REAL ESTATE PROPERTIES (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023 were as follows:

	March 31, 2024		December 31, 2023
	(In thousands)
Real estate properties:
Land	$	835,795	814,364
Buildings and building improvements	3,382,163		3,336,615
Tenant and other improvements	692,300		684,573
Right of use assets — Ground leases (operating) (1)	17,663		17,996
Development and value-add properties (2)	670,250		639,647
	5,598,171		5,493,195
Less accumulated depreciation	(1,299,905)		(1,273,723)
	$	4,298,266	4,219,472

(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 in Note 6.