Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 107

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 107
---
)   Total fixed rate interest expense12,665 14,367 (1,702)Total interest                                                                  13,185 14,914 (1,729)Less capitalized interest(5,160)(4,853)(307)TOTAL INTEREST EXPENSE $8,025 10,061 (2,036)

(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 14 in the Notes to Consolidated Financial Statements. 

The Company’s variable rate interest expense decreased by $27,000 for the three months ended March 31, 2025, as compared to the same period in 2024, primarily due to a decrease in average borrowings on its unsecured bank credit facilities, as shown in the following table:

 Three Months EndedMarch 31, 20252024Increase(Decrease) (In thousands, except rates of interest)Average borrowings on unsecured bank credit facilities - variable rate$8202,704(1,884)Weighted average variable interest rates (excluding amortization of facility fees and debt issuance costs) 5.24 %6.29 % 

The Company’s fixed rate interest expense decreased by $1,702,000 for the three months ended March 31, 2025, as compared to the same period in 2024, primarily as a result of the unsecured debt activity described below.

The following table presents the details of unsecured debt repayments during the three months ended March 31, 2025 and the year ended December 31, 2024:

UNSECURED DEBT REPAID IN 2024 AND 2025Interest RateDate RepaidPayoff Amount(In thousands)$50 Million Senior Unsecured Term Loan4.08%08/30/2024$50,000 $60 Million Senior Unsecured Notes3.46%12/13/202460,000 $60 Million Senior Unsecured Notes3.48%12/15/202460,000 $50 Million Senior Unsecured Term Loan1.58%03/18/202550,000 Weighted Average Effectively Fixed Interest Rate and Total Payoff                 Amount for 2024 and 20253.18%$220,000 

-31-

In January 2025, the Company