EastGroup Properties (EGP) 10-Q 27 Apr 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 26, 2022
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2022
Entity File Number	1-07094
Entity Registrant Name	EASTGROUP PROPERTIES, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	13-2711135
Entity Address, Address Line One	400 W Parkway Place
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Ridgeland,
Entity Address, State or Province	MS
Entity Address, Postal Zip Code	39157
City Area Code	601
Local Phone Number	354-3555
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	EGP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,680,414
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0000049600
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS - U

CONSOLIDATED BALANCE SHEETS - Unaudited - USD ($)		Mar. 31, 2022	Dec. 31, 2021
ASSETS
Real estate properties		$ 3,637,496,000	$ 3,546,711,000
Development and value-add properties	[1]	549,584,000	504,614,000
Real estate, development and value-add properties		4,187,080,000	4,051,325,000
Less accumulated depreciation		(1,061,190,000)	(1,035,617,000)
Real estate, net		3,125,890,000	3,015,708,000
Real Estate Held-for-sale		0	5,695,000
Unconsolidated investment		7,598,000	7,320,000
Cash		5,718,000	4,393,000
Other Assets		205,529,000	182,220,000
TOTAL ASSETS		3,344,735,000	3,215,336,000
LIABILITIES
Unsecured bank credit facilities, net of debt issuance costs		195,317,000	207,066,000
Unsecured debt, net of debt issuance costs		1,267,084,000	1,242,570,000
Secured debt, net of debt issuance costs		2,115,000	2,142,000
Accounts payable and accrued expenses		126,708,000	109,760,000
Other liabilities		79,122,000	82,338,000
Total Liabilities		1,670,346,000	1,643,876,000
STOCKHOLDERS' EQUITY
Common shares; $.0001 par value; 70,000,000 shares authorized; 41,680,414 shares issued and outstanding at March 31, 2022 and 41,268,846 at December 31, 2021		4,000	4,000
Excess shares; $.0001 par value; 30,000,000 shares authorized; no shares issued		0	0
Additional paid-in capital		1,956,328,000	1,886,820,000
Distributions in excess of earnings		(300,429,000)	(318,056,000)
Accumulated Other Comprehensive Income		17,130,000	1,302,000
Total Stockholders' Equity		1,673,033,000	1,570,070,000
Noncontrolling interest in joint ventures		1,356,000	1,390,000
Total Equity		1,674,389,000	1,571,460,000
TOTAL LIABILITIES AND EQUITY		$ 3,344,735,000	$ 3,215,336,000
Common shares, par value (in dollars per share)		$ 0.0001	$ 0.0001
Common shares, authorized		70,000,000	70,000,000
Common shares, issued		41,680,414	41,268,846
Common shares, outstanding		41,680,414	41,268,846
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
[1]	Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use.  Acquired properties meeting either of the following two conditions are considered value-add properties:  (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - Unaudited - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
REVENUES
Income from real estate operations	$ 112,952,000	$ 97,917,000
Other revenue	22,000	14,000
Revenues	112,974,000	97,931,000
EXPENSES
Expenses from real estate operations	31,064,000	27,820,000
Depreciation and amortization	36,341,000	30,313,000
General and administrative	4,310,000	4,036,000
Indirect leasing costs	175,000	330,000
Expenses	71,890,000	62,499,000
OTHER INCOME (EXPENSE)
Interest expense	(8,110,000)	(8,276,000)
Gains on sales of real estate investments	30,352,000	0
Other	278,000	201,000
Net Income	63,604,000	27,357,000
Net income attributable to noncontrolling interest in joint ventures	(24,000)	(18,000)
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS	63,580,000	27,339,000
Other comprehensive income - interest rate swaps	15,828,000	8,214,000
TOTAL COMPREHENSIVE INCOME	$ 79,408,000	$ 35,553,000
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 1.54	$ 0.69
Weighted average shares outstanding (in shares)	41,246	39,673
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 1.54	$ 0.69
Weighted average shares outstanding (in shares)	41,359	39,765

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - Unaudited - USD ($) $ in Thousands	Total	Common Shares	Additional Paid-in Capital	Distributions In Excess Of Earnings	Accumulated Other Comprehensive Income / (Loss)	Noncontrolling Interest in Joint Ventures
BALANCE at Dec. 31, 2020	$ 1,270,518	$ 4	$ 1,610,053	$ (329,667)	$ (10,752)	$ 880
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	27,357	0	0	27,339	0	18
Other comprehensive income - interest rate swaps	8,214	0	0	0	8,214	0
Common dividends declared	(31,672)	0	0	(31,672)	0	0
Stock-based compensation, net of forfeitures	2,147	0	2,147	0	0	0
Issuance of common stock, common stock offering, net of expenses	44,485	0	44,485	0	0	0
Withheld shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock	(4,240)	0	(4,240)	0	0	0
Net distributions to noncontrolling interest	(11)	0	0	0	0	(11)
BALANCE at Mar. 31, 2021	$ 1,316,798	4	1,652,445	(334,000)	(2,538)	887
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared - per share (in dollars per share)	$ 0.79
Issuance of shares of common stock, common stock offering, net of expenses	317,538
Shares withheld for tax obligations	30,252
BALANCE at Dec. 31, 2021	$ 1,571,460	4	1,886,820	(318,056)	1,302	1,390
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	63,604	0	0	63,580	0	24
Other comprehensive income - interest rate swaps	15,828	0	0	0	15,828	0
Common dividends declared	(45,953)	0	0	(45,953)	0	0
Stock-based compensation, net of forfeitures	2,594	0	2,594	0	0	0
Issuance of common stock, common stock offering, net of expenses	74,179	0	74,179	0	0	0
Withheld shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock	(7,265)	0	(7,265)	0	0	0
Net distributions to noncontrolling interest	(58)	0	0	0	0	(58)
BALANCE at Mar. 31, 2022	$ 1,674,389	$ 4	$ 1,956,328	$ (300,429)	$ 17,130	$ 1,356
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared - per share (in dollars per share)	$ 1.10
Issuance of shares of common stock, common stock offering, net of expenses	385,538
Shares withheld for tax obligations	34,251

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES
Net Income	$ 63,604	$ 27,357
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	36,341	30,313
Stock-based compensation expense	1,903	1,597
Gain on sales of real estate investments	(30,352)	0
Changes in operating assets and liabilities:
Accrued income and other assets	1,372	577
Accounts payable, accrued expenses and prepaid rent	9,380	18,842
Other	16	136
NET CASH PROVIDED BY OPERATING ACTIVITIES	82,264	78,822
INVESTING ACTIVITIES
Development and value-add properties	(127,112)	(47,539)
Real estate improvements	(9,840)	(9,128)
Net proceeds from sales of real estate investments	38,133	0
Leasing commissions	(9,344)	(6,687)
Changes in accrued development costs	4,494	870
Changes in other assets and other liabilities	(10,476)	(1,435)
NET CASH USED IN INVESTING ACTIVITIES	(114,145)	(63,919)
FINANCING ACTIVITIES
Proceeds from unsecured bank credit facilities	217,290	96,798
Repayments on unsecured bank credit facilities	(229,187)	(129,480)
Proceeds from unsecured debt	100,000	50,000
Repayments of unsecured debt	(75,000)	0
Repayments on secured debt	(23)	(42,263)
Debt issuance costs	(648)	(223)
Distributions paid to stockholders (not including dividends accrued)	(46,033)	(31,863)
Proceeds from common stock offerings	74,179	46,427
Other	(7,372)	(4,252)
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES	33,206	(14,856)
INCREASE IN CASH AND CASH EQUIVALENTS	1,325	47
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	4,393	21
CASH AND CASH EQUIVALENTS AT END OF PERIOD	5,718	68
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest, net of amounts capitalized of $2,244 and $2,237 for 2022 and 2021, respectively	5,476	6,503
Cash paid for operating lease liabilities	515	375
Interest capitalized	2,244	2,237
NON-CASH OPERATING ACTIVITY
Operating lease liabilities arising from obtaining right of use assets	$ 0	$ 348

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2022
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 Company’s annual report on Form 10-K for the year ended December 31, 2021 and the notes thereto. Certain reclassifications have been made in the 2021 consolidated financial statements to conform to the 2022 presentation.

PRINCIPLES OF CONSOLIDATION

PRINCIPLES OF CONSOLIDATION	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of EastGroup, its wholly owned subsidiaries and its investment in any joint ventures in which the Company has a controlling interest. As of March 31, 2022 and December 31, 2021, EastGroup held a controlling interest in two joint venture arrangements. In 2019, the Company acquired 6.5 acres of land in San Diego, known by the Company as the Miramar land. Also in 2019, the Company acquired 41.6 acres of land in San Diego, known by the Company as the Otay Mesa land. During the year ended December 31, 2021, EastGroup began construction of Speed Distribution Center, a 519,000 square foot building on the Otay Mesa land, which was completed and transferred to the Company’s operating portfolio during the three months ended March 31, 2022. As of both March 31, 2022 and December 31, 2021, EastGroup had a 95% controlling interest in the Miramar land and a 99% controlling interest in Speed Distribution Center. The Company records 100% of the assets, liabilities, revenues and expenses of the buildings and land held in joint ventures with the 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	3 Months Ended
	Mar. 31, 2022
Use of estimates [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, liabilities, 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.

LEASE REVENUE

LEASE REVENUE	3 Months Ended
	Mar. 31, 2022
Lease Revenue [Abstract]
Operating Lease, Lease Income [Text Block]	LEASE REVENUE The Company’s primary revenue is rental income from business distribution space. The table below presents the components of Income from real estate operations for the three months ended March 31, 2022 and 2021: Three Months Ended 2022 2021 (In thousands) Lease income — operating leases $ 84,945 73,382 Variable lease income (1) 28,007 24,535 Income from real estate operations $ 112,952 97,917 (1) Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance.

