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REAL ESTATE PROPERTIES (Tables) | 12 Months Ended
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Dec. 31, 2022
Real Estate [Abstract] |
Schedule of Real Estate Properties | The Company’s Real estate properties and Development and value-add properties at December 31, 2022 and 2021 were as follows:
| December 31,
2022 |  | 2021
(In thousands)
Real estate properties: |  |  |
Land | $ | 730,445 |  |  | 544,505 |
Buildings and building improvements | 3,012,319 |  |  | 2,408,944 |
Tenant and other improvements | 633,817 |  |  | 570,627 |
Right of use assets — Ground leases (operating) (1) | 19,391 |  |  | 22,635 |
Development and value-add properties (2) | 538,449 |  |  | 504,614 |
| 4,934,421 |  |  | 4,051,325 |
Less accumulated depreciation | (1,150,814) |  |  | (1,035,617) |
| $ | 3,783,607 |  |  | 3,015,708 |
(1)See Ground Leases discussion below for information regarding the Company’s right of use assets for ground leases. (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.
Sales of real estate properties [Table] | A summary of Gain on sales of real estate investments for the years ended December 31, 2022, 2021 and 2020 follows:
Real Estate Properties |  | Location |  | Size (Square Feet) |  | Date Sold |  | Net Sales Price |  | Basis |  | Recognized Gain
|  |  |  |  |  |  |  | (In thousands)
2022 |  |  |  |  |  |  |  |  |  |  |  |
Metro Business Park |  | Phoenix, AZ |  | 189,000 |  |  | 01/06/2022 |  | $ | 32,851 |  |  | 5,880 |  |  | 26,971 |
Cypress Creek Business Park (1) |  | Fort Lauderdale, FL |  | 56,000 |  |  | 03/31/2022 |  | 5,282 |  |  | 1,901 |  |  | 3,381 |
World Houston 15 East |  | Houston, TX |  | 42,000 |  |  | 05/11/2022 |  | 12,873 |  |  | 2,226 |  |  | 10,647 |
Total for 2022 |  |  |  |  |  |  |  | $ | 51,006 |  |  | 10,007 |  |  | 40,999 |
2021 |  |  |  |  |  |  |  |  |  |  |  |
Jetport Commerce Park |  | Tampa, FL |  | 284,000 |  |  | 11/09/2021 |  | $ | 44,260 |  |  | 5,401 |  |  | 38,859 |
2020 |  |  |  |  |  |  |  |  |  |  |  |
University Business Center 120 (2) |  | 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 |
(1)Cypress Creek Business Park is located on a ground lease. In conjunction with the sale of the property, the Company fully amortized the associated right-of-use asset and liability of $1,745,000. (2)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.
Development |
DEVELOPMENT AND VALUE-ADD PROPERTIES ACTIVITY |  |  |  | Costs Incurred |  |  |  | Anticipated Building Conversion Date
|  |  | Costs Transferred in 2022 (1) |  | For the Year Ended 12/31/22 |  | Cumulative as of 12/31/22 |  | Projected Total Costs (2) |
|  |  |  | (In thousands) |  |
|  | (Unaudited) |  |  |  |  |  |  |  | (Unaudited) |  | (Unaudited)
LEASE-UP |  | Building Size (Square feet) |  |  |  |  |  |  |  |  |  |
Cypress Preserve 1 & 2, Houston, TX (3) |  | 516,000 |  |  | $ | — |  |  | 54,081 |  |  | 54,081 |  |  | 57,800 |  |  | 03/23
