DEBT

Secured debt decreased $4,841,000 during the three months ended March 31, 2016. The decrease primarily resulted from regularly scheduled principal payments of $4,656,000.

Properties encumbered by EastGroup's Secured debt were disclosed in the Company's Form 10-K for the year ended December 31, 2015. During the three months ended March 31, 2016, the Company closed a collateral substitution for one of its secured loans which was previously secured by America Plaza, Central Green, Glenmont, Interstate I-III, Rojas, Stemmons Circle, Venture, West Loop and World Houston 3-9. The loan is now secured by Colorado Crossing, Interstate I-III, Rojas, Steele Creek 1 & 2, Stemmons Circle, Venture and World Houston 3-9.

Unsecured bank credit facilities increased $16,435,000 during the three months ended March 31, 2016, mainly due to proceeds of $76,646,000 exceeding repayments of $60,309,000 during the period.

In connection with the adoption of ASU 2015-03, which is described in further detail in Note 17, the Company presents debt issuance costs as reductions of Secured debt, Unsecured debt and Unsecured bank credit facilities on the Consolidated Balance Sheets as detailed below.



	March 31, 2016			December 31, 2015
	(In thousands)
Secured debt, carrying amount	$	346,737		351,401
Unamortized debt issuance costs	(1,293		)	(1,116	)
Secured debt	345,444			350,285

Unsecured debt, carrying amount	530,000			530,000
Unamortized debt issuance costs	(1,688		)	(1,790	)
Unsecured debt	528,312			528,210

Unsecured bank credit facilities, carrying amount	167,173			150,836
Unamortized debt issuance costs	(1,324		)	(1,422	)
Unsecured bank credit facilities	165,849			149,414

Total debt	$	1,039,605		1,027,909

Principal payments on long-term debt, including Secured debt and Unsecured debt (not including Unsecured bank credit facilities), as of March 31, 2016 are as follows:



Years Ending December 31,	(In thousands)
Remainder of 2016	$	88,142
2017	58,239
2018	141,316
2019	130,569
2020	114,097
2021 and beyond	344,374