REAL ESTATE PROPERTIES

REAL ESTATE PROPERTIES	3 Months Ended
	Mar. 31, 2022
Real Estate Investment Property, Net [Abstract]
Real Estate Properties	REAL ESTATE PROPERTIES EastGroup has one reportable segment – industrial properties, consistent with the Company’s manner of internal reporting, measurement of operating results and allocation of the Company’s resources. 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. During the three month periods ended March 31, 2022 and 2021, the Company did not identify any impairment charges which should be recorded. 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 $29,392,000 and $25,147,000 for the three months ended March 31, 2022 and 2021, respectively. The Company’s Real estate properties and Development and value-add properties at March 31, 2022 and December 31, 2021 were as follows: March 31, December 31, (In thousands) Real estate properties: Land $ 560,512 544,505 Buildings and building improvements 2,473,788 2,408,944 Tenant and other improvements 582,708 570,627 Right of use assets — Ground leases (operating) (1) 20,488 22,635 Development and value-add properties (2) 549,584 504,614 4,187,080 4,051,325 Less accumulated depreciation (1,061,190) (1,035,617) $ 3,125,890 3,015,708 (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) Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.

DEVELOPMENT AND VALUE-ADD PROPE

DEVELOPMENT AND VALUE-ADD PROPERTIES	3 Months Ended
	Mar. 31, 2022
DEVELOPMENT [Abstract]
Development	DEVELOPMENT AND VALUE-ADD PROPERTIES For properties under development and value-add properties acquired in the development stage, costs associated with development (i.e., land, construction costs, interest expense, property taxes and other 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 related to such development activities. The internal costs are allocated to specific development projects based on development 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. The Company transfers properties from the development and value-add program to Real estate properties as follows: (i) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (ii) for value-add properties, at the earlier of 90% occupancy or one year after acquisition. Upon the earlier of 90% occupancy or one year after completion of the shell construction, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land).

REAL ESTATE PROPERTY ACQUISITIO

REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES	3 Months Ended
	Mar. 31, 2022
Asset Acquisition [Abstract]
Real Estate Property Acquisitions and Acquired Intangibles	REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES Upon acquisition of real estate properties, EastGroup applies the principles of FASB ASC 805, Business Combinations. The FASB Codification provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. Under the guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. EastGroup determined that its real estate property acquisitions in 2021 and the first three months of 2022 are considered to be acquisitions of groups of similar identifiable assets; therefore, the acquisitions are not considered to be acquisitions of a business. As a result, the Company capitalized acquisition costs related to its 2021 and 2022 acquisitions. The FASB 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. 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. Land is valued using comparable land sales specific to the applicable market, provided by a third party. 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 current market rents over the remaining term of the lease. The amounts allocated to above and below market lease intangibles 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. Factors considered by management in the allocation include an estimate of foregone rents and avoided leasing costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. 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 $2,465,000 and $1,431,000 for the three months ended March 31, 2022 and 2021, respectively. Amortization of above and below market lease intangibles increased rental income by $845,000 and $229,000 for the three months ended March 31, 2022 and 2021, respectively. During the three months ended March 31, 2022, EastGroup acquired the following properties: REAL ESTATE PROPERTY ACQUIRED IN 2022 Location Size Date Cost (Square feet) (In thousands) Value-add property acquired (1) Cypress Preserve 1 & 2 Houston, TX 516,000 03/28/2022 $ 54,462 (1) Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property. The following table summarizes the allocation of the consideration paid for the acquired assets and assumed liabilities in connection with the acquisition identified in the table above which was acquired during the three months ended March 31, 2022. ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2022 Cost (In thousands) Land $ 9,952 Buildings and building improvements 42,059 Tenant and other improvements 1,382 Total real estate properties acquired 53,393 In-place lease intangibles (1) 2,027 Below market lease intangibles (2) (958) Total assets acquired, net of liabilities assumed $ 54,462 (1) In-place lease intangibles and above market lease intangibles are each included in Other assets on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. (2) Below market lease intangibles are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. The leases in the properties acquired during the three months ended March 31, 2022 had a weighted average remaining lease term at acquisition of approximately 4.6 years. During 2021, EastGroup acquired the following properties: REAL ESTATE PROPERTIES ACQUIRED IN 2021 Location Size Date Cost (Square feet) (In thousands) Operating properties acquired (1) Southpark Distribution Center 2 Phoenix, AZ 79,000 06/10/2021 $ 9,177 DFW Global Logistics Centre Dallas, TX 611,000 08/26/2021 89,829 Progress Center 3 Atlanta, GA 50,000 09/23/2021 5,000 Texas Avenue Austin, TX 20,000 10/15/2021 4,143 Total operating property acquisitions 760,000 108,149 Value-add properties acquired (2) Access Point 1 Greenville, SC 156,000 01/15/2021 10,501 Northpoint 200 Atlanta, GA 79,000 01/21/2021 6,516 Access Point 2 Greenville, SC 159,000 05/19/2021 10,743 Cherokee 75 Business Center 2 Atlanta, GA 105,000 06/17/2021 8,837 Siempre Viva Distribution Center 3-6 San Diego, CA 547,000 12/01/2021 134,479 Total value-add property acquisitions 1,046,000 171,076 Total acquired assets 1,806,000 $ 279,225 (1) 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. (2) Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property. The following table summarizes the allocation of the consideration paid for the acquired assets and assumed liabilities in connection with the acquisitions identified in the table above which were acquired during the year ended December 31, 2021. ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2021 Cost (In thousands) Land $ 42,554 Buildings and building improvements 225,645 Tenant and other improvements 4,907 Right of use assets — Ground leases (operating) 12,708 Total real estate properties acquired 285,814 In-place lease intangibles (1) 9,949 Above market lease intangibles (1) 6 Below market lease intangibles (2) (3,836) Operating lease liabilities — Ground leases (3) (12,708) Total assets acquired, net of liabilities assumed $ 279,225 (1) In-place lease intangibles and above market lease intangibles are each included in Other assets on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. (2) Below market lease intangibles are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. (3) Operating lease liabilities - Ground leases are included in Other liabilities on the Consolidated Balance Sheets. The leases in the properties acquired during the year ended December 31, 2021 had a weighted average remaining lease term at acquisition of approximately 2.9 years. The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment. No impairment of goodwill or other intangibles existed during the three month periods ended March 31, 2022 and 2021.

REAL ESTATE SOLD AND HELD FOR S

REAL ESTATE SOLD AND HELD FOR SALE DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Sold and Held For Sale and Discontinued Operations	REAL ESTATE SOLD AND HELD FOR SALE The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. The Company did not classify any properties as held for sale as of March 31, 2022. As of December 31, 2021, the Company owned one operating property that was classified as held for sale on the December 31, 2021 Consolidated Balance Sheet. The property was sold, and a gain on the sale was recorded in the three months ended March 31, 2022. In accordance with FASB 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, the Company would report a disposal of a component of an entity or a group of components of an entity in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, the Company would provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation. The Company sold operating properties during the three months ended March 31, 2022, as shown in the table below. The results of operations and gains and losses on sales for the properties sold are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income. The gains and losses on sales are included in Gain on sales of real estate investments. The Company did not consider its sales in 2022 to be disposals of a component of an entity or a group of components of an entity representing a strategic shift that has (or will have) a major effect on the entity’s operations and financial results. A summary of Gain on sales of real estate investments for the three months ended March 31, 2022 and the year ended December 31, 2021 follows: REAL ESTATE PROPERTIES SOLD Location Size Date Sold Net Sales Price Basis Recognized Gain (In square feet) (In thousands) 2022 Metro Business Park Phoenix, AZ 189,000 01/06/2022 $ 32,851 5,880 26,971 Cypress Creek Business Park (1) Fort Lauderdale, FL 56,000 03/31/2022 5,282 1,901 3,381 Total for 2022 245,000 $ 38,133 7,781 30,352 2021 Jetport Commerce Park Tampa, FL 284,000 11/09/2021 $ 44,260 5,401 38,859 (1) Cypress Creek Business Park is located on a ground lease. In conjunction with the sale of the property, the Company fully amortized the associated right-of-use asset and liability of $1,745,000.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2022
Other Assets [Abstract]
Other Assets	OTHER ASSETS A summary of the Company’s Other assets follows: March 31, December 31, (In thousands) Leasing costs (principally commissions) $ 124,493 116,772 Accumulated amortization of leasing costs (43,320) (42,193) Leasing costs (principally commissions), net of accumulated amortization 81,173 74,579 Acquired in-place lease intangibles 32,362 31,561 Accumulated amortization of acquired in-place lease intangibles (14,277) (13,038) Acquired in-place lease intangibles, net of accumulated amortization 18,085 18,523 Acquired above market lease intangibles 841 885 Accumulated amortization of acquired above market lease intangibles (499) (508) Acquired above market lease intangibles, net of accumulated amortization 342 377 Straight-line rents receivable 54,248 51,970 Accounts receivable 3,892 7,133 Interest rate swap assets 17,130 2,237 Right of use assets — Office leases (operating) 1,861 1,984 Escrow deposits for pending acquisitions 7,275 3,050 Prepaid insurance 7,858 7,793 Goodwill 990 990 Receivable for tenant improvement cost reimbursements 140 7,680 Prepaid expenses and other assets 12,535 5,904 Total Other assets $ 205,529 182,220

