What changed in this filing

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Item 9A. Controls and Procedures

2025-02-12 compared with 2024-02-14 · 358 added, 350 removed, 1547 unchanged (31% of the section changed)

12 unchanged sentences

OTHER INFORMATION.

Not applicable.

During the three months ended December 31, 2024 , none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.

2 unchanged sentences

The information required by Item 10 will be included in the Company’s definitive proxy statement to be filed with the SEC relating to the Company’s 2025 Annual Meeting of Stockholders and is incorporated herein by reference.

We have adopted an insider trading policy governing the purchase, sale and other dispositions of our securities by our directors, officers and employees that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations, and any applicable listing standards.

A copy of our insider trading policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K.

In addition, with regard to the Company's trading in its own securities, it is the Company's policy to comply with the federal securities laws and the applicable exchange listing requirements.

EXECUTIVE COMPENSATION.

5 unchanged sentences

PRINCIPAL ACCOUNTING FEES AND SERVICES.

Our independent registered public accounting firm is KPMG LLP , Jackson, MS , Auditor Firm ID:

Our independent registered public accounting firm is KPMG LLP , Chicago, IL , Auditor Firm ID:

The information required by Item 14 will be included in the Company’s definitive proxy statement to be filed with the SEC relating to the Company’s 2025 Annual Meeting of Stockholders and is incorporated herein by reference.

18 unchanged sentences

(incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed May 28, 2021) .

Amended and Restated Bylaws of EastGroup Properties, Inc.

(incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K filed May 28, 2021) .

Second Amended and Restated Bylaws of EastGroup Properties, Inc.

(incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on August 28, 2024) .

Description of Securities ( incorporated by reference to exhibit 4.1 to the Company’s Annual Report on Form 10-K filed February 16, 2022).

1 unchanged sentence

2023 Equity Incentive Plan ( incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed May 26, 2023 ).

EastGroup Properties, Inc.

Director Compensation Program Including the Independent Director Compensation Policy, as amended and restated as of May 23, 2024, pursuant to the EastGroup Properties, Inc.

2023 Equity Incentive Plan ( incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed July 24, 2024 ).

Form of Severance and Change in Control Agreement entered into by and between the Company and each of Marshall A.

5 unchanged sentences

Reid Dunbar ( incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed May 18, 2016 ).

EastGroup Properties, Inc.

Director Compensation Program Including the Independent Director Compensation Policy, as amended and restated as of May 25, 2023, pursuant to the 2023 Equity Incentive Plan ( incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed July 26, 2023 ).

Note Purchase Agreement, dated as of August 28, 2013, by and among EastGroup Properties, L.P., the Company and each of the Purchasers of the Notes party thereto ( incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed August 30, 2013 ).

Fifth Amended and Restated Credit Agreement, dated as of June 29, 2021 among EastGroup Properties, L.P.;

PNC Bank, National Association, as Administrative Agent;

Regions Bank, as Syndication Agent, Wells Fargo Bank, National Association, Bank of America, N.A.

Bank National Association, as Co-Documentation Agents;

PNC Capital Markets LLC as Sustainability Agent;

PNC Capital Markets LLC and Regions Capital Markets, as Joint Lead Arrangers and Joint Bookrunners and the Lenders party thereto (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed July 1, 2021) .

First Amendment to Fifth Amended and Restated Credit Agreement, dated as of January 10, 2023 among EastGroup Properties, L.P.;

PNC Bank, National Association, as Administrative Agent;

Regions Bank, as Syndication Agent, Wells Fargo Bank, National Association, Bank of America, N.A., U.S.

Bank National Association and TD Bank, N.A.

as Co-Documentation Agents;

PNC Capital Markets LLC as Sustainability Agent;

Note Purchase Agreement, dated as of August 17, 2020, among EastGroup Properties, L.P., the Company and the purchasers of the notes party thereto (including the form of the 2.61% Series A Senior Notes due October 14, 2030 and the 2.71% Series B Senior Notes due October 14, 2032) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed August 21, 2020) .

Form of Indemnification Agreement entered into by and between the Company and each of its directors and executive officers ( incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed October 28, 2020 ).

Form of First Amendment to the Severance and Change in Control Agreement, entered into by and between the Company and each of R.

1 unchanged sentence

Collins (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed October 28, 2020) .

Form of Second Amendment to the Severance and Change in Control Agreement, entered into by and between the Company and each of R.

Reid Dunbar and Ryan M.

Collins ( filed herewith ).

Form of Severance and Change in Control Agreement, entered into by and between the Company and Staci H.

Tyler (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed October 28, 2020) .

Form of First Amendment to the Severance and Change in Control Agreement, entered into by and between the Company and Staci H.

Tyler ( filed herewith ).

Note Purchase Agreement, dated as of February 3, 2022, among EastGroup Properties, L.P., the Company and the purchasers of the notes party thereto (including the form of the 3.03% Senior Notes due April 20, 2032) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed February 8, 2022) .

Note Purchase Agreement, dated as of August 16, 2022, among EastGroup Properties, L.P., the Company and the purchasers of the notes party thereto (including the forms of the 4.90% Series A Senior Notes due 2033 and the 4.95% Series B Senior Notes due 2034) ( incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed August 19, 2022 ).

Sixth Amended and Restated Credit Agreement, dated June 13, 2024, among EastGroup Properties, L.P.;

EastGroup Properties, Inc.;

PNC Bank, National Association, as Agent;

Regions Bank, as Syndication Agent;

Bank of America, N.A., U.S.

Bank National Association, TD Bank, N.A., and JPMorgan Chase Bank, N.A., as Co-Documentation Agents;

PNC Capital Markets LLC, as Sustainability Agent;

PNC Capital Markets LLC, Regions Capital Markets, and BOFA Securities, Inc., as Joint Lead Arrangers;

PNC Capital Markets LLC and Regions Capital Markets, as Joint Bookrunners;

and the Lenders party thereto ( incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed June 13, 2024 ).

EastGroup Properties, Inc.

Insider Trading Policy ( filed herewith ).

Subsidiaries of the Company ( filed herewith ).

Consent of KPMG LLP ( filed herewith ).

Exhibit Number Description

Consent of KPMG LLP ( filed herewith ).

Powers of attorney ( included on signature page hereto ).

8 unchanged sentences

EastGroup Properties, Inc.

Compensation Recovery Policy ( filed herewith ).

Compensation Recovery Policy ( incorporated by reference to Exhibit 97.1 to the Company’s Form 10-K filed February 14, 2024 ).

101.SCH Inline XBRL Taxonomy Extension Schema Document (filed herewith).

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We have served as the Company’s auditor since 1970.

Jackson, Mississippi

Chicago, Illinois

February 12, 2025

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Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Jackson, Mississippi

Chicago, Illinois

February 12, 2025

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Unsecured debt, net of debt issuance costs 1,507,157 1,676,347

Secured debt, net of debt issuance costs — 2,031

Accounts payable and accrued expenses 147,342 146,337

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30,000,000 shares authorized;

zero shares issued

no shares issued

Additional paid-in capital 3,673,393 2,949,907

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Comprehensive

Income (Loss) Noncontrolling

Income Noncontrolling

Joint Ventures Total

8 unchanged sentences

— 75,375 — — — 75,375

Issuance of 1,868,809 shares of common stock, net of expenses in the purchase of real estate

— 303,682 — — — 303,682

Withheld 34,251 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock

— ( 7,265 ) — — — ( 7,265 )

Contributions from noncontrolling interest — — — — 584 584

Withheld 770 shares of common stock to satisfy tax withholding obligations in connection with the issuance of common stock

— ( 111 ) — — — ( 111 )

Net distributions to noncontrolling interest — — — — ( 220 ) ( 220 )

Purchase of noncontrolling interest in joint venture — ( 17,782 ) — — ( 821 ) ( 18,603 )

BALANCE, DECEMBER 31, 2022 4 2,251,521 ( 334,898 ) 36,371 441 1,953,439

6 unchanged sentences

1 691,477 — — — 691,478

Issuance of 1,868,809 shares of common stock, net of expenses in the purchase of real estate

— 303,682 — — — 303,682

Withheld 31,254 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock

— ( 4,836 ) — — — ( 4,836 )

Withheld 770 shares of common stock to satisfy tax withholding obligations in connection with the issuance of common stock

Withheld 184 shares of common stock to satisfy

tax withholding obligations in connection with

the issuance of common stock

— ( 32 ) — — — ( 32 )

Net distributions to noncontrolling interest — — — — ( 191 ) ( 191 )

Purchase of noncontrolling interest in joint venture — ( 17,782 ) — — ( 821 ) ( 18,603 )

BALANCE, DECEMBER 31, 2023 5 2,949,907 ( 366,473 ) 24,888 307 2,608,634

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Stock-based compensation, net of forfeitures — 12,493 — — — 12,493

Issuance of 4,094,896 shares of common stock, common stock offering, net of expenses

Issuance of 4,071,536 shares of common stock,

common stock offering, net of expenses

— 717,152 — — — 717,152

Withheld 31,254 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock

Withheld 33,381 shares of common stock to satisfy

tax withholding obligations in connection with

the vesting of restricted stock

— ( 6,125 ) — — — ( 6,125 )

Withheld 184 shares of common stock to satisfy tax withholding obligations in connection with the issuance of common stock

Withheld 192 shares of common stock to satisfy

tax withholding obligations in connection with

the issuance of common stock

— ( 34 ) — — — ( 34 )

Contributions from noncontrolling interest — — — — 175 175

Net distributions to noncontrolling interest — — — — ( 173 ) ( 173 )

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CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

40,263 56 4,393

CASH AND CASH EQUIVALENTS AT END OF YEAR

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The Company records 100% of the assets, liabilities, revenues and expenses of the properties held in joint ventures with the noncontrolling interests provided for in accordance with the joint venture agreements.

As of December 31, 2023, 2022 and 2021, EastGroup had a 95 % controlling interest in a joint venture arrangement owning 6.5 acres of land in San Diego, known by the Company as the Miramar land.

