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REAL ESTATE PROPERTIES | 12 Months Ended
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Dec. 31, 2021
Real Estate [Abstract] |
REAL ESTATE PROPERTIES | REAL ESTATE PROPERTIES AND DEVELOPMENT AND VALUE-ADD PROPERTIES The Company’s Real estate properties and Development and value-add properties at December 31, 2021 and 2020 were as follows:
| December 31,
2021 |  | 2020
(In thousands)
Real estate properties: |  |  |
Land | $ | 544,505 |  |  | 502,739 |
Buildings and building improvements | 2,408,944 |  |  | 2,120,731 |
Tenant and other improvements | 570,627 |  |  | 524,954 |
Right of use assets — Ground leases (operating) (1) | 22,635 |  |  | 11,073 |
Development and value-add properties | 504,614 |  |  | 359,588 |
| 4,051,325 |  |  | 3,519,085 |
Less accumulated depreciation | (1,035,617) |  |  | (955,328) |
| $ | 3,015,708 |  |  | 2,563,757 |
(1)See Ground Leases discussion below for information regarding the Company’s right of use assets for ground leases. A summary of real estate properties acquired for the years ended December 31, 2021, 2020 and 2019 follows:
REAL ESTATE PROPERTIES ACQUIRED |  | Location |  | Size |  | Date Acquired |  | Cost
|  |  |  | (In square feet or acres) |  |  |  | (In thousands)
2021 |  |  |  |  |  |  |  |
OPERATING PROPERTIES ACQUIRED (1) |  |  |  |  |  |  |  |
Southpark Distribution Center 2 |  | Phoenix, AZ |  | 79,000 |  |  | 06/10/2021 |  | $ | 9,177 |
DFW Global Logistics Centre |  | Dallas, TX |  | 611,000 |  |  | 08/26/2021 |  | 89,829 |
Progress Center 3 |  | Atlanta, GA |  | 50,000 |  |  | 09/23/2021 |  | 5,000 |
Texas Avenue |  | Austin, TX |  | 20,000 |  |  | 10/15/2021 |  | 4,143 |
Total operating property acquisitions |  |  |  | 760,000 |  |  |  |  | 108,149 |
VALUE-ADD PROPERTIES ACQUIRED (2) |  |  |  |  |  |  |  |
Access Point 1 |  | Greenville, SC |  | 156,000 |  |  | 01/15/2021 |  | 10,501 |
Northpoint 200 |  | Atlanta, GA |  | 79,000 |  |  | 01/21/2021 |  | 6,516 |
Access Point 2 |  | Greenville, SC |  | 159,000 |  |  | 05/19/2021 |  | 10,743 |
Cherokee 75 Business Center 2 |  | Atlanta, GA |  | 105,000 |  |  | 06/17/2021 |  | 8,837 |
Siempre Viva Distribution Center 3-6 |  | San Diego, CA |  | 547,000 |  |  | 12/01/2021 |  | 134,479 |
Total value-add property acquisitions |  |  |  | 1,046,000 |  |  |  |  | 171,076 |
Total acquired assets in 2021 (3) |  |  |  | 1,806,000 |  |  |  |  | $ | 279,225 |
2020 |  |  |  |  |  |  |  |
OPERATING PROPERTIES ACQUIRED (1) |  |  |  |  |  |  |  |
Wells Point One |  | Austin, TX |  | 50,000 |  |  | 02/28/2020 |  | $ | 6,231 |
Cherokee 75 Business Center 1 |  | Atlanta, GA |  | 85,000 |  |  | 12/15/2020 |  | 8,323 |
The Rock at Star Business Park |  | Dallas, TX |  | 212,000 |  |  | 12/17/2020 |  | 34,102 |
Total operating property acquisitions |  |  |  | 347,000 |  |  |  |  | 48,656 |
VALUE-ADD PROPERTIES ACQUIRED (2) |  |  |  |  |  |  |  |
Rancho Distribution Center |  | Los Angeles, CA |  | 162,000 |  |  | 10/15/2020 |  | 27,862 |
Total acquired assets in 2020 (3) |  |  |  | 509,000 |  |  |  |  | $ | 76,518 |
2019 |  |  |  |  |  |  |  |
OPERATING PROPERTIES ACQUIRED (1) |  |  |  |  |  |  |  |
Airways Business Center |  | Denver, CO |  | 382,000 |  |  | 05/20/2019 |  | $ | 48,327 |
Miramar Land (4) |  | San Diego, CA |  | 6.5 Acres |  | 05/31/2019 |  | 13,386 |
385 Business Park |  | Greenville, SC |  | 155,000 |  |  | 07/31/2019 |  | 13,900 |
Grand Oaks 75 Business Center 1 |  | Tampa, FL |  | 169,000 |  |  | 09/06/2019 |  | 17,974 |
Siempre Viva Distribution Center 2 |  | San Diego, CA |  | 60,000 |  |  | 10/04/2019 |  | 8,621 |
Rocky Point Distribution Center 1 |  | San Diego, CA |  | 118,000 |  |  | 12/17/2019 |  | 24,396 |
Otay Mesa Land (4) |  | San Diego, CA |  | 41.6 Acres |  | 12/31/2019 |  | 15,282 |
Total operating property acquisitions |  |  |  | 884,000 |  |  |  |  | 141,886 |
