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REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2024 | Dec. 31, 2023
Asset Acquisition [Abstract] |  |
Real Estate Properties Acquired [Table] | During the three months ended March 31, 2024, EastGroup acquired the following property:
REAL ESTATE PROPERTY ACQUIRED IN 2024 |  | Location |  | Size |  | Date Acquired |  | Cost (1)
|  |  |  | (Square feet) |  |  |  | (In thousands)
Operating property acquired (2)(3) |  |  |  |  |  |  |  |
Spanish Ridge Industrial Park |  | Las Vegas, NV |  | 231,000 |  |  | 01/23/2024 |  | $ | 54,859 |
(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)Excludes acquired development land as discussed below. | During 2023, EastGroup acquired the following properties:
REAL ESTATE PROPERTIES ACQUIRED IN 2023 |  | Location |  | Size |  | Date Acquired |  | Cost (1)
|  |  |  | (Square feet) |  |  |  | (In thousands)
Operating properties acquired (2)(3) |  |  |  |  |  |  |  |
Craig Corporate Center |  | Las Vegas, NV |  | 156,000 |  |  | 04/18/2023 |  | $ | 34,365 |
Blue Diamond Business Park |  | Las Vegas, NV |  | 254,000 |  |  | 09/05/2023 |  | 52,973 |
McKinney Logistics Center |  | Dallas, TX |  | 193,000 |  |  | 10/02/2023 |  | 25,739 |
Park at Myatt |  | Nashville, TN |  | 171,000 |  |  | 11/03/2023 |  | 30,793 |
Pelzer Point Commerce Center 1 |  | Greenville, SC |  | 213,000 |  |  | 12/21/2023 |  | 21,246 |
Total operating property acquisitions |  |  |  | 987,000 |  |  |  |  | $ | 165,116 |
(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)Excludes acquired development land as discussed below.
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 three months ended March 31, 2024.
ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2024 |  | Cost
|  | (In thousands)
Land |  | $ | 18,855 |
Buildings and building improvements |  | 31,003 |
Tenant and other improvements |  | 2,208 |
Total real estate properties acquired |  | 52,066 |
In-place lease intangibles (1) |  | 2,714 |
Above market lease intangibles (1) |  | 121 |
Below market lease intangibles (2) |  | (42) |
Total assets acquired, net of liabilities assumed |  | $ | 54,859 |
(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 terms 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 terms 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, 2023.
ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2023 |  | Cost
|  | (In thousands)
Land |  | $ | 44,676 |
Buildings and building improvements |  | 111,082 |
Tenant and other improvements |  | 4,346 |
Total real estate properties acquired |  | 160,104 |
In-place lease intangibles (1) |  | 7,242 |
Below market lease intangibles (2) |  | (2,230) |
Total assets acquired, net of liabilities assumed |  | $ | 165,116 |
(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 terms 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 terms of the associated leases in place at the time of acquisition.

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