Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 132

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 2
Chunk 132
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Projected Total Costs(Square feet)(In thousands)Lease-up2,172,000 $275,700 $300,100 Under construction1,858,000 154,624 273,100 Total lease-up and under construction4,030,000 430,324 $573,200 Prospective development (primarily land)9,919,000 255,778 Total Development and value-add properties as of March 31, 202513,949,000 $686,102 Total Development and value-add properties transferred to Real estate             properties during the three months ended March 31, 2025375,000 $43,018 (1)

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

Accumulated Depreciation

Accumulated depreciation on real estate, development and value-add properties increased $40,980,000 during the three months ended March 31, 2025, primarily due to depreciation expense of $42,308,000 offset by write-offs of assets.

Other Assets

Other assets decreased $5,407,000 during the three months ended March 31, 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 $250,000 during the three months ended March 31, 2025, mainly due to borrowings of $12,406,000, offset by repayments of $12,406,000, 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, net of debt issuance costs decreased $49,874,000 during the three months ended March 31, 2025, primarily due to the repayment of a $50,000,000 term loan and debt issuance cost activity during the period.  The borrowings and repayments on Unsecured debt, net of debt issuance costs are described in greater detail under Liquidity and Capital Resources.

Accounts payable and accrued expenses increased $30,045,000 during the three months ended March 31, 2025.  Refer to Note 11 in the Notes to Consolidated Financial Statements for further details.

Other liabilities decreased $2,532,000 during the three months ended March 31, 2025.  Refer to Note 12 in the Notes to Consolidated Financial Statements for