EastGroup Properties (EGP) 10-Q 19 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	9 Months Ended
	Sep. 30, 2015	Oct. 16, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	EastGroup Properties Inc
Entity Central Index Key	49,600
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,954,758,000
Entity Common Stock, Shares Outstanding		32,420,315
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015

CONSOLIDATED BALANCE SHEETS - U

CONSOLIDATED BALANCE SHEETS - Unaudited - USD ($)	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Real estate properties	$ 1,960,171,000	$ 1,894,973,000
Development	204,981,000	179,973,000
Real estate and development properties	2,165,152,000	2,074,946,000
Less accumulated depreciation	(642,142,000)	(600,526,000)
Real estate, net	1,523,010,000	1,474,420,000
Unconsolidated investment	7,947,000	7,884,000
Cash	342,000	11,000
Other Assets	88,609,000	93,509,000
TOTAL ASSETS	1,619,908,000	1,575,824,000
LIABILITIES
Secured debt	380,715,000	453,776,000
Unsecured debt	455,000,000	380,000,000
Unsecured bank credit facilities	143,146,000	99,401,000
Accounts payable and accrued expenses	47,872,000	39,439,000
Other liabilities	31,310,000	27,593,000
Total Liabilities	1,058,043,000	1,000,209,000
Stockholders' Equity:
Common shares; $.0001 par value; 70,000,000 shares authorized; 32,420,315 shares issued and outstanding at September 30, 2015 and 32,232,587 at December 31, 2014	3,000	3,000
Excess shares; $.0001 par value; 30,000,000 shares authorized; no shares issued	0	0
Additional paid-in capital on common shares	885,285,000	874,335,000
Distributions in excess of earnings	(320,876,000)	(300,852,000)
Accumulated Other Comprehensive Loss	(6,910,000)	(2,357,000)
Total Stockholders' Equity	557,502,000	571,129,000
Noncontrolling interest in joint ventures	4,363,000	4,486,000
Total Equity	561,865,000	575,615,000
TOTAL LIABILITIES AND EQUITY	$ 1,619,908,000	$ 1,575,824,000

CONSOLIDATED BALANCE SHEETS - 3

CONSOLIDATED BALANCE SHEETS - Unaudited (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, authorized	70,000,000	70,000,000
Common shares, issued	32,420,315	32,232,587
Common shares, outstanding	32,420,315	32,232,587
Excess shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Excess shares, authorized	30,000,000	30,000,000
Excess shares, issued	0	0

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
REVENUES
Income from real estate operations	$ 58,520	$ 55,896	$ 173,922	$ 162,474
Other income	33	61	67	114
Revenues	58,553	55,957	173,989	162,588
EXPENSES
Expenses from real estate operations	16,795	15,899	49,255	46,536
Depreciation and amortization	18,232	17,779	54,358	52,101
General and administrative	3,179	3,373	11,529	9,779
Acquisition costs	0	0	0	160
Expenses	38,206	37,051	115,142	108,576
OPERATING INCOME	20,347	18,906	58,847	54,012
OTHER INCOME (EXPENSE)
Interest expense	(8,492)	(8,781)	(25,780)	(26,665)
Gain on Sales of Real Estate Investments	0	7,417	2,903	7,512
Other	242	319	851	758
Net Income	12,097	17,861	36,821	35,617
Net income attributable to noncontrolling interest in joint ventures	(129)	(132)	(390)	(398)
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS	11,968	17,729	36,431	35,219
Other comprehensive income (loss) - cash flow hedges	(5,140)	1,063	(4,553)	(1,714)
TOTAL COMPREHENSIVE INCOME	$ 6,828	$ 18,792	$ 31,878	$ 33,505
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.37	$ 0.56	$ 1.14	$ 1.13
Weighted average shares outstanding	32,126	31,515	32,068	31,156
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract]
Net income attributable to common stockholders	$ 0.37	$ 0.56	$ 1.13	$ 1.13
Weighted average shares outstanding	32,248	31,644	32,160	31,256
AMOUNTS ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 11,968	$ 17,729	$ 36,431	$ 35,219

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - Unaudited - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Distributions In Excess Of Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest in Joint Ventures
BALANCE at Dec. 31, 2014	$ 575,615	$ 3	$ 874,335	$ (300,852)	$ (2,357)	$ 4,486
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	36,821	0	0	36,431	0	390
Net unrealized change in fair value of interest rate swaps	(4,553)	0	0	0	(4,553)	0
Common dividends declared - $1.74 per share	(56,455)	0	0	(56,455)	0	0
Stock-based compensation, net of forfeitures	6,565	0	6,565	0	0	0
Issuance of 106,751 shares of common stock, common stock offering, net of expenses	6,233	0	6,233	0	0	0
Issuance of 3,391 shares of common stock, dividend reinvestment plan	193	0	193	0	0	0
Withheld 32,409 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock	(2,041)	0	(2,041)	0	0	0
Distributions to noncontrolling interest	(513)	0	0	0	0	(513)
BALANCE at Sep. 30, 2015	$ 561,865	$ 3	$ 885,285	$ (320,876)	$ (6,910)	$ 4,363

CONSOLIDATED STATEMENTS OF CHA6

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - Unaudited (Parenthetical)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Stockholders' Equity Attributable to Parent
Common dividends declared - per share (in dollars per share) | $ / shares	$ 1.74
Issuance of shares of common stock, common stock offering, net of expenses	106,751
Issuance of shares of common stock, options exercised
Issuance of shares of common stock, dividend reinvestment plan	3,391
Withheld shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock	32,409

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
OPERATING ACTIVITIES
Net Income	$ 36,821	$ 35,617
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization from continuing operations	54,358	52,101
Stock-based compensation expense	5,185	4,005
Gain on sales of land and real estate investments	(3,026)	(7,610)
Changes in operating assets and liabilities:
Accrued income and other assets	3,559	2,373
Accounts payable, accrued expenses and prepaid rent	6,765	8,658
Other	(87)	(53)
NET CASH PROVIDED BY OPERATING ACTIVITIES	103,575	95,091
INVESTING ACTIVITIES
Real estate development	(75,768)	(80,748)
Purchases of real estate	0	(41,751)
Real estate improvements	(17,753)	(12,931)
Proceeds from sales of land and real estate investments	5,156	17,269
Repayments on mortgage loans receivable	87	118
Changes in accrued development costs	159	7,483
Changes in other assets and other liabilities	(6,333)	(15,705)
NET CASH USED IN INVESTING ACTIVITIES	(94,452)	(126,265)
FINANCING ACTIVITIES
Proceeds from unsecured bank credit facilities	273,253	251,033
Repayments on unsecured bank credit facilities	(229,508)	(255,465)
Repayments on secured debt	(73,031)	(43,268)
Proceeds from unsecured debt	75,000	75,000
Debt issuance costs	(1,767)	(434)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock)	(56,549)	(52,231)
Proceeds from common stock offerings	6,233	59,110
Proceeds from dividend reinvestment plan	189	154
Other	(2,612)	(2,410)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	(8,792)	31,489
INCREASE IN CASH AND CASH EQUIVALENTS	331	315
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	11	8
CASH AND CASH EQUIVALENTS AT END OF PERIOD	342	323
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest, net of amount capitalized of $3,903 and $3,682 for 2015 and 2014, respectively	$ 25,958	$ 26,788

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited (Parenthetical) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental Cash Flow Information [Abstract]
Cash paid for interest, net of amount capitalized	$ 3,903	$ 3,682

BASIS OF PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited financial statements of EastGroup Properties, Inc. (“EastGroup” or “the Company”) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The financial statements should be read in conjunction with the financial statements contained in the 2014 annual report on Form 10-K and the notes thereto. Certain reclassifications have been made in the 2014 consolidated financial statements to conform to the 2015 presentation.

