Company: EGP
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0000049600-25-000109
Chunk: 19

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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 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.  

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

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, 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.(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 5.3 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.