Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 103

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 103
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 Real estate properties. The capitalized costs incurred on development and value-add properties subsequent to transfer to Real estate properties include capital improvements at the properties and do not include other capitalized costs associated with development (i.e., interest expense, property taxes and internal personnel costs).

The Company capitalized internal development costs of $1,954,000 for the three months ended March 31, 2025, compared to $2,223,000 for the same period of 2024.  The decrease was due to variations in timing and volume of development projects started in the three months ended March 31, 2025, as compared to the same period of 2024.

During the three months ended March 31, 2025, the Company did not acquire any development land or value-add properties. 

The increases to Development and value-add properties were offset by the transfer of two development and value-add projects to Real estate properties during the three months ended March 31, 2025 with a total investment of $43,018,000 as of the date of transfer.

A summary of the Company's Development and Value-Add Properties for the three months ended March 31, 2025 follows:

Actual or Estimated Building Size Cumulative Costs Incurred as of 3/31/2025 Projected Total Costs(Square feet)(In thousands)Lease-up2,172,000 $275,700 $300,100 Under construction1,858,000 154,624 273,100 Total lease-up and under construction4,030,000 430,324 $573,200 Prospective development (primarily land)9,919,000 255,778 Total Development and value-add properties as of March 31, 202513,949,000 $686,102 Total Development and value-add properties transferred to Real estate             properties during the three months ended March 31, 2025375,000 $43,018 (1)

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

Accumulated Depreciation

Accumulated depreciation on real estate, development and value-add properties increased $40,980,000 during the three months ended March 31, 2025, primarily due to depreciation expense of $42,308,000 offset by write-offs of assets.

Other Assets

Other assets decreased $5,407,000 during the three months ended March 31, 2025.  See Note 9