What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2026-02-11 compared with 2025-02-12 · 405 added, 332 removed, 1573 unchanged (32% of the section changed)

54 unchanged sentences

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.

Director Compensation Program Including the Independent Director Compensation Policy, as amended and restated as of May 22, 2025, pursuant to the EastGroup Properties,

2023 Equity Incentive Plan ( incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed July 23, 2025 ).

11 unchanged sentences

Reid Dunbar and Ryan M.

Collins ( filed herewith ).

Collins ( incorporated by reference to Exhibit 10.6 to the Company’s Form 10-K filed February 12, 2025 ).

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

1 unchanged sentence

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 ).

Tyler ( incorporated by reference to Exhibit 10.8 to the Company’s Form 10-K filed February 12, 2025 ).

Form of Severance and Change in Control Agreement, entered into by and between the Company and Michelle Rayner (filed herewith) .

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 ).

3 unchanged sentences

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 ).

Term Loan Agreement, dated as of November 19, 2025, among EastGroup Properties, L.P., EastGroup Properties, Inc.

and PNC Bank, National Association, as Agent, Regions Bank, as Syndication Agent, TD Bank, N.A., as Documentation Agent, PNC Capital Markets LLC, Regions Capital Markets, and TD Bank, N.A., as Joint Lead Arrangers, and PNC Capital Markets LLC, as the Sole Bookrunner, and the lender parties thereto (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed November 25, 2025) .

Exhibit Number Description

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

8 unchanged sentences

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

First Amendment to Sixth Amended and Restated Credit Agreement, dated November 19, 2025, among EastGroup Properties, L.P.;

EastGroup Properties, Inc.;

Insider Trading Policy ( filed herewith ).

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 10.2 of the Company’s Current Report on Form 8-K filed November 25, 2025) .

EastGroup Properties, Inc.

Insider Trading Policy ( incorporated by reference to Exhibit 19.1 to the Company’s Form 10-K filed February 12, 2025 ).

Subsidiaries of the Company ( filed herewith ).

Exhibit Number Description

Consent of KPMG LLP ( filed herewith ).

2 unchanged sentences

Loeb, Chief Executive Officer ( filed herewith ).

Rule 13a-14(a)/15d-14(a) Certifications (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) of Brent W.

Wood, Chief Financial Officer ( filed herewith ).

Rule 13a-14(a)/15d-14(a) Certifications (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) of Staci H.

Tyler, Chief Financial Officer ( filed herewith ).

Section 1350 Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) of Marshall A.

Loeb, Chief Executive Officer ( furnished herewith ).

Section 1350 Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) of Brent W.

Wood, Chief Financial Officer ( furnished herewith ).

Section 1350 Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) of Staci H.

Tyler, Chief Financial Officer ( furnished herewith ).

EastGroup Properties, Inc.

86 unchanged sentences

6,699,988 6,177,916

Less accumulated depreciation ( 1,415,576 ) ( 1,273,723 )

Accumulated depreciation ( 1,583,532 ) ( 1,415,576 )

5,116,456 4,762,340

1 unchanged sentence

Cash and cash equivalents 1,007 17,529

Other assets 290,159 251,939

Other assets, net 307,337 290,159

TOTAL ASSETS $ 5,431,807 5,077,476

9 unchanged sentences

70,000,000 shares authorized;

51,825,798 shares issued and outstanding at December 31, 2024 and

47,700,432 at December 31, 2023

53,348,800 shares issued

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

Excess shares;

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COMMON STOCKHOLDERS 257,402 227,751 200,491

Other comprehensive income (loss) – interest rate swaps ( 2,935 ) ( 11,483 ) 35,069

Other comprehensive loss – Interest rate swaps ( 13,596 ) ( 2,935 ) ( 11,483 )

TOTAL COMPREHENSIVE INCOME $ 243,806 224,816 189,008

26 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

3 unchanged sentences

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

12 unchanged sentences

— ( 34 ) — — — ( 34 )

Contributions from noncontrolling interest — — — — 175 175

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

41 unchanged sentences

Development and value-add properties ( 321,934 ) ( 245,033 ) ( 388,213 )

Purchases of real estate ( 390,011 ) ( 165,116 ) ( 2,049 )

Purchases of real estate properties ( 143,099 ) ( 390,011 ) ( 165,116 )

Real estate improvements ( 75,830 ) ( 59,288 ) ( 51,116 )

26 unchanged sentences

Cash paid for operating lease liabilities 3,576 2,406 2,042

Common stock issued in the purchase of real estate — — 303,682

Debt assumed in the purchase of real estate — — 60,000

NON-CASH OPERATING ACTIVITY

Operating lease liabilities arising from obtaining right of use assets $ — 21,836 2,379

SUPPLEMENTAL NON-CASH BALANCES AT END OF YEAR

Development costs payable $ 15,919 16,388 29,487

Retainage payable 6,324 10,920 14,992

Real estate improvements and capitalized leasing costs payable 10,341 8,753 5,275

Dividends payable 84,725 74,049 62,393

See accompanying Notes to Consolidated Financial Statements.

8 unchanged sentences

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, 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.

As of December 31, 2025, 2024 and 2023, 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.

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.

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

As of December 31, 2025, 2024 and 2023, EastGroup continued to hold a controlling interest in this joint venture arrangement.

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

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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 December 31, 2024 , 2023 and 2022.

Federal Income Tax Treatment of Share Distributions

Years Ended December 31,

2024 2023 2022

Common Share Distributions:

Ordinary dividends $ 5.21028 5.02083 4.53746

Nondividend distributions — — —

Unrecaptured Section 1250 capital gain — — —

Other capital gain — — —

Total Common Share Distributions (1)

$ 5.21028 5.02083 4.53746

(1) Pursuant to Internal Revenue Code of 1986, as amended, Section 857(b)(9), cash distributions made on January 15, 2025 with a record date of December 31, 2024 were treated as received by shareholders on December 31, 2024 to the extent of 2024 undistributed earnings and profits.

Cash distributions made on January 12, 2024 with a record date of December 29, 2023 were treated as received by shareholders on December 31, 2023 to the extent of 2023 undistributed earnings and profits.

Cash distributions made on January 13, 2023 with a record date of December 30, 2022 were treated as received by shareholders on December 31, 2022 to the extent of 2022 undistributed earnings and profits.

Even as a REIT, the Company may be subject to (1) certain state and local taxes on our income, property or net work, and (2) federal income and excise taxes on undistributed income, if any income remains undistributed.

EastGroup applies the principles of Financial Accounting Standards Board “FASB” Accounting Standards Codification “ASC” 740, Income Taxes, when evaluating and accounting for uncertainty in income taxes.

With few exceptions, the Company’s

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

2020 and earlier tax years are closed for examination by U.S.

With few exceptions, the Company’s 2021 and earlier tax years are closed for examination by U.S.

federal, state and local tax authorities.

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The Company believes its leases meet the criteria.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The table below presents the components of Income from real estate operations for the years ended December 31, 2025, 2024 and 2023:

11 unchanged sentences

The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2025:

Years Ending December 31, (In thousands)

Years Ending December 31, Minimum Rental Receipts

(In thousands)

2026 $ 551,905

5 unchanged sentences

In addition, the seller evaluates whether a contract exists under ASC 606 and whether the counterparty obtained control of each nonfinancial asset that is sold.

