v3.25.2
REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES (Details)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
a
Jun. 30, 2024
USD ($)
Jun. 30, 2025
USD ($)
a
Jun. 30, 2024
USD ($)
Dec. 31, 2024
USD ($)
ft²
a
Asset Acquisition [Line Items]          
Amortization expense for lease intangibles $ 3,067,000 $ 1,893,000 $ 6,285,000 $ 3,819,000  
Amortization of above and below market leases 1,520,000 $ 546,000 3,087,000 $ 1,153,000  
Land 905,877,000   905,877,000   $ 888,140,000
Building and building improvements 3,951,399,000   3,951,399,000   3,815,850,000
Tenant and other improvements 801,009,000   801,009,000   761,061,000
Right of use assets - Ground leases (operating) [1] 36,666,000   36,666,000   38,393,000
In-place lease intangibles 57,689,000   57,689,000   59,101,000
Above market lease intangibles 564,000   564,000   564,000
Below market lease intangibles $ 28,797,000   $ 28,797,000   29,198,000
2024 Acquisitions          
Asset Acquisition [Line Items]          
Land         41,815,000
Building and building improvements         312,911,000
Tenant and other improvements         27,049,000
Right of use assets - Ground leases (operating)         21,836,000
Total real estate properties acquired         403,611,000
In-place lease intangibles [2]         27,102,000
Above market lease intangibles [2]         121,000
Below market lease intangibles [3]         (18,987,000)
Operating lease liabilities - Ground leases [4]         (21,836,000)
Assets acquired, net of liabilities assumed         $ 390,011,000
Weighted average remaining lease term of acquired properties         4 years 1 month 6 days
2024 Operating Property Acquisitions          
Asset Acquisition [Line Items]          
Size (square feet) | ft² [5],[6]         2,474,000
Asset Acquisition, Consideration Transferred [5],[6],[7]         $ 390,011,000
2024 Operating Property Acquisitions | Spanish Ridge Industrial Park          
Asset Acquisition [Line Items]          
Size (square feet) | ft² [6]         231,000
Date Acquired [6]         Jan. 23, 2024
Asset Acquisition, Consideration Transferred [6],[7]         $ 54,859,000
2024 Operating Property Acquisitions | 147 Exchange          
Asset Acquisition [Line Items]          
Size (square feet) | ft² [6]         274,000
Date Acquired [6]         May 03, 2024
Asset Acquisition, Consideration Transferred [6],[7]         $ 52,945,000
2024 Operating Property Acquisitions | Hays Commerce Center 3 & 4          
Asset Acquisition [Line Items]          
Size (square feet) | ft² [6]         179,000
Date Acquired [6]         Aug. 19, 2024
Asset Acquisition, Consideration Transferred [6],[7]         $ 35,781,000
2024 Operating Property Acquisitions | Riverpoint Industrial Park          
Asset Acquisition [Line Items]          
Size (square feet) | ft² [6]         779,000
Date Acquired [6]         Nov. 12, 2024
Asset Acquisition, Consideration Transferred [6],[7]         $ 87,576,000
2024 Operating Property Acquisitions | DFW Global Logistics Centre 5-8          
Asset Acquisition [Line Items]          
Size (square feet) | ft² [6],[8]         492,000
Date Acquired [6],[8]         Nov. 21, 2024
Asset Acquisition, Consideration Transferred [6],[7],[8]         $ 75,852,000
2024 Operating Property Acquisitions | Akimel Gateway          
Asset Acquisition [Line Items]          
Size (square feet) | ft² [6],[8]         519,000
Date Acquired [6],[8]         Dec. 26, 2024
Asset Acquisition, Consideration Transferred [6],[7],[8]         $ 82,998,000
2024 development land acquisitions          
Asset Acquisition [Line Items]          
Acres of real estate investment property | a         61.1
Payments to Acquire Land         $ 13,762,000
2025 development land acquisitions          
Asset Acquisition [Line Items]          
Acres of real estate investment property | a 94.5   94.5    
Payments to Acquire Land     $ 50,228,000    
[1] EastGroup applies the principles of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 842, Leases, and its related Accounting Standards Updates (“ASUs”) to account for its ground leases, which are classified as operating leases. The related operating lease liabilities for ground leases are included in Other liabilities on the Consolidated Balance Sheets.
[2] In-place lease intangibles and above market lease intangibles are each included in Other assets, net on the Consolidated Balance Sheets. These costs are amortized over the remaining terms of the associated leases in place at the time of acquisition.
[3] 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.
[4] Operating lease liabilities — Ground leases 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.
[5] Excludes acquired development land as discussed below.
[6] 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.
[7] 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.
[8] This operating property is located on land subject to a ground lease. The right of use assets for ground leases are included in Real estate properties on the Consolidated Balance Sheets.