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REAL ESTATE PROPERTIES (Tables) | 9 Months Ended
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Sep. 30, 2021
Real Estate Investment Property, Net [Abstract] |
Schedule of Real Estate Properties | The Company’s Real estate properties and Development and value-add properties at September 30, 2021 and December 31, 2020 were as follows:
| September 30, 2021 |  | December 31, 2020
| (In thousands)
Real estate properties: |  |  |
Land | $ | 533,792 |  |  | 502,739 |
Buildings and building improvements | 2,365,115 |  |  | 2,120,731 |
Tenant and other improvements | 562,785 |  |  | 524,954 |
Right of use assets — Ground leases (operating) (1) | 23,051 |  |  | 11,073 |
Development and value-add properties (2) | 352,344 |  |  | 359,588 |
| 3,837,087 |  |  | 3,519,085 |
Less accumulated depreciation | (1,031,027) |  |  | (955,328) |
| $ | 2,806,060 |  |  | 2,563,757 |
(1)EastGroup applies the principles of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842, Leases, and its related Accounting Standards Updates (“ASUs”) to account for its ground leases, which are classified as operating leases. The related operating lease liabilities for ground leases are included in Other liabilities 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.

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- 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
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