|  |  |  | 48.1 Acres |  |  |  |
VALUE-ADD PROPERTIES ACQUIRED (2) |  |  |  |  |  |  |  |
Logistics Center 6 & 7 |  | Dallas, TX |  | 142,000 |  |  | 04/23/2019 |  | 12,960 |
Arlington Tech Centre 1 & 2 |  | Dallas, TX |  | 151,000 |  |  | 08/16/2019 |  | 12,615 |
Grand Oaks 75 Business Center 2 |  | Tampa, FL |  | 150,000 |  |  | 09/06/2019 |  | 12,815 |
Interstate Commons Distribution Center 2 |  | Phoenix, AZ |  | 142,000 |  |  | 10/21/2019 |  | 9,386 |
Southwest Commerce Center |  | Las Vegas, NV |  | 196,000 |  |  | 10/30/2019 |  | 25,609 |
Rocky Point Distribution Center 2 |  | San Diego, CA |  | 109,000 |  |  | 12/17/2019 |  | 19,238 |
Total value-add property acquisitions |  |  |  | 890,000 |  |  |  |  | 92,623 |
Total acquired assets in 2019 (3) |  |  |  | 1,774,000 |  |  |  |  | $ | 234,509 |
|  |  |  | 48.1 Acres |  |  |  |
(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. (3)Excludes development land as detailed below. (4)Land which was leased at the time of acquisition and including in the operating portfolio. Also during 2021, EastGroup purchased 365.8 acres of development land in Austin, Houston, Charlotte, Greenville and Atlanta for $41,065,000. The Company sold operating properties during 2021, 2020 and 2019 as shown in the table below. The results of operations and gains and losses on sales for the properties sold during the periods presented are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income. The gains and losses on sales are included in Gain on sales of real estate investments. Sales of Real Estate A summary of Gain on sales of real estate investments for the years ended December 31, 2021, 2020 and 2019 follows:
Real Estate Properties |  | Location |  | Size (in Square Feet) |  | Date Sold |  | Net Sales Price |  | Basis |  | Recognized Gain
|  |  |  |  |  |  |  | (In thousands)
2021 |  |  |  |  |  |  |  |  |  |  |  |
Jetport Commerce Park |  | Tampa, FL |  | 284,000 |  |  | 11/09/2021 |  | $ | 44,260 |  |  | 5,401 |  |  | 38,859 |
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 |
(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. The table above includes sales of operating properties. During 2021 and 2020, there were no land sales; however, during 2019, the Company sold (through eminent domain procedures) a small parcel of land (0.2 acres) in San Diego for $185,000 and recognized a gain on the sale of $83,000. The net gains on sales of land are included in Other on the Consolidated Statements of Income and Comprehensive Income. Development and Value-Add Properties The Company’s development and value-add program as of December 31, 2021, was comprised of the properties detailed in the table below. Costs incurred include capitalization of interest costs during the period of construction. The interest costs capitalized on development projects for 2021 were $9,028,000 compared to $9,651,000 for 2020 and $8,453,000 for 2019. In addition, EastGroup capitalized internal development costs of $7,713,000 during the year ended December 31, 2021, compared to $6,689,000 during 2020 and $6,918,000 in 2019. Total capital invested for development and value-add properties during 2021 was $418,855,000, which primarily consisted of costs of $348,478,000 as detailed in the Development and Value-Add Properties Activity table below, $51,082,000 as detailed in the Development and Value-Add Properties Transferred to the Real Estate Properties Portfolio During 2021 table below and costs of $13,236,000 on projects subsequent to transfer to Real estate properties. The capitalized costs incurred on development projects subsequent to transfer to Real estate properties include capital improvements at the properties and do not include other capitalized costs associated with development (i.e., interest expense, property taxes and internal personnel costs).
