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REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2022 | Dec. 31, 2021
Asset Acquisition [Abstract] |  |
Real Estate Properties Acquired [Table] | During the six months ended June 30, 2022, EastGroup acquired the following properties:
REAL ESTATE PROPERTIES ACQUIRED IN 2022 |  | Location |  | Size |  | Date Acquired |  | Cost (1)
|  |  |  | (Square feet) |  |  |  | (In thousands)
Operating properties acquired (2) |  |  |  |  |  |  |  |
Cebrian Distribution Center and Reed Distribution Center (3) |  | Sacramento, CA |  | 329,000 |  |  | 06/01/2022 |  | $ | 49,726 |
6 th Street Business Center, Benicia Distribution Center 1-5, Ettie Business Center, Laura Alice Business Center, Preston Distribution Center, Sinclair Distribution Center, Transit Distribution Center and Whipple Business Center (3) |  | San Francisco, CA |  | 1,377,000 |  |  | 06/01/2022 |  | 309,404 |
Total operating property acquisitions |  |  |  | 1,706,000 |  |  |  |  | 359,130 |
Value-add properties acquired (4) |  |  |  |  |  |  |  |
Cypress Preserve 1 & 2 |  | Houston, TX |  | 516,000 |  |  | 03/28/2022 |  | 54,462 |
Zephyr Distribution Center |  | San Francisco, CA |  | 82,000 |  |  | 04/08/2022 |  | 29,017 |
Mesa Gateway Commerce Center |  | Phoenix, AZ |  | 147,000 |  |  | 04/15/2022 |  | 18,315 |
Total value-add property acquisitions |  |  |  | 745,000 |  |  |  |  | 101,794 |
Total acquired assets |  |  |  | 2,451,000 |  |  |  |  | $ | 460,924 |
(1)Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs. (2)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. (3)The Company acquired these operating properties along with two land parcels, also in Sacramento, CA and San Francisco, CA, in connection with its acquisition of Tulloch Corporation in June 2022. Size and cost are presented on an aggregate basis for the properties located in Sacramento, CA and San Francisco, CA, respectively. In consideration for this acquisition, the Company assumed a $60,000,000 loan and issued 1,868,809 shares of the Company’s common stock. The acquisition date fair value of the loan assumed was $60,000,000, and the acquisition date fair value of the common shares, which was based on the closing share price on the acquisition date, was $303,756,000. (4)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 2021, EastGroup acquired the following properties:
REAL ESTATE PROPERTIES ACQUIRED IN 2021 |  | Location |  | Size |  | Date Acquired |  | Cost (1)
|  |  |  | (Square feet) |  |  |  | (In thousands)
Operating properties acquired (2) |  |  |  |  |  |  |  |
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 (3) |  |  |  |  |  |  |  |
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 |  |  |  | 1,806,000 |  |  |  |  | $ | 279,225 |
(1)Represents the sum of the purchase price, closing costs and capitalized acquisition costs. (2)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. (3)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 total consideration for the acquired assets and assumed liabilities in connection with the acquisition identified in the table above which was acquired during the six months ended June 30, 2022.
ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2022 |  | Cost
|  | (In thousands)
Land |  | $ | 126,067 |
Buildings and building improvements |  | 315,996 |
Tenant and other improvements |  | 11,502 |
Total real estate properties acquired |  | 453,565 |
In-place lease intangibles (1) |  | 11,418 |
Below market lease intangibles (2) |  | (4,059) |
Total assets acquired, net of liabilities assumed |  | $ | 460,924 |
(1)In-place lease intangibles and above market lease intangibles 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 lease intangibles 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 total consideration 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, 2021.
ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2021 |  | Cost
|  | (In thousands)
Land |  | $ | 42,554 |
Buildings and building improvements |  | 225,645 |
Tenant and other improvements |  | 4,907 |
Right of use assets — Ground leases (operating) |  | 12,708 |
Total real estate properties acquired |  | 285,814 |
In-place lease intangibles (1) |  | 9,949 |
Above market lease intangibles (1) |  | 6 |
Below market lease intangibles (2) |  | (3,836) |
Operating lease liabilities — Ground leases (3) |  | (12,708) |
Total assets acquired, net of liabilities assumed |  | $ | 279,225 |
(1)In-place lease intangibles and above market lease intangibles 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 lease intangibles 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. (3)Operating lease liabilities - Ground leases are included in Other liabilities on the Consolidated Balance Sheets.

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