DEBT

DEBT	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Debt Disclosure	DEBT The Company’s debt is detailed below: March 31, December 31, (In thousands) Unsecured bank credit facilities - variable rate, carrying amount $ 197,313 209,210 Unamortized debt issuance costs (1,996) (2,144) Unsecured bank credit facilities, net of debt issuance costs 195,317 207,066 Unsecured debt - fixed rate, carrying amount (1) 1,270,000 1,245,000 Unamortized debt issuance costs (2,916) (2,430) Unsecured debt, net of debt issuance costs 1,267,084 1,242,570 Secured debt - fixed rate, carrying amount (1) 2,128 2,156 Unamortized debt issuance costs (13) (14) Secured debt, net of debt issuance costs 2,115 2,142 Total debt, net of debt issuance costs $ 1,464,516 1,451,778 (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. Until June 29, 2021, EastGroup had $350 million and $45 million unsecured bank credit facilities with margins over London Interbank Offered Rate (“LIBOR”) of 100 basis points, facility fees of 20 basis points and maturity dates of July 30, 2022. The Company amended and restated these credit facilities on June 29, 2021, expanding their capacities to $425 million and $50 million, respectively, as detailed below. The $425 million unsecured bank credit facility is with a group of nine banks and has a maturity date of July 30, 2025. The credit facility contains options for two six-month extensions (at the Company's election) and a $325 million accordion (with agreement by all parties). The interest rate on each tranche is reset on a monthly basis and as of March 31, 2022, was LIBOR plus 77.5 basis points with an annual facility fee of 15 basis points. As of March 31, 2022, the Company had $183,000,000 of variable rate borrowings on this unsecured bank credit facility with a weighted average interest rate of 1.168%. The Company's $50 million unsecured bank credit facility has a maturity date of July 30, 2025, or such later date as designated by the bank; the Company also has two six-month extensions available if the extension options in the $425 million facility are exercised. The interest rate is reset on a daily basis and as of March 31, 2022, was LIBOR plus 77.5 basis points with an annual facility fee of 15 basis points. As of March 31, 2022, the interest rate was 1.227% on a balance of $14,313,000. For both facilities, the margin and facility fee are subject to changes in the Company's credit ratings. Although the Company’s current credit rating is Baa2, given the strength of the Company’s key credit metrics, initial pricing for the credit facilities is based on the BBB+/Baa1 credit ratings level. This favorable pricing level will be retained provided that the Company’s consolidated leverage ratio, as defined in the applicable agreements, remains less than 32.5%. The facilities also include a sustainability-linked pricing component pursuant to which the applicable interest margin will be reduced by one basis point if the Company meets certain sustainability performance targets. In February 2022, EastGroup repaid a $75 million unsecured term loan at maturity with an effectively fixed interest rate of 3.03%. In March 2022, the Company closed a $100 million senior unsecured term loan with a 6.5 year term and interest only payments, which bears interest at an annual rate of the Secured Overnight Financing Rate (“SOFR”) plus an applicable margin (1.30% as of March 31, 2022) 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 effectively fixed interest rate of 3.06%. Also during March 2022, the Company closed on the refinance of a $100 million senior unsecured term loan with 5 years remaining. The amended term loan provides for interest only payments currently at an interest rate of SOFR plus 85 basis points, based on the Company’s current credit ratings and consolidated leverage ratio, which is a 60 basis point reduction in the credit spread compared to the original term loan. The Company has an interest rate swap agreement which converts the loan’s SOFR rate component to a fixed interest rate for the entire term of the loan, providing a total effectively fixed interest rate of 1.80%. Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs and Secured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs ), as of March 31, 2022, are as follows: Years Ending December 31, (In thousands) 2022 - Remainder of year $ 87 2023 115,119 2024 120,122 2025 145,128 2026 141,672 2027 and beyond 750,000 Total $ 1,272,128

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	3 Months Ended
	Mar. 31, 2022
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: March 31, December 31, (In thousands) Property taxes payable $ 18,755 4,494 Development costs payable 18,820 17,529 Retainage payable 13,779 10,576 Real estate improvements and capitalized leasing costs payable 7,920 5,798 Interest payable 8,876 6,547 Dividends payable 46,784 46,864 Book overdraft (1) 4,499 4,845 Other payables and accrued expenses 7,275 13,107 Total Accounts payable and accrued expenses $ 126,708 109,760 (1) Represents checks written before the end of the period which have not cleared the bank; therefore, the bank has not yet advanced cash to the Company. When the checks clear the bank, they will be funded through the Company’s working cash line of credit, which is included in the Company’s Unsecured bank credit facilities.

OTHER LIABILITIES

OTHER LIABILITIES	3 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
Other Liabilities	OTHER LIABILITIES A summary of the Company’s Other liabilities follows: March 31, December 31, (In thousands) Security deposits $ 30,057 28,343 Prepaid rent and other deferred income 15,083 16,401 Operating lease liabilities — Ground leases 20,814 22,898 Operating lease liabilities — Office leases 1,909 2,032 Acquired below market lease intangibles 8,819 8,124 Accumulated amortization of below market lease intangibles (3,324) (2,707) Acquired below market lease intangibles, net of accumulated amortization 5,495 5,417 Interest rate swap liabilities — 935 Tenant improvement cost liabilities 2,248 2,796 Other liabilities 3,516 3,516 Total Other liabilities $ 79,122 82,338

COMPREHENSIVE INCOME

COMPREHENSIVE INCOME	3 Months Ended
	Mar. 31, 2022
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 14 for information regarding the Company’s interest rate swaps. Three Months Ended 2022 2021 (In thousands) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): Balance at beginning of period $ 1,302 (10,752) Other comprehensive income - interest rate swaps 15,828 8,214 Balance at end of period $ 17,130 (2,538)

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022, the Company had five interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company’s interest rate swaps convert the related loans’ LIBOR or SOFR rate components to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships is highly effective. The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Other comprehensive income and are subsequently reclassified into earnings through Interest expense as interest payments are made or received on the Company’s variable-rate debt in the period that the hedged forecasted transaction affects earnings. The Company estimates that an additional $2,352,000 will be reclassified from Other comprehensive income as a decrease 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 rates, but include appropriate economic adjustments for funding costs (i.e., a LIBOR-OIS basis adjustment to approximate uncollateralized cost of funds) and credit risk. The Company calculates its derivative valuations using mid-market prices. In July 2017, the Financial Conduct Authority announced it intended to stop compelling banks to submit rates for the calculation of LIBOR after 2021. In March 2021, the ICE Benchmark Administration, the administrator of LIBOR, announced its intention to cease publication of certain LIBOR settings after 2021, while continuing to publish overnight and one-, three-, six-, and twelve-month U.S. dollar LIBOR rates through June 30, 2023. While this announcement extended the transition period to June 2023, the United States Federal Reserve Board and other regulatory bodies concurrently issued guidance encouraging banks and other financial market participants to cease entering into new contracts that use U.S. dollar LIBOR as a reference rate as soon as practicable and in any event no later than December 31, 2021. In the U.S., the Alternative Reference Rates Committee, which was convened by the Federal Reserve Board and the Federal Reserve Bank of New York, has recommended that SOFR plus a recommended spread adjustment as its preferred alternative to USD-LIBOR. There are significant differences between LIBOR and SOFR, such as LIBOR being an unsecured lending rate while SOFR is a secured rate, and SOFR is an overnight rate while LIBOR reflects term rates at different maturities. We expect that all LIBOR settings relevant to us will cease to be published or will no longer be representative after June 30, 2023. As a result, any of our LIBOR-based borrowings that extend beyond such date will need to be converted to a replacement rate. Certain risks may arise in connection with transitioning contracts to SOFR or any other alternative variable rate, including any resulting value transfer that may occur. The value of loans, securities, or derivative instruments tied to LIBOR could also be impacted. During the three months ended March 31, 2022, the Company entered into a new term loan and related swap which are both indexed to SOFR. Also, during the three months ended March 31, 2022, EastGroup refinanced an existing term loan modifying the index from LIBOR to SOFR, and concurrently amended the related swap to reference SOFR rather than LIBOR. The Company’s unsecured bank credit facilities and three of its senior unsecured term loans and interest rate swap contracts are indexed to LIBOR and include provisions for a replacement rate which we believe will be substantially equivalent to the all-in LIBOR-based interest rate in effect prior to its replacement. Therefore, management believes the transition will not have a material impact on the Company’s consolidated financial statements. The Company is continuously monitoring and evaluating the related risks, which include interest on loans and amounts received and paid on derivative instruments. These risks arise in connection with transitioning contracts to a new alternative rate, including any resulting value transfer that may occur. The value of loans or derivative instruments indexed to LIBOR could also be impacted if LIBOR is limited or discontinued as interest rates may be adversely affected. While we expect LIBOR to be available in substantially its current form until June 30, 2023, it is possible that LIBOR will become unavailable prior to that point. This could result, for example, if sufficient banks decline to make submissions to the LIBOR administrator. In that case, the risks associated with the transition to an alternative reference rate will be accelerated and magnified. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. As of March 31, 2022 and December 31, 2021, 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 March 31, 2022 Notional Amount as of December 31, 2021 (In thousands) Interest Rate Swap — $75,000 Interest Rate Swap $65,000 $65,000 Interest Rate Swap $100,000 $100,000 Interest Rate Swap $100,000 $100,000 Interest Rate Swap $50,000 $50,000 Interest Rate Swap $100,000 — 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 March 31, 2022 and December 31, 2021. See Note 17 for additional information on the fair value of the Company’s interest rate swaps. Derivatives As of March 31, 2022 Derivatives As of December 31, 2021 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other assets $ 17,130 Other assets $ 2,237 Interest rate swap liabilities Other liabilities — Other liabilities 935 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 months ended March 31, 2022 and 2021: Three Months Ended 2022 2021 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income recognized in Other comprehensive income on derivatives $ 14,952 7,163 Amount of (income) loss reclassified from Accumulated other comprehensive income (loss) into Interest expense 876 1,051 See Note 13 for additional information on the Company’s Accumulated other comprehensive income (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. If the Company breached any of these provisions it would be required to settle its obligations under the agreements at their termination value of $17,248,000 as of March 31, 2022.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2022
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 2022 2021 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 63,580 27,339 Denominator – weighted average shares outstanding 41,246 39,673 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 63,580 27,339 Denominator: Weighted average shares outstanding 41,246 39,673 Unvested restricted stock 113 92 Weighted average diluted shares outstanding 41,359 39,765

