Item 1.01 Entry into a Material Definitive Agreement.
On June 29, 2021, EastGroup Properties, Inc. ("EastGroup") and one of its
subsidiaries, EastGroup Properties, L.P. (together, the "Company"), entered into
a Fifth Amended and Restated Credit Agreement (the "Revolving Facility") with
the lender parties thereto, and PNC Bank, National Association, as
Administrative Agent, Regions Bank, as Syndication Agent, Wells Fargo Bank,
National Association, Bank of America, N.A. and U.S. Bank National Association,
as Co-Documentation Agents, PNC Capital Markets LLC as Sustainability Agent, PNC
Capital Markets LLC and Regions Capital Markets, as Joint Lead Arrangers and
Joint Bookrunners. The Revolving Facility replaced the Company's existing $350
million unsecured revolving credit facility (the "Existing Revolving Facility"),
dated as of June 14, 2018, by and among the Company, the lender parties thereto,
and PNC Bank, National Association, as Administrative Agent, Regions Bank as
Syndication Agent, U.S. Bank National Association, Wells Fargo Bank, National
Association and Bank of America, N.A., as Co-Documentation Agents, and PNC
Capital Markets LLC and Regions Capital Markets, as Joint Lead Arrangers and
Joint Bookrunners. The Revolving Facility allows for borrowings in the aggregate
principal amount of up to $425 million. Borrowings will bear interest, at the
Company's option, at the Base Rate Option (as defined in the Revolving Facility)
plus a margin of 0.00% to 0.40% or at LIBOR plus a margin of 0.725% to 1.40%, in
each case depending on EastGroup's credit ratings. The Revolving Facility
initially bears interest at LIBOR plus 0.775% which is the equivalent of
0.87525% at June 29, 2021. The facility fee of the Revolving Facility ranges
between 0.125% to 0.30% per annum and is currently set at 0.15%, also based upon
EastGroup's credit ratings. The Revolving Facility includes a $325 million
accordion feature and has an initial maturity date of July 30, 2025 with two
six-month extensions at the Company's option.
The Revolving Facility contains various customary covenants, including covenants
that require the Company to maintain (i) its ratio of total liabilities to total
asset value at 60% or less, subject to certain exceptions, (ii) its secured debt
to total asset value at 30% or less, (iii) a fixed charge coverage ratio of at
least 1.50:1.00 and (iv) a ratio of unencumbered net operating income to total
unsecured interest expense of at least 1.75:1.00. In addition, the Company may
not pay dividends or make distributions with respect to its equity in excess of
90% of the Company's Funds From Operations, as defined in the Revolving
Facility, except to the extent necessary to enable EastGroup to continue to
qualify as a real estate investment trust for Federal income tax purposes. These
covenants and restrictions also limit the Company's ability to incur additional
indebtedness, merge, consolidate or sell all or substantially all of its assets
and enter into transactions with affiliates.
The Revolving Facility also includes a sustainability-linked pricing component
pursuant to which, if the Company meets certain sustainability performance
targets, the applicable interest margin will be reduced by one basis point. The
LIBOR replacement provisions in the Revolving Facility permit the use of rates
based on the secured overnight financing rate ("SOFR") administered by the
Federal Reserve Bank of New York plus an applicable spread adjustment.
The Revolving Facility also includes customary events of default, including
failure to pay principal, interest or fees when due, failure to comply with
covenants, if any representations or warranty made by the Company is false or
misleading in any material respect, default under certain other indebtedness,
certain insolvency or receivership events affecting the Company and its
subsidiaries, the occurrence of certain material judgments, or a change in
control of the Company. The amounts outstanding under the Revolving Facility may
be accelerated upon certain events of default.
Some of the lenders party to the Revolving Facility or their affiliates have
from time to time provided in the past, and may provide in the future,
commercial lending services to the Company and its affiliates in the ordinary
course of business.
The foregoing summary description of the Revolving Facility does not purport to
be complete and is qualified in its entirety by reference to the full text of
the Revolving Facility, which is filed as Exhibit 10.1 hereto and is
incorporated herein by reference.


Item 1.02 Termination of a Material Definitive Agreement.
On June 29, 2021, in connection with the entrance into the Revolving Facility,
the Company repaid all of the outstanding obligations under and terminated the
Existing Revolving Facility.



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Item 2.03  Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information provided in Item 1.01 on this Form 8-K is incorporated herein by
reference.


Item 8.01  Other Events.
On June 29, 2021, the Company expanded its unsecured working cash credit
facility with PNC Bank (the "Working Cash Line") from $45 million to $50 million
and extended the expiration date to July 30, 2025 with two six-month extensions.
The Working Cash Line was extended under substantially the same terms and
conditions as the Revolving Facility.

Item 9.01 Financial Statements and Exhibits.



(d) Exhibits.
Exhibit No.                Description
  10.1                     Fifth Amended and Restated Credit Agreement Dated June 29, 2021 among
                           EastGroup Properties, L.P.; EastGroup

Properties, Inc.; PNC Bank, National


                           Association, as Administrative Agent; Regions

Bank, as Syndication Agent,

Wells Fargo Bank, National Association, Bank of

America, N.A. and U.S. Bank


                           National Association, as Co-Documentation

Agents; PNC Capital Markets LLC as


                           Sustainability Agent; PNC Capital Markets LLC

and Regions Capital Markets,


                           as Joint Lead Arrangers and Joint Bookrunners

and the Lenders party thereto.


  104                      Cover Page Interactive Data File (embedded

within the Inline XBRL document).


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