Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 194

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 3
Chunk 194
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 loans are comprised of Term SOFR plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ Term SOFR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2024.(2)This term loan was refinanced effective September 29, 2023. The margin was reduced by approximately 45 basis points, changing the effectively fixed rate from 3.06% to 2.61%.In August 2024, EastGroup repaid a $50,000,000 senior unsecured term loan at maturity with an effectively fixed interest rate of 4.08%.In December 2024, the Company made principal repayments of two senior unsecured notes totaling $120,000,000.  Senior unsecured notes with a principal balance of $60,000,000 had a fixed interest rate of 3.46%.  The other senior unsecured notes with a principal balance of $60,000,000 had a fixed interest rate of 3.48%.  Both payments were made at maturity.The Company did not enter into or refinance any unsecured debt agreements during the year ended December 31, 2024.During the year ended December 31, 2023, EastGroup closed on a $100,000,000 unsecured term loan with an effectively fixed interest rate of 5.27%.  The Company refinanced a $100,000,000 unsecured term loan, reducing the interest rate by 45 basis points.  EastGroup repaid a $65,000,000 unsecured term loan with an effectively fixed interest rate of 2.31%.  The Company also made a scheduled $50,000,000 principal repayment on its senior unsecured notes with a fixed interest rate of 3.80%.During the year ended December 31, 2022, EastGroup closed on a total of $525,000,000 of new unsecured debt with a weighted average effectively fixed interest rate of 3.82%.  The Company refinanced a $100,000,000 unsecured term loan, reducing the 

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS

interest rate by