Company: EGP
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0000049600-25-000109
Chunk: 51

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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 projects under construction.

During the nine months ended September 30, 2025, the Company acquired 171.8 acres of development land in three markets for $83,793,000.  Costs associated with these acquisitions are included in the Development and Value-Add Properties table.  There were no value-add acquisitions during the nine months ended September 30, 2025.

A summary of the Company's Development and Value-Add Properties for the nine months ended September 30, 2025 follows:

Actual or Estimated Building Size Cumulative Costs Incurred as of 9/30/2025 Projected Total Costs(Square feet)(In thousands)Lease-up957,000 $113,923 $125,000 Under construction2,054,000 184,631 311,100 Total lease-up and under construction3,011,000 298,554 $436,100 Prospective development (primarily land)10,867,000 343,653 Total Development and value-add properties as of September 30, 202513,878,000 $642,207 Total Development and value-add properties transferred to Real estate             properties during the nine months ended September 30, 20252,024,000 $268,626 (1)

(1)Represents cumulative costs at the date of transfer.

Accumulated depreciation on real estate, development and value-add properties increased $125,361,000 during the nine months ended September 30, 2025, primarily due to depreciation expense of $129,329,000 partially offset by write-offs of assets.

Cash and cash equivalents decreased $14,548,000 during the nine months ended September 30, 2025.  Refer to the Consolidated Statements of Cash Flows and Liquidity and Capital Resources for further details.

Other assets, net increased $3,320,000 during the nine months ended September 30, 2025.  See Note 9 in the Notes to Consolidated Financial Statements for further details.

Liabilities

Unsecured bank credit facilities, net of debt issuance costs increased $45,754,000 during the nine months ended September 30, 2025, mainly due to borrowings of $136,191,000, offset by repayments of $91,191,000, and debt issuance cost activity during the period.  The Company’s credit facilities are described in greater detail in Liquidity and Capital Resources.

Unsecured debt