REAL ESTATE PROPERTIES (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025 and December 31, 2024 were as follows:

	March 31, 2025		December 31, 2024
	(In thousands)
Real estate properties:
Land	$	891,539	888,140
Buildings and building improvements	3,862,774		3,815,850
Tenant and other improvements	773,925		761,061
Right of use assets — Ground leases (operating) (1)	37,526		38,393
Development and value-add properties (2)	686,102		674,472
	6,251,866		6,177,916
Less accumulated depreciation	(1,456,556)		(1,415,576)
	$	4,795,310	4,762,340

(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.