What changed in this filing

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Item 1. Financial Statements

2025-07-23 compared with 2025-04-23 · 139 added, 77 removed, 615 unchanged (26% of the section changed)

12 unchanged sentences

Cash and cash equivalents 32,921 17,529

Other assets 284,752 290,159

Other assets, net 275,194 290,159

TOTAL ASSETS $ 5,189,608 5,077,476

10 unchanged sentences

52,686,636 shares

issued and outstanding at March 31, 2025 and 51,825,798 at December 31, 2024

issued and outstanding at June 30, 2025 and 51,825,798 at December 31, 2024

Excess shares;

13 unchanged sentences

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

Three Months Ended

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

(In thousands, except per share data)

17 unchanged sentences

TOTAL COMPREHENSIVE INCOME $ 59,163 54,192 111,659 118,730

BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO

EASTGROUP PROPERTIES, INC.

BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC.

COMMON STOCKHOLDERS

9 unchanged sentences

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the three months ended March 31, 2025:

For the six months ended June 30, 2025:

Common Shares Additional

21 unchanged sentences

BALANCE, MARCH 31, 2025 5 3,746,897 ( 417,058 ) 15,026 287 3,345,157

For the three months ended March 31, 2024:

Net income — — 63,299 — 14 63,313

Net unrealized change in fair value of interest rate swaps — — — ( 4,136 ) — ( 4,136 )

Common dividends declared — $ 1.40 per

— — ( 73,873 ) — — ( 73,873 )

Stock-based compensation, net of forfeitures

— 2,668 — — — 2,668

Issuance of 416,067 shares of common

stock, common stock offering, net of expenses

— 74,061 — — — 74,061

Withheld 122 shares of common stock to

satisfy tax withholding obligations in

connection with the issuance of common

— ( 21 ) — — — ( 21 )

Net distributions to noncontrolling interest — — — — ( 58 ) ( 58 )

BALANCE, JUNE 30, 2025 $ 5 3,823,605 ( 427,632 ) 10,890 243 3,407,111

See accompanying Notes to Consolidated Financial Statements (unaudited).

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

For the six months ended June 30, 2024:

Common Shares Additional

22 unchanged sentences

BALANCE, MARCH 31, 2024 5 2,997,210 ( 368,954 ) 30,782 316 2,659,359

Net income — — 55,287 — 14 55,301

Net unrealized change in fair value of interest rate swaps — — — ( 1,095 ) — ( 1,095 )

Common dividends declared — $ 1.27 per

— — ( 61,889 ) — — ( 61,889 )

Stock-based compensation, net of forfeitures

— 2,644 — — — 2,644

Issuance of 639,299 shares of common stock,

common stock offering, net of expenses

— 112,710 — — — 112,710

Withheld 57 shares of common stock to satisfy tax withholding obligations in connection with the issuance of common stock

— ( 10 ) — — — ( 10 )

Net distributions to noncontrolling interest — — — — ( 73 ) ( 73 )

BALANCE, JUNE 30, 2024 $ 5 3,112,554 ( 375,556 ) 29,687 257 2,766,947

See accompanying Notes to Consolidated Financial Statements (unaudited).

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended March 31,

Six Months Ended June 30,

(In thousands)

14 unchanged sentences

Development and value-add properties ( 158,709 ) ( 122,898 )

Purchases of real estate — ( 54,859 )

Purchases of real estate properties — ( 107,804 )

Real estate improvements ( 44,002 ) ( 34,871 )

14 unchanged sentences

Other ( 4,299 ) ( 6,225 )

NET CASH USED IN FINANCING ACTIVITIES ( 54,608 ) ( 18,306 )

NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES ( 53,791 ) 30,356

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 15,392 ( 863 )

18 unchanged sentences

The consolidated financial statements include the accounts of EastGroup, its wholly owned subsidiaries and the investee of any joint ventures in which the Company has a controlling interest.

As of March 31, 2025 and December 31, 2024, EastGroup held a controlling interest in two joint venture arrangements.

