REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

Asset Acquisition [Abstract]

Real Estate Properties Acquired [Table]

During the nine months ended September 30, 2024, EastGroup acquired the following properties:

REAL ESTATE PROPERTIES ACQUIRED IN 2024	Location	Size	Date Acquired	Cost (1)
		(Square feet)		(In thousands)
Operating properties acquired (2)(3)
Spanish Ridge Industrial Park	Las Vegas, NV	231,000	01/23/2024	$	54,859
147 Exchange	Raleigh, NC	274,000	05/03/2024	52,945
Hays Commerce Center 3 & 4	Austin, TX	179,000	08/19/2024	35,781
Total operating property acquisitions		684,000		$	143,585

(1)Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs.

(2)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.

(3)Excludes acquired development land as discussed below.

During 2023, EastGroup acquired the following properties:

REAL ESTATE PROPERTIES ACQUIRED IN 2023	Location	Size	Date Acquired	Cost (1)
		(Square feet)		(In thousands)
Operating properties acquired (2)(3)
Craig Corporate Center	Las Vegas, NV	156,000	04/18/2023	$	34,365
Blue Diamond Business Park	Las Vegas, NV	254,000	09/05/2023	52,973
McKinney Logistics Center	Dallas, TX	193,000	10/02/2023	25,739
Park at Myatt	Nashville, TN	171,000	11/03/2023	30,793
Pelzer Point Commerce Center 1	Greenville, SC	213,000	12/21/2023	21,246
Total operating property acquisitions		987,000		$	165,116

(1)Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs.

(2)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.

(3)Excludes acquired development land as discussed below.

Acquired Assets and Assumed Liabilities [Table]

The following table summarizes the allocation of the total consideration 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, 2024.

ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2024	Cost
	(In thousands)
Land	$	34,778
Buildings and building improvements	96,218
Tenant and other improvements	6,371
Total real estate properties acquired	137,367
In-place lease intangibles (1)	8,659
Above market lease intangibles (1)	121
Below market lease intangibles (2)	(2,562)
Total assets acquired, net of liabilities assumed	$	143,585

(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 terms 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 terms of the associated leases in place at the time of acquisition.

The following table summarizes the allocation of the total consideration 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, 2023.

ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2023	Cost
	(In thousands)
Land	$	44,676
Buildings and building improvements	111,082
Tenant and other improvements	4,346
Total real estate properties acquired	160,104
In-place lease intangibles (1)	7,242
Below market lease intangibles (2)	(2,230)
Total assets acquired, net of liabilities assumed	$	165,116

(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 terms 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 terms of the associated leases in place at the time of acquisition.