EASTGROUP PROPERTIES INC 10-K

ITEM 9A. CONTROLS AND PROCEDURES. (i) Disclosure Controls and Procedures. The Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2025, the Company’s disclosure controls and procedures were effective in timely alerting them to material information relating to the Company (including its consolidated subsidiaries) required to be included in the Company’s periodic SEC filings. (ii) Internal Control Over Financial Reporting. (a) Management’s report on internal control over financial reporting. Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). EastGroup’s Management Report on Internal Control Over Financial Reporting is set forth in Part IV, Item 15 of this Form 10-K on page 42 and is incorporated herein by reference. (b) Report of the independent registered public accounting firm. The report of KPMG LLP, the Company’s independent registered public accounting firm, on the Company’s internal control over financial reporting is set forth in Part IV, Item 15 of this Form 10-K on page 43 and is incorporated herein by reference. (c) Changes in internal control over financial reporting. There was no change in the Company’s internal control over financial reporting during the Company’s fourth fiscal quarter ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting. ITEM 9B. OTHER INFORMATION. During the three months ended December 31, 2025, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K). ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. Not applicable. 35 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE. The information required by Item 10 will be included in the Company’s definitive proxy statement to be filed with the SEC relating to the Company’s 2026 Annual Meeting of Stockholders and is incorporated herein by reference. We have adopted an insider trading policy governing the purchase, sale and other dispositions of our securities by our directors, officers and employees that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations, and any applicable listing standards. A copy of our insider trading policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K. In addition, with regard to the Company's trading in its own securities, it is the Company's policy to comply with the federal securities laws and the applicable exchange listing requirements. ITEM 11. EXECUTIVE COMPENSATION. The information required by Item 11 will be included in the Company’s definitive proxy statement to be filed with the SEC relating to the Company’s 2026 Annual Meeting of Stockholders and is incorporated herein by reference. ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS. The information required by Item 12 will be included in the Company’s definitive proxy statement to be filed with the SEC relating to the Company’s 2026 Annual Meeting of Stockholders and is incorporated herein by reference. ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE. The information required by Item 13 will be included in the Company’s definitive proxy statement to be filed with the SEC relating to the Company’s 2026 Annual Meeting of Stockholders and is incorporated herein by reference. ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES. Our independent registered public accounting firm is KPMG LLP , Chicago, IL , Auditor Firm ID: 185 . The information required by Item 14 will be included in the Company’s definitive proxy statement to be filed with the SEC relating to the Company’s 2026 Annual Meeting of Stockholders and is incorporated herein by reference. 36 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. Financial Statements Page The following documents are filed as part of this Annual Report on Form 10-K: Report of Independent Registered Public Accounting Firm 40 Management Report on Internal Control Over Financial Reporting 42 Report of Independent Registered Public Accounting Firm 43 Consolidated Balance Sheets – December 31, 2025 and 2024 44 Consolidated Statements of Income and Comprehensive Income – Years ended December 31, 2025, 2024 and 2023 45 Consolidated Statements of Changes in Equity – Years ended December 31, 2025, 2024 and 2023 46 Consolidated Statements of Cash Flows – Years ended December 31, 2025, 2024 and 2023 47 Notes to Consolidated Financial Statements 48 Financial Statement Schedules Page The following documents are filed as part of this Annual Report on Form 10-K: Schedule III – Real Estate Properties and Accumulated Depreciation 72 All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are inapplicable, and therefore have been omitted, or the required information is included in the Notes to Consolidated Financial Statements. 37 Exhibits The following exhibits are included in this Annual Report on Form 10-K for the fiscal year ended December 31, 2025: Exhibit Number Description 3.1 Articles of Amendment and Restatement of EastGroup Properties, Inc. (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed May 28, 2021) . 3.2 Second Amended and Restated Bylaws of EastGroup Properties, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on August 28, 2024) . 4.1 Description of Securities ( incorporated by reference to exhibit 4.1 to the Company’s Annual Report on Form 10-K filed February 16, 2022). 10.1* EastGroup Properties, Inc. 2023 Equity Incentive Plan ( incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed May 26, 2023 ). 10.2* 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, Inc. 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 ). 10.3* Form of Severance and Change in Control Agreement entered into by and between the Company and each of Marshall A. Loeb, Brent W. Wood and John F. Coleman ( incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed May 18, 2016 ). 10.4* Form of Severance and Change in Control Agreement by and between the Company and each of Ryan M. Collins and R. Reid Dunbar ( incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed May 18, 2016 ). 10.5* Form of First Amendment to the Severance and Change in Control Agreement, entered into by and between the Company and each of R. Reid Dunbar and Ryan M. Collins (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed October 28, 2020) . 10.6* Form of Second Amendment to the Severance and Change in Control Agreement, entered into by and between the Company and each of R. Reid Dunbar and Ryan M. Collins ( incorporated by reference to Exhibit 10.6 to the Company’s Form 10-K filed February 12, 2025 ). 10.7* Form of Severance and Change in Control Agreement, entered into by and between the Company and Staci H. Tyler (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed October 28, 2020) . 10.8* Form of First Amendment to the Severance and Change in Control Agreement, entered into by and between the Company and Staci H. Tyler ( incorporated by reference to Exhibit 10.8 to the Company’s Form 10-K filed February 12, 2025 ). 1 0.9* Form of Severance and Change in Control Agreement, entered into by and between the Company and Michelle Rayner (filed herewith) . 10.10* 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 ). 10.11 Note Purchase Agreement, dated as of August 28, 2013, by and among EastGroup Properties, L.P., the Company and each of the Purchasers of the Notes party thereto ( incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed August 30, 2013 ). 10.12 Note Purchase Agreement, dated as of August 17, 2020, among EastGroup Properties, L.P., the Company and the purchasers of the notes party thereto (including the form of the 2.61% Series A Senior Notes due October 14, 2030 and the 2.71% Series B Senior Notes due October 14, 2032) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed August 21, 2020) . 10.13 Note Purchase Agreement, dated as of February 3, 2022, among EastGroup Properties, L.P., the Company and the purchasers of the notes party thereto (including the form of the 3.03% Senior Notes due April 20, 2032) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed February 8, 2022) . 10.14 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 ). 10.15 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) . 38 Exhibit Number Description 10.16 Sixth Amended and Restated Credit Agreement, dated June 13, 2024, among EastGroup Properties, L.P.; EastGroup Properties, Inc.; PNC Bank, National Association, as Agent; Regions Bank, as Syndication Agent; Bank of America, N.A., U.S. Bank National Association, TD Bank, N.A., and JPMorgan Chase Bank, N.A., as Co-Documentation Agents; PNC Capital Markets LLC, as Sustainability Agent; PNC Capital Markets LLC, Regions Capital Markets, and BOFA Securities, Inc., as Joint Lead Arrangers; PNC Capital Markets LLC and Regions Capital Markets, as Joint Bookrunners; and the Lenders party thereto ( incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed June 13, 2024 ). 10.17 First Amendment to Sixth Amended and Restated Credit Agreement, dated November 19, 2025, among EastGroup Properties, L.P.; EastGroup Properties, Inc.; PNC Bank, National Association, as Agent; Regions Bank, as Syndication Agent; Bank of America, N.A., U.S. Bank National Association, TD Bank, N.A., and JPMorgan Chase Bank, N.A., as Co-Documentation Agents; PNC Capital Markets LLC, as Sustainability Agent; PNC Capital Markets LLC, Regions Capital Markets, and BOFA Securities, Inc., as Joint Lead Arrangers; PNC Capital Markets LLC and Regions Capital Markets, as Joint Bookrunners; and the Lenders party thereto (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed November 25, 2025) . 19.1 EastGroup Properties, Inc. Insider Trading Policy ( incorporated by reference to Exhibit 19.1 to the Company’s Form 10-K filed February 12, 2025 ). 21.1 Subsidiaries of the Company ( filed herewith ). 23.1 Consent of KPMG LLP ( filed herewith ). 24.1 Powers of attorney ( included on signature page hereto ). 31.1 Rule 13a-14(a)/15d-14(a) Certifications (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) of Marshall A. Loeb, Chief Executive Officer ( filed herewith ). 31.2 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 ). 32.1 Section 1350 Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) of Marshall A. Loeb, Chief Executive Officer ( furnished herewith ). 32.2 Section 1350 Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) of Staci H. Tyler, Chief Financial Officer ( furnished herewith ). 97.1* EastGroup Properties, Inc. Compensation Recovery Policy ( incorporated by reference to Exhibit 97.1 to the Company’s Form 10-K filed February 14, 2024 ). 101.SCH Inline XBRL Taxonomy Extension Schema Document (filed herewith). 101.CAL Inline XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith). 101.DEF Inline XBRL Taxonomy Extension Definition Linkbase Document (filed herewith). 101.LAB Inline XBRL Taxonomy Extension Label Linkbase Document (filed herewith). 101.PRE Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith). 104 Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*) (filed herewith). * Indicates a management contract or any compensatory plan, contract or arrangement. 39 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM TO THE STOCKHOLDERS AND THE BOARD OF DIRECTORS EASTGROUP PROPERTIES, INC.: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated balance sheets of EastGroup Properties, Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income and comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 11, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Estimated relative fair value assigned to land in an asset acquisition As discussed in Note 1(j) to the consolidated financial statements, the Company acquired $143,099,000 of assets, net of liabilities assumed, related to real estate property acquisitions during 2025 that were accounted for as asset acquisitions, of which $31,590,000 of the acquisition cost was allocated to land. The acquisition cost in an asset acquisition is allocated among the individual components of both tangible and intangible assets and liabilities acquired based on their relative fair values. We identified the estimated fair value of land as a critical audit matter. Specifically, evaluating the relevance of comparable land sales used in the Company’s determination of the estimated fair value involved subjective auditor judgment. Professionals with specialized skills and knowledge were utilized to evaluate the relevance of a selection of the comparable land sales. The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness over the Company’s control to review identified publicly available comparable land sales used to estimate fair value of land in an asset acquisition. We evaluated the Company’s estimate of fair value of land by comparing to 40 our independently established ranges of comparable land sales developed using publicly available market data and involved valuation professionals with specialized skills and knowledge who assisted in this evaluation for a selection of acquisitions. /s/ KPMG LLP We have served as the Company’s auditor since 1970. Chicago, Illinois February 11, 2026 41 MANAGEMENT REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING EastGroup’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, EastGroup conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The design of any system of internal control over financial reporting is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Based on EastGroup’s evaluation under the framework in Internal Control – Integrated Framework (2013) , management concluded that our internal control over financial reporting was effective as of December 31, 2025. /s/ EASTGROUP PROPERTIES, INC. Ridgeland, Mississippi February 11, 2026 42 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM TO THE STOCKHOLDERS AND BOARD OF DIRECTORS EASTGROUP PROPERTIES, INC.: Opinion on Internal Control Over Financial Reporting We have audited EastGroup Properties, Inc. and subsidiaries’ (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income and comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III (collectively, the consolidated financial statements), and our report dated February 11, 2026 expressed an unqualified opinion on those consolidated financial statements. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ KPMG LLP Chicago, Illinois February 11, 2026 43 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS December 31, 2025 2024 (In thousands, except share and per share data) ASSETS Real estate properties $ 5,989,788 5,503,444 Development and value-add properties 710,200 674,472 6,699,988 6,177,916 Accumulated depreciation ( 1,583,532 ) ( 1,415,576 ) 5,116,456 4,762,340 Unconsolidated investment 7,007 7,448 Cash and cash equivalents 1,007 17,529 Other assets, net 307,337 290,159 TOTAL ASSETS $ 5,431,807 5,077,476 LIABILITIES AND EQUITY LIABILITIES Unsecured bank credit facilities, net of debt issuance costs $ 16,249 ( 3,595 ) Unsecured debt, net of debt issuance costs 1,611,026 1,507,157 Accounts payable and accrued expenses 169,945 147,342 Other liabilities 137,999 134,028 Total Liabilities 1,935,219 1,784,932 EQUITY Stockholders’ Equity: Common stock; $ 0.0001 par value; 70,000,000 shares authorized; 53,348,800 shares issued and outstanding at December 31, 2025 and 51,825,798 at December 31, 2024 5 5 Excess shares; $ 0.0001 par value; 30,000,000 shares authorized; no shares issued — — Additional paid-in capital 3,946,792 3,673,393 Distributions in excess of earnings ( 458,953 ) ( 403,172 ) Accumulated other comprehensive income 8,357 21,953 Total Stockholders’ Equity 3,496,201 3,292,179 Noncontrolling interest in joint ventures 387 365 Total Equity 3,496,588 3,292,544 TOTAL LIABILITIES AND EQUITY $ 5,431,807 5,077,476 See accompanying Notes to Consolidated Financial Statements. 44 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Years Ended December 31, 2025 2024 2023 (In thousands, except per share data) REVENUES Income from real estate operations $ 719,417 638,035 566,179 Other revenue 1,919 2,199 4,412 721,336 640,234 570,591 EXPENSES Expenses from real estate operations 192,243 174,212 154,030 Depreciation and amortization 216,732 189,411 171,078 General and administrative 23,960 20,619 16,757 Indirect leasing costs 839 785 582 433,774 385,027 342,447 OTHER INCOME (EXPENSE) Interest expense ( 32,113 ) ( 38,956 ) ( 47,996 ) Gain on sales of real estate investments — 8,751 17,965 Other 2,009 2,805 2,435 NET INCOME 257,458 227,807 200,548 Net income attributable to noncontrolling interest in joint ventures ( 56 ) ( 56 ) ( 57 ) NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS 257,402 227,751 200,491 Other comprehensive loss – Interest rate swaps ( 13,596 ) ( 2,935 ) ( 11,483 ) TOTAL COMPREHENSIVE INCOME $ 243,806 224,816 189,008 BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders $ 4.88 4.67 4.43 Weighted average shares outstanding — Basic 52,723 48,803 45,224 DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders $ 4.87 4.66 4.42 Weighted average shares outstanding — Diluted 52,814 48,911 45,331 See accompanying Notes to Consolidated Financial Statements. 45 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Common Shares Additional Paid-In Capital Distributions In Excess Of Earnings Accumulated Other Comprehensive Income Noncontrolling Interest in Joint Ventures Total (In thousands, except share and per share data) BALANCE, DECEMBER 31, 2022 $ 4 2,251,521 ( 334,898 ) 36,371 441 1,953,439 Net income — — 200,491 — 57 200,548 Net unrealized change in fair value of interest rate swaps — — — ( 11,483 ) — ( 11,483 ) Common dividends declared – $ 5.04 per share — — ( 232,066 ) — — ( 232,066 ) Stock-based compensation, net of forfeitures — 11,777 — — — 11,777 Issuance of 4,094,896 shares of common stock, common stock offering, net of expenses 1 691,477 — — — 691,478 Withheld 31,254 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock — ( 4,836 ) — — — ( 4,836 ) Withheld 184 shares of common stock to satisfy tax withholding obligations in connection with the issuance of common stock — ( 32 ) — — — ( 32 ) Net distributions to noncontrolling interest — — — — ( 191 ) ( 191 ) BALANCE, DECEMBER 31, 2023 5 2,949,907 ( 366,473 ) 24,888 307 2,608,634 Net income — — 227,751 — 56 227,807 Net unrealized change in fair value of interest rate swaps — — — ( 2,935 ) — ( 2,935 ) Common dividends declared – $ 5.34 per share — — ( 264,450 ) — — ( 264,450 ) Stock-based compensation, net of forfeitures — 12,493 — — — 12,493 Issuance of 4,071,536 shares of common stock, common stock offering, net of expenses — 717,152 — — — 717,152 Withheld 33,381 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock — ( 6,125 ) — — — ( 6,125 ) Withheld 192 shares of common stock to satisfy tax withholding obligations in connection with the issuance of common stock — ( 34 ) — — — ( 34 ) Contributions from noncontrolling interest — — — — 175 175 Net distributions to noncontrolling interest — — — — ( 173 ) ( 173 ) BALANCE, DECEMBER 31, 2024 5 3,673,393 ( 403,172 ) 21,953 365 3,292,544 Net income — — 257,402 — 56 257,458 Net unrealized change in fair value of interest rate swaps — — — ( 13,596 ) — ( 13,596 ) Common dividends declared – $ 5.90 per share — — ( 313,183 ) — — ( 313,183 ) Stock-based compensation, net of forfeitures — 13,683 — — — 13,683 Issuance of 1,482,198 shares of common stock, common stock offering, net of expenses — 263,885 — — — 263,885 Withheld 24,745 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock — ( 4,133 ) — — — ( 4,133 ) Withheld 205 shares of common stock to satisfy tax withholding obligations in connection with the issuance of common stock — ( 36 ) — — — ( 36 ) Contributions from noncontrolling interest — — — — 124 124 Net distributions to noncontrolling interest — — — — ( 158 ) ( 158 ) BALANCE, DECEMBER 31, 2025 $ 5 3,946,792 ( 458,953 ) 8,357 387 3,496,588 See accompanying Notes to Consolidated Financial Statements. 