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DEBT
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Debt Disclosure 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,
2020		December 31,
2019
 (In thousands)
Unsecured bank credit facilities - variable rate, carrying amount$77,474 112,710 
Unamortized debt issuance costs(934)(1,316)
Unsecured bank credit facilities76,540 111,394 
Unsecured debt - fixed rate, carrying amount (1)
1,010,000 940,000 
Unamortized debt issuance costs(1,988)(1,885)
Unsecured debt1,008,012 938,115 
Secured debt - fixed rate, carrying amount (1)
126,674 133,422 
Unamortized debt issuance costs(159)(329)
Secured debt126,515 133,093 
Total debt$1,211,067 1,182,602 

(1)These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.
The Company has a $350 million unsecured bank credit facility with a group of nine banks; the facility 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, 2020, 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, 2020, the Company had $65,000,000 of variable rate borrowings on this unsecured bank credit facility with a weighted average interest rate of 1.146%. The Company has a standby letter of credit of $674,000 pledged on this facility.

The Company also has a $45 million unsecured bank credit facility with 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, 2020, 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, 2020, the interest rate was 1.148% on a balance of $12,474,000.

In March 2020, the Company closed a $100 million senior unsecured term loan with a seven-year term and interest only payments. It bears interest at the annual rate of LIBOR plus an applicable margin (1.45% as of September 30, 2020) 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 2.39%.

In July 2020, the Company and a group of lenders agreed to terms on the private placement of $175 million of senior unsecured notes with a weighted average fixed interest rate of 2.65%. The $100 million note has a 10-year term and a fixed interest rate of 2.61%, and the $75 million note has a 12-year term and a fixed interest rate of 2.71%. These maturity dates complement the Company's existing debt maturity schedule. The notes dated August 17, 2020, were issued and sold on October 14, 2020 and require interest-only payments. The notes will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

In August 2020, the Company made a $30 million principal repayment on $100 million of senior unsecured notes with a fixed interest rate of 3.80%.

Scheduled principal payments on long-term debt, including Unsecured debt and Secured debt (not including Unsecured bank credit facilities), as of September 30, 2020, are as follows: 
Years Ending December 31,(In thousands)
2020 - Remainder of year$77,299 
2021129,562 
2022107,770 
2023115,119 
2024120,122 
2025 and beyond586,802 
       Total$1,136,674