Grand West Crossing 1, Houston, TX |  | 121,000 |  |  | — |  |  | 4,168 |  |  | 13,037 |  |  | 15,700 |  |  | 04/23
Zephyr, San Francisco, CA (3) |  | 82,000 |  |  | — |  |  | 29,028 |  |  | 29,028 |  |  | 29,800 |  |  | 04/23
Access Point 3, Greenville, SC (3) |  | 299,000 |  |  | — |  |  | 22,632 |  |  | 22,632 |  |  | 25,400 |  |  | 07/23
McKinney 3 & 4, Dallas, TX |  | 212,000 |  |  | — |  |  | 13,714 |  |  | 24,152 |  |  | 27,000 |  |  | 07/23
Grand Oaks 75 4, Tampa, FL |  | 185,000 |  |  | — |  |  | 9,637 |  |  | 16,015 |  |  | 17,900 |  |  | 09/23
Total Lease-Up |  | 1,415,000 |  |  | — |  |  | 133,260 |  |  | 158,945 |  |  | 173,600 |  |  |
UNDER CONSTRUCTION |  |  |  |  |  |  |  |  |  |  |  |
SunCoast 11, Fort Myers, FL |  | 79,000 |  |  | 1,524 |  |  | 7,651 |  |  | 9,175 |  |  | 9,900 |  |  | 04/23
Arlington Tech 3, Fort Worth, TX |  | 77,000 |  |  | 1,980 |  |  | 6,420 |  |  | 8,400 |  |  | 10,300 |  |  | 02/24
Gateway 2, Miami, FL |  | 133,000 |  |  | 8,049 |  |  | 10,139 |  |  | 18,188 |  |  | 23,700 |  |  | 02/24
Hillside 1, Greenville, SC |  | 122,000 |  |  | 632 |  |  | 8,846 |  |  | 9,478 |  |  | 11,600 |  |  | 02/24
I-20 West Business Center, Atlanta, GA |  | 155,000 |  |  | — |  |  | 10,175 |  |  | 13,139 |  |  | 15,500 |  |  | 02/24
LakePort 4 & 5, Dallas, TX |  | 177,000 |  |  | — |  |  | 10,767 |  |  | 18,705 |  |  | 24,000 |  |  | 02/24
Horizon West 1, Orlando, FL |  | 97,000 |  |  | 3,730 |  |  | 5,839 |  |  | 9,569 |  |  | 13,200 |  |  | 03/24
Steele Creek 11 & 12, Charlotte, NC |  | 241,000 |  |  | 2,857 |  |  | 13,923 |  |  | 16,780 |  |  | 25,900 |  |  | 04/24
Springwood 1 & 2, Houston, TX |  | 292,000 |  |  | 6,741 |  |  | 16,232 |  |  | 22,973 |  |  | 33,300 |  |  | 05/24
Stonefield 35 1-3, Austin, TX |  | 274,000 |  |  | 10,279 |  |  | 6,040 |  |  | 16,319 |  |  | 35,300 |  |  | 06/24
SunCoast 10, Fort Myers, FL |  | 100,000 |  |  | 1,624 |  |  | 1,344 |  |  | 2,968 |  |  | 13,600 |  |  | 06/24
Basswood 3-5, Fort Worth, TX |  | 351,000 |  |  | 7,476 |  |  | 886 |  |  | 8,362 |  |  | 45,000 |  |  | 08/24
McKinney 1 & 2, Dallas, TX |  | 172,000 |  |  | 4,261 |  |  | 2,240 |  |  | 6,501 |  |  | 27,300 |  |  | 08/24
Cass White 1 & 2, Atlanta, GA |  | 296,000 |  |  | 3,534 |  |  | 1,795 |  |  | 5,329 |  |  | 31,900 |  |  | 10/24
Total Under Construction |  | 2,566,000 |  |  | 52,687 |  |  | 102,297 |  |  | 165,886 |  |  | 320,500 |  |  |
Total Lease-Up and Under Construction |  | 3,981,000 |  |  | 52,687 |  |  | 235,557 |  |  | 324,831 |  |  | 494,100 |  |  |
PROSPECTIVE DEVELOPMENT (PRIMARILY LAND) |  | Estimated Building Size (Square feet) |  |  |  |  |  |  |  |  |  |
Phoenix, AZ |  | 655,000 |  |  | — |  |  | 15,395 |  |  | 15,395 |  |  |  |  |
Sacramento, CA |  | 82,000 |  |  | — |  |  | 3,130 |  |  | 3,130 |  |  |  |  |
San Francisco, CA |  | 65,000 |  |  | — |  |  | 3,561 |  |  | 3,561 |  |  |  |  |