If a contract exists and the

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

counterparty obtained control of each nonfinancial asset, the seller derecognizes the assets at the close of the transaction with resulting gains or losses reflected on the Consolidated Statements of Income and Comprehensive Income.

If a contract exists and the counterparty obtained control of each nonfinancial asset, the seller derecognizes the assets at the close of the transaction with resulting gains or losses reflected on the Consolidated Statements of Income and Comprehensive Income.

(d) Real Estate Properties

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Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows (including estimated future expenditures necessary to substantially complete the asset) expected to be generated by the asset.

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.

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

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

value of the asset.

During the years ended December 31, 2025, 2024 and 2023, the Company did not identify any impairment charges which should be recorded.

7 unchanged sentences

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.

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

Properties qualifying under these conditions are included in Development and value-add properties in the quarter in which (i) they are acquired, if condition (i) above is met, or (ii) when construction to redevelop begins.

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.

3 unchanged sentences

The Company transfers properties from Development and value-add properties to Real estate properties as follows:

(i) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (ii) for value-add properties, at the earlier of 90% occupancy or one year after acquisition.

Upon the earlier of 90% occupancy or one year after completion/value-add acquisition date of the shell construction, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land).

Upon the earlier of 90% occupancy or one year after completion of the shell construction/value-add acquisition date, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land).

(f) Real Estate Sold and Held for Sale

2 unchanged sentences

The Company did not classify any properties as held for sale as of December 31, 2025 or 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

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.

6 unchanged sentences

See Note 12 for a discussion of the Company’s derivative instruments and hedging activities.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(h) Cash Equivalents

24 unchanged sentences

The purchase price is also allocated among the following categories of intangible assets:

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

the above or below market component of in-place leases and the value of leases in-place 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, 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, net on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease.

Net amortization of above and below market lease intangibles, which increased rental income by $ 6,261,000 , $ 2,916,000 and $ 2,483,000 in 2025, 2024 and 2023, respectively, is included in Income from real estate operations .

Amortization expense for in-place lease intangibles, which was $ 12,526,000 , $ 8,649,000 and $ 7,942,000 for 2025, 2024 and 2023, respectively, is included in Depreciation and amortization .

EASTGROUP PROPERTIES, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 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 term of the existing lease.

Amortization of above and below market lease intangibles, which increased rental income by $ 2,916,000 , $ 2,483,000 and $ 2,565,000 in 2024, 2023 and 2022, respectively, is included in Income from real estate operations .

Amortization expense for in-place lease intangibles, which was $ 8,649,000 , $ 7,942,000 and $ 9,489,000 for 2024, 2023 and 2022, respectively, is included in Depreciation and amortization .

Projected amortization of in-place lease intangibles for the next five years as of December 31, 2024 is as follows:

Years Ending December 31, (In thousands)

Projected amortization of lease intangibles for the next five years as of December 31, 2025 is as follows:

Years Ending December 31, In-place lease intangibles Below market lease intangibles

(In thousands)

2026 $ 10,759 6,018

2027 7,826 4,698

2028 5,338 3,098

2029 4,313 2,788

2030 3,007 2,087

Thereafter 5,220 4,704

Total projected amortization of in-place lease intangibles $ 38,658

Total projected amortization of lease intangibles $ 36,463 23,393

EastGroup acquired real estate properties during 2025, 2024 and 2023 as discussed in Note 2.

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Total assets acquired, net of liabilities assumed $ 143,099 390,011 165,116

(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

No impairment of goodwill and other intangibles existed during the years ended December 31, 2025, 2024 and 2023.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(k) Stock-Based Compensation

5 unchanged sentences

For awards with a performance condition, compensation expense is recognized when the performance condition is considered probable of achievement.

The total compensation expense for service and performance based awards is based upon the fair market value of the shares on the grant date.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The total compensation expense for service-based and performance-based awards is based upon the fair market value of the shares on the grant date.

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.

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.

Forfeitures of awards are recognized as they occur.

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

Employees may vote the shares once performance based or market based conditions are met.

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

Forfeitures of awards and accrued dividends are recognized as they occur.

(l) Equity Offerings

Underwriting commissions and offering costs incurred in connection with common stock offerings and at-the-market equity offering programs have been reflected as a reduction of Additional paid-in capital .

Underwriting commissions and offering costs incurred in connection with common stock offerings and at-the-market (“ATM”) equity offering programs have been reflected as a reduction of Additional paid-in capital .

Under relevant accounting guidance, sales of common stock under forward equity sale agreements (as discussed in Note 9 Common Stock Activity ) are not deemed to be liabilities, and furthermore, meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment:

(i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations;

(i) none of the agreements’ exercise contingencies were based on observable markets or indices other than those related to the market for our own stock price and operations;

and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.

5 unchanged sentences

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

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.

Outstanding forward equity sale agreements are potentially dilutive securities excluded from the basic EPS calculation until the agreements are settled, through the issuance of shares and receipt of proceeds.

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

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 potentially dilutive common shares outstanding during the reporting period.

The Company calculates diluted EPS by dividing Net Income Attributable to EastGroup Properties, Inc.

9 unchanged sentences

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

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(p) Recent Accounting Pronouncements

4 unchanged sentences

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 PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

adoption permitted.

Amendments should be applied either (i) prospectively to financial statements issued for reporting periods after the effective date, or (ii) 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.

In November 2025, the FASB issued ASU 2025‑09, Derivatives and Hedging (Topic 815):

Hedge Accounting Improvements .

The guidance makes targeted amendments to the hedge accounting model to better align accounting results with an entity’s risk management activities.

The amendments affect, among other areas, (i) the assessment of similar risk exposure for groups of forecasted transactions in cash flow hedges, (ii) cash flow hedges of forecasted interest payments on “choose‑your‑rate” debt instruments, (iii) cash flow hedges of nonfinancial forecasted transactions, (iv) the use of certain options as hedging instruments, and (v) certain dual‑hedge strategies involving foreign‑currency‑denominated debt.

ASU 2025‑09 is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within those annual reporting periods, with early adoption permitted.

The amendments are required to be applied prospectively, with certain transition provisions available for existing hedging relationships.

The Company does not expect the adoption to have a material impact on its consolidated financial position or results of operations;

however, the guidance may affect the Company’s hedge documentation, hedge effectiveness assessments, and related disclosures.

