Company: EGP
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000049600-25-000100
Chunk: 50

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 1
Chunk 50
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 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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The Company capitalized internal development costs of $1,717,000 and $3,671,000 for the three and six months ended June 30, 2025, respectively, compared to $2,032,000 and $4,255,000 for the same periods of 2024.  The decrease was due to variations in timing and volume of development projects under construction.

During the six months ended June 30, 2025, the Company acquired 94.5 acres of development land in two markets for $50,228,000.  Costs associated with this acquisition are included in the Development and Value-Add Properties table. The increases to Development and value-add properties were offset by the transfer of six development and value-add projects to Real estate properties during the six months ended June 30, 2025 with a total investment of $151,928,000 as of the date of transfer.

A summary of the Company's Development and Value-Add Properties for the six months ended June 30, 2025 follows:

Actual or Estimated Building Size Cumulative Costs Incurred as of 6/30/2025 Projected Total Costs(Square feet)(In thousands)Lease-up1,821,000 $226,563 $247,300 Under construction1,893,000 147,002 284,100 Total lease-up and under construction3,714,000 373,565 $531,400 Prospective development (primarily land)10,351,000 304,448 Total Development and value-add properties as of June 30, 202514,065,000 $678,013 Total Development and value-add properties transferred to Real estate             properties during the six months ended June 30, 20251,160,000 $151,928 (1)

(1)Represents cumulative costs at the date of transfer.

Accumulated Depreciation

Accumulated depreciation on real estate, development and value-add properties increased $82,972,000 during the six months ended June 30, 2025, primarily due to depreciation expense of $85,401,000 partially offset by write-offs of assets.

Other Assets, Net

Other assets, net decreased $14,965,000 during the six months ended June 30, 2025.