Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 261

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 7
Chunk 261
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 CONDITION

EastGroup’s Total Assets were $5,077,476,000 at December 31, 2024, an increase of $558,263,000 from December 31, 2023.  Total Liabilities decreased $125,647,000 to $1,784,932,000, and Total Equity increased $683,910,000 to $3,292,544,000 during the same period.  The following paragraphs explain these changes in greater detail.

Assets

Real Estate Properties

Real estate properties increased $649,896,000 during the year ended December 31, 2024.  The increase was primarily due to:  (i) the acquisition of operating properties; (ii) the transfer of properties from Development and value-add properties to Real estate properties; (iii) capital improvements at the Company’s properties; (iv) right of use assets for the Company’s ground leases; and (v) costs incurred on development and value-add projects subsequent to transfer to Real estate properties discussed below.  These increases were partially offset by the sale of operating properties.

25

During 2024, EastGroup acquired the following operating properties: 

REAL ESTATE PROPERTIES ACQUIRED IN 2024LocationSizeDateAcquiredCost (1)  (Square feet) (In thousands)Operating properties acquired (2)(3)Spanish Ridge Industrial ParkLas Vegas, NV231,000 01/23/2024$54,859 147 ExchangeRaleigh, NC274,000 05/03/202452,945 Hays Commerce Center 3 & 4Austin, TX179,000 08/19/202435,781 Riverpoint Industrial ParkAtlanta, GA779,000 11/12/202487,576 DFW Global Logistics Centre 5-8 (4)Dallas, TX492,000 11/21/202475,852 Akimel Gateway (4)Phoenix, AZ519,000 12/26/202482,998 Total operating property acquisitions2,474,000 $390,011 

(1)Cost is calculated in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs.  Refer to Notes 1(j) and 2 in the Notes to Consolidated Financial Statements for further details.

(2)Operating properties are defined as