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REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Asset Acquisition [Abstract]    
Real Estate Properties Acquired [Table]
During the three months ended March 31, 2022, EastGroup acquired the following properties:
REAL ESTATE PROPERTY ACQUIRED IN 2022
LocationSizeDate
Acquired
Cost
  (Square feet) (In thousands)
Value-add property acquired (1)
Cypress Preserve 1 & 2Houston, TX516,000 03/28/2022$54,462 
(1)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 2021, EastGroup acquired the following properties:
REAL ESTATE PROPERTIES ACQUIRED IN 2021LocationSizeDate
Acquired
Cost
(Square feet)(In thousands)
Operating properties acquired (1)
Southpark Distribution Center 2Phoenix, AZ79,000 06/10/2021$9,177 
DFW Global Logistics CentreDallas, TX611,000 08/26/202189,829 
Progress Center 3Atlanta, GA50,000 09/23/20215,000 
Texas AvenueAustin, TX20,000 10/15/20214,143 
Total operating property acquisitions760,000 108,149 
Value-add properties acquired (2)
Access Point 1Greenville, SC156,000 01/15/202110,501 
Northpoint 200Atlanta, GA79,000 01/21/20216,516 
Access Point 2Greenville, SC159,000 05/19/202110,743 
Cherokee 75 Business Center 2Atlanta, GA105,000 06/17/20218,837 
Siempre Viva Distribution Center 3-6San Diego, CA547,000 12/01/2021134,479 
Total value-add property acquisitions1,046,000 171,076 
Total acquired assets1,806,000 $279,225 
(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 acquisition identified in the table above which was acquired during the three months ended March 31, 2022.
ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2022
Cost
 (In thousands)
Land $9,952 
Buildings and building improvements42,059 
Tenant and other improvements1,382 
Total real estate properties acquired53,393 
In-place lease intangibles (1)
2,027 
Below market lease intangibles (2)
(958)
Total assets acquired, net of liabilities assumed$54,462 
(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, 2021.
ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2021
Cost
 (In thousands)
Land $42,554 
Buildings and building improvements225,645 
Tenant and other improvements4,907 
Right of use assets — Ground leases (operating)12,708 
Total real estate properties acquired285,814 
In-place lease intangibles (1)
9,949 
Above market lease intangibles (1)
Below market lease intangibles (2)
(3,836)
Operating lease liabilities — Ground leases (3)
(12,708)
Total assets acquired, net of liabilities assumed$279,225 
(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.
(3)Operating lease liabilities - Ground leases are included in Other liabilities on the Consolidated Balance Sheets.