DEBT

The Company's debt is detailed below. EastGroup presents debt issuance costs as reductions of Unsecured bank credit facilities, Unsecured debt and Secured debt on the Consolidated Balance Sheets.



	September 30, 2018			December 31, 2017
	(In thousands)
Unsecured bank credit facilities - variable rate, carrying amount	$	171,191		116,339
Unsecured bank credit facilities - fixed rate, carrying amount ^{(1) (2)}	—			80,000
Unamortized debt issuance costs	(1,930		)	(630	)
Unsecured bank credit facilities	169,261			195,709

Unsecured debt - fixed rate, carrying amount ⁽¹⁾	725,000			715,000
Unamortized debt issuance costs	(1,700		)	(1,939	)
Unsecured debt	723,300			713,061

Secured debt - fixed rate, carrying amount ⁽¹⁾	191,923			200,354
Unamortized debt issuance costs	(631		)	(842	)
Secured debt	191,292			199,512

Total debt	$	1,083,853		1,108,282


(1)	These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.


(2)	The Company had designated an interest rate swap to an $80 million unsecured bank credit facility draw that effectively fixed the interest rate on the $80 million draw to 2.020% through the interest rate swap's maturity date. This swap matured on August 15, 2018, and the $80 million draw has reverted to the variable interest rate associated with the Company's unsecured bank credit facilities.

Until June 14, 2018, EastGroup had $300 million and $35 million unsecured bank credit facilities with margins over LIBOR of 100 basis points, facility fees of 20 basis points and maturity dates of July 30, 2019. The Company amended and restated these credit facilities on June 14, 2018, expanding the capacity to $350 million and $45 million, as detailed below.

The $350 million unsecured bank credit facility is with a group of nine banks and has a maturity date of July 30, 2022. The credit facility contains options for two six-month extensions (at the Company's election) and a $150 million accordion (with agreement by all parties). The interest rate on each tranche is usually reset on a monthly basis and as of September 30, 2018, was LIBOR plus 100 basis points with an annual facility fee of 20 basis points. The margin and facility fee are subject to changes in the Company's credit ratings. The Company had designated an interest rate swap to an $80 million unsecured bank credit facility draw that effectively fixed the interest rate on the $80 million draw to 2.020% through the interest rate swap's maturity date. This swap matured on August 15, 2018, and the $80 million draw has reverted to the variable interest rate associated with the Company's unsecured bank credit facilities. As of September 30, 2018, the Company had $155,000,000 of variable rate borrowings on this unsecured bank credit facility with a weighted average interest rate of 3.218%. The Company has a standby letter of credit of $674,000 pledged on this facility.

The Company's $45 million unsecured bank credit facility has a maturity date of July 30, 2022, or such later date as designated by the bank; the Company also has two six-month extensions available if the extension options in the $350 million facility are exercised. The interest rate is reset on a daily basis and as of September 30, 2018, was LIBOR plus 100 basis points with an annual facility fee of 20 basis points. The margin and facility fee are subject to changes in the Company's credit ratings. As of September 30, 2018, the interest rate was 3.261% on a balance of $16,191,000.

Scheduled principal payments on long-term debt, including Unsecured debt and Secured debt (not including Unsecured bank credit facilities), as of September 30, 2018, are as follows:



Years Ending December 31,	(In thousands)
Remainder of 2018	$	2,882
2019	130,570
2020	114,096
2021	129,563
2022	107,769
2023 and beyond	432,043
Total	$	916,923