XML 47 R32.htm IDEA: XBRL DOCUMENT
v3.10.0.1

REAL ESTATE PROPERTIES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2018
Real Estate [Abstract] |
Schedule of Real Estate Properties | The Company’s Real estate properties and Development and value-add properties at December 31, 2018 and 2017 were as follows:
| December 31,
2018 |  | 2017
(In thousands)
Real estate properties: |  |  |
Land | $ | 380,684 |  |  | 345,424 |
Buildings and building improvements | 1,732,592 |  |  | 1,587,130 |
Tenant and other improvements | 440,205 |  |  | 404,180 |
Development and value-add properties (1) | 263,664 |  |  | 242,014 |
| 2,817,145 |  |  | 2,578,748 |
Less accumulated depreciation | (814,915 | ) |  | (749,601 | )
| $ | 2,002,230 |  |  | 1,829,147 |
Gain, net of loss, on Sales of Real Estate | A summary of Gain, net of loss, on sales of real estate investments for the years ended December 31, 2018, 2017 and 2016 follows:
Real Estate Properties |  | Location |  | Size (in Square Feet) |  | Date Sold |  | Net Sales Price |  | Basis |  | Recognized Gain (Loss)
|  |  |  |  |  |  |  | (In thousands)
2018 |  |  |  |  |  |  |  |  |  |  |  |
World Houston 18 |  | Houston, TX |  | 33,000 |  |  | 01/26/2018 |  | $ | 2,289 |  |  | 1,211 |  |  | 1,078 |
56 Commerce Park |  | Tampa, FL |  | 181,000 |  |  | 03/20/2018 |  | 12,032 |  |  | 2,888 |  |  | 9,144 |
35th Avenue Distribution Center |  | Phoenix, AZ |  | 125,000 |  |  | 07/26/2018 |  | 7,683 |  |  | 3,632 |  |  | 4,051 |
Total for 2018 |  |  |  |  |  |  |  | $ | 22,004 |  |  | 7,731 |  |  | 14,273 |
2017 |  |  |  |  |  |  |  |  |  |  |  |
Stemmons Circle |  | Dallas, TX |  | 99,000 |  |  | 05/12/2017 |  | $ | 5,051 |  |  | 1,329 |  |  | 3,722 |
Techway Southwest I-IV |  | Houston, TX |  | 415,000 |  |  | 06/19/2017 |  | 32,506 |  |  | 14,373 |  |  | 18,133 |
Total for 2017 |  |  |  |  |  |  |  | $ | 37,557 |  |  | 15,702 |  |  | 21,855 |
2016 |  |  |  |  |  |  |  |  |  |  |  |
Northwest Point Distribution and Service Centers |  | Houston, TX |  | 232,000 |  |  | 02/12/2016 |  | $ | 15,189 |  |  | 5,080 |  |  | 10,109 |
North Stemmons III |  | Dallas, TX |  | 60,000 |  |  | 03/04/2016 |  | 3,131 |  |  | 1,908 |  |  | 1,223 |
North Stemmons II |  | Dallas, TX |  | 26,000 |  |  | 04/12/2016 |  | 1,203 |  |  | 765 |  |  | 438 |
Lockwood Distribution Center |  | Houston, TX |  | 392,000 |  |  | 04/18/2016 |  | 14,024 |  |  | 4,154 |  |  | 9,870 |
West Loop Distribution Center 1 & 2 |  | Houston, TX |  | 161,000 |  |  | 04/19/2016 |  | 13,154 |  |  | 3,564 |  |  | 9,590 |
America Plaza |  | Houston, TX |  | 121,000 |  |  | 04/28/2016 |  | 7,938 |  |  | 3,378 |  |  | 4,560 |
Interstate Commons Distribution Center 1 & 2 |  | Phoenix, AZ |  | 142,000 |  |  | 05/31/2016 |  | 9,906 |  |  | 3,568 |  |  | 6,338 |
Castilian Research Center (1) |  | Santa Barbara, CA |  | 30,000 |  |  | 06/28/2016 |  | 7,698 |  |  | 7,513 |  |  | 185 |
Memphis I |  | Memphis, TN |  | 92,000 |  |  | 12/16/2016 |  | 1,482 |  |  | 1,625 |  |  | (143 | )
Total for 2016 |  |  |  |  |  |  |  | $ | 73,725 |  |  | 31,555 |  |  | 42,170 |
(1) | EastGroup owned 80% of Castilian Research Center through a joint venture. The information shown for this transaction also includes the 20% attributable to the Company's noncontrolling interest partner.
