Company: EGP
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0000049600-25-000065
Chunk: 110

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 110
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 to an effectively fixed rate through the use of interest rate swaps.  The Company may also access the public debt or convertible bond markets in the future as a means to raise capital.  

As of March 31, 2025, EastGroup had total immediate liquidity of approximately $882,933,000, comprised of $20,515,000 of cash and cash equivalents, $672,412,000 of availability on our unsecured credit facilities, and approximately $190,006,000 of gross proceeds available on our outstanding forward equity sale agreements.  See further details discussed below.

Net cash provided by operating activities was $133,708,000 for the three months ended March 31, 2025.  The primary other sources of cash were proceeds from common stock offerings and borrowings on unsecured bank credit facilities.  The Company distributed $73,205,000 in common stock dividends during the three months ended March 31, 2025.  Other primary uses of cash were for the construction and development of properties; repayments on unsecured debt and unsecured bank credit facilities; and capital improvements at various properties.

As of March 31, 2025, the Company was contractually obligated to pay the dividend declared in March 2025, which was paid in April 2025. An amount for dividends payable of $74,153,000 was included in Accounts payable and accrued expenses at 

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March 31, 2025, which includes dividends payable on unvested restricted stock of $1,087,000, which are subject to continued service and will be paid upon vesting in future periods.

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 DATESWeighted Average Interest Rate (1)Principal Payments Maturing(In thousands)August 28, 20253.80%$20,000 October 1, 20253.97%25,000 October 7, 20253.99%50,000 Year 20262.56%140,000 Year 20272.74%175,000 Year 20283.10%160,000 Year 20293.88%155,000 Year 2030 and beyond3.57%735,000 Total Unsecured Debt 3.