and assumed liabilities in connection with the acquisitions identified in the table above which were acquired during the nine months ended September 30, 2025. ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2025Cost (In thousands)Land