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REAL ESTATE PROPERTIES (Tables) | 12 Months Ended
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Dec. 31, 2020
Real Estate [Abstract] |
Schedule of Real Estate Properties | The Company’s Real estate properties and Development and value-add properties at December 31, 2020 and 2019 were as follows:
| December 31,
2020 |  | 2019
(In thousands)
Real estate properties: |  |  |
Land | $ | 502,739 |  |  | 452,698 |
Buildings and building improvements | 2,120,731 |  |  | 1,907,963 |
Tenant and other improvements | 524,954 |  |  | 471,909 |
Right of use assets — Ground leases (operating) (1) | 11,073 |  |  | 11,997 |
Development and value-add properties (2) | 359,588 |  |  | 419,999 |
| 3,519,085 |  |  | 3,264,566 |
Less accumulated depreciation | (955,328) |  |  | (871,139) |
| $ | 2,563,757 |  |  | 2,393,427 |
(1)See Ground Leases discussion below 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.
Sales of real estate properties [Table] | A summary of Gain on sales of real estate investments for the years ended December 31, 2020, 2019 and 2018 follows:
Real Estate Properties |  | Location |  | Size (in Square Feet) |  | Date Sold |  | Net Sales Price |  | Basis |  | Recognized Gain
|  |  |  |  |  |  |  | (In thousands)
2020 |  |  |  |  |  |  |  |  |  |  |  |
University Business Center 120 (1) |  | Santa Barbara, CA |  | 46,000 |  |  | 12/01/2020 |  | $ | 10,342 |  |  | 4,007 |  |  | 6,335 |
Central Green |  | Houston, TX |  | 80,000 |  |  | 12/23/2020 |  | 10,168 |  |  | 3,358 |  |  | 6,810 |
Total for 2020 |  |  |  |  |  |  |  | $ | 20,510 |  |  | 7,365 |  |  | 13,145 |
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 (2) |  | 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 |
(1)EastGroup owned 80% of University Business Center 120 through a joint venture partnership. EastGroup sold its 80% share of the joint venture, and the partnership was dissolved. The information shown for this transaction represents EastGroup's 80% ownership. (2)EastGroup owned 80% of University Business Center 130 through a joint venture partnership. 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 2020 (1) |  | For the Year Ended 12/31/20 |  | Cumulative as of 12/31/20 |  | Projected Total Costs (2) |
|  |  |  | (In thousands) |  |
|  | (Unaudited) |  |  |  |  |  |  |  | (Unaudited) |  | (Unaudited)
LEASE-UP |  | Building Size (Square feet) |  |  |  |  |  |  |  |  |  |
Gilbert Crossroads A & B, Phoenix, AZ |  | 140,000 |  |  | $ | — |  |  | 2,818 |  |  | 16,768 |  |  | 17,500 |  |  | 01/21
Rancho Distribution Center, Los Angeles, CA (3) |  | 162,000 |  |  | — |  |  | 27,325 |  |  | 27,325 |  |  | 29,400 |  |  | 03/21
CreekView 121 7 & 8, Dallas, TX |  | 137,000 |  |  | — |  |  | 9,760 |  |  | 16,559 |  |  | 18,500 |  |  | 04/21
Hurricane Shoals 3, Atlanta, GA |  | 101,000 |  |  | — |  |  | 2,182 |  |  | 8,811 |  |  | 10,800 |  |  | 04/21