(q) Classification of Book Overdraft on Consolidated Statements of Cash Flows

13 unchanged sentences

6,699,988 6,177,916

Less accumulated depreciation ( 1,415,576 ) ( 1,273,723 )

Accumulated depreciation ( 1,583,532 ) ( 1,415,576 )

$ 5,116,456 4,762,340

5 unchanged sentences

A summary of real estate properties acquired for the years ended December 31, 2025, 2024 and 2023 follows:

REAL ESTATE PROPERTIES ACQUIRED Location Size Date Acquired Cost (1)

REAL ESTATE PROPERTIES ACQUIRED Location Size

Date Acquired Cost (1)

(Square feet) (In thousands)

OPERATING PROPERTIES ACQUIRED

LifeScience Logistics Center Raleigh, NC 251,000 07/08/2025 $ 47,150

Lumley Logistics Center Raleigh, NC 67,000 07/15/2025 14,174

McKinney Airport Trade Center Dallas, TX 320,000 09/19/2025 60,641

EastGroup Point at Cheyenne Las Vegas, NV 101,000 12/09/2025 21,134

Total 2025 operating property acquisitions (2)

739,000 $ 143,099

OPERATING PROPERTIES ACQUIRED

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

8 unchanged sentences

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

6 unchanged sentences

987,000 $ 165,116

Total value-add property acquisitions (4)

Total acquired assets in 2023 (5)

987,000 $ 165,116

OPERATING PROPERTIES ACQUIRED

Cebrian Distribution Center and Reed Distribution Center (6)

Sacramento, CA 329,000 06/01/2022 $ 49,726

6 th Street Business Center, Benicia Distribution

Center 1-5, Ettie Business Center, Laura

Alice Business Center, Preston

Distribution Center, Sinclair Distribution

Center, Transit Distribution Center and

Whipple Business Center (6)

San Francisco, CA 1,377,000 06/01/2022 309,404

Total operating property acquisitions (3)

1,706,000 359,130

VALUE-ADD PROPERTIES ACQUIRED

Cypress Preserve 1 & 2 Houston, TX 516,000 03/28/2022 54,462

Zephyr Distribution Center San Francisco, CA 82,000 04/08/2022 29,017

Mesa Gateway Commerce Center Phoenix, AZ 147,000 04/15/2022 18,315

Access Point 3 Greenville, SC 299,000 07/12/2022 21,127

Total value-add property acquisitions (4)

1,044,000 122,921

Total acquired assets in 2022 (5)

2,750,000 $ 482,051

(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.

(2) 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).

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.

Size and cost are presented on an aggregate basis for the properties located in Sacramento, CA and San Francisco, CA, respectively.

In consideration for this acquisition, the Company assumed a $60,000,000 loan and issued 1,868,809 shares of the Company’s common stock.

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.

(3) 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.

Also during 2025, EastGroup purchased 300.4 acres of development land in four markets for $ 118,584,000 .

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 .

EASTGROUP PROPERTIES, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 .

Sales of Real Estate

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

A summary of operating properties sold during the years ended December 31, 2025, 2024 and 2023 follows:

REAL ESTATE PROPERTIES SOLD Location Size (unaudited)

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

5 unchanged sentences

Total for 2023 231,000 $ 36,971 19,006 17,965

Metro Business Park Phoenix, AZ 189,000 01/06/2022 $ 32,851 5,880 26,971

Cypress Creek Business Park (1)

Fort Lauderdale, FL 56,000 03/31/2022 5,282 1,901 3,381

World Houston 15 East Houston, TX 42,000 05/11/2022 12,873 2,226 10,647

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

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

In conjunction with the sale of the property, the Company fully amortized the associated right-of-use asset and liability of $ 1,745,000 .

The table above includes sales of operating properties.

The Company did not sell any land during the year ended December 31, 2025.

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.

2 unchanged sentences

Costs incurred include capitalization of interest costs during the period of construction.

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.

The interest costs capitalized on development projects were $ 21,730,000 for 2025, $ 19,823,000 for 2024 and $ 16,235,000 for 2023.

In addition, EastGroup capitalized internal development costs of $ 7,451,000 during 2025, compared to $ 8,181,000 during 2024 and $ 10,472,000 in 2023.

1 unchanged sentence

The capitalized costs incurred on development and value-add projects subsequent to transfer to Real estate properties include capital improvements at the properties and do not include other capitalized costs associated with development (i.e., interest expense, property taxes and internal personnel costs).

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

A summary of the Company’s Development and Value-Add Properties for the year ended December 31, 2025 follows:

(Unaudited) (Unaudited)

Actual or Estimated Building Size Cumulative Costs Incurred as of 12/31/2024

Actual or Estimated Building Size

Cumulative Costs Incurred as of 12/31 /2025

Projected Total Costs (1)

9 unchanged sentences

2,109,000 $ 279,082 (2)

(1) Included in these costs are development obligations of $94,201,000 and tenant improvement obligations of $9,552,000 on properties under development.

(2) Represents cumulative costs at the date of transfer.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Ground Leases

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.

As of December 31, 2025 and 2024, the Company had operating properties subject to ground leases in Florida, Texas and Arizona.

As of December 31, 2025 and 2024, the unamortized balances of the Company’s right of use assets for its ground leases were $ 34,976,000 and $ 38,393,000 , respectively.

In 2024, EastGroup assumed ground leases in connection with the acquisitions of DFW Global Logistics Centre 5-8 in Dallas and Akimel Gateway in Phoenix, along with right of use assets and lease liabilities of $ 10,795,000 and $ 11,041,000 , respectively.

In 2025, the Company did not assume any ground leases in connection with acquisitions.

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.

3 unchanged sentences

Payments are subject to increases at 3 to 10 year intervals based upon the agreed or appraised fair market value of the leased premises on the adjustment date or the Consumer Price Index percentage increase since the base rent date.

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.

These future changes in payments will be considered variable payments and will not impact the lease classification assessment of the ground lease 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 terms for the Company's ground leases were 46 years and 47 years as of December 31, 2025 and 2024, respectively.

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(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.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The weighted-average discount rate for the Company's ground leases was 6.82 % as of December 31, 2025 and 2024.

(3) UNCONSOLIDATED INVESTMENT

The Company owns a 50 % undivided tenant-in-common interest in Industry Distribution Center II, a 309,000 square foot warehouse distribution building in the City of Industry (Los Angeles), California.

The Company owns a 50 % undivided tenant-in-common interest in Industry Distribution Center 2, a 309,000 square foot warehouse distribution building in the City of Industry (Los Angeles), California.

The building was constructed in 1998 and is 100 % leased through December 2026 to a single tenant who owns the other 50 % interest in the property.

This investment is accounted for under the equity method of accounting and had a carrying value of $ 7,007,000 at December 31, 2025, and $ 7,448,000 at December 31, 2024.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(4) OTHER ASSETS

A summary of the Company’s Other assets follows:

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

(In thousands)

17 unchanged sentences

Prepaid expenses and other assets 13,594 8,316

Total Other assets

Total Other assets, net

$ 307,337 290,159

5 unchanged sentences

Unsecured bank credit facilities, net of debt issuance costs $ 16,249 ( 3,595 )

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.

Also on November 19, 2025, the Company entered into amended and restated credit agreements related to both unsecured bank credit facilities, to remove the SOFR adjustment, decreasing the credit spread for both facilities by 10 basis points.

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

EASTGROUP PROPERTIES, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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).

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

As of December 31, 2025, the Company had no outstanding balance on this unsecured bank credit facility and an interest rate of 4.451 %.

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

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;

1 unchanged sentence

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

As of December 31, 2024 , the interest rate was 5.335 % with no outstanding balance.

As of December 31, 2025, the interest rate was 4.545 % with $ 18,845,000 of variable rate borrowings.

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 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 for the years ended December 31, 2024 and 2023, by one basis point, from 77.5 to 76.5 basis points.

This sustainability metric is evaluated annually, allowing the interest rate to be adjusted in the following year.

The margin on the facility can be decreased or increased by up to four basis points and the facility fee can be decreased or increased by up to one basis point.

Average unsecured bank credit facilities borrowings were $ 26,822,000 in 2025, $ 1,776,000 in 2024 and $ 49,384,000 in 2023, with weighted average interest rates (excluding amortization of facility fees and debt issuance costs) of 4.90 % in 2025, 6.25 % in 2024 and 5.68 % in 2023.

