Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 75

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 75
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and $41,815 Buildings and building improvements312,911 Tenant and other improvements27,049 Right of use assets — Ground leases (operating) 21,836 Total real estate properties acquired403,611 In-place lease intangibles (1)27,102 Above market lease intangibles (1)121 Below market lease intangibles (2)(18,987)Operating lease liabilities — Ground leases (3)(21,836)Total assets acquired, net of liabilities assumed$390,011 (1)In-place lease intangibles and above market lease intangibles are each included in Other assets on the Consolidated Balance Sheets. These costs are amortized over the remaining terms of the associated leases in place at the time of acquisition.(2)Below market lease intangibles are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining terms of the associated leases in place at the time of acquisition.(3)Operating lease liabilities - Ground leases are included in Other liabilities on the Consolidated Balance Sheets.  These costs are amortized over the remaining terms of the associated leases in place at the time of acquisition.     The leases in the properties acquired during the year ended December 31, 2024 had a weighted average remaining lease term at acquisition of approximately 4.1 years.Also during 2024, EastGroup purchased 61.1 acres of development land in two markets for $13,762,000. The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment.  No impairment of goodwill or other intangibles existed during the three month periods ended March 31, 2025 and 2024.

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

(8)REAL ESTATE SOLD AND HELD FOR SALE

 The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year.  Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. The Company did not classify any properties as held for sale as of March