Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 143

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 3
Chunk 143
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1,005 7 Amortization of debt issuance costs — unsecured bank credit facilities1,036 1,003 33    Total variable rate interest expense2,159 4,812 (2,653)FIXED RATE INTEREST EXPENSE   Unsecured debt interest (excluding amortization of debt issuance costs) (1)55,742 58,428 (2,686)Secured debt interest (excluding amortization of debt issuance costs)— 51 (51)Amortization of debt issuance costs — unsecured debt878 909 (31)Amortization of debt issuance costs — secured debt— 31 (31)   Total fixed rate interest expense56,620 59,419 (2,799)Total interest                                                                                 58,779 64,231 (5,452)Less capitalized interest                                                                                 (19,823)(16,235)(3,588)TOTAL INTEREST EXPENSE $38,956 47,996 (9,040)

(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 12 in the Notes to Consolidated Financial Statements.

EastGroup’s variable rate interest expense decreased by $2,653,000 for 2024 as compared to 2023 primarily due to a decrease in average borrowings, partially offset by an increase in the Company’s weighted average variable interest rates on its unsecured bank credit facilities as shown in the following table:

 Years Ended December 31, 20242023Increase(Decrease) (In thousands, except rates of interest)Average borrowings on unsecured bank credit facilities — variable rate$1,77649,384(47,608)Weighted average variable interest rates (excluding amortization of facility fees and debt issuance costs) 6.25%5.68% 

The Company’s fixed rate interest expense decreased by $2,799,000 for 2024 as compared to 2023 primarily as a result of the unsecured debt activity described below.  

The following table presents the details of unsecured debt repayments during 2023 and 2024:  

UNSECURED DEBT REPAID IN 2023 AND 2024Interest RateDate RepaidPayoff Amount(In thousands)$65 Million