21 unchanged sentences

$25 Million Senior Unsecured Notes Not applicable 3.97 % 10/01/2025 — 25,000

$50 Million Unsecured Term Loan (1)

1.10 % 1.58 % 03/18/2025 50,000 50,000

$50 Million Senior Unsecured Notes Not applicable 3.99 % 10/07/2025 — 50,000

$25 Million Senior Unsecured Notes Not applicable 3.97 % 10/01/2025 25,000 25,000

$50 Million Senior Unsecured Notes Not applicable 3.99 % 10/07/2025 50,000 50,000

$100 Million Unsecured Term Loan (1) (2)

12 unchanged sentences

0.95 % 4.87 % 01/13/2030 100,000 100,000

$100 Million Unsecured Term Loan (1)

0.85 % 4.11 % 04/30/2030 100,000 —

$100 Million Senior Unsecured Notes Not applicable 2.61 % 10/14/2030 100,000 100,000

$150 Million Unsecured Term Loan (1)

0.85 % 4.15 % 03/14/2031 150,000 —

$125 Million Senior Unsecured Notes Not applicable 2.74 % 06/10/2031 125,000 125,000

5 unchanged sentences

$ 1,615,000 1,510,000

(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.

The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ Term SOFR rates to effectively fixed interest rates.

(1) The interest rates on these unsecured term loans are comprised of either Term or Daily SOFR 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 loans’ Term or Daily SOFR rates to effectively fixed interest rates.

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, 2025.

(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 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.

(2) These term loans were refinanced effective November 19, 2025 to remove the SOFR adjustment, decreasing the credit spread by 10 basis points, which is reflected in the margins and effectively fixed rate noted above.

(3) This term loan was refinanced effective January 9, 2025.

It now carries a maturity date of January 13, 2028, with two one-year extension options available at the Company's election, which extends the maturity to January 13, 2030.

Further detail is provided below.

In January 2025, 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, was modified to a three year maturity with two one-year extension options, at the Company's election.

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

In August 2025, EastGroup repaid senior unsecured notes at maturity.

The notes had a principal balance of $ 20,000,000 and a fixed interest rate of 3.80 %.

In October 2025, the Company repaid two maturing senior unsecured notes totaling $ 75,000,000 .

Senior unsecured notes with a principal balance of $ 25,000,000 had a fixed interest rate of 3.97 %.

1 unchanged sentence

Both payments were made at maturity.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

In November 2025, the Company entered into a term loan agreement, separated into two tranches.

One tranche provides a $ 100,000,000 term loan with a term of approximately 4.5 years and an effectively fixed interest rate of 4.11 % with interest-only payments.

The second tranche provides a $ 150,000,000 term loan with a term of approximately 5.5 years and an effectively fixed interest rate of 4.15 % with interest-only payments.

At the Company's option, the term loans bear interest at an annual rate of the Daily Simple SOFR (as defined in the term loan agreement) plus an applicable margin ( 0.85 % as of December 31, 2025) based on the Company’s senior unsecured long-term debt rating.

The Company also entered into interest rate swap agreements to convert the loans' SOFR rate component to a fixed interest rate for the entire terms of the loans, providing effectively fixed interest rates for each loan.

During the year ended December 31, 2024, EastGroup repaid a $ 50,000,000 senior unsecured term loan at maturity with an effectively fixed interest rate of 4.08 %.

The Company also made principal repayments at maturity of $ 120,000,000 on its senior unsecured notes with a weighted average fixed interest rate of 3.47 %.

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

3 unchanged sentences

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.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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 %.

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, 2025 and 2024.

1 unchanged sentence

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 December 31, 2025 are as follows:

Years Ending December 31, (In thousands)

MATURITY DATES Principal Payments Maturing

(In thousands)

2026 $ 140,000

1 unchanged sentence

Total unsecured debt, before amortization of debt issuance costs $ 1,615,000

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(7) ACCOUNTS PAYABLE AND ACCRUED EXPENSES

7 unchanged sentences

Dividends payable 84,725 74,049

Book overdraft (1)

Incentive compensation payable 8,614 6,726

2 unchanged sentences

$ 169,945 147,342

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(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).

(8) OTHER LIABILITIES

12 unchanged sentences

$ 137,999 134,028

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(9) COMMON STOCK ACTIVITY

5 unchanged sentences

Common stock offerings 1,482,198 4,071,536 4,094,896

Common stock issued in the purchase of real estate — — 1,868,809

Incentive restricted stock granted 60,220 84,308 57,741

Incentive restricted stock forfeited — ( 2,545 ) ( 1,015 )

Director common stock awarded — — 161

Director restricted stock granted 4,884 5,040 4,134

2 unchanged sentences

Shares outstanding at end of year 53,348,800 51,825,798 47,700,432

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 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.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

On December 5, 2025, we established an 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 ATM Program replaces our previous $ 1,000,000,000 ATM program (the “Prior ATM Program”), which was established on October 25, 2024, under which we had sold shares of our common stock having an aggregate gross sales price of $ 479,899,000 through December 5, 2025.

In addition, we previously established a $ 750,000,000 ATM program 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.

Direct Common Stock Issuance Activity

2 unchanged sentences

Weighted Average Price Gross Proceeds Net Proceeds

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

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

2025 33,120 $ 183.15 $ 6,066 $ 6,005

3 unchanged sentences

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.

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 counterparties 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 Company’s forward equity offering activity during the years ended December 31, 2024 and December 31, 2023:

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

The following table presents the Company’s forward equity offering activity during the years ended December 31, 2025, 2024 and 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

Forward Sale Agreements Outstanding at December 31, 2022 — N/A $ —

New forward sale agreements (1)

406,041 $ 183.92 74,679

Forward sale agreements settled — Shares issued and proceeds

Forward Sale Agreements Outstanding at December 31, 2023

406,041 183.92 74,679

New forward sale agreements (1)

2,677,289 178.32 477,420

Forward sale agreements settled — Shares issued and proceeds

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

Forward Sale Agreements Outstanding at December 31, 2024

385,253 175.07 67,446

New forward sale agreements (1)

1,063,825 181.89 193,498

Forward sale agreements settled — Shares issued and proceeds

( 1,449,078 ) 180.08 ( 260,944 )

Forward Sale Agreements Outstanding at December 31, 2025

1 unchanged sentence

(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.

(3) EastGroup settled outstanding forward equity sale agreements by issuing 1,449,078 shares of common stock in exchange for net proceeds of approximately $258,066,000 .

(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.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

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.

There were 1,330,959 , 1,396,713 and 1,484,116 shares available for grant under the 2023 Equity Plan as of December 31, 2025, 2024 and 2023, respectively.

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

8 unchanged sentences

The long-term compensation awards include components based on the Company’s total shareholder return over the upcoming three-year period and the employee’s continued service as of the vesting dates.

The total shareholder return component is subject to bright-line tests that compare the Company’s total shareholder return to the Nareit Equity Index and to the member companies of the Nareit industrial index.

The total shareholder return component is

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

subject to bright-line tests that compare the Company’s total shareholder return to the member companies of the Nareit Equity Index and the Nareit industrial index.