Development |
DEVELOPMENT AND VALUE-ADD PROPERTIES ACTIVITY |  |  |  | Costs Incurred |  |  |  | Anticipated Building Conversion Date
|  |  | Costs Transferred in 2018 (1) |  | For the Year Ended 12/31/18 |  | Cumulative as of 12/31/18 |  | Estimated Total Costs (2) |
|  |  |  | (In thousands) |  |
|  | (Unaudited) |  |  |  |  |  |  |  | (Unaudited) |  | (Unaudited)
LEASE-UP |  | Building Size (Square feet) |  |  |  |  |  |  |  |  |  |
Siempre Viva, San Diego, CA |  | 115,000 |  |  | $ | — |  |  | 14,075 |  |  | 14,075 |  |  | 14,400 |  |  | 01/19
CreekView 121 3 & 4, Dallas, TX |  | 158,000 |  |  | — |  |  | 3,489 |  |  | 13,800 |  |  | 16,200 |  |  | 03/19
Falcon Field, Phoenix, AZ |  | 96,000 |  |  | — |  |  | 5,285 |  |  | 8,232 |  |  | 9,400 |  |  | 05/19
Gateway 1, Miami, FL |  | 200,000 |  |  | 9,110 |  |  | 11,131 |  |  | 20,241 |  |  | 25,000 |  |  | 05/19
Broadmoor 2, Atlanta, GA |  | 111,000 |  |  | 705 |  |  | 5,709 |  |  | 6,414 |  |  | 7,400 |  |  | 11/19
Total Lease-Up |  | 680,000 |  |  | 9,815 |  |  | 39,689 |  |  | 62,762 |  |  | 72,400 |  |  |
UNDER CONSTRUCTION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Horizon XI, Orlando, FL |  | 135,000 |  |  | 3,171 |  |  | 5,552 |  |  | 8,723 |  |  | 10,400 |  |  | 01/20
Settlers Crossing 1, Austin, TX |  | 77,000 |  |  | — |  |  | 4,704 |  |  | 6,260 |  |  | 7,400 |  |  | 01/20
Settlers Crossing 2, Austin, TX |  | 83,000 |  |  | — |  |  | 5,442 |  |  | 7,115 |  |  | 8,400 |  |  | 01/20
SunCoast 5, Ft. Myers, FL |  | 81,000 |  |  | 2,704 |  |  | 3,831 |  |  | 6,535 |  |  | 7,700 |  |  | 01/20
Airport Commerce Center 3, Charlotte, NC |  | 96,000 |  |  | — |  |  | 4,060 |  |  | 5,793 |  |  | 7,300 |  |  | 02/20
Parc North 5, Dallas, TX |  | 100,000 |  |  | 1,683 |  |  | 5,270 |  |  | 6,953 |  |  | 9,200 |  |  | 02/20
Steele Creek V, Charlotte, NC |  | 54,000 |  |  | 1,366 |  |  | 1,948 |  |  | 3,314 |  |  | 5,800 |  |  | 03/20
Horizon VI, Orlando, FL |  | 148,000 |  |  | 3,418 |  |  | 4,807 |  |  | 8,225 |  |  | 12,700 |  |  | 04/20
Ten West Crossing 8, Houston, TX |  | 132,000 |  |  | 1,947 |  |  | 4,643 |  |  | 6,590 |  |  | 10,900 |  |  | 04/20
Tri-County Crossing 1 & 2, San Antonio, TX |  | 203,000 |  |  | 2,012 |  |  | 6,883 |  |  | 8,895 |  |  | 14,600 |  |  | 04/20
Eisenhauer Point 7 & 8, San Antonio, TX |  | 336,000 |  |  | 4,916 |  |  | 8,174 |  |  | 13,090 |  |  | 24,500 |  |  | 05/20
CreekView 121 5 & 6, Dallas, TX |  | 139,000 |  |  | 3,675 |  |  | 1,930 |  |  | 5,605 |  |  | 14,900 |  |  | 07/20
Total Under Construction |  | 1,584,000 |  |  | 24,892 |  |  | 57,244 |  |  | 87,098 |  |  | 133,800 |  |  |
PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) |  | Estimated Building Size (Square feet) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Phoenix, AZ |  | 315,000 |  |  | — |  |  | 6,809 |  |  | 6,809 |  |  |  |  |
Ft. Myers, FL |  | 488,000 |  |  | (2,704 | ) |  | 1,914 |  |  | 13,322 |  |  |  |  |
Miami, FL |  | 650,000 |  |  | (9,110 | ) |  | 14,565 |  |  | 36,331 |  |  |  |  |
Orlando, FL |  | 214,000 |  |  | (6,589 | ) |  | 1,188 |  |  | 5,719 |  |  |  |  |
Tampa, FL |  | 32,000 |  |  | — |  |  | — |  |  | 1,560 |  |  |  |  |
Atlanta, GA |  | 100,000 |  |  | (705 | ) |  | 224 |  |  | 726 |  |  |  |  |
Jackson, MS |  | 28,000 |  |  | — |  |  | — |  |  | 706 |  |  |  |  |
Charlotte, NC |  | 600,000 |  |  | (1,366 | ) |  | 1,846 |  |  | 7,209 |  |  |  |  |
Austin, TX |  | 180,000 |  |  | — |  |  | 722 |  |  | 3,742 |  |  |  |  |
Dallas, TX |  | 612,000 |  |  | (5,358 | ) |  | 7,954 |  |  | 12,192 |  |  |  |  |
Houston, TX (3) |  | 1,123,000 |  |  | (2,969 | ) |  | (1,782 | ) |  | 16,439 |  |  |  |  |
San Antonio, TX |  | 908,000 |  |  | (6,928 | ) |  | 4,584 |  |  | 9,049 |  |  |  |  |
Total Prospective Development |  | 5,250,000 |  |  | (35,729 | ) |  | 38,024 |  |  | 113,804 |  |  |  |  |
|  | 7,514,000 |  |  | $ | (1,022 | ) |  | 134,957 |  |  | 263,664 |  |  |  |  |
DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2018 |  | Building Size (Square feet) |  |  |  |  |  |  |  |  |  |  |  |  |  | Building Conversion Date
Alamo Ridge IV, San Antonio, TX |  | 97,000 |  |  | $ | — |  |  | 320 |  |  | 7,417 |  |  |  |  | 03/18
Oak Creek VII, Tampa, FL |  | 116,000 |  |  | — |  |  | 601 |  |  | 6,732 |  |  |  |  | 03/18
Weston, Ft. Lauderdale, FL |  | 134,000 |  |  | — |  |  | 222 |  |  | 15,742 |  |  |  |  | 03/18
Progress Center 1 & 2, Atlanta, GA |  | 132,000 |  |  | — |  |  | 143 |  |  | 10,476 |  |  |  |  | 04/18
Horizon X, Orlando, FL |  | 104,000 |  |  | — |  |  | 3,352 |  |  | 6,902 |  |  |  |  | 05/18
SunCoast 4, Ft. Myers, FL |  | 93,000 |  |  | — |  |  | 71 |  |  | 9,191 |  |  |  |  | 05/18
Country Club V, Tucson, AZ |  | 305,000 |  |  | — |  |  | 7,078 |  |  | 21,029 |  |  |  |  | 06/18
Eisenhauer Point 3, San Antonio, TX |  | 71,000 |  |  | — |  |  | 231 |  |  | 6,390 |  |  |  |  | 06/18
Kyrene 202 III, IV & V, Phoenix, AZ |  | 166,000 |  |  | — |  |  | 1,146 |  |  | 12,689 |  |  |  |  | 09/18
Steele Creek VII, Charlotte, NC |  | 120,000 |  |  | — |  |  | 795 |  |  | 8,592 |  |  |  |  | 09/18
Eisenhauer Point 6, San Antonio, TX |  | 85,000 |  |  | — |  |  | 1,356 |  |  | 5,406 |  |  |  |  | 10/18
Horizon XII, Orlando, FL |  | 140,000 |  |  | — |  |  | 653 |  |  | 11,883 |  |  |  |  | 10/18
Eisenhauer Point 5, San Antonio, TX |  | 98,000 |  |  | — |  |  | 2,012 |  |  | 7,816 |  |  |  |  | 11/18
West Road 5, Houston, TX |  | 58,000 |  |  | 1,022 |  |  | 3,756 |  |  | 4,778 |  |  |  |  | 11/18
Total Transferred to Real Estate Properties |  | 1,719,000 |  |  | $ | 1,022 |  |  | 21,736 |  |  | 135,043 |  |  | (4) |  |
Footnotes for the Development and Value-Add Properties Activity table are on the following page.
(1) | Represents costs transferred from Prospective Development (primarily land) to Under Construction during the period. Negative amounts represent land inventory costs transferred to Under Construction.
(2) | Included in these costs are development obligations of $52.4 million and tenant improvement obligations of $13.6 million on properties under development.
(3) | Negative amount represents land inventory costs transferred to Under Construction and land sold on 3/28/18.
(4) | Represents cumulative costs at the date of transfer.
Future Minimum Rental Receipts Under Non-cancelable Leases | The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2018:
Years Ending December 31, |  | (In thousands)
2019 |  | $ | 226,330 |
2020 |  | 195,850 |
2021 |  | 151,564 |
2022 |  | 112,007 |
2023 |  | 82,262 |
Thereafter |  | 163,499 |
Total minimum receipts |  | $ | 931,512 |
Future Minimum Ground Lease Payments | The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2018: Future Minimum Ground Lease Payments
Years Ending December 31, |  | (In thousands)
2019 |  | $ | 791 |
2020 |  | 791 |
2021 |  | 791 |
2022 |  | 791 |
2023 |  | 791 |
Thereafter |  | 9,343 |
Total minimum payments |  | $ | 13,298 |

X
- Definition A tabular disclosure of property development, both currently under construction and prospective development. + References No definition available. + Details
Name: | egp_DevelopementTableTextBlock
Namespace Prefix: | egp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition A tabular disclosure of future minimum lease payments receivable + References No definition available. + Details
Name: | egp_FutureMinimumRentalReceiptsUnderNonCancelableLeasesTableTextBlock
Namespace Prefix: | egp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition A tabular disclosure of gains on sale of real estate for the last three years + References No definition available. + Details
Name: | egp_GainOnSalesOfRealEstateTableTextBlock
Namespace Prefix: | egp_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=77902758&loc=d3e41502-112717 + Details
Name: | us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration