SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2012

Subsequent Events [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

As of October 22, 2012, EastGroup issued and sold 357,692 shares of common stock under its continuous common equity program during the fourth quarter of 2012 at an average price of $53.30 per share with net proceeds to the Company of $18.9 million. The proceeds were used to reduce variable rate bank borrowings. As of October 22, 2012, the Company has 1,543,933 shares of common stock remaining to sell under the program.

Also subsequent to quarter-end, the Company began construction of World Houston 37, a 101,000 square foot business distribution building with a projected total cost of $7.1 million, and World Houston 38, a 129,000 square foot build-to-suit business distribution building with an estimated total cost of $9.8 million. These buildings are expected to be completed early in the third quarter of 2013.