EGP Eastgroup Properties Inc

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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, 2024 and December 31, 2023, EastGroup had a 95% controlling interest in a joint venture arrangement owning 6.5 acres of land in San Diego, known by the Company as Miramar Land. During the year ended December 31, 2023, a joint venture, in which EastGroup owns a 99.5% interest, acquired 29.3 acres of land in Denver, known by the Company as Arista 36 Business Park 1-3. As of June 30, 2024 and December 31, 2023, EastGroup continued to hold a controlling interest in these two joint venture arrangements.

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 2.  All significant intercompany transactions and accounts have been eliminated in consolidation.

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.

The Company’s primary source of 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, 2024 and 2023:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
			(In thousands)
Lease income — operating leases			$	117,138					104,150						231,338						204,846
Variable lease income (1)			40,195						34,661						80,069						67,929
Income from real estate operations			$	157,333					138,811						311,407						272,775

(1)Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance.

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, 2024 and 2023, the Company did not identify any impairment charges which should be recorded.

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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 $37,646,000 and $74,851,000 for the three and six months ended June 30, 2024, respectively, and $34,690,000 and $68,536,000 for the same periods in 2023.

The Company’s Real estate properties and Development and value-add properties at June 30, 2024 and December 31, 2023 were as follows:

			June 30, 2024						December 31, 2023
			(In thousands)
Real estate properties:
Land			$	850,349					814,364
Buildings and building improvements			3,459,744						3,336,615
Tenant and other improvements			711,773						684,573
Right of use assets — Ground leases (operating) (1)			17,333						17,996
Development and value-add properties (2)			693,072						639,647
			5,732,271						5,493,195
Less accumulated depreciation			(1,336,535)						(1,273,723)
			$	4,395,736					4,219,472

(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 in Note 6.

Development and value-add properties consists of properties in lease-up, under construction, and prospective development (primarily land). 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% leased as of the acquisition date (or will be less than 75% occupied within one year of the acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.

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 Development and value-add properties to Real estate properties as follows: (1) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (2) 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/value-add acquisition date, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land).

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 2023 and the first six months of 2024 are considered to be acquisitions of groups of similar identifiable assets;

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therefore, the acquisitions are not considered to be acquisitions of a business. As a result, the Company capitalized acquisition costs related to its 2023 and 2024 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 terms of the existing leases.

Amortization of above and below market lease intangibles, which is included in Income from real estate operations, increased rental income by $546,000 and $1,153,000 for the three and six months ended June 30, 2024, respectively, and $696,000 and $1,295,000 for the same periods in 2023. Amortization expense for in-place lease intangibles, which is included in Depreciation and amortization, was $1,893,000 and $3,819,000 for the three and six months ended June 30, 2024, respectively, and $2,174,000 and $4,136,000 for the same periods in 2023.

During the six months ended June 30, 2024, EastGroup acquired the following properties:

REAL ESTATE PROPERTIES ACQUIRED IN 2024

Location

Size

Date Acquired

Cost (1)

(Square feet)

(In thousands)

Operating properties acquired (2)(3)

Spanish Ridge Industrial Park

Las Vegas, NV

231,000

01/23/2024

$

54,859

147 Exchange

Raleigh, NC

274,000

05/03/2024

52,945

Total operating property acquisitions

505,000

$

107,804

(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)Excludes acquired development land as discussed below.

There were no value-add acquisitions during the six months ended June 30, 2024.

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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 six months ended June 30, 2024.

ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2024						Cost
						(In thousands)
Land						$	28,251
Buildings and building improvements						69,476
Tenant and other improvements						4,267
Total real estate properties acquired						101,994
In-place lease intangibles (1)						6,269
Above market lease intangibles (1)						121
Below market lease intangibles (2)						(580)
Total assets acquired, net of liabilities assumed						$	107,804

(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 terms 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 terms of the associated leases in place at the time of acquisition.

The leases in the properties acquired during the six months ended June 30, 2024 had a weighted average remaining lease term at acquisition of approximately 5.9 years.

Also during the six months ended June 30, 2024, EastGroup purchased 34.3 acres of development land in Atlanta for $3,302,000.

During 2023, EastGroup acquired the following properties:

REAL ESTATE PROPERTIES ACQUIRED IN 2023

Location

Size

Date Acquired

Cost (1)

(Square feet)

(In thousands)

Operating properties acquired (2)(3)

Craig Corporate Center

Las Vegas, NV

156,000

04/18/2023

$

34,365

Blue Diamond Business Park

Las Vegas, NV

254,000

09/05/2023

52,973

McKinney Logistics Center

Dallas, TX

193,000

10/02/2023

25,739

Park at Myatt

Nashville, TN

171,000

11/03/2023

30,793

Pelzer Point Commerce Center 1

Greenville, SC

213,000

12/21/2023

21,246

Total operating property acquisitions

987,000

$

165,116

(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)Excludes acquired development land as discussed below.

There were no value-add acquisitions during the year ended December 31, 2023.

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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, 2023.

ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2023						Cost
						(In thousands)
Land						$	44,676
Buildings and building improvements						111,082
Tenant and other improvements						4,346
Total real estate properties acquired						160,104
In-place lease intangibles (1)						7,242
Below market lease intangibles (2)						(2,230)
Total assets acquired, net of liabilities assumed						$	165,116

(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 terms 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 terms of the associated leases in place at the time of acquisition.  

The leases in the properties acquired during the year ended December 31, 2023 had a weighted average remaining lease term at acquisition of approximately 8.0 years.

Also during 2023, EastGroup purchased 328.3 acres of development land in seven markets for $70,664,000.

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, 2024 and 2023.

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, 2024 and December 31, 2023.

In accordance with ASC 360 and ASC 205, Presentation of Financial Statements, the Company would report a disposal of a component of an entity or a group of components of an entity in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, the Company would provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation.

Results of operations and gains and losses on sales for properties sold are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income. The gains and losses on sales of operating properties are included in Gain on sales of real estate investments.

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A summary of Gain on sales of real estate investments for the six months ended June 30, 2024 and the year ended December 31, 2023 follows:

REAL ESTATE PROPERTIES SOLD						Location						Size						Date Sold						Net Sales Price						Basis						Recognized Gain
												(Square feet)												(In thousands)
2024
Interchange Business Park and     Metro Airport Commerce Center						Jackson, MS						159,000						03/05/2024						$	13,614					4,863						8,751
2023
World Houston 23						Houston, TX						125,000						03/31/2023						$	9,327					4,518						4,809
Ettie Business Center						San Francisco, CA						29,000						11/20/2023						11,638						8,845						2,793
Los Angeles Corporate Center						Los Angeles, CA						77,000						12/29/2023						16,006						5,643						10,363
Total for 2023												231,000												$	36,971					19,006						17,965

The table above includes sales of operating properties. During the six months ended June 30, 2024, the Company also sold 3.9 acres of land in San Francisco for $4,000,000 and recognized a gain on the sale of $222,000. During the year ended December 31, 2023, the Company sold 11.9 acres of land in Houston and Fort Worth for $4,750,000 and recognized gains on the sales of $446,000. The gains on sales of non-operating real estate are included in Other on the Consolidated Statements of Income and Comprehensive Income.

A summary of the Company’s Other assets follows:

			June 30, 2024						December 31, 2023
			(In thousands)
Leasing costs (principally commissions)			$	166,841					158,741
Accumulated amortization of leasing costs			(60,505)						(57,646)
Leasing costs (principally commissions), net of accumulated amortization			106,336						101,095
Acquired in-place lease intangibles			41,691						39,600
Accumulated amortization of acquired in-place lease intangibles			(19,037)						(19,395)
Acquired in-place lease intangibles, net of accumulated amortization			22,654						20,205
Acquired above market lease intangibles			594						482
Accumulated amortization of acquired above market lease intangibles			(359)						(318)
Acquired above market lease intangibles, net of accumulated amortization			235						164
Straight-line rents receivable			77,658						72,360
Accounts receivable			5,140						9,984
Interest rate swap assets			29,687						27,366
Right of use assets — Office leases (operating)			2,523						2,828
Goodwill			990						990
Escrow deposits and prepaid costs for pending transactions			1,933						745
Prepaid insurance			13,850						7,208
Receivable for insurance proceeds			4,051						1,425
Prepaid expenses and other assets			7,107						7,569
Total Other assets			$	272,164					251,939

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The Company’s debt is detailed below:

			June 30, 2024						December 31, 2023
			(In thousands)
Unsecured bank credit facilities — variable rate, carrying amount			$	—					—
Unamortized debt issuance costs			(4,100)						(1,520)
Unsecured bank credit facilities, net of debt issuance costs			(4,100)						(1,520)
Unsecured debt — fixed rate, carrying amount (1)			1,680,000						1,680,000
Unamortized debt issuance costs			(3,201)						(3,653)
Unsecured debt, net of debt issuance costs			1,676,799						1,676,347
Total unsecured debt, net of debt issuance costs			$	1,672,699					1,674,827

(1)These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.

On June 13, 2024, EastGroup entered into amended and restated credit agreements related to its $625,000,000 and $50,000,000 unsecured bank credit facilities, to extend the maturity dates from July 30, 2025 to July 31, 2028. There were no other material changes to the credit facilities, which are outlined below.

The Company has a $625,000,000 unsecured bank credit facility with a group of 10 banks, which has a maturity date of July 31, 2028. The credit facility contains options for two six-month extensions (at the Company's election) and an additional $625,000,000 accordion (with agreement by all parties). The interest rate on each tranche is reset on a monthly basis and as of June 30, 2024, was Secured Overnight Financing Rate (“SOFR”) plus 76.5 basis points with an annual facility fee of 15 basis points. As of June 30, 2024, the Company had no variable rate borrowings on this unsecured bank credit facility and an interest rate of 6.202%. The Company has two standby letters of credit totaling $2,655,000 pledged on this facility, which reduces borrowing capacity under the credit facility.

The Company also has a $50,000,000 unsecured bank credit facility with a maturity date of July 31, 2028, 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, 2024, was SOFR plus 77.5 basis points with an annual facility fee of 15 basis points. As of June 30, 2024, the interest rate was 6.205% 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 $625,000,000 facility is also subject to a sustainability-linked pricing component, pursuant to which the applicable interest margin is adjusted if the Company meets a certain sustainability performance target. This sustainability metric is evaluated annually and was achieved for the years ended December 31, 2023 and 2022, which allowed for the interest rate reduction in each of the years subsequent to achieving the metric. The margin was effectively reduced on this unsecured bank credit facility by one basis point, from 77.5 to 76.5 basis points.