PRINCIPLES OF CONSOLIDATION

PRINCIPLES OF CONSOLIDATION	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of EastGroup Properties, Inc., its wholly owned subsidiaries and its investment in any joint ventures in which the Company has a controlling interest. At September 30, 2015 and December 31, 2014 , the Company had a controlling interest in two joint ventures: the 80% owned University Business Center and the 80% owned Castilian Research Center. The Company records 100% of the joint ventures’ assets, liabilities, revenues and expenses with noncontrolling interests provided for in accordance with the joint venture agreements. The equity method of accounting is used for the Company’s 50% undivided tenant-in-common interest in Industry Distribution Center II. All significant intercompany transactions and accounts have been eliminated in consolidation.

USE OF ESTIMATES

USE OF ESTIMATES	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Use of Estimates	USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

REAL ESTATE PROPERTIES

REAL ESTATE PROPERTIES	9 Months Ended
	Sep. 30, 2015
Real Estate Investment Property, Net [Abstract]
Real Estate Properties	REAL ESTATE PROPERTIES EastGroup has one reportable segment – industrial properties. These properties are concentrated in major Sunbelt markets of the United States, primarily in the states of Florida, Texas, Arizona, California and North Carolina, have similar economic characteristics and also meet the other criteria permitting the properties to be aggregated into one reportable segment. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows (including estimated future expenditures necessary to substantially complete the asset) expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. As of September 30, 2015 and December 31, 2014 , the Company determined that no impairment charges on the Company’s real estate properties were necessary. Depreciation of buildings and other improvements is computed using the straight-line method over estimated useful lives of generally 40 years for buildings and 3 to 15 years for improvements. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. Depreciation expense was $ 14,945,000 and $44,503,000 for the three and nine months ended September 30, 2015 , respectively, and $14,504,000 and $42,571,000 for the same periods in 2014. The Company’s real estate properties and development at September 30, 2015 and December 31, 2014 were as follows: September 30, December 31, (In thousands) Real estate properties: Land $ 289,039 283,116 Buildings and building improvements 1,329,723 1,284,961 Tenant and other improvements 341,409 326,896 Development 204,981 179,973 2,165,152 2,074,946 Less accumulated depreciation (642,142 ) (600,526 ) $ 1,523,010 1,474,420

DEVELOPMENT

DEVELOPMENT	9 Months Ended
	Sep. 30, 2015
DEVELOPMENT [Abstract]
Development	DEVELOPMENT During the period in which a property is under development, costs associated with development (i.e., land, construction costs, interest expense, property taxes and other direct and indirect costs associated with development) are aggregated into the total capitalized costs of the property. Included in these costs are management’s estimates for the portions of internal costs (primarily personnel costs) deemed directly or indirectly related to such development activities. The internal costs are allocated to specific development properties based on construction activity. As the property becomes occupied, depreciation commences on the occupied portion of the building, and costs are capitalized only for the portion of the building that remains vacant. When the property becomes 80% occupied or one year after completion of the shell construction (whichever comes first), capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases. The properties are then transferred to Real estate properties , and depreciation commences on the entire property (excluding the land).

BUSINESS COMBINATIONS AND ACQUI

BUSINESS COMBINATIONS AND ACQUIRED INTANGIBLES	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Business Combinations and Acquired Intangibles	BUSINESS COMBINATIONS AND ACQUIRED INTANGIBLES Upon acquisition of real estate properties, the Company applies the principles of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, Business Combinations , which requires that acquisition-related costs be recognized as expenses in the periods in which the costs are incurred and the services are received. The Codification also provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their respective fair values. Goodwill is recorded when the purchase price exceeds the fair value of the assets and liabilities acquired. Factors considered by management in allocating the cost of the properties acquired include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. The allocation to tangible assets (land, building and improvements) is based upon management's determination of the value of the property as if it were vacant using discounted cash flow models. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar properties. The cost of the properties acquired may be adjusted based on indebtedness assumed from the seller that is determined to be above or below market rates. The purchase price is also allocated among the following categories of intangible assets: the above or below market component of in-place leases, the value of in-place leases, and the value of customer relationships. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate reflecting the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above and below market leases are included in Other Assets and Other Liabilities , respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases. The total amount of intangible assets is further allocated to in-place lease values and customer relationship values based upon management’s assessment of their respective values. These intangible assets are included in Other Assets on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease or the anticipated life of the customer relationship, as applicable. Amortization expense for in-place lease intangibles was $ 944,000 and $3,129,000 for the three and nine months ended September 30, 2015 , respectively, and $1,215,000 and $3,548,000 for the same periods in 2014 . Amortization of above and below market leases increased rental income by $ 94,000 and $326,000 for the three and nine months ended September 30, 2015 , respectively, and $119,000 and $295,000 for the same periods in 2014 . EastGroup did not acquire any operating properties during the nine months ended September 30, 2015. During 2014, the Company acquired Ridge Creek Distribution Center III in Charlotte, North Carolina; Colorado Crossing Distribution Center in Austin, Texas; and Ramona Distribution Center in Chino, California. The Company purchased these properties for a total cost of $51,652,000 , of which $47,477,000 was allocated to Real estate properties . The Company allocated $10,822,000 of the total purchase price to land using third party land valuations for the Charlotte, Austin and Chino markets. The market values are considered to be Level 3 inputs as defined by ASC 820, Fair Value Measurements and Disclosures (see Note 18 for additional information on ASC 820). Intangibles associated with the purchase of real estate were allocated as follows: $5,074,000 to in-place lease intangibles, $4,000 to above market leases (both included in Other Assets on the Consolidated Balance Sheets), and $903,000 to below market leases (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 Company paid cash of $48,805,000 for the properties and intangibles acquired, assumed a mortgage of $2,617,000 and recorded a premium of $230,000 to adjust the mortgage loan assumed to fair value. EastGroup did not have any acquisition-related costs for the three and nine months ended September 30, 2015 . During the three months ended September 30, 2014, the Company did not recognize any acquisition-related costs; the Company expensed acquisition-related costs of $ 160,000 during the nine months ended September 30, 2014. The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment. In management’s opinion, no impairment of goodwill or other intangibles existed at September 30, 2015 and December 31, 2014 .

