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REAL ESTATE PROPERTIES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019 | Dec. 31, 2018
Future Minimum Rental Receipts under Non-cancelable Leases [Line Items] |  |
Schedule of Real Estate Properties | The Company’s Real estate properties and Development and value-add properties at December 31, 2019 and 2018 were as follows:
| December 31,
2019 |  | 2018
(In thousands)
Real estate properties: |  |  |
Land | $ | 452,698 |  |  | 380,684 |
Buildings and building improvements | 1,907,963 |  |  | 1,732,592 |
Tenant and other improvements | 471,909 |  |  | 440,205 |
Right of use assets — Ground leases (operating) (1) | 11,997 |  |  | — |
Development and value-add properties (2) | 419,999 |  |  | 263,664 |
| 3,264,566 |  |  | 2,817,145 |
Less accumulated depreciation | (871,139 | ) |  | (814,915 | )
| $ | 2,393,427 |  |  | 2,002,230 |
(1) | See Ground Leases discussion below and in Note 1(o) for information regarding the Company's right of use assets for ground leases.
(2) Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property. |
Gain, net of loss, on Sales of Real Estate | A summary of Gain on sales of real estate investments for the years ended December 31, 2019, 2018 and 2017 follows:
Real Estate Properties |  | Location |  | Size (in Square Feet) |  | Date Sold |  | Net Sales Price |  | Basis |  | Recognized Gain
|  |  |  |  |  |  |  | (In thousands)
2019 |  |  |  |  |  |  |  |  |  |  |  |
World Houston 5 |  | Houston, TX |  | 51,000 |  |  | 01/29/2019 |  | $ | 3,679 |  |  | 1,354 |  |  | 2,325 |
Altamonte Commerce Center |  | Orlando, FL |  | 186,000 |  |  | 05/20/2019 |  | 14,423 |  |  | 5,342 |  |  | 9,081 |
University Business Center 130 (1) |  | Santa Barbara, CA |  | 40,000 |  |  | 11/07/2019 |  | 11,083 |  |  | 2,729 |  |  | 8,354 |
Southpointe Distribution Center |  | Tucson, AZ |  | 207,000 |  |  | 12/03/2019 |  | 13,699 |  |  | 2,281 |  |  | 11,418 |
University Business Center 125 & 175 |  | Santa Barbara, CA |  | 133,000 |  |  | 12/11/2019 |  | 23,675 |  |  | 13,785 |  |  | 9,890 |
Total for 2019 |  |  |  |  |  |  |  | $ | 66,559 |  |  | 25,491 |  |  | 41,068 |
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 |
(1) EastGroup owned 80% of University Business Center 130 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 2019 (1) |  | For the Year Ended 12/31/19 |  | Cumulative as of 12/31/19 |  | Projected Total Costs (2) |
|  |  |  | (In thousands) |  |
|  | (Unaudited) |  |  |  |  |  |  |  | (Unaudited) |  | (Unaudited)
LEASE-UP |  | Building Size (Square feet) |  |  |  |  |  |  |  |  |  |
Logistics Center 6 & 7, Dallas, TX (3) |  | 142,000 |  |  | $ | — |  |  | 15,735 |  |  | 15,735 |  |  | 16,400 |  |  | 01/20
Settlers Crossing 1, Austin, TX |  | 77,000 |  |  | — |  |  | 2,999 |  |  | 9,259 |  |  | 10,200 |  |  | 01/20
Settlers Crossing 2, Austin, TX |  | 83,000 |  |  | — |  |  | 1,360 |  |  | 8,475 |  |  | 9,200 |  |  | 01/20
Parc North 5, Dallas, TX |  | 100,000 |  |  | — |  |  | 1,736 |  |  | 8,689 |  |  | 9,200 |  |  | 02/20
Airport Commerce Center 3, Charlotte, NC |  | 96,000 |  |  | — |  |  | 2,763 |  |  | 8,556 |  |  | 9,100 |  |  | 03/20
Horizon VIII & IX, Orlando, FL |  | 216,000 |  |  | 4,967 |  |  | 11,634 |  |  | 16,601 |  |  | 18,800 |  |  | 04/20
Ten West Crossing 8, Houston, TX |  | 132,000 |  |  | — |  |  | 3,174 |  |  | 9,764 |  |  | 10,900 |  |  | 04/20
Tri-County Crossing 1 & 2, San Antonio, TX |  | 203,000 |  |  | — |  |  | 6,491 |  |  | 15,386 |  |  | 16,700 |  |  | 04/20
CreekView 121 5 & 6, Dallas, TX |  | 139,000 |  |  | — |  |  | 7,546 |  |  | 13,151 |  |  | 16,200 |  |  | 06/20
Parc North 6, Dallas, TX |  | 96,000 |  |  | 2,552 |  |  | 5,738 |  |  | 8,290 |  |  | 10,100 |  |  | 07/20