DEVELOPMENT AND VALUE-ADD PROPERTIES ACTIVITY |  |  |  | Costs Incurred |  |  |  | Actual or Anticipated Building Conversion Date
|  |  | Costs Transferred in 2021 (1) |  | For the Year Ended 12/31/21 |  | Cumulative as of 12/31/21 |  | Projected Total Costs (2) |
|  |  |  | (In thousands) |  |
|  | (Unaudited) |  |  |  |  |  |  |  | (Unaudited) |  | (Unaudited)
LEASE-UP |  | Building Size (Square feet) |  |  |  |  |  |  |  |  |  |
Access Point 1, Greenville, SC (3) |  | 156,000 |  |  | $ | — |  |  | 12,522 |  |  | 12,522 |  |  | 13,300 |  |  | 01/22
Access Point 2, Greenville, SC (3) |  | 159,000 |  |  | — |  |  | 11,631 |  |  | 11,631 |  |  | 13,100 |  |  | 05/22
Grand Oaks 75 3, Tampa, FL |  | 136,000 |  |  | 2,198 |  |  | 7,994 |  |  | 10,192 |  |  | 12,400 |  |  | 07/22
Horizon West 2 & 3, Orlando, FL |  | 210,000 |  |  | 5,505 |  |  | 11,685 |  |  | 17,190 |  |  | 19,200 |  |  | 09/22
Siempre Viva 3-6, San Diego, CA (3) |  | 547,000 |  |  | — |  |  | 132,688 |  |  | 132,688 |  |  | 135,600 |  |  | 12/22
Total Lease-Up |  | 1,208,000 |  |  | 7,703 |  |  | 176,520 |  |  | 184,223 |  |  | 193,600 |  |  |
UNDER CONSTRUCTION |  |  |  |  |  |  |  |  |  |  |  |
Speed Distribution Center, San Diego, CA |  | 519,000 |  |  | 17,758 |  | (4) | 50,060 |  |  | 67,818 |  |  | 88,600 |  |  | 03/22
SunCoast 12, Fort Myers, FL |  | 79,000 |  |  | 960 |  |  | 3,218 |  |  | 4,178 |  |  | 8,000 |  |  | 06/22
CreekView 9 & 10, Dallas, TX |  | 145,000 |  |  | 4,350 |  |  | 6,986 |  |  | 11,336 |  |  | 17,200 |  |  | 07/22
Steele Creek 8, Charlotte, NC |  | 72,000 |  |  | 1,869 |  |  | 859 |  |  | 2,728 |  |  | 8,400 |  |  | 08/22
Basswood 1 & 2, Fort Worth, TX |  | 237,000 |  |  | — |  |  | 10,475 |  |  | 15,229 |  |  | 22,100 |  |  | 02/23
Gateway 3, Miami, FL |  | 133,000 |  |  | 6,791 |  |  | 6,375 |  |  | 13,166 |  |  | 19,100 |  |  | 04/23
Grand Oaks 75 4, Tampa, FL |  | 185,000 |  |  | 3,313 |  |  | 3,065 |  |  | 6,378 |  |  | 17,900 |  |  | 04/23
Tri-County Crossing 5, San Antonio, TX |  | 105,000 |  |  | 1,328 |  |  | 4,272 |  |  | 5,600 |  |  | 10,300 |  |  | 04/23
Americas Ten 2, El Paso, TX |  | 168,000 |  |  | 2,885 |  |  | 6,215 |  |  | 9,100 |  |  | 14,100 |  |  | 05/23
Grand West Crossing 1, Houston, TX |  | 121,000 |  |  | 3,492 |  |  | 5,377 |  |  | 8,869 |  |  | 15,700 |  |  | 05/23
45 Crossing, Austin, TX |  | 177,000 |  |  | — |  |  | 17,060 |  |  | 17,060 |  |  | 26,200 |  |  | 06/23
McKinney 3 & 4, Dallas, TX |  | 212,000 |  |  | 5,120 |  |  | 5,318 |  |  | 10,438 |  |  | 26,300 |  |  | 06/23
Ridgeview 3, San Antonio, TX |  | 88,000 |  |  | 1,443 |  |  | 4,361 |  |  | 5,804 |  |  | 10,700 |  |  | 06/23
Tri-County Crossing 6, San Antonio, TX |  | 124,000 |  |  | 1,576 |  |  | 2,206 |  |  | 3,782 |  |  | 9,900 |  |  | 06/23
LakePort 4 & 5, Dallas, TX |  | 177,000 |  |  | 6,668 |  |  | 1,270 |  |  | 7,938 |  |  | 22,400 |  |  | 08/23
I-20 West Business Center, Atlanta, GA |  | 155,000 |  |  | 1,803 |  |  | 1,161 |  |  | 2,964 |  |  | 14,200 |  |  | 10/23
Total Under Construction |  | 2,697,000 |  |  | 59,356 |  |  | 128,278 |  |  | 192,388 |  |  | 331,100 |  |  |
PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) |  | Estimated Building Size (Square feet) |  |  |  |  |  |  |  |  |  |