46 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Years Ended December 31, 2025 2024 2023 (In thousands) OPERATING ACTIVITIES Net income $ 257,458 227,807 200,548 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 216,732 189,411 171,078 Stock-based compensation expense 11,793 10,476 8,965 Gain on sales of real estate investments — ( 8,751 ) ( 17,965 ) Gain on sales of non-operating real estate — ( 362 ) ( 446 ) Gain on involuntary conversion and business interruption claims ( 1,763 ) ( 1,708 ) ( 4,187 ) Changes in operating assets and liabilities: Accrued income and other assets ( 18,565 ) ( 13,410 ) ( 15,415 ) Accounts payable, accrued expenses and prepaid rent 12,795 11,130 ( 5,922 ) Other 2,284 1,994 1,546 NET CASH PROVIDED BY OPERATING ACTIVITIES 480,734 416,587 338,202 INVESTING ACTIVITIES Development and value-add properties ( 321,934 ) ( 245,033 ) ( 388,213 ) Purchases of real estate properties ( 143,099 ) ( 390,011 ) ( 165,116 ) Real estate improvements ( 75,830 ) ( 59,288 ) ( 51,116 ) Net proceeds from sales of real estate investments and non-operating real estate 3,371 17,659 41,539 Leasing commissions ( 34,776 ) ( 32,154 ) ( 32,004 ) Proceeds from involuntary conversion on real estate assets 3,099 2,450 5,029 Changes in accrued development costs ( 5,066 ) ( 17,170 ) 12,163 Changes in other assets and other liabilities ( 2,046 ) ( 795 ) 7,660 NET CASH USED IN INVESTING ACTIVITIES ( 576,281 ) ( 724,342 ) ( 570,058 ) FINANCING ACTIVITIES Proceeds from unsecured bank credit facilities 340,344 64,968 471,624 Repayments on unsecured bank credit facilities ( 321,499 ) ( 64,968 ) ( 641,624 ) Proceeds from unsecured debt 250,000 — 100,000 Repayments on unsecured debt ( 145,000 ) ( 170,000 ) ( 115,000 ) Repayments on secured debt — — ( 1,970 ) Debt issuance costs ( 1,997 ) ( 3,178 ) ( 1,818 ) Distributions paid to stockholders (not including dividends accrued) ( 302,507 ) ( 252,794 ) ( 225,625 ) Proceeds from common stock offerings 264,071 717,659 692,312 Common stock offering related costs ( 186 ) ( 507 ) ( 834 ) Other ( 4,201 ) ( 6,159 ) ( 5,002 ) NET CASH PROVIDED BY FINANCING ACTIVITIES 79,025 285,021 272,063 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS ( 16,522 ) ( 22,734 ) 40,207 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 17,529 40,263 56 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 1,007 17,529 40,263 SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest, net of amounts capitalized of $ 21,730 , $ 19,823 and $ 16,235 for 2025, 2024 and 2023, respectively $ 30,558 37,185 47,228 Cash paid for operating lease liabilities 3,576 2,406 2,042 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. 47 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2025, 2024 and 2023 (1) SIGNIFICANT ACCOUNTING POLICIES (a) Principles of Consolidation The consolidated financial statements include the accounts of EastGroup Properties, Inc. (“EastGroup” or “the Company”), its wholly owned subsidiaries and the investee of any joint ventures in which the Company has a controlling interest. 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, 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, 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. All significant intercompany transactions and accounts have been eliminated in consolidation. (b) Income Taxes EastGroup, a Maryland corporation, has qualified as a real estate investment trust (“REIT”) under Sections 856-860 of the Internal Revenue Code and intends to continue to qualify as such. To maintain its status as a REIT, the Company is required to, among other things, distribute at least 90% of its ordinary taxable income to its stockholders. If the Company has a capital gain, it has the option of (i) deferring recognition of the capital gain through a tax-deferred exchange, (ii) declaring and paying a capital gain dividend on any recognized net capital gain resulting in no corporate level tax, or (iii) retaining and paying corporate income tax on its net long-term capital gain, with the shareholders reporting their proportional share of the undistributed long-term capital gain and receiving a credit or refund of their share of the tax paid by the Company. The Company distributed all of its 2025, 2024 and 2023 taxable income to its stockholders. Accordingly, no significant provisions for income taxes were necessary. The Company’s income tax treatment of share distributions is based on its taxable income, calculated in accordance with the Internal Revenue Code, which differs from U.S. generally accepted accounting principles (“GAAP”). 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 2021 and earlier tax years are closed for examination by U.S. federal, state and local tax authorities. In accordance with the provisions of ASC 740, the Company had no significant uncertain tax positions as of December 31, 2025 and 2024. (c) Income Recognition The Company’s primary source of revenue is rental income from business distribution space. Minimum rental income from real estate operations is recognized on a straight-line basis, when collectability is probable. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the terms of the individual leases. The Company assesses the collectability of rent receivables, with a focus on identifying tenant defaults and bankruptcies that could affect collection of outstanding and future receivables. Management specifically analyzes the age of receivables, the payment history and financial condition of the tenant, on a tenant-by-tenant basis. If deemed uncollectible, revenue is recognized only when lease payments are received, or until such time that collection of future rent is deemed to be probable in accordance with ASC 842, Leases . The Company’s primary source of revenue is rental income from business distribution space; as such, the Company is a lessor on a significant number of leases. The Company applies the principles of ASC 842, Leases. Initial indirect costs (primarily legal costs related to lease negotiations) are expensed rather than capitalized. EastGroup recorded Indirect leasing costs of $ 839,000 , $ 785,000 and $ 582,000 on the Consolidated Statements of Income and Comprehensive Income during the years ended December 31, 2025, 2024 and 2023, respectively. As permitted by ASC 842, Leases , EastGroup made an accounting policy election by class of underlying asset to not separate non-lease components (such as common area maintenance) of a contract from the lease component to which they relate when specific criteria are met. The Company believes its leases meet the criteria. 48 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: Years Ended December 31, 2025 2024 2023 (In thousands) Lease income — Operating leases $ 543,729 477,647 424,063 Variable lease income (1) 175,688 160,388 142,116 Income from real estate operations $ 719,417 638,035 566,179 (1) Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance. Future Minimum Rental Receipts Under Non-Cancelable Leases The Company’s leases with its customers may include various provisions such as scheduled rent increases, renewal options and termination options. The majority of the Company’s leases include defined rent increases rather than variable payments based on an index or unknown rate. In calculating the disclosures presented below, the Company included the fixed, non-cancelable terms of the leases. 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, Minimum Rental Receipts (In thousands) 2026 $ 551,905 2027 485,183 2028 402,450 2029 317,097 2030 228,970 Thereafter 448,508 Total minimum receipts $ 2,434,113 The Company recognizes gains on sales of real estate in accordance with the principles set forth in the Codification. For each transaction, the Company evaluates whether the guidance in ASC 606, Revenue from Contracts with Customers, or ASC 610, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets, is applicable. Upon closing of real estate transactions, the provisions of the Codification require consideration of whether the seller has a controlling financial interest in the entity that holds the nonfinancial asset after the transaction. 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 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 EastGroup has one reportable segment – industrial properties, consistent with the Company’s manner of internal reporting, measurement of operating results and allocation of the Company’s resources. The Company's properties are primarily in the 20,000 to 100,000 square foot range. The majority of the Company’s leases are triple net leases, in which the tenant is responsible for their pro rata share of operating expenses during the lease term, including real estate taxes, insurance and common area maintenance. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer, who uses Net income as the primary measure of operating results in making decisions. Net income is computed in accordance with U.S. generally accepted accounting principles (“GAAP”). Net income is used to evaluate the performance of the Company’s investments in real estate assets and its operating results and to allocate resources in acquiring or developing industrial properties. The following income and significant expense categories are regularly provided to the Company’s CODM as components of Net income , which are presented on the Consolidated Statements of Income and Comprehensive Income: Income from real estate operations , Expenses from real estate operations , General and administrative and Interest expense . The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. 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 49 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. Depreciation of buildings and other improvements is computed using the straight-line method over estimated useful lives of generally 40 years for buildings and 3 to 15 years for improvements. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. Depreciation expense was $ 176,180,000 , $ 155,240,000 and $ 141,003,000 for 2025, 2024 and 2023, respectively. (e) Development and Value-Add Properties Development and value-add properties consists of properties in lease-up and under construction and prospective development (primarily land). Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Properties meeting either of the following two conditions are considered value-add properties: (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. Included in these costs are management’s estimates for the portions of internal costs (primarily personnel costs) deemed related to such development activities. The internal costs are allocated to specific development projects based on development activity. As the property becomes occupied, depreciation commences on the occupied portion of the building, and costs are capitalized only for the portion of the building that remains vacant. 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, or completion of redevelopment, as applicable. 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 The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. The Company did not classify any properties as held for sale as of 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 sale or other than by sale. In addition, the Company would provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation. Results of operations and gains and losses on sales for properties sold are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income. The gains and losses on sales of operating properties are included in Gain on sales of real estate investments . The Company did not consider its sales in 2025, 2024 or 2023 to be disposals of a component of an entity or a group of components of an entity representing a strategic shift that has (or will have) a major effect on the entity’s operations and financial results. (g) Derivative Instruments and Hedging Activities EastGroup applies ASC 815, Derivatives and Hedging , which requires all entities with derivative instruments to disclose information regarding how and why the entity uses derivative instruments and how derivative instruments and related hedged items affect the entity’s financial position, financial performance and cash flows. See Note 12 for a discussion of the Company’s derivative instruments and hedging activities. 