Company: EGP
Filing Date: 2025-10-23
Form Type: 10-Q
Source: 0000049600-25-000109
Chunk: 121

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-10-23
Form: 10-Q
Item: Part I, Item 8
Chunk 121
---
794 771 23    Total variable rate interest expense596 554 42 1,630 1,630 — FIXED RATE INTEREST EXPENSE     Unsecured debt interest (excluding amortization of debt issuance costs) (1)12,290 14,006 (1,716)37,081 42,261 (5,180)Amortization of debt issuance costs — Unsecured debt 188 218 (30)578 670 (92)   Total fixed rate interest expense12,478 14,224 (1,746)37,659 42,931 (5,272)   Total interest                                                                  13,074 14,778 (1,704)39,289 44,561 (5,272)Less capitalized interest(5,389)(4,907)(482)(15,889)(14,797)(1,092)TOTAL INTEREST EXPENSE $7,685 9,871 (2,186)23,400 29,764 (6,364)

(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 increased by $42,000 for the three months ended September 30, 2025, as compared to the same period in 2024.  The increase was primarily due to an increase in average borrowings, partially offset by a decrease in the Company’s weighted average variable interest rates, as shown below.  The variable rate interest expense was approximately the same for the nine months ended September 30,2025, as compared to the same period in 2024.  The following table presents the components of variable rate interest expense for the three and nine months ended September 30, 2025 and 2024:

 Three Months EndedSeptember 30,Nine Months Ended                                                                                                                                            September 30, 20252024Increase(Decrease)20252024Increase(Decrease) (In thousands, except rates of interest)Average borrowings on unsecured bank credit       facilities — Variable rate$7,1692,1754,9942,9982,133865Weighted average variable interest rates (excluding amortization of facility fees and debt issuance costs