Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 46

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 three months ended March 31, 2025, the Company did not acquire any development land or value-add properties. 

The increases to Development and value-add properties were offset by the transfer of two development and value-add projects to Real estate properties during the three months ended March 31, 2025 with a total investment of $43,018,000 as of the date of transfer.

A summary of the Company's Development and Value-Add Properties for the three months ended March 31, 2025 follows:

Actual or Estimated Building Size Cumulative Costs Incurred as of 3/31/2025 Projected Total Costs(Square feet)(In thousands)Lease-up2,172,000 $275,700 $300,100 Under construction1,858,000 154,624 273,100 Total lease-up and under construction4,030,000 430,324 $573,200 Prospective development (primarily land)9,919,000 255,778 Total Development and value-add properties as of March 31, 202513,949,000 $686,102 Total Development and value-add properties transferred to Real estate             properties during the three months ended March 31, 2025375,000 $43,018 (1)

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

Accumulated Depreciation

Accumulated depreciation on real estate, development and value-add properties increased $40,980,000 during the three months ended March 31, 2025, primarily due to depreciation expense of $42,308,000 offset by write-offs of assets.

Other Assets

Other assets decreased $5,407,000 during the three months ended March 31, 2025.  See Note 9 in the Notes to Consolidated Financial Statements for further details.

Liabilities

Unsecured bank credit facilities, net of debt issuance costs increased $250,000 during the three months ended March 31, 2025, mainly due to borrowings of $12,406,000, offset by repayments of $12,406,000, and debt issuance cost activity during the period.  The Company’s credit facilities are described in greater detail in Liquidity and Capital Resources.

Unsecured debt, net of debt issuance costs decreased $49,874,000 during the three months ended March 31, 2025, primarily due to the repayment of a $50,