REAL ESTATE PROPERTIES (Tables)

3 Months Ended

Mar. 31, 2022

Real Estate Investment Property, Net [Abstract]

Schedule of Real Estate Properties

The Company’s Real estate properties and Development and value-add properties at March 31, 2022 and December 31, 2021 were as follows:

	March 31, 2022		December 31, 2021
	(In thousands)
Real estate properties:
Land	$	560,512	544,505
Buildings and building improvements	2,473,788		2,408,944
Tenant and other improvements	582,708		570,627
Right of use assets — Ground leases (operating) (1)	20,488		22,635
Development and value-add properties (2)	549,584		504,614
	4,187,080		4,051,325
Less accumulated depreciation	(1,061,190)		(1,035,617)
	$	3,125,890	3,015,708

(1)EastGroup applies the principles of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842, Leases, and its related Accounting Standards Updates (“ASUs”) to account for its ground leases, which are classified as operating leases. The related operating lease liabilities for ground leases are included in Other liabilities 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.