Company: EGP
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0000049600-25-000109
Chunk: 146

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 2
Chunk 146
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 42.1%.

FINANCIAL CONDITION

EastGroup’s Total Assets were $5,354,755,000 at September 30, 2025, an increase of $277,279,000 from December 31, 2024.  Total Liabilities increased $60,789,000 to $1,845,721,000, and Total Equity increased $216,490,000 to $3,509,034,000 during the same period.  The following paragraphs explain these changes in additional detail.

Assets

Real estate properties increased $446,631,000 during the nine months ended September 30, 2025, primarily due to: (i) the transfer of projects from Development and value-add properties to Real estate properties; (ii) the acquisition of operating properties; (iii) capital improvements at the Company’s properties; and (iv) costs incurred on development and value-add projects subsequent to transfer to Real estate properties discussed below.  The increases were partially offset by the sale of an operating property.

During the nine months ended September 30, 2025, EastGroup acquired the following properties:

REAL ESTATE PROPERTIES ACQUIRED IN 2025LocationSizeDateAcquiredCost (1)  (Square feet) (In thousands)Operating properties acquiredLifeScience Logistics CenterRaleigh, NC251,000 07/08/2025$47,150 Lumley Logistics CenterRaleigh, NC67,000 07/15/202514,174 McKinney Airport Trade CenterDallas, TX320,000 09/19/202560,641 Total operating property acquisitions (2)(3)638,000 $121,965 

(1)Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs.

(2)Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets.

(3)Excludes acquired development land as discussed below.

During the nine months ended September 30, 2025, EastGroup sold a 12,000 square foot operating property in San Francisco, generating gross sales proceeds of $3,573,000.  The Company did not recognize a gain or loss on this disposition.

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During the nine months ended September 30, 2025, the Company made capital