Company: EGP
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0000049600-25-000109
Chunk: 83

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 8
Chunk 83
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 building improvements88,601 Tenant and other improvements6,128 Total real estate properties acquired120,168 In-place lease intangibles (1)9,076 Above market lease intangibles (1)55 Below market lease intangibles (2)(7,334)Total assets acquired, net of liabilities assumed$121,965 (1)In-place lease intangibles and above market lease intangibles are each included in Other assets, net 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.The leases in the properties acquired during the nine months ended September 30, 2025 had a weighted average remaining lease term at acquisition of approximately 9.5 years.Also during the nine months ended September 30, 2025, EastGroup purchased 171.8 acres of development land in three markets for $83,793,000.  During 2024, EastGroup acquired the following properties: REAL ESTATE PROPERTIES ACQUIRED IN 2024LocationSizeDateAcquiredCost (1)  (Square feet) (In thousands)Operating properties acquiredSpanish 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 (2)Dallas, TX492,000 11/21/202475,852 Akimel Gateway (2)Phoenix, AZ519,000 12/26/202482,998 Total operating property acquisitions (3)(4)2,474,000 $390,011 (1)Cost is calculated in accordance with FASB ASC 805 and represents the sum of the purchase price, closing costs and capitalized acquisition costs.(2)This operating property is located on land subject to a ground lease. The right of use assets for ground leases are included in Real estate properties on the Consolidated Balance Sheets.  (3)Operating