Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 147

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 3
Chunk 147
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 December 31, 2024, EastGroup had total immediate liquidity of approximately $757,320,000, comprised of $17,529,000 of cash and cash equivalents, $672,345,000 of availability on our unsecured bank credit facilities, and approximately $67,446,000 of gross proceeds available on its outstanding forward equity sale agreements. See further details discussed below.

Net cash provided by operating activities was $416,587,000 for the year ended December 31, 2024.  The primary other sources of cash were from proceeds from common stock offerings; borrowings on unsecured bank credit facilities; and net proceeds from sales of real estate investments.  The Company distributed $252,794,000 in common stock dividends during 2024.  The Company also paid $390,011,000 related to the purchase of real estate property. Other primary uses of cash were for the 

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construction and development of properties; repayments on unsecured bank credit facilities and unsecured debt; capital improvements at various properties; and leasing commissions.

As of December 31, 2024, the Company was contractually obligated to pay the dividend declared in December 2024, which was paid in January 2025.  An amount for dividends payable of $74,049,000 was included in Accounts payable and accrued expenses at December 31, 2024, which includes dividends payable on unvested restricted stock of $1,617,000, which are subject to continued service and will be paid upon vesting in future periods. 

Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of December 31, 2024, are as follows: 

MATURITY DATESWeighted Average Interest Rate (1)Principal Payments Maturing(In thousands)March 18, 20251.58%$50,000 August 28, 20253.80%20,000 October 1, 20253.97%25,000 October 7, 20253.99%50,000 Year 20262.56%140,000 Year 20272.74%175,000 Year 20283.10%160,000 Year 20293.88%155,000 Year 2030 and beyond3.61%735,000 Total Unsecured Debt3.34