Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 179

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 3
Chunk 179
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 the lease.  The amounts allocated to above and below market lease intangibles are included in Other assets and Other liabilities, respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases. In-place lease intangibles are valued based upon management’s assessment of factors such as an estimate of foregone rents and avoided leasing costs during the expected lease-up periods considering current market conditions and costs to execute similar leases.  These intangible assets are included in Other assets on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease.Amortization of above and below market lease intangibles, which increased rental income by $2,916,000, $2,483,000 and $2,565,000 in 2024, 2023 and 2022, respectively, is included in Income from real estate operations.  Amortization expense for in-place lease intangibles, which was $8,649,000, $7,942,000 and $9,489,000 for 2024, 2023 and 2022, respectively, is included in Depreciation and amortization.  Projected amortization of in-place lease intangibles for the next five years as of December 31, 2024 is as follows:Years Ending December 31,(In thousands)2025$12,066 20269,356 20276,364 20283,907 20292,949 Thereafter4,016 Total projected amortization of in-place lease intangibles$38,658 EastGroup acquired real estate properties during 2024, 2023 and 2022 as discussed in Note 2.  The following table summarizes the allocation of the total consideration for the acquired assets and assumed liabilities in connection with the real estate property acquisitions during the years ended December 31, 2024, 2023 and 2022. Costs Incurred During the Years Ended December 31,ACQUIRED ASSETS AND ASSUMED LIABILITIES202420232022 (In thousands)Land $41,815 44,676 127,402 Buildings and building improvements312,911 111,082 335,335 Tenant and other improvements27,049 4,346 11,502 Right of use assets — Ground leases (operating) 21,836 — — Total real estate properties acquired403,611 160,