As of June 30, 2025 and December 31, 2024, EastGroup held a controlling interest in two joint venture arrangements.

The Company 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.

8 unchanged sentences

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

The table below presents the components of Income from real estate operations for the three months ended March 31, 2025 and 2024:

The table below presents the components of Income from real estate operations for the three and six months ended June 30, 2025 and 2024:

Three Months Ended

June 30, Six Months Ended June 30,

2025 2024 2025 2024

(In thousands)

19 unchanged sentences

If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset.

During the three month periods ended March 31, 2025 and 2024, the Company did not identify any impairment charges which should be recorded.

During the six month periods ended June 30, 2025 and 2024, the Company did not identify any impairment charges which should be recorded.

Depreciation of buildings and other improvements is computed using the straight-line method over estimated useful lives of generally 40 years for buildings and 3 to 15 years for improvements.

1 unchanged sentence

Significant renovations and improvements that improve or extend the useful life of the assets are capitalized.

Depreciation expense was $ 42,308,000 and $ 37,205,000 for the three months ended March 31, 2025 and 2024, respectively.

The Company’s Real estate properties and Development and value-add properties at March 31, 2025 and December 31, 2024 were as follows:

Depreciation expense was $ 43,093,000 and $ 85,401,000 for the three and six months ended June 30, 2025, respectively, and $ 37,646,000 and $ 74,851,000 for the same periods in 2024.

The Company’s Real estate properties and Development and value-add properties at June 30, 2025 and December 31, 2024 were as follows:

2025 December 31,

47 unchanged sentences

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.

The amounts allocated to above and below market lease intangibles are included in Other assets, net 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 forgone rents and avoided leasing costs during the expected lease-up periods considering current market conditions and costs to execute similar leases.

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

Net amortization of above and below market lease intangibles, which is included in Income from real estate operations, increased rental income by $ 1,567,000 and $ 607,000 for the three months ended March 31, 2025 and 2024, respectively.

Amortization expense for in-place lease intangibles, which is included in Depreciation and amortization, was $ 3,218,000 and $ 1,926,000 for the three months ended March 31, 2025 and 2024, respectively.

There were no acquisitions during the three months ended March 31, 2025.

These intangible assets are included in Other assets, net on the Consolidated Balance Sheets and are amortized over the remaining terms of the existing leases.

Net amortization of above and below market lease intangibles, which is included in Income from real estate operations, increased rental income by $ 1,520,000 and $ 3,087,000 for the three and six months ended June 30, 2025, respectively, and $ 546,000 and $ 1,153,000 for the same periods in 2024.

Amortization expense for in-place lease intangibles, which is included in Depreciation and amortization, was $ 3,067,000 and $ 6,285,000 for the three and six months ended June 30, 2025, respectively, and $ 1,893,000 and $ 3,819,000 for the same periods in 2024.

During the six months ended June 30, 2025, EastGroup purchased 94.5 acres of development land in two markets for $ 50,228,000 .

There were no operating or value-add acquisitions during the six months ended June 30, 2025.

EASTGROUP PROPERTIES, INC.

37 unchanged sentences

Total assets acquired, net of liabilities assumed $ 390,011

(1) In-place lease intangibles and above market lease intangibles are each included in Other assets on the Consolidated Balance Sheets.

(1) In-place lease intangibles and above market lease intangibles are each included in Other assets, net on the Consolidated Balance Sheets.

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

6 unchanged sentences

The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment.

No impairment of goodwill or other intangibles existed during the three month periods ended March 31, 2025 and 2024.

No impairment of goodwill or other intangibles existed during the three and six month periods ended June 30, 2025 and 2024.

EASTGROUP PROPERTIES, INC.

4 unchanged sentences

Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale.

The Company did not classify any properties as held for sale as of March 31, 2025 and December 31, 2024.

The Company did not classify any properties as held for sale as of June 30, 2025 and December 31, 2024.

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.

3 unchanged sentences

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

EastGroup had no operating property sales during the three months ended March 31, 2025.

During the year ended December 31, 2024, EastGroup sold a group of operating properties in the Jackson, Mississippi market containing 159,000 square feet, generating net sales proceeds of $ 13,614,000 .

The Company recognized $ 8,751,000 in Gain on sales of real estate investments during the year ended December 31, 2024.

A summary of Gain on sales of real estate investments for the six months ended June 30, 2025 and the year ended December 31, 2024 follows:

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

(Square feet) (In thousands)

Laura Alice Business Center San Francisco, CA 12,000 06/02/2025 $ 3,371 3,371 —

Interchange Business Park and

Metro Airport Commerce Center

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

The table above includes sales of operating properties.

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 .

The Company did not sell any land during three months ended March 31, 2025.

The Company did not sell any land during six months ended June 30, 2025.

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

The Company did not consider its sales in 2024 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.

The Company did not consider its sales in 2025 or 2024 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.

EASTGROUP PROPERTIES, INC.

2 unchanged sentences

(9) OTHER ASSETS

A summary of the Company’s Other assets follows:

A summary of the Company’s Other assets, net follows:

2025 December 31,

18 unchanged sentences

Prepaid expenses and other assets 6,840 8,316

Total Other assets

Total Other assets, net

$ 275,194 290,159

13 unchanged sentences

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 March 31, 2025, was Secured Overnight Financing Rate (“SOFR”) plus 73.5 basis points with an annual facility fee of 14 basis points.

As of March 31, 2025, the Company had no variable rate borrowings on this unsecured bank credit facility and an

The interest rate on each tranche is reset on a monthly basis and as of June 30, 2025, was Secured Overnight Financing Rate (“SOFR”) plus 73.5 basis points with an annual facility fee of 14 basis points.

As of June 30, 2025, the Company had no variable rate borrowings on this unsecured bank credit facility and an interest

EASTGROUP PROPERTIES, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

interest rate of 5.160 %.

rate of 5.162 %.

The Company has a $ 2,588,000 standby letter of credit pledged on this facility, which reduces borrowing capacity under the credit facility.

1 unchanged sentence

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

The interest rate is reset on a daily basis and as of March 31, 2025, was SOFR plus 77.5 basis points with an annual facility fee of 15 basis points.

As of March 31, 2025, the interest rate was 5.235 % with no outstanding balance.

The interest rate is reset on a daily basis and as of June 30, 2025, was SOFR plus 77.5 basis points with an annual facility fee of 15 basis points.

As of June 30, 2025, the interest rate was 5.275 % with no outstanding balance.

For both facilities, the margin and facility fee are subject to changes in the Company's credit ratings.

Although the Company’s current credit rating is Baa2, given the strength of the Company’s key credit metrics, initial pricing for the credit facilities is based on the BBB+/Baa1 credit ratings level.

In May 2025, Moody’s Ratings affirmed EastGroup’s issuer rating of Baa2 and changed its rating outlook from stable to positive.

Given the strength of the Company’s key credit metrics, initial pricing for the credit facilities is based on the BBB+/Baa1 credit ratings level.

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 adjusted if the Company meets a certain sustainability performance target.

This sustainability metric is evaluated annually and was achieved for the year ended December 31, 2024, which allowed for an interest rate reduction during the three months ended March 31, 2025.

The margin was effectively reduced on this unsecured bank credit facility by four basis points, from 77.5 to 73.5 basis points, and the facility fee was reduced from 15 to 14 basis points during the three months ended March 31, 2025.

This sustainability metric is evaluated annually and was achieved for the year ended December 31, 2024, which allowed for an interest rate reduction during the three and six months ended June 30, 2025.

In January 2025, the Company 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 %.

1 unchanged sentence

In March 2025, EastGroup repaid a $ 50,000,000 senior unsecured term loan at maturity with an effectively fixed interest rate of 1.58 %.

Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs ), as of March 31, 2025, are as follows:

MATURITY DATES Principal Payments Maturing

40 unchanged sentences

Three Months Ended

June 30, Six Months Ended June 30,

2025 2024 2025 2024

(In thousands)

14 unchanged sentences

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 March 31, 2025, the Company had five interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans.