The following table summarizes the assumptions used in the Monte Carlo simulation pricing model used to determine the grant date fair value of the multi-year market conditions component of the long-term compensation awards for 2025, 2024 and 2023:

3 unchanged sentences

Expected share price volatility for peer group companies — Low end of range

22.74 % 20.46 % 27.31 %

Expected share price volatility for peer group companies — High end of range

62.28 % 62.79 % 51.26 %

Expected dividend yield 3.11 % 2.84 % 3.02 %

11 unchanged sentences

Range of earnable shares — High end of range

52,501 39,364 44,725 27,212

Shares determined N/A (1)

(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.

AND SUBSIDIARIES

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).

6 unchanged sentences

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

The certain Company performance measures for 2024 are:

The Company performance measures for 2025 are:

(i) funds from operations “FFO” per share, (ii) cash same property net operating income change, (iii) debt-to-EBITDAre ratio, and (iv) fixed charge coverage.

2 unchanged sentences

The shares are expensed 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 ( 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 Company performance measures component of the annual equity compensation awards for the three years ended December 31, 2025:

4 unchanged sentences

Range of earnable shares — High end of range

14,784 18,548 21,438

Shares determined N/A (1)

11 unchanged sentences

Range of earnable shares — High end of range

4,501 5,652 5,358

Shares determined N/A (1)

3 unchanged sentences

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 ).

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 total 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, 2025:

8 unchanged sentences

As of December 31, 2025, there was $ 4,888,000 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 1.5 years.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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

accrued dividends are paid upon vesting of the awards.

As of December 31, 2025, 2024 and 2023, accrued dividends on unvested restricted stock were $ 2,173,000 , $ 1,617,000 and $ 1,921,000 , respectively.

3 unchanged sentences

As of the vesting dates, the aggregate fair value of shares that vested during 2025, 2024 and 2023 was $ 9,977,000 , $ 14,324,000 and $ 11,304,000 , respectively.

Restricted Stock Activity:

Years Ended December 31,

RESTRICTED STOCK ACTIVITY Years Ended December 31,

2025 2024 2023

12 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 depend on satisfaction of performance based or market based conditions, and the number of shares to be earned could range from zero to 155,875 .

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, 2025:

11 unchanged sentences

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

EASTGROUP PROPERTIES, INC.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Directors were granted 4,884 , 5,040 and 4,134 shares of common stock as annual restricted share awards during 2025, 2024 and 2023, respectively.

14 unchanged sentences

Unvested at end of year 4,916 166.20 5,104 161.33 4,282 160.15

EASTGROUP PROPERTIES, INC.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(11) COMPREHENSIVE INCOME

7 unchanged sentences

Balance at beginning of year $ 21,953 24,888 36,371

Other comprehensive income (loss) - interest rate swaps ( 2,935 ) ( 11,483 ) 35,069

Other comprehensive loss — Interest rate swaps

( 13,596 ) ( 2,935 ) ( 11,483 )

Balance at end of year $ 8,357 21,953 24,888

7 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 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.

The Company estimates that an additional $ 9,821,000 will be reclassified from O ther comprehensive income (loss) as a decrease to Interest expense over the next twelve months.

The Company’s valuation methodology for over-the-counter (“OTC”) derivatives is to discount cash flows based on SOFR market data.

Uncollateralized or partially-collateralized trades include appropriate economic adjustments for funding costs and credit risk.

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

EASTGROUP PROPERTIES, INC.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

As of December 31, 2025, EastGroup had nine 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 or Daily 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 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.

The Company estimates that an additional $ 5,888,000 will be reclassified from O ther comprehensive loss as a decrease in Interest expense over the next twelve months.

The Company’s valuation methodology for over-the-counter (“OTC”) derivatives is to discount cash flows based on SOFR market data.

Uncollateralized or partially-collateralized trades include appropriate economic adjustments for funding costs and credit risk.

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

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

9 unchanged sentences

Interest Rate Swap 50,000 —

Interest Rate Swap 100,000 —

Interest Rate Swap 50,000 —

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, 2025 and 2024.

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

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

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

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.

1 unchanged sentence

Years Ended December 31,

DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS 2024 2023 2022

EFFECT OF CASH FLOW HEDGES ON OTHER COMPREHENSIVE LOSS 2025 2024 2023

(In thousands)

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

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

$ ( 2,675 ) 14,869 6,319

Amount of (income) loss reclassified from Accumulated other comprehensive

Amount of (income) reclassified from Accumulated other comprehensive

income into Interest expense

1 unchanged sentence

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

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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.

1 unchanged sentence

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 December 31, 2024, 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 December 31, 2025, the Company 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.

EASTGROUP PROPERTIES, INC.

AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(13) EARNINGS PER SHARE

15 unchanged sentences

Weighted average shares outstanding — Diluted 52,814 48,911 45,331

(1) Potentially dilutive securities include outstanding forward equity sale agreements and unvested restricted shares of common stock.

See Note 1(m) for additional information.

(14) DEFINED CONTRIBUTION PLAN

7 unchanged sentences

ASC 820 also provides guidance for using fair value to measure financial assets and liabilities.

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).

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).

EASTGROUP PROPERTIES, INC.

9 unchanged sentences

Financial Liabilities:

Unsecured bank credit facilities — Variable

18,845 18,883 — —

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 Note 6 for additional information).

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

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

2 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):

• 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).

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:

3 unchanged sentences

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

(17) SUBSEQUENT EVENTS

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

2 unchanged sentences

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

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

Real Estate Properties (c) :

21 unchanged sentences

Oak Creek Distribution Center B 227 — 1,682 227 1,682 — 1,909 875 2005 2008

Oak Creek Distribution Center C Land 355 — 1,291 355 1,291 — 1,646 134 2005 n/a

Oak Creek Distribution Center C 355 — 1,299 355 1,299 — 1,654 190 2005 n/a

Airport Commerce Center 1,257 4,012 1,607 1,257 5,619 — 6,876 3,817 1998 1998

5 unchanged sentences

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

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e)

Total Accumulated Depreciation Year Acquired Year Constructed

Expressway Commerce Center 2 1,013 3,247 1,356 1,013 4,603 — 5,616 3,078 2003 2001

9 unchanged sentences

Grand Oaks 75 Business Center 4 2,334 — 17,094 2,338 17,090 — 19,428 3,073 2019 2022

Crossroads Logistics Park 1 3,758 — 15,592 3,758 15,592 — 19,350 258 2023 2025

Chancellor Center 291 1,711 750 291 2,461 — 2,752 1,908 1996/97 1996/97

15 unchanged sentences

Southridge Commerce Park 4 506 — 5,168 506 5,168 — 5,674 2,989 2003 2006

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

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

2 unchanged sentences

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

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e)

Total Accumulated Depreciation Year Acquired Year Constructed

Southridge Commerce Park 5 382 — 5,382 382 5,382 — 5,764 3,112 2003 2006

5 unchanged sentences

Southridge Commerce Park 11 513 — 6,008 513 6,008 — 6,521 2,467 2003 2012

Southridge Commerce Park 12 2,025 — 19,686 2,025 19,686 — 21,711 8,365 2005 2008

Horizon Commerce Park 1 991 — 7,020 991 7,020 — 8,011 2,706 2008 2014

13 unchanged sentences

Horizon West 5 1,165 — 9,367 1,165 9,367 — 10,532 19 2020 2024

Horizon West 6 1,188 — 11,133 1,188 11,133 — 12,321 588 2020 2024

Horizon West 10 4,904 — 37,607 4,905 37,606 — 42,511 2,352 2020 2023

MCO Logistics Center 6,769 — 17,949 6,771 17,947 — 24,718 1,057 2022 2024

4 unchanged sentences

Westside Distribution Center 2,011 15,374 12,076 2,011 27,450 — 29,461 18,816 1997/2008 1984/85

