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UNSECURED BANK CREDIT FACILITIES
 12 Months Ended
Dec. 31, 2025
Line of Credit Facility [Abstract]  
UNSECURED BANK CREDIT FACILITIES UNSECURED BANK CREDIT FACILITIES
The Company’s borrowings on unsecured bank credit facilities are detailed below:
December 31,
 20252024
 (In thousands)
Unsecured bank credit facilities — Variable rate, carrying amount$18,845 — 
Unamortized debt issuance costs(2,596)(3,595)
Unsecured bank credit facilities, net of debt issuance costs$16,249 (3,595)

On June 13, 2024, EastGroup entered into amended and restated credit agreements related to its $625,000,000 and $50,000,000 unsecured bank credit facilities, to extend the maturity dates from July 30, 2025 to July 31, 2028. Also on November 19, 2025, the Company entered into amended and restated credit agreements related to both unsecured bank credit facilities, to remove the SOFR adjustment, decreasing the credit spread for both facilities by 10 basis points. There were no other material changes to the credit facilities, which are outlined below.

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 December 31, 2025, was Term Secured Overnight Financing Rate (“SOFR”) plus 73.5 basis points with an annual facility fee of 14 basis points. As of December 31, 2025, the Company had no outstanding balance on this unsecured bank credit facility and an interest rate of 4.451%. The Company has one standby letter of credit totaling $2,588,000 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 December 31, 2025, was SOFR plus 77.5 basis points with an annual facility fee of 15 basis points. As of December 31, 2025, the interest rate was 4.545% with $18,845,000 of variable rate borrowings.

For both facilities, the margin and facility fee are subject to changes in the Company’s credit ratings. In May 2025, Moody's Ratings affirmed EastGroup's issuer rating of Baa2 and changed its rating outlook from stable to positive. Given the strength of the Company’s key credit metrics, initial pricing for the credit facilities is based on the BBB+/Baa1 credit ratings level. This favorable pricing level will be retained provided that the Company’s consolidated leverage ratio, as defined in the applicable agreements, remains less than 32.5%.

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.

Average unsecured bank credit facilities borrowings were $26,822,000 in 2025, $1,776,000 in 2024 and $49,384,000 in 2023, with weighted average interest rates (excluding amortization of facility fees and debt issuance costs) of 4.90% in 2025, 6.25% in 2024 and 5.68% in 2023.  Amortization of facility fees was $960,000, $1,012,000 and $1,005,000 for 2025, 2024 and 2023, respectively.  Amortization of debt issuance costs for the Company’s unsecured bank credit facilities was $1,058,000, $1,036,000 and $1,003,000 for 2025, 2024 and 2023, respectively.

The Company’s unsecured bank credit facilities have certain restrictive covenants, such as maintaining minimum debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its financial debt covenants at December 31, 2025 and 2024.