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [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. The cost for market-based awards and awards that only require service are expensed on a straight-line basis over the requisite service periods. The cost for performance-based awards is determined using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period. This method accelerates the expensing of the award compared to the straight-line method. For awards with a performance condition, compensation expense is recognized when the performance condition is considered probable of achievement. The total compensation expense for service and performance based awards is based upon the fair market value of the shares on the grant date. The grant date fair value for awards that have been granted and are subject to a future market condition (total shareholder return) are determined using a Monte Carlo simulation pricing model developed to specifically accommodate the unique features of the awards. During the restricted period for awards no longer subject to contingencies, the Company accrues dividends and holds the certificates for the shares; however, the employee can vote the shares. Share certificates and dividends are delivered to the employee as they vest. Forfeitures of awards are recognized as they occur. The Compensation Committee of the Company’s Board of Directors (the “Committee”) approves long-term and annual equity compensation awards for the Company’s executive officers. The vesting periods of the Company’s restricted stock plans vary, as determined by the Committee. Restricted stock is granted to executive officers subject to both continued service and the satisfaction of certain annual performance goals and multi-year market conditions as determined by the Committee. The long-term compensation awards include components based on the Company’s total shareholder return over the upcoming three fair value of the awards which is determined using a simulation pricing model developed to specifically accommodate the unique features of the award. These market based awards are expensed on a straight-line basis over the requisite service period (75% vests at the end of the three-year performance period and 25% vests the following year). The long term awards subject only to continuing employment are expensed on a straight-line basis over the requisite service period (25% vests in each of the following four years). The annual equity compensation awards include components based on certain annual Company performance measures and individual annual performance goals over the upcoming year. The certain Company performance measures for 2022 are: (i) funds from operations (“FFO”) per share, (ii) cash same property net operating income change, (iii) debt-to-EBITDAre ratio, and (iv) fixed charge coverage. The Company begins recognizing expense for its estimate of the shares that could be earned pursuant to these awards on the grant date; the expense is adjusted to estimated performance levels during the performance period and to actual upon the determination of the awards. The shares are expensed using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period (34% vests at the end of the one one Equity compensation is also awarded to the Company’s non-executive officers and directors, which are subject to service only conditions and expensed on a straight-line basis over the required service period. The total compensation expense is based upon the fair market value of the shares on the grant date. The Committee has adopted an Equity Award Retirement Policy (the “retirement policy”) which allows for accelerated vesting of unvested shares for retirement-eligible employees (defined as employees who meet certain age and years of service requirements). In order to qualify for accelerated vesting upon retirement, the eligible employees must provide required notification under the retirement policy and must retire from the Company. The Company has adjusted its stock-based compensation expense to accelerate the recognition of expense for retirement-eligible employees. Stock-based compensation cost for employees was $2,561,000 for the three months ended March 31, 2022, of which $691,000 was capitalized as part of the Company’s development costs. For the three months ended March 31, 2021, stock-based compensation cost for employees was $2,144,000, of which $550,000 was capitalized as part of the Company’s development costs. Stock-based compensation expense for directors was $33,000 for the three months ended March 31, 2022, and $3,000 for the same period in 2021. 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 three months ended March 31, 2022, the Company withheld 34,251 shares to satisfy the tax obligations for those participants who elected this option as permitted under the applicable equity plan. As of the grant dates, the fair value of shares that were granted during the three months ended March 31, 2022 was $7,013,000. As of the vesting dates, the aggregate fair value of shares that vested during the three months ended March 31, 2022 was $17,124,000. Award Activity: Three Months Ended Shares Weighted Average Grant Date Fair Value Unvested at beginning of period 106,212 $ 116.38 Granted (1) (2) 60,120 116.65 Forfeited — — Vested (80,565) 102.42 Unvested at end of period 85,767 $ 129.68 (1) Includes shares granted in prior years for which performance conditions have been satisfied and the number of shares have been determined.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820, Fair Value Measurement, 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 March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 5,718 5,718 4,393 4,393 Interest rate swap assets 17,130 17,130 2,237 2,237 Financial Liabilities: Unsecured bank credit facilities - variable rate (2) 197,313 197,280 209,210 209,202 Unsecured debt (2) 1,270,000 1,251,686 1,245,000 1,267,702 Secured debt (2) 2,128 2,170 2,156 2,269 Interest rate swap liabilities — — 935 935 (1) Carrying amounts shown in the table are included on the Consolidated Balance Sheets under the indicated captions, except as explained in the notes below. (2) Carrying amounts and fair values shown in the table exclude debt issuance costs (see Note 10 for additional information). 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. 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 and SOFR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 14 for additional information on the Company’s interest rate swaps. 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), excluding the effects of debt issuance costs. 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), excluding the effects of debt issuance costs. 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), excluding the effects of debt issuance costs. 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 and SOFR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 14 for additional information on the Company’s interest rate swaps.

RISKS AND UNCERTAINTIES

RISKS AND UNCERTAINTIES	3 Months Ended
	Mar. 31, 2022
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 due to the current coronavirus (“COVID-19”) pandemic or other general economic conditions, it may affect the Company’s ability to make distributions to its shareholders, service debt, or meet other financial obligations. Although COVID-19 has had an overall minimal impact on the Company in 2020, 2021 and during the first three months of 2022, EastGroup remains unable to predict any future impact that it may have on its business, financial condition, results of operations and cash flows.

LEGAL MATTERS (Notes)

LEGAL MATTERS (Notes)	3 Months Ended
	Mar. 31, 2022
LEGAL MATTERS [Abstract]
Legal Matters and Contingencies [Text Block]	LEGAL MATTERSThe Company is not presently involved in any material litigation nor, to its knowledge, is any material litigation threatened against the Company or its properties, other than routine litigation arising in the ordinary course of business.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
	Mar. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Standards Update and Change in Accounting Principle	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 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

SUBSEQUENT EVENTS (Notes)

SUBSEQUENT EVENTS (Notes)	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS In January 2022, the Company and a group of lenders agreed to terms on the private placement of $150 million of senior unsecured notes with a fixed interest rate of 3.03% and a 10-year term. The notes were issued and sold on April 20, 2022 and require interest-only 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. Subsequent to March 31, 2022, the Company closed on the acquisition of 25.8 acres of development land in Houston, known by the Company as Cypress Preserve Land, for approximately $7.8 million. Also subsequent to March 31, 2022, the Company acquired Zephyr Distribution Center, a multi-tenant distribution building in the Hayward submarket of San Francisco containing 82,000 square feet, for $28.5 million. The building is currently in the lease-up phase of the development and value-add portfolio.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The consolidated financial statements include the accounts of EastGroup, its wholly owned subsidiaries and its investment in any joint ventures in which the Company has a controlling interest. As of March 31, 2022 and December 31, 2021, EastGroup held a controlling interest in two joint venture arrangements. In 2019, the Company acquired 6.5 acres of land in San Diego, known by the Company as the Miramar land. Also in 2019, the Company acquired 41.6 acres of land in San Diego, known by the Company as the Otay Mesa land. During the year ended December 31, 2021, EastGroup began construction of Speed Distribution Center, a 519,000 square foot building on the Otay Mesa land, which was completed and transferred to the Company’s operating portfolio during the three months ended March 31, 2022. As of both March 31, 2022 and December 31, 2021, EastGroup had a 95% controlling interest in the Miramar land and a 99% controlling interest in Speed Distribution Center. The Company records 100% of the assets, liabilities, revenues and expenses of the buildings and land held in joint ventures with the 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, liabilities, 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.
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. The Company did not classify any properties as held for sale as of March 31, 2022. As of December 31, 2021, the Company owned one operating property that was classified as held for sale on the December 31, 2021 Consolidated Balance Sheet. The property was sold, and a gain on the sale was recorded in the three months ended March 31, 2022. In accordance with FASB 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,
Real Estate Property Acquisitions and Acquired Intangibles [Policy Text Block]	Upon acquisition of real estate properties, EastGroup applies the principles of FASB ASC 805, Business Combinations. The FASB Codification provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. Under the guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. EastGroup determined that its real estate property acquisitions in 2021 and the first three months of 2022 are considered to be acquisitions of groups of similar identifiable assets; therefore, the acquisitions are not considered to be acquisitions of a business. As a result, the Company capitalized acquisition costs related to its 2021 and 2022 acquisitions. The FASB 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. 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. Land is valued using comparable land sales specific to the applicable market, provided by a third party. 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 current market rents over the remaining term of the lease. The amounts allocated to above and below market lease intangibles 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. Factors considered by management in the allocation include an estimate of foregone rents and avoided leasing costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. These intangible assets are included in Other assets
Earnings Per Share, Policy [Policy Text Block]	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.
Share-based Payment Arrangement [Policy Text Block]	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. The cost for market-based awards and awards that only require service are expensed on a straight-line basis over the requisite service periods. The cost for performance-based awards is determined using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period. This method accelerates the expensing of the award compared to the straight-line method. For awards with a performance condition, compensation expense is recognized when the performance condition is considered probable of achievement. The total compensation expense for service and performance based awards is based upon the fair market value of the shares on the grant date. The grant date fair value for awards that have been granted and are subject to a future market condition (total shareholder return) are determined using a Monte Carlo simulation pricing model developed to specifically accommodate the unique features of the awards. During the restricted period for awards no longer subject to contingencies, the Company accrues dividends and holds the certificates for the shares; however, the employee can vote the shares. Share certificates and dividends are delivered to the employee as they vest. Forfeitures of awards are recognized as they occur. The Compensation Committee of the Company’s Board of Directors (the “Committee”) approves long-term and annual equity compensation awards for the Company’s executive officers. The vesting periods of the Company’s restricted stock plans vary, as determined by the Committee. Restricted stock is granted to executive officers subject to both continued service and the satisfaction of certain annual performance goals and multi-year market conditions as determined by the Committee. The long-term compensation awards include components based on the Company’s total shareholder return over the upcoming three fair value of the awards which is determined using a simulation pricing model developed to specifically accommodate the unique features of the award. These market based awards are expensed on a straight-line basis over the requisite service period (75% vests at the end of the three-year performance period and 25% vests the following year). The long term awards subject only to continuing employment are expensed on a straight-line basis over the requisite service period (25% vests in each of the following four years). The annual equity compensation awards include components based on certain annual Company performance measures and individual annual performance goals over the upcoming year. The certain Company performance measures for 2022 are: (i) funds from operations (“FFO”) per share, (ii) cash same property net operating income change, (iii) debt-to-EBITDAre ratio, and (iv) fixed charge coverage. The Company begins recognizing expense for its estimate of the shares that could be earned pursuant to these awards on the grant date; the expense is adjusted to estimated performance levels during the performance period and to actual upon the determination of the awards. The shares are expensed using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period (34% vests at the end of the one one Equity compensation is also awarded to the Company’s non-executive officers and directors, which are subject to service only conditions and expensed on a straight-line basis over the required service period. The total compensation expense is based upon the fair market value of the shares on the grant date. The Committee has adopted an Equity Award Retirement Policy (the “retirement policy”) which allows for accelerated vesting of unvested shares for retirement-eligible employees (defined as employees who meet certain age and years of service requirements). In order to qualify for accelerated vesting upon retirement, the eligible employees must provide required notification under the retirement policy and must retire from the Company. The Company has adjusted its stock-based compensation expense to accelerate the recognition of expense for retirement-eligible employees.
Fair Value Measurement, Policy [Policy Text Block]	ASC 820, Fair Value Measurement, 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).
Real Estate Properties	REAL ESTATE PROPERTIES EastGroup has one reportable segment – industrial properties, consistent with the Company’s manner of internal reporting, measurement of operating results and allocation of the Company’s resources. 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. During the three month periods ended March 31, 2022 and 2021, the Company did not identify any impairment charges which should be recorded. 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 $29,392,000 and $25,147,000 for the three months ended March 31, 2022 and 2021, respectively.
Development	For properties under development and value-add properties acquired in the development stage, costs associated with development (i.e., land, construction costs, interest expense, property taxes and other 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 related to such development activities. The internal costs are allocated to specific development projects based on development 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. The Company transfers properties from the development and value-add program to Real estate properties as follows: (i) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (ii) for value-add properties, at the earlier of 90% occupancy or one year after acquisition. Upon the earlier of 90% occupancy or one year after completion of the shell construction, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land).
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 due to the current coronavirus (“COVID-19”) pandemic or other general economic conditions, it may affect the Company’s ability to make distributions to its shareholders, service debt, or meet other financial obligations. Although COVID-19 has had an overall minimal impact on the Company in 2020, 2021 and during the first three months of 2022, EastGroup remains unable to predict any future impact that it may have on its business, financial condition, results of operations and cash flows.
New Accounting Pronouncements, Policy	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 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting
Derivatives, Policy	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.

