SUBSEQUENT EVENTS (Notes)

9 Months Ended

Sep. 30, 2020

Subsequent Event [Line Items]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

On October 14, 2020, $175 million of senior unsecured private placement notes dated August 17, 2020 were issued and sold. 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%. The notes, which require interest-only payments, 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 October 2020, EastGroup repaid (with no penalty) a mortgage loan with a balance of $45.9 million, an interest rate of 4.39% and an original maturity date of January 5, 2021.

Also in October 2020, EastGroup acquired Rancho Distribution Center, a 162,000 square foot distribution building in the Inland Empire West submarket of Los Angeles. The multi-tenant distribution building was acquired for $27.8 million.