Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 145

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 3
Chunk 145
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 follows:

 Estimated Useful LifeYears Ended December 31,20242023 (In thousands)Upgrade on acquisitions                                               40 years$1,435 1,892 Tenant improvements:     New tenants                                               Lease Term18,540 16,352    Renewal tenants                                                Lease Term2,964 3,503 Other:     Building improvements                                               5 - 40 years13,006 8,085    Roofs                                               5 - 15 years12,940 17,386    Parking lots                                               3 - 5 years4,763 4,824    Other                                               5 years4,480 1,508 Total real estate improvements (1) $58,128 53,550 

(1)   Reconciliation of Total real estate improvements to Real estate improvements on the Consolidated Statements of Cash Flows:

 Years Ended December 31,20242023(In thousands)Total real estate improvements$58,128 53,550 Change in real estate property payables(719)(527)Change in construction in progress1,879 (1,907)Real estate improvements on the Consolidated Statements of Cash Flows$59,288 51,116 

30

Capitalized Leasing Costs

The Company’s leasing costs (principally commissions) are capitalized and included in Other assets. The costs are amortized over the terms of the associated leases, and the amortization is included in Depreciation and amortization expense.  Capitalized leasing costs for the years ended December 31, 2024 and 2023 were as follows:

 Estimated Useful LifeYears Ended December 31,20242023 (In thousands)Development and value-add                                               Lease Term$7,117 9,597 New tenants                                               Lease Term16,478 9,379 Renewal tenants                                               Lease Term11,318 12,696 Total capitalized leasing costs (1) $34,913 31,672 Amortization of leasing costs $25,522 22,133 

(1)   Reconciliation of Total capitalized leasing costs to