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DEBT
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt Disclosure DEBT
The Company’s debt is detailed below:
 March 31,
2023		December 31,
2022
 (In thousands)
Unsecured bank credit facilities - variable rate, carrying amount$72,027 170,000 
Unamortized debt issuance costs(2,240)(1,546)
Unsecured bank credit facilities, net of debt issuance costs69,787 168,454 
Unsecured debt - fixed rate, carrying amount (1)
1,730,000 1,695,000 
Unamortized debt issuance costs(4,195)(3,741)
Unsecured debt, net of debt issuance costs1,725,805 1,691,259 
Secured debt - fixed rate, carrying amount (1)
2,012 2,041 
Unamortized debt issuance costs(9)(10)
Secured debt, net of debt issuance costs2,003 2,031 
Total debt, net of debt issuance costs$1,797,595 1,861,744 

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

Until January 10, 2023, EastGroup had $425,000,000 and $50,000,000 unsecured bank credit facilities with margins over London Interbank Offered Rate (“LIBOR”) of 77.5 basis points, facility fees of 15 basis points and maturity dates of July 30, 2025. The Company amended and restated these credit facilities effective January 10, 2023, expanding the total capacity on its unsecured bank credit facilities from $475,000,000 to $675,000,000 and replacing LIBOR with SOFR as the benchmark interest rate.

The Company’s $625,000,000 unsecured bank credit facility, which was increased in January 2023 by $200,000,000 from $425,000,000, is with a group of 11 banks and has a maturity date of July 30, 2025. The credit facility contains options for two six-month extensions (at the Company's election) and an additional $125,000,000 accordion (with agreement by all parties). The interest rate on each tranche is reset on a monthly basis and as of March 31, 2023, was SOFR plus 76.5 basis points with an annual facility fee of 15 basis points. As of March 31, 2023, the Company had $55,000,000 of variable rate borrowings on this unsecured bank credit facility with a weighted average interest rate of 5.682%. The Company has a standby letter of credit of $67,000 pledged on this facility, which reduces borrowing capacity under the credit facility.

The Company's $50,000,000 unsecured bank credit facility has a maturity date of July 30, 2025, 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 March 31, 2023, was SOFR plus 76.5 basis points with an annual facility fee of 15 basis points. As of March 31, 2023, the interest rate was 5.745% on a balance of $17,027,000.

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 facilities also include a sustainability-linked pricing component pursuant to which the applicable interest margin is reduced by one basis point if the Company meets a certain sustainability performance target. This sustainability metric is evaluated annually and was achieved for the year ended December 31, 2022, which effectively reduced the margin on the unsecured bank credit facilities during 2023 by one basis point from 77.5 to 76.5 basis points.

In January 2023, the Company closed a $100,000,000 senior unsecured term loan with a seven-year term and interest only payments, which bears interest at the annual rate of SOFR plus an applicable margin (1.35% as of March 31, 2023) 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 SOFR rate component to a fixed interest rate for the entire term of the loan providing a total effectively fixed interest rate of 5.27%.
On March 31, 2023, EastGroup repaid a $65,000,000 senior unsecured term loan with a total effectively fixed interest rate of 2.31%. The loan, which was scheduled to mature on April 1, 2023, was repaid with no penalty.

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 March 31, 2023, are as follows: 
Years Ending December 31,(In thousands)
2023 - Remainder of year$50,090 
2024170,122 
2025145,128 
2026141,672 
2027175,000 
2028 and beyond1,050,000 
       Total$1,732,012