Beach Commerce Center 476 1,899 1,133 476 3,032 — 3,508 2,095 2000 2000

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

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

2 unchanged sentences

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

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e)

Total Accumulated Depreciation Year Acquired Year Constructed

Beach Commerce Center 476 1,899 1,173 476 3,072 — 3,548 2,190 2000 2000

Interstate Distribution Center 1,879 5,700 2,859 1,879 8,559 — 10,438 5,971 2005 1990

Flagler Center 7,317 14,912 3,387 7,317 18,299 — 25,616 5,341 2016 1997 & 2005

20 unchanged sentences

SunCoast Commerce Center 11 785 — 9,038 785 9,038 — 9,823 967 2020 2023

Gateway Commerce Park 1 5,746 — 17,966 5,746 17,966 — 23,712 4,495 2016 2018

Gateway Commerce Park 2 3,224 — 19,202 3,224 19,202 — 22,426 1,045 2016 2023

SunCoast Commerce Center 12 785 — 7,840 785 7,840 — 8,625 833 2020 2022

Gateway Commerce Park 1 5,746 — 18,012 5,746 18,012 — 23,758 5,189 2016 2018

5 unchanged sentences

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

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e)

Total Accumulated Depreciation Year Acquired Year Constructed

Gateway Commerce Park 4 4,711 — 19,727 4,711 19,727 — 24,438 3,122 2016 2020

Gateway Commerce Park 5 5,746 — 18,526 5,357 18,915 — 24,272 5,027 2016 2019

Gateway South Dade 1 & 2 6,700 — 27,811 6,700 27,811 — 34,511 384 2022 2024

San Francisco area

10 unchanged sentences

Benicia Distribution Center 5 3,161 16,885 323 3,161 17,208 — 20,369 1,751 2022 2007

Laura Alice Business Center 1,174 2,437 20 1,174 2,457 — 3,631 212 2022 2000

Preston Distribution Center 7,261 33,833 1,736 7,261 35,569 — 42,830 3,796 2022 1998

12 unchanged sentences

Ramona Distribution Center 3,761 5,751 1,008 3,761 6,759 — 10,520 1,850 2014 1984

Industry Distribution Center 1 10,230 12,373 5,167 10,230 17,540 — 27,770 13,153 1998 1959

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

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

2 unchanged sentences

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

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e)

Total Accumulated Depreciation Year Acquired Year Constructed

Industry Distribution Center 1 10,230 12,373 4,015 8,881 17,737 — 26,618 13,744 1998 1959

Industry Distribution Center 3 — 3,012 1,209 1,349 2,872 — 4,221 2,866 2007 1992

Chestnut Business Center 1,674 3,465 1,523 1,674 4,988 — 6,662 3,014 1998 1999

3 unchanged sentences

Eastlake Distribution Center 3,046 6,888 3,935 3,046 10,823 — 13,869 7,434 1997 1989

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

Miramar 13,980 — 29 13,981 28 — 14,009 7 2019 n/a

Ocean View Corporate Center 6,577 7,105 2,090 6,577 9,195 — 15,772 5,110 2010 2005

15 unchanged sentences

LakePort 4 & 5 2,716 — 21,610 2,716 21,610 — 24,326 2,495 2018 2023

Logistics Center 6 & 7 — 12,605 3,225 — 15,830 1,451 17,281 3,427 2019 2018

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

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

2 unchanged sentences

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

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e)

Total Accumulated Depreciation Year Acquired Year Constructed

Logistics Center 6 & 7 — 12,605 3,260 — 15,865 1,279 17,144 4,088 2019 2018

Venture Warehouses 1,452 3,762 3,353 1,452 7,115 — 8,567 6,554 1988 1979

ParkView Commerce Center 1-3 2,663 — 19,261 2,663 19,261 — 21,924 6,815 2014 2015

13 unchanged sentences

McKinney Logistics Center 6,899 18,216 73 6,899 18,289 — 25,188 1,788 2023 2022

McKinney Airport Trade Center 15,565 44,502 3 15,565 44,505 — 60,070 494 2025 2023

Arlington Tech Centre 1 & 2 2,510 10,096 3,711 2,515 13,802 — 16,317 3,202 2019 2019

1 unchanged sentence

Basswood 1 & 2 4,086 — 20,431 4,087 20,430 — 24,517 3,109 2019 2022

Basswood 3-5 5,671 — 44,347 5,672 44,346 — 50,018 1,911 2019 2024

Parc North 1-4 4,615 26,358 10,179 4,615 36,537 — 41,152 11,623 2016 2016

4 unchanged sentences

World Houston Int’l Business Ctr 6 425 2,423 1,076 425 3,499 — 3,924 2,489 1998 1998

World Houston Int’l Business Ctr 7 & 8 680 4,584 5,729 680 10,313 — 10,993 7,764 1998 1998

World Houston Int’l Business Ctr 9 800 4,355 3,123 800 7,478 — 8,278 4,622 1998 1998

World Houston Int’l Business Ctr 10 933 4,779 1,311 933 6,090 — 7,023 3,804 2001 1999

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

2 unchanged sentences

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

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e)

Total Accumulated Depreciation Year Acquired Year Constructed

World Houston Int’l Business Ctr 7 & 8 680 4,584 6,256 680 10,840 — 11,520 7,967 1998 1998

16 unchanged sentences

World Houston Int’l Business Ctr 27 837 — 5,797 838 5,796 — 6,634 3,416 2005 2008

World Houston Int’l Business Ctr 31B 546 — 3,744 546 3,744 — 4,290 1,842 2008 2012

World Houston Int’l Business Ctr 28 550 — 4,836 550 4,836 — 5,386 2,911 2005 2009

2 unchanged sentences

World Houston Int’l Business Ctr 31 684 — 4,843 684 4,843 — 5,527 2,567 2008 2011

World Houston Int’l Business Ctr 31B 546 — 3,781 546 3,781 — 4,327 1,942 2008 2012

World Houston Int’l Business Ctr 32 1,225 — 5,734 1,526 5,433 — 6,959 2,508 2007 2012

9 unchanged sentences

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

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e)

Total Accumulated Depreciation Year Acquired Year Constructed

World Houston Int’l Business Ctr 39 620 — 5,482 621 5,481 — 6,102 1,934 2011 2014

2 unchanged sentences

World Houston Int’l Business Ctr 42 571 — 4,884 571 4,884 — 5,455 1,570 2011 2015

World Houston Int’l Business Ctr 43 443 — 6,189 443 6,189 — 6,632 1,594 2011 2019

World Houston Int’l Business Ctr 44 653 — 8,561 653 8,561 — 9,214 1,809 2011 2020

World Houston Int’l Business Ctr 45 3,243 — 13,745 3,243 13,745 — 16,988 2,932 2015 2019

World Houston Int'l Business Ctr 47 2,798 — 14,438 2,798 14,438 — 17,236 1,439 2015 2022