REAL ESTATE HELD FOR SALE DISCO

REAL ESTATE HELD FOR SALE DISCONTINUED OPERATIONS	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Held For Sale and Discontinued Operations	REAL ESTATE HELD FOR SALE/DISCONTINUED OPERATIONS 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. In April 2014, the FASB issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amended the requirements for reporting discontinued operations. Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported 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, this ASU requires 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. The Company adopted the provisions of ASU 2014-08 as of January 1, 2014, and has applied the provisions prospectively. EastGroup sold a small parcel of land in New Orleans during the first quarter of 2015 for gross proceeds of $170,000 and recognized a gain of $123,000 . During the second quarter of 2015, EastGroup sold one operating property, the last of its three Ambassador Row Warehouses in Dallas containing 185,000 square feet, for $5,250,000 and recognized a gain of $2,903,000 . During the year ended December 31, 2014, EastGroup sold five operating properties ( 442,000 square feet) for $21,381,000 and recognized gains of $9,188,000 . In addition, the Company sold a small parcel of land in Orlando for $141,000 and recognized a gain of $98,000 . The results of operations and gains on sales for the properties sold or held for sale during the periods presented are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income. The gains on the sales of land are included in Other , and the gains on the sales of operating properties are included in Gain on sales of real estate investments .

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 30, 2015
Other Assets [Abstract]
Other Assets	OTHER ASSETS A summary of the Company’s Other Assets follows: September 30, December 31, (In thousands) Leasing costs (principally commissions) $ 57,711 56,171 Accumulated amortization of leasing costs (23,375 ) (22,951 ) Leasing costs (principally commissions), net of accumulated amortization 34,336 33,220 Straight-line rents receivable 25,795 25,013 Allowance for doubtful accounts on straight-line rents receivable (292 ) (102 ) Straight-line rents receivable, net of allowance for doubtful accounts 25,503 24,911 Accounts receivable 3,771 4,459 Allowance for doubtful accounts on accounts receivable (349 ) (379 ) Accounts receivable, net of allowance for doubtful accounts 3,422 4,080 Acquired in-place lease intangibles 17,920 20,118 Accumulated amortization of acquired in-place lease intangibles (9,276 ) (8,345 ) Acquired in-place lease intangibles, net of accumulated amortization 8,644 11,773 Acquired above market lease intangibles 1,444 1,575 Accumulated amortization of acquired above market lease intangibles (740 ) (699 ) Acquired above market lease intangibles, net of accumulated amortization 704 876 Loan costs 9,119 8,166 Accumulated amortization of loan costs (4,655 ) (4,454 ) Loan costs, net of accumulated amortization 4,464 3,712 Mortgage loans receivable 4,904 4,991 Interest rate swap assets — 812 Escrow deposits for 1031 exchange — 698 Goodwill 990 990 Prepaid expenses and other assets 5,642 7,446 Total Other Assets $ 88,609 93,509

DEBT

DEBT	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
DEBT	DEBT Secured Debt decreased $ 73,061,000 during the nine months ended September 30, 2015 . The decrease primarily resulted from the repayment of a mortgage loan with a balance of $57,450,000 , regularly scheduled principal payments of $15,581,000 and mortgage loan premium amortization of $30,000 . Unsecured Debt increased $75,000,000 during the nine months ended September 30, 2015 as a result of the closing of a $75 million unsecured term loan in March 2015. The loan has a seven -year term and requires interest only payments. It bears interest at the annual rate of LIBOR plus an applicable margin (currently 1.4% ) based on the Company's senior unsecured long-term debt rating. The Company also entered into an interest rate swap agreement to convert the loan's LIBOR rate component to a fixed interest rate for the entire term of the loan providing a total effective fixed interest rate of 3.031% . See note 13 for additional information on the Company's interest rate swaps. Unsecured Bank Credit Facilities increased $ 43,745,000 during the nine months ended September 30, 2015 . Until July 30, 2015, EastGroup had $225 million and $25 million unsecured bank credit facilities with margins over LIBOR of 117.5 basis points, facility fees of 22.5 basis points and maturity dates of January 5, 2017 . The Company closed on amended credit facilities on July 30, 2015 . The amended agreements expand the facilities to $300 million and $35 million , reduce the current applicable margins to 100 basis points and the current applicable facility fees to 20 basis points, and extend the maturity dates to July 30, 2019 . The amended $300 million agreement contains an option for a one -year extension (at the Company's election) and a $150 million expansion (with agreement by both parties). The $35 million agreement contains a provision that the credit facility would automatically be extended for one year if the extension option in the $300 million facility is exercised. Principal payments on long-term debt, including Secured Debt and Unsecured Debt (not including Unsecured Bank Credit Facilities ), as of September 30, 2015 are as follows: Years Ending December 31, (In thousands) Remainder of 2015 $ 29,313 2016 92,807 2017 58,239 2018 141,316 2019 130,569 2020 and beyond 383,471

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	ACCOUNTS PAYABLE AND ACCRUED EXPENSES A summary of the Company’s Accounts Payable and Accrued Expenses follows: September 30, December 31, (In thousands) Property taxes payable $ 24,425 15,216 Development costs payable 8,079 7,920 Interest payable 2,337 3,500 Dividends payable on unvested restricted stock 2,002 2,096 Other payables and accrued expenses 11,029 10,707 Total Accounts Payable and Accrued Expenses $ 47,872 39,439

OTHER LIABILITIES

OTHER LIABILITIES	9 Months Ended
	Sep. 30, 2015
Other Liabilities Disclosure [Abstract]
Other Liabilities	OTHER LIABILITIES A summary of the Company’s Other Liabilities follows: September 30, December 31, (In thousands) Security deposits $ 13,234 12,803 Prepaid rent and other deferred income 8,613 8,971 Acquired below-market lease intangibles 3,298 3,657 Accumulated amortization of below-market lease intangibles (1,520 ) (1,380 ) Acquired below-market lease intangibles, net of accumulated amortization 1,778 2,277 Interest rate swap liabilities 7,029 3,314 Prepaid tenant improvement reimbursements 433 212 Other liabilities 223 16 Total Other Liabilities $ 31,310 27,593

COMPREHENSIVE INCOME

COMPREHENSIVE INCOME	9 Months Ended
	Sep. 30, 2015
COMPREHENSIVE INCOME [Abstract]
Comprehensive Income (Loss) Note [Text Block]	COMPREHENSIVE INCOME Total Comprehensive Income is comprised of net income plus all other changes in equity from non-owner sources and is presented on the Consolidated Statements of Income and Comprehensive Income. The components of Accumulated Other Comprehensive Income (Loss) are presented in the Company's Consolidated Statement of Changes in Equity and are summarized below. See Note 13 for information regarding the Company's interest rate swaps. Three Months Ended Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): Balance at beginning of period $ (1,770 ) (1,148 ) (2,357 ) 1,629 Change in fair value of interest rate swaps (5,140 ) 1,063 (4,553 ) (1,714 ) Balance at end of period $ (6,910 ) (85 ) (6,910 ) (85 )