LEASE REVENUE (Tables)

LEASE REVENUE (Tables)	3 Months Ended
	Mar. 31, 2022
Lease Revenue [Abstract]
Operating Lease, Lease Income [Table Text Block]	The table below presents the components of Income from real estate operations for the three months ended March 31, 2022 and 2021: Three Months Ended 2022 2021 (In thousands) Lease income — operating leases $ 84,945 73,382 Variable lease income (1) 28,007 24,535 Income from real estate operations $ 112,952 97,917 (1) Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance.

REAL ESTATE PROPERTIES (Tables)

REAL ESTATE PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2022
Real Estate Investment Property, Net [Abstract]
Schedule of Real Estate Properties	The Company’s Real estate properties and Development and value-add properties at March 31, 2022 and December 31, 2021 were as follows: March 31, December 31, (In thousands) Real estate properties: Land $ 560,512 544,505 Buildings and building improvements 2,473,788 2,408,944 Tenant and other improvements 582,708 570,627 Right of use assets — Ground leases (operating) (1) 20,488 22,635 Development and value-add properties (2) 549,584 504,614 4,187,080 4,051,325 Less accumulated depreciation (1,061,190) (1,035,617) $ 3,125,890 3,015,708 (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) Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.

REAL ESTATE PROPERTY ACQUISIT_2

REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Asset Acquisition [Abstract]
Real Estate Properties Acquired [Table]	During the three months ended March 31, 2022, EastGroup acquired the following properties: REAL ESTATE PROPERTY ACQUIRED IN 2022 Location Size Date Cost (Square feet) (In thousands) Value-add property acquired (1) Cypress Preserve 1 & 2 Houston, TX 516,000 03/28/2022 $ 54,462 (1) Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.	During 2021, EastGroup acquired the following properties: REAL ESTATE PROPERTIES ACQUIRED IN 2021 Location Size Date Cost (Square feet) (In thousands) Operating properties acquired (1) Southpark Distribution Center 2 Phoenix, AZ 79,000 06/10/2021 $ 9,177 DFW Global Logistics Centre Dallas, TX 611,000 08/26/2021 89,829 Progress Center 3 Atlanta, GA 50,000 09/23/2021 5,000 Texas Avenue Austin, TX 20,000 10/15/2021 4,143 Total operating property acquisitions 760,000 108,149 Value-add properties acquired (2) Access Point 1 Greenville, SC 156,000 01/15/2021 10,501 Northpoint 200 Atlanta, GA 79,000 01/21/2021 6,516 Access Point 2 Greenville, SC 159,000 05/19/2021 10,743 Cherokee 75 Business Center 2 Atlanta, GA 105,000 06/17/2021 8,837 Siempre Viva Distribution Center 3-6 San Diego, CA 547,000 12/01/2021 134,479 Total value-add property acquisitions 1,046,000 171,076 Total acquired assets 1,806,000 $ 279,225 (1) 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. (2) Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.
Acquired Assets and Assumed Liabilities [Table]	The following table summarizes the allocation of the consideration paid for the acquired assets and assumed liabilities in connection with the acquisition identified in the table above which was acquired during the three months ended March 31, 2022. ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2022 Cost (In thousands) Land $ 9,952 Buildings and building improvements 42,059 Tenant and other improvements 1,382 Total real estate properties acquired 53,393 In-place lease intangibles (1) 2,027 Below market lease intangibles (2) (958) Total assets acquired, net of liabilities assumed $ 54,462 (1) In-place lease intangibles and above market lease intangibles are each included in Other assets on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.	The following table summarizes the allocation of the consideration paid for the acquired assets and assumed liabilities in connection with the acquisitions identified in the table above which were acquired during the year ended December 31, 2021. ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2021 Cost (In thousands) Land $ 42,554 Buildings and building improvements 225,645 Tenant and other improvements 4,907 Right of use assets — Ground leases (operating) 12,708 Total real estate properties acquired 285,814 In-place lease intangibles (1) 9,949 Above market lease intangibles (1) 6 Below market lease intangibles (2) (3,836) Operating lease liabilities — Ground leases (3) (12,708) Total assets acquired, net of liabilities assumed $ 279,225 (1) In-place lease intangibles and above market lease intangibles are each included in Other assets on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. (2) Below market lease intangibles are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.

REAL ESTATE SOLD AND HELD FOR_2

REAL ESTATE SOLD AND HELD FOR SALE DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Mar. 31, 2022
Disposal Group, Not Discontinued Operation, Disposal Disclosures [Abstract]
Real estate properties sold [Table]	A summary of Gain on sales of real estate investments for the three months ended March 31, 2022 and the year ended December 31, 2021 follows: REAL ESTATE PROPERTIES SOLD Location Size Date Sold Net Sales Price Basis Recognized Gain (In square feet) (In thousands) 2022 Metro Business Park Phoenix, AZ 189,000 01/06/2022 $ 32,851 5,880 26,971 Cypress Creek Business Park (1) Fort Lauderdale, FL 56,000 03/31/2022 5,282 1,901 3,381 Total for 2022 245,000 $ 38,133 7,781 30,352 2021 Jetport Commerce Park Tampa, FL 284,000 11/09/2021 $ 44,260 5,401 38,859

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2022
Other Assets [Abstract]
Other Assets	A summary of the Company’s Other assets follows: March 31, December 31, (In thousands) Leasing costs (principally commissions) $ 124,493 116,772 Accumulated amortization of leasing costs (43,320) (42,193) Leasing costs (principally commissions), net of accumulated amortization 81,173 74,579 Acquired in-place lease intangibles 32,362 31,561 Accumulated amortization of acquired in-place lease intangibles (14,277) (13,038) Acquired in-place lease intangibles, net of accumulated amortization 18,085 18,523 Acquired above market lease intangibles 841 885 Accumulated amortization of acquired above market lease intangibles (499) (508) Acquired above market lease intangibles, net of accumulated amortization 342 377 Straight-line rents receivable 54,248 51,970 Accounts receivable 3,892 7,133 Interest rate swap assets 17,130 2,237 Right of use assets — Office leases (operating) 1,861 1,984 Escrow deposits for pending acquisitions 7,275 3,050 Prepaid insurance 7,858 7,793 Goodwill 990 990 Receivable for tenant improvement cost reimbursements 140 7,680 Prepaid expenses and other assets 12,535 5,904 Total Other assets $ 205,529 182,220

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2022
Debt Disclosure [Abstract]
Long term debt, by type [Table Text Block]	The Company’s debt is detailed below: March 31, December 31, (In thousands) Unsecured bank credit facilities - variable rate, carrying amount $ 197,313 209,210 Unamortized debt issuance costs (1,996) (2,144) Unsecured bank credit facilities, net of debt issuance costs 195,317 207,066 Unsecured debt - fixed rate, carrying amount (1) 1,270,000 1,245,000 Unamortized debt issuance costs (2,916) (2,430) Unsecured debt, net of debt issuance costs 1,267,084 1,242,570 Secured debt - fixed rate, carrying amount (1) 2,128 2,156 Unamortized debt issuance costs (13) (14) Secured debt, net of debt issuance costs 2,115 2,142 Total debt, net of debt issuance costs $ 1,464,516 1,451,778 (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.
Schedule of Maturities of Long-term Debt [Table Text Block]	Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs and Secured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs ), as of March 31, 2022, are as follows: Years Ending December 31, (In thousands) 2022 - Remainder of year $ 87 2023 115,119 2024 120,122 2025 145,128 2026 141,672 2027 and beyond 750,000 Total $ 1,272,128

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	3 Months Ended
	Mar. 31, 2022
Payables and Accruals [Abstract]
Summary of Accounts Payable and Accrued Expenses	A summary of the Company’s Accounts payable and accrued expenses follows: March 31, December 31, (In thousands) Property taxes payable $ 18,755 4,494 Development costs payable 18,820 17,529 Retainage payable 13,779 10,576 Real estate improvements and capitalized leasing costs payable 7,920 5,798 Interest payable 8,876 6,547 Dividends payable 46,784 46,864 Book overdraft (1) 4,499 4,845 Other payables and accrued expenses 7,275 13,107 Total Accounts payable and accrued expenses $ 126,708 109,760 (1) Represents checks written before the end of the period which have not cleared the bank; therefore, the bank has not yet advanced cash to the Company. When the checks clear the bank, they will be funded through the Company’s working cash line of credit, which is included in the Company’s Unsecured bank credit facilities.