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Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of June 30, 2024, are as follows: 

Years Ending December 31,						(In thousands)
2024 — Remainder of year						$	170,000
2025						145,000
2026						140,000
2027						175,000
2028						160,000
2029 and beyond						890,000
Total						$	1,680,000

A summary of the Company’s Accounts payable and accrued expenses follows:

			June 30, 2024						December 31, 2023
			(In thousands)
Property taxes payable			$	48,883					9,508
Development costs payable			21,575						29,487
Retainage payable			13,699						14,992
Real estate improvements and capitalized leasing costs payable			7,247						5,275
Interest payable			8,459						8,493
Dividends payable			63,070						62,393
Other payables and accrued expenses			25,904						16,189
Total Accounts payable and accrued expenses			$	188,837					146,337

A summary of the Company’s Other liabilities follows:

			June 30, 2024						December 31, 2023
			(In thousands)
Security deposits			$	39,995					37,102
Prepaid rent and other deferred income			18,400						20,070
Operating lease liabilities — Ground leases			18,198						18,758
Operating lease liabilities — Office leases			2,572						2,882
Acquired below market lease intangibles			11,063						11,451
Accumulated amortization of below market lease intangibles			(5,241)						(5,006)
Acquired below market lease intangibles, net of accumulated amortization			5,822						6,445
Interest rate swap liabilities			—						2,478
Other liabilities			1,223						1,680
Total Other liabilities			$	86,210					89,415

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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 June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
			(In thousands)
ACCUMULATED OTHER COMPREHENSIVE INCOME:
Balance at beginning of period			$	30,782					26,109						24,888						36,371
Other comprehensive income (loss) — interest rate swaps			(1,095)						10,202						4,799						(60)
Balance at end of period			$	29,687					36,311						29,687						36,311

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 term of the agreements without exchange of the underlying notional amount. 

As of June 30, 2024, 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 $14,911,000 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.

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As of June 30, 2024 and December 31, 2023, the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk:

Notional Value of Interest Rate Derivatives						June 30, 2024						December 31, 2023
						(In thousands)
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, 2024 and December 31, 2023. See Note 18 for additional information on the fair value of the Company’s interest rate swaps.

Derivatives As of June 30, 2024

Derivatives As of December 31, 2023

Balance Sheet Location

Fair Value

Balance Sheet Location

Fair Value

(In thousands)

Derivatives designated as cash flow hedges:

Interest rate swap assets

Other assets

$

29,687

Other assets

$

27,366

Interest rate swap liabilities

Other liabilities

—

Other liabilities

2,478

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, 2024 and 2023:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
			(In thousands)
DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS
Interest Rate Swaps:
Amount of income recognized in Other comprehensive income (loss)         on derivatives			$	3,634					14,452						14,274						8,255
Amount of (income) reclassified from Accumulated other comprehensive         income into Interest expense			(4,729)						(4,250)						(9,475)						(8,315)

See Note 13 for additional information on the Company’s Accumulated other comprehensive income resulting from its interest rate swaps.

Derivative financial agreements expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company believes it minimizes the credit risk by transacting with financial institutions the Company regards as credit-worthy.

The Company has an agreement with its derivative counterparties containing a provision stating that the Company could be declared in default on its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender. As of June 30, 2024, we had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements. If the Company had breached any of these provisions, it would be required to settle its obligations under the agreements at their termination value.

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

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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 effect of any dilutive securities including shares issuable under forward equity sale agreements and unvested restricted stock using the treasury stock method. Any anti-dilutive securities are excluded from the diluted EPS calculation.

Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
			(In thousands)
BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Numerator — net income attributable to common stockholders			$	55,287					43,450						113,931						88,140
Denominator — weighted average shares outstanding — Basic			48,248						44,656						48,054						44,204
DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Numerator — net income attributable to common stockholders			$	55,287					43,450						113,931						88,140
Denominator:
Weighted average shares outstanding — Basic			48,248						44,656						48,054						44,204
Effect of dilutive securities			97						78						99						75
Weighted average shares outstanding — Diluted			48,345						44,734						48,153						44,279

Underwriting commissions and offering costs incurred in connection with common stock offerings and at-the-market equity offering programs have been reflected as a reduction of Additional paid-in capital.

Under relevant accounting guidance, sales of common stock under forward equity sale agreements are not deemed to be liabilities, and furthermore, meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.

On October 25, 2023, we established an at-the-market common stock offering program pursuant to which we are able to sell, from time to time, shares of our common stock having an aggregate gross sales price of up to $750,000,000 (the “Current 2023 ATM Program”). The Current 2023 ATM Program replaces our previous $750,000,000 ATM program, which was established on December 16, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $464,305,000 through October 25, 2023.

In connection with the Current 2023 ATM Program, we may sell shares of our common stock directly through sales agents or through certain financial institutions acting as forward counterparties whereby, at our discretion, the forward counterparties, or their agents or affiliates, may borrow from third parties and subsequently sell shares of our common stock. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock but defer settling and receiving the proceeds from the sale of shares until a later date. Additionally, the forward price that we expect to receive upon settlement of an agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement.

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Direct Common Stock Issuance Activity

The following table presents the Company’s common stock issuance activity sold directly through sales agents pursuant to the Company's ATM programs during the six months ended June 30, 2024 and the year ended December 31, 2023:

						Common Stock (1)						Weighted Average Price						Gross Proceeds						Net Proceeds
						(In shares)						(Per share)						(In thousands)						(In thousands)
Three months ended March 31, 2024						—						$	—					$	—					$	—
Three months ended June 30, 2024 (2)						218,929						168.62						36,916						36,547
Six months ended June 30, 2024 (2)						218,929						$	168.62					$	36,916					$	36,547
Twelve months ended December 31, 2023						4,094,896						$	170.77					$	699,304					$	692,312

(1) Excludes shares of common stock sold on a forward basis as described below.

(2) Excludes 77,650 shares sold on June 28, 2024, at a weighted average price of $168.63, providing net proceeds to the Company of $12,963,000. These shares were not deemed to be issued and outstanding until settlement, subsequent to June 30, 2024, as disclosed in Note 22.

Forward Equity Offering Activity

The following table presents the Company’s forward equity offering activity during the three and six months ended June 30, 2024:

						Common Stock						Weighted Average Price						Gross Proceeds
						(In shares)						(Per share)						(In thousands)
Forward Sale Agreements Outstanding at December 31, 2023						406,041						$	183.92					$	74,679
Forward sale agreements settled — shares issued and proceeds received (1)						(272,342)						183.59						(50,000)
New forward sale agreements (2)						286,671						181.95						52,160
Forward Sale Agreements Outstanding at March 31, 2024						420,370						$	182.79					$	76,839
Forward sale agreements settled — shares issued and proceeds received (3)						(420,370)						182.79						(76,839)
New forward sale agreements (2)						600,053						166.65						100,000
Forward Sale Agreements Outstanding at June 30, 2024						600,053						$	166.65					$	100,000

(1) EastGroup settled outstanding forward equity sale agreements by issuing 272,342 shares of common stock in exchange for net proceeds of approximately $49,364,000.

(2) The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time it entered into forward sale agreements.

(3) EastGroup settled outstanding forward equity sale agreements by issuing 420,370 shares of common stock in exchange for net proceeds of approximately $76,200,000.

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.

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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 years and the employee’s continued service as of the vesting dates. The total shareholder return component is subject to bright-line tests that compare the Company’s total shareholder return to the Nareit Equity Index and to the member companies of the Nareit industrial index. The Company begins recognizing expense for these awards based on the grant date fair value of the awards which is determined using a simulation pricing model developed to specifically accommodate the unique features of the award. These market-based awards are expensed on a straight-line basis over the requisite service period (75% vests at the end of the three-year performance period and 25% vests the following year). The long-term awards subject only to continuing employment are expensed on a straight-line basis over the requisite service period (25% vests in each of the following four years).

The annual equity compensation awards include components based on certain annual Company performance measures and individual annual performance goals over the upcoming year. The certain Company performance measures for 2024 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 year performance period and 33% vests in each of the following two years). Any shares issued pursuant to the individual annual performance goals are determined by the Committee in its discretion following the performance period. The Company begins recognizing the expense for the shares on the grant date and will expense on a straight-line basis over the remaining service period (34% vests at the end of the one year performance period and 33% vests in each of the following two years).

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 $2,472,000 and $6,448,000 for the three and six months ended June 30, 2024, respectively, of which $400,000 and $1,040,000 was capitalized as part of the Company’s development costs. For the three and six months ended June 30, 2023, stock-based compensation cost for employees was $2,579,000 and $5,831,000, respectively, of which $601,000 and $1,294,000 was capitalized as part of the Company’s development costs.

Stock-based compensation expense for directors was $172,000 and $343,000 for the three and six months ended June 30, 2024, respectively, and $192,000 and $417,000 for the same periods in 2023.

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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, 2024, the Company withheld 33,381 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, 2024 was $9,702,000. As of the vesting dates, the aggregate fair value of shares that vested during the six months ended June 30, 2024 was $14,995,000.

Award Activity:			Three Months Ended June 30, 2024												Six Months Ended June 30, 2024
			Shares						Weighted Average Grant Date Fair Value						Shares						Weighted Average Grant Date Fair Value
Unvested at beginning of period			77,644						$	157.27					84,564						$	153.78
Granted (1) (2)			5,040						160.87						76,128						127.44
Forfeited			(2,545)						156.45						(2,545)						156.45
Vested			(4,134)						159.79						(82,142)						125.94
Unvested at end of period			76,005						$	157.40					76,005						$	157.40

(1) Includes shares granted in prior years for which performance conditions have been satisfied and the number of shares have been determined.

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, 2024 and December 31, 2023.

			June 30, 2024												December 31, 2023
			Carrying Amount (1)						Fair Value						Carrying Amount (1)						Fair Value
			(In thousands)
Financial Assets:
Cash and cash equivalents			$	39,400					39,400						40,263						40,263
Interest rate swap assets			29,687						29,687						27,366						27,366
Financial Liabilities:
Unsecured debt (2)			1,680,000						1,557,443						1,680,000						1,548,655
Interest rate swap liabilities			—						—						2,478						2,478

(1) Carrying amounts shown in the table are included on the Consolidated Balance Sheets under the indicated captions, except as explained 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, 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 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.

•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, 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.

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.

On June 28, 2024, the Company sold 77,650 shares of common stock under the Current 2023 ATM Program at a weighted average price of $168.63 providing net proceeds to the Company of $12,963,000. These shares were not deemed to be issued and outstanding until settlement in July 2024.

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v3.24.2

Cover - shares	3 Months Ended
	Jun. 30, 2024	Jul. 23, 2024
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		48,730,228
Document Fiscal Year Focus	2024
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, 2024

v3.24.2

CONSOLIDATED BALANCE SHEETS - Unaudited - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
ASSETS
Real estate properties		$ 5,039,199	$ 4,853,548
Development and value-add properties	[1]	693,072	639,647
Real estate, development and value-add properties		5,732,271	5,493,195
Less accumulated depreciation		(1,336,535)	(1,273,723)
Real estate, net		4,395,736	4,219,472
Unconsolidated investment		7,393	7,539
Cash and cash equivalents		39,400	40,263
Other assets		272,164	251,939
TOTAL ASSETS		4,714,693	4,519,213
LIABILITIES
Unsecured bank credit facilities, net of debt issuance costs		(4,100)	(1,520)
Unsecured debt, net of debt issuance costs		1,676,799	1,676,347
Accounts payable and accrued expenses		188,837	146,337
Other liabilities		86,210	89,415
Total Liabilities		1,947,746	1,910,579
STOCKHOLDERS' EQUITY
Common shares; $.0001 par value; 70,000,000 shares authorized; 48,652,525 shares issued and outstanding at June 30, 2024 and 47,700,432 at December 31, 2023		5	5
Excess shares; $.0001 par value; 30,000,000 shares authorized; zero shares issued		0	0
Additional paid-in capital		3,112,554	2,949,907
Distributions in excess of earning		(375,556)	(366,473)
Accumulated other comprehensive income		29,687	24,888
Total Stockholders' Equity		2,766,690	2,608,327
Noncontrolling interest in joint ventures		257	307
Total Equity		2,766,947	2,608,634
TOTAL LIABILITIES AND EQUITY		$ 4,714,693	$ 4,519,213
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		48,652,525	47,700,432
Common shares, outstanding		48,652,525	47,700,432
Excess shares, par value		$ 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 in Note 6.

