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SUBSEQUENT EVENTS (Notes) | 6 Months Ended
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Jun. 30, 2022
Subsequent Events [Abstract] |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS Subsequent to June 30, 2022, the Company closed on the acquisition of Access Point 3 in Greenville, South Carolina for approximately $21.1 million. This recently constructed 299,000 square foot building is currently in the lease-up phase of the development and value-add portfolio. Also subsequent to June 30, 2022, EastGroup closed on the acquisition of two land parcels. One site is 17.8 acres of undeveloped land in San Antonio. This parcel was acquired for approximately $4.8 million and will accommodate the future development of three buildings containing approximately 225,000 square feet. The other site is 33.2 acres located in Greenville and was acquired for approximately $1.2 million. The Company has future plans to construct a building containing approximately 200,000 square feet on this site. In July 2022, the Company agreed to terms with a bank on a $50 million senior unsecured term loan with interest-only payments, bearing interest at the annual rate of SOFR plus an applicable margin based on the Company’s senior unsecured long-term debt rating and consolidated leverage ratio. The loan is expected to close in the third quarter of 2022 and have a 2-year term. The Company also entered into an interest rate swap agreement to convert the loan’s SOFR rate component to a fixed interest rate for the entire term of the loan, providing a total effective fixed interest rate of 4.09%. Also in July 2022, the Company and a group of lenders agreed to terms on the private placement of two senior unsecured notes totaling $150 million. One note for $75 million has an 11-year term and a fixed interest rate of 4.90% with semi-annual interest-only payments. The other $75 million note has a 12-year term and a fixed interest rate of 4.95% with semi-annual interest-only payments. The notes are expected to be issued and sold in October 2022. 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.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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