EastGroup Properties (EGP) 10-Q 26 Jul 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Jun. 30, 2023	Jul. 25, 2023
Cover [Abstract]
Document Type	10-Q
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		45,398,852
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0000049600
Document Transition Report	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023

CONSOLIDATED BALANCE SHEETS - U

CONSOLIDATED BALANCE SHEETS - Unaudited - USD ($)		Jun. 30, 2023	Dec. 31, 2022
ASSETS
Real estate properties		$ 4,594,477,000	$ 4,395,972,000
Development and value-add properties	[1]	559,108,000	538,449,000
Real estate, development and value-add properties		5,153,585,000	4,934,421,000
Less accumulated depreciation		(1,212,857,000)	(1,150,814,000)
Real estate, net		3,940,728,000	3,783,607,000
Unconsolidated investment		7,785,000	7,230,000
Cash and Cash Equivalents		1,082,000	56,000
Other Assets		254,533,000	244,944,000
TOTAL ASSETS		4,204,128,000	4,035,837,000
LIABILITIES
Unsecured bank credit facilities, net of debt issuance costs		(2,002,000)	168,454,000
Unsecured debt, net of debt issuance costs		1,726,024,000	1,691,259,000
Secured debt, net of debt issuance costs		1,974,000	2,031,000
Accounts payable and accrued expenses		178,567,000	136,988,000
Other liabilities		85,844,000	83,666,000
Total Liabilities		1,990,407,000	2,082,398,000
STOCKHOLDERS' EQUITY
Common shares; $.0001 par value; 70,000,000 shares authorized; 45,323,836 shares issued and outstanding at June 30, 2023 and 43,575,539 at December 31, 2022		4,000	4,000
Excess shares; $.0001 par value; 30,000,000 shares authorized; zero shares issued		0	0
Additional paid-in capital		2,535,996,000	2,251,521,000
Distributions in excess of earning		(358,934,000)	(334,898,000)
Accumulated Other Comprehensive Income		36,311,000	36,371,000
Total Stockholders' Equity		2,213,377,000	1,952,998,000
Noncontrolling interest in joint ventures		344,000	441,000
Total Equity		2,213,721,000	1,953,439,000
TOTAL LIABILITIES AND EQUITY		$ 4,204,128,000	$ 4,035,837,000
BALANCE SHEET PARENTHETICAL DISCLOSURES
Common shares, par value (in dollars per share)		$ 0.0001	$ 0.0001
Common shares, authorized		70,000,000	70,000,000
Common shares, issued		45,323,836	43,575,539
Common shares, outstanding		45,323,836	43,575,539
Excess shares, par value (in dollars per share)		$ 0.0001	$ 0.0001
Excess shares, authorized		30,000,000	30,000,000
Excess Stock, 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 the acquisition date based on near term lease termination), 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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES
Income from real estate operations	$ 138,811,000	$ 118,498,000	$ 272,775,000	$ 231,450,000
Other revenue	1,076,000	55,000	2,137,000	77,000
Revenues	139,887,000	118,553,000	274,912,000	231,527,000
EXPENSES
Expenses from real estate operations	37,767,000	32,546,000	73,953,000	63,610,000
Depreciation and amortization	42,295,000	37,461,000	83,309,000	73,802,000
General and administrative	4,384,000	4,226,000	9,588,000	8,536,000
Indirect leasing costs	149,000	116,000	289,000	291,000
Expenses	84,595,000	74,349,000	167,139,000	146,239,000
OTHER INCOME (EXPENSE)
Interest expense	(12,575,000)	(8,970,000)	(25,600,000)	(17,080,000)
Gains on sales of real estate investments	0	10,647,000	4,809,000	40,999,000
Other	748,000	284,000	1,187,000	562,000
Net Income	43,465,000	46,165,000	88,169,000	109,769,000
Net income attributable to noncontrolling interest in joint ventures	(15,000)	(26,000)	(29,000)	(50,000)
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS	43,450,000	46,139,000	88,140,000	109,719,000
Other comprehensive income (loss) - interest rate swaps	10,202,000	6,841,000	(60,000)	22,669,000
TOTAL COMPREHENSIVE INCOME	$ 53,652,000	$ 52,980,000	$ 88,080,000	$ 132,388,000
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.97	$ 1.09	$ 1.99	$ 2.63
Weighted average shares outstanding (in shares)	44,656	42,211	44,204	41,729
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.97	$ 1.09	$ 1.99	$ 2.62
Weighted average shares outstanding (in shares)	44,734	42,316	44,279	41,838

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	Noncontrolling Interest in Joint Ventures
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
Net unrealized change in fair value of 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 in connection with the vesting of restricted stock	34,251
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	109,769
Net unrealized change in fair value of interest rate swaps	22,669
BALANCE at Jun. 30, 2022	1,986,074	4	2,263,072	(302,324)	23,971	1,351
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]
Net Income	46,165	0	0	46,139	0	26
Net unrealized change in fair value of interest rate swaps	6,841	0	0	0	6,841	0
Common dividends declared	(48,034)	0	0	(48,034)	0	0
Stock-based compensation, net of forfeitures	3,062	0	3,062	0	0	0
Issuance of common stock, net of expenses, in the purchase of real estate	303,682	0	303,682	0	0	0
Net distributions to noncontrolling interest	(31)	0	0	0	0	(31)
BALANCE at Jun. 30, 2022	$ 1,986,074	4	2,263,072	(302,324)	23,971	1,351
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared - per share (in dollars per share)	$ 1.10
Shares of common stock issued, net of expenses, in the purchase of real estate	1,868,809
BALANCE at Dec. 31, 2022	$ 1,953,439	4	2,251,521	(334,898)	36,371	441
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	44,704	0	0	44,690	0	14
Net unrealized change in fair value of interest rate swaps	(10,262)	0	0	0	(10,262)	0
Common dividends declared	(55,414)	0	0	(55,414)	0	0
Stock-based compensation, net of forfeitures	3,477	0	3,477	0	0	0
Issuance of common stock, common stock offering, net of expenses	105,321	0	105,321	0	0	0
Withheld shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock	(4,836)	0	(4,836)	0	0	0
Withheld Shares Of Common Stock To Satisfy Tax Withholding Obligations In Connection With Vesting Of Restricted Stock Shares	(7)	0	(7)	0	0	0
Net distributions to noncontrolling interest	(40)	0	0	0	0	(40)
BALANCE at Mar. 31, 2023	$ 2,036,382	4	2,355,476	(345,622)	26,109	415
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared - per share (in dollars per share)	$ 1.25
Issuance of shares of common stock, common stock offering, net of expenses	652,909
Shares withheld for tax obligations in connection with the issuance of common stock	46
BALANCE at Dec. 31, 2022	$ 1,953,439	4	2,251,521	(334,898)	36,371	441
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	88,169
Net unrealized change in fair value of interest rate swaps	(60)
BALANCE at Jun. 30, 2023	$ 2,213,721	4	2,535,996	(358,934)	36,311	344
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares withheld for tax obligations in connection with the vesting of restricted stock	31,254
BALANCE at Mar. 31, 2023	$ 2,036,382	4	2,355,476	(345,622)	26,109	415
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	43,465	0	0	43,450	0	15
Net unrealized change in fair value of interest rate swaps	10,202	0	0	0	10,202	0
Common dividends declared	(56,762)	0	0	(56,762)	0	0
Stock-based compensation, net of forfeitures	2,771	0	2,771	0	0	0
Issuance of common stock, common stock offering, net of expenses	177,749	0	177,749	0	0	0
Net distributions to noncontrolling interest	(86)	0	0	0	0	(86)
BALANCE at Jun. 30, 2023	$ 2,213,721	$ 4	$ 2,535,996	$ (358,934)	$ 36,311	$ 344
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared - per share (in dollars per share)	$ 1.25
Issuance of shares of common stock, common stock offering, net of expenses	1,065,678