v3.24.2

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUES
Income from real estate operations	$ 157,333	$ 138,811	$ 311,407	$ 272,775
Other revenue	1,757	1,076	1,907	2,137
Revenues	159,090	139,887	313,314	274,912
EXPENSES
Expenses from real estate operations	43,851	37,767	86,854	73,953
Depreciation and amortization	45,663	42,295	90,832	83,309
General and administrative	4,741	4,384	11,422	9,588
Indirect leasing costs	220	149	397	289
Expenses	94,475	84,595	189,505	167,139
OTHER INCOME (EXPENSE)
Interest expense	(9,832)	(12,575)	(19,893)	(25,600)
Gains on sales of real estate investments	0	0	8,751	4,809
Other	518	748	1,292	1,187
Net Income	55,301	43,465	113,959	88,169
Net income attributable to noncontrolling interest in joint ventures	(14)	(15)	(28)	(29)
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS	55,287	43,450	113,931	88,140
Other comprehensive income (loss) - interest rate swaps	(1,095)	10,202	4,799	(60)
TOTAL COMPREHENSIVE INCOME	$ 54,192	$ 53,652	$ 118,730	$ 88,080
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 1.15	$ 0.97	$ 2.37	$ 1.99
Weighted average shares outstanding (in shares)	48,248	44,656	48,054	44,204
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 1.14	$ 0.97	$ 2.37	$ 1.99
Weighted average shares outstanding (in shares)	48,345	44,734	48,153	44,279

v3.24.2

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, 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 the issuance of common stock	(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	31,254
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture	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
BALANCE at Jun. 30, 2023	2,213,721	4	2,535,996	(358,934)	36,311	344
BALANCE at Dec. 31, 2022	1,953,439	4	2,251,521	(334,898)	36,371	441
BALANCE at Dec. 31, 2023	2,608,634	5	2,949,907	(366,473)	24,888	307
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
BALANCE at Dec. 31, 2023	$ 2,608,634	5	2,949,907	(366,473)	24,888	307
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	58,658	0	0	58,644	0	14
Net unrealized change in fair value of interest rate swaps	5,894	0	0	0	5,894	0
Common dividends declared	(61,125)	0	0	(61,125)	0	0
Stock-based compensation, net of forfeitures	4,147	0	4,147	0	0	0
Issuance of common stock, common stock offering, net of expenses	49,294	0	49,294	0	0	0
Withheld shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock	(6,125)	0	(6,125)	0	0	0
Withheld shares of common stock to satisfy tax withholding obligations in connection with the issuance of common stock	(13)	0	(13)	0	0	0
Net distributions to noncontrolling interest	(67)	0	0	0	0	(67)
Contributions from noncontrolling interest	62	0	0	0	0	62
BALANCE at Mar. 31, 2024	$ 2,659,359	5	2,997,210	(368,954)	30,782	316
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared - per share (in dollars per share)	$ 1.27
Issuance of shares of common stock, common stock offering, net of expenses	272,342
Shares withheld for tax obligations	33,381
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture	68
BALANCE at Dec. 31, 2023	$ 2,608,634	5	2,949,907	(366,473)	24,888	307
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	113,959
BALANCE at Jun. 30, 2024	2,766,947	5	3,112,554	(375,556)	29,687	257
BALANCE at Mar. 31, 2024	2,659,359	5	2,997,210	(368,954)	30,782	316
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	55,301	0	0	55,287	0	14
Net unrealized change in fair value of interest rate swaps	(1,095)	0	0	0	(1,095)	0
Common dividends declared	(61,889)	0	0	(61,889)	0	0
Stock-based compensation, net of forfeitures	2,644	0	2,644	0	0	0
Issuance of common stock, common stock offering, net of expenses	112,710	0	112,710	0	0	0
Withheld shares of common stock to satisfy tax withholding obligations in connection with the issuance of common stock	(10)	0	(10)	0	0	0
Net distributions to noncontrolling interest	(73)	0	0	0	0	(73)
BALANCE at Jun. 30, 2024	$ 2,766,947	$ 5	$ 3,112,554	$ (375,556)	$ 29,687	$ 257
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common dividends declared - per share (in dollars per share)	$ 1.27
Issuance of shares of common stock, common stock offering, net of expenses	639,299
Shares Issued, Shares, Share-Based Payment Arrangement, after Forfeiture	57

v3.24.2

CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($) $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
OPERATING ACTIVITIES
Net Income	$ 55,301	$ 58,658	$ 43,465	$ 44,704	$ 113,959	$ 88,169
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization					90,832	83,309
Stock-based compensation expense					5,751	4,954
Gain on sales of real estate investments					(8,751)	(4,809)
Gain on sales of non-operating real estate					(222)	(446)
Gain on involuntary conversion and business interruption claims					(1,708)	(2,069)
Changes in operating assets and liabilities:
Accrued income and other assets					(9,820)	(13,004)
Accounts payable, accrued expenses and prepaid rent					48,621	22,291
Other					1,099	384
NET CASH PROVIDED BY OPERATING ACTIVITIES					239,761	178,779
INVESTING ACTIVITIES
Development and value-add properties					(122,898)	(172,940)
Purchases of real estate					(107,804)	(34,365)
Real estate improvements					(34,871)	(28,733)
Net proceeds from sales of real estate investments and non-operating real estate					17,397	13,821
Leasing commissions					(16,517)	(16,548)
Proceeds from involuntary conversion on real estate assets					2,450	1,339
Changes in accrued development costs					(9,205)	20,614
Changes in other assets and other liabilities					468	8,009
NET CASH USED IN INVESTING ACTIVITIES					(270,980)	(208,803)
FINANCING ACTIVITIES
Proceeds from unsecured bank credit facilities					31,863	275,080
Repayments on unsecured bank credit facilities					(31,863)	(445,080)
Proceeds from unsecured debt					0	100,000
Repayments on unsecured debt					0	(65,000)
Repayments on secured debt					0	(49)
Debt issuance costs					(3,086)	(1,649)
Distributions paid to stockholders (not including dividends accrued)					(122,337)	(110,411)
Proceeds from common stock offerings					162,111	283,511
Common stock offering related costs					(107)	(441)
Other					(6,225)	(4,911)
NET CASH PROVIDED BY FINANCING ACTIVITIES					30,356	31,050
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS					(863)	1,026
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		$ 40,263		$ 56	40,263	56	$ 56
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 39,400		$ 1,082		39,400	1,082	$ 40,263
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest, net of amounts capitalized of $9,890 and $7,613 for 2024 and 2023, respectively					18,968	25,019
Interest capitalized					9,890	7,613
Cash paid for operating lease liabilities					$ 1,253	$ 1,134

v3.24.2

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2024
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, 2023 and the notes thereto.

v3.24.2

PRINCIPLES OF CONSOLIDATION	6 Months Ended
	Jun. 30, 2024
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, 2024 and December 31, 2023, EastGroup had a 95% controlling interest in a joint venture arrangement owning 6.5 acres of land in San Diego, known by the Company as Miramar Land. During the year ended December 31, 2023, a joint venture, in which EastGroup owns a 99.5% interest, acquired 29.3 acres of land in Denver, known by the Company as Arista 36 Business Park 1-3. As of June 30, 2024 and December 31, 2023, EastGroup continued to hold a controlling interest in these two joint venture arrangements. 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 2.  All significant intercompany transactions and accounts have been eliminated in consolidation.

v3.24.2

USE OF ESTIMATES	6 Months Ended
	Jun. 30, 2024
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.

v3.24.2

LEASE REVENUE	6 Months Ended
	Jun. 30, 2024
Operating Leases, Income Statement, Lease Revenue [Abstract]
Operating Lease, Lease Income [Text Block]	LEASE REVENUE The Company’s primary source of 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, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Lease income — operating leases $ 117,138  104,150  231,338  204,846  Variable lease income (1) 40,195  34,661  80,069  67,929  Income from real estate operations $ 157,333  138,811  311,407  272,775  (1)Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance.

v3.24.2

REAL ESTATE PROPERTIES	6 Months Ended
	Jun. 30, 2024
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, 2024 and 2023, 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 $37,646,000 and $74,851,000 for the three and six months ended June 30, 2024, respectively, and $34,690,000 and $68,536,000 for the same periods in 2023. The Company’s Real estate properties and Development and value-add properties at June 30, 2024 and December 31, 2023 were as follows:   June 30, 2024 December 31, 2023   (In thousands) Real estate properties:        Land $ 850,349  814,364     Buildings and building improvements 3,459,744  3,336,615     Tenant and other improvements 711,773  684,573     Right of use assets — Ground leases (operating) (1) 17,333  17,996  Development and value-add properties (2) 693,072  639,647    5,732,271  5,493,195     Less accumulated depreciation (1,336,535) (1,273,723)   $ 4,395,736  4,219,472  (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 in Note 6.

v3.24.2

DEVELOPMENT AND VALUE-ADD PROPERTIES	6 Months Ended
	Jun. 30, 2024
DEVELOPMENT [Abstract]
Development	DEVELOPMENT AND VALUE-ADD PROPERTIES Development and value-add properties consists of properties in lease-up, under construction, and prospective development (primarily land). 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% leased as of the acquisition date (or will be less than 75% occupied within one year of the acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property. 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 Development and value-add properties to Real estate properties as follows: (1) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (2) 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/value-add acquisition date, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land).

v3.24.2

REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES	6 Months Ended
	Jun. 30, 2024
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 2023 and the first six months of 2024 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 2023 and 2024 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 terms of the existing leases. Amortization of above and below market lease intangibles, which is included in Income from real estate operations, increased rental income by $546,000 and $1,153,000 for the three and six months ended June 30, 2024, respectively, and $696,000 and $1,295,000 for the same periods in 2023. Amortization expense for in-place lease intangibles, which is included in Depreciation and amortization, was $1,893,000 and $3,819,000 for the three and six months ended June 30, 2024, respectively, and $2,174,000 and $4,136,000 for the same periods in 2023. During the six months ended June 30, 2024, EastGroup acquired the following properties: REAL ESTATE PROPERTIES ACQUIRED IN 2024 Location Size Date Acquired Cost (1)     (Square feet)   (In thousands) Operating properties acquired (2)(3) Spanish Ridge Industrial Park Las Vegas, NV 231,000  01/23/2024 $ 54,859  147 Exchange Raleigh, NC 274,000  05/03/2024 52,945  Total operating property acquisitions 505,000  $ 107,804  (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)Excludes acquired development land as discussed below. There were no value-add acquisitions during the six months ended June 30, 2024. 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 six months ended June 30, 2024. ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2024 Cost   (In thousands) Land $ 28,251  Buildings and building improvements 69,476  Tenant and other improvements 4,267  Total real estate properties acquired 101,994  In-place lease intangibles (1) 6,269  Above market lease intangibles (1) 121  Below market lease intangibles (2) (580) Total assets acquired, net of liabilities assumed $ 107,804  (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 terms 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 terms of the associated leases in place at the time of acquisition. The leases in the properties acquired during the six months ended June 30, 2024 had a weighted average remaining lease term at acquisition of approximately 5.9 years. Also during the six months ended June 30, 2024, EastGroup purchased 34.3 acres of development land in Atlanta for $3,302,000. During 2023, EastGroup acquired the following properties: REAL ESTATE PROPERTIES ACQUIRED IN 2023 Location Size Date Acquired Cost (1)     (Square feet)   (In thousands) Operating properties acquired (2)(3) Craig Corporate Center Las Vegas, NV 156,000  04/18/2023 $ 34,365  Blue Diamond Business Park Las Vegas, NV 254,000  09/05/2023 52,973  McKinney Logistics Center Dallas, TX 193,000  10/02/2023 25,739  Park at Myatt Nashville, TN 171,000  11/03/2023 30,793  Pelzer Point Commerce Center 1 Greenville, SC 213,000  12/21/2023 21,246  Total operating property acquisitions 987,000  $ 165,116  (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)Excludes acquired development land as discussed below. There were no value-add acquisitions during the year ended December 31, 2023. 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, 2023. ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2023 Cost   (In thousands) Land $ 44,676  Buildings and building improvements 111,082  Tenant and other improvements 4,346  Total real estate properties acquired 160,104  In-place lease intangibles (1) 7,242  Below market lease intangibles (2) (2,230) Total assets acquired, net of liabilities assumed $ 165,116  (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 terms 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 terms of the associated leases in place at the time of acquisition.   The leases in the properties acquired during the year ended December 31, 2023 had a weighted average remaining lease term at acquisition of approximately 8.0 years. Also during 2023, EastGroup purchased 328.3 acres of development land in seven markets for $70,664,000. 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, 2024 and 2023.

