Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 17

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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)  (Square feet) (In thousands)Operating properties acquired Spanish 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, Business Combinations, 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 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.(4)Excludes acquired development land as discussed below.  There were no value-add property acquisitions during the year ended December 31, 2024.  The following table summarizes the allocation of the total consideration for the acquired assets and assumed liabilities in connection with the acquisitions identified in the table above which were acquired during the year ended December 31, 2024. ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2024Cost (In thousands)Land $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