50 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (h) Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amounts approximate fair value due to the short maturity of those instruments. (i) Amortization Debt origination costs are deferred and amortized over the term of each loan using the effective interest method, and the amortization is included in Interest Expense . Amortization of debt issuance costs was $ 1,865,000 , $ 1,914,000 and $ 1,943,000 for 2025, 2024 and 2023, respectively. Amortization of facility fees was $ 960,000 , $ 1,012,000 and $ 1,005,000 for 2025, 2024 and 2023, respectively. Leasing costs are deferred and amortized using the straight-line method over the term of the lease. The related amortization expense is included in Depreciation and amortization . Leasing costs amortization expense was $ 28,026,000 , $ 25,522,000 and $ 22,133,000 for 2025, 2024 and 2023, respectively. Amortization expense for in-place lease intangibles is disclosed below in Real Estate Property Acquisitions and Acquired Intangibles . (j) Real Estate Property Acquisitions and Acquired Intangibles Upon acquisition of real estate properties, EastGroup applies the principles of ASC 805, Business Combinations. The FASB Codification provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. Under the guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. Criteria considered in grouping similar assets include geographic location, market and operational risks and the physical characteristics of the assets. EastGroup determined that its real estate property acquisitions in 2025, 2024 and 2023 are considered to be acquisitions of groups of similar identifiable assets; therefore, the acquisitions are not considered to be acquisitions of a business. As a result, the Company has capitalized acquisition costs related to its 2025, 2024 and 2023 acquisitions. The FASB Codification also provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their relative fair values. The allocation to tangible assets (land, building and improvements) is based upon management’s determination of the value of the property as if it were vacant using discounted cash flow models. Land is valued using comparable land sales specific to the applicable market, provided by a third-party. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar properties. The cost of the properties acquired may be adjusted based on indebtedness assumed from the seller that is determined to be above or below market rates. 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 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 . 51 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 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 lease intangibles $ 36,463 23,393 EastGroup acquired real estate properties during 2025, 2024 and 2023 as discussed in Note 2. The following table summarizes the allocation of the total consideration for the acquired assets and assumed liabilities in connection with the real estate property acquisitions during the years ended December 31, 2025, 2024 and 2023. Costs Incurred During the Years Ended December 31, ACQUIRED ASSETS AND ASSUMED LIABILITIES 2025 2024 2023 (In thousands) Land $ 31,590 41,815 44,676 Buildings and building improvements 101,505 312,911 111,082 Tenant and other improvements 6,800 27,049 4,346 Right of use assets — Ground leases (operating) — 21,836 — Total real estate properties acquired 139,895 403,611 160,104 In-place lease intangibles (1) 10,331 27,102 7,242 Above market lease intangibles (1) 207 121 — Below market lease intangibles (2) ( 7,334 ) ( 18,987 ) ( 2,230 ) Operating lease liabilities — Ground leases (3) — ( 21,836 ) — 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, 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. (2) Below market lease intangibles are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining terms of the associated leases in place at the time of acquisition. (3) Operating lease liabilities — Ground leases are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining terms of the associated leases in place at the time of acquisition . The leases in the properties acquired during 2025, 2024 and 2023 had a weighted average remaining lease term at acquisition of approximately 9.2 years, 5.3 years and 6.4 years, respectively. The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment. No impairment of goodwill and other intangibles existed during the years ended December 31, 2025, 2024 and 2023. (k) Stock-Based Compensation EastGroup applies the provisions of ASC 718, Compensation – Stock Compensation , to account for its stock-based compensation plans. ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The cost for market based awards and awards that only require service are expensed on a straight-line basis over the requisite service periods. The cost for performance based awards is determined using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period. This method accelerates the expensing of the award compared to the straight-line method. For awards with a performance condition, compensation expense is recognized when the performance condition is considered probable of achievement. 52 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 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 (“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 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. (m) Earnings per Share The Company applies ASC 260, Earnings Per Share , which requires companies to present basic and diluted earnings per share (“EPS”). Basic EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period. The Company’s basic EPS is calculated by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding. 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, 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. Common Stockholders by the weighted average number of common shares outstanding plus the effect of any dilutive securities including shares issuable under forward equity sale agreements and unvested restricted stock using the treasury stock method. Any anti-dilutive securities are excluded from the diluted EPS calculation. See Note 13 for details. (n) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. (o) Risks and Uncertainties The state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position. Should EastGroup experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its shareholders, service debt or meet other financial obligations. (p) Recent Accounting Pronouncements EastGroup has evaluated all FASB Accounting Standards Updates ( “ASU” ) recently released by the FASB through the date the financial statements were issued and determined that the following ASUs apply to the Company. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date . ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early 53 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 The Company classifies changes in book overdraft in which the bank has not advanced cash to the Company to cover outstanding checks as an operating activity. Such amounts are included in Accounts payable, accrued expenses and prepaid rent in the Operating Activities section on the Consolidated Statements of Cash Flows. (2) REAL ESTATE PROPERTIES AND DEVELOPMENT AND VALUE-ADD PROPERTIES The Company’s Real estate properties and Development and value-add properties at December 31, 2025 and 2024 were as follows: December 31, 2025 2024 (In thousands) Real estate properties: Land $ 951,787 888,140 Buildings and building improvements 4,173,416 3,815,850 Tenant and other improvements 829,609 761,061 Right of use assets — Ground leases (operating) (1) 34,976 38,393 Development and value-add properties (2) 710,200 674,472 6,699,988 6,177,916 Accumulated depreciation ( 1,583,532 ) ( 1,415,576 ) $ 5,116,456 4,762,340 (1) See Ground Leases discussion below for information regarding the Company’s right of use assets for ground leases. (2) Value-add properties are defined in Note 1(e). 54 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS A summary of real estate properties acquired for the years ended December 31, 2025, 2024 and 2023 follows: REAL ESTATE PROPERTIES ACQUIRED Location Size (unaudited) Date Acquired Cost (1) (Square feet) (In thousands) 2025 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 2024 OPERATING PROPERTIES ACQUIRED Spanish Ridge Industrial Park Las Vegas, NV 231,000 01/23/2024 $ 54,859 147 Exchange Raleigh, NC 274,000 05/03/2024 52,945 Hays Commerce Center 3 & 4 Austin, TX 179,000 08/19/2024 35,781 Riverpoint Industrial Park Atlanta, GA 779,000 11/12/2024 87,576 DFW Global Logistics Centre 5-8 (3) Dallas, TX 492,000 11/21/2024 75,852 Akimel Gateway (3) Phoenix, AZ 519,000 12/26/2024 82,998 Total 2024 operating property acquisitions (2) 2,474,000 $ 390,011 2023 OPERATING PROPERTIES ACQUIRED Craig Corporate Center Las Vegas, NV 156,000 04/18/2023 $ 34,365 Blue Diamond Business Park Las Vegas, NV 254,000 09/05/2023 52,973 McKinney Logistics Center Dallas, TX 193,000 10/02/2023 25,739 Park at Myatt Nashville, TN 171,000 11/03/2023 30,793 Pelzer Point Commerce Center 1 Greenville, SC 213,000 12/21/2023 21,246 Total 2023 operating property acquisitions (2) 987,000 $ 165,116 (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) 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. Excludes acquired development land as detailed below. (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 . 55 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Sales of Real Estate 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) 2025 Laura Alice Business Center San Francisco, CA 12,000 06/02/2025 $ 3,371 3,371 — 2024 Interchange Business Park and Metro Airport Commerce Center Jackson, MS 159,000 03/05/2024 $ 13,614 4,863 8,751 2023 World Houston 23 Houston, TX 125,000 03/31/2023 $ 9,327 4,518 4,809 Ettie Business Center San Francisco, CA 29,000 11/20/2023 11,638 8,845 2,793 Los Angeles Corporate Center Los Angeles, CA 77,000 12/29/2023 16,006 5,643 10,363 Total for 2023 231,000 $ 36,971 19,006 17,965 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 gains on sales of non-operating real estate are included in Other on the Consolidated Statements of Income and Comprehensive Income. Development and Value-Add Properties As of December 31, 2025, the Company’s development and value-add program consisted of projects in lease-up, under construction and prospective development (primarily land), as detailed in the table below. Costs incurred include capitalization of interest costs during the period of construction. 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. Total capital invested for development and value-add properties during 2025 was $ 321,934,000 , which primarily consisted of improvement costs of $ 196,225,000 on development and value-add properties, $ 118,584,000 for new land investments, and costs of $ 7,125,000 on properties subsequent to transfer to Real estate propertie s. 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). A summary of the Company’s Development and Value-Add Properties for the year ended December 31, 2025 follows: Actual or Estimated Building Size (unaudited) Cumulative Costs Incurred as of 12/31 /2025 Projected Total Costs (1) (unaudited) (Square feet) (In thousands) Lease-up 1,935,000 $ 230,578 $ 266,300 Under construction 1,538,000 108,005 233,600 Total lease-up and under construction 3,473,000 338,583 $ 499,900 Prospective development (primarily land) 11,798,000 371,617 Total Development and value-add properties as of December 31, 2025 15,271,000 $ 710,200 Total Development and value-add properties transferred to Real estate properties during the year ended December 31, 2025 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. 56 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. 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. With the renewal options included, expiration dates range from August 2051 to December 2085 . The Company has included renewal options in the lease terms for calculating the ground lease assets and liabilities as the Company is reasonably certain it will exercise these options. Total ground lease expenditures for the years ended December 31, 2025, 2024 and 2023 were $ 4,020,000 , $ 1,936,000 and $ 1,758,000 , respectively. 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 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. The following schedule indicates approximate future minimum ground lease payments, including renewal periods, for these properties by year as of December 31, 2025: Years Ending December 31, (In thousands) 2026 $ 2,951 2027 2,968 2028 3,040 2029 3,101 2030 3,148 Thereafter 149,219 Total minimum payments 164,427 Imputed interest (1) ( 127,355 ) Total ground lease liabilities $ 37,072 (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 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 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. 