MORTGAGE NOTES PAYABLE AND UNSECURED TERM PAYABLE

12 Months Ended

Dec. 31, 2011

MORTGAGE NOTES PAYABLE [Abstract]

MORTGAGE NOTES PAYABLE AND UNSECURED TERM LOAN PAYABLE

(6)  MORTGAGE NOTES PAYABLE AND UNSECURED TERM LOAN PAYABLE

A summary of Mortgage Notes Payable follows:

Property	Interest Rate	Monthly P&I Payment	Maturity Date	Carrying Amount of Securing Real Estate at December 31, 2011	Balance at December 31,
					2011	2010
				(In thousands)
Butterfield Trail, Glenmont I & II, Interstate I, II & III,    Rojas, Stemmons Circle, Venture and    West Loop I & II	7.25%	$    325,263	Repaid	$                     -	-	36,171
America Plaza, Central Green and World Houston 3-9	7.92%	191,519	Repaid	-	-	22,993
University Business Center (120 & 130 Cremona)	6.43%	81,856	05/15/12	8,513	2,193	3,006
University Business Center (125 & 175 Cremona)	7.98%	88,607	06/01/12	11,685	8,771	9,119
Oak Creek Distribution Center IV	5.68%	31,253	06/01/12	6,022	3,506	3,676
51st Avenue, Airport Distribution, Broadway I, III & IV,    Chestnut, Interchange Business Park, Main Street,    North Stemmons I land, Southpark, Southpointe,    and World Houston 12 & 13	6.86%	279,149	09/01/12	36,204	32,204	33,304
Interstate Distribution Center - Jacksonville	5.64%	31,645	01/01/13	6,115	4,234	4,367
35th Avenue, Beltway I, Broadway V, Lockwood,    Northwest Point, Sunbelt, Techway Southwest I    and World Houston 10, 11 & 14	4.75%	259,403	09/05/13	39,023	35,912	37,283
Airport Commerce Center I & II, Interchange Park, Ridge    Creek Distribution Center I, Southridge XII, Waterford    Distribution Center and World Houston 24, 25 & 27	5.75%	414,229	01/05/14	66,489	54,001	55,810
Kyrene Distribution Center I	9.00%	11,246	07/01/14	2,171	310	412
Americas Ten I, Kirby, Palm River North I, II & III,    Shady Trail, Westlake I & II and World Houston 17	5.68%	175,479	10/10/14	25,367	27,996	28,496
Beltway II, III & IV, Commerce Park 1, Eastlake,    Fairgrounds I-IV, Nations Ford I-IV, Techway    Southwest III, Wetmore I-IV and    World Houston 15 & 22	5.50%	536,552	04/05/15	68,917	67,188	69,844
Country Club I, Lake Pointe, Techway Southwest II and    World Houston 19 & 20	4.98%	256,952	12/05/15	21,108	31,039	32,536
Huntwood and Wiegman Distribution Centers	5.68%	265,275	09/05/16	21,950	31,748	33,087
Alamo Downs, Arion 1-15 & 17, Rampart I, II & III,    Santan 10 and World Houston 16	5.97%	557,467	11/05/16	56,429	65,961	68,626
Arion 16, Broadway VI, Chino, East University I & II,    Northpark I-IV, Santan 10 II, South 55th Avenue and    World Houston 1 & 2, 21 & 23	5.57%	518,885	09/05/17	56,848	63,093	65,718
Dominguez, Industry I & III, Kingsview, Shaw, Walnut    and Washington (1)	7.50%	539,747	05/05/19	49,588	62,875	64,567
Blue Heron Distribution Center II	5.39%	16,176	02/29/20	4,701	1,288	1,409
40th Avenue, Beltway V, Centennial Park, Executive    Airport, Ocean View, Techway Southwest IV,    Wetmore V-VIII and World Houston 26, 28, 29 & 30	4.39%	463,778	01/05/21	77,986	71,837	74,000
America Plaza, Central Green, Glenmont I & II,    Interstate I, II & III, Rojas, Stemmons Circle, Venture,    West Loop I & II and World Houston 3-9	4.75%	420,045	06/05/21	47,250	64,014	-
				$          606,366	628,170	644,424

(1)   This mortgage loan has a recourse liability of $5 million which will be released based on the secured properties generating certain base rent amounts.

On December 21, 2011, EastGroup closed a $50 million unsecured term loan with a fixed interest rate of 3.91%, a seven-year term and interest-only payments.  The Company used the proceeds of this loan to reduce variable rate bank borrowings.  The Company's unsecured term loan has 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 debt covenants at December 31, 2011.

The Company currently intends to repay its debt obligations, both in the short- and long-term, through its operating cash flows, borrowings under its lines of credit, proceeds from new mortgage debt and term debt, and/or proceeds from the issuance of equity instruments.

Principal payments on long-term debt, including mortgage notes payable and unsecured term loan payable, due during the next five years as of December 31, 2011 are as follows:

Years Ending December 31,	(In thousands)
2012	$          68,673
2013	60,164
2014	96,993
2015	100,279
2016	90,626