Company: EGP
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0000049600-25-000109
Chunk: 57

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 1
Chunk 57
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ization of facility fees and debt issuance costs) 5.17%6.32% 5.19%6.30% 

The Company’s fixed rate interest expense decreased by $1,746,000 and $5,272,000 for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024, primarily as a result of the unsecured debt activity described below.

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The following table presents the details of unsecured debt repayments during the nine months ended September 30, 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 $20 Million Senior Unsecured Notes3.80%08/28/202520,000 Weighted Average Effectively Fixed Interest Rate and Total Payoff       Amount for 2024 and 20253.23%$240,000 

In January 2025, the Company 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.

EastGroup did not obtain any unsecured debt during 2024 or during the first nine months of 2025.  EastGroup’s financing and debt maturities are further described in Liquidity and Capital Resources.

Interest costs during the period of construction of real estate properties are capitalized and offset against interest expense. Capitalized interest increased $482,000 and $1,092,000 during the three and nine months ended September 30, 2025, respectively, as compared to the same periods of 2024, due to changes in development activity and spending.

Real Estate Improvements

Real estate improvements for EastGroup’s operating properties for the three and nine months ended September 30, 2025 and