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REAL ESTATE SOLD AND HELD FOR SALE DISCONTINUED OPERATIONS | 9 Months Ended
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Sep. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Real Estate Sold and Held For Sale and Discontinued Operations | REAL ESTATE SOLD AND HELD FOR SALE The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. The Company did not classify any properties as held for sale as of September 30, 2024 and December 31, 2023. In accordance with ASC 360 and ASC 205, Presentation of Financial Statements, the Company would report a disposal of a component of an entity or a group of components of an entity in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, the Company would provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation. Results of operations and gains and losses on sales for properties sold are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income. The gains and losses on sales of operating properties are included in Gain on sales of real estate investments. A summary of Gain on sales of real estate investments for the nine months ended September 30, 2024 and the year ended December 31, 2023 follows:
REAL ESTATE PROPERTIES SOLD |  | Location |  | Size |  | Date Sold |  | Net Sales Price |  | Basis |  | Recognized Gain
|  |  |  | (Square feet) |  |  |  | (In thousands)
2024 |  |  |  |  |  |  |  |  |  |  |  |
Interchange Business Park and Metro Airport Commerce Center |  | Jackson, MS |  | 159,000 |  | 03/05/2024 |  | $ | 13,614 |  |  | 4,863 |  |  | 8,751 |
2023 |  |  |  |  |  |  |  |  |  |  |  |
World Houston 23 |  | Houston, TX |  | 125,000 |  | 03/31/2023 |  | $ | 9,327 |  |  | 4,518 |  |  | 4,809 |
Ettie Business Center |  | San Francisco, CA |  | 29,000 |  | 11/20/2023 |  | 11,638 |  |  | 8,845 |  |  | 2,793 |
Los Angeles Corporate Center |  | Los Angeles, CA |  | 77,000 |  | 12/29/2023 |  | 16,006 |  |  | 5,643 |  |  | 10,363 |
Total for 2023 |  |  |  | 231,000 |  |  |  |  | $ | 36,971 |  |  | 19,006 |  |  | 17,965 |
The table above includes sales of operating properties. During the nine months ended September 30, 2024, the Company also sold 3.9 acres of land in San Francisco for $4,000,000 and recognized a gain on the sale of $222,000. During the year ended December 31, 2023, the Company sold 11.9 acres of land in Houston and Fort Worth for $4,750,000 and recognized gains on the sales of $446,000. The gains on sales of non-operating real estate are included in Other on the Consolidated Statements of Income and Comprehensive Income. The Company did not consider its sales in 2024 or 2023 to be disposals of a component of an entity or a group of components of an entity representing a strategic shift that has (or will have) a major effect on the entity’s operations and financial results.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent + Details
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