Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 210

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 3
Chunk 210
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,655 Interest rate swap liabilities— — 2,478 2,478 (1)Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as indicated in the notes below.(2)Carrying amounts and fair values shown in the table exclude debt issuance costs (see Note 6 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 12 for additional information on the Company’s interest rate swaps.•Unsecured debt: The fair value of the Company’s unsecured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs.•Interest rate swap liabilities (included in Other liabilities 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 12 for additional information on the Company’s interest rate swaps.

(17)SUBSEQUENT EVENTS

Subsequent to December 31, 2024, EastGroup settled outstanding forward equity sale agreements under the Current ATM Program by issuing 214,138 shares of common stock in exchange for net proceeds of approximately $37,005,000.

Subsequent to year end, EastGroup refinanced a $100,000,000 senior unsecured term loan, reducing the credit spread by 30 basis points to a total effectively fixed interest rate of 4.97%.  The loan, which previously had five years remaining, now has a three-year maturity with two one-year extension options at the Company's election. 

72

SCHEDULE IIIREAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATIONDECEMBER 31, 2024 (In thousands, except footnotes)