Company: EGP
Filing Date: 2025-11-25
Form Type: 8-K
Source: 0000049600-25-000117
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Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-11-25
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

New Loan Agreement

On November 19, 2025, EastGroup Properties, Inc. (the “ Company”) and its subsidiary, EastGroup Properties, L. P. (the “ Operating Partnership”), entered into a Term Loan Agreement (the “ Loan Agreement”) with PNC Bank, National Association, as Agent, Regions Bank, as Syndication Agent, TD Bank, N. A., as Documentation Agent, PNC Capital Markets LLC, Regions Capital Markets, and TD Bank, N. A., as Joint Lead Arrangers, and PNC Capital Markets LLC, as the Sole Bookrunner, and the lender parties thereto. The Loan Agreement provides for a total of $250.0 million unsecured term loans separated into Tranche A and Tranche B. Tranche A provides a $100.0 million unsecured term loan with a maturity date of April 30, 2030. Tranche B provides a $150.0 million unsecured term loan with a maturity date of March 14, 2031. Borrowings under the Loan Agreement will bear interest, at the Company’s option, at the Base Rate, Term Secured Overnight Financing Rate (“ SOFR”), or Daily Simple SOFR, (each as defined in the Loan Agreement), plus an applicable margin based on the Company’s credit ratings and leverage ratio. The Company elected the Daily Simple SOFR option and the margin is 0.85% as of November 19, 2025 based on the Company’s current credit ratings and leverage ratio. The Company entered into interest rate swaps to convert the floating interest rate to a fixed rate, providing the Company a weighted average effectively fixed interest rate under the Loan Agreement of 4.15% per annum.

The foregoing summary description of the Loan Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Loan Agreement, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.

Amendment to Unsecured Credit Facility

On November 19, 2025, the Company and the Operating Partnership entered into an amendment (the “ Revolver Amendment”) to the Company’s $625.0 million Sixth Amended and Restated Credit Agreement maturing July 31, 2028, to remove the upward 0.10% interest rate adjustment for SOFR loans. Other than the foregoing, there were no other material changes to the terms of the agreement.

The foregoing