SUBSEQUENT EVENTS (Notes)

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

In January 2022, the Company and a group of lenders agreed to terms on the private placement of $150 million of senior unsecured notes with a fixed interest rate of 3.03% and a 10-year term. The notes were issued and sold on April 20, 2022 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.

Subsequent to March 31, 2022, the Company closed on the acquisition of 25.8 acres of development land in Houston, known by the Company as Cypress Preserve Land, for approximately $7.8 million.

Also subsequent to March 31, 2022, the Company acquired Zephyr Distribution Center, a multi-tenant distribution building in the Hayward submarket of San Francisco containing 82,000 square feet, for $28.5 million. The building is currently in the lease-up phase of the development and value-add portfolio.

In April 2022, EastGroup closed on the acquisition of Mesa Gateway Commerce Park in Phoenix, Arizona for $18.3 million. This recently constructed 147,000 square foot building is currently in the lease-up phase of the development and value-add portfolio.