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REAL ESTATE PROPERTIES (Tables) | 12 Months Ended
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Dec. 31, 2021
Real Estate [Abstract] |
Schedule of Real Estate 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.
Sales of real estate properties [Table] | 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.
Development |
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.
Future Minimum Ground Lease Payments | 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%.
Summary of real estate properties acquired | 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.

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