As of June 30, 2025, the Company had five 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.

4 unchanged sentences

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

As of March 31, 2025 and December 31, 2024, the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk:

NOTIONAL VALUE OF INTEREST RATE DERIVATIVES March 31,

As of June 30, 2025 and December 31, 2024, the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk:

NOTIONAL VALUE OF INTEREST RATE DERIVATIVES June 30,

2025 December 31,

6 unchanged sentences

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 March 31, 2025 and December 31, 2024.

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 June 30, 2025 and December 31, 2024.

See Note 18 for additional information on the fair value of the Company’s interest rate swaps.

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

FAIR VALUE OF DERIVATIVES DESIGNATED AS CASH FLOW HEDGES June 30,

2025 December 31,

3 unchanged sentences

Interest rate swap liabilities (2)

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

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

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

2 unchanged sentences

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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 three months ended March 31, 2025 and 2024:

Three Months Ended

DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS 2025 2024

June 30, Six Months Ended June 30,

EFFECT OF CASH FLOW HEDGES ON OTHER COMPREHENSIVE INCOME 2025 2024 2025 2024

(In thousands)

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

Amount of income (loss) recognized in Other comprehensive income

(loss) on derivatives

$ ( 1,462 ) 3,634 ( 5,338 ) 14,274

Amount of (income) reclassified from Accumulated other comprehensive income

into Interest expense

Amount of (income) reclassified from Accumulated other

comprehensive income into Interest expense

( 2,674 ) ( 4,729 ) ( 5,725 ) ( 9,475 )

3 unchanged sentences

The Company has an agreement with its derivative counterparties containing a provision stating that the Company could be declared in default on its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender.

As of March 31, 2025, we had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements.

As of June 30, 2025, we had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements.

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

16 unchanged sentences

Three Months Ended

June 30, Six Months Ended June 30,

2025 2024 2025 2024

(In thousands)

19 unchanged sentences

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.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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 three months ended March 31, 2025 and the year ended December 31, 2024:

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 six months ended June 30, 2025 and the year ended December 31, 2024:

Weighted Average Price Gross Proceeds Net Proceeds

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

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

Three months ended March 31, 2025

33,120 $ 183.15 $ 6,066 6,005

Three months ended June 30, 2025

Six months ended June 30, 2025

33,120 $ 183.15 $ 6,066 6,005

Twelve months ended December 31, 2024

1 unchanged sentence

(1) Excludes shares of common stock sold on a forward basis as described below.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Forward Equity Offering Activity

The following table presents the Company’s forward equity offering activity during the three months ended March 31, 2025 and the year ended December 31, 2024:

The following table presents the Company’s forward equity offering activity during the six months ended June 30, 2025 and the year ended December 31, 2024:

Common Stock Weighted Average Price Gross Proceeds

14 unchanged sentences

1,043,871 182.02 190,006

New forward sale agreements (1)

19,954 175.00 3,492

Forward sale agreements settled — Shares issued and proceeds

( 416,067 ) 180.26 ( 74,999 )

Forward Sale Agreements Outstanding at June 30, 2025

647,758 $ 182.94 $ 118,499

(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.

1 unchanged sentence

(3) EastGroup settled outstanding forward equity sale agreements by issuing 385,253 shares of common stock in exchange for net proceeds of approximately $66,902,000.

(4) EastGroup settled outstanding forward equity sale agreements by issuing 416,067 shares of common stock in exchange for net proceeds of approximately $74,098,000.

(17) STOCK-BASED COMPENSATION

7 unchanged sentences

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.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The Company accrues dividends on unvested restricted shares and holds the certificates for the shares.

10 unchanged sentences

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).

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

The annual equity compensation awards include components based on certain annual Company performance measures and individual annual performance goals over the upcoming year.

11 unchanged sentences

The Company has adjusted its stock-based compensation expense to accelerate the recognition of expense for retirement-eligible employees.

