Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 74

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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 expense for in-place lease intangibles, which is included in Depreciation and amortization, was $3,218,000 and $1,926,000 for the three months ended March 31, 2025 and 2024, respectively.  There were no acquisitions during the three months ended March 31, 2025.

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

During 2024, EastGroup acquired the following properties: REAL ESTATE PROPERTIES ACQUIRED IN 2024LocationSizeDateAcquiredCost (1)  (Square feet) (In thousands)Operating properties acquired Spanish Ridge Industrial ParkLas Vegas, NV231,000 01/23/2024$54,859 147 ExchangeRaleigh, NC274,000 05/03/202452,945 Hays Commerce Center 3 & 4Austin, TX179,000 08/19/202435,781 Riverpoint Industrial ParkAtlanta, GA779,000 11/12/202487,576 DFW Global Logistics Centre 5-8 (2)Dallas, TX492,000 11/21/202475,852 Akimel Gateway (2)Phoenix, AZ519,000 12/26/202482,998 Total operating property acquisitions (3)(4)2,474,000 $390,011 (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. The right of use assets for ground leases are included in Real estate properties on the Consolidated 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.  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)L