During the year ended December 31, 2023 , EastGroup acquired 29.3 acres of land in Denver, known by the Company as Arista 36 Business Park Land.

A joint venture was formed through which EastGroup owns a 99.5 % controlling interest in the property.

As of December 31, 2023 , EastGroup continued to hold a controlling interest in these two joint venture arrangements.

As of December 31, 2024 , 2023 and 2022, EastGroup had a 95 % controlling interest in a joint venture arrangement owning 6.5 acres of land in San Diego, known by the Company as Miramar Land.

During the year ended December 31, 2023, a joint venture, in which EastGroup owns a 99.5 % interest, acquired 29.3 acres of land in Denver, known by the Company as Arista 36 Business Park 1-3.

As of December 31, 2024 and 2023, EastGroup continued to hold a controlling interest in these two joint venture arrangements.

During the year ended December 31, 2022, EastGroup acquired the 1 % noncontrolling interest in Speed Distribution Center, a 519,000 square foot building in San Diego, in which the Company held a 99 % controlling interest.

The Company continues to control and own 100 % of the property.

The equity method of accounting is used for the Company’s 50 % undivided tenant-in-common interest in Industry Distribution Center II.

As of December 31, 2024 , 2023 and 2022, the Company continued to control and own 100 % of the property.

The equity method of accounting is used for the Company’s 50 % undivided tenant-in-common interest in Industry Distribution Center 2.

All significant intercompany transactions and accounts have been eliminated in consolidation.

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generally accepted accounting principles (“GAAP”).

The following table summarizes the federal income tax treatment for all distributions by the Company for the years ended 2023, 2022 and 2021.

The following table summarizes the federal income tax treatment for all distributions by the Company for the years ended December 31, 2024 , 2023 and 2022.

Federal Income Tax Treatment of Share Distributions

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The Company’s primary source of revenue is rental income from business distribution space.

Minimum rental income from real estate operations is recognized on a straight-line basis.

Minimum rental income from real estate operations is recognized on a straight-line basis, when collectability is probable.

The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the terms of the individual leases.

The Company maintains allowances for doubtful accounts receivable, including straight-line rents receivable, based upon estimates determined by management.

Management specifically analyzes aged receivables, customer credit-worthiness and current economic trends when evaluating the adequacy of the allowance for doubtful accounts.

Reserves for uncollectible accounts are recorded as a reduction to revenue.

Revenue is recognized on payments received from tenants for early terminations after all criteria have been met in accordance with ASC 842, Leases.

The Company assesses the collectability of rent receivables, with a focus on identifying tenant defaults and bankruptcies that could affect collection of outstanding and future receivables.

Management specifically analyzes the age of receivables, the payment history and financial condition of the tenant, on a tenant-by-tenant basis.

If deemed uncollectible, revenue is recognized only when lease payments are received, or until such time that collection of future rent is deemed to be probable in accordance with ASC 842, Leases .

The Company’s primary source of revenue is rental income from business distribution space;

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EastGroup has one reportable segment – industrial properties, consistent with the Company’s manner of internal reporting, measurement of operating results and allocation of the Company’s resources.

The Company's properties are primarily in the 20,000 to 100,000 square foot range.

The majority of the Company’s leases are triple net leases, in which the tenant is responsible for their pro rata share of operating expenses during the lease term, including real estate taxes, insurance and common area maintenance.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer, who uses Net income as the primary measure of operating results in making decisions.

Net income is computed in accordance with U.S.

generally accepted accounting principles (“GAAP”).

Net income is used to evaluate the performance of the Company’s investments in real estate assets and its operating results and to allocate resources in acquiring or developing industrial properties.

The following income and significant expense categories are regularly provided to the Company’s CODM as components of Net income , which are presented on the Consolidated Statements of Income and Comprehensive Income:

Income from real estate operations , Expenses from real estate operations , General and administrative and Interest expense .

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable.

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Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use.

Acquired properties meeting either of the following two conditions are considered value-add properties:

(1) Less than 75% leased as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.

Properties meeting either of the following two conditions are considered value-add properties:

(1) Less than 75% leased as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the gross carrying amount of the property will be spent to redevelop the property.

Costs associated with development (i.e., land, construction costs, interest expense, property taxes and other costs associated with development) are aggregated into the total capitalized costs of the property.

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The Company did not classify any properties as held for sale as of December 31, 2024 or 2023.

In accordance with ASC 360 and ASC 205, Presentation of Financial Statements, the Company would report a disposal of a component of an entity or a group of components of an entity in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale.

In addition, the Company would provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements.

EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation.

During the year ended December 31, 2023 , the Company sold two land parcels and three operating properties.

During the year ended December 31, 2022, the Company sold three operating properties.

The results of operations and gains and losses on sales for the properties sold are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income.

The gains and losses on sales of operating properties are included in Gain on sales of real estate investments .

EASTGROUP PROPERTIES, INC.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

and losses on sales of non-operating real estate are included in Other on the Consolidated Statements of Income and Comprehensive Income.

sale or other than by sale.

EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation.

Results of operations and gains and losses on sales for properties sold are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income.

The gains and losses on sales of operating properties are included in Gain on sales of real estate investments .

The Company did not consider its sales in 2024, 2023, or 2022 to be disposals of a component of an entity or a group of components of an entity representing a strategic shift that has (or will have) a major effect on the entity’s operations and financial results.

These sales are discussed further in Note 2.

(g) Derivative Instruments and Hedging Activities

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the above or below market component of in-place leases and the value of in-place leases at the time of the acquisition.

The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate reflecting the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using current market rents over the remaining term of the lease.

The amounts allocated to above and below market lease intangibles are included in Other assets and Other liabilities , respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases.

In-place lease intangibles are valued based upon management’s assessment of factors such as an estimate of foregone rents and avoided leasing costs during the expected lease-up periods considering current market conditions

EASTGROUP PROPERTIES, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

and costs to execute similar leases.

over its remaining term, and (ii) management’s estimate of the amounts that would be paid using current market rents over the remaining term of the lease.

These intangible assets are included in Other assets on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease.

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Years Ending December 31, (In thousands)

2025 $ 12,066

Thereafter 4,016

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(3) Operating lease liabilities - Ground leases are included in Other liabilities on the Consolidated Balance Sheets.

These costs are amortized over the remaining terms of the associated leases in place at the time of acquisition .

The leases in the properties acquired during 2024, 2023 and 2022 had a weighted average remaining lease term at acquisition of approximately 4.1 years, 8.0 years and 3.9 years, respectively.

1 unchanged sentence

No impairment of goodwill and other intangibles existed during the years ended December 31, 2024, 2023 and 2022.

(k) Stock-Based Compensation

EastGroup applies the provisions of ASC 718, Compensation – Stock Compensation , to account for its stock-based compensation plans.

ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued.

The cost for market-based awards and awards that only require service are expensed on a straight-line basis over the requisite service

EASTGROUP PROPERTIES, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(k) Stock-Based Compensation

EastGroup applies the provisions of ASC 718, Compensation – Stock Compensation , to account for its stock-based compensation plans.

The cost for market based awards and awards that only require service are expensed on a straight-line basis over the requisite service periods.

The cost for performance based awards is determined using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period.

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The grant date fair value for awards that have been granted and are subject to a future market condition (total shareholder return) are determined using a Monte Carlo simulation pricing model developed to specifically accommodate the unique features of the awards.

During the restricted period for awards no longer subject to contingencies, the Company accrues dividends and holds the certificates for the shares;

however, the employee can vote the shares.

The Company accrues dividends on shares granted and unvested and holds the certificates for the shares, and the employee can vote the shares once performance based or market based conditions are met.

Share certificates and dividends are delivered to the employee as they vest.

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The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock.

These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested.

Outstanding forward equity sale agreements are potentially dilutive securities excluded from the basic EPS calculation until the agreements are settled, shares issued and proceeds received.

Although unvested restricted shares are classified as issued and outstanding, they are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested.

Diluted EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period.

2 unchanged sentences

Any anti-dilutive securities are excluded from the diluted EPS calculation.

See Note 13 Earnings per Share for details.

See Note 13 for details.

(n) Use of Estimates

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make distributions to its shareholders, service debt or meet other financial obligations.

(p) Recent Accounting Pronouncements

EastGroup has evaluated all FASB Accounting Standards Updates ( “ASU” ) recently released by the FASB through the date the financial statements were issued and determined that the following ASUs apply to the Company.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures .

The primary provision of the ASU is to require disclosure of incremental segment information, such as significant segment expenses regularly provided to the Company’s chief decision makers, the title and position of such individuals, and the manner in which the individuals use such information in assessing segment performance and the allocation of resources.

EASTGROUP PROPERTIES, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Entities with a single reportable segment are required to provide the disclosures required by the amendment and existing segment disclosure requirements in accordance with Topic 280.

ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

Amendments should be applied retrospectively to all prior periods presented in the financial statements.

(p) Recent Accounting Pronouncements

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses , and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

Clarifying the Effective Date .

ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement.

ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.

Amendments should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date, or (2) retrospectively to all prior periods presented in the financial statements.

EastGroup does not expect the adoption to have a material impact on its financial condition, results of operations or disclosures.

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Such amounts are included in Accounts payable, accrued expenses and prepaid rent in the Operating Activities section on the Consolidated Statements of Cash Flows.

(r) Reclassifications

Certain reclassifications have been made in the 2022 and 2021 consolidated financial statements to conform to the 2023 presentation.

