REAL ESTATE PROPERTIES (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2024 and December 31, 2023 were as follows:

	September 30, 2024		December 31, 2023
	(In thousands)
Real estate properties:
Land	$	876,198	814,364
Buildings and building improvements	3,562,908		3,336,615
Tenant and other improvements	727,945		684,573
Right of use assets — Ground leases (operating) (1)	17,006		17,996
Development and value-add properties (2)	654,092		639,647
	5,838,149		5,493,195
Less accumulated depreciation	(1,376,198)		(1,273,723)
	$	4,461,951	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.