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
OPERATING ACTIVITIES
Net Income	$ 43,465	$ 44,704	$ 46,165	$ 63,604	$ 88,169	$ 109,769
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	42,295		37,461		83,309	73,802
Stock-based compensation expense					4,954	4,320
Gain on sales of real estate investments					(4,809)	(40,999)
Gain on sales of non-operating real estate					(446)	0
Gain on casualties and involuntary conversion					(2,069)	0
Changes in operating assets and liabilities:
Accrued income and other assets					(13,004)	598
Accounts payable, accrued expenses and prepaid rent					22,291	28,104
Other					384	558
NET CASH PROVIDED BY OPERATING ACTIVITIES					178,779	176,152
INVESTING ACTIVITIES
Development and value-add properties					(172,940)	(283,451)
Purchases of real estate					(34,365)	(2,049)
Real estate improvements					(28,733)	(21,723)
Net proceeds from sales of real estate investments					13,821	51,006
Leasing commissions					(16,548)	(18,362)
Proceeds from casualties and involuntary conversion on real estate assets					1,339	0
Changes in accrued development costs					20,614	16,062
Changes in other assets and other liabilities					8,009	(2,621)
NET CASH USED IN INVESTING ACTIVITIES					(208,803)	(261,138)
FINANCING ACTIVITIES
Proceeds from unsecured bank credit facilities					275,080	501,523
Repayments on unsecured bank credit facilities					(445,080)	(504,314)
Proceeds from unsecured debt					100,000	250,000
Repayments of unsecured debt					(65,000)	(75,000)
Repayments on secured debt					(49)	(60,047)
Debt issuance costs					(1,649)	(1,030)
Distributions paid to stockholders (not including dividends accrued)					(110,411)	(91,787)
Proceeds from common stock offerings					283,511	74,249
Common stock offering related costs					(441)	(70)
Other					(4,911)	(7,376)
NET CASH PROVIDED BY FINANCING ACTIVITIES					31,050	86,148
INCREASE IN CASH AND CASH EQUIVALENTS					1,026	1,162
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		$ 56		$ 4,393	56	4,393	$ 4,393
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 1,082		$ 5,555		1,082	5,555	$ 56
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest, net of amounts capitalized of $7,613 and $4,943 for 2023 and 2022, respectively					25,019	15,382
Interest capitalized					7,613	4,943
Cash paid for operating lease liabilities					1,134	962
Common stock issued in the purchase of real estate					0	303,682
Debt assumed in the purchase of real estate					0	60,000
NON-CASH OPERATING ACTIVITY [Abstract]
Operating lease liabilities arising from obtaining right of use assets					$ 0	$ 398

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
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, 2022 and the notes thereto. Certain reclassifications have been made in the 2022 consolidated financial statements to conform to the 2023 presentation.

PRINCIPLES OF CONSOLIDATION

PRINCIPLES OF CONSOLIDATION	6 Months Ended
	Jun. 30, 2023
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 the investee of any joint ventures in which the Company has a controlling interest. As of June 30, 2023 and December 31, 2022, EastGroup had a 95% controlling interest in one joint venture arrangement, which owns 6.5 acres of land in San Diego, known by the Company as the Miramar land. During the year ended December 31, 2022, EastGroup acquired the 1% noncontrolling interest in Speed Distribution Center, a 519,000 square foot building in San Diego, in which the Company held a 99% controlling interest. The Company continues to control and own 100% of the property. 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	6 Months Ended
	Jun. 30, 2023
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	6 Months Ended
	Jun. 30, 2023
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 and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Lease income — operating leases $ 104,150 88,931 204,846 173,876 Variable lease income (1) 34,661 29,567 67,929 57,574 Income from real estate operations $ 138,811 118,498 272,775 231,450 (1) Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance.

REAL ESTATE PROPERTIES

REAL ESTATE PROPERTIES	6 Months Ended
	Jun. 30, 2023
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 six month periods ended June 30, 2023 and 2022, 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 $34,690,000 and $68,536,000 for the three and six months ended June 30, 2023, respectively, and $30,715,000 and $60,107,000 for the same periods in 2022. The Company’s Real estate properties and Development and value-add properties at June 30, 2023 and December 31, 2022 were as follows: June 30, December 31, (In thousands) Real estate properties: Land $ 776,357 730,445 Buildings and building improvements 3,139,436 3,012,319 Tenant and other improvements 659,997 633,817 Right of use assets — Ground leases (operating) (1) 18,687 19,391 Development and value-add properties (2) 559,108 538,449 5,153,585 4,934,421 Less accumulated depreciation (1,212,857) (1,150,814) $ 3,940,728 3,783,607 (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 the acquisition date based on near term lease termination), 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	6 Months Ended
	Jun. 30, 2023
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	6 Months Ended
	Jun. 30, 2023
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. Criteria considered in grouping similar assets include geographic location, market and operational risks and the physical characteristics of the assets. EastGroup determined that its real estate property acquisitions in 2022 and the first six months of 2023 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 2022 and 2023 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 and the value of leases in-place at the time of acquisition. 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. In-place lease intangibles are valued based upon management’s assessment of factors such as 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. Amortization expense for in-place lease intangibles was $2,174,000 and $4,136,000 for the three and six months ended June 30, 2023, respectively, and $2,198,000 and $4,663,000 for the same periods in 2022. Amortization of above and below market lease intangibles increased rental income by $696,000 and $1,295,000 for the three and six months ended June 30, 2023, respectively, and $507,000 and $1,352,000 for the same periods in 2022. During six months ended June 30, 2023, EastGroup acquired the following property: REAL ESTATE PROPERTY ACQUIRED IN 2023 Location Size Date Cost (1) (Square feet) (In thousands) Operating property acquired (2) Craig Corporate Center Las Vegas, NV 156,000 04/18/2023 $ 34,365 (1) Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs. (2) Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets. The following table summarizes the allocation of the total consideration for the acquired assets and assumed liabilities in connection with the acquisition identified in the table above which was acquired during the six months ended June 30, 2023. ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2023 Cost (In thousands) Land $ 13,913 Buildings and building improvements 18,202 Tenant and other improvements 646 Total real estate properties acquired 32,761 In-place lease intangibles (1) 1,604 Total assets acquired, net of liabilities assumed $ 34,365 (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 lease in the property acquired during the six months ended June 30, 2023 had a remaining lease term at acquisition of approximately 10.1 years. Also during the six months ended June 30, 2023, EastGroup purchased 116.7 acres of development land in three markets for $17,754,000. During 2022, EastGroup acquired the following properties: REAL ESTATE PROPERTIES ACQUIRED IN 2022 Location Size Date Cost (1) (Square feet) (In thousands) Operating properties acquired (2) Cebrian Distribution Center and Reed Distribution Center (3) Sacramento, CA 329,000 06/01/2022 $ 49,726 6 th Street Business Center, Benicia Distribution Center 1-5, Ettie Business Center, Laura Alice Business Center, Preston Distribution Center, Sinclair Distribution Center, Transit Distribution Center and Whipple Business Center (3) San Francisco, CA 1,377,000 06/01/2022 309,404 Total operating property acquisitions 1,706,000 359,130 Value-add properties acquired (4) Cypress Preserve 1 & 2 Houston, TX 516,000 03/28/2022 54,462 Zephyr Distribution Center San Francisco, CA 82,000 04/08/2022 29,017 Mesa Gateway Commerce Center Phoenix, AZ 147,000 04/15/2022 18,315 Access Point 3 Greenville, SC 299,000 07/12/2022 21,127 Total value-add property acquisitions 1,044,000 122,921 Total acquired assets 2,750,000 $ 482,051 (1) Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs. (2) Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets. (3) The Company acquired these operating properties along with two land parcels, also in Sacramento, CA and San Francisco, CA, in connection with its acquisition of Tulloch Corporation in June 2022. Size and cost are presented on an aggregate basis for the properties located in Sacramento, CA and San Francisco, CA, respectively. In consideration for this acquisition, the Company assumed a $60,000,000 loan and issued 1,868,809 shares of the Company’s common stock. The acquisition date fair value of the loan assumed was $60,000,000, and the acquisition date fair value of the common shares, which was based on the closing share price on the acquisition date, was $303,756,000. (4) Value-add properties are defined in Note 5. The following table summarizes the allocation of the total consideration for the acquired assets and assumed liabilities in connection with the acquisitions identified in the table above which were acquired during the year ended December 31, 2022. ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2022 Cost (In thousands) Land $ 127,402 Buildings and building improvements 335,335 Tenant and other improvements 11,502 Total real estate properties acquired 474,239 In-place lease intangibles (1) 11,871 Below market lease intangibles (2) (4,059) Total assets acquired, net of liabilities assumed $ 482,051 (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 year ended December 31, 2022 had a weighted average remaining lease term at acquisition of approximately 3.9 years. Also during 2022, EastGroup purchased 456.3 acres of development land in 10 markets for $123,717,000. The land acquisitions in San Francisco and Sacramento were acquired in connection with the Company’s acquisition of Tulloch Corporation in June 2022. Also in the year ended December 31, 2022, the Company acquired the 1% noncontrolling partnership interest in Speed Distribution Center in San Diego for $18,599,000. EastGroup continues to control and own 100% of the property. 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 and six month periods ended June 30, 2023 and 2022.

REAL ESTATE SOLD AND HELD FOR S

REAL ESTATE SOLD AND HELD FOR SALE DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022. In accordance with ASC 360 and ASC 205, Presentation of Financial Statements , the Company would report a disposal of a component of an entity or a group of components of an entity in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, the Company would provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation. The Company sold one operating property during the six months ended June 30, 2023 and three operating properties during the year ended December 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 or 2023 to be disposals of a component of an entity or a group of components of an entity representing a strategic shift that has (or will have) a major effect on the entity’s operations and financial results. A summary of Gain on sales of real estate investments for the six months ended June 30, 2023 and the year ended December 31, 2022 follows: REAL ESTATE PROPERTIES SOLD Location Size Date Sold Net Sales Price Basis Recognized Gain (In square feet) (In thousands) 2023 World Houston 23 Houston, TX 125,000 03/31/2023 $ 9,327 4,518 4,809 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 World Houston 15 East Houston, TX 42,000 05/11/2022 12,873 2,226 10,647 Total for 2022 287,000 $ 51,006 10,007 40,999 (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. The table above includes sales of operating properties. During the six months ended June 30, 2023, the Company also sold 11.9 acres of land in Houston and Fort Worth, for $4,750,000 and recognized gains on the sales of $446,000. The gains on sales of non-operating real estate are included in Other on the Consolidated Statements of Income and Comprehensive Income.

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2023
Other Assets [Abstract]
Other Assets	OTHER ASSETS A summary of the Company’s Other assets follows: June 30, December 31, (In thousands) Leasing costs (principally commissions) $ 150,350 140,273 Accumulated amortization of leasing costs (52,549) (48,249) Leasing costs (principally commissions), net of accumulated amortization 97,801 92,024 Acquired in-place lease intangibles 36,115 37,181 Accumulated amortization of acquired in-place lease intangibles (17,742) (16,276) Acquired in-place lease intangibles, net of accumulated amortization 18,373 20,905 Acquired above market lease intangibles 496 496 Accumulated amortization of acquired above market lease intangibles (292) (251) Acquired above market lease intangibles, net of accumulated amortization 204 245 Straight-line rents receivable 67,362 61,452 Accounts receivable 3,209 9,568 Interest rate swap assets 37,575 38,352 Right of use assets — Office leases (operating) 1,803 2,050 Escrow deposits and prepaid costs for pending transactions 1,197 2,522 Goodwill 990 990 Prepaid insurance 15,582 2,681 Receivable for insurance proceeds 4,789 2,828 Prepaid expenses and other assets 5,648 11,327 Total Other assets $ 254,533 244,944

DEBT

DEBT	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt Disclosure	DEBT The Company’s debt is detailed below: June 30, December 31, (In thousands) Unsecured bank credit facilities - variable rate, carrying amount $ — 170,000 Unamortized debt issuance costs (2,002) (1,546) Unsecured bank credit facilities, net of debt issuance costs (2,002) 168,454 Unsecured debt - fixed rate, carrying amount (1) 1,730,000 1,695,000 Unamortized debt issuance costs (3,976) (3,741) Unsecured debt, net of debt issuance costs 1,726,024 1,691,259 Secured debt - fixed rate, carrying amount (1) 1,983 2,041 Unamortized debt issuance costs (9) (10) Secured debt, net of debt issuance costs 1,974 2,031 Total debt, net of debt issuance costs $ 1,725,996 1,861,744 (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. Until January 10, 2023, EastGroup had $425,000,000 and $50,000,000 unsecured bank credit facilities with margins over London Interbank Offered Rate (“LIBOR”) of 77.5 basis points, facility fees of 15 basis points and maturity dates of July 30, 2025. The Company amended and restated these credit facilities effective January 10, 2023, expanding the total capacity on its unsecured bank credit facilities from $475,000,000 to $675,000,000 and replacing LIBOR with SOFR as the benchmark interest rate. The Company’s $625,000,000 unsecured bank credit facility, which was increased in January 2023 by $200,000,000 from $425,000,000, is with a group of 11 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 an additional $125,000,000 accordion (with agreement by all parties). The interest rate on each tranche is reset on a monthly basis and as of June 30, 2023, was SOFR plus 76.5 basis points with an annual facility fee of 15 basis points. As of June 30, 2023, the Company had no variable rate borrowings on this unsecured bank credit facility and a weighted average interest rate of 6.006%. The Company has a standby letter of credit of $67,000 pledged on this facility, which reduces borrowing capacity under the credit facility. The Company's $50,000,000 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 $625,000,000 facility are exercised. The interest rate is reset on a daily basis and as of June 30, 2023, was SOFR plus 76.5 basis points with an annual facility fee of 15 basis points. As of June 30, 2023, the interest rate was 5.955% with no outstanding balance. 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 is reduced by one basis point if the Company meets a certain sustainability performance target. This sustainability metric is evaluated annually and was achieved for the year ended December 31, 2022, which effectively reduced the margin on the unsecured bank credit facilities during 2023 by one basis point from 77.5 to 76.5 basis points. In January 2023, the Company closed a $100,000,000 senior unsecured term loan with a seven On March 31, 2023, EastGroup repaid a $65,000,000 senior unsecured term loan with a total effectively fixed interest rate of 2.31%. The loan, which was scheduled to mature on April 1, 2023, was repaid with no penalty. 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 June 30, 2023, are as follows: Years Ending December 31, (In thousands) 2023 - Remainder of year $ 50,061 2024 170,122 2025 145,128 2026 141,672 2027 175,000 2028 and beyond 1,050,000 Total $ 1,731,983

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2023
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: June 30, December 31, (In thousands) Property taxes payable $ 41,496 6,823 Development costs payable 39,920 21,305 Retainage payable 13,010 11,011 Real estate improvements and capitalized leasing costs payable 5,806 5,182 Interest payable 9,228 9,597 Dividends payable 57,717 55,952 Book overdraft (1) 660 13,370 Other payables and accrued expenses 10,730 13,748 Total Accounts payable and accrued expenses $ 178,567 136,988 (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	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Other Liabilities	OTHER LIABILITIES A summary of the Company’s Other liabilities follows: June 30, December 31, (In thousands) Security deposits $ 36,503 34,272 Prepaid rent and other deferred income 20,635 17,004 Operating lease liabilities — Ground leases 19,329 19,906 Operating lease liabilities — Office leases 1,891 2,139 Acquired below market lease intangibles 10,001 10,735 Accumulated amortization of below market lease intangibles (4,559) (3,957) Acquired below market lease intangibles, net of accumulated amortization 5,442 6,778 Interest rate swap liabilities 1,264 1,981 Other liabilities 780 1,586 Total Other liabilities $ 85,844 83,666

COMPREHENSIVE INCOME

COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 2023
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 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 Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) ACCUMULATED OTHER COMPREHENSIVE INCOME: Balance at beginning of period $ 26,109 17,130 36,371 1,302 Other comprehensive income (loss) - interest rate swaps 10,202 6,841 (60) 22,669 Balance at end of period $ 36,311 23,971 36,311 23,971

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023, the Company had seven 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’ 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 (loss) 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 $17,918,000 will be reclassified from Other comprehensive income (loss) 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 SOFR market data. Uncollateralized or partially-collateralized trades include appropriate economic adjustments for funding costs and credit risk. The Company calculates its derivative valuations using mid-market prices. On June 30, 2023, LIBOR’s administrator, ICE Benchmark Administration (IBA) ceased publication of the different tenors of USD LIBOR. This cessation follows an announcement by the IBA’s regulator, the Financial Conduct Authority, in March 2021 that LIBOR would no longer be a representative rate beyond this date. 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, recommended SOFR plus a recommended spread adjustment as its preferred alternative to USD-LIBOR. As a result, all of the Company’s remaining borrowings which were LIBOR-based have been amended to modify the index from LIBOR to SOFR. Concurrently, the related swaps were amended to reference SOFR rather than LIBOR. The transition did not have a material impact on the Company’s consolidated financial statements. 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 preserved the presentation of derivatives consistent with past presentation. In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 , which was issued to defer the sunset date of Topic 848 to December 31, 2024. ASU 2022-06 is effective immediately for all companies. ASU 2022-06 had no impact on the Company’s consolidated financial statements for the three and six months ended June 30, 2023. As of June 30, 2023 and December 31, 2022, 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 June 30, 2023 Notional Amount as of December 31, 2022 (In thousands) Interest Rate Swap — $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 $100,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $50,000 $50,000 Interest Rate Swap $100,000 $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 June 30, 2023 and December 31, 2022. See Note 17 for additional information on the fair value of the Company’s interest rate swaps. Derivatives As of June 30, 2023 Derivatives As of December 31, 2022 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other assets $ 37,575 Other assets $ 38,352 Interest rate swap liabilities Other liabilities 1,264 Other liabilities 1,981 The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income recognized in Other comprehensive income (loss) on derivatives $ 14,452 6,403 8,255 21,355 Amount of (income) loss reclassified from Accumulated other comprehensive income (loss) into Interest expense (4,250) 438 (8,315) 1,314 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 $36,782,000 as of June 30, 2023.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2023
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 Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 43,450 46,139 88,140 109,719 Denominator – weighted average shares outstanding - Basic 44,656 42,211 44,204 41,729 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 43,450 46,139 88,140 109,719 Denominator: Weighted average shares outstanding - Basic 44,656 42,211 44,204 41,729 Unvested restricted stock 78 105 75 109 Weighted average shares outstanding - Diluted 44,734 42,316 44,279 41,838

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2023
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 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 2023 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 $2,579,000 and $5,831,000 for the three and six months ended June 30, 2023, of which $601,000 and $1,294,000 were capitalized as part of the Company’s development costs. For the three and six months ended June 30, 2022, stock-based compensation cost for employees was $2,989,000 and $5,550,000, of which $645,000 and $1,336,000 were capitalized as part of the Company’s development costs. Stock-based compensation expense for directors was $192,000 and $417,000 for the three and six months ended June 30, 2023, respectively, and $73,000 and $106,000 for the same periods in 2022. 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 six months ended June 30, 2023, the Company withheld 31,254 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 six months ended June 30, 2023 was $9,222,000. As of the vesting dates, the aggregate fair value of shares that vested during the six months ended June 30, 2023 was $12,199,000. Award Activity: Three Months Ended Six Months Ended June 30, 2023 Shares Weighted Average Grant Date Fair Value Weighted Average Grant Date Fair Value Unvested at beginning of period 74,725 $ 150.91 102,508 $ 133.29 Granted (1) (2) 15,459 169.25 61,875 149.05 Forfeited — — (1,015) 144.79 Vested (5,568) 158.13 (78,752) 123.54 Unvested at end of period 84,616 $ 153.76 84,616 $ 153.76 (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	6 Months Ended
	Jun. 30, 2023
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 FASB 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 June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 1,082 1,082 56 56 Interest rate swap assets 37,575 37,575 38,352 38,352 Financial Liabilities: Unsecured bank credit facilities - variable rate (2) — — 170,000 169,684 Unsecured debt (2) 1,730,000 1,587,477 1,695,000 1,548,221 Secured debt (2) 1,983 1,892 2,041 1,918 Interest rate swap liabilities 1,264 1,264 1,981 1,981 (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 Company considers all highly liquid investments with a maturity of three months or less when purchased to be 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 or SOFR swap 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 or SOFR swap 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	6 Months Ended
	Jun. 30, 2023
Risks and Uncertainties [Abstract]
Risks and Uncertainties	RISKS AND UNCERTAINTIES The state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position.  Should EastGroup experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its shareholders, service debt or meet other financial obligations.

LEGAL MATTERS (Notes)

LEGAL MATTERS (Notes)	6 Months Ended
	Jun. 30, 2023
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	6 Months Ended
	Jun. 30, 2023
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 the following ASUs apply to the Company. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , applies to the Company. Also, in December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848

SUBSEQUENT EVENTS (Notes)

SUBSEQUENT EVENTS (Notes)	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS On June 29 and 30, 2023, the Company sold 75,016 shares of common stock under its continuous common equity program at a weighted average price of $172.42. These shares were deemed to be issued and outstanding upon settlement in July 2023. Subsequent to June 30, 2023, EastGroup closed on the acquisition of 20.3 acres of development land in Dallas, known by the Company as Denton 35 Exchange Land, for approximately $5,500,000. The site will accommodate the future development of two buildings containing approximately 245,000 square feet.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The consolidated financial statements include the accounts of EastGroup, its wholly owned subsidiaries and the investee of any joint ventures in which the Company has a controlling interest. As of June 30, 2023 and December 31, 2022, EastGroup had a 95% controlling interest in one joint venture arrangement, which owns 6.5 acres of land in San Diego, known by the Company as the Miramar land. During the year ended December 31, 2022, EastGroup acquired the 1% noncontrolling interest in Speed Distribution Center, a 519,000 square foot building in San Diego, in which the Company held a 99% controlling interest. The Company continues to control and own 100% of the property. 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 June 30, 2023 and December 31, 2022. In accordance with ASC 360 and ASC 205, Presentation of Financial Statements
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. Criteria considered in grouping similar assets include geographic location, market and operational risks and the physical characteristics of the assets. EastGroup determined that its real estate property acquisitions in 2022 and the first six months of 2023 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 2022 and 2023 acquisitions. The purchase price is also allocated among the following categories of intangible assets: the above or below market component of in-place leases and the value of leases in-place at the time of acquisition. 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. In-place lease intangibles are valued based upon management’s assessment of factors such as 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 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 2023 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 FASB 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 six month periods ended June 30, 2023 and 2022, the Company did not identify any impairment charges which should be recorded.
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, it may affect the Company’s ability to make distributions to its shareholders, service debt or meet other financial obligations.
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 the following ASUs apply to the Company. ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , applies to the Company. Also, in December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848
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)	6 Months Ended
	Jun. 30, 2023
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 and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) Lease income — operating leases $ 104,150 88,931 204,846 173,876 Variable lease income (1) 34,661 29,567 67,929 57,574 Income from real estate operations $ 138,811 118,498 272,775 231,450 (1) Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance.

REAL ESTATE PROPERTIES (Tables)

REAL ESTATE PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate Investment Property, Net [Abstract]
Schedule of Real Estate Properties	The Company’s Real estate properties and Development and value-add properties at June 30, 2023 and December 31, 2022 were as follows: June 30, December 31, (In thousands) Real estate properties: Land $ 776,357 730,445 Buildings and building improvements 3,139,436 3,012,319 Tenant and other improvements 659,997 633,817 Right of use assets — Ground leases (operating) (1) 18,687 19,391 Development and value-add properties (2) 559,108 538,449 5,153,585 4,934,421 Less accumulated depreciation (1,212,857) (1,150,814) $ 3,940,728 3,783,607 (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 the acquisition date based on near term lease termination), 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)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Asset Acquisition [Abstract]
Real Estate Properties Acquired [Table]	During six months ended June 30, 2023, EastGroup acquired the following property: REAL ESTATE PROPERTY ACQUIRED IN 2023 Location Size Date Cost (1) (Square feet) (In thousands) Operating property acquired (2) Craig Corporate Center Las Vegas, NV 156,000 04/18/2023 $ 34,365 (1) Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs.	During 2022, EastGroup acquired the following properties: REAL ESTATE PROPERTIES ACQUIRED IN 2022 Location Size Date Cost (1) (Square feet) (In thousands) Operating properties acquired (2) Cebrian Distribution Center and Reed Distribution Center (3) Sacramento, CA 329,000 06/01/2022 $ 49,726 6 th Street Business Center, Benicia Distribution Center 1-5, Ettie Business Center, Laura Alice Business Center, Preston Distribution Center, Sinclair Distribution Center, Transit Distribution Center and Whipple Business Center (3) San Francisco, CA 1,377,000 06/01/2022 309,404 Total operating property acquisitions 1,706,000 359,130 Value-add properties acquired (4) Cypress Preserve 1 & 2 Houston, TX 516,000 03/28/2022 54,462 Zephyr Distribution Center San Francisco, CA 82,000 04/08/2022 29,017 Mesa Gateway Commerce Center Phoenix, AZ 147,000 04/15/2022 18,315 Access Point 3 Greenville, SC 299,000 07/12/2022 21,127 Total value-add property acquisitions 1,044,000 122,921 Total acquired assets 2,750,000 $ 482,051 (1) Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs. (2) Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets. (3) The Company acquired these operating properties along with two land parcels, also in Sacramento, CA and San Francisco, CA, in connection with its acquisition of Tulloch Corporation in June 2022. Size and cost are presented on an aggregate basis for the properties located in Sacramento, CA and San Francisco, CA, respectively. In consideration for this acquisition, the Company assumed a $60,000,000 loan and issued 1,868,809 shares of the Company’s common stock. The acquisition date fair value of the loan assumed was $60,000,000, and the acquisition date fair value of the common shares, which was based on the closing share price on the acquisition date, was $303,756,000. (4) Value-add properties are defined in Note 5.
Acquired Assets and Assumed Liabilities [Table]	The following table summarizes the allocation of the total consideration for the acquired assets and assumed liabilities in connection with the acquisition identified in the table above which was acquired during the six months ended June 30, 2023. ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2023 Cost (In thousands) Land $ 13,913 Buildings and building improvements 18,202 Tenant and other improvements 646 Total real estate properties acquired 32,761 In-place lease intangibles (1) 1,604 Total assets acquired, net of liabilities assumed $ 34,365	The following table summarizes the allocation of the total consideration for the acquired assets and assumed liabilities in connection with the acquisitions identified in the table above which were acquired during the year ended December 31, 2022. ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2022 Cost (In thousands) Land $ 127,402 Buildings and building improvements 335,335 Tenant and other improvements 11,502 Total real estate properties acquired 474,239 In-place lease intangibles (1) 11,871 Below market lease intangibles (2) (4,059) Total assets acquired, net of liabilities assumed $ 482,051 (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.

REAL ESTATE SOLD AND HELD FOR_2

REAL ESTATE SOLD AND HELD FOR SALE DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Discontinued Operations and Disposal Groups [Abstract]
Real estate properties sold [Table]	A summary of Gain on sales of real estate investments for the six months ended June 30, 2023 and the year ended December 31, 2022 follows: REAL ESTATE PROPERTIES SOLD Location Size Date Sold Net Sales Price Basis Recognized Gain (In square feet) (In thousands) 2023 World Houston 23 Houston, TX 125,000 03/31/2023 $ 9,327 4,518 4,809 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 World Houston 15 East Houston, TX 42,000 05/11/2022 12,873 2,226 10,647 Total for 2022 287,000 $ 51,006 10,007 40,999 (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. The table above includes sales of operating properties. During the six months ended June 30, 2023, the Company also sold 11.9 acres of land in Houston and Fort Worth, for $4,750,000 and recognized gains on the sales of $446,000. The gains on sales of non-operating real estate are included in Other on the Consolidated Statements of Income and Comprehensive Income.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Other Assets [Abstract]
Other Assets	A summary of the Company’s Other assets follows: June 30, December 31, (In thousands) Leasing costs (principally commissions) $ 150,350 140,273 Accumulated amortization of leasing costs (52,549) (48,249) Leasing costs (principally commissions), net of accumulated amortization 97,801 92,024 Acquired in-place lease intangibles 36,115 37,181 Accumulated amortization of acquired in-place lease intangibles (17,742) (16,276) Acquired in-place lease intangibles, net of accumulated amortization 18,373 20,905 Acquired above market lease intangibles 496 496 Accumulated amortization of acquired above market lease intangibles (292) (251) Acquired above market lease intangibles, net of accumulated amortization 204 245 Straight-line rents receivable 67,362 61,452 Accounts receivable 3,209 9,568 Interest rate swap assets 37,575 38,352 Right of use assets — Office leases (operating) 1,803 2,050 Escrow deposits and prepaid costs for pending transactions 1,197 2,522 Goodwill 990 990 Prepaid insurance 15,582 2,681 Receivable for insurance proceeds 4,789 2,828 Prepaid expenses and other assets 5,648 11,327 Total Other assets $ 254,533 244,944

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long term debt, by type [Table Text Block]	The Company’s debt is detailed below: June 30, December 31, (In thousands) Unsecured bank credit facilities - variable rate, carrying amount $ — 170,000 Unamortized debt issuance costs (2,002) (1,546) Unsecured bank credit facilities, net of debt issuance costs (2,002) 168,454 Unsecured debt - fixed rate, carrying amount (1) 1,730,000 1,695,000 Unamortized debt issuance costs (3,976) (3,741) Unsecured debt, net of debt issuance costs 1,726,024 1,691,259 Secured debt - fixed rate, carrying amount (1) 1,983 2,041 Unamortized debt issuance costs (9) (10) Secured debt, net of debt issuance costs 1,974 2,031 Total debt, net of debt issuance costs $ 1,725,996 1,861,744 (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 June 30, 2023, are as follows: Years Ending December 31, (In thousands) 2023 - Remainder of year $ 50,061 2024 170,122 2025 145,128 2026 141,672 2027 175,000 2028 and beyond 1,050,000 Total $ 1,731,983

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Summary of Accounts Payable and Accrued Expenses	A summary of the Company’s Accounts payable and accrued expenses follows: June 30, December 31, (In thousands) Property taxes payable $ 41,496 6,823 Development costs payable 39,920 21,305 Retainage payable 13,010 11,011 Real estate improvements and capitalized leasing costs payable 5,806 5,182 Interest payable 9,228 9,597 Dividends payable 57,717 55,952 Book overdraft (1) 660 13,370 Other payables and accrued expenses 10,730 13,748 Total Accounts payable and accrued expenses $ 178,567 136,988 (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)	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Summary of other liabilities	A summary of the Company’s Other liabilities follows: June 30, December 31, (In thousands) Security deposits $ 36,503 34,272 Prepaid rent and other deferred income 20,635 17,004 Operating lease liabilities — Ground leases 19,329 19,906 Operating lease liabilities — Office leases 1,891 2,139 Acquired below market lease intangibles 10,001 10,735 Accumulated amortization of below market lease intangibles (4,559) (3,957) Acquired below market lease intangibles, net of accumulated amortization 5,442 6,778 Interest rate swap liabilities 1,264 1,981 Other liabilities 780 1,586 Total Other liabilities $ 85,844 83,666

COMPREHENSIVE INCOME (Tables)

COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 2023
COMPREHENSIVE INCOME [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The components of Accumulated other comprehensive income 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 Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) ACCUMULATED OTHER COMPREHENSIVE INCOME: Balance at beginning of period $ 26,109 17,130 36,371 1,302 Other comprehensive income (loss) - interest rate swaps 10,202 6,841 (60) 22,669 Balance at end of period $ 36,311 23,971 36,311 23,971

DERIVATIVE INSTRUMENTS AND HE_2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2023
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract]
Schedule of Derivative Instruments [Table Text Block]	As of June 30, 2023 and December 31, 2022, 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 June 30, 2023 Notional Amount as of December 31, 2022 (In thousands) Interest Rate Swap — $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 $100,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $50,000 $50,000 Interest Rate Swap $100,000 $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 June 30, 2023 and December 31, 2022. See Note 17 for additional information on the fair value of the Company’s interest rate swaps. Derivatives As of June 30, 2023 Derivatives As of December 31, 2022 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other assets $ 37,575 Other assets $ 38,352 Interest rate swap liabilities Other liabilities 1,264 Other liabilities 1,981
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]	The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2023 and 2022: Three Months Ended Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income recognized in Other comprehensive income (loss) on derivatives $ 14,452 6,403 8,255 21,355 Amount of (income) loss reclassified from Accumulated other comprehensive income (loss) into Interest expense (4,250) 438 (8,315) 1,314

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
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 Six Months Ended June 30, 2023 2022 2023 2022 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 43,450 46,139 88,140 109,719 Denominator – weighted average shares outstanding - Basic 44,656 42,211 44,204 41,729 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 43,450 46,139 88,140 109,719 Denominator: Weighted average shares outstanding - Basic 44,656 42,211 44,204 41,729 Unvested restricted stock 78 105 75 109 Weighted average shares outstanding - Diluted 44,734 42,316 44,279 41,838

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2023
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 six months ended June 30, 2023, the Company withheld 31,254 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 six months ended June 30, 2023 was $9,222,000. As of the vesting dates, the aggregate fair value of shares that vested during the six months ended June 30, 2023 was $12,199,000. Award Activity: Three Months Ended Six Months Ended June 30, 2023 Shares Weighted Average Grant Date Fair Value Weighted Average Grant Date Fair Value Unvested at beginning of period 74,725 $ 150.91 102,508 $ 133.29 Granted (1) (2) 15,459 169.25 61,875 149.05 Forfeited — — (1,015) 144.79 Vested (5,568) 158.13 (78,752) 123.54 Unvested at end of period 84,616 $ 153.76 84,616 $ 153.76 (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)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 1,082 1,082 56 56 Interest rate swap assets 37,575 37,575 38,352 38,352 Financial Liabilities: Unsecured bank credit facilities - variable rate (2) — — 170,000 169,684 Unsecured debt (2) 1,730,000 1,587,477 1,695,000 1,548,221 Secured debt (2) 1,983 1,892 2,041 1,918 Interest rate swap liabilities 1,264 1,264 1,981 1,981 (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 Company considers all highly liquid investments with a maturity of three months or less when purchased to be 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 or SOFR swap 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 or SOFR swap 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)	Jun. 30, 2023 ft² a	Dec. 31, 2022 a
Controlling interest joint ventures and equity method investees [Line Items]
Percentage recorded of assets, liabilities, revenues, and expenses of the buildings and land held in joint ventures	100%	100%
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%	50%
Controlling Interest Joint Ventures [Domain] | Miramar Land [Member]
Controlling interest joint ventures and equity method investees [Line Items]
Number of joint venture arrangements	1
Acres of real estate investment property | a	6.5	6.5
Less than wholly owned joint venture, investment ownership percentage	95%	95%
Controlling Interest Joint Ventures [Domain] | Speed Distribution Center
Controlling interest joint ventures and equity method investees [Line Items]
Area of real estate property | ft²	519,000
Percentage of joint venture owned and controlled (after acquisition of noncontrolling interest)	100%
Percentage of joint venture owned and controlled (before acquisition of noncontrolling interest)		99%

LEASE REVENUE (Details)

LEASE REVENUE (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lease Revenue [Abstract]
Lease income - operating leases		$ 104,150	$ 88,931	$ 204,846	$ 173,876
Variable lease income	[1]	34,661	29,567	67,929	57,574
Income from real estate operations		$ 138,811	$ 118,498	$ 272,775	$ 231,450
[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		6 Months Ended
		Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Integer	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Number of Reporting Units | Integer				1
Depreciation Expense During the Period		$ 34,690,000	$ 30,715,000	$ 68,536,000	$ 60,107,000
Real Estate Properties
Land		776,357,000		776,357,000		$ 730,445,000
Building and building improvements		3,139,436,000		3,139,436,000		3,012,319,000
Tenant and other improvements		659,997,000		659,997,000		633,817,000
Right of use assets - Ground leases (operating)	[1]	18,687,000		18,687,000		19,391,000
Development and value-add properties	[2]	559,108,000		559,108,000		538,449,000
Real estate, development and value-add properties		5,153,585,000		5,153,585,000		4,934,421,000
Less accumulated depreciation		(1,212,857,000)		(1,212,857,000)		(1,150,814,000)
Real estate, net		$ 3,940,728,000		$ 3,940,728,000		$ 3,783,607,000
Building [Member]
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life		40 years		40 years
Minimum [Member] | Improvements [Member]
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life		3 years		3 years
Maximum [Member] | Improvements [Member]
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life		15 years		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 the acquisition date based on near term lease termination), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.

REAL ESTATE PROPERTY ACQUISIT_3

REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES (Details)		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2023 USD ($) ft² Integer	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft² Integer	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) ft² Integer shares
Property Acquisition [Line Items]
Amortization expense for lease intangibles		$ 2,174,000	$ 2,198,000	$ 4,136,000	$ 4,663,000
Above and below market lease intangibles incremental increase to rental Income		696,000	$ 507,000	1,295,000	1,352,000
Land		776,357,000		776,357,000		$ 730,445,000
Building and building improvements		3,139,436,000		3,139,436,000		3,012,319,000
Tenant and other improvements		659,997,000		659,997,000		633,817,000
In-place lease intangibles		36,115,000		36,115,000		$ 37,181,000
Debt assumed in the purchase of real estate				0	$ 60,000,000
Real Estate Properties [Domain] | Speed Distribution Center
Property Acquisition [Line Items]
Ownership Percentage by Noncontrolling Owners, acquired during period						1%
Asset Acquisition, Consideration Transferred, Transaction Cost						$ 18,599,000
2022 operating property acquisitions
Property Acquisition [Line Items]
Size (square feet) | ft²	[1]					1,706,000
Cost of property acquired	[1],[2]					$ 359,130,000
2022 operating property acquisitions | Cebrian Distribution Center and Reed Distribution Center
Property Acquisition [Line Items]
Size (square feet) | ft²	[1],[3]					329,000
Date Acquired	[1],[3]					Jun. 01, 2022
Cost of property acquired	[1],[2],[3]					$ 49,726,000
2022 operating property acquisitions | 6th Street Bus Cntr, Benicia Distrib Cntr 1-5, Ettie Bus Cntr, Laura Alice Bus Cntr, Preston Distrb Cntr, Sinclair Distrib Cntr, Transit Distrb Cntr and Whipple Bus Cntr
Property Acquisition [Line Items]
Size (square feet) | ft²	[1],[3]					1,377,000
Date Acquired	[1],[3]					Jun. 01, 2022
Cost of property acquired	[1],[2],[3]					$ 309,404,000
2022 Value-Add Property Acquisitions
Property Acquisition [Line Items]
Size (square feet) | ft²	[4]					1,044,000
Cost of property acquired	[2],[4]					$ 122,921,000
2022 Value-Add Property Acquisitions | Cypress Preserve 1 & 2
Property Acquisition [Line Items]
Size (square feet) | ft²	[4]					516,000
Date Acquired	[4]					Mar. 28, 2022
Cost of property acquired	[2],[4]					$ 54,462,000
2022 Value-Add Property Acquisitions | Zephyr Distribution Center
Property Acquisition [Line Items]
Size (square feet) | ft²	[4]					82,000
Date Acquired	[4]					Apr. 08, 2022
Cost of property acquired	[2],[4]					$ 29,017,000
2022 Value-Add Property Acquisitions | Mesa Gateway Commerce Park
Property Acquisition [Line Items]
Size (square feet) | ft²	[4]					147,000
Date Acquired	[4]					Apr. 15, 2022
Cost of property acquired	[2],[4]					$ 18,315,000
2022 Value-Add Property Acquisitions | Access Point 3
Property Acquisition [Line Items]
Size (square feet) | ft²	[4]					299,000
Date Acquired	[4]					Jul. 12, 2022
Cost of property acquired	[2],[4]					$ 21,127,000
2022 Acquisitions
Property Acquisition [Line Items]
Size (square feet) | ft²						2,750,000
Cost of property acquired	[2]					$ 482,051,000
Land						127,402,000
Building and building improvements						335,335,000
Tenant and other improvements						11,502,000
Total real estate properties acquired						474,239,000
In-place lease intangibles	[5]					11,871,000
Assets acquired, net of liabilities assumed						$ 482,051,000
Weighted average remaining lease term of acquired properties						3 years 10 months 24 days
2022 Acquisitions | Leases, Acquired-in-Place, Market Adjustment
Property Acquisition [Line Items]
Below market lease intangibles	[6]					$ (4,059,000)
2022 Acquisitions | Tulloch Corporation
Property Acquisition [Line Items]
Debt assumed in the purchase of real estate						$ 60,000,000
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Common Shares Issued | shares						1,868,809
Fair value of common shares issued, asset acquisition						$ 303,756,000
Fair value of loans ssumed, asset acquisition						$ 60,000,000
Number of land parcels acquired | Integer						2
2022 development land acquisitions
Property Acquisition [Line Items]
Acres of real estate investment property | ft²						456.3
Number of markets in which land was acquired | Integer						10
Payments to Acquire Land						$ 123,717,000
2023 Acquisitions
Property Acquisition [Line Items]
Land		13,913,000		13,913,000
Building and building improvements		18,202,000		18,202,000
Tenant and other improvements		646,000		646,000
Total real estate properties acquired		32,761,000		32,761,000
In-place lease intangibles	[5]	1,604,000		1,604,000
Assets acquired, net of liabilities assumed		$ 34,365,000		$ 34,365,000
Weighted average remaining lease term of acquired properties		10 years 1 month 6 days		10 years 1 month 6 days
2023 Operating Property Acquisitions | Craig Corporate Center
Property Acquisition [Line Items]
Size (square feet) | ft²	[1]	156,000		156,000
Date Acquired	[1]			Apr. 18, 2023
Cost of property acquired	[1],[2]	$ 34,365,000		$ 34,365,000
2023 development land acquisitions
Property Acquisition [Line Items]
Acres of real estate investment property | ft²		116.7		116.7
Number of markets in which land was acquired | Integer		3		3
Payments to Acquire Land				$ 17,754,000
[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]Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs.[3]The Company acquired these operating properties along with two land parcels, also in Sacramento, CA and San Francisco, CA, in connection with its acquisition of Tulloch Corporation in June 2022. Size and cost are presented on an aggregate basis for the properties located in Sacramento, CA and San Francisco, CA, respectively. In consideration for this acquisition, the Company assumed a $60,000,000 loan and issued 1,868,809 shares of the Company’s common stock. The acquisition date fair value of the loan assumed was $60,000,000, and the acquisition date fair value of the common shares, which was based on the closing share price on the acquisition date, was $303,756,000.[4]Value-add properties are defined in Note 5.[5]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.[6]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_3

REAL ESTATE SOLD AND HELD FOR SALE DISCONTINUED OPERATIONS (Details) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2023 USD ($) a ft²	Dec. 31, 2022 USD ($) ft²
Real Estate Properties Sold and Held for Sale [Line Items]
Right of use liability, ground lease		$ 19,329	$ 19,906
2022 dispositions
Real Estate Properties Sold and Held for Sale [Line Items]
Size (square feet) | ft²			287,000
Net sales price			$ 51,006
Basis			10,007
Recognized gain			$ 40,999
Metro Business Park | 2022 dispositions
Real Estate Properties Sold and Held for Sale [Line Items]
Size (square feet) | ft²			189,000
Date sold			Jan. 06, 2022
Net sales price			$ 32,851
Basis			5,880
Recognized gain			$ 26,971
Cypress Creek Business Park | 2022 dispositions
Real Estate Properties Sold and Held for Sale [Line Items]
Size (square feet) | ft²	[1]		56,000
Date sold	[1]		Mar. 31, 2022
Net sales price	[1]		$ 5,282
Basis	[1]		1,901
Recognized gain	[1]		3,381
Right of use asset, ground lease			1,745
Right of use liability, ground lease			$ 1,745
World Houston 15 East | 2022 dispositions
Real Estate Properties Sold and Held for Sale [Line Items]
Size (square feet) | ft²			42,000
Date sold			May 11, 2022
Net sales price			$ 12,873
Basis			2,226
Recognized gain			$ 10,647
World Houston 23 | 2023 dispositions
Real Estate Properties Sold and Held for Sale [Line Items]
Size (square feet) | ft²		125,000
Date sold		Mar. 31, 2023
Net sales price		$ 9,327
Basis		4,518
Recognized gain		4,809
2023 development land dispositions | 2023 dispositions
Real Estate Properties Sold and Held for Sale [Line Items]
Recognized gain		446
Gross sale price		$ 4,750
Acres of real estate investment property | a		11.9
[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 (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Other Assets Components [Abstract]
Leasing costs (principally commissions)	$ 150,350	$ 140,273
Accumulated amortization of leasing costs	(52,549)	(48,249)
Leasing costs (principally commissions), net of accumulated amortization	97,801	92,024
Acquired in-place lease intangibles	36,115	37,181
Accumulated amortization of acquired in-place lease intangibles	(17,742)	(16,276)
Acquired in-place lease intangibles, net of accumulated amortization	18,373	20,905
Acquired above market lease intangibles	496	496
Accumulated amortization of acquired above market lease intangibles	(292)	(251)
Acquired above market lease intangibles, net of accumulated amortization	204	245
Straight-line rents receivable	67,362	61,452
Accounts receivable	3,209	9,568
Interest rate swap assets	37,575	38,352
Right of use assets - Office leases (operating)	1,803	2,050
Escrow deposits and prepaid costs for pending transactions	1,197	2,522
Goodwill	990	990
Prepaid Insurance	15,582	2,681
Receivable for insurance proceeds	4,789	2,828
Prepaid expenses and other assets	5,648	11,327
Total Other Assets	$ 254,533	$ 244,944

DEBT (Details)

DEBT (Details)		6 Months Ended	12 Months Ended
		Jun. 30, 2023 USD ($) Integer	Dec. 31, 2022 USD ($) basisPoints
Secured and Unsecured Debt [Line Items]
Moody's Credit Rating		Baa2
Unsecured bank credit facilities, net of debt issuance costs		$ (2,002,000)	$ 168,454,000
Secured debt, net of debt issuance costs		1,974,000	2,031,000
Unsecured debt, net of debt issuance costs		1,726,024,000	1,691,259,000
Total debt		1,725,996,000	1,861,744,000
Secured and unsecured debt, net of debt issuance costs [Member]
Payments of principal over future years [Abstract]
2023 - Remainder of year		50,061,000
2024		170,122,000
2025		145,128,000
2026		141,672,000
2027		175,000,000
2028 and beyond		1,050,000,000
Total		$ 1,731,983,000
$100 million senior unsecured term loan (new in 2023)
Secured and Unsecured Debt [Line Items]
Debt Instrument, Term		7 years
Debt Instrument, Interest Rate, Effective Percentage		5.27%
Debt Instrument, Basis Spread on Variable Rate		1.35%
Unsecured debt, carrying amount		$ 100,000,000
$65 million unsecured term loan (repaid in 2023)
Secured and Unsecured Debt [Line Items]
Debt Instrument, Interest Rate, Effective Percentage		2.31%
Unsecured debt, carrying amount repaid		$ 65,000,000
Line of Credit [Member}
Secured and Unsecured Debt [Line Items]
Unsecured bank credit facilities - variable rate, carrying amount		0	170,000,000
Unsecured bank credit facilities, net of debt issuance costs		(2,002,000)	168,454,000
Unamortized debt issuance costs		(2,002,000)	(1,546,000)
Unsecured Debt [Member]
Secured and Unsecured Debt [Line Items]
Unamortized debt issuance costs		(3,976,000)	(3,741,000)
Unsecured debt, carrying amount	[1]	1,730,000,000	1,695,000,000
Unsecured debt, net of debt issuance costs		1,726,024,000	1,691,259,000
Secured Debt [Member]
Secured and Unsecured Debt [Line Items]
Secured debt-fixed rate, carrying amount	[1]	1,983,000	2,041,000
Secured debt, net of debt issuance costs		1,974,000	2,031,000
Unamortized debt issuance costs		(9,000)	(10,000)
Bank credit facilities amended effective in 2023 - $625 and $50 million
Secured and Unsecured Debt [Line Items]
Line of Credit Facility, Borrowing Capacity		$ 675,000,000
Bank credit facilities obtained in 2021 (former terms)
Secured and Unsecured Debt [Line Items]
Line of Credit Facility, Borrowing Capacity			$ 475,000,000
Debt instrument, basis spread above variable rate | basisPoints			77.5
Line of credit, facility fee (in basis points) | basisPoints			15
Debt Instrument, Maturity Date, Description			July 30, 2025
Nine bank group unsecured revolving credit facility [Member] | Bank credit facilities obtained in 2021 (former terms)
Secured and Unsecured Debt [Line Items]
Line of Credit Facility, Borrowing Capacity			$ 425,000,000
Pnc Na Unsecured revolving credit facility [Member] | Bank credit facilities obtained in 2021 (former terms)
Secured and Unsecured Debt [Line Items]
Line of Credit Facility, Borrowing Capacity			$ 50,000,000
Pnc Na Unsecured revolving credit facility [Member] | Bank credit facilities amended effective 2023 - $50 million
Secured and Unsecured Debt [Line Items]
Line of Credit Facility, Interest Rate at Period End		5.955%
Line of Credit Facility, Borrowing Capacity		$ 50,000,000
Debt instrument, basis spread above variable rate		76.5
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		$ 0
Eleven bank group unsecured revolving credit facility | Bank credit facilities amended effective in 2023 - $625 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%
Eleven bank group unsecured revolving credit facility | Bank credit facilities amended effective 2023 - $625 million
Secured and Unsecured Debt [Line Items]
Line of Credit Facility, Interest Rate at Period End		6.006%
Line of Credit Facility, Borrowing Capacity		$ 625,000,000
Number of banks included in the unsecured revolving credit facility | Integer		11
Debt instrument, basis spread above variable rate		76.5
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		$ 125,000,000
Unsecured bank credit facilities - variable rate, carrying amount		0
Payments of principal over future years [Abstract]
Line of Credit Facility, Increase (Decrease), Net		200,000,000
Letters of Credit Outstanding, Amount		$ 67,000
[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		Jun. 30, 2023	Dec. 31, 2022
Accounts Payable and Accrued Expenses [Abstract]
Property taxes payable		$ 41,496	$ 6,823
Development costs payable		39,920	21,305
Retainage payable		13,010	11,011
Real estate improvements and capitalized leasing costs payable		5,806	5,182
Interest payable		9,228	9,597
Dividends payable		57,717	55,952
Book Overdraft	[1]	660	13,370
Other payables and accrued expenses		10,730	13,748
Total accounts payable and accrued expenses		$ 178,567	$ 136,988
[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	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities, Unclassified [Abstract]
Security deposits	$ 36,503	$ 34,272
Prepaid rent and other deferred income	20,635	17,004
Operating lease liabilities - Ground leases	19,329	19,906
Operating lease liabilities - Office leases	1,891	2,139
Below market lease intangibles	10,001	10,735
Accumulated amortization of acquired below market lease intangibles	(4,559)	(3,957)
Acquired below market lease intangibles, net of accumulated amortization	5,442	6,778
Interest rate swap liabilities	1,264	1,981
Other liabilities	780	1,586
Total Other Liabilities	$ 85,844	$ 83,666

COMPREHENSIVE INCOME (Details)

COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
COMPREHENSIVE INCOME [Abstract]
Balance at Beginning of Period	$ 26,109	$ 17,130	$ 36,371	$ 1,302
Other comprehensive income (loss) - interest rate swaps	10,202	6,841	(60)	22,669
Balance at End of Period	$ 36,311	$ 23,971	$ 36,311	$ 23,971

DERIVATIVE INSTRUMENTS AND HE_3

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) Integer	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Integer	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Derivative [Line Items]
Number of interest rate swaps | Integer	7		7
Interest Rate Cash Flow Hedge Assets at Fair Value	$ 37,575,000		$ 37,575,000		$ 38,352,000
Interest rate cash flow hedge liabilities at fair value	1,264,000		1,264,000		1,981,000
Swap termination value	36,782,000		36,782,000
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	17,918,000		17,918,000
Amount of income recognized in Other comprehensive income (loss) on derivatives	14,452,000	$ 6,403,000	8,255,000	$ 21,355,000
Amount of (income) loss reclassified from Accumulated other comprehensive income into interest expense	(4,250,000)	$ 438,000	(8,315,000)	$ 1,314,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member]
Derivative [Line Items]
Interest Rate Cash Flow Hedge Assets at Fair Value	37,575,000		37,575,000		38,352,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member]
Derivative [Line Items]
Interest rate cash flow hedge liabilities at fair value	1,264,000		1,264,000		1,981,000
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	0		0		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		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		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		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		100,000,000		100,000,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | $75 million interest rate swap executed in 2022
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	75,000,000		75,000,000		75,000,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | $50 million interest rate swap executed in 2022
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	50,000,000		50,000,000		50,000,000
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | $100 million interest rate swap executed in Dec 2022
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	$ 100,000,000		$ 100,000,000		$ 100,000,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
BASIC EPS COMPUTATION FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract]
Net income attributable to common stockholders	$ 43,450	$ 46,139	$ 88,140	$ 109,719
Weighted average shares outstanding (in shares)	44,656	42,211	44,204	41,729
DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net Income Available to Common Stockholders	$ 43,450	$ 46,139	$ 88,140	$ 109,719
Weighted average shares outstanding (in shares)	44,656	42,211	44,204	41,729
Unvested restricted stock	78	105	75	109
Weighted average diluted shares outstanding	44,734	42,316	44,279	41,838

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)		3 Months Ended				6 Months Ended
		Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		$ (2,771,000)	$ (3,477,000)	$ (3,062,000)	$ (2,594,000)
Shares withheld for tax obligations in connection with the vesting of restricted stock					34,251	31,254
Award Recipient Type Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		$ 192,000		73,000		$ 417,000	$ 106,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested as of the vesting date						$ 12,199,000
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)						135,133
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		84,616	74,725			84,616		102,508
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in shares)		$ 153.76	$ 150.91			$ 153.76		$ 133.29
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	[1],[2]	15,459				61,875
Grant date fair value of shares issued (in dollars per share)	[1],[2]	$ 169.25				$ 149.05
Forfeited (in shares)		0				(1,015)
Forfeited (per share)		$ 0				$ 144.79
Vested (in shares)		(5,568)				(78,752)
Vested (per share)		$ 158.13				$ 123.54
Fair value of shares granted, as of the grant dates						$ 9,222,000
Restricted Stock [Member] | Award Recipient Type Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		$ 2,579,000		2,989,000		5,831,000	5,550,000
Stock-based compensation costs capitalized as development costs		$ 601,000		$ 645,000		$ 1,294,000	$ 1,336,000
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%
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%
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%
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%
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%
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%
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						3 years
Continuing employment 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%
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 2021 and 2022 for long-term performance and in 2023 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 135,133.[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		Jun. 30, 2023	Dec. 31, 2022
Financial Assets [Abstract]
Cash and Cash Equivalents, at Carrying Value		$ 1,082	$ 56
Fair Value [Member]
Financial Assets [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure		1,082	56
Interest rate swap assets		37,575	38,352
Financial Liabilities [Abstract]
Unsecured bank credit facilities - variable rate	[1]	0	169,684
Unsecured debt Fair Value Disclosure	[1]	1,587,477	1,548,221
Secured debt	[1]	1,892	1,918
Interest rate swap liabilities		1,264	1,981
Carrying Amount [Member]
Financial Assets [Abstract]
Cash and Cash Equivalents, at Carrying Value	[1]	1,082	56
Interest rate swap assets	[1]	37,575	38,352
Financial Liabilities [Abstract]
Unsecured bank credit facilities - variable rate	[1]	0	170,000
Unsecured debt Fair Value Disclosure	[1]	1,730,000	1,695,000
Secured debt	[1]	1,983	2,041
Interest rate swap liabilities	[1]	$ 1,264	$ 1,981
[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 Company considers all highly liquid investments with a maturity of three months or less when purchased to be 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 or SOFR swap 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 or SOFR swap 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) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Jul. 25, 2023 USD ($) ft² Integer $ / shares shares	Jun. 30, 2023 ft² shares	Mar. 31, 2023 shares	Mar. 31, 2022 shares	Jun. 30, 2023 USD ($) ft²
Subsequent Event [Line Items]
Issuance of shares of common stock, common stock offering, net of expenses | shares		1,065,678	652,909	385,538
2023 development land acquisitions
Subsequent Event [Line Items]
Area of Land | ft²		116.7			116.7
Payments to Acquire Land | $					$ 17,754
Subsequent Event [Member]
Subsequent Event [Line Items]
Issuance of shares of common stock, common stock offering, net of expenses | shares	75,016
Sale of common stock, weighted average price per share | $ / shares	$ 172.42
Subsequent Event [Member] | Denton 35 Exchange Land | 2023 development land acquisitions
Subsequent Event [Line Items]
Area of Land | ft²	20.3
Payments to Acquire Land | $	$ 5,500
Number of buildings to be developed | Integer	2
Potential square feet to be developed | Integer	245,000