Company: EGP
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000049600-25-000100
Chunk: 55

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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 (In thousands)VARIABLE RATE INTEREST EXPENSE     Unsecured bank credit facilities interest — variable rate(excluding amortization of facility fees and debt issuance costs)                                                                                                                                                       $12 24 (12)23 66 (43)Amortization of facility fees — Unsecured bank credit        facilities237 252 (15)481 504 (23)Amortization of debt issuance costs — Unsecured bank       credit facilities265 253 12 530 506 24    Total variable rate interest expense514 529 (15)1,034 1,076 (42)FIXED RATE INTEREST EXPENSE     Unsecured debt interest (excluding amortization of debt issuance costs) (1)12,327 14,114 (1,787)24,791 28,255 (3,464)Amortization of debt issuance costs — Unsecured debt 189 226 (37)390 452 (62)   Total fixed rate interest expense12,516 14,340 (1,824)25,181 28,707 (3,526)   Total interest                                                                  13,030 14,869 (1,839)26,215 29,783 (3,568)Less capitalized interest(5,340)(5,037)(303)(10,500)(9,890)(610)TOTAL INTEREST EXPENSE $7,690 9,832 (2,142)15,715 19,893 (4,178)

(1)Includes interest on the Company’s unsecured debt with fixed interest rates per the debt agreements or effectively fixed interest rates due to interest rate swaps, as discussed in Note 14 in the Notes to Consolidated Financial Statements. 

The Company’s variable rate interest expense decreased by $15,000 and $42,000 for the three and six months ended June 30, 2025, respectively, as compared to the same periods in 2024, primarily due to a decrease in average borrowings and interest rates on its unsecured bank credit facilities, as shown in the following table:

 Three Months EndedJune 30,Six Months Ended                                                                                                                                            June 30, 20252024Increase(Decrease)20252024Increase(Decrease) (In thousands, except rates of interest)Average borrowings on unsecured bank credit