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PRINCIPLES OF CONSOLIDATION | 9 Months Ended
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Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Principles of Consolidation | PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of EastGroup, its wholly owned subsidiaries and its investment in any joint ventures in which the Company has a controlling interest. As of September 30, 2020 and December 31, 2019, EastGroup held a controlling interest in the following joint venture arrangements: (i) an 80% controlling interest in University Business Center 120; (ii) a 95% controlling interest in the Miramar land; and (iii) a 99% controlling interest in the Otay Mesa land. The Company records 100% of the assets, liabilities, revenues and expenses of the buildings and land held in joint ventures with the noncontrolling interests provided for in accordance with the joint venture agreements. The equity method of accounting is used for the Company’s 50% undivided tenant-in-common interest in Industry Distribution Center II. All significant intercompany transactions and accounts have been eliminated in consolidation.

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