(2) REAL ESTATE PROPERTIES AND DEVELOPMENT AND VALUE-ADD PROPERTIES

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OPERATING PROPERTIES ACQUIRED

Spanish Ridge Industrial Park Las Vegas, NV 231,000 01/23/2024 $ 54,859

147 Exchange Raleigh, NC 274,000 05/03/2024 52,945

Hays Commerce Center 3 & 4 Austin, TX 179,000 08/19/2024 35,781

Riverpoint Industrial Park Atlanta, GA 779,000 11/12/2024 87,576

DFW Global Logistics Centre 5-8 (2)

Dallas, TX 492,000 11/21/2024 75,852

Akimel Gateway (2)

Phoenix, AZ 519,000 12/26/2024 82,998

Total operating property acquisitions (3)

2,474,000 390,011

Total value-add property acquisitions (4)

Total acquired assets in 2024 (5)

2,474,000 $ 390,011

OPERATING PROPERTIES ACQUIRED

Craig Corporate Center Las Vegas, NV 156,000 04/18/2023 $ 34,365

4 unchanged sentences

Total operating property acquisitions (3)

987,000 165,116

Total value-add property acquisitions (4)

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Total operating property acquisitions (3)

1,706,000 359,130

VALUE-ADD PROPERTIES ACQUIRED

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Total value-add property acquisitions (4)

Total acquired assets in 2022 (5)

1,044,000 122,921

OPERATING PROPERTIES ACQUIRED (2)

Southpark Distribution Center 2 Phoenix, AZ 79,000 06/10/2021 $ 9,177

DFW Global Logistics Centre Dallas, TX 611,000 08/26/2021 89,829

Progress Center 3 Atlanta, GA 50,000 09/23/2021 5,000

Texas Avenue Austin, TX 20,000 10/15/2021 4,143

Total operating property acquisitions 760,000 108,149

VALUE-ADD PROPERTIES ACQUIRED (4)

Access Point 1 Greenville, SC 156,000 01/15/2021 10,501

Northpoint 200 Atlanta, GA 79,000 01/21/2021 6,516

Access Point 2 Greenville, SC 159,000 05/19/2021 10,743

Cherokee 75 Business Center 2 Atlanta, GA 105,000 06/17/2021 8,837

Siempre Viva Distribution Center 3-6 San Diego, CA 547,000 12/01/2021 134,479

Total value-add property acquisitions 1,046,000 171,076

Total acquired assets in 2022 (5)

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(1) Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs.

(2) This operating property is located on land subject to a ground lease.

See Ground Leases discussion below for information regarding the Company’s right of use assets for ground leases.

(3) Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio;

included in Real estate properties on the Consolidated Balance Sheets .

(4) Value-add properties are defined in Note 1(e).

(5) Excludes acquired development land as detailed below.

(6) The Company acquired these operating properties along with two land parcels, also in Sacramento, CA and San Francisco, CA, in connection with its acquisition of Tulloch Corporation in June 2022.

2 unchanged sentences

The acquisition date fair value of the loan assumed was $60,000,000, and the acquisition date fair value of the common shares, which was based on the closing share price on the acquisition date, was $303,756,000.

(4) Value-add properties are defined in Note 1(e).

(5) Excludes acquired development land as detailed below.

EASTGROUP PROPERTIES, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Also during 2023, EastGroup purchased 328.3 acres of development land in seven markets for $ 70,664,000 .

Also during 2024, EastGroup purchased 61.1 acres of development land in two markets for $ 13,762,000 .

During 2023, EastGroup purchased 328.3 acres of development land in seven markets for $ 70,664,000 .

During 2022, EastGroup purchased 456.3 acres of development land in 10 markets for $ 123,717,000 .

During 2021, EastGroup purchased 365.8 acres of development land in five markets for $ 41,065,000 .

Sales of Real Estate

The Company sold operating properties during 2023, 2022 and 2021 as shown in the table below.

The results of operations and gains and losses on sales for the properties sold during the periods presented are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income.

The gains and losses on sales of operating properties are included in Gain on sales of real estate investments.

The Company did not consider its sales in 2023, 2022 or 2021 to be disposals of a component of an entity or a group of components of an entity representing a strategic shift that has (or will have) a major effect on the entity’s operations and financial results.

A summary of Gain on sales of real estate investments for the years ended December 31, 2023, 2022 and 2021 follows:

A summary of operating properties sold during for the years ended December 31, 2024, 2023 and 2022 follows:

REAL ESTATE PROPERTIES SOLD Location Size Date Sold Net Sales Price Basis Recognized Gain

(Square feet) (In thousands)

Interchange Business Park and

Metro Airport Commerce Center

Jackson, MS 159,000 03/05/2024 $ 13,614 4,863 8,751

World Houston 23 Houston, TX 125,000 03/31/2023 $ 9,327 4,518 4,809

7 unchanged sentences

Total for 2022 287,000 $ 51,006 10,007 40,999

Jetport Commerce Park Tampa, FL 284,000 11/09/2021 $ 44,260 5,401 38,859

(1) Cypress Creek Business Park is located on a ground lease.

1 unchanged sentence

The table above includes sales of operating properties.

During the year ended December 31, 2023, the Company also sold 11.9 acres of land in Houston and Fort Worth for $ 4,750,000 and recognized gains on the sales of $ 446,000 .

The Company did not sell any land during the years ended December 31, 2022 or 2021.

During the year ended December 31, 2024, the Company also sold 5.4 acres of land in two markets for $ 4,261,000 and recognized gains on the sales of $ 362,000 .

During the year ended December 31, 2023, the Company also sold 11.9 acres of land in two markets for $ 4,750,000 and recognized gains on the sales of $ 446,000 .

The Company did not sell any land during the year ended December 31, 2022.

The gains on sales of non-operating real estate are included in Other on the Consolidated Statements of Income and Comprehensive Income.

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The interest costs capitalized on development projects for 2024 were $ 19,823,000 , compared to $ 16,235,000 for 2023 and $ 12,393,000 for 2022.

In addition, EastGroup capitalized internal development costs of $ 10,472,000 during the year ended December 31, 2023, compared to $ 9,985,000 during 2022 and $ 7,713,000 in 2021.

In addition, EastGroup capitalized internal development costs of $ 8,181,000 during 2024, compared to $ 10,472,000 during 2023 and $ 9,985,000 in 2022.

Total capital invested for development and value-add properties during 2024 was $ 245,033,000 , which primarily consisted of improvement costs of $ 227,487,000 on development and value-add properties, $ 13,762,000 for new land investments, and costs of $ 3,784,000 on properties subsequent to transfer to Real estate propertie s.

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Ground Leases

As of December 31, 2023 and 2022, the Company operated one property in Florida, four properties in Texas and one property in Arizona that are subject to ground leases.

The ground leases have terms of 40 to 50 years, expiration dates of August 2031 to October 2058 , and renewal options of 15 to 35 years, except for the one lease in Arizona which is automatically and perpetually renewed annually.

EastGroup applies ASC 842, Leases , for its ground leases, which are classified as operating leases.

As of December 31, 2023, the Company had operating properties subject to ground leases in Florida, Texas and Arizona.

In November and December 2024, EastGroup assumed ground leases in connection with the acquisitions of DFW Global Logistics Centre 5-8 in Dallas and Akimel Gateway in Phoenix;

we recorded right of use assets and liabilities of $ 10,795,000 and $ 11,041,000 , respectively.

As of December 31, 2024 and 2023, the unamortized balances of the Company’s right of use assets for its ground leases were $ 38,393,000 and $ 17,996,000 , respectively.

The right of use assets for ground leases are included in Real estate properties on the Consolidated Balance Sheets.

The ground leases have terms of 40 to 65 years and renewal options of 15 to 35 years, except for one lease in Arizona which is automatically and perpetually renewed annually.

With the renewal options included, expiration dates range from August 2051 to December 2085 .

The Company has included renewal options in the lease terms for calculating the ground lease assets and liabilities as the Company is reasonably certain it will exercise these options.

With the renewal options included, expiration dates range from August 2051 to January 2070.

Total ground lease expenditures for the years ended December 31, 2024, 2023 and 2022 were $ 1,936,000 , $ 1,758,000 and $ 1,755,000 , respectively.

1 unchanged sentence

These future changes in payments will be considered variable payments and will not impact the assessment of the asset or liability unless there is a significant event that triggers reassessment, such as amendment with a change in the terms of the lease.

The weighted-average remaining lease term as of December 31, 2023, for the ground leases is 35 years.

EastGroup applies ASC 842, Leases , for its ground leases, which are classified as operating leases.

There were no new ground leases in 2023 or 2022.

As of December 31, 2023 and 2022, the unamortized balances of the Company’s right of use assets for its ground leases were $ 17,996,000 and $ 19,391,000 , respectively.

The right of use assets for ground leases are included in Real estate properties on the Consolidated Balance Sheets.

The following schedule indicates approximate future minimum ground lease payments for these properties by year as of December 31, 2023:

Future Minimum Ground Lease Payments as of December 31, 2023

The weighted-average remaining lease terms for the Company's ground leases were 47 years and 35 years as of December 31, 2024 and 2023, respectively.

The following schedule indicates approximate future minimum ground lease payments, including renewal periods, for these properties by year as of December 31, 2024:

Years Ending December 31, (In thousands)

3 unchanged sentences

Total ground lease liabilities $ 39,387

(1) As the Company’s leases do not provide an implicit rate, in order to calculate the present value of the remaining ground lease payments, the Company used its incremental borrowing rate, adjusted for a number of factors, including the long-term nature of the ground leases, the Company’s estimated borrowing costs, and the estimated fair value of the underlying land, to determine the imputed interest for its ground leases.

(1) As the Company’s leases do not provide an implicit rate, in order to calculate the present value of the remaining ground lease payments, the Company used its incremental borrowing rate, adjusted for a number of factors, including the long-term nature of the ground leases and the Company’s estimated borrowing costs, to determine the imputed interest for its ground leases.

The weighted-average discount rates for the Company's ground leases were 6.82 % and 5.99 % as of December 31, 2024 and 2023, respectively.

EASTGROUP PROPERTIES, INC.

10 unchanged sentences

Accumulated amortization of leasing costs ( 63,179 ) ( 57,646 )

( 57,646 ) ( 48,249 )

Leasing costs (principally commissions), net of accumulated amortization 110,403 101,095

1 unchanged sentence

Accumulated amortization of acquired in-place lease intangibles ( 20,443 ) ( 19,395 )

( 19,395 ) ( 16,276 )

Acquired in-place lease intangibles, net of accumulated amortization 38,658 20,205

1 unchanged sentence

Accumulated amortization of acquired above market lease intangibles ( 376 ) ( 318 )

( 318 ) ( 251 )

Acquired above market lease intangibles, net of accumulated amortization 188 164

19 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Until January 10, 2023, EastGroup had $ 425,000,000 and $ 50,000,000 unsecured bank credit facilities with margins over London Interbank Offered Rate (“LIBOR”) of 77.5 basis points, facility fees of 15 basis points and maturity dates of July 30, 2025.