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2022
Other Liabilities Disclosure [Abstract]
Summary of other liabilities	A summary of the Company’s Other liabilities follows: March 31, December 31, (In thousands) Security deposits $ 30,057 28,343 Prepaid rent and other deferred income 15,083 16,401 Operating lease liabilities — Ground leases 20,814 22,898 Operating lease liabilities — Office leases 1,909 2,032 Acquired below market lease intangibles 8,819 8,124 Accumulated amortization of below market lease intangibles (3,324) (2,707) Acquired below market lease intangibles, net of accumulated amortization 5,495 5,417 Interest rate swap liabilities — 935 Tenant improvement cost liabilities 2,248 2,796 Other liabilities 3,516 3,516 Total Other liabilities $ 79,122 82,338

COMPREHENSIVE INCOME (Tables)

COMPREHENSIVE INCOME (Tables)	3 Months Ended
	Mar. 31, 2022
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 14 for information regarding the Company’s interest rate swaps. Three Months Ended 2022 2021 (In thousands) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): Balance at beginning of period $ 1,302 (10,752) Other comprehensive income - interest rate swaps 15,828 8,214 Balance at end of period $ 17,130 (2,538)

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2022
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract]
Schedule of Derivative Instruments [Table Text Block]	As of March 31, 2022 and December 31, 2021, 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 March 31, 2022 Notional Amount as of December 31, 2021 (In thousands) Interest Rate Swap — $75,000 Interest Rate Swap $65,000 $65,000 Interest Rate Swap $100,000 $100,000 Interest Rate Swap $100,000 $100,000 Interest Rate Swap $50,000 $50,000 Interest Rate Swap $100,000 —
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 March 31, 2022 and December 31, 2021. See Note 17 for additional information on the fair value of the Company’s interest rate swaps. Derivatives As of March 31, 2022 Derivatives As of December 31, 2021 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other assets $ 17,130 Other assets $ 2,237 Interest rate swap liabilities Other liabilities — Other liabilities 935
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 months ended March 31, 2022 and 2021: Three Months Ended 2022 2021 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income recognized in Other comprehensive income on derivatives $ 14,952 7,163 Amount of (income) loss reclassified from Accumulated other comprehensive income (loss) into Interest expense 876 1,051

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2022
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 2022 2021 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 63,580 27,339 Denominator – weighted average shares outstanding 41,246 39,673 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 63,580 27,339 Denominator: Weighted average shares outstanding 41,246 39,673 Unvested restricted stock 113 92 Weighted average diluted shares outstanding 41,359 39,765

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [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 three months ended March 31, 2022, the Company withheld 34,251 shares to satisfy the tax obligations for those participants who elected this option as permitted under the applicable equity plan. As of the grant dates, the fair value of shares that were granted during the three months ended March 31, 2022 was $7,013,000. As of the vesting dates, the aggregate fair value of shares that vested during the three months ended March 31, 2022 was $17,124,000. Award Activity: Three Months Ended Shares Weighted Average Grant Date Fair Value Unvested at beginning of period 106,212 $ 116.38 Granted (1) (2) 60,120 116.65 Forfeited — — Vested (80,565) 102.42 Unvested at end of period 85,767 $ 129.68 (1) Includes shares granted in prior years for which performance conditions have been satisfied and the number of shares have been determined.

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 and December 31, 2021. March 31, 2022 December 31, 2021 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 5,718 5,718 4,393 4,393 Interest rate swap assets 17,130 17,130 2,237 2,237 Financial Liabilities: Unsecured bank credit facilities - variable rate (2) 197,313 197,280 209,210 209,202 Unsecured debt (2) 1,270,000 1,251,686 1,245,000 1,267,702 Secured debt (2) 2,128 2,170 2,156 2,269 Interest rate swap liabilities — — 935 935 (1) Carrying amounts shown in the table are included on the Consolidated Balance Sheets under the indicated captions, except as explained in the notes below. (2) Carrying amounts and fair values shown in the table exclude debt issuance costs (see Note 10 for additional information). 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. 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 and SOFR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 14 for additional information on the Company’s interest rate swaps. 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), excluding the effects of debt issuance costs. 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), excluding the effects of debt issuance costs. 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), excluding the effects of debt issuance costs. 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 and SOFR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 14 for additional information on the Company’s interest rate swaps.

PRINCIPLES OF CONSOLIDATION (De

PRINCIPLES OF CONSOLIDATION (Details)	Mar. 31, 2022aft²Integer	Dec. 31, 2021ft²aInteger
Controlling interest joint ventures and equity method investees [Line Items]
Number of joint venture arrangements | Integer	2	2
Percentage recorded of assets, liabilities, revenues, and expenses of the buildings and land held in joint ventures	100.00%	100.00%
Speed Distribution Center
Controlling interest joint ventures and equity method investees [Line Items]
Area of real estate property | ft²	519,000	519,000
Industry Distribution Center II - undivided tenant-in-common interest [Member]
Controlling interest joint ventures and equity method investees [Line Items]
Tenant-in-common interest	50.00%	50.00%
Controlling Interest Joint Ventures [Domain] | Miramar Land [Member]
Controlling interest joint ventures and equity method investees [Line Items]
Acres of real estate investment property	6.5	6.5
Less than wholly owned joint venture, investment ownership percentage	95.00%	95.00%
Controlling Interest Joint Ventures [Domain] | Otay Mesa Land [Member]
Controlling interest joint ventures and equity method investees [Line Items]
Acres of real estate investment property	41.6	41.6
Less than wholly owned joint venture, investment ownership percentage	99.00%	99.00%

LEASE REVENUE (Details)

LEASE REVENUE (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Lease Revenue [Line Items]
Lease income - operating leases		$ 84,945	$ 73,382
Variable lease income	[1]	28,007	24,535
Income from real estate operations		$ 112,952	$ 97,917
[1]	Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance.

REAL ESTATE PROPERTIES (Details

REAL ESTATE PROPERTIES (Details)		3 Months Ended
		Mar. 31, 2022USD ($)Integer	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Real Estate Properties [Line Items]
Number of Reporting Units | Integer		1
Depreciation Expense During the Period		$ 29,392,000	$ 25,147,000
Maximum occupancy at acquisition date that defines an investment property as value-add		75.00%
Minimum percentage of acquisition cost used in redevelopment costs that defines an investment property as value-add		20.00%
Real Estate Properties
Land		$ 560,512,000		$ 544,505,000
Building and building improvements		2,473,788,000		2,408,944,000
Tenant and other improvements		582,708,000		570,627,000
Right of use assets - Ground leases (operating)	[1]	20,488,000		22,635,000
Development and value-add properties	[2]	549,584,000		504,614,000
Real estate, development and value-add properties		4,187,080,000		4,051,325,000
Less accumulated depreciation		(1,061,190,000)		(1,035,617,000)
Real estate, net		$ 3,125,890,000		$ 3,015,708,000
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
[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]	Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use.  Acquired properties meeting either of the following two conditions are considered value-add properties:  (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.

DEVELOPMENT AND VALUE-ADD PRO_2

DEVELOPMENT AND VALUE-ADD PROPERTIES (Details)	3 Months Ended
	Mar. 31, 2022
Development properties [Member]
Development and Value-add [Line Items]
Percentage of occupation when property transfers from the development and value-add program to real estate properties	90.00%
Length of time after project completion (developments) or acquisition (value-add) when project transfers to real estate properties	1 year
Value-add properties [Member]
Development and Value-add [Line Items]
Percentage of occupation when property transfers from the development and value-add program to real estate properties	90.00%
Length of time after project completion (developments) or acquisition (value-add) when project transfers to real estate properties	1 year
Development and value-add properties [Member]
Development and Value-add [Line Items]
Percentage of occupation when costs ceased being capitalized	90.00%
Length of time after project completion when development cost ceased being capitalized	1 year

