Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 94

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 15
Chunk 94
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                                                                                                                                                                        Years Ended December 31,202420232022(In thousands)Balance at beginning of year $1,273,723 1,150,814 1,035,617 Depreciation expense 155,240 141,003 125,199 Accumulated depreciation on assets sold (10,268)(11,759)(6,068)Other (3,119)(6,335)(3,934)Balance at end of year $1,415,576 1,273,723 1,150,814   (b)The estimated aggregate cost of real estate properties at December 31, 2024 for federal income tax purposes was approximately $5,836,498,000 before estimated accumulated tax depreciation of $1,062,930,000.  The federal income tax return for the year ended December 31, 2024, has not been filed and accordingly, this estimate is based on preliminary data.(c)The Company computes depreciation using the straight-line method over the estimated useful lives of the buildings (generally 40 years) and improvements (generally 3 to 15 years).   (d)The Company transfers properties from the development and value-add program to Real estate properties as follows:  (i) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (ii) for value-add properties, at the earlier of 90% occupancy or one year after acquisition.  Upon the earlier of 90% occupancy or one year after completion of the shell construction, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land).(e)The right of use assets for ground leases, net of accumulated amortization, are included in Real Estate Properties on the Consolidated Balance Sheets.

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