Arlington Tech Centre 1 & 2, Dallas, TX (3) |  | 151,000 |  |  | — |  |  | 13,277 |  |  | 13,277 |  |  | 15,100 |  |  | 08/20
Gateway 5, Miami, FL |  | 187,000 |  |  | 11,944 |  |  | 11,161 |  |  | 23,105 |  |  | 23,500 |  |  | 09/20
Grand Oaks 75 2, Tampa, FL (3) |  | 150,000 |  |  | — |  |  | 13,115 |  |  | 13,115 |  |  | 13,600 |  |  | 09/20
Southwest Commerce Center, Las Vegas, NV (3) |  | 196,000 |  |  | — |  |  | 26,613 |  |  | 26,613 |  |  | 30,100 |  |  | 10/20
SunCoast 6, Ft. Myers, FL |  | 81,000 |  |  | 3,915 |  |  | 4,019 |  |  | 7,934 |  |  | 9,200 |  |  | 10/20
Rocky Point 2, San Diego, CA (3) |  | 109,000 |  |  | — |  |  | 19,275 |  |  | 19,275 |  |  | 20,600 |  |  | 12/20
Steele Creek IX, Charlotte, NC |  | 125,000 |  |  | 1,766 |  |  | 7,354 |  |  | 9,120 |  |  | 9,800 |  |  | 12/20
Total Lease-Up |  | 2,283,000 |  |  | 25,144 |  |  | 153,990 |  |  | 226,345 |  |  | 248,700 |  |  |
UNDER CONSTRUCTION |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SunCoast 8, Ft. Myers, FL |  | 77,000 |  |  | 4,361 |  |  | 123 |  |  | 4,484 |  |  | 9,000 |  |  | 05/20
Gilbert Crossroads A & B, Phoenix, AZ |  | 140,000 |  |  | 3,221 |  |  | 10,729 |  |  | 13,950 |  |  | 16,000 |  |  | 01/21
Hurricane Shoals 3, Atlanta, GA |  | 101,000 |  |  | 3,890 |  |  | 2,739 |  |  | 6,629 |  |  | 8,800 |  |  | 03/21
Interstate Commons 2, Phoenix, AZ (3) |  | 142,000 |  |  | — |  |  | 9,882 |  |  | 9,882 |  |  | 11,800 |  |  | 03/21
Tri-County Crossing 3 & 4, San Antonio, TX |  | 203,000 |  |  | 2,334 |  |  | 6,364 |  |  | 8,698 |  |  | 14,700 |  |  | 05/21
World Houston 44, Houston, TX |  | 134,000 |  |  | 1,546 |  |  | 3,244 |  |  | 4,790 |  |  | 9,100 |  |  | 05/21
Ridgeview 1 & 2, San Antonio, TX |  | 226,000 |  |  | 2,499 |  |  | 4,032 |  |  | 6,531 |  |  | 18,500 |  |  | 06/21
Creekview 121 7 & 8, Dallas, TX |  | 137,000 |  |  | 5,489 |  |  | 1,310 |  |  | 6,799 |  |  | 16,300 |  |  | 07/21
Northwest Crossing 1-3, Houston, TX |  | 278,000 |  |  | 6,109 |  |  | 5,426 |  |  | 11,535 |  |  | 25,700 |  |  | 07/21
Settlers Crossing 3 & 4, Austin, TX |  | 173,000 |  |  | 4,030 |  |  | 4,059 |  |  | 8,089 |  |  | 18,400 |  |  | 07/21
LakePort 1-3, Dallas, TX |  | 194,000 |  |  | 3,542 |  |  | 4,520 |  |  | 8,062 |  |  | 22,500 |  |  | 09/21
Total Under Construction |  | 1,805,000 |  |  | 37,021 |  |  | 52,428 |  |  | 89,449 |  |  | 170,800 |  |  |
PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) |  | Estimated Building Size (Square feet) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Phoenix, AZ |  | 178,000 |  |  | (3,221 | ) |  | 785 |  |  | 4,373 |  |  |  |  |
Ft. Myers, FL |  | 329,000 |  |  | (8,276 | ) |  | 2,457 |  |  | 7,503 |  |  |  |  |
Miami, FL |  | 463,000 |  |  | (11,944 | ) |  | 9,798 |  |  | 34,185 |  |  |  |  |
Orlando, FL |  | — |  |  | (4,967 | ) |  | 323 |  |  | 1,075 |  |  |  |  |
Tampa, FL |  | 349,000 |  |  | — |  |  | 4,241 |  |  | 5,801 |  |  |  |  |
Atlanta, GA |  | — |  |  | (3,890 | ) |  | 3,164 |  |  | — |  |  |  |  |
Jackson, MS |  | 28,000 |  |  | — |  |  | — |  |  | 706 |  |  |  |  |
Charlotte, NC |  | 475,000 |  |  | (1,766 | ) |  | 1,884 |  |  | 7,327 |  |  |  |  |
Austin, TX |  | — |  |  | (4,030 | ) |  | 288 |  |  | — |  |  |  |  |
Dallas, TX |  | 997,000 |  |  | (11,583 | ) |  | 18,979 |  |  | 19,588 |  |  |  |  |
Houston, TX |  | 1,223,000 |  |  | (13,126 | ) |  | 16,135 |  |  | 19,448 |  |  |  |  |
San Antonio, TX |  | 373,000 |  |  | (5,987 | ) |  | 1,137 |  |  | 4,199 |  |  |  |  |
Total Prospective Development |  | 4,415,000 |  |  | (68,790 | ) |  | 59,191 |  |  | 104,205 |  |  |  |  |
|  | 8,503,000 |  |  | $ | (6,625 | ) |  | 265,609 |  |  | 419,999 |  |  |  |  |
The Development and Value-Add Properties Activity table is continued on the following page.
DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2019 |  |  |  | Costs Incurred |  |  |  |
|  |  | Costs Transferred in 2019 (1) |  | For the Year Ended 12/31/19 |  | Cumulative as of 12/31/19 |  |  |  |
|  | (Unaudited) |  | (In thousands) |  |  |  | (Unaudited)
|  | Building Size (Square feet) |  |  |  |  |  | Building Conversion Date
Siempre Viva I, San Diego, CA (3) |  | 115,000 |  |  | $ | — |  |  | — |  |  | 14,075 |  |  |  |  | 01/19
CreekView 121 3 & 4, Dallas, TX |  | 158,000 |  |  | — |  |  | 1,739 |  |  | 15,539 |  |  |  |  | 03/19
Horizon VI, Orlando, FL |  | 148,000 |  |  | — |  |  | 3,682 |  |  | 11,907 |  |  |  |  | 03/19
Horizon XI, Orlando, FL |  | 135,000 |  |  | — |  |  | 507 |  |  | 9,230 |  |  |  |  | 04/19
Falcon Field, Phoenix, AZ |  | 97,000 |  |  | — |  |  | 181 |  |  | 8,413 |  |  |  |  | 05/19
Gateway 1, Miami, FL |  | 200,000 |  |  | — |  |  | 3,402 |  |  | 23,643 |  |  |  |  | 05/19
SunCoast 5, Ft. Myers, FL |  | 81,000 |  |  | — |  |  | 1,335 |  |  | 7,870 |  |  |  |  | 05/19
Steele Creek V, Charlotte, NC |  | 54,000 |  |  | — |  |  | 2,223 |  |  | 5,537 |  |  |  |  | 07/19
Broadmoor 2, Atlanta, GA |  | 111,000 |  |  | — |  |  | 1,478 |  |  | 7,892 |  |  |  |  | 11/19
Eisenhauer Point 9, San Antonio, TX |  | 82,000 |  |  | 1,154 |  |  | 5,175 |  |  | 6,329 |  |  |  |  | 11/19
World Houston 43, Houston, TX |  | 86,000 |  |  | 1,041 |  |  | 5,381 |  |  | 6,422 |  |  |  |  | 11/19
Eisenhauer Point 7 & 8, San Antonio, TX |  | 336,000 |  |  | — |  |  | 9,790 |  |  | 22,880 |  |  |  |  | 12/19
World Houston 45, Houston, TX |  | 160,000 |  |  | 4,430 |  |  | 12,522 |  |  | 16,952 |  |  |  |  | 12/19
Total Transferred to Real Estate Properties |  | 1,763,000 |  |  | $ | 6,625 |  |  | 47,415 |  |  | 156,689 |  |  | (4) |  |
(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 $59.3 million and tenant improvement obligations of $7.5 million on properties under development.
(3) | Represents value-add projects acquired by EastGroup.
(4) | Represents cumulative costs at the date of transfer.
Future Minimum Ground Lease Payments | The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2019: Future Minimum Ground Lease Payments as of December 31, 2019
Years Ending December 31, |  | (In thousands)
2020 |  | $ | 970 |
2021 |  | 970 |
2022 |  | 970 |
2023 |  | 975 |
2024 |  | 999 |
Thereafter |  | 38,916 |
Total minimum payments |  | 43,800 |
Imputed interest (1) |  | (31,752 | )
Total ground leases |  | $ | 12,048 |
(1) As the Company’s leases do not provide an implicit rate, in order to calculate the present value of the remaining ground lease payments, the Company used its incremental borrowing rate, adjusted for a number of factors, including the long-term nature of the ground leases, the Company’s estimated borrowing costs, and the estimated fair value of the underlying land, to determine the imputed interest for its ground leases. The Company elected to use the portfolio approach as all of its ground leases in place as of January 1, 2019, have similar characteristics and determined 7.3% as the appropriate rate as of January 1, 2019, for all leases in place at that time. For the ground lease obtained during April 2019, the Company used its incremental borrowing rate, adjusted for the factors discussed above, which was determined to be 8.0%. | Future Minimum Ground Lease Payments as of December 31, 2018
Years Ending December 31, |  | (In thousands)
2019 |  | $ | 791 |
2020 |  | 791 |
2021 |  | 791 |
2022 |  | 791 |
2023 |  | 791 |
Thereafter |  | 30,751 |
|  | $ | 34,706 |

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