REAL ESTATE PROPERTY ACQUISIT_3

REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES (Details)		3 Months Ended		12 Months Ended
		Mar. 31, 2022USD ($)ft²	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)ft²
Property Acquisition [Line Items]
Amortization expense for lease intangibles		$ 2,465,000	$ 1,431,000
Above and below market lease intangibles incremental increase to rental Income		$ 845,000	$ 229,000
Maximum occupancy at acquisition date that defines an investment property as value-add		75.00%
Minimum percentage of acquisition cost used in redevelopment costs that defines an investment property as value-add		20.00%
Land		$ 560,512,000		$ 544,505,000
Building and building improvements		2,473,788,000		2,408,944,000
Tenant and other improvements		582,708,000		570,627,000
Right of use assets - Ground leases (operating)	[1]	$ 20,488,000		$ 22,635,000
2022 Value-Add Property Acquisitions | Cypress Preserve 1 & 2
Property Acquisition [Line Items]
Size (square feet) | ft²	[2]	516,000
Date Acquired	[2]	Mar. 28, 2022
Cost of property acquired	[2]	$ 54,462,000
2022 Acquisitions
Property Acquisition [Line Items]
Land		9,952,000
Building and building improvements		42,059,000
Tenant and other improvements		1,382,000
Total real estate properties acquired		53,393,000
Assets acquired, net of liabilities assumed		$ 54,462,000
Weighted average remaining lease term of acquired properties		4 years 7 months 6 days
2022 Acquisitions | Leases, Acquired-in-Place [Member]
Property Acquisition [Line Items]
Lease intangibles	[3]	$ 2,027,000
2022 Acquisitions | Below market lease [Member]
Property Acquisition [Line Items]
Lease intangibles	[4]	$ (958,000)
2021 operating property acquisitions
Property Acquisition [Line Items]
Size (square feet) | ft²	[5]			760,000
Cost of property acquired	[5]			$ 108,149,000
2021 operating property acquisitions | Southpark Distribution Center 2
Property Acquisition [Line Items]
Size (square feet) | ft²	[5]			79,000
Date Acquired	[5]			Jun. 10, 2021
Cost of property acquired	[5]			$ 9,177,000
2021 operating property acquisitions | DFW Global Logistics Centre
Property Acquisition [Line Items]
Size (square feet) | ft²	[5]			611,000
Date Acquired	[5]			Aug. 26, 2021
Cost of property acquired	[5]			$ 89,829,000
2021 operating property acquisitions | Progress Center 3
Property Acquisition [Line Items]
Size (square feet) | ft²	[5]			50,000
Date Acquired	[5]			Sep. 23, 2021
Cost of property acquired	[5]			$ 5,000,000
2021 operating property acquisitions | Texas Avenue [Member]
Property Acquisition [Line Items]
Size (square feet) | ft²	[5]			20,000
Date Acquired	[5]			Oct. 15, 2021
Cost of property acquired	[5]			$ 4,143,000
2021 Value-add Property Acquisitions
Property Acquisition [Line Items]
Size (square feet) | ft²	[2]			1,046,000
Cost of property acquired	[2]			$ 171,076,000
2021 Value-add Property Acquisitions | Access Point 1
Property Acquisition [Line Items]
Size (square feet) | ft²	[2]			156,000
Date Acquired	[2]			Jan. 15, 2021
Cost of property acquired	[2]			$ 10,501,000
2021 Value-add Property Acquisitions | Northpoint 200
Property Acquisition [Line Items]
Size (square feet) | ft²	[2]			79,000
Date Acquired	[2]			Jan. 21, 2021
Cost of property acquired	[2]			$ 6,516,000
2021 Value-add Property Acquisitions | Access Point 2
Property Acquisition [Line Items]
Size (square feet) | ft²	[2]			159,000
Date Acquired	[2]			May 19, 2021
Cost of property acquired	[2]			$ 10,743,000
2021 Value-add Property Acquisitions | Cherokee 75 Business Center 2
Property Acquisition [Line Items]
Size (square feet) | ft²	[2]			105,000
Date Acquired	[2]			Jun. 17, 2021
Cost of property acquired	[2]			$ 8,837,000
2021 Value-add Property Acquisitions | Siempre Viva Distribution Center 3-6
Property Acquisition [Line Items]
Size (square feet) | ft²	[2]			547,000
Date Acquired	[2]			Dec. 1, 2021
Cost of property acquired	[2]			$ 134,479,000
2021 Acquisitions
Property Acquisition [Line Items]
Size (square feet) | ft²				1,806,000
Cost of property acquired				$ 279,225,000
Land				42,554,000
Building and building improvements				225,645,000
Tenant and other improvements				4,907,000
Right of use assets - Ground leases (operating)				12,708,000
Total real estate properties acquired				285,814,000
Operating lease liabilities - Ground leases	[6]			(12,708,000)
Assets acquired, net of liabilities assumed				$ 279,225,000
Weighted average remaining lease term of acquired properties				2 years 10 months 24 days
2021 Acquisitions | Leases, Acquired-in-Place [Member]
Property Acquisition [Line Items]
Lease intangibles	[3]			$ 9,949,000
2021 Acquisitions | Above Market Leases [Member]
Property Acquisition [Line Items]
Lease intangibles	[3]			6,000
2021 Acquisitions | Below market lease [Member]
Property Acquisition [Line Items]
Lease intangibles	[4]			$ (3,836,000)
[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]	Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use.  Acquired properties meeting either of the following two conditions are considered value-add properties:  (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.
[3]	In-place lease intangibles and above market lease intangibles are each included in Other assets on the Consolidated Balance Sheets. These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.
[4]	Below market lease intangibles are 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.
[5]	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.
[6]	Operating lease liabilities - Ground leases are included in Other liabilities on the Consolidated Balance Sheets.

REAL ESTATE SOLD AND HELD FOR_3

REAL ESTATE SOLD AND HELD FOR SALE DISCONTINUED OPERATIONS (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022USD ($)ft²	Dec. 31, 2021USD ($)ft²
Real Estate Properties Sold [Line Items]
Right of use liability, ground lease	$ 20,814	$ 22,898
2022 dispositions
Real Estate Properties Sold [Line Items]
Size (square feet) | ft²	245,000
Net sales price	$ 38,133
Basis	7,781
Recognized gain	$ 30,352
Metro Business Park | 2022 dispositions
Real Estate Properties Sold [Line Items]
Size (square feet) | ft²	189,000
Date sold	Jan. 6, 2022
Net sales price	$ 32,851
Basis	5,880
Recognized gain	$ 26,971
Cypress Creek Business Park | 2022 dispositions
Real Estate Properties Sold [Line Items]
Size (square feet) | ft²	56,000
Date sold	Mar. 31, 2022
Net sales price	$ 5,282
Basis	1,901
Recognized gain	3,381
Right of use asset, ground lease	1,745
Right of use liability, ground lease	$ 1,745
Jetport Commerce Park | 2021 dispositions
Real Estate Properties Sold [Line Items]
Size (square feet) | ft²		284,000
Date sold		Nov. 9, 2021
Net sales price		$ 44,260
Basis		5,401
Recognized gain		$ 38,859

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Assets Components [Abstract]
Leasing costs (principally commissions)	$ 124,493	$ 116,772
Accumulated amortization of leasing costs	(43,320)	(42,193)
Leasing costs (principally commissions), net of accumulated amortization	81,173	74,579
Acquired in-place lease intangibles	32,362	31,561
Accumulated amortization of acquired in-place lease intangibles	(14,277)	(13,038)
Acquired in-place lease intangibles, net of accumulated amortization	18,085	18,523
Acquired above market lease intangibles	841	885
Accumulated amortization of acquired above market lease intangibles	(499)	(508)
Acquired above market lease intangibles, net of accumulated amortization	342	377
Straight-line rents receivable	54,248	51,970
Accounts receivable	3,892	7,133
Interest rate swap assets	17,130	2,237
Right of use assets - Office leases (operating)	1,861	1,984
Receivable for common stock offerings	7,275	3,050
Prepaid Insurance	7,858	7,793
Goodwill	990	990
Receivable for tenant improvement cost reimbursements	140	7,680
Prepaid expenses and other assets	12,535	5,904
Total Other Assets	$ 205,529	$ 182,220

DEBT (Details)

