REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Business Combination and Asset Acquisition [Abstract]

Real Estate Properties Acquired [Table]

During the nine months ended September 30, 2021, EastGroup acquired the following properties:

REAL ESTATE PROPERTIES ACQUIRED IN 2021	Location	Size	Date Acquired	Cost
		(Square feet)		(In thousands)
Operating properties acquired (1)
Southpark Distribution Center 2	Phoenix, AZ	79,000	06/10/2021	$	9,177
DFW Global Logistics Centre	Dallas, TX	611,000	08/26/2021	89,829
Progress Center 3	Atlanta, GA	50,000	09/23/2021	5,000
Total operating property acquisitions		740,000		104,006
Value-add properties acquired (2)
Access Point 1	Greenville, SC	156,000	01/15/2021	10,501
Northpoint 200	Atlanta, GA	79,000	01/21/2021	6,516
Access Point 2	Greenville, SC	159,000	05/19/2021	10,743
Cherokee 75 Business Center 2	Atlanta, GA	105,000	06/17/2021	8,837
Total value-add property acquisitions		499,000		36,597
Total acquired assets		1,239,000		$	140,603

(1)Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets.

(2)Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use.  Acquired properties meeting either of the following two conditions are considered value-add properties:  (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.

During 2020, EastGroup acquired the following properties:

REAL ESTATE PROPERTIES ACQUIRED IN 2020	Location	Size	Date Acquired	Cost
		(Square feet)		(In thousands)
Operating properties acquired (1)
Wells Point One	Austin, TX	50,000	02/28/2020	$	6,231
Cherokee 75 Business Center 1	Atlanta, GA	85,000	12/15/2020	8,323
The Rock	Dallas, TX	212,000	12/17/2020	34,102
Total operating property acquisitions		347,000		48,656
Value-add properties acquired (2)
Rancho Distribution Center	Los Angeles, CA	162,000	10/15/2020	27,862
Total acquired assets		509,000		$	76,518

(1)Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets.

(2)Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use.  Acquired properties meeting either of the following two conditions are considered value-add properties:  (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.

Acquired Assets and Assumed Liabilities [Table]

The following table summarizes the allocation of the consideration paid for the acquired assets and assumed liabilities in connection with the acquisitions identified in the table above which were acquired during the nine months ended September 30, 2021.

ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2021	Cost
	(In thousands)
Land	$	6,596
Buildings and building improvements	127,709
Tenant and other improvements	1,969
Right of use assets — Ground leases (operating)	12,708
Total real estate properties acquired	148,982
In-place lease intangibles (1)	5,763
Above market lease intangibles (1)	5
Below market lease intangibles (2)	(1,439)
Operating lease liabilities — Ground leases (3)	(12,708)
Total assets acquired, net of liabilities assumed	$	140,603

(1)In-place lease intangibles and above market lease intangibles are each included in Other assets on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.

(2)Below market lease intangibles are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.

The following table summarizes the allocation of the consideration paid for the acquired assets and assumed liabilities in connection with the acquisitions identified in the table above which were acquired during the year ended December 31, 2020.

ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2020	Cost
	(In thousands)
Land	$	23,565
Buildings and building improvements	42,024
Tenant and other improvements	7,971
Total real estate properties acquired	73,560
In-place lease intangibles (1)	3,257
Above market lease intangibles (1)	104
Below market lease intangibles (2)	(403)
Total assets acquired, net of liabilities assumed	$	76,518

(1)In-place lease intangibles and above market lease intangibles are each included in Other assets on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.

(2)Below market lease intangibles are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.