Ft. Myers, FL |  | 543,000 |  |  | (960) |  |  | 1,392 |  |  | 8,298 |  |  |  |  |
Miami, FL |  | 243,000 |  |  | (6,791) |  |  | 826 |  |  | 14,331 |  |  |  |  |
Orlando, FL |  | 1,278,000 |  |  | (5,505) |  |  | 4,065 |  |  | 26,238 |  |  |  |  |
Tampa, FL |  | 32,000 |  |  | (5,511) |  |  | 613 |  |  | 825 |  |  |  |  |
Atlanta, GA |  | 580,000 |  |  | (1,803) |  |  | 5,469 |  |  | 5,058 |  |  |  |  |
Jackson, MS |  | 28,000 |  |  | — |  |  | — |  |  | 706 |  |  |  |  |
Charlotte, NC |  | 1,387,000 |  |  | (1,869) |  |  | 12,648 |  |  | 15,104 |  |  |  |  |
Greenville, SC |  | 400,000 |  |  | — |  |  | 1,736 |  |  | 1,736 |  |  |  |  |
Austin, TX |  | 274,000 |  |  | — |  |  | 6,431 |  |  | 6,431 |  |  |  |  |
Dallas, TX |  | 172,000 |  |  | (16,138) |  |  | 1,658 |  |  | 8,398 |  |  |  |  |
El Paso, TX |  | — |  |  | (2,885) |  |  | 298 |  |  | — |  |  |  |  |
Ft. Worth, TX |  | 652,000 |  |  | — |  |  | 777 |  |  | 15,327 |  |  |  |  |
Houston, TX |  | 1,293,000 |  |  | (3,492) |  |  | 7,567 |  |  | 24,833 |  |  |  |  |
San Antonio, TX |  | 55,000 |  |  | (4,347) |  |  | 200 |  |  | 718 |  |  |  |  |
Total Prospective Development |  | 6,937,000 |  |  | (49,301) |  |  | 43,680 |  |  | 128,003 |  |  |  |  |
Total Development and Value-Add Properties |  | 10,842,000 |  |  | $ | 17,758 |  |  | 348,478 |  |  | 504,614 |  |  |  |  |
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 2021 |  |  |  | Costs Incurred |  |  |  |
|  |  | Costs Transferred in 2021 (1) |  | For the Year Ended 12/31/21 |  | Cumulative as of 12/31/21 |  |  |  |
|  | (Unaudited) |  | (In thousands) |  |  |  | (Unaudited)
|  | Building Size (Square feet) |  |  |  |  |  | Building Conversion Date
Gilbert Crossroads A & B, Phoenix, AZ |  | 140,000 |  |  | $ | — |  |  | — |  |  | 16,768 |  |  |  |  | 01/21
CreekView 7 & 8, Dallas, TX |  | 137,000 |  |  | — |  |  | 1,099 |  |  | 17,658 |  |  |  |  | 03/21
Hurricane Shoals 3, Atlanta, GA |  | 101,000 |  |  | — |  |  | 124 |  |  | 8,935 |  |  |  |  | 03/21
Northpoint 200, Atlanta, GA (3) |  | 79,000 |  |  | — |  |  | 6,861 |  |  | 6,861 |  |  |  |  | 03/21
Rancho Distribution Center, Los Angeles, CA (3) |  | 162,000 |  |  | — |  |  | — |  |  | 27,325 |  |  |  |  | 03/21
World Houston 44, Houston, TX |  | 134,000 |  |  | — |  |  | 399 |  |  | 8,525 |  |  |  |  | 05/21
Gateway 4, Miami, FL |  | 197,000 |  |  | — |  |  | 641 |  |  | 22,688 |  |  |  |  | 06/21
Interstate Commons 2, Phoenix, AZ (3) |  | 142,000 |  |  | — |  |  | 50 |  |  | 12,291 |  |  |  |  | 06/21
Settlers Crossing 3 & 4, Austin, TX |  | 173,000 |  |  | — |  |  | 2,477 |  |  | 19,981 |  |  |  |  | 06/21
SunCoast 7, Fort Myers, FL |  | 77,000 |  |  | — |  |  | 276 |  |  | 7,649 |  |  |  |  | 06/21
Tri-County Crossing 3 & 4, San Antonio, TX |  | 203,000 |  |  | — |  |  | 1,000 |  |  | 15,409 |  |  |  |  | 06/21
Cherokee 75 Business Center 2, Atlanta, GA (3) |  | 105,000 |  |  | — |  |  | 9,052 |  |  | 9,052 |  |  |  |  | 07/21
Northwest Crossing 1-3, Houston, TX |  | 278,000 |  |  | — |  |  | 1,497 |  |  | 23,819 |  |  |  |  | 09/21
Ridgeview 1 & 2, San Antonio, TX |  | 226,000 |  |  | — |  |  | 2,021 |  |  | 19,114 |  |  |  |  | 10/21
Gilbert Crossroads C & D, Phoenix, AZ |  | 178,000 |  |  | — |  |  | 14,955 |  |  | 21,572 |  |  |  |  | 12/21
