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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events [Text Block]
SUBSEQUENT EVENTS
 
In September 2013, EastGroup negotiated terms for a $75 million unsecured term loan which is expected to close in December 2013. The loan will have a seven year term and interest only payments; it will bear interest at the annual rate of LIBOR plus an applicable margin (currently 1.4%) based on the Company's current senior unsecured long-term debt rating. The Company entered into two interest rate swap agreements to convert the loan's LIBOR rate component to a fixed interest rate for the entire term of the loan providing a total effective fixed interest rate of 3.765% on $60 million and 3.7% on $15 million.

In addition, subsequent to September 30, 2013, the Company began construction of Rampart IV, a 84,000 square foot business distribution building in Denver with a projected total cost of $8.3 million.