Item 2. Properties
ITEM 2. PROPERTIES.
EastGroup owned 550 industrial properties as of December 31, 2025. These properties are located primarily in the states of Texas, Florida, California, Arizona and North Carolina, and the majority are clustered around major transportation features in supply constrained submarkets. As of February 10, 2026, EastGroup’s operating portfolio was 96.5% leased and 96.1% occupied by tenants in approximately 1,700 leases, with no single tenant accounting for more than approximately 1.5% of the Company’s annualized base rent, as defined in the table below. The Company has developed approximately 50% of its total portfolio (on a square foot basis), which includes real estate properties and development and value-add properties in lease-up and under construction. The Company’s focus is the ownership of business distribution space (91% of the total portfolio) with the remainder in bulk distribution space (8%) and business service space (1%). Business distribution space properties are typically multi-tenant buildings with a building depth of 200 feet or less, clear height of 24-32 feet, office finish of 10-25% and truck courts with a depth of 100-120 feet. See Consolidated Financial Statement Schedule III – Real Estate Properties and Accumulated Depreciation for a detailed listing of the Company’s properties.
At December 31, 2025, EastGroup did not own any single property with a book value that was 10% or more of total book value or with gross revenues that were 10% or more of total gross revenues.
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The Company’s lease expirations are detailed below:
Year of Lease Expiration Total Rentable Square Feet (1)
Annualized Base Rent
of Leases Expiring (1) (2)
% of Total Base Rent
of Leases Expiring (1)
2026 8,134,000 $ 73,434,000 13.1%
2027 10,338,000 95,930,000 17.2%
2028 9,310,000 91,046,000 16.3%
2029 8,885,000 83,768,000 15.0%
2030 8,353,000 80,478,000 14.4%
2031 4,904,000 46,548,000 8.3%
2032 3,412,000 26,382,000 4.7%
2033 2,581,000 24,315,000 4.3%
2034 1,132,000 10,666,000 1.9%
2035 and beyond 2,638,000 26,662,000 4.8%
(1) Does not include lease renewal options.
(2) Annualized base rent represents the monthly cash rental rate, excluding tenant expense reimbursements, as of December 31, 2025, multiplied by 12 months.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.