Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 33

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 15
Chunk 33
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Date SoldNet Sales PriceBasisRecognized Gain  (Square feet) (In thousands)2024Interchange Business Park and     Metro Airport Commerce CenterJackson, MS159,000 03/05/2024$13,614 4,863 8,751 2023World Houston 23Houston, TX125,000 03/31/2023$9,327 4,518 4,809 Ettie Business CenterSan Francisco, CA29,000 11/20/202311,638 8,845 2,793 Los Angeles Corporate CenterLos Angeles, CA77,000 12/29/202316,006 5,643 10,363 Total for 2023231,000 $36,971 19,006 17,965 2022Metro Business ParkPhoenix, AZ189,000 01/06/2022$32,851 5,880 26,971 Cypress Creek Business Park (1)Fort Lauderdale, FL56,000 03/31/20225,282 1,901 3,381 World Houston 15 EastHouston, TX42,000 05/11/202212,873 2,226 10,647 Total for 2022287,000 $51,006 10,007 40,999 (1)Cypress Creek Business Park is located on a ground lease. In conjunction with the sale of the property, the Company fully amortized the associated right-of-use asset and liability of $1,745,000.The table above includes sales of operating properties. During the year ended December 31, 2024, the Company also sold 5.4 acres of land in two markets for $4,261,000 and recognized gains on the sales of $362,000.  During the year ended December 31, 2023, the Company also sold 11.9 acres of land in two markets for $4,750,000 and recognized gains on the sales of $446,000. The Company did not sell any land during the year ended December 31, 2022. The gains on sales of non-operating real estate are included in Other on the Consolidated Statements of Income and Comprehensive Income.Development and Value-Add PropertiesAs of December 31, 2024, the Company’s development and value-add program consisted of projects in lease-up, under construction and prospective development