The Company amended and restated these credit facilities effective January 10, 2023, expanding the total capacity on its unsecured bank credit facilities from $ 475,000,000 to $ 675,000,000 and replacing LIBOR with Secured Overnight Financing Rate (“SOFR”) as the benchmark interest rate.

The Company’s $ 625,000,000 unsecured bank credit facility, which was increased in January 2023 by $ 200,000,000 from $ 425,000,000 , is with a group of 11 banks and has a maturity date of July 30, 2025 .

On June 13, 2024, EastGroup entered into amended and restated credit agreements related to its $ 625,000,000 and $ 50,000,000

unsecured bank credit facilities, to extend the maturity dates from July 30, 2025 to July 31, 2028.

There were no other material

changes to the credit facilities, which are outlined below.

The Company has a $ 625,000,000 unsecured bank credit facility with a group of 10 banks, which has a maturity date of July 31, 2028 .

The credit facility contains options for two six-month extensions (at the Company’s election) and an additional $ 625,000,000 accordion (with agreement by all parties).

The interest rate on each tranche is reset on a monthly basis and as of December 31, 2023 , was SOFR plus 76.5 basis points with an annual facility fee of 15 basis points.

The interest rate on each tranche is reset on a monthly basis and as of December 31, 2024 , was Term Secured Overnight Financing Rate (“SOFR”) plus 76.5 basis points with an annual facility fee of 15 basis points.

As of December 31, 2024 , the Company had no variable rate borrowings on this unsecured bank credit facility and an interest rate of 5.222 %.

The Company has two standby letters of credit totaling $ 2,655,000 pledged on this facility, which reduces borrowing capacity under the credit facility.

The Company’s $ 50,000,000 unsecured bank credit facility has a maturity date of July 30, 2025 , or such later date as designated by the bank;

The Company also has a $ 50,000,000 unsecured bank credit facility with a maturity date of July 31, 2028 , or such later date as designated by the bank;

the Company also has two six-month extensions available if the extension options in the $ 625,000,000 facility are exercised.

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This favorable pricing level will be retained provided that the Company’s consolidated leverage ratio, as defined in the applicable agreements, remains less than 32.5% .

The $ 625,000,000 facility also includes a sustainability-linked pricing component pursuant to which the applicable interest rate margin is reduced by one basis point if the Company meets a certain sustainability performance target.

The $ 625,000,000 facility also includes a sustainability-linked pricing component, pursuant to which the applicable interest rate margin is adjusted if the Company meets a certain sustainability performance target.

This sustainability metric is evaluated annually and was achieved for the years ended December 31, 2024 , 2023, and 2022, which allowed for the interest rate reduction in each of the years subsequent to achieving the metric.

The margin was effectively reduced on this unsecured bank credit facility by one basis point, from 77.5 to 76.5 basis points.

The margin was effectively reduced on this unsecured bank credit facility for the years ended December 31, 2024 and 2023, by one basis point, from 77.5 to 76.5 basis points.

Average unsecured bank credit facilities borrowings were $ 1,776,000 in 2024, $ 49,384,000 in 2023 and $ 182,478,000 in 2022, with weighted average interest rates (excluding amortization of facility fees and debt issuance costs) of 6.25 % in 2024, 5.68 % in 2023 and 2.32 % in 2022.

1 unchanged sentence

Amortization of debt issuance costs for the Company’s unsecured bank credit facilities was $ 1,036,000 , $ 1,003,000 and $ 650,000 for 2024, 2023 and 2022, respectively.

The Company’s unsecured bank credit facilities have certain restrictive covenants, such as maintaining minimum debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its financial debt covenants at December 31, 2023 .

(6) UNSECURED DEBT

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$60 Million Senior Unsecured Notes Not applicable 3.46 % 12/13/2024 — 60,000

$50 Million Unsecured Term Loan (2)

0.95 % 4.09 % 08/30/2024 50,000 50,000

$60 Million Senior Unsecured Notes Not applicable 3.48 % 12/15/2024 — 60,000

$60 Million Senior Unsecured Notes Not applicable 3.48 % 12/15/2024 60,000 60,000

$50 Million Unsecured Term Loan (1)

25 unchanged sentences

$ 1,510,000 1,680,000

(1) The interest rates on this unsecured term loan was comprised of LIBOR plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings.

The Company entered into interest rate swap agreements (further described in Note 12) to convert the loan's LIBOR rates to an effectively fixed interest rate.

The interest rate in the table above is the effectively fixed interest rates for the loan, including the effects of the interest rate swaps, as of March 31, 2023, the payoff date.

(1) The interest rates on these unsecured term loans are comprised of Term SOFR plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings.

1 unchanged sentence

The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2024.

(3) This term loan was amended and refinanced effective March 25, 2022.

The margin was reduced by approximately 60 basis points, changing the effectively fixed rate from 2.39 % to 1.80%, and LIBOR was replaced with Term SOFR.

(2) This term loan was refinanced effective September 29, 2023.

The margin was reduced by approximately 45 basis points, changing the effectively fixed rate from 3.06 % to 2.61 %.

In January 2023, the Company closed a $ 100,000,000 senior unsecured term loan with a term of seven years and interest only payments, which bears interest at the annual rate of SOFR plus an applicable margin ( 1.35 % as of December 31, 2023 ) based on the Company’s senior unsecured long-term debt rating.

The Company also entered into an interest rate swap agreement to convert the loan’s SOFR rate component to a fixed interest rate for the entire term of the loan providing a total effectively fixed interest rate of 5.27 %.

On March 31, 2023, EastGroup repaid a $ 65,000,000 senior unsecured term loan with a total effectively fixed interest rate of 2.31 %.

The loan, which was scheduled to mature on April 1, 2023, was repaid with no penalty.

In August 2024, EastGroup repaid a $ 50,000,000 senior unsecured term loan at maturity with an effectively fixed interest rate of 4.08 %.

In December 2024, the Company made principal repayments of two senior unsecured notes totaling $120,000,000.

Senior unsecured notes with a principal balance of $ 60,000,000 had a fixed interest rate of 3.46 %.

The other senior unsecured notes with a principal balance of $ 60,000,000 had a fixed interest rate of 3.48 %.

Both payments were made at maturity.

The Company did not enter into or refinance any unsecured debt agreements during the year ended December 31, 2024 .

During the year ended December 31, 2023, EastGroup closed on a $ 100,000,000 unsecured term loan with an effectively fixed interest rate of 5.27 %.

The Company refinanced a $ 100,000,000 unsecured term loan, reducing the interest rate by 45 basis points.

EastGroup repaid a $ 65,000,000 unsecured term loan with an effectively fixed interest rate of 2.31 %.

The Company also made a scheduled $ 50,000,000 principal repayment on its senior unsecured notes with a fixed interest rate of 3.80 %.

During the year ended December 31, 2022, EastGroup closed on a total of $ 525,000,000 of new unsecured debt with a weighted average effectively fixed interest rate of 3.82 %.

The Company refinanced a $ 100,000,000 unsecured term loan, reducing the

EASTGROUP PROPERTIES, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In August 2023, the Company made a scheduled $ 50,000,000 principal repayment on its senior unsecured notes with a fixed interest rate of 3.80 %.

In September 2023, the Company closed on the refinance of a $ 100,000,000 senior unsecured term loan with five years remaining.

The amended term loan provides for interest only payments currently at an interest rate of SOFR plus 95 basis points, based on the Company’s current credit ratings and consolidated leverage ratio, which is a 45 basis point reduction in the credit spread compared to the original term loan.

The Company has an interest rate swap agreement which converts the loan’s SOFR rate component to a fixed interest rate for the entire term of the loan, providing a total effectively fixed interest rate of 2.61 %.

During the year ended December 31, 2022, EastGroup closed on a total of $ 525,000,000 of new unsecured debt with a weighted average effectively fixed interest rate of 3.82 %.

The Company refinanced a $ 100,000,000 unsecured term loan, reducing the interest rate by 60 basis points.

interest rate by 60 basis points.

EastGroup also repaid a $ 75,000,000 unsecured term loan with an effectively fixed interest rate of 3.03 %.

During the year ended December 31, 2021, EastGroup closed on a total of $ 175,000,000 of new unsecured debt with a weighted average effectively fixed interest rate of 2.40 %, refinanced a $ 100,000,000 unsecured term loan reducing the interest rate by 65 basis points, and repaid a $ 40,000,000 unsecured term loan with an effectively fixed interest rate of 2.34 %.

The Company’s unsecured debt instruments have certain restrictive covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its financial debt covenants at December 31, 2024 and 2023.

5 unchanged sentences

Total unsecured debt, before amortization of debt issuance costs $ 1,510,000

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(7) ACCOUNTS PAYABLE AND ACCRUED EXPENSES

7 unchanged sentences

Dividends payable 74,049 62,393

Book overdraft (1)

Incentive compensation payable 6,726 6,166

Other payables and accrued expenses 10,627 10,023

1 unchanged sentence

$ 147,342 146,337

(1) Represents checks written before the end of the period which have not cleared the bank;

therefore, the bank has not yet advanced cash to the Company.

When the checks clear the bank, they will be funded through the Company’s working cash line of credit, which is included in the Company’s Unsecured bank credit facilities.

See Note 1(q).

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(8) OTHER LIABILITIES

7 unchanged sentences

Accumulated amortization of acquired below-market lease intangibles ( 6,781 ) ( 5,006 )

( 5,006 ) ( 3,957 )

Acquired below-market lease intangibles, net of accumulated amortization 22,417 6,445

3 unchanged sentences

$ 134,028 89,415

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(9) COMMON STOCK ACTIVITY

The following table presents the common stock activity for the three years ended December 31, 2023:

The following table presents the common stock activity for the three years ended December 31, 2024, 2023, and 2022:

Years Ended December 31,

12 unchanged sentences

On October 25, 2024, we established an at-the-market common stock offering program (“ATM program”) pursuant to which we are able to sell from time to time shares of our common stock having an aggregate gross sales price of up to $ 1,000,000,000 (the “Current ATM Program”).

