Company: EGP
Filing Date: 2025-02-12
Form Type: 10-K
Source: 0000049600-25-000019
Chunk: 266

Company: EASTGROUP PROPERTIES INC
Filing Date: 2025-02-12
Form: 10-K
Item: Item 7
Chunk 266
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 interruption claims of $1,708,000 ($0.03 per diluted share) during 2024, compared to $4,187,000 ($0.09 per diluted share) during 2023.  Gains on involuntary conversion and business interruption claims are included in Other revenue on the Consolidated Statements of Income and Comprehensive Income.

•Weighted average shares outstanding increased by 3,580,000, on a diluted basis, during 2024 compared to 2023.  The increase is primarily due to issuance of shares through the Company's offering programs, as discussed in Liquidity and Capital Resources.

EastGroup entered into 136 leases with certain rent concessions on 5,201,000 square feet during 2024 with total rent concessions of $13,135,000 over the terms of the leases, compared to 91 leases with rent concessions on 3,282,000 square feet with total rent concessions of $7,543,000 over the terms of the leases in 2023.

The Company’s percentage of leased square footage for the operating portfolio was 97.1% at December 31, 2024, compared to 98.7% at December 31, 2023.  Occupancy at the end of 2024 for the operating portfolio was 96.1% compared to 98.2% at December 31, 2023.

28

Interest Expense decreased $9,040,000 for the year ended December 31, 2024 compared to the year ended December 31, 2023.  The following table presents the components of Interest Expense for 2024 and 2023:

Years Ended December 31,VARIABLE RATE INTEREST EXPENSE20242023Increase (Decrease)(In thousands)Unsecured bank credit facilities interest — variable rate(excluding amortization of facility fees and debt issuance costs)                                                                                                                                                       $111 2,804 (2,693)Amortization of facility fees — unsecured bank credit facilities1,012 1,005 7 Amortization of debt issuance costs — unsecured bank credit facilities1,036 1,003 33    Total variable rate interest expense2,159 4,812 (2,653)FIXED RATE INTEREST EXPENSE   Unsecured debt interest (excluding amortization of debt issuance costs) (1)55,742 58,428 (2,686)Secured debt interest (excluding amortization of debt issuance