SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

EastGroup closed the sale of Tampa West Distribution Center VI in July 2014, as discussed in Note 7.

On July 10, 2014, the Company repaid a mortgage loan with a June 30, 2014 balance of $26.6 million, an interest rate of 5.68% and a maturity date of October 10, 2014.

In July 2014, EastGroup executed a term sheet relating to a $75 million unsecured term loan which is expected to close in late July. The loan will have a five year term and interest only payments. It will bear interest at the annual rate of LIBOR plus an applicable margin (currently 1.15%) based on the Company's senior unsecured long-term debt rating. Also in July, the Company entered into an interest rate swap agreement 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 2.846%.

Also subsequent to June 30, 2014, EastGroup began construction of West Road III, a 78,000 square foot business distribution building in Houston with a projected total cost of $5.0 million. The Company also began construction of Thousand Oaks 4 in San Antonio. The business distribution building will contain 66,000 square feet and has a projected total cost of $5.1 million.