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	9 Months Ended
	Sep. 30, 2015
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and, to a limited extent, the use of derivative instruments. Specifically, the Company has entered into derivative instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative instruments, described below, are used to manage differences in the amount, timing and duration of the Company's known or expected cash payments principally related to certain of the Company's borrowings. The Company's objective in using interest rate derivatives is to change variable interest rates to fixed interest rates by using interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of September 30, 2015 , the Company had five interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans. The Company executed an $80,000,000 interest rate swap associated with an $80,000,000 unsecured loan during the third quarter of 2012. During the third quarter of 2013, the Company entered into two forward starting interest rate swaps totaling $75,000,000 which are hedging an unsecured loan which closed in December 2013. During the third quarter of 2014, the Company executed a $75,000,000 interest rate swap associated with a $75,000,000 unsecured loan. During the first quarter of 2015, EastGroup executed a $75,000,000 interest rate swap associated with a $75,000,000 unsecured loan. All of the aforementioned interest rate swaps convert the related loans' LIBOR rate components to fixed interest rates for the entire terms of the loans, and the Company has concluded that each of the hedging relationships is highly effective. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Other Comprehensive Income (Loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives, which is immaterial for the periods reported, is recognized directly in earnings (included in Other on the Consolidated Statements of Income and Comprehensive Income). Amounts reported in Other Comprehensive Income (Loss) related to derivatives will be reclassified to Interest Expense as interest payments are made on the Company's variable-rate debt. The Company estimates that an additional $3,828,000 will be reclassified from Other Comprehensive Income (Loss) as an increase to Interest Expense over the next twelve months. The Company's valuation methodology for over-the-counter (“OTC”) derivatives is to discount cash flows based on Overnight Index Swap (“OIS”) rates. Uncollateralized or partially-collateralized trades are discounted at OIS, but include appropriate economic adjustments for funding costs (i.e., a LIBOR-OIS basis adjustment to approximate uncollateralized cost of funds) and credit risk. As of January 15, 2015, the Company began calculating its derivative valuations using mid-market prices; prior to that date, the Company used bid-market prices. The change in valuation methodology is considered a change in accounting estimate and is the result of recent developments in the marketplace. Management has assessed the impact of the change for all periods presented and has deemed the impact to be immaterial. As of September 30, 2015 and December 31, 2014 , the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk: Interest Rate Derivative Notional Amount as of September 30, 2015 Notional Amount as of December 31, 2014 (In thousands) Interest Rate Swap $80,000 $80,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $75,000 — Interest Rate Swap $60,000 $60,000 Interest Rate Swap $15,000 $15,000 The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014 . See Note 18 for additional information on the fair value of the Company's interest rate swaps. Derivatives As of September 30, 2015 Derivatives As of December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other Assets $ — Other Assets $ 812 Interest rate swap liabilities Other Liabilities 7,029 Other Liabilities 3,314 The table below presents the effect of the Company's derivative financial instruments on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other Comprehensive Income (Loss) on derivatives $ (6,261 ) 287 (7,723 ) (3,635 ) Amount of loss reclassified from Accumulated Other Comprehensive Loss into Interest Expense (1,121 ) (776 ) (3,170 ) (1,921 ) See Note 12 for additional information on the Company's Accumulated Other Comprehensive Loss resulting from its interest rate swaps. Derivative financial agreements expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company believes it minimizes the credit risk by transacting with financial institutions the Company regards as credit-worthy. The Company has an agreement with its derivative counterparties containing a provision stating that the Company could be declared in default on its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender. As of September 30, 2015 , the Company had no derivatives in an asset position; the fair value of derivatives in a liability position related to the Company's derivative agreements was $7,029,000 . If the Company breached any of the contractual provisions of the derivative contracts, it could be required to settle its obligation under the agreements at the swap termination value. As of September 30, 2015 , the swap termination value of derivatives in a liability position was a liability in the amount of $7,149,000 .

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings per Share	EARNINGS PER SHARE The Company applies ASC 260, Earnings Per Share , which requires companies to present basic and diluted earnings per share (EPS). Basic EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period. The Company’s basic EPS is calculated by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested. Diluted EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Company calculates diluted EPS by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding plus the dilutive effect of unvested restricted stock. The dilutive effect of unvested restricted stock is determined using the treasury stock method. Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 11,968 17,729 36,431 35,219 Denominator – weighted average shares outstanding 32,126 31,515 32,068 31,156 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 11,968 17,729 36,431 35,219 Denominator: Weighted average shares outstanding 32,126 31,515 32,068 31,156 Unvested restricted stock 122 129 92 100 Total Shares 32,248 31,644 32,160 31,256

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION EastGroup applies the provisions of ASC 718, Compensation - Stock Compensation, to account for its stock-based compensation plans. ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. Stock-based compensation cost for employees was $1,855,000 and $6,035,000 for the three and nine months ended September 30, 2015 , respectively, of which $410,000 and $1,231,000 were capitalized as part of the Company's development costs. For the three and nine months ended September 30, 2014 , stock-based compensation cost for employees was $1,324,000 and $4,741,000 , respectively, of which $267,000 and $1,099,000 were capitalized as part of the Company’s development costs. Stock-based compensation expense for directors was $ 133,000 and $381,000 for the three and nine months ended September 30, 2015 , respectively, and $124,000 and $363,000 for the same periods of 2014. In the second quarter of 2015, the Company’s Board of Directors approved an equity compensation plan for its executive officers based upon certain annual performance measures (primarily funds from operations (FFO) per share and total shareholder return). Any shares issued pursuant to this compensation plan will be determined by the Compensation Committee in its discretion and issued in the first quarter of 2016. The number of shares to be issued on the grant date could range from zero to 49,366 . These shares will vest 20% on the date shares are determined and awarded and generally will vest 20% per year on each January 1 for the subsequent four years. Also in the second quarter of 2015, EastGroup’s Board of Directors approved a long-term equity compensation plan for the Company’s executive officers. The awards will be based on the results of the Company's total shareholder return, both on an absolute basis for 2015 as well as on a relative basis compared to the NAREIT Equity Index, NAREIT Industrial Index and Russell 2000 Index over the five-year period ending December 31, 2015. Any shares issued pursuant to this equity compensation plan will be determined by the Compensation Committee in its discretion and issued in the first quarter of 2016. The number of shares to be issued on the grant date could range from zero to 51,432 . These shares will vest 25% on the date shares are determined and awarded and generally will vest 25% per year on each January 1 for the subsequent three years. Notwithstanding the foregoing, shares issued to the Company’s Chief Executive Officer, David H. Hoster II, will become fully vested on the date shares are determined and awarded and shares issued to the Company's Chief Financial Officer, N. Keith McKey, will become fully vested no later than April 6, 2016. Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to participants with the related weighted average grant date fair value share prices. Of the shares that vested in the first nine months of 2015 , the Company withheld 32,409 shares to satisfy the tax obligations for those participants who elected this option as permitted under the applicable equity plan. As of the vesting dates, the aggregate fair value of shares that vested during the first nine months of 2015 was $6,664,000 . Three Months Ended Nine Months Ended Award Activity: September 30, 2015 September 30, 2015 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of period 261,010 $ 52.69 266,223 $ 49.81 Granted — — 100,622 61.07 Forfeited — — — — Vested — — (105,835 ) 53.40 Unvested at end of period 261,010 $ 52.69 261,010 $ 52.69