v3.24.2

REAL ESTATE SOLD AND HELD FOR SALE DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Sold and Held For Sale and Discontinued Operations	REAL ESTATE SOLD AND HELD FOR SALE The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. The Company did not classify any properties as held for sale as of June 30, 2024 and December 31, 2023. In accordance with ASC 360 and ASC 205, Presentation of Financial Statements, the Company would report a disposal of a component of an entity or a group of components of an entity in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, the Company would provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation. Results of operations and gains and losses on sales for properties sold are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income. The gains and losses on sales of operating properties are included in Gain on sales of real estate investments. A summary of Gain on sales of real estate investments for the six months ended June 30, 2024 and the year ended December 31, 2023 follows: REAL ESTATE PROPERTIES SOLD Location Size Date Sold Net Sales Price Basis Recognized Gain     (Square feet)   (In thousands) 2024 Interchange Business Park and     Metro Airport Commerce Center Jackson, MS 159,000 03/05/2024 $ 13,614  4,863  8,751  2023 World Houston 23 Houston, TX 125,000 03/31/2023 $ 9,327  4,518  4,809  Ettie Business Center San Francisco, CA 29,000 11/20/2023 11,638  8,845  2,793  Los Angeles Corporate Center Los Angeles, CA 77,000 12/29/2023 16,006  5,643  10,363  Total for 2023 231,000  $ 36,971  19,006  17,965  The table above includes sales of operating properties. During the six months ended June 30, 2024, the Company also sold 3.9 acres of land in San Francisco for $4,000,000 and recognized a gain on the sale of $222,000. During the year ended December 31, 2023, the Company sold 11.9 acres of land in Houston and Fort Worth for $4,750,000 and recognized gains on the sales of $446,000. The gains on sales of non-operating real estate are included in Other on the Consolidated Statements of Income and Comprehensive Income. The Company did not consider its sales in 2024 or 2023 to be disposals of a component of an entity or a group of components of an entity representing a strategic shift that has (or will have) a major effect on the entity’s operations and financial results.

v3.24.2

OTHER ASSETS	6 Months Ended
	Jun. 30, 2024
Other Assets [Abstract]
Other Assets	OTHER ASSETS A summary of the Company’s Other assets follows:   June 30, 2024 December 31, 2023   (In thousands) Leasing costs (principally commissions) $ 166,841  158,741  Accumulated amortization of leasing costs                                                        (60,505) (57,646) Leasing costs (principally commissions), net of accumulated amortization 106,336  101,095  Acquired in-place lease intangibles                                                                                   41,691  39,600  Accumulated amortization of acquired in-place lease intangibles (19,037) (19,395) Acquired in-place lease intangibles, net of accumulated amortization 22,654  20,205  Acquired above market lease intangibles                                                                                   594  482  Accumulated amortization of acquired above market lease intangibles (359) (318) Acquired above market lease intangibles, net of accumulated amortization 235  164  Straight-line rents receivable 77,658  72,360  Accounts receivable 5,140  9,984  Interest rate swap assets 29,687  27,366  Right of use assets — Office leases (operating) 2,523  2,828  Goodwill 990  990  Escrow deposits and prepaid costs for pending transactions 1,933  745  Prepaid insurance 13,850  7,208  Receivable for insurance proceeds 4,051  1,425  Prepaid expenses and other assets                                                                                   7,107  7,569  Total Other assets $ 272,164  251,939

v3.24.2

DEBT	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt Disclosure	DEBT The Company’s debt is detailed below:   June 30, 2024 December 31, 2023   (In thousands) Unsecured bank credit facilities — variable rate, carrying amount $ —  —  Unamortized debt issuance costs (4,100) (1,520) Unsecured bank credit facilities, net of debt issuance costs (4,100) (1,520) Unsecured debt — fixed rate, carrying amount (1) 1,680,000  1,680,000  Unamortized debt issuance costs (3,201) (3,653) Unsecured debt, net of debt issuance costs 1,676,799  1,676,347  Total unsecured debt, net of debt issuance costs $ 1,672,699  1,674,827  (1)These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. On June 13, 2024, EastGroup entered into amended and restated credit agreements related to its $625,000,000 and $50,000,000 unsecured bank credit facilities, to extend the maturity dates from July 30, 2025 to July 31, 2028. There were no other material changes to the credit facilities, which are outlined below. The Company has a $625,000,000 unsecured bank credit facility with a group of 10 banks, which has a maturity date of July 31, 2028. The credit facility contains options for two six-month extensions (at the Company's election) and an additional $625,000,000 accordion (with agreement by all parties). The interest rate on each tranche is reset on a monthly basis and as of June 30, 2024, was Secured Overnight Financing Rate (“SOFR”) plus 76.5 basis points with an annual facility fee of 15 basis points. As of June 30, 2024, the Company had no variable rate borrowings on this unsecured bank credit facility and an interest rate of 6.202%. The Company has two standby letters of credit totaling $2,655,000 pledged on this facility, which reduces borrowing capacity under the credit facility. The Company also has a $50,000,000 unsecured bank credit facility with a maturity date of July 31, 2028, 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, 2024, was SOFR plus 77.5 basis points with an annual facility fee of 15 basis points. As of June 30, 2024, the interest rate was 6.205% 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 $625,000,000 facility is also subject to a sustainability-linked pricing component, pursuant to which the applicable interest margin is adjusted if the Company meets a certain sustainability performance target. This sustainability metric is evaluated annually and was achieved for the years ended December 31, 2023 and 2022, which allowed for the interest rate reduction in each of the years subsequent to achieving the metric. The margin was effectively reduced on this unsecured bank credit facility by one basis point, from 77.5 to 76.5 basis points. Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of June 30, 2024, are as follows:  Years Ending December 31, (In thousands) 2024 — Remainder of year $ 170,000  2025 145,000  2026 140,000  2027 175,000  2028 160,000  2029 and beyond 890,000         Total $ 1,680,000

v3.24.2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2024
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, 2024 December 31, 2023   (In thousands) Property taxes payable                                                                                   $ 48,883  9,508  Development costs payable                                                                                   21,575  29,487  Retainage payable 13,699  14,992  Real estate improvements and capitalized leasing costs payable 7,247  5,275  Interest payable                                                                                   8,459  8,493  Dividends payable                                                         63,070  62,393  Other payables and accrued expenses                                                                                   25,904  16,189   Total Accounts payable and accrued expenses $ 188,837  146,337

v3.24.2

OTHER LIABILITIES	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Other Liabilities	OTHER LIABILITIES A summary of the Company’s Other liabilities follows:   June 30, 2024 December 31, 2023   (In thousands) Security deposits                                                                                   $ 39,995  37,102  Prepaid rent and other deferred income                                                      18,400  20,070  Operating lease liabilities — Ground leases 18,198  18,758  Operating lease liabilities — Office leases 2,572  2,882  Acquired below market lease intangibles 11,063  11,451       Accumulated amortization of below market lease intangibles (5,241) (5,006) Acquired below market lease intangibles, net of accumulated amortization 5,822  6,445  Interest rate swap liabilities —  2,478  Other liabilities                                                                                   1,223  1,680   Total Other liabilities $ 86,210  89,415

v3.24.2

COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 2024
Other Comprehensive Income (Loss), Tax [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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) ACCUMULATED OTHER COMPREHENSIVE INCOME: Balance at beginning of period $ 30,782  26,109  24,888  36,371      Other comprehensive income (loss) — interest rate swaps (1,095) 10,202  4,799  (60) Balance at end of period $ 29,687  36,311  29,687  36,311

v3.24.2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2024
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 term of the agreements without exchange of the underlying notional amount.  As of June 30, 2024, 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 $14,911,000 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. As of June 30, 2024 and December 31, 2023, the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk: Notional Value of Interest Rate Derivatives June 30, 2024 December 31, 2023 (In thousands) 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, 2024 and December 31, 2023. See Note 18 for additional information on the fair value of the Company’s interest rate swaps. Derivatives As of June 30, 2024 Derivatives As of December 31, 2023 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges:     Interest rate swap assets Other assets $ 29,687  Other assets $ 27,366      Interest rate swap liabilities Other liabilities —  Other liabilities 2,478  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, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30,   2024 2023 2024 2023   (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS     Interest Rate Swaps: Amount of income recognized in Other comprehensive income (loss)         on derivatives $ 3,634  14,452  14,274  8,255  Amount of (income) reclassified from Accumulated other comprehensive         income into Interest expense (4,729) (4,250) (9,475) (8,315) See Note 13 for additional information on the Company’s Accumulated other comprehensive income resulting from its interest rate swaps. Derivative financial agreements expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company believes it minimizes the credit risk by transacting with financial institutions the Company regards as credit-worthy. The Company has an agreement with its derivative counterparties containing a provision stating that the Company could be declared in default on its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender. As of June 30, 2024, we had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements. If the Company had breached any of these provisions, it would be required to settle its obligations under the agreements at their termination value.

