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UNSECURED AND SECURED DEBT | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
UNSECURED AND SECURED DEBT | UNSECURED AND SECURED DEBT The Company’s debt is detailed below:
| December 31,
| 2021 |  | 2020
| (In thousands)
Unsecured bank credit facilities - variable rate, carrying amount | $ | 209,210 |  |  | 125,000 |
Unamortized debt issuance costs | (2,144) |  |  | (806) |
Unsecured bank credit facilities, net of debt issuance costs | 207,066 |  |  | 124,194 |
Unsecured debt - fixed rate, carrying amount (1) | 1,245,000 |  |  | 1,110,000 |
Unamortized debt issuance costs | (2,430) |  |  | (2,292) |
Unsecured debt, net of debt issuance costs | 1,242,570 |  |  | 1,107,708 |
Secured debt - fixed rate, carrying amount (1) | 2,156 |  |  | 79,096 |
Unamortized debt issuance costs | (14) |  |  | (103) |
Secured debt, net of debt issuance costs | 2,142 |  |  | 78,993 |
Total debt, net of debt issuance costs | $ | 1,451,778 |  |  | 1,310,895 |
(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 |  | 2021 |  | 2020
|  |  |  |  |  |  | (In thousands)
$40 Million Unsecured Term Loan (1) | 1.10% |  | 2.34% |  | 07/30/2021 |  | $ | — |  |  | 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 |
$70 Million Senior Unsecured Notes: |  |  |  |  |  |  |  |  |
$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 |  |  | 80,000 |
$35 Million Senior Unsecured Notes | Not applicable |  | 3.54% |  | 08/15/2031 |  | 35,000 |  |  | 35,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 3.47% |  | 08/19/2029 |  | 75,000 |  |  | 75,000 |
$100 Million Unsecured Term Loan (1) (2) | 0.85% |  | 2.10% |  | 10/10/2026 |  | 100,000 |  |  | 100,000 |
$100 Million Unsecured Term Loan (1) | 1.45% |  | 2.39% |  | 03/25/2027 |  | 100,000 |  |  | 100,000 |
$100 Million Senior Unsecured Notes | Not applicable |  | 2.61% |  | 10/14/2030 |  | 100,000 |  |  | 100,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 2.71% |  | 10/14/2032 |  | 75,000 |  |  | 75,000 |
$50 Million Unsecured Term Loan (1) | 1.00% |  | 1.55% |  | 03/18/2025 |  | 50,000 |  |  | — |
$125 Million Senior Unsecured Notes | Not applicable |  | 2.74% |  | 06/10/2031 |  | 125,000 |  |  | — |
|  |  |  |  |  |  | $ | 1,245,000 |  |  | 1,110,000 |
(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 12) 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, 2021. (2)This term loan was refinanced during 2021. Effective October 10, 2021, the margin above LIBOR was reduced from 1.50% to 0.85% reducing the effectively fixed rate from 2.75% to 2.10%. 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 December 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 June 2021, the Company closed 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, were issued and sold on June 10, 2021, and require interest-only payments. The notes will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. In July 2021, the Company repaid a $40 million unsecured term loan at maturity with an effectively fixed interest rate of 2.34%. In September 2021, the Company closed on the refinance of a $100 million senior unsecured term loan with five years remaining. The amended term loan provides for interest only payments currently at an interest rate of LIBOR plus 85 basis points, based on the Company’s current credit ratings and consolidated leverage ratio, which is a 65 basis point reduction in the credit spread compared to the original term loan. The Company has an interest rate swap agreement which converts the loan’s LIBOR rate component to a fixed interest rate for the entire term of the loan, providing a total effective fixed interest rate of 2.10%. The term loan also includes a sustainability-linked pricing component pursuant to which, if the Company meets certain sustainability performance targets, the applicable interest margin will be reduced by one basis point. 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, 2021. A summary of the carrying amount of Secured debt follows:
|  | Interest Rate |  | Monthly Principal & Interest Payment |  | Maturity Date |  | Carrying Amount of Securing Real Estate at December 31, 2021 |  | Balance at December 31,
Property |  |  |  |  |  | 2021 |  | 2020
|  |  |  |  |  |  |  | (In thousands)
Colorado Crossing Distribution Center, Interstate Warehouse 1-3, Rojas Commerce Park, Steele Creek Commerce Park 1 & 2, Venture Warehouses and World Houston Int’l Business Ctr 3, 4 & 6-9 |  | 4.75% |  | 420,045 |  |  | Repaid |  | $ | — |  |  | — |  |  | 41,610 |
Arion Business Park 18, Beltway Crossing Business Park 6 & 7, Commerce Park Center 2 & 3, Concord Distribution Center, Interstate Warehouse 5-7, Lakeview Business Center, Ridge Creek Distribution Center 2, Southridge Commerce Park 4 & 5 and World Houston Int’l Business Ctr 32 |  | 4.09% |  | 329,796 |  |  | Repaid |  | — |  |  | — |  |  | 35,220 |
Ramona Distribution Center |  | 3.85% |  | 16,287 |  |  | 11/30/2026 |  | 8,515 |  |  | 2,156 |  |  | 2,266 |
|  |  |  |  |  |  |  | $ | 8,515 |  |  | 2,156 |  |  | 79,096 |
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. In October 2021, EastGroup repaid (with no penalty) a mortgage loan with a balance of $33.1 million, an interest rate of 4.09% and an original maturity date of January 5, 2022. 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, net of debt issuance costs and Secured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of December 31, 2021 are as follows:
Years Ending December 31, |  | (In thousands)
2022 |  | $ | 75,115 |
2023 |  | 115,119 |
2024 |  | 120,122 |
2025 |  | 145,128 |
2026 |  | 141,672 |

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- Definition The entire disclosure for long-term debt. + 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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