RISKS AND UNCERTAINTIES

RISKS AND UNCERTAINTIES	9 Months Ended
	Sep. 30, 2015
Risks and Uncertainties [Abstract]
Risks and Uncertainties	RISKS AND UNCERTAINTIES The state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position. Should EastGroup experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its shareholders, service debt, or meet other financial obligations.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS EastGroup has evaluated all ASUs recently released by the FASB through the date the financial statements were issued and determined that ASU 2014-09 and ASU 2015-03 apply to the Company. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The effective date of ASU was extended by one year by ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date. The new standard is effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures beginning with the Form 10-Q for the period ended March 31, 2018. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, entities are required to comply with the applicable disclosures for a change in an accounting principle. EastGroup plans to adopt ASU 2015-03 effective January 1, 2016; as such, the Company plans to present debt issuance costs as a direct deduction from the carrying amounts of its debt liabilities and to provide all necessary disclosures beginning with the Form 10-Q for the period ended March 31, 2016. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest: Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, which adds comments from the Securities and Exchange Commission (SEC) addressing ASU 2015-03, as discussed above, and debt issuance costs related to line-of-credit arrangements. The SEC commented it would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. EastGroup plans to adopt ASU 2015-15 in connection with its adoption of ASU 2015-03 effective January 1, 2016. The Company does not anticipate the adoption of ASU 2015-15 will have a material impact on the Company's financial condition or results of operations.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. The Codification requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at September 30, 2015 and December 31, 2014 . September 30, 2015 December 31, 2014 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 342 342 11 11 Cash held in escrow for 1031 exchange — — 698 698 Mortgage loans receivable 4,904 4,973 4,991 5,055 Interest rate swap assets — — 812 812 Financial Liabilities: Secured debt 380,715 402,425 453,776 478,659 Unsecured debt 455,000 430,709 380,000 364,295 Unsecured bank credit facilities 143,146 143,184 99,401 99,638 Interest rate swap liabilities 7,029 7,029 3,314 3,314 (1) Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as explained in the notes below. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Cash and cash equivalents: The carrying amounts approximate fair value due to the short maturity of those instruments. Cash held in escrow for 1031 exchange (included in Other Assets on the Consolidated Balance Sheets): The carrying amounts approximate fair value due to the short maturity of those instruments. Mortgage loans receivable (included in Other Assets on the Consolidated Balance Sheets): The fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities (Level 2 input). Interest rate swap assets (included in Other Assets on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps. Secured debt: The fair value of the Company’s secured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input). Unsecured debt: The fair value of the Company’s unsecured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input). Unsecured bank credit facilities: The fair value of the Company’s unsecured bank credit facilities is estimated by discounting expected cash flows at current market rates (Level 2 input). Interest rate swap liabilities (included in Other Liabilities on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2015
Subsequent Event [Line Items]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS In October 2015, EastGroup issued $75 million of senior unsecured private placement notes with two insurance companies. The 10 -year notes have a weighted average interest rate of 3.98% with semi-annual interest payments. The notes will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. EastGroup is currently under contract to purchase 335,000 square feet of business distribution buildings in Austin, Texas, in two separate transactions for a total purchase price of approximately $31.6 million . The transactions are expected to close during the fourth quarter of 2015.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The consolidated financial statements include the accounts of EastGroup Properties, Inc., its wholly owned subsidiaries and its investment in any joint ventures in which the Company has a controlling interest. At September 30, 2015 and December 31, 2014 , the Company had a controlling interest in two joint ventures: the 80% owned University Business Center and the 80% owned Castilian Research Center. The Company records 100% of the joint ventures’ assets, liabilities, revenues and expenses with noncontrolling interests provided for in accordance with the joint venture agreements. The equity method of accounting is used for the Company’s 50% undivided tenant-in-common interest in Industry Distribution Center II. All significant intercompany transactions and accounts have been eliminated in consolidation.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
Business Combinations	Upon acquisition of real estate properties, the Company applies the principles of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, Business Combinations , which requires that acquisition-related costs be recognized as expenses in the periods in which the costs are incurred and the services are received. The Codification also provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their respective fair values. Goodwill is recorded when the purchase price exceeds the fair value of the assets and liabilities acquired. Factors considered by management in allocating the cost of the properties acquired include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. The allocation to tangible assets (land, building and improvements) is based upon management's determination of the value of the property as if it were vacant using discounted cash flow models. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar properties. The cost of the properties acquired may be adjusted based on indebtedness assumed from the seller that is determined to be above or below market rates. The purchase price is also allocated among the following categories of intangible assets: the above or below market component of in-place leases, the value of in-place leases, and the value of customer relationships. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate reflecting the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above and below market leases are included in Other Assets and Other Liabilities , respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases. The total amount of intangible assets is further allocated to in-place lease values and customer relationship values based upon management’s assessment of their respective values. These intangible assets are included in Other Assets on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease or the anticipated life of the customer relationship, as applicable.
Discontinued Operations	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. In April 2014, the FASB issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amended the requirements for reporting discontinued operations. Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported 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, this ASU requires 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. The Company adopted the provisions of ASU 2014-08 as of January 1, 2014, and has applied the provisions prospectively. EastGroup sold a small parcel of land in New Orleans during the first quarter of 2015 for gross proceeds of $170,000 and recognized a gain of $123,000 . During the second quarter of 2015, EastGroup sold one operating property, the last of its three Ambassador Row Warehouses in Dallas containing 185,000 square feet, for $5,250,000 and recognized a gain of $2,903,000 . During the year ended December 31, 2014, EastGroup sold five operating properties ( 442,000 square feet) for $21,381,000 and recognized gains of $9,188,000 . In addition, the Company sold a small parcel of land in Orlando for $141,000 and recognized a gain of $98,000 . The results of operations and gains on sales for the properties sold or held for sale during the periods presented are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income. The gains on the sales of land are included in Other , and the gains on the sales of operating properties are included in Gain on sales of real estate investments .

REAL ESTATE PROPERTIES (Tables)

REAL ESTATE PROPERTIES (Tables)	9 Months Ended
	Sep. 30, 2015
Real Estate Investment Property, Net [Abstract]
Schedule of Real Estate Properties	The Company’s real estate properties and development at September 30, 2015 and December 31, 2014 were as follows: September 30, December 31, (In thousands) Real estate properties: Land $ 289,039 283,116 Buildings and building improvements 1,329,723 1,284,961 Tenant and other improvements 341,409 326,896 Development 204,981 179,973 2,165,152 2,074,946 Less accumulated depreciation (642,142 ) (600,526 ) $ 1,523,010 1,474,420

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2015
Other Assets [Abstract]
Other Assets	A summary of the Company’s Other Assets follows: September 30, December 31, (In thousands) Leasing costs (principally commissions) $ 57,711 56,171 Accumulated amortization of leasing costs (23,375 ) (22,951 ) Leasing costs (principally commissions), net of accumulated amortization 34,336 33,220 Straight-line rents receivable 25,795 25,013 Allowance for doubtful accounts on straight-line rents receivable (292 ) (102 ) Straight-line rents receivable, net of allowance for doubtful accounts 25,503 24,911 Accounts receivable 3,771 4,459 Allowance for doubtful accounts on accounts receivable (349 ) (379 ) Accounts receivable, net of allowance for doubtful accounts 3,422 4,080 Acquired in-place lease intangibles 17,920 20,118 Accumulated amortization of acquired in-place lease intangibles (9,276 ) (8,345 ) Acquired in-place lease intangibles, net of accumulated amortization 8,644 11,773 Acquired above market lease intangibles 1,444 1,575 Accumulated amortization of acquired above market lease intangibles (740 ) (699 ) Acquired above market lease intangibles, net of accumulated amortization 704 876 Loan costs 9,119 8,166 Accumulated amortization of loan costs (4,655 ) (4,454 ) Loan costs, net of accumulated amortization 4,464 3,712 Mortgage loans receivable 4,904 4,991 Interest rate swap assets — 812 Escrow deposits for 1031 exchange — 698 Goodwill 990 990 Prepaid expenses and other assets 5,642 7,446 Total Other Assets $ 88,609 93,509