Fort Myers, FL |  | 364,000 |  |  | (3,148) |  |  | 2,693 |  |  | 7,843 |  |  |  |  |
Miami, FL |  | 510,000 |  |  | (8,049) |  |  | 18,035 |  |  | 24,317 |  |  |  |  |
Orlando, FL |  | 1,053,000 |  |  | (9,906) |  |  | 8,338 |  |  | 24,670 |  |  |  |  |
Tampa, FL |  | 32,000 |  |  | — |  |  | — |  |  | 825 |  |  |  |  |
Atlanta, GA |  | 1,490,000 |  |  | (3,534) |  |  | 13,189 |  |  | 14,713 |  |  |  |  |
Jackson, MS |  | 28,000 |  |  | — |  |  | — |  |  | 706 |  |  |  |  |
Charlotte, NC |  | 1,146,000 |  |  | (2,857) |  |  | 1,475 |  |  | 13,722 |  |  |  |  |
Greenville, SC |  | 476,000 |  |  | (632) |  |  | 5,353 |  |  | 6,457 |  |  |  |  |
Austin, TX |  | 1,557,000 |  |  | (10,279) |  |  | 50,699 |  |  | 46,851 |  |  |  |  |
Dallas, TX |  | — |  |  | (4,261) |  |  | 457 |  |  | 4,594 |  |  |  |  |
Fort Worth, TX |  | 313,000 |  |  | (9,456) |  |  | 1,376 |  |  | 7,247 |  |  |  |  |
Houston, TX |  | 1,536,000 |  |  | (11,247) |  |  | 17,110 |  |  | 30,696 |  |  |  |  |
San Antonio, TX |  | 423,000 |  |  | — |  |  | 8,173 |  |  | 8,891 |  |  |  |  |
Total Prospective Development |  | 9,730,000 |  |  | (63,369) |  |  | 148,984 |  |  | 213,618 |  |  |  |  |
Total Development and Value-Add Properties |  | 13,711,000 |  |  | $ | (10,682) |  |  | 384,541 |  |  | 538,449 |  |  |  |  |
The Development and Value-Add Properties table is continued on the following page.
DEVELOPMENT AND VALUE-ADD PROPERTIES TRANSFERRED TO THE REAL ESTATE PROPERTIES PORTFOLIO DURING 2022 |  |  |  | Costs Incurred |  |  |  |
|  |  | Costs Transferred in 2022 (1) |  | For the Year Ended 12/31/22 |  | Cumulative as of 12/31/22 (4) |  |  |  |
|  | (Unaudited) |  | (In thousands) |  |  |  | (Unaudited)
|  | Building Size (Square feet) |  |  |  |  |  | Building Conversion Date
Access Point 1, Greenville, SC (3) |  | 156,000 |  |  | $ | — |  |  | 7 |  |  | 12,529 |  |  |  |  | 01/22
Speed Distribution Center, San Diego, CA |  | 519,000 |  |  | — |  |  | 2,884 |  |  | 70,702 |  |  |  |  | 03/22
Access Point 2, Greenville, SC (3) |  | 159,000 |  |  | — |  |  | 601 |  |  | 12,232 |  |  |  |  | 05/22
Grand Oaks 75 3, Tampa, FL |  | 136,000 |  |  | — |  |  | 1,205 |  |  | 11,397 |  |  |  |  | 06/22
Siempre Viva 3-6, San Diego, CA (3) |  | 547,000 |  |  | — |  |  | 595 |  |  | 133,283 |  |  |  |  | 06/22
Steele Creek 8, Charlotte, NC |  | 72,000 |  |  | — |  |  | 5,142 |  |  | 7,870 |  |  |  |  | 07/22
CreekView 9 & 10, Dallas, TX |  | 145,000 |  |  | — |  |  | 4,210 |  |  | 15,546 |  |  |  |  | 08/22
Gateway 3, Miami, FL |  | 133,000 |  |  | — |  |  | 4,903 |  |  | 18,069 |  |  |  |  | 08/22
Ridgeview 3, San Antonio, TX |  | 88,000 |  |  | — |  |  | 3,513 |  |  | 9,317 |  |  |  |  | 08/22
Americas Ten 2, El Paso, TX |  | 169,000 |  |  | — |  |  | 5,254 |  |  | 14,354 |  |  |  |  | 09/22
Horizon West 2 & 3, Orlando, FL |  | 210,000 |  |  | — |  |  | 1,597 |  |  | 18,787 |  |  |  |  | 09/22
