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DEBT | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Debt Disclosure | 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.
| March 31, 2021 |  | December 31, 2020
| (In thousands)
Unsecured bank credit facilities - variable rate, carrying amount | $ | 92,318 |  |  | 125,000 |
Unamortized debt issuance costs | (680) |  |  | (806) |
Unsecured bank credit facilities | 91,638 |  |  | 124,194 |
Unsecured debt - fixed rate, carrying amount (1) | 1,160,000 |  |  | 1,110,000 |
Unamortized debt issuance costs | (2,358) |  |  | (2,292) |
Unsecured debt | 1,157,642 |  |  | 1,107,708 |
Secured debt - fixed rate, carrying amount (1) | 36,828 |  |  | 79,096 |
Unamortized debt issuance costs | (45) |  |  | (103) |
Secured debt | 36,783 |  |  | 78,993 |
Total debt | $ | 1,286,063 |  |  | 1,310,895 |
(1)These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. The Company has a $350 million unsecured bank credit facility with a group of nine banks; the facility has a maturity date of July 30, 2022. The credit facility contains options for two six-month extensions (at the Company’s election) and a $150 million accordion (with agreement by all parties). The interest rate on each tranche is usually reset on a monthly basis and as of March 31, 2021, was LIBOR plus 100 basis points with an annual facility fee of 20 basis points. The margin and facility fee are subject to changes in the Company’s credit ratings. As of March 31, 2021, the Company had $85,000,000 of variable rate borrowings on this unsecured bank credit facility with a weighted average interest rate of 1.108%. The Company has a standby letter of credit of $674,000 pledged on this facility. The Company also has a $45 million unsecured bank credit facility with a maturity date of July 30, 2022, or such later date as designated by the bank; the Company also has two six-month extensions available if the extension options in the $350 million facility are exercised. The interest rate is reset on a daily basis and as of March 31, 2021, was LIBOR plus 100 basis points with an annual facility fee of 20 basis points. The margin and facility fee are subject to changes in the Company’s credit ratings. As of March 31, 2021, the interest rate was 1.111% on a balance of $7,318,000. In March 2021, the Company closed a $50 million senior unsecured term loan with a four-year term and interest only payments, which bears interest at the annual rate of LIBOR plus an applicable margin (1.00% as of March 31, 2021) 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 1.55%. In March 2021, EastGroup repaid (with no penalty) a mortgage loan with a balance of $40.8 million, an interest rate of 4.75% and an original maturity date of June 5, 2021. Also in March 2021, the Company and a group of lenders agreed to terms on the private placement of $125 million of senior unsecured notes with a fixed interest rate of 2.74% and a 10-year term. The notes dated April 8, 2021, are intended to be issued and sold in June 2021 subject to customary closing conditions and will require interest-only payments. The notes will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. Scheduled principal payments on long-term debt, including Unsecured debt and Secured debt (not including Unsecured bank credit facilities), as of March 31, 2021, are as follows:
Years Ending December 31, |  | (In thousands)
2021 - Remainder of year |  | $ | 42,016 |
2022 |  | 107,770 |
2023 |  | 115,119 |
2024 |  | 120,122 |
2025 |  | 145,128 |
2026 and beyond |  | 666,673 |
Total |  | $ | 1,196,828 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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