DEBT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt Disclosure

DEBT

The Company’s debt is detailed below:

	March 31, 2026		December 31, 2025
	(In thousands)
Unsecured bank credit facilities — Variable rate, carrying amount	$	—	18,845
Unamortized debt issuance costs	(2,347)		(2,596)
Unsecured bank credit facilities, net of debt issuance costs	(2,347)		16,249
Unsecured debt — Fixed rate, carrying amount (1)	1,615,000		1,615,000
Unamortized debt issuance costs	(3,697)		(3,974)
Unsecured debt, net of debt issuance costs	1,611,303		1,611,026
Total unsecured debt, net of debt issuance costs	$	1,608,956	1,627,275

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

The Company has a $625,000,000 unsecured bank credit facility with a group of 10 banks, which has a maturity date of July 31, 2028. The credit facility contains options for two six-month extensions (at the Company's election) and an additional $625,000,000 accordion (with agreement by all parties). The interest rate on each tranche is reset on a monthly basis and as of March 31, 2026, was Secured Overnight Financing Rate (“SOFR”) plus 73.5 basis points with an annual facility fee of 14 basis points. As of March 31, 2026, the Company had no variable rate borrowings on this unsecured bank credit facility and an interest rate of 4.403%. The Company has a $337,000 standby letter of credit pledged on this facility, which reduces borrowing capacity under the credit facility.

The Company also has a $50,000,000 unsecured bank credit facility with a maturity date of July 31, 2028, or such later date as designated by the bank; the Company also has two six-month extensions available if the extension options in the $625,000,000 facility are exercised. The interest rate is reset on a daily basis and as of March 31, 2026, was SOFR plus 77.5 basis points with an annual facility fee of 15 basis points. As of March 31, 2026, the interest rate was 4.405% with no outstanding balance.

For both facilities, the margin and facility fee are subject to changes in the Company's credit ratings. In February 2026, Moody’s Ratings upgraded EastGroup’s issuer rating to Baa1, outlook stable from Baa2, outlook positive.

The $625,000,000 facility also includes a sustainability-linked pricing component, pursuant to which the applicable interest rate margin is adjusted if the Company meets a certain sustainability performance target. This sustainability metric is evaluated annually, allowing the interest rate to be adjusted in the following year.  The margin on the facility can be decreased or increased by up to four basis points and the facility fee can be decreased or increased by up to one basis point.

Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of March 31, 2026, are as follows: 

MATURITY DATES	Principal Payments Maturing
	(In thousands)
2026 — Remainder of year	$	140,000
2027	175,000
2028	160,000
2029	155,000
2030	300,000
2031 and beyond	685,000
Total unsecured debt, before amortization of debt issuance costs	$	1,615,000