Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 79

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 79
---
 sustainability performance target.  This sustainability metric is evaluated annually and was achieved for the year ended December 31, 2024, which allowed for an interest rate reduction during the three months ended March 31, 2025. The margin was effectively reduced on this unsecured bank credit facility by four basis points, from 77.5 to 73.5 basis points, and the facility fee was reduced from 15 to 14 basis points during the three months ended March 31, 2025.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.In March 2025, EastGroup repaid a $50,000,000 senior unsecured term loan at maturity with an effectively fixed interest rate of 1.58%.Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of March 31, 2025, are as follows: MATURITY DATESPrincipal Payments Maturing(In thousands)2025 — Remainder of year$95,000 2026140,000 2027175,000 2028160,000 2029155,000 2030 and beyond735,000        Total unsecured debt, before amortization of debt issuance costs$1,460,000 

-14-

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(11) ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 A summary of the Company’s Accounts payable and accrued expenses follows: March 31,2025December 31,2024 (In thousands)Property taxes payable                                                                                  $31,955 11,528 Development costs payable                                                                                  22,679 16,388 Retainage payable11,838 10,920 Real estate improvements and capitalized leasing costs payable9,593 8,753 Interest payable                                                                                  12,940 8,351 Divid