LakePort 1-3, Dallas, TX |  | 194,000 |  |  | — |  |  | 3,983 |  |  | 23,764 |  |  |  |  | 12/21
Steele Creek 10, Charlotte, NC |  | 162,000 |  |  | — |  |  | 6,647 |  |  | 10,881 |  |  |  |  | 12/21
Total Transferred to Real Estate Properties |  | 2,688,000 |  |  | $ | — |  |  | 51,082 |  |  | 272,292 |  |  | (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 $88.7 million and tenant improvement obligations of $10.3 million on properties under development. (3)Represents value-add properties acquired by EastGroup. (4)Represents costs transferred from Real estate properties during the year. (5)Represents cumulative costs at the date of transfer. Ground Leases As of December 31, 2021 and 2020, the Company operated two properties in Florida, four properties in Texas and one property in Arizona that are subject to ground leases. These leases have terms of 40 to 50 years, expiration dates of August 2031 to October 2058, and renewal options of 15 to 35 years, except for the one lease in Arizona which is automatically and perpetually renewed annually. The Company has included renewal options in the lease terms for calculating the ground lease assets and liabilities as the Company is reasonably certain it will exercise these options. Total ground lease expenditures for the years ended December 31, 2021, 2020 and 2019 were $1,354,000, $1,051,000 and $966,000, respectively. Payments are subject to increases at 3 to 10 year intervals based upon the agreed or appraised fair market value of the leased premises on the adjustment date or the Consumer Price Index percentage increase since the base rent date. These future changes in payments will be considered variable payments and will not impact the assessment of the asset or liability unless there is a significant event that triggers reassessment, such as amendment with a change in the terms of the lease. The weighted-average remaining lease term as of December 31, 2021, for the ground leases is 38 years. EastGroup applies ASC 842, Leases, for its ground leases, which are classified as operating leases. In August 2021, the Company acquired DFW Global Logistics Centre in Dallas, which is located on land under a ground lease. The Company recorded a right of use asset of $12,708,000 in connection with this acquisition. There were no new ground leases in 2020. As of December 31, 2021 and 2020, the unamortized balances of the Company’s right of use assets for its ground leases were $22,635,000 and $11,073,000, respectively. The right of use assets for ground leases are included in Real estate properties on the Consolidated Balance Sheets. The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2021: Future Minimum Ground Lease Payments as of December 31, 2021
Years Ending December 31, |  | (In thousands)
2022 |  | $ | 1,605 |
2023 |  | 1,610 |
2024 |  | 1,663 |
2025 |  | 1,697 |
2026 |  | 1,734 |
Thereafter |  | 60,476 |
Total minimum payments |  | 68,785 |
Imputed interest (1) |  | (45,887) |
Total ground lease liabilities |  | $ | 22,898 |
(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. For the ground lease obtained during August 2021, the Company used its incremental borrowing rate, adjusted for the factors discussed above, which was determined to be 5.0%.

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