Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 185

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 3
Chunk 185
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 Francisco, CA82,000 04/08/202229,017 Mesa Gateway Commerce CenterPhoenix, AZ147,000 04/15/202218,315 Access Point 3Greenville, SC299,000 07/12/202221,127 Total value-add property acquisitions (4)1,044,000 122,921 Total acquired assets in 2022 (5)2,750,000 $482,051 (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. See Ground Leases discussion below for information regarding the Company’s right of use assets for ground leases.(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)Value-add properties are defined in Note 1(e).(5)Excludes acquired development land as detailed below.(6)The Company acquired these operating properties along with two land parcels, also in Sacramento, CA and San Francisco, CA, in connection with its acquisition of Tulloch Corporation in June 2022.  Size and cost are presented on an aggregate basis for the properties located in Sacramento, CA and San Francisco, CA, respectively.  In consideration for this acquisition, the Company assumed a $60,000,000 loan and issued 1,868,809 shares of the Company’s common stock.  The acquisition date fair value of the loan assumed was $60,000,000, and the acquisition date fair value of the common shares, which was based on the closing share price on the acquisition date, was $303,756,000.  

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Also during 2024, EastGroup purchased 61.1 acres of development land in two markets for $13,762,000.  During 2023, EastGroup purchased 328.3 acres of development land in seven markets for $70,664,000.  During 2022, EastGroup purchased 456.3 acres of development land in 10 markets for $123,717,000.Sales of Real EstateA summary of operating properties sold during for the years ended December