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Principal payments due during the next five years	Principal payments on long-term debt, including Secured Debt and Unsecured Debt (not including Unsecured Bank Credit Facilities ), as of September 30, 2015 are as follows: Years Ending December 31, (In thousands) Remainder of 2015 $ 29,313 2016 92,807 2017 58,239 2018 141,316 2019 130,569 2020 and beyond 383,471

ACCOUNTS PAYABLE AND ACCRUED 32

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2015
Payables and Accruals [Abstract]
Summary of Accounts Payable and Accrued Expenses	A summary of the Company’s Accounts Payable and Accrued Expenses follows: September 30, December 31, (In thousands) Property taxes payable $ 24,425 15,216 Development costs payable 8,079 7,920 Interest payable 2,337 3,500 Dividends payable on unvested restricted stock 2,002 2,096 Other payables and accrued expenses 11,029 10,707 Total Accounts Payable and Accrued Expenses $ 47,872 39,439

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	9 Months Ended
	Sep. 30, 2015
Other Liabilities Disclosure [Abstract]
Summary of other liabilities	A summary of the Company’s Other Liabilities follows: September 30, December 31, (In thousands) Security deposits $ 13,234 12,803 Prepaid rent and other deferred income 8,613 8,971 Acquired below-market lease intangibles 3,298 3,657 Accumulated amortization of below-market lease intangibles (1,520 ) (1,380 ) Acquired below-market lease intangibles, net of accumulated amortization 1,778 2,277 Interest rate swap liabilities 7,029 3,314 Prepaid tenant improvement reimbursements 433 212 Other liabilities 223 16 Total Other Liabilities $ 31,310 27,593

COMPREHENSIVE INCOME (Tables)

COMPREHENSIVE INCOME (Tables)	9 Months Ended
	Sep. 30, 2015
COMPREHENSIVE INCOME [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The components of Accumulated Other Comprehensive Income (Loss) are presented in the Company's Consolidated Statement of Changes in Equity and are summarized below. See Note 13 for information regarding the Company's interest rate swaps. Three Months Ended Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): Balance at beginning of period $ (1,770 ) (1,148 ) (2,357 ) 1,629 Change in fair value of interest rate swaps (5,140 ) 1,063 (4,553 ) (1,714 ) Balance at end of period $ (6,910 ) (85 ) (6,910 ) (85 )

DERIVATIVE INSTRUMENTS AND HE35

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Sep. 30, 2015
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract]
Schedule of Derivative Instruments [Table Text Block]	As of September 30, 2015 and December 31, 2014 , the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk: Interest Rate Derivative Notional Amount as of September 30, 2015 Notional Amount as of December 31, 2014 (In thousands) Interest Rate Swap $80,000 $80,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $75,000 — Interest Rate Swap $60,000 $60,000 Interest Rate Swap $15,000 $15,000
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014 . See Note 18 for additional information on the fair value of the Company's interest rate swaps. Derivatives As of September 30, 2015 Derivatives As of December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other Assets $ — Other Assets $ 812 Interest rate swap liabilities Other Liabilities 7,029 Other Liabilities 3,314
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]	The table below presents the effect of the Company's derivative financial instruments on the Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2015 and 2014: Three Months Ended Nine Months Ended September 30, 2015 2014 2015 2014 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other Comprehensive Income (Loss) on derivatives $ (6,261 ) 287 (7,723 ) (3,635 ) Amount of loss reclassified from Accumulated Other Comprehensive Loss into Interest Expense (1,121 ) (776 ) (3,170 ) (1,921 )

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 11,968 17,729 36,431 35,219 Denominator – weighted average shares outstanding 32,126 31,515 32,068 31,156 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 11,968 17,729 36,431 35,219 Denominator: Weighted average shares outstanding 32,126 31,515 32,068 31,156 Unvested restricted stock 122 129 92 100 Total Shares 32,248 31,644 32,160 31,256

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of total shares granted, forfeited and delivered	Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to participants with the related weighted average grant date fair value share prices. Of the shares that vested in the first nine months of 2015 , the Company withheld 32,409 shares to satisfy the tax obligations for those participants who elected this option as permitted under the applicable equity plan. As of the vesting dates, the aggregate fair value of shares that vested during the first nine months of 2015 was $6,664,000 . Three Months Ended Nine Months Ended Award Activity: September 30, 2015 September 30, 2015 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of period 261,010 $ 52.69 266,223 $ 49.81 Granted — — 100,622 61.07 Forfeited — — — — Vested — — (105,835 ) 53.40 Unvested at end of period 261,010 $ 52.69 261,010 $ 52.69

FAIR VALUE OF FINANCIAL INSTR38

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Carrying amounts and fair value of financial instruments	The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at September 30, 2015 and December 31, 2014 . September 30, 2015 December 31, 2014 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 342 342 11 11 Cash held in escrow for 1031 exchange — — 698 698 Mortgage loans receivable 4,904 4,973 4,991 5,055 Interest rate swap assets — — 812 812 Financial Liabilities: Secured debt 380,715 402,425 453,776 478,659 Unsecured debt 455,000 430,709 380,000 364,295 Unsecured bank credit facilities 143,146 143,184 99,401 99,638 Interest rate swap liabilities 7,029 7,029 3,314 3,314 (1) Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as explained in the notes below.

PRINCIPLES OF CONSOLIDATION (De

PRINCIPLES OF CONSOLIDATION (Details) - joint_ventures	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Subsidiaries [Line Items]
Joint Ventures	2	2
University Business Center [Member]
Subsidiaries [Line Items]
Joint venture ownership interest	80.00%	80.00%
Joint ventures' assets, liabilities, revenues and expenses with noncontrolling interests	100.00%	100.00%
Castilian Research Center [Member]
Subsidiaries [Line Items]
Joint venture ownership interest	80.00%	80.00%
Joint ventures' assets, liabilities, revenues and expenses with noncontrolling interests	100.00%	100.00%
Industry Distribution Center II - undivided tenant [Member]
Subsidiaries [Line Items]
Tenant-in-common interest	50.00%	50.00%

REAL ESTATE PROPERTIES (Details

REAL ESTATE PROPERTIES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Real Estate Properties [Line Items]
Depreciation Expense During the Period	$ 14,945,000	$ 14,504,000	$ 44,503,000	$ 42,571,000
Real Estate Properties
Land	289,039,000		289,039,000		$ 283,116,000
Building and building improvements	1,329,723,000		1,329,723,000		1,284,961,000
Tenant and other improvements	341,409,000		341,409,000		326,896,000
Development	204,981,000		204,981,000		179,973,000
Real estate and development properties	2,165,152,000		2,165,152,000		2,074,946,000
Less accumulated depreciation	(642,142,000)		(642,142,000)		(600,526,000)
Real estate, net	$ 1,523,010,000		$ 1,523,010,000		$ 1,474,420,000
Building [Member]
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life			40 years
Minimum [Member] | Improvements [Member]
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life			3 years
Maximum [Member] | Improvements [Member]
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life			15 years

DEVELOPMENT (Details)