World Houston 44, Houston, TX |  | 134,000 |  |  | — |  |  | 3,336 |  |  | 8,126 |  |  | 9,100 |  |  | 05/21
Gateway 4, Miami, FL |  | 197,000 |  |  | 14,895 |  |  | 7,152 |  |  | 22,047 |  |  | 26,000 |  |  | 06/21
Interstate Commons 2, Phoenix, AZ (3) |  | 142,000 |  |  | — |  |  | 2,359 |  |  | 12,241 |  |  | 12,500 |  |  | 06/21
Tri-County Crossing 3 & 4, San Antonio, TX |  | 203,000 |  |  | — |  |  | 5,711 |  |  | 14,409 |  |  | 16,100 |  |  | 06/21
Northwest Crossing 1-3, Houston, TX |  | 278,000 |  |  | — |  |  | 10,787 |  |  | 22,322 |  |  | 25,900 |  |  | 09/21
Ridgeview 1 & 2, San Antonio, TX |  | 226,000 |  |  | — |  |  | 10,562 |  |  | 17,093 |  |  | 19,000 |  |  | 10/21
Settlers Crossing 3 & 4, Austin, TX |  | 173,000 |  |  | — |  |  | 9,415 |  |  | 17,504 |  |  | 19,400 |  |  | 10/21
SunCoast 7, Ft. Myers, FL |  | 77,000 |  |  | 3,232 |  |  | 4,141 |  |  | 7,373 |  |  | 8,700 |  |  | 11/21
LakePort 1-3, Dallas, TX |  | 194,000 |  |  | — |  |  | 11,719 |  |  | 19,781 |  |  | 22,500 |  |  | 12/21
Total Lease-Up |  | 2,164,000 |  |  | 18,127 |  |  | 107,267 |  |  | 210,359 |  |  | 235,400 |  |  |
UNDER CONSTRUCTION |  |  |  |  |  |  |  |  |  |  |  |
Gilbert Crossroads C & D, Phoenix, AZ |  | 178,000 |  |  | 4,974 |  |  | 1,643 |  |  | 6,617 |  |  | 21,400 |  |  | 06/22
Steele Creek X, Charlotte, NC |  | 162,000 |  |  | 3,291 |  |  | 943 |  |  | 4,234 |  |  | 12,600 |  |  | 07/22
Basswood 1 & 2, Dallas, TX |  | 237,000 |  |  | 4,580 |  |  | 174 |  |  | 4,754 |  |  | 22,100 |  |  | 10/22
Total Under Construction |  | 577,000 |  |  | 12,845 |  |  | 2,760 |  |  | 15,605 |  |  | 56,100 |  |  |
PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) |  | Estimated Building Size (Square feet) |  |  |  |  |  |  |  |  |  |
Phoenix, AZ |  | — |  |  | (4,974) |  |  | 601 |  |  | — |  |  |  |  |
Ft. Myers, FL |  | 622,000 |  |  | (3,232) |  |  | 3,595 |  |  | 7,866 |  |  |  |  |
Miami, FL |  | 376,000 |  |  | (14,895) |  |  | 1,006 |  |  | 20,296 |  |  |  |  |
Orlando, FL |  | 1,488,000 |  |  | — |  |  | 26,603 |  |  | 27,678 |  |  |  |  |
Tampa, FL (4) |  | 349,000 |  |  | — |  |  | (78) |  |  | 5,723 |  |  |  |  |
Atlanta, GA |  | 120,000 |  |  | — |  |  | 1,392 |  |  | 1,392 |  |  |  |  |
Jackson, MS |  | 28,000 |  |  | — |  |  | — |  |  | 706 |  |  |  |  |
Charlotte, NC |  | 313,000 |  |  | (3,291) |  |  | 289 |  |  | 4,325 |  |  |  |  |
Dallas, TX |  | 1,353,000 |  |  | (4,580) |  |  | 22,420 |  |  | 37,428 |  |  |  |  |
El Paso, TX |  | 168,000 |  |  | — |  |  | 2,587 |  |  | 2,587 |  |  |  |  |
Houston, TX |  | 1,223,000 |  |  | — |  |  | 1,310 |  |  | 20,758 |  |  |  |  |
San Antonio, TX |  | 366,000 |  |  | — |  |  | 666 |  |  | 4,865 |  |  |  |  |
Total Prospective Development |  | 6,406,000 |  |  | (30,972) |  |  | 60,391 |  |  | 133,624 |  |  |  |  |
Total Development and Value-Add Properties |  | 9,147,000 |  |  | $ | — |  |  | 170,418 |  |  | 359,588 |  |  |  |  |
The Development and Value-Add Properties Activity table is continued on the following page.
DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO THE REAL ESTATE PROPERTIES PORTFOLIO DURING 2020 |  |  |  | Costs Incurred |  |  |  |
|  |  | Costs Transferred in 2020 (1) |  | For the Year Ended 12/31/20 |  | Cumulative as of 12/31/20 |  |  |  |
|  | (Unaudited) |  | (In thousands) |  |  |  | (Unaudited)
|  | Building Size (Square feet) |  |  |  |  |  | Building Conversion Date
Logistics Center 6 & 7, Dallas, TX (3) |  | 142,000 |  |  | $ | — |  |  | 19 |  |  | 15,754 |  |  |  |  | 01/20
Settlers Crossing 1, Austin, TX |  | 77,000 |  |  | — |  |  | — |  |  | 9,259 |  |  |  |  | 01/20
Settlers Crossing 2, Austin, TX |  | 83,000 |  |  | — |  |  | — |  |  | 8,475 |  |  |  |  | 01/20
Parc North 5, Dallas, TX |  | 100,000 |  |  | — |  |  | 20 |  |  | 8,709 |  |  |  |  | 02/20
Airport Commerce Center 3, Charlotte, NC |  | 96,000 |  |  | — |  |  | 335 |  |  | 8,891 |  |  |  |  | 03/20
Horizon VIII & IX, Orlando, FL |  | 216,000 |  |  | — |  |  | 887 |  |  | 17,488 |  |  |  |  | 04/20
Ten West Crossing 8, Houston, TX |  | 132,000 |  |  | — |  |  | 67 |  |  | 9,831 |  |  |  |  | 04/20
Tri-County Crossing 1 & 2, San Antonio, TX |  | 203,000 |  |  | — |  |  | 189 |  |  | 15,575 |  |  |  |  | 04/20
SunCoast 8, Ft. Myers, FL |  | 77,000 |  |  | — |  |  | 3,665 |  |  | 8,149 |  |  |  |  | 05/20
CreekView 121 5 & 6, Dallas, TX |  | 139,000 |  |  | — |  |  | 2,112 |  |  | 15,263 |  |  |  |  | 06/20
Parc North 6, Dallas, TX |  | 96,000 |  |  | — |  |  | 2,451 |  |  | 10,741 |  |  |  |  | 07/20
SunCoast 6, Ft. Myers, FL |  | 81,000 |  |  | — |  |  | 445 |  |  | 8,379 |  |  |  |  | 07/20
Arlington Tech Centre 1 & 2, Dallas, TX (3) |  | 151,000 |  |  | — |  |  | 578 |  |  | 13,855 |  |  |  |  | 08/20
Gateway 5, Miami, FL |  | 187,000 |  |  | — |  |  | 1,664 |  |  | 24,769 |  |  |  |  | 08/20
Steele Creek IX, Charlotte, NC |  | 125,000 |  |  | — |  |  | 1,986 |  |  | 11,106 |  |  |  |  | 08/20
Grand Oaks 75 2, Tampa, FL (3) |  | 150,000 |  |  | — |  |  | 1,777 |  |  | 14,892 |  |  |  |  | 09/20
Rocky Point 2, San Diego, CA (3) |  | 109,000 |  |  | — |  |  | 583 |  |  | 19,858 |  |  |  |  | 09/20
Southwest Commerce Center, Las Vegas, NV (3) |  | 196,000 |  |  | — |  |  | 1,772 |  |  | 28,385 |  |  |  |  | 10/20
Total Transferred to Real Estate Properties |  | 2,360,000 |  |  | $ | — |  |  | 18,550 |  |  | 249,379 |  |  | (5) |  |
(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 $33.0 million and tenant improvement obligations of $4.9 million on properties under development. (3)Represents value-add projects acquired by EastGroup. (4)Negative amount represents land inventory transferred to Real Estate Properties for trailer storage expansion. (5)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, 2020: Future Minimum Ground Lease Payments as of December 31, 2020
Years Ending December 31, |  | (In thousands)
2021 |  | $ | 970 |
2022 |  | 970 |
2023 |  | 975 |
2024 |  | 999 |
2025 |  | 999 |
Thereafter |  | 37,917 |
Total minimum payments |  | 42,830 |
Imputed interest (1) |  | (31,631) |
Total ground leases |  | $ | 11,199 |
(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%.

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