Company: EGP
Filing Date: 2025-07-23
Form Type: 10-Q
Source: 0000049600-25-000100
Chunk: 156

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-07-23
Form: 10-Q
Item: Part I, Item 2
Chunk 156
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282 2,430 3,369 4,421 New tenantsLease term2,876 3,752 7,290 7,803 Renewal tenantsLease term2,159 2,743 6,227 5,266 Total capitalized leasing costs (1) $6,317 8,925 16,886 17,490 Amortization of leasing costs $6,852 6,124 13,846 12,162 

(1)Reconciliation of Total capitalized leasing costs to Leasing commissions on the Consolidated Statements of Cash Flows:

 Six Months Ended June 30,20252024(In thousands)Total capitalized leasing costs$16,886 17,490 Change in leasing commissions payables565 (973)Leasing commissions on the Consolidated Statements of Cash Flows$17,451 16,517 

LIQUIDITY AND CAPITAL RESOURCES

The Company anticipates that its current cash balance, operating cash flows, borrowings under its unsecured bank credit facilities, proceeds from new debt and/or proceeds from the issuance of equity instruments will be adequate for (i) operating and administrative expenses, (ii) normal repair and maintenance expenses at its properties, (iii) debt service obligations, (iv) maintaining compliance with its debt covenants, (v) distributions to stockholders, (vi) capital improvements, (vii) purchases of properties, (viii) development, and (ix) any other normal business activities of the Company, both in the short-term and long-term. The Company expects liquidity sources and needs in the coming year to be consistent in nature with those for the six months ended June 30, 2025.

As market conditions permit, EastGroup issues equity and/or employs fixed-rate debt, including variable-rate debt that has been swapped to an effectively fixed rate through the use of interest rate swaps, to replace the short-term bank borrowings.  The Company believes its current operating cash flow and unsecured bank credit facilities provide the capacity to fund the operations of the Company.  The Company also believes it can obtain debt financing and issue common and/or preferred equity.  

For future debt issuances, the Company intends to issue primarily unsecured fixed-rate debt, including variable-rate debt that has been swapped 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