Glenmont Business Park 936 6,161 3,832 937 9,992 — 10,929 7,402 1998 1999/2000

20 unchanged sentences

Ten West Crossing 5 933 — 6,345 940 6,338 — 7,278 2,485 2012 2014

Ten West Crossing 6 640 — 4,750 644 4,746 — 5,390 1,809 2012 2014

Ten West Crossing 7 584 — 5,531 589 5,526 — 6,115 2,153 2012 2015

Ten West Crossing 8 1,126 — 9,547 1,135 9,538 — 10,673 2,531 2012 2019

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

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

2 unchanged sentences

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

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e)

Total Accumulated Depreciation Year Acquired Year Constructed

Ten West Crossing 6 640 — 4,750 644 4,746 — 5,390 1,978 2012 2014

Ten West Crossing 7 584 — 5,545 589 5,540 — 6,129 2,351 2012 2015

Ten West Crossing 8 1,126 — 9,550 1,135 9,541 — 10,676 2,919 2012 2019

Northwest Crossing 1-3 5,665 — 20,466 5,665 20,466 — 26,131 4,374 2019 2020

Grand West Crossing 1 2,733 — 10,978 2,726 10,985 — 13,711 1,041 2019 2022

23 unchanged sentences

Alamo Ridge Business Park 1 623 — 8,815 623 8,815 — 9,438 3,902 2007 2015

Alamo Ridge Business Park 2 402 — 5,431 402 5,431 — 5,833 2,030 2007 2015

Alamo Ridge Business Park 3 907 — 10,207 907 10,207 — 11,114 2,875 2007 2017

Alamo Ridge Business Park 4 354 — 7,880 355 7,879 — 8,234 2,927 2007 2017

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

2 unchanged sentences

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

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e)

Total Accumulated Depreciation Year Acquired Year Constructed

Alamo Ridge Business Park 2 402 — 5,432 402 5,432 — 5,834 2,274 2007 2015

Alamo Ridge Business Park 3 907 — 10,207 907 10,207 — 11,114 3,249 2007 2017

Alamo Ridge Business Park 4 354 — 7,900 355 7,899 — 8,254 3,170 2007 2017

Eisenhauer Point Business Park 1 & 2 1,881 — 15,458 1,881 15,458 — 17,339 5,774 2015 2016

4 unchanged sentences

Eisenhauer Point Business Park 7 & 8 1,000 — 22,792 2,593 21,199 — 23,792 5,755 2016 2019

Eisenhauer Point Business Park 9 632 — 5,753 632 5,753 — 6,385 1,286 2016 2019

Eisenhauer Point Business Park 10-12 4,894 — 23,748 4,894 23,748 — 28,642 1,015 2022 2024

Tri-County Crossing 1 & 2 1,623 — 15,245 1,623 15,245 — 16,868 4,838 2017 2019

4 unchanged sentences

Ridgeview 3 839 — 8,564 839 8,564 — 9,403 1,087 2018 2022

Northeast Trade Center 1 2,412 — 26,402 2,412 26,402 — 28,814 741 2023 2025

45 Crossing 10,028 — 15,813 10,028 15,813 — 25,841 1,827 2021 2022

9 unchanged sentences

Hays Commerce Center 3 & 4 6,527 28,846 43 6,527 28,889 — 35,416 1,552 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

Broadway Industrial Park 2 455 482 430 455 912 — 1,367 680 1999 1971

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

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

2 unchanged sentences

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

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e)

Total Accumulated Depreciation Year Acquired Year Constructed

Stonefield 35 1-3 6,031 — 32,717 5,985 32,763 — 38,748 2,011 2021 2023

Broadway Industrial Park 1 837 3,349 3,480 837 6,829 — 7,666 5,203 1996 1971

2 unchanged sentences

Broadway Industrial Park 4 380 1,652 1,968 380 3,620 — 4,000 2,185 2000 1986

Broadway Industrial Park 5 353 1,090 906 353 1,996 — 2,349 1,471 2002 1980

Broadway Industrial Park 6 599 1,855 1,600 599 3,455 — 4,054 2,350 2002 1979

Broadway Industrial Park 7 450 650 399 450 1,049 — 1,499 522 2011 1999

Kyrene Distribution Center 1,490 4,453 3,173 1,490 7,626 — 9,116 5,504 1999 1981/2001

19 unchanged sentences

Sky Harbor Business Park 5,839 — 24,508 5,839 24,508 — 30,347 12,233 2006 2008

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025 (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

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e)

Total Accumulated Depreciation Year Acquired Year Constructed

Sky Harbor Business Park 6 807 — 2,181 807 2,181 — 2,988 707 2014 2015

4 unchanged sentences

Akimel Gateway — 82,906 116 — 83,022 9,745 92,767 4,565 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 5,432 1997/2003 1994/2003

21 unchanged sentences

Steele Creek 1 993 — 4,435 1,010 4,418 — 5,428 1,989 2013 2014

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025 (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

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e)

Total Accumulated Depreciation Year Acquired Year Constructed

Steele Creek 2 941 — 5,053 957 5,037 — 5,994 2,177 2013 2014

4 unchanged sentences

Steele Creek 7 1,207 — 8,477 1,253 8,431 — 9,684 2,440 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 — 7,834 673 7,705 — 8,378 867 2016/17 2022

4 unchanged sentences

147 Exchange 9,396 40,532 38 9,396 40,570 — 49,966 2,234 2024 2023

LifeScience Logistics Center 7,844 37,291 — 7,844 37,291 — 45,135 569 2025 2024

Lumley Logistics Center 2,030 12,935 10 2,030 12,945 — 14,975 200 2025 2023

SOUTH CAROLINA

10 unchanged sentences

Hurricane Shoals 3 497 — 9,817 619 9,695 — 10,314 1,723 2017 2020

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025 (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

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e)

Total Accumulated Depreciation Year Acquired Year Constructed

Progress Center 1 & 2 1,297 9,015 500 1,297 9,515 — 10,812 3,323 2017 2017

6 unchanged sentences

Riverpoint Industrial Park 7,037 79,205 12 7,037 79,217 — 86,254 3,281 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

Braselton 3 1,425 — 13,602 1,575 13,452 — 15,027 242 2022 2024

Riverside Parkway 1 & 2 1,955 — 32,173 1,958 32,170 — 34,128 1,097 2021 2024

Cass White 1 & 2 2,923 — 31,691 2,923 31,691 — 34,614 380 2021 2024

Elmwood Business Park 2,861 6,337 6,770 2,861 13,107 — 15,968 10,776 1997 1979

12 unchanged sentences

Craig Corporate Center 13,913 18,848 89 13,913 18,937 — 32,850 1,437 2023 2018

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025 (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

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e)

Total Accumulated Depreciation Year Acquired Year Constructed

Spanish Ridge Industrial Park 18,855 33,211 285 18,855 33,496 — 52,351 2,264 2024 2023

EastGroup Point at Cheyenne 6,151 13,576 4 6,151 13,580 — 19,731 37 2025 2022

Tower Automotive — 9,958 1,937 17 11,878 — 11,895 7,536 2001 2002

7 unchanged sentences

Reed Land 1,800 — 1,033 1,800 1,033 — 2,833 — 2022 n/a

Dominguez Distribution Center (f)

— — 7,182 — 7,182 — 7,182 — 1996 1977

Horizon Commerce Park Land 650 — 462 650 462 — 1,112 — 2008/09 n/a

Gateway Commerce Park Land 2,350 — 5,996 4,665 3,681 — 8,346 — 2016 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 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 9 1,548 — 4,535 1,548 4,535 — 6,083 — 2020 n/a