The Current 2023 ATM Program replaces our previous $ 750,000,000 ATM program (the “Prior ATM Program”), which was established on December 16, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $ 464,305,000 through October 25, 2023.

In addition, we previously established a $ 750,000,000 ATM program on December 20, 2019, under which we had sold shares of our common stock having an aggregate gross sales price of $ 444,533,000 through December 16, 2022.

In connection with the Current 2023 ATM program, we may sell shares of our common stock through sales agents or through certain financial institutions acting as forward purchasers whereby, at our discretion, the forward counterparties may borrow from third parties and subsequently sell shares of our common stock.

The Current ATM Program replaces our previous $ 750,000,000 ATM program (the “Prior ATM Program”), which was established on October 25, 2023, under which we had sold shares of our common stock having an aggregate gross sales price of $ 746,153,000 through October 25, 2024.

In addition, we previously established a $ 750,000,000 ATM program on December 16, 2022, under which we had sold shares of our common stock having an aggregate gross sales price of $ 464,305,000 through October 25, 2023.

EASTGROUP PROPERTIES, INC.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Direct Common Stock Issuance Activity

The following table presents the Company’s common stock issuance activity sold directly through sales agents pursuant to the Company's ATM programs during the years ended December 31, 2024, 2023 and 2022:

Years Ended December 31, Common Stock Issued (1)

Weighted Average Price Gross Proceeds Net Proceeds

(In shares) (Per share) (In thousands) (In thousands)

2024 1,373,459 $ 174.30 $ 239,390 $ 236,996

2023 4,094,896 170.77 699,304 692,312

2022 393,406 194.17 76,386 75,622

(1) Excludes shares of common stock sold on a forward basis as described in the following paragraph.

Forward Equity Offering Activity

In connection with the Current ATM program, we may sell shares of our common stock through sales agents or through certain financial institutions acting as forward purchasers whereby, at our discretion, the forward counterparties, or their agents or affiliates, may borrow from third parties and subsequently sell shares of our common stock.

The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock but defer settling and receiving the proceeds from the sale of shares until a later date.

Additionally, the forward price that we expect to receive upon settlement of an agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement.

The following table presents the common stock issuance activity pursuant to the Company's ATM programs for the years ended December 31, 2023, 2022 and 2021:

Years Ended December 31, Common Stock Issued (1)

Weighted Average Price Net Proceeds

The following table presents the Company’s forward equity offering activity during the years ended December 31, 2024 and December 31, 2023:

Common Stock Weighted Average Price Gross Proceeds

(In shares) (Per share) (In thousands)

Forward Sale Agreements Outstanding at December 31, 2022

Forward sale agreements settled — shares issued and proceeds

New forward sale agreements (1)

406,041 183.92 74,679

Forward Sale Agreements Outstanding at December 31, 2023

406,041 $ 183.92 $ 74,679

Forward sale agreements settled — shares issued and proceeds

( 2,698,077 ) 179.63 ( 484,653 )

(1) Excludes shares of common stock sold on a forward basis as described in the following paragraph.

During the year ended December 31, 2023, we entered into forward equity sale agreements with certain financial institutions acting as forward purchasers under our Current 2023 ATM program with respect to 406,041 shares of common stock at a weighted average initial forward price of $ 183.92 per share.

We did not receive any proceeds from the sale of common shares by the forward purchasers at the time we entered into forward equity sale agreements.

As of December 31, 2023, we had not settled any of the outstanding forward equity sale agreements by issuing shares of our common stock.

During the years ended December 31, 2022 and December 31, 2021, we did not enter into any forward equity sale agreements under our ATM programs.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of December 31, 2023, approximately $ 440,322,000 of common stock remains available to be sold under the Current 2023 ATM Program.

Future sales, if any, will depend on a variety of factors, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us.

New forward sale agreements (1)

2,677,289 178.32 477,420

Forward Sale Agreements Outstanding at December 31, 2024 385,253 $ 175.07 $ 67,446

(1) The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time it entered into forward sale agreements.

(2) EastGroup settled outstanding forward equity sale agreements by issuing 2,698,077 shares of common stock in exchange for net proceeds of approximately $480,663,000 .

(10) STOCK-BASED COMPENSATION

9 unchanged sentences

The 2023 Equity Plan permits the grant of awards to employees and directors with respect to 1,500,000 shares of common stock.

There were 1,484,116 shares available for grant under the 2023 Equity Plan as of December 31, 2023, and there were 1,422,437 and 1,477,241 shares available for grant under the 2013 Equity Plan as of December 31, 2022 and 2021, respectively.

EASTGROUP PROPERTIES, INC.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

There were 1,396,713 and 1,484,116 shares available for grant under the 2023 Equity Plan as of December 31, 2024 and 2023, respectively, and 1,422,437 shares available for grant under the 2013 Equity Plan as of December 31, 2022.

Typically, the Company issues new shares to fulfill stock grants.

19 unchanged sentences

The risk-free interest rate is based on zero coupon risk-free rates matching the three-year time period of the market performance period.

The expected share price volatilities are based on a mix of the historical and implied volatilities of the Company and the

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

peer group companies.

The expected share price volatilities are based on a mix of the historical and implied volatilities of the Company and the peer group companies.

The expected dividend yield is based on the expected annual cash dividend as of the valuation date divided by the Company’s stock price on the valuation date.

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Shares determined N/A (1)

(1) The performance conditions for this award have not yet been satisfied and the number of shares have not yet been determined.

(1) The market conditions for this award have not yet been satisfied and the number of shares have not yet been determined.

EASTGROUP PROPERTIES, INC.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The long term awards subject only to continuing employment are expensed on a straight-line basis over the requisite service period ( 25 % vests in each of the following four years).

23 unchanged sentences

The Company begins recognizing the expense for the shares on the grant date and expenses on a straight-line basis over the remaining service period ( 34 % vests at the end of the one year performance period and 33 % vests in each of the following two years ).

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the individual performance goals component of the annual equity compensation awards for the three years ended December 31, 2024:

8 unchanged sentences

$ 183.46 168.90

(1) The performance conditions for this award have not yet been satisfied and the grant date and number of shares have not yet been determined .

(1) For this award, the performance conditions and grant date criteria under ASC 718, Compensation - Stock Compensation, have not yet been satisfied and the date of grant and resulting number of shares have not yet been determined.

Equity compensation is also awarded to the Company’s non-executive officers, which are subject to service only conditions and expensed on a straight-line basis over the requisite service period ( 20 % vests in each of the following five years ).

The total compensation expense is based upon the fair market value of the shares on the grant date.

EASTGROUP PROPERTIES, INC.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

compensation expense is based upon the fair market value of the shares on the grant date.

The following table presents the compensation awards to non-executive officers for the three years ended December 31, 2024:

8 unchanged sentences

As of December 31, 2024, there was $ 4,425,000 of unrecognized compensation cost related to unvested restricted stock compensation for employees and directors that is expected to be recognized over a weighted average period of 2.8 years.

During the restricted period for awards no longer subject to contingencies, dividends are accrued based upon the number of shares expected to be awarded.

During the restricted period for granted and unvested awards, dividends are accrued based upon the number of shares expected to be awarded.

As of December 31, 2024, 2023 and 2022, accrued dividends on unvested restricted stock were $ 1,617,000 , $ 1,921,000 and $ 1,610,000 , respectively.

Of the shares that vested in 2024, 2023 and 2022, 33,381 shares, 31,254 shares and 34,251 shares, respectively, were withheld by the Company to satisfy the tax obligations for those employees who elected this option as permitted under the applicable equity plan.

EASTGROUP PROPERTIES, INC.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to employees with the related weighted average grant date fair value share prices for 2024, 2023 and 2022.

13 unchanged sentences

Unvested at end of year 84,069 160.72 80,282 153.43 96,708 131.79

(1) Includes shares granted in prior years for which performance conditions have been satisfied and the number of shares have been determined .

(2) Does not include the restricted shares that may be earned if the performance goals established in 2021 and 2022 for long-term performance and in 2023 for annual and long-term performance are achieved.

Depending on the actual level of achievement of the goals at the end of the open performance periods, the number of shares earned could range from zero to 135,133 .

(1) Includes restricted shares granted during the year without performance or market conditions.

Also includes restricted shares granted in previous years, for long-term and annual equity compensation awards for the Company's executive officers, for which performance based or market based conditions have been satisfied and the resulting number of shares have been determined during the year.

(2) Does not include restricted shares subject to open performance periods.

For the long-term equity compensation awards established in 2022 and 2023 and the long-term and annual equity compensation awards established in 2024, the number of shares depend on satisfaction of performance based or market based conditions, and the number of shares to be earned could range from zero to 135,501 .

EASTGROUP PROPERTIES, INC.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Following is a vesting schedule of the total unvested shares for employees as of December 31, 2024:

11 unchanged sentences

The shares are expensed on a straight-line basis over the service period.

Directors were granted 4,134 shares and 5,568 shares of common stock as annual restricted share awards during 2023 and 2022, respectively.

Directors were issued 4,466 shares of common stock as annual retainer awards during 2021.

Directors were granted 5,040 , 4,134 and 5,568 shares of common stock as annual restricted share awards during 2024, 2023 and 2022, respectively.

Stock-based compensation expense for directors was $ 764,000 , $ 764,000 and $ 566,000 for 2024, 2023 and 2022, respectively.

EASTGROUP PROPERTIES, INC.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to directors with the related weighted average grant date fair value share prices for 2024, 2023 and 2022.

As of the grant dates, the aggregate fair value of shares that were granted during 2023, 2022 and 2021 was $ 661,000 , $ 906,000 and zero , respectively.

