Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 19

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 significant component of an entity that does not qualify for discontinued operations presentation in the financial statements.  EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation.  Results of operations and gains and losses on sales for properties sold are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income.  The gains and losses on sales of operating properties are included in Gain on sales of real estate investments.  EastGroup had no operating property sales during the three months ended March 31, 2025.During the year ended December 31, 2024, EastGroup sold a group of operating properties in the Jackson, Mississippi market containing 159,000 square feet, generating net sales proceeds of $13,614,000.  The Company recognized $8,751,000 in Gain on sales of real estate investments during the year ended December 31, 2024.During the year ended December 31, 2024, the Company also sold 5.4 acres of land in two markets for $4,261,000 and recognized gains on the sales of $362,000.  The Company did not sell any land during three months ended March 31, 2025. The gains on sales of non-operating real estate are included in Other on the Consolidated Statements of Income and Comprehensive Income.

The Company did not consider its sales in 2024 to be disposals of a component of an entity or a group of components of an entity representing a strategic shift that has (or will have) a major effect on the entity’s operations and financial results. 

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

(9)OTHER ASSETS

 A summary of the Company’s Other assets follows: March 31,2025December 31,2024 (In thousands)Leasing costs (principally commissions)$178,564 173,582 Accumulated amortization of leasing costs                                                       (64,586)(63,179)Leasing costs (principally commissions), net of accumulated amortization113,978 110,403 Acquired in-place lease intangibles                                                                                  58,355 59,101 Accumulated amortization of acquired in-place lease intangibles(22,916)(20,443)Acquired