Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 27

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 15
Chunk 27
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 market lease intangibles (1)121 — — Below market lease intangibles (2)(18,987)(2,230)(4,059)Operating lease liabilities — Ground leases (3)(21,836)— — Total assets acquired, net of liabilities assumed$390,011 165,116 482,051 (1)In-place lease intangibles and above market lease intangibles are each included in Other assets 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 2024, 2023 and 2022 had a weighted average remaining lease term at acquisition of approximately 4.1 years, 8.0 years and 3.9 years, respectively.The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment.  No impairment of goodwill and other intangibles existed during the years ended December 31, 2024, 2023 and 2022.

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(k)Stock-Based CompensationEastGroup applies the provisions of ASC 718, Compensation – Stock Compensation, to account for its stock-based compensation plans.  ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued.  The cost for market based awards and awards that only require service are expensed on a straight-line basis over the requisite service periods.  The cost for performance based awards is determined using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period.  This method accelerates the expensing of the award compared to the straight-line method.  For awards with a performance condition