As of the grant dates, the aggregate fair value of shares that were granted during 2024, 2023 and 2022 was $ 811,000 , $ 661,000 and $ 906,000 , respectively.

As of the vesting dates, the fair value of shares that vested during 2024, 2023 and 2022 was $ 680,000 , $ 904,000 and $ 8,000 , respectively.

10 unchanged sentences

Unvested at end of year 5,104 161.33 4,282 160.15 5,800 158.31

EASTGROUP PROPERTIES, INC.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(11) COMPREHENSIVE INCOME

Total Comprehensive Income is comprised of net income plus all other changes in equity from non-owner sources and is presented on the Consolidated Statements of Income and Comprehensive Income.

The components of Accumulated other comprehensive income (loss) for 2023, 2022 and 2021 are presented in the Company’s Consolidated Statements of Changes in Equity and are summarized below.

The components of Accumulated other comprehensive income for 2024, 2023 and 2022 are presented in the Company’s Consolidated Statements of Changes in Equity and are summarized below.

See Note 12 for information regarding the Company’s interest rate swaps.

1 unchanged sentence

2024 2023 2022

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):

ACCUMULATED OTHER COMPREHENSIVE INCOME:

(In thousands)

9 unchanged sentences

The Company’s objective in using interest rate derivatives is to change variable interest rates to fixed interest rates by using interest rate swaps.

Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the life of the agreements without exchange of the underlying notional amount.

As of December 31, 2023 , EastGroup had seven interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans.

All of the Company’s interest rate swaps convert the related loans’ SOFR rate components to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships is highly effective.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the term of the agreements without exchange of the underlying notional amount.

As of December 31, 2024 , EastGroup had six interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans.

All of the Company’s interest rate swaps convert the related loans’ Term SOFR rate components to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships is highly effective.

The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Other comprehensive income (loss) and are subsequently reclassified into earnings through Interest expense as interest payments are made or received on the Company’s variable rate debt in the period that the hedged forecasted transaction affects earnings.

3 unchanged sentences

The Company calculates its derivative valuations using mid-market prices.

On June 30, 2023, LIBOR’s administrator, ICE Benchmark Administration (IBA) ceased publication of the different tenors of USD LIBOR.

This cessation follows an announcement by the IBA’s regulator, the Financial Conduct Authority, in March 2021 that LIBOR would no longer be a representative rate beyond this date.

In the U.S., the Alternative Reference Rates Committee, which was convened by the Federal Reserve Board and the Federal Reserve Bank of New York, recommended SOFR plus a recommended spread adjustment as its preferred alternative to USD-LIBOR.

As a result, all of the Company’s remaining borrowings which were LIBOR-based have been amended to modify the index from LIBOR to SOFR.

Concurrently, the related swaps were amended to reference SOFR rather than LIBOR.

The transition did not have a material impact on the Company’s consolidated financial statements.

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848):

Facilitation of the Effects of Reference Rate Reform on Financial Reporting .

ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts.

The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur.

The Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives.

Application of these expedients preserved the presentation of derivatives consistent with past presentation.

In December 2022, the FASB issued ASU 2022-06, Deferral of the Sunset Date of Topic 848 , which was issued to defer the sunset date of Topic 848 to December 31, 2024.

ASU 2022-06 is effective immediately for all companies.

ASU 2022-06 had no impact on the Company’s consolidated financial statements for the year ended December 31, 2023 .

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of December 31, 2024 and 2023, the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk:

Interest Rate Derivative Notional Amount as of December 31, 2023

Notional Amount as of December 31, 2022

NOTIONAL VALUE OF INTEREST RATE DERIVATIVES December 31,

2024 December 31,

(In thousands)

6 unchanged sentences

Interest Rate Swap 100,000 100,000

Interest Rate Swap $ 100,000 $ 100,000

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2024 and 2023.

See Note 16 for additional information on the fair value of the Company’s interest rate swaps.

As of December 31, 2023

As of December 31, 2022

Balance Sheet Location Fair Value Balance Sheet Location Fair Value

DERIVATIVES DESIGNATED AS CASH FLOW HEDGES AT FAIR VALUE December 31,

2024 December 31,

(In thousands)

Derivatives designated as cash flow hedges:

Interest rate swap assets Other assets $ 27,366 Other assets $ 38,352

Interest rate swap liabilities Other liabilities 2,478 Other liabilities 1,981

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The table below presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2023 , 2022 and 2021:

Years Ended December 31,

Interest rate swap assets (1)

$ 21,953 27,366

(In thousands)

Interest rate swap liabilities (2)

(1) Included in Other assets on the Consolidated Balance Sheets.

(2) Included in Other Liabilities on the Consolidated Balance Sheets.

The table below presents the effect of the Company’s derivative financial instruments (interest rate swaps) on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2024 , 2023 and 2022:

Years Ended December 31,

DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS 2024 2023 2022

Interest Rate Swaps:

Amount of income recognized in Other comprehensive income (loss) on derivatives

(In thousands)

Amount of income recognized in Other comprehensive income (loss) on

$ 14,869 6,319 37,563

Amount of (income) loss reclassified from Accumulated other comprehensive income (loss) into Interest expense

Amount of (income) loss reclassified from Accumulated other comprehensive

income into Interest expense

( 17,804 ) ( 17,802 ) ( 2,494 )

See Note 11 for additional information on the Company’s Accumulated other comprehensive income (loss) resulting from its interest rate swaps.

See Note 11 for additional information on the Company’s Accumulated other comprehensive income resulting from its interest rate swaps.

Derivative financial agreements expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements.

3 unchanged sentences

If the Company had breached any of these provisions, it would be required to settle its obligations under the agreements at their termination value.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(13) EARNINGS PER SHARE

14 unchanged sentences

Effect of dilutive securities 108 107 113

Diluted weighted average shares outstanding - Diluted 45,331 42,712 40,377

Weighted average shares outstanding — Diluted 48,911 45,331 42,712

(14) DEFINED CONTRIBUTION PLAN

2 unchanged sentences

The Company’s total expense for this plan was $ 1,317,000 , $ 1,246,000 and $ 1,158,000 for 2024, 2023 and 2022, respectively.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(15) LEGAL MATTERS

4 unchanged sentences

The Codification requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3).

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at December 31, 2024 and 2023.

6 unchanged sentences

Financial Liabilities:

Unsecured bank credit facilities - variable rate (2)

— — 170,000 169,684

Unsecured debt (2)

2 unchanged sentences

(1) Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as indicated in the notes below.

(2) Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 5 and 6 for additional information).

(2) Carrying amounts and fair values shown in the table exclude debt issuance costs (see Note 6 for additional information).

The following methods and assumptions were used to estimate the fair value of each class of financial instruments:

3 unchanged sentences

• Interest rate swap assets (included in Other assets on the Consolidated Balance Sheets):

The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, and LIBOR or SOFR swap curves, observable for substantially the full term of the contract (Level 2 input).

The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, SOFR swap curves, observable for substantially the full term of the contract (Level 2 input).

See Note 12 for additional information on the Company’s interest rate swaps.

Unsecured bank credit facilities:

The fair value of the Company’s unsecured bank credit facilities is estimated by discounting expected cash flows at current market rates (Level 2 input), excluding the effects of debt issuance costs.

• Unsecured debt:

1 unchanged sentence

• Interest rate swap liabilities (included in Other liabilities on the Consolidated Balance Sheets):

See Note 12 for additional information on the Company’s interest rate swaps.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(17) SUBSEQUENT EVENTS

Subsequent to December 31, 2023, EastGroup partially settled the outstanding forward equity sale agreements under our Current 2023 ATM program by issuing 272,342 shares of common stock in exchange for net proceeds of $ 49,364,000 , based on a weighted average forward price of $ 181.26 per share at settlement.

In January 2024, the Company acquired Brightstar Land, which contains 34.3 acres of development land in Atlanta for approximately $ 3,200,000 .

This site will accommodate the planned future development of two buildings containing approximately 314,000 square feet.

Also in January 2024, EastGroup acquired Spanish Ridge Industrial Park in Las Vegas, which includes three recently developed business distribution buildings totaling 231,000 square feet, for approximately $ 55,000,000 .

The buildings are currently 100 % leased.

Subsequent to December 31, 2024, EastGroup settled outstanding forward equity sale agreements under the Current ATM Program by issuing 214,138 shares of common stock in exchange for net proceeds of approximately $ 37,005,000 .

Subsequent to year end, EastGroup 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.

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

23 unchanged sentences

Oak Creek Distribution Center 9 618 — 5,259 781 5,096 — 5,877 2,404 2005 2009

Oak Creek Distribution Center 10 106 — 753 352 507 — 859 6 2005 n/a

Oak Creek Distribution Center A 185 — 1,565 185 1,565 — 1,750 783 2005 2008

4 unchanged sentences

Expressway Commerce Center 1 915 5,346 1,949 915 7,295 — 8,210 4,731 2002 2004

Expressway Commerce Center 2 1,013 3,247 1,228 1,013 4,475 — 5,488 2,773 2003 2001

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

3 unchanged sentences

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Expressway Commerce Center 2 1,013 3,247 1,295 1,013 4,542 — 5,555 2,941 2003 2001

Silo Bend Distribution Center 4,131 27,497 7,126 4,132 34,622 — 38,754 14,410 2011 1987/90

26 unchanged sentences

Southridge Commerce Park 5 382 — 5,233 382 5,233 — 5,615 2,950 2003 2006

Southridge Commerce Park 6 571 — 6,252 571 6,252 — 6,823 2,988 2003 2007

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

9 unchanged sentences

Southridge Commerce Park 11 513 — 6,003 513 6,003 — 6,516 2,314 2003 2012

Southridge Commerce Park 12 2,025 — 17,283 2,025 17,283 — 19,308 7,838 2005 2008

Horizon Commerce Park 1 991 — 6,890 991 6,890 — 7,881 2,482 2008 2014

12 unchanged sentences

Horizon West 4 4,047 — 23,983 4,047 23,983 — 28,030 1,452 2020 2022

Horizon West 10 4,904 — 37,466 4,905 37,465 — 42,370 1,147 2020 2023

MCO Logistics Center 6,769 — 17,943 6,771 17,941 — 24,712 351 2022 2024

Deerwood Distribution Center 1,147 1,799 6,883 1,147 8,682 — 9,829 5,961 1989 1978