Mesa Gateway, Phoenix, AZ (3) |  | 147,000 |  |  | — |  |  | 18,696 |  |  | 18,696 |  |  |  |  | 11/22
World Houston 47, Houston, TX |  | 139,000 |  |  | 4,506 |  |  | 12,517 |  |  | 17,023 |  |  |  |  | 11/22
45 Crossing, Austin, TX |  | 177,000 |  |  | — |  |  | 7,998 |  |  | 25,058 |  |  |  |  | 12/22
Basswood 1 & 2, Fort Worth, TX |  | 237,000 |  |  | — |  |  | 7,237 |  |  | 22,466 |  |  |  |  | 12/22
Horizon West 4, Orlando, FL |  | 295,000 |  |  | 6,176 |  |  | 18,201 |  |  | 24,377 |  |  |  |  | 12/22
SunCoast 12, Fort Myers, FL |  | 79,000 |  |  | — |  |  | 3,928 |  |  | 8,106 |  |  |  |  | 12/22
Tri-County Crossing 5, San Antonio, TX |  | 106,000 |  |  | — |  |  | 5,544 |  |  | 11,144 |  |  |  |  | 12/22
Tri-County Crossing 6, San Antonio, TX |  | 124,000 |  |  | — |  |  | 6,591 |  |  | 10,373 |  |  |  |  | 12/22
Total Transferred to Real Estate Properties |  | 3,638,000 |  |  | $ | 10,682 |  |  | 110,623 |  |  | 461,329 |  |  |  |  |
(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 $134.8 million and tenant improvement obligations of $15.0 million on properties under development. (3)Represents value-add acquisitions. (4)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, 2022: Future Minimum Ground Lease Payments as of December 31, 2022
Years Ending December 31, |  | (In thousands)
2023 |  | $ | 1,519 |
2024 |  | 1,572 |
2025 |  | 1,606 |
2026 |  | 1,643 |
2027 |  | 1,643 |
Thereafter |  | 53,758 |
Total minimum payments |  | 61,741 |
Imputed interest (1) |  | (41,835) |
Total ground lease liabilities |  | $ | 19,906 |
(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.
Real Estate Properties Acquired | A summary of real estate properties acquired for the years ended December 31, 2022, 2021 and 2020 follows:
REAL ESTATE PROPERTIES ACQUIRED |  | Location |  | Size |  | Date Acquired |  | Cost (1)
|  |  |  | (Square feet) |  |  |  | (In thousands)
2022 |  |  |  |  |  |  |  |
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 |
Access Point 3 |  | Greenville, SC |  | 299,000 |  |  | 07/12/2022 |  | 21,127 |
Total value-add property acquisitions |  |  |  | 1,044,000 |  |  |  |  | 122,921 |
Total acquired assets in 2022 (5) |  |  |  | 2,750,000 |  |  |  |  | $ | 482,051 |
2021 |  |  |  |  |  |  |  |
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 (4) |  |  |  |  |  |  |  |
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 (5) |  |  |  | 1,806,000 |  |  |  |  | $ | 279,225 |
2020 |  |  |  |  |  |  |  |
OPERATING PROPERTIES ACQUIRED (2) |  |  |  |  |  |  |  |
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 (4) |  |  |  |  |  |  |  |
Rancho Distribution Center |  | Los Angeles, CA |  | 162,000 |  |  | 10/15/2020 |  | 27,862 |
Total acquired assets in 2020 (5) |  |  |  | 509,000 |  |  |  |  | $ | 76,518 |
(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 in Note 2. (5)Excludes acquired development land as detailed below.

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