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REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Business Combination and Asset Acquisition [Abstract]    
Real Estate Properties Acquired [Table]
During the six months ended June 30, 2021, EastGroup acquired the following properties:
REAL ESTATE PROPERTIES ACQUIRED IN 2021
LocationSizeDate
Acquired		Cost
  (Square feet) (In thousands)
Operating properties acquired (1)
Southpark Distribution Center 2Phoenix, AZ79,000 06/10/2021$9,177 
Value-add properties acquired (2)
Access Point 1Greenville, SC156,000 01/15/202110,501 
Northpoint 200Atlanta, GA79,000 01/21/20216,516 
Access Point 2Greenville, SC159,000 05/19/202110,743 
Cherokee 75 Business Center 2Atlanta, GA105,000 06/17/20218,837 
Total value-add property acquisitions499,000 36,597 
Total acquired assets578,000 $45,774 
(1)Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets.
(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.
During 2020, EastGroup acquired the following properties:
REAL ESTATE PROPERTIES ACQUIRED IN 2020
LocationSizeDate
Acquired		Cost
  (Square feet) (In thousands)
Operating properties acquired (1)
Wells Point OneAustin, TX50,000 02/28/2020$6,231 
Cherokee 75 Business Center 1Atlanta, GA85,000 12/15/20208,323 
The RockDallas, TX212,000 12/17/202034,102 
Total operating property acquisitions 347,000  48,656 
Value-add properties acquired (2)
Rancho Distribution CenterLos Angeles, CA162,000 10/15/202027,862 
Total acquired assets509,000 $76,518 
(1)Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets.
(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.
Acquired Assets and Assumed Liabilities [Table]
The following table summarizes the allocation of the consideration paid for the acquired assets and assumed liabilities in connection with the acquisitions identified in the table above which were acquired during the six months ended June 30, 2021.
ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2021
Cost
 (In thousands)
Land $6,131 
Buildings 38,655 
Tenant improvements108 
Total real estate properties acquired44,894 
In-place lease intangibles (1)
880 
Above market leases (1)
— 
Below market leases (2)
— 
Total assets acquired, net of liabilities assumed$45,774 
(1)In-place lease intangibles and above market leases are each included in Other assets on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.
(2)Below market leases are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.
The following table summarizes the allocation of the consideration paid for the acquired assets and assumed liabilities in connection with the acquisitions identified in the table above which were acquired during the year ended December 31, 2020.
ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2020
Cost
 (In thousands)
Land $23,565 
Buildings 42,024 
Tenant improvements7,971 
Total real estate properties acquired73,560 
In-place lease intangibles (1)
3,257 
Above market leases (1)
104 
Below market leases (2)
(403)
Total assets acquired, net of liabilities assumed$76,518 
(1)In-place lease intangibles and above market leases are each included in Other assets on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.
(2)Below market leases are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.