Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 139

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 2
Chunk 139
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 was paid in April 2025. An amount for dividends payable of $74,153,000 was included in Accounts payable and accrued expenses at 

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March 31, 2025, which includes dividends payable on unvested restricted stock of $1,087,000, 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 March 31, 2025, are as follows: 

MATURITY DATESWeighted Average Interest Rate (1)Principal Payments Maturing(In thousands)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 beyond3.57%735,000 Total Unsecured Debt 3.38%$1,460,000 

(1)  These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.

In January 2025, 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.

In March 2025, EastGroup repaid a $50,000,000 senior unsecured term loan at maturity with an effectively fixed interest rate of 1.58%.

The Company has a $625,000,000 unsecured bank credit facility with a group of 10 banks, which has a maturity date of July 31, 2028. The credit facility contains options for two six-month extensions (at the Company's election) and an additional $625,000,000 accordion (with agreement by all parties). The interest rate on each tranche is reset on a monthly basis and as of March 31, 2025, was SOFR plus 73.5 basis points with an annual facility fee of 14 basis points.