DEBT (Details)		3 Months Ended
		Mar. 31, 2022USD ($)basisPointsInteger	Dec. 31, 2021USD ($)
Secured and Unsecured Debt [Line Items]
Moody's Credit Rating		Baa2
Unsecured bank credit facilities		$ 195,317,000	$ 207,066,000
Secured Debt		2,115,000	2,142,000
Unsecured Debt		1,267,084,000	1,242,570,000
Total debt		1,464,516,000	1,451,778,000
Secured and unsecured debt, net of debt issuance costs [Member]
Payments of principal over future years [Abstract]
2022 - Remainder of year		87,000
2023		115,119,000
2024		120,122,000
2025		145,128,000
2026		141,672,000
2027 and beyond		750,000,000
Total		$ 1,272,128,000
$75 million unsecured term loan (repaid in 2022) [Member]
Secured and Unsecured Debt [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		3.03%
Unsecured debt, carrying amount repaid		$ 75,000,000
$100 million senior unsecured term loan (refinanced in 2022)
Secured and Unsecured Debt [Line Items]
Basis point reduction in credit spread | basisPoints		60
Debt instrument, basis spread above variable rate | basisPoints		85
Debt Instrument, Term		5 years
Fixed interest rate		1.80%
Unsecured debt, carrying amount		$ 100,000,000
$100 million senior unsecured term loan (new in 2022)
Secured and Unsecured Debt [Line Items]
Debt Instrument, Term		6 years 6 months
Debt Instrument, Interest Rate, Effective Percentage		3.06%
Debt Instrument, Basis Spread on Variable Rate		1.30%
Unsecured debt, carrying amount		$ 100,000,000
Unsecured bank credit facilities
Secured and Unsecured Debt [Line Items]
Unsecured bank credit facilities - variable rate, carrying amount		197,313,000	209,210,000
Unsecured bank credit facilities		195,317,000	207,066,000
Unamortized debt issuance costs		(1,996,000)	(2,144,000)
Unsecured Debt [Member]
Secured and Unsecured Debt [Line Items]
Unamortized debt issuance costs		(2,916,000)	(2,430,000)
Unsecured debt, carrying amount	[1]	1,270,000,000	1,245,000,000
Unsecured Debt		1,267,084,000	1,242,570,000
Secured Debt [Member]
Secured and Unsecured Debt [Line Items]
Secured debt-fixed rate, carrying amount	[1]	2,128,000	2,156,000
Secured Debt		2,115,000	2,142,000
Unamortized debt issuance costs		(13,000)	$ (14,000)
Nine bank group unsecured revolving credit facility [Member] | Former credit facility obtained in 2018 - $350 million [Member]
Secured and Unsecured Debt [Line Items]
Line of Credit Facility, Borrowing Capacity		$ 350,000,000
Debt instrument, basis spread above variable rate		100
Line of credit, facility fee (in basis points)		20
Debt Instrument, Maturity Date, Description		July 30, 2022
Nine bank group unsecured revolving credit facility [Member] | Bank credit facility obtained in 2021 - $425 million
Secured and Unsecured Debt [Line Items]
Line of Credit Facility, Interest Rate at Period End		1.168%
Line of Credit Facility, Borrowing Capacity		$ 425,000,000
Number of banks included in the unsecured revolving credit facility | Integer		9
Debt instrument, basis spread above variable rate		77.5
Line of credit, facility fee (in basis points)		15
Debt Instrument, Maturity Date, Description		July 30, 2025
Extension option on credit facility		two six-month extensions
Line of credit facility, accordion		$ 325,000,000
Unsecured bank credit facilities - variable rate, carrying amount		$ 183,000,000
Nine bank group unsecured revolving credit facility [Member] | Bank credit facilities obtained in 2021 - $425 and $50 million
Secured and Unsecured Debt [Line Items]
Sustainability performance linked basis point reduction (in basis points)		1
Initial pricing basis for credit facilities		BBB+/Baa1
Line of credit facility covenant terms, consolidated leverage ratio		32.50%
Pnc Na Unsecured revolving credit facility [Member] | Former credit facility obtained in 2018 - $45 million [Member]
Secured and Unsecured Debt [Line Items]
Line of Credit Facility, Borrowing Capacity		$ 45,000,000
Debt instrument, basis spread above variable rate		100
Line of credit, facility fee (in basis points)		20
Debt Instrument, Maturity Date, Description		July 30, 2022
Pnc Na Unsecured revolving credit facility [Member] | Bank credit facility obtained in 2021 - $50 million
Secured and Unsecured Debt [Line Items]
Line of Credit Facility, Interest Rate at Period End		1.227%
Line of Credit Facility, Borrowing Capacity		$ 50,000,000
Debt instrument, basis spread above variable rate		77.5
Line of credit, facility fee (in basis points)		15
Debt Instrument, Maturity Date, Description		July 30, 2025
Extension option on credit facility		two six-month extensions
Unsecured bank credit facilities - variable rate, carrying amount		$ 14,313,000
[1]	These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Accounts Payable and Accrued Expenses [Abstract]
Property taxes payable		$ 18,755	$ 4,494
Development costs payable		18,820	17,529
Retainage payable		13,779	10,576
Real estate improvements and capitalized leasing costs payable		7,920	5,798
Interest payable		8,876	6,547
Dividends payable		46,784	46,864
Book Overdraft	[1]	4,499	4,845
Other payables and accrued expenses		7,275	13,107
Total accounts payable and accrued expenses		$ 126,708	$ 109,760
[1]	Represents checks written before the end of the period which have not cleared the bank; therefore, the bank has not yet advanced cash to the Company. When the checks clear the bank, they will be funded through the Company’s working cash line of credit, which is included in the Company’s Unsecured bank credit facilities.

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Other Liabilities, Unclassified [Abstract]
Security deposits	$ 30,057	$ 28,343
Prepaid rent and other deferred income	15,083	16,401
Operating lease liabilities - Ground leases	20,814	22,898
Operating lease liabilities - Office leases	1,909	2,032
Acquired below market lease intangibles	8,819	8,124
Accumulated amortization of acquired below market lease intangibles	(3,324)	(2,707)
Acquired below market lease intangibles, net of accumulated amortization	5,495	5,417
Interest rate swap liabilities	0	935
Tenant improvement cost liabilities	2,248	2,796
Other liabilities	3,516	3,516
Total Other Liabilities	$ 79,122	$ 82,338

COMPREHENSIVE INCOME (Details)

COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
COMPREHENSIVE INCOME [Abstract]
Balance at Beginning of Period	$ 1,302	$ (10,752)
Other comprehensive income (loss) - interest rate swaps	15,828	8,214
Balance at End of Period	$ 17,130	$ (2,538)

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details)	3 Months Ended
	Mar. 31, 2022USD ($)Integer	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)
Derivative [Line Items]
Number of interest rate swaps | Integer	5
Interest Rate Cash Flow Hedge Assets at Fair Value	$ 17,130,000		$ 2,237,000
Interest rate cash flow hedge liabilities at fair value	0		935,000
Swap termination value	$ 17,248,000
Remaining loans indexed to LIBOR | Integer	3
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative [Line Items]
Cash flow hedge amount to be reclassified to Interest Expense in next 12 months	$ 2,352,000
Amount of income (loss) recognized in Other comprehensive income on derivatives	14,952,000	$ 7,163,000
Amount of (income) loss reclassified from Accumulated other comprehensive income into interest expense	876,000	$ 1,051,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member]
Derivative [Line Items]
Interest Rate Cash Flow Hedge Assets at Fair Value	17,130,000		2,237,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member]
Derivative [Line Items]
Interest rate cash flow hedge liabilities at fair value	0		935,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | $75 million interest rate swap executed in 2015 [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	0		75,000,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | $65 million interest rate swap executed in 2016 [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	65,000,000		65,000,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | $100 million interest rate swap (2019) [Domain]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	100,000,000		100,000,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | $100 million interest rate swap (2020) [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	100,000,000		100,000,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | $50 million interest rate swap executed in 2021
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	50,000,000		50,000,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | $100 million interest rate swap executed in 2022
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	$ 100,000,000		$ 0

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
BASIC EPS COMPUTATION FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract]
Net income attributable to common stockholders	$ 63,580	$ 27,339
Weighted average shares outstanding (in shares)	41,246	39,673
DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net Income Available to Common Stockholders	$ 63,580	$ 27,339
Weighted average shares outstanding (in shares)	41,246	39,673
Unvested restricted stock	113	92
Weighted average diluted shares outstanding	41,359	39,765

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		$ (2,594,000)	$ (2,147,000)
Shares withheld for tax obligations		34,251	30,252
Award Recipient Type Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		$ 33,000	$ 3,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested as of the vesting date		$ 17,124,000
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)		105,485
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		85,767		106,212
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in shares)		$ 129.68		$ 116.38
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	[1],[2]	60,120
Grant date fair value of shares issued (in dollars per share)	[1],[2]	$ 116.65
Forfeited (in shares)		0
Forfeited (per share)		$ 0
Vested (in shares)		(80,565)
Vested (per share)		$ 102.42
Fair value of shares granted, as of the grant dates		$ 7,013,000
Restricted Stock [Member] | Award Recipient Type Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		2,561,000	2,144,000
Stock-based compensation costs capitalized as development costs		$ 691,000	$ 550,000
Company performance based award | Executive Officer [Member] | End of one-year performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		34.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year
Company performance based award | Executive Officer [Member] | Each of the following two years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		33.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		2 years
Individual performance based award | Executive Officer [Member] | End of one-year performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		34.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year
Individual performance based award | Executive Officer [Member] | Each of the following two years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		33.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		2 years
Total shareholder return | Executive Officer [Member] | Following year after performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		25.00%
Total shareholder return | Executive Officer [Member] | End of three-year performance period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		75.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Continuing employement awards | Executive Officer [Member] | Each year of 4-year service period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		25.00%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
[1]	Does not include the restricted shares that may be earned if the performance goals established in 2020 and 2021 for long-term performance and in 2022 for annual and long-term performance are achieved. Depending on the actual level of achievement of the goals at the end of the open performance periods, the number of shares earned could range from zero to 105,485.
[2]	Includes shares granted in prior years for which performance conditions have been satisfied and the number of shares have been determined.

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Fair Value [Member]
Financial Assets [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure		$ 5,718	$ 4,393
Interest rate swap assets		17,130	2,237
Financial Liabilities [Abstract]
Unsecured bank credit facilities - variable rate		197,280	209,202
Unsecured debt Fair Value Disclosure		1,251,686	1,267,702
Secured debt		2,170	2,269
Interest rate swap liabilities		0	935
Carrying Amount [Member]
Financial Assets [Abstract]
Cash and Cash Equivalents, at Carrying Value	[1]	5,718	4,393
Interest rate swap assets	[1]	17,130	2,237
Financial Liabilities [Abstract]
Unsecured bank credit facilities - variable rate	[1]	197,313	209,210
Unsecured debt Fair Value Disclosure	[1]	1,270,000	1,245,000
Secured debt	[1]	2,128	2,156
Interest rate swap liabilities	[1]	$ 0	$ 935
[1]	Carrying amounts shown in the table are included on the Consolidated Balance Sheets under the indicated captions, except as explained in the notes below. (2) Carrying amounts and fair values shown in the table exclude debt issuance costs (see Note 10 for additional information). 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. 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 and SOFR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 14 for additional information on the Company’s interest rate swaps. 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), excluding the effects of debt issuance costs. 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), excluding the effects of debt issuance costs. 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), excluding the effects of debt issuance costs. 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 and SOFR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 14 for additional information on the Company’s interest rate swaps.

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] $ in Thousands	1 Months Ended
	Apr. 27, 2022USD ($)ft²a
$150 million senior unsecured note (2022)
Subsequent Event [Line Items]
Debt Instrument, Face Amount	$ 150,000
Debt Instrument, Interest Rate, Stated Percentage	3.03%
Long-term Debt, Term	10 years
Cypress Preserve Land
Subsequent Event [Line Items]
Payments to Acquire Land	$ 7,800
Acres of real estate investment property | a	25.8
Zephyr Distribution Center
Subsequent Event [Line Items]
Area of real estate property | ft²	82,000
Payments to Acquire Real Estate	$ 28,500
Mesa Gateway Commerce Park
Subsequent Event [Line Items]
Area of real estate property | ft²	147,000
Payments to Acquire Real Estate	$ 18,300