v3.24.2

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
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 effect of any dilutive securities including shares issuable under forward equity sale agreements and unvested restricted stock using the treasury stock method. Any anti-dilutive securities are excluded from the diluted EPS calculation. Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows:   Three Months Ended June 30, Six Months Ended June 30,   2024 2023 2024 2023   (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS       Numerator — net income attributable to common stockholders $ 55,287  43,450  113,931  88,140    Denominator — weighted average shares outstanding — Basic 48,248  44,656  48,054  44,204  DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS   Numerator — net income attributable to common stockholders $ 55,287  43,450  113,931  88,140    Denominator:     Weighted average shares outstanding — Basic 48,248  44,656  48,054  44,204      Effect of dilutive securities 97  78  99  75  Weighted average shares outstanding — Diluted 48,345  44,734  48,153  44,279

v3.24.2

EQUITY OFFERINGS	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	EQUITY OFFERINGS Underwriting commissions and offering costs incurred in connection with common stock offerings and at-the-market equity offering programs have been reflected as a reduction of Additional paid-in capital. Under relevant accounting guidance, sales of common stock under forward equity sale agreements are not deemed to be liabilities, and furthermore, meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock. On October 25, 2023, we established an at-the-market common stock offering program pursuant to which we are able to sell, from time to time, shares of our common stock having an aggregate gross sales price of up to $750,000,000 (the “Current 2023 ATM Program”). The Current 2023 ATM Program replaces our previous $750,000,000 ATM program, which was established on December 16, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $464,305,000 through October 25, 2023. In connection with the Current 2023 ATM Program, we may sell shares of our common stock directly through sales agents or through certain financial institutions acting as forward counterparties whereby, at our discretion, the forward counterparties, or their agents or affiliates, may borrow from third parties and subsequently sell shares of our common stock. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock but defer settling and receiving the proceeds from the sale of shares until a later date. Additionally, the forward price that we expect to receive upon settlement of an agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement. Direct Common Stock Issuance Activity The following table presents the Company’s common stock issuance activity sold directly through sales agents pursuant to the Company's ATM programs during the six months ended June 30, 2024 and the year ended December 31, 2023: Common Stock (1) Weighted Average Price Gross Proceeds Net Proceeds (In shares) (Per share) (In thousands) (In thousands) Three months ended March 31, 2024 —  $ —  $ —  $ —  Three months ended June 30, 2024 (2) 218,929  168.62  36,916  36,547  Six months ended June 30, 2024 (2) 218,929  $ 168.62  $ 36,916  $ 36,547  Twelve months ended December 31, 2023 4,094,896  $ 170.77  $ 699,304  $ 692,312  (1) Excludes shares of common stock sold on a forward basis as described below. (2) Excludes 77,650 shares sold on June 28, 2024, at a weighted average price of $168.63, providing net proceeds to the Company of $12,963,000. These shares were not deemed to be issued and outstanding until settlement, subsequent to June 30, 2024, as disclosed in Note 22. Forward Equity Offering Activity The following table presents the Company’s forward equity offering activity during the three and six months ended June 30, 2024: Common Stock Weighted Average Price Gross Proceeds (In shares) (Per share) (In thousands) Forward Sale Agreements Outstanding at December 31, 2023 406,041  $ 183.92  $ 74,679  Forward sale agreements settled — shares issued and proceeds received (1) (272,342) 183.59  (50,000) New forward sale agreements (2) 286,671  181.95  52,160  Forward Sale Agreements Outstanding at March 31, 2024 420,370  $ 182.79  $ 76,839  Forward sale agreements settled — shares issued and proceeds received (3) (420,370) 182.79  (76,839) New forward sale agreements (2) 600,053  166.65  100,000  Forward Sale Agreements Outstanding at June 30, 2024 600,053  $ 166.65  $ 100,000  (1) EastGroup settled outstanding forward equity sale agreements by issuing 272,342 shares of common stock in exchange for net proceeds of approximately $49,364,000. (2) The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time it entered into forward sale agreements. (3) EastGroup settled outstanding forward equity sale agreements by issuing 420,370 shares of common stock in exchange for net proceeds of approximately $76,200,000.

v3.24.2

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2024
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 years and the employee’s continued service as of the vesting dates. The total shareholder return component is subject to bright-line tests that compare the Company’s total shareholder return to the Nareit Equity Index and to the member companies of the Nareit industrial index. The Company begins recognizing expense for these awards based on the grant date fair value of the awards which is determined using a simulation pricing model developed to specifically accommodate the unique features of the award. These market-based awards are expensed on a straight-line basis over the requisite service period (75% vests at the end of the three-year performance period and 25% vests the following year). The long-term awards subject only to continuing employment are expensed on a straight-line basis over the requisite service period (25% vests in each of the following four years). The annual equity compensation awards include components based on certain annual Company performance measures and individual annual performance goals over the upcoming year. The certain Company performance measures for 2024 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 year performance period and 33% vests in each of the following two years). Any shares issued pursuant to the individual annual performance goals are determined by the Committee in its discretion following the performance period. The Company begins recognizing the expense for the shares on the grant date and will expense on a straight-line basis over the remaining service period (34% vests at the end of the one year performance period and 33% vests in each of the following two years). 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 $2,472,000 and $6,448,000 for the three and six months ended June 30, 2024, respectively, of which $400,000 and $1,040,000 was capitalized as part of the Company’s development costs. For the three and six months ended June 30, 2023, stock-based compensation cost for employees was $2,579,000 and $5,831,000, respectively, of which $601,000 and $1,294,000 was capitalized as part of the Company’s development costs. Stock-based compensation expense for directors was $172,000 and $343,000 for the three and six months ended June 30, 2024, respectively, and $192,000 and $417,000 for the same periods in 2023. 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, 2024, the Company withheld 33,381 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, 2024 was $9,702,000. As of the vesting dates, the aggregate fair value of shares that vested during the six months ended June 30, 2024 was $14,995,000. Award Activity: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024       Shares Weighted Average Grant Date Fair Value     Shares Weighted Average Grant Date Fair Value Unvested at beginning of period 77,644  $ 157.27  84,564  $ 153.78  Granted (1) (2) 5,040  160.87  76,128  127.44  Forfeited  (2,545) 156.45  (2,545) 156.45  Vested  (4,134) 159.79  (82,142) 125.94  Unvested at end of period  76,005  $ 157.40  76,005  $ 157.40  (1) Includes shares granted in prior years for which performance conditions have been satisfied and the number of shares have been determined. (2) Does not include the restricted shares that may be earned if the performance goals established in 2022 and 2023 for long-term performance and in 2024 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 135,501.

v3.24.2

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2024
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, 2024 and December 31, 2023.   June 30, 2024 December 31, 2023   Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value   (In thousands) Financial Assets:         Cash and cash equivalents $ 39,400  39,400  40,263  40,263     Interest rate swap assets                              29,687  29,687  27,366  27,366  Financial Liabilities:         Unsecured debt (2) 1,680,000  1,557,443  1,680,000  1,548,655     Interest rate swap liabilities                                      —  —  2,478  2,478  (1) Carrying amounts shown in the table are included on the Consolidated Balance Sheets under the indicated captions, except as explained 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, 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 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. •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, 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.

v3.24.2

RISKS AND UNCERTAINTIES	6 Months Ended
	Jun. 30, 2024
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.

v3.24.2

LEGAL MATTERS (Notes)	6 Months Ended
	Jun. 30, 2024
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.

v3.24.2

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Accounting Standards Update and Change in Accounting Principle	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. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The primary provision of the ASU is to require disclosure of incremental segment information, such as significant segment expenses regularly provided to the Company’s chief decision makers, the title and position of such individuals, and the manner in which the individuals use such information in assessing segment performance and the allocation of resources. 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. Entities with a single reportable segment are required to provide the disclosures required by the amendment and existing segment disclosure requirements in accordance with Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Amendments should be applied retrospectively to all prior periods presented in the financial statements. EastGroup does not expect the adoption to have a material impact on its financial condition, results of operations or disclosures.

v3.24.2

SUBSEQUENT EVENTS (Notes)	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS On June 28, 2024, the Company sold 77,650 shares of common stock under the Current 2023 ATM Program at a weighted average price of $168.63 providing net proceeds to the Company of $12,963,000. These shares were not deemed to be issued and outstanding until settlement in July 2024.

v3.24.2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2024 and December 31, 2023, EastGroup had a 95% controlling interest in a joint venture arrangement owning 6.5 acres of land in San Diego, known by the Company as Miramar Land. During the year ended December 31, 2023, a joint venture, in which EastGroup owns a 99.5% interest, acquired 29.3 acres of land in Denver, known by the Company as Arista 36 Business Park 1-3. As of June 30, 2024 and December 31, 2023, EastGroup continued to hold a controlling interest in these two joint venture arrangements. 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 2.  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, 2024 and December 31, 2023. In accordance with ASC 360 and ASC 205, Presentation of Financial Statements, the Company would report a disposal of a component of an entity or a group of components of an entity in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, the Company would provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation.
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 2023 and the first six months of 2024 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 2023 and 2024 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 terms of the existing leases.
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 effect of any dilutive securities including shares issuable under forward equity sale agreements and unvested restricted stock using the treasury stock method. Any anti-dilutive securities are excluded from the diluted EPS calculation.
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 years and the employee’s continued service as of the vesting dates. The total shareholder return component is subject to bright-line tests that compare the Company’s total shareholder return to the Nareit Equity Index and to the member companies of the Nareit industrial index. The Company begins recognizing expense for these awards based on the grant date fair value of the awards which is determined using a simulation pricing model developed to specifically accommodate the unique features of the award. These market-based awards are expensed on a straight-line basis over the requisite service period (75% vests at the end of the three-year performance period and 25% vests the following year). The long-term awards subject only to continuing employment are expensed on a straight-line basis over the requisite service period (25% vests in each of the following four years). The annual equity compensation awards include components based on certain annual Company performance measures and individual annual performance goals over the upcoming year. The certain Company performance measures for 2024 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 year performance period and 33% vests in each of the following two years). Any shares issued pursuant to the individual annual performance goals are determined by the Committee in its discretion following the performance period. The Company begins recognizing the expense for the shares on the grant date and will expense on a straight-line basis over the remaining service period (34% vests at the end of the one year performance period and 33% vests in each of the following two years). 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, 2024 and 2023, 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 $37,646,000 and $74,851,000 for the three and six months ended June 30, 2024, respectively, and $34,690,000 and $68,536,000 for the same periods in 2023.
Development	Development and value-add properties consists of properties in lease-up, under construction, and prospective development (primarily land). 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% leased as of the acquisition date (or will be less than 75% occupied within one year of the acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property. 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 Development and value-add properties to Real estate properties as follows: (1) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (2) 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/value-add acquisition date, 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	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. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The primary provision of the ASU is to require disclosure of incremental segment information, such as significant segment expenses regularly provided to the Company’s chief decision makers, the title and position of such individuals, and the manner in which the individuals use such information in assessing segment performance and the allocation of resources. 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. Entities with a single reportable segment are required to provide the disclosures required by the amendment and existing segment disclosure requirements in accordance with Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. Amendments should be applied retrospectively to all prior periods presented in the financial statements. EastGroup does not expect the adoption to have a material impact on its financial condition, results of operations or disclosures.
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. 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 term of the agreements without exchange of the underlying notional amount.
Common Stock Offering	Underwriting commissions and offering costs incurred in connection with common stock offerings and at-the-market equity offering programs have been reflected as a reduction of Additional paid-in capital. Under relevant accounting guidance, sales of common stock under forward equity sale agreements are not deemed to be liabilities, and furthermore, meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.

v3.24.2

LEASE REVENUE (Tables)	6 Months Ended
	Jun. 30, 2024
Operating Leases, Income Statement, 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, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Lease income — operating leases $ 117,138  104,150  231,338  204,846  Variable lease income (1) 40,195  34,661  80,069  67,929  Income from real estate operations $ 157,333  138,811  311,407  272,775  (1)Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance.

v3.24.2

REAL ESTATE PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and December 31, 2023 were as follows:   June 30, 2024 December 31, 2023   (In thousands) Real estate properties:        Land $ 850,349  814,364     Buildings and building improvements 3,459,744  3,336,615     Tenant and other improvements 711,773  684,573     Right of use assets — Ground leases (operating) (1) 17,333  17,996  Development and value-add properties (2) 693,072  639,647    5,732,271  5,493,195     Less accumulated depreciation (1,336,535) (1,273,723)   $ 4,395,736  4,219,472  (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 in Note 6.