5 unchanged sentences

Interstate Distribution Center 1,879 5,700 2,789 1,879 8,489 — 10,368 5,731 2005 1990

Flagler Center 7,317 14,912 1,312 7,317 16,224 — 23,541 3,984 2016 1997 & 2005

Lauderdale/Palm Beach area

Linpro Commerce Center 613 2,243 4,305 616 6,545 — 7,161 5,224 1996 1986

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

3 unchanged sentences

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Flagler Center 7,317 14,912 2,007 7,317 16,919 — 24,236 4,566 2016 1997/2005

Lauderdale/Palm Beach area

Linpro Commerce Center 613 2,243 4,225 616 6,465 — 7,081 5,456 1996 1986

Lockhart Distribution Center — 3,489 3,795 — 7,284 2,596 9,880 6,025 1997 1986

21 unchanged sentences

Gateway Commerce Park 4 4,711 — 19,679 4,711 19,679 — 24,390 2,399 2016 2020

San Francisco area

Wiegman Distribution Center 1 2,197 8,788 3,338 2,308 12,015 — 14,323 8,405 1996 1986/87

Wiegman Distribution Center 2 2,579 4,316 867 2,579 5,183 — 7,762 1,520 2012 1998

Huntwood Distribution Center 3,842 15,368 4,450 3,842 19,818 — 23,660 14,420 1996 1988

Gateway Commerce Park 5 5,746 — 18,429 5,357 18,818 — 24,175 4,496 2016 2019

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

3 unchanged sentences

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

San Francisco area

Wiegman Distribution Center 1 2,197 8,788 5,037 2,308 13,714 — 16,022 8,886 1996 1986/87

Wiegman Distribution Center 2 2,579 4,316 875 2,579 5,191 — 7,770 1,729 2012 1998

Huntwood Distribution Center 3,842 15,368 4,749 3,842 20,117 — 23,959 15,133 1996 1988

San Clemente Distribution Center 893 2,004 1,023 893 3,027 — 3,920 2,357 1997 1978

23 unchanged sentences

Industry Distribution Center 3 — 3,012 ( 140 ) — 2,872 — 2,872 2,863 2007 1992

Chestnut Business Center 1,674 3,465 682 1,674 4,147 — 5,821 2,515 1998 1999

Rancho Distribution Center 16,180 11,140 803 16,180 11,943 — 28,123 1,257 2020 2006

Shaw Commerce Center

2,465 11,627 8,598 2,465 20,225 — 22,690 14,823 1998 1978/81/87

Eastlake Distribution Center 3,046 6,888 3,935 3,046 10,823 — 13,869 6,736 1997 1989

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

3 unchanged sentences

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Chestnut Business Center 1,674 3,465 846 1,674 4,311 — 5,985 2,720 1998 1999

Rancho Distribution Center 16,180 11,140 828 16,180 11,968 — 28,148 1,647 2020 2006

Shaw Commerce Center

2,465 11,627 8,983 2,465 20,610 — 23,075 15,633 1998 1978/81/87

Eastlake Distribution Center 3,046 6,888 3,935 3,046 10,823 — 13,869 7,085 1997 1989

Miramar Land 13,980 — 29 13,981 28 — 14,009 5 2019 n/a

18 unchanged sentences

Venture Warehouses 1,452 3,762 3,284 1,452 7,046 — 8,498 6,358 1988 1979

ParkView Commerce Center 1-3 2,663 — 19,198 2,663 19,198 — 21,861 5,542 2014 2015

Shady Trail Distribution Center 635 3,621 1,593 635 5,214 — 5,849 3,322 2003 1998

Valwood Distribution Center 4,361 34,405 5,400 4,361 39,805 — 44,166 15,763 2012 1986/87/97/98

Northfield Distribution Center 12,470 50,713 8,932 12,471 59,644 — 72,115 23,294 2013 1999-2001/03/04/08

CreekView 1 & 2 3,275 — 14,939 3,275 14,939 — 18,214 4,468 2015 2017

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

3 unchanged sentences

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

ParkView Commerce Center 1-3 2,663 — 19,234 2,663 19,234 — 21,897 6,251 2014 2015

Shady Trail Distribution Center 635 3,621 1,609 635 5,230 — 5,865 3,466 2003 1998

Valwood Distribution Center 4,361 34,405 6,104 4,361 40,509 — 44,870 17,021 2012 1986/87/97/98

Northfield Distribution Center 12,470 50,713 11,043 12,471 61,755 — 74,226 25,574 2013 1999-2001/03/04/08

CreekView 1 & 2 3,275 — 15,062 3,275 15,062 — 18,337 4,919 2015 2017

2 unchanged sentences

CreekView 7 & 8 2,640 — 15,299 2,640 15,299 — 17,939 2,759 2016 2020

CreekView 9 & 10 3,985 — 12,290 3,987 12,288 — 16,275 1,041 2020 2022

The Rock at Star Business Park 5,296 27,223 324 5,296 27,547 — 32,843 6,462 2020 2019

DFW Global Logistics Centre 1-4 — 86,564 1,535 — 88,099 10,163 98,262 10,275 2021 2014/15

DFW Global Logistics Centre 5-8 — 75,259 5 — 75,264 10,691 85,955 426 2024 2017/20

McKinney 1 & 2 3,419 — 24,103 3,419 24,103 — 27,522 627 2020 2023

McKinney 3 & 4 4,228 — 22,725 4,228 22,725 — 26,953 2,019 2020 2022

McKinney Logistics Center 6,899 18,216 71 6,899 18,287 — 25,186 992 2023 2022

12 unchanged sentences

World Houston Int’l Business Ctr 11 638 3,764 1,826 638 5,590 — 6,228 3,860 1999 1999

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2024 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

World Houston Int’l Business Ctr 12 340 2,419 931 340 3,350 — 3,690 2,027 2000 2002

5 unchanged sentences

World Houston Int’l Business Ctr 19 373 2,256 1,586 373 3,842 — 4,215 2,556 2000 2004

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2023 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

World Houston Int’l Business Ctr 20 1,008 1,948 2,238 1,008 4,186 — 5,194 3,119 2000 2004

21 unchanged sentences

World Houston Int’l Business Ctr 42 571 — 4,831 571 4,831 — 5,402 1,448 2011 2015

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2024 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

World Houston Int’l Business Ctr 43 443 — 6,137 443 6,137 — 6,580 1,423 2011 2019

5 unchanged sentences

Beltway Crossing Business Park 2 415 — 3,292 415 3,292 — 3,707 1,900 2005 2007

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2023 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Beltway Crossing Business Park 3 460 — 3,421 460 3,421 — 3,881 2,002 2005 2008

21 unchanged sentences

Northwest Crossing 1-3 5,665 — 20,458 5,665 20,458 — 26,123 3,496 2019 2020

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2024 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Grand West Crossing 1 2,733 — 10,969 2,726 10,976 — 13,702 672 2019 2022

Cypress Preserve 1 & 2 9,952 43,457 1,993 9,952 45,450 — 55,402 4,127 2022 2019

Springwood Business Park 1 & 2 6,208 — 28,629 6,214 28,623 — 34,837 540 2021 2023

Butterfield Trail — 20,725 11,186 — 31,911 2,472 34,383 25,031 1997/2000 1987/95

2 unchanged sentences

Americas Ten Business Center 2 2,516 — 11,863 2,518 11,861 — 14,379 1,030 2020 2022

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2023 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Alamo Downs Distribution Center 1,342 6,338 5,311 1,342 11,649 — 12,991 6,450 2004 1986/2002

20 unchanged sentences

Eisenhauer Point Business Park 1 & 2 1,881 — 14,820 1,881 14,820 — 16,701 4,945 2015 2016

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2024 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Eisenhauer Point Business Park 3 577 — 6,148 577 6,148 — 6,725 2,116 2015 2017

6 unchanged sentences

Tri-County Crossing 3 & 4 1,733 — 14,549 1,733 14,549 — 16,282 3,176 2017 2020

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2023 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Tri-County Crossing 5 871 — 10,419 871 10,419 — 11,290 1,156 2017 2022

12 unchanged sentences

Wells Point One 907 4,904 1,194 907 6,098 — 7,005 1,687 2020 2001

Hays Commerce Center 3 & 4 6,527 28,846 19 6,527 28,865 — 35,392 455 2024 2022

Stonefield 35 1-3 6,031 — 30,965 5,985 31,011 — 36,996 772 2021 2023

Broadway Industrial Park 1 837 3,349 3,070 837 6,419 — 7,256 5,032 1996 1971

1 unchanged sentence

Broadway Industrial Park 3 775 1,742 1,175 775 2,917 — 3,692 2,044 2000 1983

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2024 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Broadway Industrial Park 4 380 1,652 1,188 380 2,840 — 3,220 2,093 2000 1986

8 unchanged sentences

Santan 10 Distribution Center 2 1,088 — 5,575 1,088 5,575 — 6,663 3,248 2004 2007

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2023 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Chandler Freeways 1,525 — 7,537 1,525 7,537 — 9,062 2,824 2012 2013

18 unchanged sentences

Mesa Gateway Commerce Center 3,514 14,801 3,763 3,514 18,564 — 22,078 1,207 2022 2022

Akimel Gateway — 82,906 — — 82,906 11,020 93,926 350 2024 2022

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2024 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Country Club Commerce Center 1 506 3,564 4,704 693 8,081 — 8,774 5,039 1997/2003 1994/2003

8 unchanged sentences

Lindbergh Business Park 470 3,401 1,275 470 4,676 — 5,146 2,601 2007 2001/03

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2023 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Commerce Park Center 1 765 4,303 1,152 765 5,455 — 6,220 3,149 2007 1983

17 unchanged sentences

Steele Creek 7 1,207 — 8,467 1,253 8,421 — 9,674 2,212 2013/14/15 2017

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2024 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Steele Creek 8 544 — 7,826 673 7,697 — 8,370 609 2016/17 2022

