Company: EGP
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000049600-25-000100
Chunk: 155

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 2
Chunk 155
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 activity and spending.

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Real Estate Improvements

Real estate improvements for EastGroup’s operating properties for the three and six months ended June 30, 2025 and 2024 were as follows:

  Three Months EndedJune 30,Six Months Ended                                                                                                                                            June 30, Estimated Useful Life2025202420252024  (In thousands)Upgrade on acquisitions40 years$10 245 62 282 Tenant improvements:   New tenants                                            Lease term6,041 5,863 11,548 8,200 Renewal tenants                                            Lease term1,058 395 2,469 1,230 Building improvements5-40 years3,699 4,943 9,231 8,018 Roofs                                            5-15 years4,228 3,659 10,021 7,469 Parking lots                                            3-5 years1,715 1,489 2,515 2,248 Other                                            5 years1,696 1,349 2,854 2,187 Total real estate improvements (1) $18,447 17,943 38,700 29,634 

(1)Reconciliation of Total real estate improvements to Real estate improvements on the Consolidated Statements of Cash Flows:

 Six Months Ended June 30,20252024(In thousands)Total real estate improvements$38,700 29,634 Change in real estate property payables(1,230)(998)Change in construction in progress6,532 6,235 Real estate improvements on the Consolidated Statements of Cash Flows$44,002 34,871 

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Capitalized Leasing Costs

The Company’s leasing costs (principally commissions) are capitalized and included in Other assets, net. The costs are amortized over the terms of the associated leases, and the amortization is included in Depreciation and amortization expense.  Capitalized leasing costs for the three and six months ended June 30, 2025 and 2024 were as follows:

  Three Months EndedJune 30,Six Months Ended                                                                                                                                            June 30, Estimated Useful Life2025202420252024  (In thousands)Development and value-addLease term$1,