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DEBT | 6 Months Ended
--- | ---
Jun. 30, 2025
Debt Disclosure [Abstract] |
Debt Disclosure | DEBT The Company’s debt is detailed below:
| June 30, 2025 |  | December 31, 2024
| (In thousands)
Unsecured bank credit facilities — Variable rate, carrying amount | $ | — |  |  | — |
Unamortized debt issuance costs | (3,092) |  |  | (3,595) |
Unsecured bank credit facilities, net of debt issuance costs | (3,092) |  |  | (3,595) |
Unsecured debt — Fixed rate, carrying amount (1) | 1,460,000 |  |  | 1,510,000 |
Unamortized debt issuance costs | (2,529) |  |  | (2,843) |
Unsecured debt, net of debt issuance costs | 1,457,471 |  |  | 1,507,157 |
Total unsecured debt, net of debt issuance costs | $ | 1,454,379 |  |  | 1,503,562 |
(1)These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. The Company has a $625,000,000 unsecured bank credit facility with a group of 10 banks, which has a maturity date of July 31, 2028. The credit facility contains options for two six-month extensions (at the Company's election) and an additional $625,000,000 accordion (with agreement by all parties). The interest rate on each tranche is reset on a monthly basis and as of June 30, 2025, was Secured Overnight Financing Rate (“SOFR”) plus 73.5 basis points with an annual facility fee of 14 basis points. As of June 30, 2025, the Company had no variable rate borrowings on this unsecured bank credit facility and an interest rate of 5.162%. The Company has a $2,588,000 standby letter of credit pledged on this facility, which reduces borrowing capacity under the credit facility. The Company also has a $50,000,000 unsecured bank credit facility with a maturity date of July 31, 2028, 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 June 30, 2025, was SOFR plus 77.5 basis points with an annual facility fee of 15 basis points. As of June 30, 2025, the interest rate was 5.275% with no outstanding balance. For both facilities, the margin and facility fee are subject to changes in the Company's credit ratings. In May 2025, Moody’s Ratings affirmed EastGroup’s issuer rating of Baa2 and changed its rating outlook from stable to positive. 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 $625,000,000 facility also includes a sustainability-linked pricing component, pursuant to which the applicable interest rate margin is adjusted if the Company meets a certain sustainability performance target. This sustainability metric is evaluated annually and was achieved for the year ended December 31, 2024, which allowed for an interest rate reduction during the three and six months ended June 30, 2025. The margin was effectively reduced on this unsecured bank credit facility by four basis points, from 77.5 to 73.5 basis points, and the facility fee was reduced from 15 to 14 basis points during the three and six months ended June 30, 2025. In January 2025, the Company refinanced a $100,000,000 senior unsecured term loan, reducing the credit spread by 30 basis points to a total effectively fixed interest rate of 4.97%. The loan, which previously had five years remaining, now has a three-year maturity with two one-year extension options, at the Company's election. In March 2025, EastGroup repaid a $50,000,000 senior unsecured term loan at maturity with an effectively fixed interest rate of 1.58%. Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of June 30, 2025, are as follows:
MATURITY DATES |  | Principal Payments Maturing
|  | (In thousands)
2025 — Remainder of year |  | $ | 95,000 |
2026 |  | 140,000 |
2027 |  | 175,000 |
2028 |  | 160,000 |
2029 |  | 155,000 |
2030 and beyond |  | 735,000 |
Total unsecured debt, before amortization of debt issuance costs |  | $ | 1,460,000 |

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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://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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