REAL ESTATE HELD FOR SALE DISCONTINUED OPERATIONS

9 Months Ended

Sep. 30, 2011

REAL ESTATE HELD FOR SALE AND DISCONTINUED OPERATIONS [Abstract]

Real Estate Held For Sale and Discontinued Operations

(7)  REAL ESTATE HELD FOR SALE/DISCONTINUED OPERATIONS

The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant, and Equipment, including when it is probable that the property will be sold within a year.  A key indicator of probability of sale is whether the buyer has a significant amount of earnest money at risk.  Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale.  In accordance with the guidelines established under the Codification,the results of operations for the properties sold or held for sale during the reported periods are shown under Discontinued Operations on the Consolidated Statements of Income.  Interest expense is not generally allocated to the properties held for sale or whose operations are included under Discontinued Operations unless the mortgage is required to be paid in full upon the sale of the property.

EastGroup did not sell any real estate properties during 2010 or during the first nine months of 2011, and the Company had no real estate properties held for sale at September 30, 2011 or December 31, 2010.  Therefore, the Company has no Discontinued Operations on the Consolidated Statements of Income.