3 unchanged sentences

Waterford Distribution Center 654 3,392 967 654 4,359 — 5,013 2,237 2008 2000

147 Exchange 9,396 40,532 11 9,396 40,543 — 49,939 893 2024 2023

SOUTH CAROLINA

3 unchanged sentences

Access Point 3 1,335 19,339 4,310 1,335 23,649 — 24,984 1,741 2022 2022

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2023 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Pelzer Point Commerce Center 1 1,308 19,433 3,476 1,308 22,909 — 24,217 648 2023 2021

Hillside 1 498 — 12,686 499 12,685 — 13,184 432 2021 2023

Shiloh 400 Business Center 1 & 2 3,092 14,216 3,568 3,064 17,812 — 20,876 5,164 2017 2008

10 unchanged sentences

I-20 West Business Center 1,670 — 13,485 1,647 13,508 — 15,155 699 2021 2023

Riverpoint Industrial Park 7,037 79,205 1 7,037 79,206 — 86,243 474 2024 2020

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2024 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Elmwood Business Park 2,861 6,337 6,520 2,861 12,857 — 15,718 10,459 1997 1979

8 unchanged sentences

Arville Distribution Center 4,933 5,094 1,488 4,933 6,582 — 11,515 3,233 2009 1997

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2023 (In thousands, except footnotes)

Description Initial Cost to the Company Costs

Capitalized Subsequent to Acquisition Gross Amount Carried at Close of Period Accumulated Depreciation Year Acquired Year Constructed

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Jones Corporate Park 13,068 26,325 3,288 13,068 29,613 — 42,681 7,203 2016 2016

2 unchanged sentences

Craig Corporate Center 13,913 18,848 63 13,913 18,911 — 32,824 910 2023 2018

Interchange Business Park 343 5,007 5,848 343 10,855 — 11,198 8,233 1997 1981

Spanish Ridge Industrial Park 18,855 33,211 285 18,855 33,496 — 52,351 1,128 2024 2023

Tower Automotive — 9,958 1,959 17 11,900 — 11,917 7,232 2001 2002

Metro Airport Commerce Center 1 303 1,479 1,265 303 2,744 — 3,047 1,893 2001 2003

885,762 2,249,958 2,329,331 888,140 4,576,911 38,393 5,503,444 1,414,720

5 unchanged sentences

Development and Value-Add Properties (d):

Hercules Land 3,561 — — 3,561 — — 3,561 — 2022 n/a

Reed Land 1,800 — 864 1,800 864 — 2,664 — 2022 n/a

Oak Creek Distribution Center Land 106 — 720 352 474 — 826 — 2005 n/a

Horizon Commerce Park Land 650 — 426 650 426 — 1,076 — 2008/09 n/a

Gateway Commerce Park 2 3,224 — 18,901 3,224 18,901 — 22,125 267 2016 2023

Gateway Commerce Park Land 2,350 — 5,470 4,665 3,155 — 7,820 — 2016 n/a

SunCoast Commerce Center 9 1,011 — 13,012 1,011 13,012 — 14,023 — 2020 n/a

SunCoast Commerce Center 9 1,011 — 14,619 1,011 14,619 — 15,630 — 2020 2024

SunCoast Commerce Land 961 — 3,309 3,317 953 — 4,270 — 2020 n/a

Horizon West 6 1,188 — 7,897 1,188 7,897 — 9,085 — 2020 n/a

Horizon West 5 1,165 — 8,517 1,165 8,517 — 9,682 — 2020 2024

Horizon West 6 1,188 — 10,551 1,188 10,551 — 11,739 176 2020 2024

Horizon West Land 5,003 — 7,215 5,004 7,214 — 12,218 — 2020 n/a

Gateway South Dade 1 & 2 6,700 — 15,040 6,700 15,040 — 21,740 — 2022 n/a

Gateway South Dade 1 & 2 6,700 — 26,513 6,700 26,513 — 33,213 — 2022 2024

Gateway South Dade Land 9,089 — 9,361 9,089 9,361 — 18,450 — 2022 n/a

MCO Logistics Center 6,769 — 10,728 6,771 10,726 — 17,497 — 2022 n/a

Lakeside Station Land 6,847 — 897 6,852 892 — 7,744 — 2023 n/a

Crossroads Logistics Park 1 3,758 — 12,876 3,758 12,876 — 16,634 — 2023 n/a

Crossroads Logistics Park 2 6,151 — 5,593 6,151 5,593 — 11,744 — 2023 n/a

Crossroads Logistics Park Land 5,237 — 3,469 5,238 3,468 — 8,706 — 2023 n/a

Station 24 Commerce Center Land 10,460 — 124 10,460 124 — 10,584 — 2024 n/a

World Houson Int'l Business Ctr 46 825 — 9,124 920 9,029 — 9,949 — 2011 n/a

World Houston Golf Course Land 811 — 1,360 904 1,267 — 2,171 — 2011 n/a

Ridgeview Land 430 — 451 430 451 — 881 — 2018 n/a

Basswood 3-5 5,671 — 32,163 5,672 32,162 — 37,834 — 2019 n/a

Basswood 3-5 5,671 — 41,751 5,672 41,750 — 47,422 178 2019 2024

Basswood Land 4,738 — 3,186 4,738 3,186 — 7,924 — 2019 n/a

Grand West Crossing 2 1,630 — 1,233 1,630 1,233 — 2,863 — 2019 n/a

Grand West Crossing Land 4,394 — 2,335 4,394 2,335 — 6,729 — 2019 n/a

McKinney 1 & 2 3,419 — 18,965 3,419 18,965 — 22,384 — 2020 2023

McKinney Land 4,593 — 136 4,593 136 — 4,729 — 2020 n/a

Stonefield 35 1-3 6,031 — 28,237 5,985 28,283 — 34,268 81 2021 2023

Texas Avenue Land 4,143 — 2,154 4,161 2,136 — 6,297 — 2021 n/a

Springwood Business Park 1 & 2 6,208 — 25,012 6,214 25,006 — 31,220 33 2021 2023

Texas Avenue 1 & 2 4,143 — 9,983 4,161 9,965 — 14,126 — 2021 n/a

Heritage Grove Land 15,295 — 3,006 15,352 2,949 — 18,301 — 2022 n/a

Cypress Preserve Land 14,724 — 3,065 14,724 3,065 — 17,789 — 2022 n/a

Eisenhauer Point Business Park 10-12 4,894 — 14,352 4,894 14,352 — 19,246 — 2022 n/a

Eisenhauer Point Business Park 10-12 4,894 — 23,420 4,894 23,420 — 28,314 290 2022 2024

Eisenhauer Point 13-14 Land 2,742 — 695 2,746 691 — 3,437 — 2022 n/a

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

3 unchanged sentences

Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total

Eisenhauer Point 13-14 Land 2,742 — 461 2,746 457 — 3,203 — 2022 n/a

Cameron Land 30,776 — 3,595 30,772 3,599 — 34,371 — 2022 n/a

Northeast Trade Center 1 2,412 — 22,590 2,412 22,590 — 25,002 — 2023 n/a

Northeast Trade Center Land 3,765 — 3,090 3,765 3,090 — 6,855 — 2023 n/a

2 unchanged sentences

Arista 36 Business Park 1-3 5,878 — 38,918 5,878 38,918 — 44,796 — 2023 n/a

Gateway Interchange A & B 3,239 — 1,503 3,239 1,503 — 4,742 — 2022/2023 n/a

Gateway Interchange F & G 5,286 — 2,347 5,287 2,346 — 7,633 — 2022/2023 n/a

Gateway Interchange Land 9,793 — 1,142 9,793 1,142 — 10,935 — 2022/2023 n/a

3 unchanged sentences

SOUTH CAROLINA

Hillside 1 498 — 11,395 499 11,394 — 11,893 40 2021 2023

Hillside 2 546 — 2,388 547 2,387 — 2,934 — 2021 n/a

Hillside Land 549 — 2,285 549 2,285 — 2,834 — 2021 n/a

1 unchanged sentence

Pelzer Point Commerce Center 2 Land 1,103 1,097 129 1,102 1,227 — 2,329 — 2023 n/a

Cass White 1 & 2 2,923 — 24,671 2,923 24,671 — 27,594 — 2021 n/a

Riverside Parkway 1 & 2 1,955 — 23,970 1,958 23,967 — 25,925 — 2021 n/a

Braselton Commerce Center 3 1,425 — 7,414 1,575 7,264 — 8,839 — 2022 n/a

Cass White 1 & 2 2,923 — 29,681 2,923 29,681 — 32,604 — 2021 2024

Riverside Parkway 1 & 2 1,955 — 29,571 1,958 29,568 — 31,526 212 2021 2024

Braselton Commerce Center 3 1,425 — 12,334 1,575 12,184 — 13,759 — 2022 2024

Braselton Land 4,048 — 995 4,057 986 — 5,043 — 2022 n/a

Greenway Land 5,785 — 2,929 5,785 2,929 — 8,714 — 2022 n/a

Metro Airport Commerce Center 2 Land 307 — 398 307 398 — 705 — 2001 n/a

Brightstar Land 3,302 — 185 3,315 172 — 3,487 — 2024 n/a

253,049 1,097 420,326 258,069 416,403 — 674,472 856

9 unchanged sentences

Right-of-use assets, net – ground leases 20,397 ( 1,395 ) ( 3,244 )

Real estate assets held for sale — — ( 18,233 )

Carrying amount of investments sold ( 18,633 ) ( 33,022 ) ( 9,811 )

9 unchanged sentences

Depreciation expense 155,240 141,003 125,199

Real estate assets held for sale — — ( 12,538 )

Accumulated depreciation on assets sold ( 10,268 ) ( 11,759 ) ( 6,068 )

37 unchanged sentences

February 12, 2025

Tyler, Senior Vice-President, Chief Accounting

Officer, Chief Administrative Officer and Secretary

Tyler, Executive Vice-President, Chief Accounting

Officer and Chief Administrative Officer

(Principal Accounting Officer)

5 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures