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UNSECURED AND SECURED DEBT | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
SECURED AND UNSECURED DEBT | UNSECURED AND SECURED DEBT The Company's debt is detailed below. EastGroup presents debt issuance costs as reductions of Unsecured bank credit facilities, Unsecured debt and Secured debt on the Consolidated Balance Sheets as detailed below.
| December 31, 2019 |  | December 31, 2018
| (In thousands)
Unsecured bank credit facilities - variable rate, carrying amount | $ | 112,710 |  |  | 195,730 |
Unamortized debt issuance costs | (1,316 | ) |  | (1,804 | )
Unsecured bank credit facilities | 111,394 |  |  | 193,926 |
Unsecured debt - fixed rate, carrying amount (1) | 940,000 |  |  | 725,000 |
Unamortized debt issuance costs | (1,885 | ) |  | (1,600 | )
Unsecured debt | 938,115 |  |  | 723,400 |
Secured debt - fixed rate, carrying amount (1) | 133,422 |  |  | 189,038 |
Unamortized debt issuance costs | (329 | ) |  | (577 | )
Secured debt | 133,093 |  |  | 188,461 |
Total debt | $ | 1,182,602 |  |  | 1,105,787 |
(1) | These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.
A summary of the carrying amount of Unsecured debt follows:
|  |  |  |  |  | Balance at December 31,
| Margin Above LIBOR | Interest Rate |  | Maturity Date |  | 2019 |  | 2018
|  |  |  |  |  | (In thousands)
$75 Million Unsecured Term Loan (1) | 1.15% | 2.85% |  | 07/31/2019 |  | $ | — |  |  | 75,000 |
$75 Million Unsecured Term Loan (1) | 1.10% | 3.45% |  | 12/20/2020 |  | 75,000 |  |  | 75,000 |
$40 Million Unsecured Term Loan (1) | 1.10% | 2.34% |  | 07/30/2021 |  | 40,000 |  |  | 40,000 |
$75 Million Unsecured Term Loan (1) | 1.40% | 3.03% |  | 02/28/2022 |  | 75,000 |  |  | 75,000 |
$65 Million Unsecured Term Loan (1) | 1.10% | 2.31% |  | 04/01/2023 |  | 65,000 |  |  | 65,000 |
$100 Million Senior Unsecured Notes: |  |  |  |  |  |  |  |
$30 Million Notes | Not applicable | 3.80% |  | 08/28/2020 |  | 30,000 |  |  | 30,000 |
$50 Million Notes | Not applicable | 3.80% |  | 08/28/2023 |  | 50,000 |  |  | 50,000 |
$20 Million Notes | Not applicable | 3.80% |  | 08/28/2025 |  | 20,000 |  |  | 20,000 |
$60 Million Senior Unsecured Notes | Not applicable | 3.46% |  | 12/13/2024 |  | 60,000 |  |  | 60,000 |
$100 Million Senior Unsecured Notes: |  |  |  |  |  |  |  |
$60 Million Notes | Not applicable | 3.48% |  | 12/15/2024 |  | 60,000 |  |  | 60,000 |
$40 Million Notes | Not applicable | 3.75% |  | 12/15/2026 |  | 40,000 |  |  | 40,000 |
$25 Million Senior Unsecured Notes | Not applicable | 3.97% |  | 10/01/2025 |  | 25,000 |  |  | 25,000 |
$50 Million Senior Unsecured Notes | Not applicable | 3.99% |  | 10/07/2025 |  | 50,000 |  |  | 50,000 |
$60 Million Senior Unsecured Notes | Not applicable | 3.93% |  | 04/10/2028 |  | 60,000 |  |  | 60,000 |
$80 Million Senior Unsecured Notes | Not applicable | 4.27% |  | 03/28/2029 |  | 80,000 |  |  | — |
$35 Million Senior Unsecured Notes | Not applicable | 3.54% |  | 08/15/2031 |  | 35,000 |  |  | — |
$75 Million Senior Unsecured Notes | Not applicable | 3.47% |  | 08/19/2029 |  | 75,000 |  |  | — |
$100 Million Unsecured Term Loan (1) | 1.50% | 2.75% |  | 10/10/2026 |  | 100,000 |  |  | — |
|  |  |  |  |  | $ | 940,000 |  |  | 725,000 |
(1) | The interest rates on these unsecured term loans are comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company's coverage ratings. The Company entered into interest rate swap agreements (further described in Note 13) to convert the loans' LIBOR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2019.