Horizon West Land 3,455 — 5,369 3,456 5,368 — 8,824 — 2020 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 — 10,255 9,089 10,255 — 19,344 — 2022 n/a

Lakeside Station Land 6,847 — 1,450 6,852 1,445 — 8,297 — 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 2 6,151 — 21,991 6,151 21,991 — 28,142 — 2023 2025

Crossroads Logistics Park Land 5,237 — 6,938 5,238 6,937 — 12,175 — 2023 n/a

Bell Creek Logistics Center Land 32,433 — 3,119 32,477 3,075 — 35,552 — 2025 n/a

North Ridge Trail 8,640 — 660 8,640 660 — 9,300 — 2025 n/a

Station 24 Commerce Center 1 & 2 5,117 — 3,552 5,117 3,552 — 8,669 — 2024 n/a

Station 24 Commerce Center Land 5,343 — 601 5,346 598 — 5,944 — 2024 n/a

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

World Houston Int'l Business Ctr 46 825 — 15,673 920 15,578 — 16,498 — 2011 2025

World Houston Golf Course Land 811 — 1,726 904 1,633 — 2,537 — 2011 n/a

Ridgeview Land 430 — 510 430 510 — 940 — 2018 n/a

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

Basswood Land 4,738 — 3,579 4,738 3,579 — 8,317 — 2019 n/a

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

Grand West Crossing 2 1,630 — 9,266 1,630 9,266 — 10,896 — 2019 2025

Grand West Crossing Land 4,394 — 2,814 4,394 2,814 — 7,208 — 2019 n/a

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

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

McKinney 5 & 6 4,593 — 2,098 4,593 2,098 — 6,691 — 2020 n/a

Texas Avenue 1 & 2 4,143 — 15,809 4,161 15,791 — 19,952 43 2021 2025

Heritage Grove Land 15,295 — 3,731 15,352 3,674 — 19,026 — 2022 n/a

Cypress Preserve Land 14,724 — 4,086 14,724 4,086 — 18,810 — 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 — 910 2,746 906 — 3,652 — 2022 n/a

Cameron Land 30,776 — 4,855 30,772 4,859 — 35,631 — 2022 n/a

Northeast Trade Center Land 3,765 — 3,566 3,765 3,566 — 7,331 — 2023 n/a

REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION

2 unchanged sentences

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

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

Denton 35 Exchange 1 & 2 5,690 — 22,373 5,690 22,373 — 28,063 — 2023 n/a

Description Land Buildings and Improvements Costs

Capitalized Subsequent to Acquisition Land Buildings and Improvements Right of Use Assets (e) Total Accumulated Depreciation Year Acquired Year Constructed

Denton 35 Exchange 1 & 2 5,690 — 26,972 5,690 26,972 — 32,662 181 2023 2025

Basswood North Land 23,996 — 2,626 24,004 2,618 — 26,622 — 2023 n/a

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

Frisco Park 121 Land 17,795 — 556 17,796 555 — 18,351 — 2025 n/a

The Ridge Land 24,925 — 776 24,925 776 — 25,701 — 2025 n/a

Frisco Park 121 East Land 10,305 — 362 10,305 362 — 10,667 — 2025 n/a

McKinney Airport Trade Center Land 15,025 — 110 15,025 110 — 15,135 — 2025 n/a

Schertz Station 3009 Land 9,461 — 238 9,461 238 — 9,699 — 2025 n/a

Arista 36 Business Park 1-3 5,878 — 60,434 5,878 60,434 — 66,312 — 2023 2025

Gateway Interchange A & B 3,239 — 19,280 3,239 19,280 — 22,519 — 2022/2023 n/a

2 unchanged sentences

NORTH CAROLINA

Skyway Logistics Park 1 & 2 3,744 — 27,949 3,744 27,949 — 31,693 — 2021 n/a

Skyway Logistics Park 1 & 2 3,744 — 32,138 3,744 32,138 — 35,882 84 2021 2025

Skyway Logistics Park Land 8,294 — 6,792 8,212 6,874 — 15,086 — 2021 n/a

SOUTH CAROLINA

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

Hillside 2 546 — 12,506 547 12,505 — 13,052 — 2021 2025

Hillside Land 549 — 3,607 549 3,607 — 4,156 — 2021 n/a

1 unchanged sentence

Pelzer Point Commerce Center 2 Land 1,103 1,097 397 1,103 1,494 — 2,597 — 2023 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 1 2,443 — 827 2,443 827 — 3,270 — 2022 n/a

Braselton Land 1,605 — 529 1,614 520 — 2,134 — 2022 n/a

Greenway 100 & 200 2,408 — 13,919 2,408 13,919 — 16,327 — 2022 n/a

Greenway Land 3,377 — 4,923 3,377 4,923 — 8,300 — 2022 n/a

2 unchanged sentences

Total real estate owned (a)(b)

$ 1,287,811 2,356,922 3,020,279 1,295,257 5,369,755 34,976 6,699,988 1,583,532

(a) Changes in Real Estate Properties and Development and Value-Add Properties follow:

7 unchanged sentences

Right-of-use assets, net — Ground leases

( 3,417 ) 20,397 ( 1,395 )

Carrying amount of investments sold ( 3,632 ) ( 18,633 ) ( 33,022 )

10 unchanged sentences

Accumulated depreciation on assets sold ( 252 ) ( 10,268 ) ( 11,759 )

Other ( 3,119 ) ( 6,335 ) ( 3,934 )

Write-off of accumulated depreciation ( 7,972 ) ( 3,119 ) ( 6,335 )

Balance at end of year $ 1,583,532 1,415,576 1,273,723

6 unchanged sentences

(e) The right of use assets for ground leases, net of accumulated amortization, are included in Real Estate Properties on the Consolidated Balance Sheets.

(f) Includes the cumulative costs at December 31, 2025 for this redevelopment project.

FORM 10-K SUMMARY.

2 unchanged sentences

/s/ MARSHALL A.

Loeb, Chief Executive Officer, President and Director

Loeb, Chief Executive Officer and Director

February 11, 2026

We, the undersigned officers and directors of EastGroup Properties, Inc., hereby severally constitute and appoint Brent W.

Wood as our true and lawful attorney, with full power to sign for us and in our names in the capacities indicated below, any and all amendments to this Annual Report on Form 10-K and generally to do all such things in our name and behalf in such capacity to enable EastGroup Properties, Inc.

We, the undersigned officers and directors of EastGroup Properties, Inc., hereby severally constitute and appoint Staci H.

Tyler as our true and lawful attorney, with full power to sign for us and in our names in the capacities indicated below, any and all amendments to this Annual Report on Form 10-K and generally to do all such things in our name and behalf in such capacity to enable EastGroup Properties, Inc.

to comply with the applicable provisions of the Securities Exchange Act of 1934, as amended, and we hereby ratify and confirm our signatures as they may be signed by our said attorney to any and all such amendments.

16 unchanged sentences

Loeb, Chief Executive Officer,

President and Director

(Principal Executive Officer)

February 11, 2026

Tyler, Executive Vice-President, Chief Accounting

Officer and Chief Administrative Officer

/s/ MICHELLE RAYNER

Michelle Rayner, Senior Vice-President,

Chief Accounting Officer

(Principal Accounting Officer)

February 11, 2026

Wood, Executive Vice-President,

Tyler, Executive Vice-President,

Chief Financial Officer and Treasurer

2 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