DEVELOPMENT (Details)	9 Months Ended
	Sep. 30, 2015
DEVELOPMENT [Abstract]
Percentage of Property Occupation by Tenants when Development Cost Ceased Being Capitalized	80.00%
Length of Time After Project Completion When Development Cost are no Longer Capitalized	1 year

BUSINESS COMBINATIONS AND ACQ42

BUSINESS COMBINATIONS AND ACQUIRED INTANGIBLES (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Business Acquisition [Line Items]
Amortization expense for lease intangibles	$ 944,000	$ 1,215,000	$ 3,129,000	$ 3,548,000
Above and below market leases Increase (decrease) rental Income	94,000	119,000	326,000	295,000
Acquisition-related costs expensed	$ 0	$ 0	$ 0	$ 160,000
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center[Domain]
Business Acquisition [Line Items]
Total cost of properties purchased					$ 51,652,000
Amount of total cost allocated to real estate properties					47,477,000
Amount of total cost allocated to land					10,822,000
Cash paid for acquired properties					48,805,000
Mortgages assumed in connection with purchase of real estate, face amount					2,617,000
Premium on mortgage loan, amount recognized at assumption of loan					230,000
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center[Domain] | Leases, Acquired-in-Place [Member]
Business Acquisition [Line Items]
Intangible acquired associated with purchase of Real Estate					5,074,000
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center[Domain] | Below market lease [Member]
Business Acquisition [Line Items]
Intangible acquired associated with purchase of Real Estate					903,000
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center[Domain] | Above Market Leases [Member]
Business Acquisition [Line Items]
Intangible acquired associated with purchase of Real Estate					$ 4,000

REAL ESTATE HELD FOR SALE DIS43

REAL ESTATE HELD FOR SALE DISCONTINUED OPERATIONS (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)ft²properties	Dec. 31, 2014USD ($)ft²Integer
Ambassador Row Warehouse (one building sold in 2015) [Member]
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties transferred to held for sale and sold | properties	1
Square Footage of Real Estate Property | ft²	185,000
Gain (Loss) on Sale of Properties	$ 2,903,000
Proceeds from Sale of Property, Plant, and Equipment	5,250,000
Northpoint, Tampa West VI, Clay Campbell, Kirby and Ambassador (two buildings) property sales [Member]
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties transferred to held for sale and sold | Integer		5
Square Footage of Real Estate Property | ft²		442,000
Gain (Loss) on Sale of Properties		$ 9,188,000
Proceeds from Sale of Property, Plant, and Equipment		21,381,000
Land [Member]
Long Lived Assets Held-for-sale [Line Items]
Proceeds from Sale of Property, Plant, and Equipment	170,000	141,000
Gain on sales of land	$ 123,000	$ 98,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Other Assets Components [Abstract]
Leasing costs (principally commissions)	$ 57,711	$ 56,171
Accumulated amortization of leasing costs	(23,375)	(22,951)
Leasing costs (principally commissions), net of accumulated amortization	34,336	33,220
Straight-line rents receivable	25,795	25,013
Allowance for doubtful accounts on straight-line rents receivable	(292)	(102)
Straight-line rents receivable, net of allowance for doubtful accounts	25,503	24,911
Accounts receivable	3,771	4,459
Allowance for doubtful accounts on accounts receivable	(349)	(379)
Accounts receivable, net of allowance for doubtful accounts	3,422	4,080
Acquired in-place lease intangibles	17,920	20,118
Accumulated amortization of acquired in-place lease intangibles	(9,276)	(8,345)
Acquired in-place lease intangibles, net of accumulated amortization	8,644	11,773
Acquired above market lease intangibles	1,444	1,575
Accumulated amortization of acquired above market lease intangibles	(740)	(699)
Acquired above market lease intangibles, net of accumulated amortization	704	876
Loan costs	9,119	8,166
Accumulated amortization of loan costs	(4,655)	(4,454)
Loan costs, net of accumulated amortization	4,464	3,712
Mortgage loans receivable	4,904	4,991
Interest rate swap assets	0	812
Escrow deposits for 1031 exchange	0	698
Goodwill	990	990
Prepaid expenses and other assets	5,642	7,446
Other Assets Total	$ 88,609	$ 93,509

DEBT (Details)

DEBT (Details)	3 Months Ended	9 Months Ended
	Mar. 31, 2015USD ($)	Sep. 30, 2015USD ($)
Secured and Unsecured Debt [Line Items]
Unsecured bank credit facilities, change during period		$ 43,745,000
Secured and unsecured debt [Member]
Payments of principal over future years [Abstract]
Remainder of 2015		29,313,000
2,016		92,807,000
2,017		58,239,000
2,018		141,316,000
2,019		130,569,000
2020 and beyond		383,471,000
Secured Debt [Member]
Secured and Unsecured Debt [Line Items]
Secured debt, change during period		(73,061,000)
Secured debt, amount repaid during period		57,450,000
Secured debt, principal payments during period		15,581,000
Amortization of Debt Discount (Premium)		30,000
Unsecured Debt [Member]
Secured and Unsecured Debt [Line Items]
Unsecured debt, change during period		$ 75,000,000
$75 million interest rate swap executed in 2015 [Member]
Secured and Unsecured Debt [Line Items]
Derivative, Notional Amount	$ 75,000,000
$75 million interest rate swap executed in 2015 [Member] | Unsecured Debt [Member]
Secured and Unsecured Debt [Line Items]
Long-term Debt, Maturities, Repayment Terms (in years)	7
Long-term debt, margin over LIBOR rate	1.40%
Effective Interest Rate	3.031%
Former credit facilities [Member]
Secured and Unsecured Debt [Line Items]
Margin over LIBOR rate (%)		1.175
Facility fee (%)		0.225
Loans Payable, Noncurrent [Abstract]
Debt Instrument, Maturity Date		Jan. 5, 2017
Current bank credit facilities [Member]
Secured and Unsecured Debt [Line Items]
Margin over LIBOR rate (%)		1
Facility fee (%)		0.20
Loans Payable, Noncurrent [Abstract]
Debt Instrument, Maturity Date		Jul. 30, 2019
Former Pnc na revolving credit facility [Member]
Secured and Unsecured Debt [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 25,000,000
Former nine bank group unsecured revolving credit facility [Member]
Secured and Unsecured Debt [Line Items]
Line of Credit Facility, Current Borrowing Capacity		225,000,000
Nine bank group unsecured revolving credit facility [Member]
Secured and Unsecured Debt [Line Items]
Line of Credit Facility, Current Borrowing Capacity		300,000,000
Expansion option on credit facility		$ 150,000,000
Payments of principal over future years [Abstract]
Extension option on credit facility		1 year
Pnc Na Unsecured revolving credit facility [Member]
Secured and Unsecured Debt [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 35,000,000
Payments of principal over future years [Abstract]
Extension option on credit facility		1 year

ACCOUNTS PAYABLE AND ACCRUED 46

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accounts Payable and Accrued Liabilities [Abstract]
Property taxes payable	$ 24,425	$ 15,216
Development costs payable	8,079	7,920
Interest payable	2,337	3,500
Dividends payable on unvested restricted stock	2,002	2,096
Other payables and accrued expenses	11,029	10,707
Accounts payable and accrued expenses	$ 47,872	$ 39,439

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Other Liabilities, Unclassified [Abstract]
Security deposits	$ 13,234	$ 12,803
Prepaid rent and other deferred income	8,613	8,971
Acquired Below Market Lease Intangibles	3,298	3,657
Accumulated Amortization of Acquired Below Market Lease Intangibles	(1,520)	(1,380)
Acquired Below Market Lease Intangibles, Net of Accumulated Amortization	1,778	2,277
Interest rate swap liabilities	7,029	3,314
Prepaid tenant improvement reimbursements	433	212
Other liabilities	223	16
Other Liabilities - total	$ 31,310	$ 27,593

COMPREHENSIVE INCOME (Details)

COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
COMPREHENSIVE INCOME [Abstract]
Balance at Beginning of Period, Accumulated Other Comprehensive Income (Loss)	$ (1,770)	$ (1,148)	$ (2,357)	$ 1,629
Net unrealized change in fair value of interest rate swaps	(5,140)	1,063	(4,553)	(1,714)
Balance at End of Period, Accumulated Other Comprehensive Income (Loss)	$ (6,910)	$ (85)	$ (6,910)	$ (85)

DERIVATIVE INSTRUMENTS AND HE49

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details)	3 Months Ended			9 Months Ended
	Sep. 30, 2015USD ($)Integer	Sep. 30, 2014USD ($)	Sep. 30, 2013USD ($)	Sep. 30, 2015USD ($)Integer	Sep. 30, 2014USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2012USD ($)
Derivative [Line Items]
Number of interest rate swaps | Integer	5			5
Interest Rate Cash Flow Hedge Assets at Fair Value	$ 0			$ 0			$ 812,000
Interest rate cash flow hedge liabilities at fair value	7,029,000			7,029,000			3,314,000
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Instruments, Income (Loss) Recognized in Other Comprehensive Loss, Effective Portion, Net	(6,261,000)	$ 287,000		(7,723,000)	$ (3,635,000)
Amount of loss reclassified from accumulated other comprehensive loss into interest expense	(1,121,000)	(776,000)		(3,170,000)	(1,921,000)
Cash flow hedge amount to be reclassified to Interest Expense in next 12 months [Line Items]	3,828,000			3,828,000
Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Interest Rate Cash Flow Hedge Assets at Fair Value	0			0			812,000
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Interest rate cash flow hedge liabilities at fair value	7,029,000			7,029,000			3,314,000
Interest rate swap cash flow hedge termination value	7,149,000			7,149,000
$80 million interest rate swap [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	80,000,000			80,000,000			80,000,000	$ 80,000,000
$75 million interest rate swap executed in 2014 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	75,000,000	75,000,000		75,000,000	75,000,000		75,000,000
Eighty Million Unsecured Term Loan [Member]
Derivative [Line Items]
Term Loan Notional Amount Associated with Interest Rate Swap Derivative							80,000,000	$ 80,000,000
$60 million interest rate swap [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	60,000,000			60,000,000			60,000,000
$15 million interest rate swap [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	15,000,000			15,000,000			15,000,000
Seventy-five Million Unsecured Term Loan [Member]
Derivative [Line Items]
Term Loan Notional Amount Associated with Interest Rate Swap Derivative							75,000,000
$75 million interest rate swaps [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives			$ 75,000,000
Number of interest rate swaps entered into during period			2
Seventy-Five Million Unsecured Term Loan executed in 2014 [Member]
Derivative [Line Items]
Term Loan Notional Amount Associated with Interest Rate Swap Derivative		$ 75,000,000			$ 75,000,000
$75 million interest rate swap executed in 2015 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	$ 75,000,000			$ 75,000,000			$ 0
Seventy-Five Million Unsecured Term Loan executed in 2015 [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives						$ 75,000,000
Term Loan Notional Amount Associated with Interest Rate Swap Derivative						$ 75,000,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
BASIC EPS COMPUTATION FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract]
Numerator – net income attributable to common stockholders	$ 11,968	$ 17,729	$ 36,431	$ 35,219
Denominator - Weighted average shares outstanding	32,126	31,515	32,068	31,156
DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Numerator – net income attributable to common stockholders	$ 11,968	$ 17,729	$ 36,431	$ 35,219
Denominator - Weighted average shares outstanding	32,126	31,515	32,068	31,156
Unvested restricted stock	122	129	92	100
Total Shares	32,248	31,644	32,160	31,256

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense			$ (6,565,000)
Award Recipient Type Employee [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation costs capitalized as development costs	$ 410,000	$ 267,000	1,231,000	$ 1,099,000
Allocated Share-based Compensation Expense	$ 1,855,000	1,324,000	$ 6,035,000	4,741,000
Shares withheld for tax obligations			32,409
Fair value of shares vested as of the vesting date			$ 6,664,000
Award Recipient Type Employee [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Company Performance Awards [Member] | Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (minimum)			0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (maximum)			49,366
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of future vesting that will occur on grant date			20.00%
Share Based Compensation Arrangement By Share Based Payment Award Possible Shares To Be Awarded Vesting Rights			20.00%
Award Recipient Type Employee [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Shareholder Return Awards [Member] | Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (minimum)			0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (maximum)			51,432
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of future vesting that will occur on grant date			25.00%
Share Based Compensation Arrangement By Share Based Payment Award Possible Shares To Be Awarded Vesting Rights			25.00%
Award Recipient Type Employees and Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of shares issued (in dollars per share)	$ 0		$ 61.07
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (in shares)	261,010		266,223
Granted (in shares)	0		100,622
Forfeited (in shares)	0		0
Vested (in shares)	0		(105,835)
Unvested at end of period (in shares)	261,010		261,010
Weighted Average Grant Date Fair Value [Abstract]
Unvested at beginning of period (per share)	$ 52.69		$ 49.81
Granted (per share)	0		61.07
Forfeited (per share)	0		0
Vested (per share)	0		53.40
Unvested at end of period (per share)	$ 52.69		$ 52.69
Award Recipient Type Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 133,000	$ 124,000	$ 381,000	$ 363,000

FAIR VALUE OF FINANCIAL INSTR52

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Financial Assets [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 342	$ 11	$ 323	$ 8
Cash held in escrow for 1031 exchange	0	698
Carrying Amount [Member]
Financial Assets [Abstract]
Cash and Cash Equivalents, at Carrying Value	342	11
Cash held in escrow for 1031 exchange	0	698
Mortgage loans receivable	4,904	4,991
Interest rate swap assets	0	812
Financial Liabilities [Abstract]
Secured debt	380,715	453,776
Unsecured debt	455,000	380,000
Unsecured bank credit facilities	143,146	99,401
Interest rate swap liabilities	7,029	3,314
Fair Value [Member]
Financial Assets [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	342	11
Cash held in escrow for 1031 exchange	0	698
Mortgage loans receivable	4,973	5,055
Interest rate swap assets	0	812
Financial Liabilities [Abstract]
Secured debt	402,425	478,659
Unsecured debt	430,709	364,295
Unsecured bank credit facilities	143,184	99,638
Interest rate swap liabilities	$ 7,029	$ 3,314

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Private Placement [Member] $ in Millions	1 Months Ended
	Oct. 19, 2015USD ($)
Subsequent Event [Line Items]
Number of insurance companies participating in senior unsecured private placement notes	2
Proceeds from Issuance of Private Placement	$ 75
Unsecured debt, term (in years)	10
Effective Interest Rate	3.98%