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SUBSEQUENT EVENTS
12 Months Ended
Dec. 31, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS

On February 12, 2016, EastGroup sold its Northwest Point Distribution and Service Centers in Houston.  The sale of the properties, which contain 232,000 square feet, generated gross sales proceeds of approximately $15.6 million.  The Company expects to record a gain on the sale in the first quarter of 2016.

On February 10, 2016, EastGroup executed a commitment letter for a $65 million senior unsecured term loan which is expected to close on April 1, 2016. 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 1.65%) based on the Company's senior unsecured long-term debt rating. The Company also 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 2.863%.