SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2011

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

(18)  SUBSEQUENT EVENTS

On January 4, 2012, EastGroup closed a $54 million, non-recourse first mortgage loan with a fixed interest rate of 4.09%, a 10-year term and a 20-year amortization schedule.  The loan is secured by properties containing 1.4 million square feet.  The Company used the proceeds of this mortgage loan to reduce variable rate bank borrowings.

On January 31, 2012, the Company acquired a 72,000 square foot distribution center and 18 acres of development land in Tampa for $4,653,000.  The building and land are located near existing EastGroup assets in the Port of Tampa submarket.  The Company has plans for the future development of approximately 270,000 square feet on the acquired land.

As of February 23, 2012, EastGroup issued and sold an additional 213,390 shares of common stock under its continuous common equity program during the first quarter of 2012 at an average price of $46.86 per share with net proceeds to the Company of $9.9 million which were used to reduce variable rate bank borrowings.  As of February 23, 2012, the Company has 1,199,633 shares of common stock remaining to sell under the program.