Company: EGP
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000049600-25-000100
Chunk: 149

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 2
Chunk 149
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965,000 during the six months ended June 30, 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 $503,000 during the six months ended June 30, 2025, mainly due to borrowings of $22,851,000, offset by repayments of $22,851,000, 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 $49,686,000 during the six months ended June 30, 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 $53,163,000 during the six months ended June 30, 2025.  Refer to Note 11 in the Notes to Consolidated Financial Statements for further details.

Other liabilities decreased $6,415,000 during the six months ended June 30, 2025.  Refer to Note 12 in the Notes to Consolidated Financial Statements for further details.

Equity

Additional paid-in capital increased $150,212,000 during the six months ended June 30, 2025, primarily due to the issuance of common stock under the Company’s ATM program (as discussed in Note 16 in the Notes to Consolidated Financial Statements) and activity related to stock-based compensation (as discussed in Note 17 in the Notes to Consolidated Financial Statements).  

For the six months ended June 30, 2025, Distributions in excess of earnings increased $24,460,000 as a result of dividends on common stock of $147,182,000 exceeding Net Income Attributable to EastGroup Properties, Inc. Common Stockholders of $122,722,000.  

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Accumulated other comprehensive income decreased $11,063,000 during the six months ended June 30, 2025.  The decrease resulted from the change in fair value of the Company’s interest rate swaps (cash flow hedges) which are further discussed in Notes 13 and 14 in the Notes to Consolidated Financial Statements. 

RESULTS OF OPERATIONS

Net Income