Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 189

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 3
Chunk 189
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83,040 20293,102 Thereafter                                                  152,366 Total minimum payments                                                  167,248 Imputed interest (1)(127,861)   Total ground lease liabilities                                                  $39,387 

(1)As the Company’s leases do not provide an implicit rate, in order to calculate the present value of the remaining ground lease payments,  the Company used its incremental borrowing rate, adjusted for a number of factors, including the long-term nature of the ground leases and the Company’s estimated borrowing costs, to determine the imputed interest for its ground leases.  The weighted-average discount rates for the Company's ground leases were 6.82% and 5.99% as of December 31, 2024 and 2023, respectively.  

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(3)UNCONSOLIDATED INVESTMENT

The Company owns a 50% undivided tenant-in-common interest in Industry Distribution Center II, a 309,000 square foot warehouse distribution building in the City of Industry (Los Angeles), California.  The building was constructed in 1998 and is 100% leased through December 2026 to a single tenant who owns the other 50% interest in the property.  This investment is accounted for under the equity method of accounting and had a carrying value of $7,448,000 at December 31, 2024, and $7,539,000 at December 31, 2023.  

(4)OTHER ASSETS

A summary of the Company’s Other assets follows: December 31,20242023(In thousands)Leasing costs (principally commissions)                                                 $173,582 158,741 Accumulated amortization of leasing costs                                            (63,179)(57,646)Leasing costs (principally commissions), net of accumulated amortization110,403 101,095 Acquired in-place lease intangibles                                                                      59,101 39,600 Accumulated amortization of acquired in-place lease intangibles(20,443)(19,395)Acquired in-place lease intangibles, net of accumulated amort