v3.24.2

REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES (Tables)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Asset Acquisition [Abstract]
Real Estate Properties Acquired [Table]	During the six months ended June 30, 2024, EastGroup acquired the following properties: REAL ESTATE PROPERTIES ACQUIRED IN 2024 Location Size Date Acquired Cost (1)     (Square feet)   (In thousands) Operating properties acquired (2)(3) Spanish Ridge Industrial Park Las Vegas, NV 231,000  01/23/2024 $ 54,859  147 Exchange Raleigh, NC 274,000  05/03/2024 52,945  Total operating property acquisitions 505,000  $ 107,804  (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)Excludes acquired development land as discussed below.	During 2023, EastGroup acquired the following properties: REAL ESTATE PROPERTIES ACQUIRED IN 2023 Location Size Date Acquired Cost (1)     (Square feet)   (In thousands) Operating properties acquired (2)(3) Craig Corporate Center Las Vegas, NV 156,000  04/18/2023 $ 34,365  Blue Diamond Business Park Las Vegas, NV 254,000  09/05/2023 52,973  McKinney Logistics Center Dallas, TX 193,000  10/02/2023 25,739  Park at Myatt Nashville, TN 171,000  11/03/2023 30,793  Pelzer Point Commerce Center 1 Greenville, SC 213,000  12/21/2023 21,246  Total operating property acquisitions 987,000  $ 165,116  (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)Excludes acquired development land as discussed below.
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 acquisitions identified in the table above which were acquired during the six months ended June 30, 2024. ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2024 Cost   (In thousands) Land $ 28,251  Buildings and building improvements 69,476  Tenant and other improvements 4,267  Total real estate properties acquired 101,994  In-place lease intangibles (1) 6,269  Above market lease intangibles (1) 121  Below market lease intangibles (2) (580) Total assets acquired, net of liabilities assumed $ 107,804  (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 terms 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 terms of the associated leases in place at the time of acquisition.	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, 2023. ACQUIRED ASSETS AND ASSUMED LIABILITIES IN 2023 Cost   (In thousands) Land $ 44,676  Buildings and building improvements 111,082  Tenant and other improvements 4,346  Total real estate properties acquired 160,104  In-place lease intangibles (1) 7,242  Below market lease intangibles (2) (2,230) Total assets acquired, net of liabilities assumed $ 165,116  (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 terms 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 terms of the associated leases in place at the time of acquisition.

v3.24.2

REAL ESTATE SOLD AND HELD FOR SALE DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations	A summary of Gain on sales of real estate investments for the six months ended June 30, 2024 and the year ended December 31, 2023 follows: REAL ESTATE PROPERTIES SOLD Location Size Date Sold Net Sales Price Basis Recognized Gain     (Square feet)   (In thousands) 2024 Interchange Business Park and     Metro Airport Commerce Center Jackson, MS 159,000 03/05/2024 $ 13,614  4,863  8,751  2023 World Houston 23 Houston, TX 125,000 03/31/2023 $ 9,327  4,518  4,809  Ettie Business Center San Francisco, CA 29,000 11/20/2023 11,638  8,845  2,793  Los Angeles Corporate Center Los Angeles, CA 77,000 12/29/2023 16,006  5,643  10,363  Total for 2023 231,000  $ 36,971  19,006  17,965

v3.24.2

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
Other Assets [Abstract]
Other Assets	A summary of the Company’s Other assets follows:   June 30, 2024 December 31, 2023   (In thousands) Leasing costs (principally commissions) $ 166,841  158,741  Accumulated amortization of leasing costs                                                        (60,505) (57,646) Leasing costs (principally commissions), net of accumulated amortization 106,336  101,095  Acquired in-place lease intangibles                                                                                   41,691  39,600  Accumulated amortization of acquired in-place lease intangibles (19,037) (19,395) Acquired in-place lease intangibles, net of accumulated amortization 22,654  20,205  Acquired above market lease intangibles                                                                                   594  482  Accumulated amortization of acquired above market lease intangibles (359) (318) Acquired above market lease intangibles, net of accumulated amortization 235  164  Straight-line rents receivable 77,658  72,360  Accounts receivable 5,140  9,984  Interest rate swap assets 29,687  27,366  Right of use assets — Office leases (operating) 2,523  2,828  Goodwill 990  990  Escrow deposits and prepaid costs for pending transactions 1,933  745  Prepaid insurance 13,850  7,208  Receivable for insurance proceeds 4,051  1,425  Prepaid expenses and other assets                                                                                   7,107  7,569  Total Other assets $ 272,164  251,939

v3.24.2

DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long term debt, by type [Table Text Block]	The Company’s debt is detailed below:   June 30, 2024 December 31, 2023   (In thousands) Unsecured bank credit facilities — variable rate, carrying amount $ —  —  Unamortized debt issuance costs (4,100) (1,520) Unsecured bank credit facilities, net of debt issuance costs (4,100) (1,520) Unsecured debt — fixed rate, carrying amount (1) 1,680,000  1,680,000  Unamortized debt issuance costs (3,201) (3,653) Unsecured debt, net of debt issuance costs 1,676,799  1,676,347  Total unsecured debt, net of debt issuance costs $ 1,672,699  1,674,827  (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 (not including Unsecured bank credit facilities, net of debt issuance costs), as of June 30, 2024, are as follows:  Years Ending December 31, (In thousands) 2024 — Remainder of year $ 170,000  2025 145,000  2026 140,000  2027 175,000  2028 160,000  2029 and beyond 890,000         Total $ 1,680,000

v3.24.2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 December 31, 2023   (In thousands) Property taxes payable                                                                                   $ 48,883  9,508  Development costs payable                                                                                   21,575  29,487  Retainage payable 13,699  14,992  Real estate improvements and capitalized leasing costs payable 7,247  5,275  Interest payable                                                                                   8,459  8,493  Dividends payable                                                         63,070  62,393  Other payables and accrued expenses                                                                                   25,904  16,189   Total Accounts payable and accrued expenses $ 188,837  146,337

v3.24.2

OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Summary of other liabilities	A summary of the Company’s Other liabilities follows:   June 30, 2024 December 31, 2023   (In thousands) Security deposits                                                                                   $ 39,995  37,102  Prepaid rent and other deferred income                                                      18,400  20,070  Operating lease liabilities — Ground leases 18,198  18,758  Operating lease liabilities — Office leases 2,572  2,882  Acquired below market lease intangibles 11,063  11,451       Accumulated amortization of below market lease intangibles (5,241) (5,006) Acquired below market lease intangibles, net of accumulated amortization 5,822  6,445  Interest rate swap liabilities —  2,478  Other liabilities                                                                                   1,223  1,680   Total Other liabilities $ 86,210  89,415

v3.24.2

COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 2024
Other Comprehensive Income (Loss), Tax [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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) ACCUMULATED OTHER COMPREHENSIVE INCOME: Balance at beginning of period $ 30,782  26,109  24,888  36,371      Other comprehensive income (loss) — interest rate swaps (1,095) 10,202  4,799  (60) Balance at end of period $ 29,687  36,311  29,687  36,311

v3.24.2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2024
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract]
Schedule of Derivative Instruments [Table Text Block]	As of June 30, 2024 and December 31, 2023, the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk: Notional Value of Interest Rate Derivatives June 30, 2024 December 31, 2023 (In thousands) 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, 2024 and December 31, 2023. See Note 18 for additional information on the fair value of the Company’s interest rate swaps. Derivatives As of June 30, 2024 Derivatives As of December 31, 2023 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges:     Interest rate swap assets Other assets $ 29,687  Other assets $ 27,366      Interest rate swap liabilities Other liabilities —  Other liabilities 2,478
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, 2024 and 2023: Three Months Ended June 30, Six Months Ended June 30,   2024 2023 2024 2023   (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS     Interest Rate Swaps: Amount of income recognized in Other comprehensive income (loss)         on derivatives $ 3,634  14,452  14,274  8,255  Amount of (income) reclassified from Accumulated other comprehensive         income into Interest expense (4,729) (4,250) (9,475) (8,315)

v3.24.2

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30,   2024 2023 2024 2023   (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS       Numerator — net income attributable to common stockholders $ 55,287  43,450  113,931  88,140    Denominator — weighted average shares outstanding — Basic 48,248  44,656  48,054  44,204  DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS   Numerator — net income attributable to common stockholders $ 55,287  43,450  113,931  88,140    Denominator:     Weighted average shares outstanding — Basic 48,248  44,656  48,054  44,204      Effect of dilutive securities 97  78  99  75  Weighted average shares outstanding — Diluted 48,345  44,734  48,153  44,279

v3.24.2

EQUITY OFFERINGS (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Direct Common Stock Issuance Activity	Direct Common Stock Issuance Activity The following table presents the Company’s common stock issuance activity sold directly through sales agents pursuant to the Company's ATM programs during the six months ended June 30, 2024 and the year ended December 31, 2023: Common Stock (1) Weighted Average Price Gross Proceeds Net Proceeds (In shares) (Per share) (In thousands) (In thousands) Three months ended March 31, 2024 —  $ —  $ —  $ —  Three months ended June 30, 2024 (2) 218,929  168.62  36,916  36,547  Six months ended June 30, 2024 (2) 218,929  $ 168.62  $ 36,916  $ 36,547  Twelve months ended December 31, 2023 4,094,896  $ 170.77  $ 699,304  $ 692,312  (1) Excludes shares of common stock sold on a forward basis as described below. (2) Excludes 77,650 shares sold on June 28, 2024, at a weighted average price of $168.63, providing net proceeds to the Company of $12,963,000. These shares were not deemed to be issued and outstanding until settlement, subsequent to June 30, 2024, as disclosed in Note 22.
Forward Equity Offering Activity	Forward Equity Offering Activity The following table presents the Company’s forward equity offering activity during the three and six months ended June 30, 2024: Common Stock Weighted Average Price Gross Proceeds (In shares) (Per share) (In thousands) Forward Sale Agreements Outstanding at December 31, 2023 406,041  $ 183.92  $ 74,679  Forward sale agreements settled — shares issued and proceeds received (1) (272,342) 183.59  (50,000) New forward sale agreements (2) 286,671  181.95  52,160  Forward Sale Agreements Outstanding at March 31, 2024 420,370  $ 182.79  $ 76,839  Forward sale agreements settled — shares issued and proceeds received (3) (420,370) 182.79  (76,839) New forward sale agreements (2) 600,053  166.65  100,000  Forward Sale Agreements Outstanding at June 30, 2024 600,053  $ 166.65  $ 100,000  (1) EastGroup settled outstanding forward equity sale agreements by issuing 272,342 shares of common stock in exchange for net proceeds of approximately $49,364,000. (2) The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time it entered into forward sale agreements. (3) EastGroup settled outstanding forward equity sale agreements by issuing 420,370 shares of common stock in exchange for net proceeds of approximately $76,200,000.

v3.24.2

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024, the Company withheld 33,381 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, 2024 was $9,702,000. As of the vesting dates, the aggregate fair value of shares that vested during the six months ended June 30, 2024 was $14,995,000. Award Activity: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024       Shares Weighted Average Grant Date Fair Value     Shares Weighted Average Grant Date Fair Value Unvested at beginning of period 77,644  $ 157.27  84,564  $ 153.78  Granted (1) (2) 5,040  160.87  76,128  127.44  Forfeited  (2,545) 156.45  (2,545) 156.45  Vested  (4,134) 159.79  (82,142) 125.94  Unvested at end of period  76,005  $ 157.40  76,005  $ 157.40  (1) Includes shares granted in prior years for which performance conditions have been satisfied and the number of shares have been determined. (2) Does not include the restricted shares that may be earned if the performance goals established in 2022 and 2023 for long-term performance and in 2024 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 135,501.

