Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 32

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 an orderly transaction between market participants at the measurement date.  ASC 820 also provides guidance for using fair value to measure financial assets and liabilities.  The FASB Codification requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2) and significant valuation assumptions that are not readily observable in the market (Level 3).The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at March 31, 2025 and December 31, 2024. March 31, 2025December 31, 2024 Carrying Amount (1)Fair ValueCarrying Amount (1)Fair Value (In thousands)Financial Assets:    Cash and cash equivalents$20,515 20,515 17,529 17,529    Interest rate swap assets                             16,452 16,452 21,953 21,953 Financial Liabilities:    Unsecured debt (2)1,460,000 1,371,268 1,510,000 1,403,754    Interest rate swap liabilities                                     1,426 1,426 — — (1)  Carrying amounts shown in the table are included on the Consolidated Balance Sheets under the indicated captions, except as     explained below.(2)   Carrying amounts and fair values shown in the table exclude debt issuance costs (see Note 10 for additional information).The following methods and assumptions were used to estimate the fair value of each class of financial instruments:•Cash and cash equivalents:  The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents.  The carrying amounts approximate fair value due to the short maturity of those instruments.•Interest rate swap assets (included in Other assets on the Consolidated Balance Sheets):  The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, SOFR swap curves, observable for substantially the full term of the contract (Level 2 input).  See Note 14 for additional information on the Company’s interest rate swaps.•Unsecured debt:  The fair value of the