Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 34

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 15
Chunk 34
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 (primarily land), as detailed in the table below.  Costs incurred include capitalization of interest costs during the period of construction.  The interest costs capitalized on development projects for 2024 were $19,823,000, compared to $16,235,000 for 2023 and $12,393,000 for 2022.  In addition, EastGroup capitalized internal development costs of $8,181,000 during 2024, compared to $10,472,000 during 2023 and $9,985,000 in 2022.  Total capital invested for development and value-add properties during 2024 was $245,033,000, which primarily consisted of improvement costs of $227,487,000 on development and value-add properties, $13,762,000 for new land investments, and costs of $3,784,000 on properties subsequent to transfer to Real estate properties. The capitalized costs incurred on development and value-add projects 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).

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

A summary of the Company’s Development and Value-Add Properties for the year ended December 31, 2024 follows:(Unaudited)(Unaudited)Actual or Estimated Building Size Cumulative Costs Incurred as of 12/31/2024 Projected Total Costs(Square feet)(In thousands)Lease-up1,721,000 $223,889 $239,400 Under construction2,422,000 200,179 369,300 Total lease-up and under construction4,143,000 424,068 $608,700 Prospective development (primarily land)9,919,000 250,404 Total Development and value-add properties as of December 31, 202414,062,000 $674,472 Total Development and value-add properties transferred to Real estate             properties during the year ended December 31, 20241,519,000 $199,971 (1)(1) Represents cumulative costs at the date of transfer.Ground LeasesEastGroup applies ASC 842, Leases, for its ground leases, which are classified as operating leases.  As of December 31