Stock-based compensation cost for employees was $ 4,585,000 for the three months ended March 31, 2025, of which $ 559,000 was capitalized as part of the Company’s development costs.

For the three months ended March 31, 2024, stock-based compensation cost for employees was $ 3,976,000 , of which $ 640,000 was capitalized as part of the Company’s development costs.

Stock-based compensation expense for directors was $ 206,000 for the three months ended March 31, 2025, and $ 171,000 for the same period in 2024.

Stock-based compensation cost for employees was $ 2,476,000 and $ 7,061,000 for the three and six months ended June 30, 2025, respectively, of which $ 365,000 and $ 924,000 was capitalized as part of the Company’s development costs.

For the three and six months ended June 30, 2024, stock-based compensation cost for employees was $ 2,472,000 and $ 6,448,000 , respectively, of which $ 400,000 and $ 1,040,000 was capitalized as part of the Company’s development costs.

Stock-based compensation expense for directors was $ 192,000 and $ 398,000 for the three and six months ended June 30, 2025, respectively, and $ 172,000 and $ 343,000 for the same periods in 2024.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

Of the shares that vested in the three months ended March 31, 2025, the Company withheld 24,745 shares to satisfy the tax obligations for those participants who elected this option as permitted under the applicable equity plan.

As of the grant dates, the fair value of shares that were granted during the three months ended March 31, 2025 was $ 8,718,000 .

As of the vesting dates, the aggregate fair value of shares that vested during the three months ended March 31, 2025 was $ 9,982,000 .

Of the shares that vested in the six months ended June 30, 2025, the Company withheld 24,745 shares to satisfy the tax obligations for those participants who elected this option as permitted under the applicable equity plan.

As of the grant dates, the fair value of shares that were granted during the six months ended June 30, 2025 was $ 9,529,000 .

As of the vesting dates, the aggregate fair value of shares that vested during the six months ended June 30, 2025 was $ 10,819,000 .

Three Months Ended

March 31, 2025

June 30, 2025 Six Months Ended June 30, 2025

RESTRICTED STOCK ACTIVITY

Weighted Average Grant Date Fair Value

Shares Weighted Average Grant Date Fair Value

Unvested at beginning of period 75,292 $ 175.87 89,173 $ 160.76

8 unchanged sentences

For the long-term equity compensation awards established in 2023 and 2024 and the long-term and annual equity compensation awards established in 2025, the number of shares to be earned depends on the satisfaction of performance-based or market-based conditions, which may range from zero to 155,875.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(18) FAIR VALUE OF FINANCIAL INSTRUMENTS

2 unchanged sentences

The FASB 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).

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at March 31, 2025 and December 31, 2024.

March 31, 2025 December 31, 2024

The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at June 30, 2025 and December 31, 2024.

June 30, 2025 December 31, 2024

Carrying Amount (1)

14 unchanged sentences

The carrying amounts approximate fair value due to the short maturity of those instruments.

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

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

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).

12 unchanged sentences

EastGroup has evaluated all ASUs recently released by the FASB through the date the financial statements were issued and determined that the following ASUs apply to the Company.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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

6 unchanged sentences

(22) SUBSEQUENT EVENTS

Subsequent to March 31, 2025, EastGroup settled outstanding forward equity sale agreements under the Current ATM Program by issuing 250,516 shares of common stock in exchange for net proceeds of approximately $ 44,430,000 .

Subsequent to June 30, 2025, EastGroup settled outstanding forward equity sale agreements under the Current ATM Program by issuing 647,758 shares of common stock in exchange for net proceeds of approximately $ 117,065,000 .

Also subsequent to June 30, 2025, in separate transactions, EastGroup acquired two business distribution buildings for approximately $ 61,400,000 .

The buildings expand the Company’s portfolio in Raleigh by a combined 318,000 square feet.

In July 2025, the Company also purchased 37.4 acres of development land in Orlando for approximately $8,500,000.

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-Q

Item 1. Financial Statements