v3.24.2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2024 and December 31, 2023.   June 30, 2024 December 31, 2023   Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value   (In thousands) Financial Assets:         Cash and cash equivalents $ 39,400  39,400  40,263  40,263     Interest rate swap assets                              29,687  29,687  27,366  27,366  Financial Liabilities:         Unsecured debt (2) 1,680,000  1,557,443  1,680,000  1,548,655     Interest rate swap liabilities                                      —  —  2,478  2,478  (1) Carrying amounts shown in the table are included on the Consolidated Balance Sheets under the indicated captions, except as explained below. (2) Carrying amounts and fair values shown in the table exclude debt issuance costs (see Note 10 for additional information).

v3.24.2

PRINCIPLES OF CONSOLIDATION (Details)	Jun. 30, 2024 a
Miramar Land [Member]
Controlling interest joint ventures and equity method investees [Line Items]
Acres of real estate investment property	6.5
Subsidiary, Ownership Percentage, Parent	95.00%
Arista 36 Business Park Land
Controlling interest joint ventures and equity method investees [Line Items]
Acres of real estate investment property	29.3
Subsidiary, Ownership Percentage, Parent	99.50%
Industry Distribution Center II - undivided tenant-in-common interest [Member]
Controlling interest joint ventures and equity method investees [Line Items]
Equity method investment, ownership percentage	50.00%

v3.24.2

LEASE REVENUE (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Leases, Income Statement, Lease Revenue [Abstract]
Lease income - operating leases		$ 117,138	$ 104,150	$ 231,338	$ 204,846
Variable lease income	[1]	40,195	34,661	80,069	67,929
Income from real estate operations		$ 157,333	$ 138,811	$ 311,407	$ 272,775
[1] Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance.

v3.24.2

REAL ESTATE PROPERTIES (Details) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) Integer	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Number of Reporting Units | Integer				1
Depreciation Expense		$ 37,646	$ 34,690	$ 74,851	$ 68,536
Real Estate Properties
Land		850,349		850,349		$ 814,364
Building and building improvements		3,459,744		3,459,744		3,336,615
Tenant and other improvements		711,773		711,773		684,573
Right of use assets - Ground leases (operating)	[1]	17,333		17,333		17,996
Development and value-add properties	[2]	693,072		693,072		639,647
Real estate, development and value-add properties		5,732,271		5,732,271		5,493,195
Less accumulated depreciation		(1,336,535)		(1,336,535)		(1,273,723)
Real estate, net		$ 4,395,736		$ 4,395,736		$ 4,219,472
Building [Member]
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life		40 years		40 years
Minimum [Member] | Building and Building Improvements
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life		3 years		3 years
Maximum [Member] | Building and Building Improvements
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 in Note 6.

v3.24.2

REAL ESTATE PROPERTY ACQUISITIONS AND ACQUIRED INTANGIBLES (Details)		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2024 USD ($) ft²	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) ft²	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) ft²
Asset Acquisition [Line Items]
Amortization expense for lease intangibles		$ 1,893,000	$ 2,174,000	$ 3,819,000	$ 4,136,000
Amortization of above and below market leases		546,000	$ 696,000	1,153,000	$ 1,295,000
Land		850,349,000		850,349,000		$ 814,364,000
Building and building improvements		3,459,744,000		3,459,744,000		3,336,615,000
Tenant and other improvements		711,773,000		711,773,000		684,573,000
In-place lease intangibles		41,691,000		41,691,000		39,600,000
Below market lease intangibles		11,063,000		11,063,000		11,451,000
2024 Acquisitions
Asset Acquisition [Line Items]
Land		28,251,000		28,251,000
Building and building improvements		69,476,000		69,476,000
Tenant and other improvements		4,267,000		4,267,000
Total real estate properties acquired		101,994,000		101,994,000
In-place lease intangibles	[1]	6,269,000		6,269,000
Below market lease intangibles	[2]	(580,000)		(580,000)
Assets acquired, net of liabilities assumed		$ 107,804,000		$ 107,804,000
Weighted average remaining lease term of acquired properties		5 years 10 months 24 days		5 years 10 months 24 days
Above market lease intangibles	[1]	$ 121,000		$ 121,000
2024 Operating Property Acquisitions
Asset Acquisition [Line Items]
Size (square feet) | ft²	[3],[4]	505,000		505,000
Asset Acquisition, Consideration Transferred	[3],[4],[5]			$ 107,804,000
2024 Operating Property Acquisitions | Spanish Ridge Industrial Park
Asset Acquisition [Line Items]
Size (square feet) | ft²	[3],[4]	231,000		231,000
Date Acquired	[3],[4]			Jan. 23, 2024
Asset Acquisition, Consideration Transferred	[3],[4],[5]			$ 54,859,000
2024 Operating Property Acquisitions | 147 Exchange
Asset Acquisition [Line Items]
Size (square feet) | ft²	[3],[4]	274,000		274,000
Date Acquired	[3],[4]			May 03, 2024
Asset Acquisition, Consideration Transferred	[3],[4],[5]			$ 52,945,000
2024 development land acquisitions
Asset Acquisition [Line Items]
Acres of real estate investment property | ft²		34.3		34.3
Payments to Acquire Land				$ 3,302,000
2023 Acquisitions
Asset Acquisition [Line Items]
Land						44,676,000
Building and building improvements						111,082,000
Tenant and other improvements						4,346,000
Total real estate properties acquired						160,104,000
In-place lease intangibles	[1]					7,242,000
Below market lease intangibles	[2]					(2,230,000)
Assets acquired, net of liabilities assumed						$ 165,116,000
Weighted average remaining lease term of acquired properties						8 years
2023 Operating Property Acquisitions
Asset Acquisition [Line Items]
Size (square feet) | ft²	[3],[4]					987,000
Asset Acquisition, Consideration Transferred	[3],[4],[5]					$ 165,116,000
2023 Operating Property Acquisitions | Craig Corporate Center
Asset Acquisition [Line Items]
Size (square feet) | ft²	[3],[4]					156,000
Date Acquired	[3],[4]					Apr. 18, 2023
Asset Acquisition, Consideration Transferred	[3],[4],[5]					$ 34,365,000
2023 Operating Property Acquisitions | Blue Diamond Business Park
Asset Acquisition [Line Items]
Size (square feet) | ft²	[3],[4]					254,000
Date Acquired	[3],[4]					Sep. 05, 2023
Asset Acquisition, Consideration Transferred	[3],[4],[5]					$ 52,973,000
2023 Operating Property Acquisitions | McKinney Logistics Center
Asset Acquisition [Line Items]
Size (square feet) | ft²	[3],[4]					193,000
Date Acquired	[3],[4]					Oct. 02, 2023
Asset Acquisition, Consideration Transferred	[3],[4],[5]					$ 25,739,000
2023 Operating Property Acquisitions | Park at Myatt
Asset Acquisition [Line Items]
Size (square feet) | ft²	[3],[4]					171,000
Date Acquired	[3],[4]					Nov. 03, 2023
Asset Acquisition, Consideration Transferred	[3],[4],[5]					$ 30,793,000
2023 Operating Property Acquisitions | Pelzer Point Commerce Center 1
Asset Acquisition [Line Items]
Size (square feet) | ft²	[3],[4]					213,000
Date Acquired	[3],[4]					Dec. 21, 2023
Asset Acquisition, Consideration Transferred	[3],[4],[5]					$ 21,246,000
2023 development land acquisitions
Asset Acquisition [Line Items]
Acres of real estate investment property | ft²						328.3
Payments to Acquire Land						$ 70,664,000
[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 terms 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 terms of the associated leases in place at the time of acquisition. [3] Excludes acquired development land as discussed below. [4] 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. [5] 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.

v3.24.2

REAL ESTATE SOLD AND HELD FOR SALE DISCONTINUED OPERATIONS (Details) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2024 USD ($) ft² a	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) a ft²
Real Estate Properties Sold and Held for Sale [Line Items]
Real estate, net		$ 4,395,736		$ 4,219,472
Recognized gain		222	$ 446
Right of use assets - ground leases	[1]	$ 17,333		$ 17,996
2023 dispositions
Real Estate Properties Sold and Held for Sale [Line Items]
Size (square feet) | ft²				231,000
Net sales price				$ 36,971
Real estate, net				19,006
Recognized gain				$ 17,965
World Houston 23
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
Real estate, net				4,518
Recognized gain				$ 4,809
2023 development land dispositions
Real Estate Properties Sold and Held for Sale [Line Items]
Acres of real estate investment property | a				11.9
Disposal Group, Including Discontinued Operation, Consideration				$ 4,750
Gain on sale of non-operating real estate				$ 446
Ettie Business Center
Real Estate Properties Sold and Held for Sale [Line Items]
Size (square feet) | ft²				29,000
Date sold				Nov. 20, 2023
Net sales price				$ 11,638
Real estate, net				8,845
Recognized gain				$ 2,793
Los Angeles Corporate Center
Real Estate Properties Sold and Held for Sale [Line Items]
Size (square feet) | ft²				77,000
Date sold				Dec. 29, 2023
Net sales price				$ 16,006
Real estate, net				5,643
Recognized gain				$ 10,363
Interchange Business Park and Metro Airport Commerce Center [Member]
Real Estate Properties Sold and Held for Sale [Line Items]
Size (square feet) | ft²		159,000
Date sold		Mar. 05, 2024
Net sales price		$ 13,614
Real estate, net		4,863
Recognized gain		$ 8,751
2024 development land dispositions
Real Estate Properties Sold and Held for Sale [Line Items]
Acres of real estate investment property | a		3.9
Disposal Group, Including Discontinued Operation, Consideration		$ 4,000
Gain on sale of non-operating real estate		$ 222
[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.

v3.24.2

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Assets [Abstract]
Leasing costs (principally commissions)	$ 166,841	$ 158,741
Accumulated amortization of leasing costs	(60,505)	(57,646)
Leasing costs (principally commissions), net of accumulated amortization	106,336	101,095
Acquired in-place lease intangibles	41,691	39,600
Accumulated amortization of acquired in-place lease intangibles	(19,037)	(19,395)
Acquired in-place lease intangibles, net of accumulated amortization	22,654	20,205
Acquired above market lease intangibles	594	482
Accumulated amortization of acquired above market lease intangibles	(359)	(318)
Acquired above market lease intangibles, net of accumulated amortization	235	164
Straight-line rents receivable	77,658	72,360
Accounts receivable	5,140	9,984
Interest rate swap assets	29,687	27,366
Right of use assets - Office leases (operating)	2,523	2,828
Goodwill	990	990
Escrow deposits and prepaid costs for pending transactions	1,933	745
Prepaid Insurance	13,850	7,208
Receivable for insurance proceeds	4,051	1,425
Prepaid expenses and other assets	7,107	7,569
Total Other Assets	$ 272,164	$ 251,939

v3.24.2

DEBT (Details) $ in Thousands		6 Months Ended
		Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Unsecured Debt [Line Items]
Long-Term Debt		$ 1,672,699	$ 1,674,827
Line of Credit [Member}
Unsecured Debt [Line Items]
Long-term debt, gross		0	0
Unamortized debt issuance costs		(4,100)	(1,520)
Long-Term Debt		(4,100)	(1,520)
Payments of principal over future years [Abstract]
Long-Term Debt, total		0	0
Unsecured Debt [Member]
Unsecured Debt [Line Items]
Long-term debt, gross	[1]	1,680,000	1,680,000
Unamortized debt issuance costs		(3,201)	(3,653)
Long-Term Debt		1,676,799	1,676,347
Payments of principal over future years [Abstract]
Long-Term Debt, total	[1]	1,680,000	$ 1,680,000
Unsecured Debt [Member]
Unsecured Debt [Line Items]
Long-term debt, gross		1,680,000
Payments of principal over future years [Abstract]
2024 - Remainder of year		170,000
2025		145,000
2026		140,000
2027		175,000
2028		160,000
2029 and beyond		890,000
Long-Term Debt, total		1,680,000
Revolving Credit Facility
Unsecured Debt [Line Items]
Long-term debt, gross		$ 0
Line of Credit Facility, basis spread on variable rate (in basis points)		76.5
Line of Credit Facility, Interest Rate at Period End		6.202%
Line of Credit Facility, Borrowing Capacity		$ 625,000
Line of credit, facility fee (in basis points)		15
Debt Instrument, Maturity Date, Description		July 31, 2028
Extension option on credit facility		two six-month extensions
Line of credit facility, accordion		$ 625,000
Letters of Credit Outstanding, Amount		2,655
Payments of principal over future years [Abstract]
Long-Term Debt, total		0
Line of Credit [Member}
Unsecured Debt [Line Items]
Long-term debt, gross		$ 0
Line of Credit Facility, basis spread on variable rate (in basis points)		77.5
Line of Credit Facility, Interest Rate at Period End		6.205%
Line of Credit Facility, Borrowing Capacity		$ 50,000
Line of credit, facility fee (in basis points)		15
Debt Instrument, Maturity Date, Description		July 31, 2028
Extension option on credit facility		two six-month extensions
Debt Instrument, Covenant Description		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%
Payments of principal over future years [Abstract]
Long-Term Debt, total		$ 0
[1] These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.

v3.24.2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts Payable and Accrued Expenses [Abstract]
Property taxes payable	$ 48,883	$ 9,508
Development costs payable	21,575	29,487
Retainage payable	13,699	14,992
Real estate improvements and capitalized leasing costs payable	7,247	5,275
Interest payable	8,459	8,493
Dividends payable	63,070	62,393
Other payables and accrued expenses	25,904	16,189
Total accounts payable and accrued expenses	$ 188,837	$ 146,337

v3.24.2

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities, Unclassified [Abstract]
Security deposits	$ 39,995	$ 37,102
Prepaid rent and other deferred income	18,400	20,070
Operating lease liabilities - Ground leases	18,198	18,758
Operating lease liabilities - Office leases	2,572	2,882
Below market lease intangibles	11,063	11,451
Accumulated amortization of acquired below market lease intangibles	(5,241)	(5,006)
Acquired below market lease intangibles, net of accumulated amortization	5,822	6,445
Interest rate swap liabilities	0	2,478
Other liabilities	1,223	1,680
Total Other Liabilities	$ 86,210	$ 89,415

v3.24.2

COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Comprehensive Income, Period Increase (Decrease)
Balance at Beginning of Period	$ 30,782	$ 26,109	$ 24,888	$ 36,371
Other comprehensive income (loss) - interest rate swaps	(1,095)	10,202	4,799	(60)
Balance at End of Period	$ 29,687	$ 36,311	$ 29,687	$ 36,311

v3.24.2

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Interest Rate Cash Flow Hedge Assets at Fair Value	$ 29,687,000		$ 29,687,000		$ 27,366,000
Interest rate cash flow hedge liabilities at fair value	0		0		2,478,000
Interest Rate Swap [Member]
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months			14,911,000
Other comprehensive income (loss) - interest rate swaps	3,634,000	$ 14,452,000	14,274,000	$ 8,255,000
Amount of (income) loss reclassified from Accumulated other comprehensive income into interest expense	(4,729,000)	$ (4,250,000)	(9,475,000)	$ (8,315,000)
Interest Rate Swap [Member] | Other Assets [Member]
Derivative [Line Items]
Interest Rate Cash Flow Hedge Assets at Fair Value	29,687,000		29,687,000		27,366,000
Interest Rate Swap [Member] | Other Liabilities [Member]
Derivative [Line Items]
Interest rate cash flow hedge liabilities at fair value	0		0		2,478,000
Interest Rate Swap [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] | $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] | $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] | $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] | $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] | $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] | $100 million interest rate swap executed in November 2022
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	$ 100,000,000		$ 100,000,000		$ 100,000,000

v3.24.2

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
BASIC EPS COMPUTATION FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract]
Net income attributable to common stockholders	$ 55,287	$ 43,450	$ 113,931	$ 88,140
Weighted average shares outstanding (in shares)	48,248	44,656	48,054	44,204
DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net Income Attributable to Common Stockholders	$ 55,287	$ 43,450	$ 113,931	$ 88,140
Weighted average shares outstanding (in shares)	48,248	44,656	48,054	44,204
Effect of dilutive securities	97	78	99	75
Weighted average diluted shares outstanding (in shares)	48,345	44,734	48,153	44,279

v3.24.2

EQUITY OFFERINGS (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended						6 Months Ended		12 Months Ended
		Jun. 30, 2024		Mar. 31, 2024		Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024		Dec. 31, 2023
Equity Offerings [Line Items]
Issuance of shares of common stock		639,299		272,342		1,065,678	652,909
Forward Equity Offering Activity [Roll Forward]
Forward Sale Agreements Outstanding		600,053		420,370				600,053		406,041
Forward Sale Agreements Outstanding, price per share		$ 166.65		$ 182.79				$ 166.65		$ 183.92
Forward Sale Agreements Outstanding, value		$ 100,000		$ 76,839				$ 100,000		$ 74,679
Forward sale agreements settled, shares		(420,370)	[1]	(272,342)	[2]
Forward sale agreements settled, price per share		$ 182.79	[1]	$ 183.59	[2]
Forward sale agreements settled, gross proceeds		$ (76,839)	[1]	$ (50,000)	[2]
Forward sale agreements settled, net proceeds		$ 76,200		$ 49,364
New forward sale agreements, shares	[3]	600,053		286,671
New forward sale agreements, price per share	[3]	$ 166.65		$ 181.95
New forward sale agreements, value	[3]	$ 100,000		$ 52,160
ATM Program - December 2022
Equity Offerings [Line Items]
At-the-market program, maximum aggregate gross sales price										750,000
Gross Proceeds from Issuance of Common Stock										$ 464,305
ATM Program - October 2023
Equity Offerings [Line Items]
At-the-market program, maximum aggregate gross sales price								$ 750,000
Direct common stock issuances
Equity Offerings [Line Items]
Issuance of shares of common stock	[5]	218,929	[4]	0				218,929	[4]	4,094,896
Sale of stock, weighted average price per share		$ 168.62	[4]	$ 0				$ 168.62	[4]	$ 170.77
Gross Proceeds from Issuance of Common Stock		$ 36,916	[4]	$ 0				$ 36,916	[4]	$ 699,304
Net proceeds from issuance of common stock		$ 36,547	[4]	$ 0				$ 36,547	[4]	$ 692,312
[1] EastGroup settled outstanding forward equity sale agreements by issuing 420,370 shares of common stock in exchange for net proceeds of approximately $76,200,000. [2] EastGroup settled outstanding forward equity sale agreements by issuing 272,342 shares of common stock in exchange for net proceeds of approximately $49,364,000. [3] The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time it entered into forward sale agreements. [4] Excludes 77,650 shares sold on June 28, 2024, at a weighted average price of $168.63, providing net proceeds to the Company of $12,963,000. These shares were not deemed to be issued and outstanding until settlement, subsequent to June 30, 2024, as disclosed in Note 22. [5] Excludes shares of common stock sold on a forward basis as described below.

v3.24.2

STOCK-BASED COMPENSATION (Details) - USD ($)		3 Months Ended				6 Months Ended
		Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense						$ 5,751,000	$ 4,954,000
Shares withheld for tax obligations			33,381		31,254
Award Recipient Type Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		$ 172,000		$ 192,000		343,000	417,000
Restricted stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of shares vested as of the vesting date						$ 14,995,000
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)						135,501
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		76,005	77,644			76,005		84,564
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share)		$ 157.40	$ 157.27			$ 157.40		$ 153.78
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	[1],[2]	5,040				76,128
Grant date fair value of shares issued (in dollars per share)	[1],[2]	$ 160.87				$ 127.44
Forfeited (in shares)		(2,545)				(2,545)
Forfeited (per share)		$ 156.45				$ 156.45
Vested (in shares)		(4,134)				(82,142)
Vested (per share)		$ 159.79				$ 125.94
Fair value of shares granted, as of the grant dates						$ 9,702,000
Restricted stock [Member] | Award Recipient Type Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense		$ 2,472,000		2,579,000		6,448,000	5,831,000
Stock-based compensation costs capitalized as development costs		$ 400,000		$ 601,000		$ 1,040,000	$ 1,294,000
[1] Does not include the restricted shares that may be earned if the performance goals established in 2022 and 2023 for long-term performance and in 2024 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 135,501. [2] Includes shares granted in prior years for which performance conditions have been satisfied and the number of shares have been determined.

v3.24.2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands		Jun. 30, 2024	Dec. 31, 2023
Financial Liabilities [Abstract]
Unsecured debt		$ 1,676,799	$ 1,676,347
Fair Value [Member]
Financial Assets [Abstract]
Cash and Cash Equivalents		39,400	40,263
Interest rate swap assets		29,687	27,366
Financial Liabilities [Abstract]
Unsecured debt	[1]	1,557,443	1,548,655
Interest rate swap liabilities		0	2,478
Carrying Amount [Member]
Financial Assets [Abstract]
Cash and Cash Equivalents	[2]	39,400	40,263
Interest rate swap assets	[2]	29,687	27,366
Financial Liabilities [Abstract]
Unsecured debt	[1],[2]	1,680,000	1,680,000
Interest rate swap liabilities	[2]	$ 0	$ 2,478
[1] Carrying amounts and fair values shown in the table exclude debt issuance costs (see Note 10 for additional information). [2] Carrying amounts shown in the table are included on the Consolidated Balance Sheets under the indicated captions, except as explained below.

v3.24.2

SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended					6 Months Ended		12 Months Ended
		Jul. 23, 2024	Jun. 30, 2024		Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	[1]	Dec. 31, 2023
Subsequent Event [Line Items]
Issuance of common stock, common stock offering, net of expenses			$ 112,710		$ 49,294	$ 177,749	$ 105,321
Issuance of shares of common stock			639,299		272,342	1,065,678	652,909
Direct common stock issuances
Subsequent Event [Line Items]
Issuance of shares of common stock	[2]		218,929	[1]	0			218,929		4,094,896
Subsequent Event [Member] | Direct common stock issuances
Subsequent Event [Line Items]
Issuance of common stock, common stock offering, net of expenses		$ 12,963
Sale of common stock, weighted average price per share		$ 168.63
Issuance of shares of common stock		77,650
[1] Excludes 77,650 shares sold on June 28, 2024, at a weighted average price of $168.63, providing net proceeds to the Company of $12,963,000. These shares were not deemed to be issued and outstanding until settlement, subsequent to June 30, 2024, as disclosed in Note 22. [2] Excludes shares of common stock sold on a forward basis as described below.

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