In March 2019, the Company closed on the private placement of $80 million of senior unsecured notes with an insurance company. The notes have a 10-year term and a fixed interest rate of 4.27% with semi-annual interest payments. In August 2019, the Company closed on the private placement of $35 million of senior unsecured notes with an insurance company. The notes have a 12-year term and a fixed interest rate of 3.54% with semi-annual interest payments. Also in August 2019, the Company closed on the private placement of $75 million of senior unsecured notes with an insurance company. The notes have a 10-year term and a fixed rate of 3.47% with semi-annual interest payments. None of these senior unsecured notes are or will be registered under the Securities Act of 1933, as amended, and they may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. In July 2019, the Company repaid a $75 million unsecured term loan at maturity with an effectively fixed interest rate of 2.85%. In October 2019, the Company closed a $100 million senior unsecured term loan with a seven-year term and interest only payments. It bears interest at the annual rate of LIBOR plus an applicable margin (1.50% as of December 31, 2019 and February 12, 2020) based on the Company’s senior unsecured long-term debt rating. The Company also entered into an interest rate swap agreement to convert the loan’s LIBOR rate component to a fixed interest rate for the entire term of the loan providing a total effective fixed interest rate of 2.75%. The Company’s unsecured debt instruments have certain restrictive covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its financial debt covenants at December 31, 2019. A summary of the carrying amount of Secured debt follows:
|  | Interest Rate |  | Monthly P&I Payment |  | Maturity Date |  | Carrying Amount of Securing Real Estate at December 31, 2019 |  | Balance at December 31,
Property |  |  |  |  |  | 2019 |  | 2018
|  |  |  |  |  |  |  | (In thousands)
Dominguez, Industry I & III, Kingsview, Shaw, Walnut and Washington |  | 7.50% |  | 539,747 |  |  | Repaid |  | $ | — |  |  | — |  |  | 46,725 |
Blue Heron II |  | 5.39% |  | 16,176 |  |  | Repaid |  | — |  |  | — |  |  | 233 |
40 th Avenue, Beltway Crossing V, Centennial Park, Executive Airport, Interchange Park I, Ocean View, Wetmore 5-8 and World Houston 26, 28, 29 & 30 |  | 4.39% |  | 463,778 |  |  | 01/05/2021 |  | 66,072 |  |  | 48,772 |  |  | 52,115 |
Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Venture and World Houston 3-9 (1) |  | 4.75% |  | 420,045 |  |  | 06/05/2021 |  | 50,002 |  |  | 44,596 |  |  | 47,445 |
Arion 18, Beltway Crossing VI & VII, Commerce Park II & III, Concord, Interstate V-VII, Lakeview, Ridge Creek II, Southridge IV & V and World Houston 32 |  | 4.09% |  | 329,796 |  |  | 01/05/2022 |  | 53,889 |  |  | 37,682 |  |  | 40,046 |
Ramona |  | 3.85% |  | 16,287 |  |  | 11/30/2026 |  | 8,794 |  |  | 2,372 |  |  | 2,474 |
|  |  |  |  |  |  |  |  | $ | 178,757 |  |  | 133,422 |  |  | 189,038 |
(1) | During 2019, the Company executed a collateral release for World Houston 5; this property was sold during 2019 and is no longer considered to be collateral securing this loan.
The Company currently intends to repay its debt obligations, both in the short-term and long-term, through its operating cash flows, borrowings under its unsecured bank credit facilities, proceeds from new debt (primarily unsecured), and/or proceeds from the issuance of equity instruments. Scheduled principal payments on long-term debt, including Unsecured debt and Secured debt (not including Unsecured bank credit facilities), due during the next five years as of December 31, 2019 are as follows:
Years Ending December 31, |  | (In thousands)
2020 |  | $ | 114,047 |
2021 |  | 129,562 |
2022 |  | 107,770 |
2023 |  | 115,119 |
2024 |  | 120,122 |

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