Company: EGP
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000049600-25-000100
Chunk: 83

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 8
Chunk 83
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.  Net amortization of above and below market lease intangibles, which is included in Income from real estate operations, increased rental income by $1,520,000 and $3,087,000 for the three and six months ended June 30, 2025, respectively, and $546,000 and $1,153,000 for the same periods in 2024.  Amortization expense for in-place lease intangibles, which is included in Depreciation and amortization, was $3,067,000 and $6,285,000 for the three and six months ended June 30, 2025, respectively, and $1,893,000 and $3,819,000 for the same periods in 2024.  During the six months ended June 30, 2025, EastGroup purchased 94.5 acres of development land in two markets for $50,228,000.  There were no operating or value-add acquisitions during the six months ended June 30, 2025.

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

During 2024, EastGroup acquired the following properties: REAL ESTATE PROPERTIES ACQUIRED IN 2024LocationSizeDateAcquiredCost (1)  (Square feet) (In thousands)Operating properties acquired Spanish Ridge Industrial ParkLas Vegas, NV231,000 01/23/2024$54,859 147 ExchangeRaleigh, NC274,000 05/03/202452,945 Hays Commerce Center 3 & 4Austin, TX179,000 08/19/202435,781 Riverpoint Industrial ParkAtlanta, GA779,000 11/12/202487,576 DFW Global Logistics Centre 5-8 (2)Dallas, TX492,000 11/21/202475,852 Akimel Gateway (2)Phoenix, AZ519,000 12/26/202482,998 Total operating property acquisitions (3)(4)2,474,000 $390,011 (1)Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs.(2)This operating property is located on land subject to a ground lease. The right of use assets for ground leases are