57 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (4) OTHER ASSETS A summary of the Company’s Other assets, net follows: December 31, 2025 2024 (In thousands) Leasing costs (principally commissions) $ 191,527 173,582 Accumulated amortization of leasing costs ( 73,553 ) ( 63,179 ) Leasing costs (principally commissions), net of accumulated amortization 117,974 110,403 Acquired in-place lease intangibles 64,619 59,101 Accumulated amortization of acquired in-place lease intangibles ( 28,156 ) ( 20,443 ) Acquired in-place lease intangibles, net of accumulated amortization 36,463 38,658 Acquired above market lease intangibles 674 564 Accumulated amortization of acquired above market lease intangibles ( 376 ) ( 376 ) Acquired above market lease intangibles, net of accumulated amortization 298 188 Straight-line rents receivable 100,949 83,722 Accounts receivable 11,875 10,033 Interest rate swap assets 10,500 21,953 Right of use assets — Office leases (operating) 1,666 2,228 Goodwill 990 990 Escrow deposits and prepaid costs for pending transactions 2,644 3,336 Prepaid insurance 5,728 6,469 Receivable for insurance proceeds 4,656 3,863 Prepaid expenses and other assets 13,594 8,316 Total Other assets, net $ 307,337 290,159 (5) UNSECURED BANK CREDIT FACILITIES The Company’s borrowings on unsecured bank credit facilities are detailed below: December 31, 2025 2024 (In thousands) Unsecured bank credit facilities — Variable rate, carrying amount $ 18,845 — Unamortized debt issuance costs ( 2,596 ) ( 3,595 ) 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 58 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS $ 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, 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; the Company also has two six-month extensions available if the extension options in the $ 625,000,000 facility are exercised. The interest rate is reset on a daily basis and as of December 31, 2025, was SOFR plus 77.5 basis points with an annual facility fee of 15 basis points. 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. 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, 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. Amortization of facility fees was $ 960,000 , $ 1,012,000 and $ 1,005,000 for 2025, 2024 and 2023, respectively. Amortization of debt issuance costs for the Company’s unsecured bank credit facilities was $ 1,058,000 , $ 1,036,000 and $ 1,003,000 for 2025, 2024 and 2023, respectively. The Company’s unsecured bank credit facilities have certain restrictive covenants, such as maintaining minimum debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its financial debt covenants at December 31, 2025 and 2024. (6) UNSECURED DEBT The Company’s unsecured debt is detailed below: December 31, 2025 2024 (In thousands) Unsecured debt — Fixed rate, carrying amount (1) $ 1,615,000 1,510,000 Unamortized debt issuance costs ( 3,974 ) ( 2,843 ) Unsecured debt, net of debt issuance costs $ 1,611,026 1,507,157 (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. 59 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS A summary of the carrying amount of Unsecured debt follows: Balance at December 31, Margin Interest Rate Maturity Date 2025 2024 (In thousands) $50 Million Unsecured Term Loan (1) 1.10 % 1.58 % 03/18/2025 $ — 50,000 $20 Million Senior Unsecured Notes Not applicable 3.80 % 08/28/2025 — 20,000 $25 Million Senior Unsecured Notes Not applicable 3.97 % 10/01/2025 — 25,000 $50 Million Senior Unsecured Notes Not applicable 3.99 % 10/07/2025 — 50,000 $100 Million Unsecured Term Loan (1) (2) 0.84 % 1.98 % 10/10/2026 100,000 100,000 $40 Million Senior Unsecured Notes Not applicable 3.75 % 12/15/2026 40,000 40,000 $100 Million Unsecured Term Loan (1) (2) 0.85 % 1.70 % 03/25/2027 100,000 100,000 $75 Million Unsecured Term Loan ( 1) (2) 0.84 % 3.89 % 08/31/2027 75,000 75,000 $60 Million Senior Unsecured Notes Not applicable 3.93 % 04/10/2028 60,000 60,000 $100 Million Unsecured Term Loan (1) (2) 0.85 % 2.51 % 09/29/2028 100,000 100,000 $80 Million Senior Unsecured Notes Not applicable 4.27 % 03/28/2029 80,000 80,000 $75 Million Senior Unsecured Notes Not applicable 3.47 % 08/19/2029 75,000 75,000 $100 Million Unsecured Term Loan (1) (2) (3) 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 $35 Million Senior Unsecured Notes Not applicable 3.54 % 08/15/2031 35,000 35,000 $150 Million Senior Unsecured Notes Not applicable 3.03 % 04/20/2032 150,000 150,000 $75 Million Senior Unsecured Notes Not applicable 2.71 % 10/14/2032 75,000 75,000 $75 Million Senior Unsecured Notes Not applicable 4.90 % 10/12/2033 75,000 75,000 $75 Million Senior Unsecured Notes Not applicable 4.95 % 10/12/2034 75,000 75,000 $ 1,615,000 1,510,000 (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) 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 %. The other senior unsecured notes with a principal balance of $ 50,000,000 had a fixed interest rate of 3.99 %. Both payments were made at maturity. 60 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. During the year ended December 31, 2023, EastGroup closed on a $ 100,000,000 unsecured term loan with an effectively fixed interest rate of 5.27 %. The Company refinanced a $ 100,000,000 unsecured term loan, reducing the interest rate by 45 basis points. EastGroup repaid a $ 65,000,000 unsecured term loan with an effectively fixed interest rate of 2.31 %. The Company also made a scheduled $ 50,000,000 principal repayment on its senior unsecured notes with a fixed interest rate of 3.80 %. 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. The Company currently intends to repay its debt obligations, both in the short-term and long-term, through its operating cash flows, borrowings under its unsecured bank credit facilities, proceeds from new debt (primarily unsecured), and/or proceeds from the issuance of equity instruments. 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: MATURITY DATES Principal Payments Maturing (In thousands) 2026 $ 140,000 2027 175,000 2028 160,000 2029 155,000 2030 300,000 Thereafter 685,000 Total unsecured debt, before amortization of debt issuance costs $ 1,615,000 61 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (7) ACCOUNTS PAYABLE AND ACCRUED EXPENSES A summary of the Company’s Accounts payable and accrued expenses follows: December 31, 2025 2024 (In thousands) Property taxes payable $ 14,707 11,528 Development costs payable 15,919 16,388 Retainage payable 6,324 10,920 Real estate improvements and capitalized leasing costs payable 10,341 8,753 Interest payable 8,041 8,351 Dividends payable 84,725 74,049 Book overdraft (1) 9,052 — Incentive compensation payable 8,614 6,726 Other payables and accrued expenses 12,222 10,627 Total Accounts payable and accrued expenses $ 169,945 147,342 (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 A summary of the Company’s Other liabilities follows: December 31, 2025 2024 (In thousands) Security deposits $ 48,200 43,506 Prepaid rent and other deferred income 24,894 24,813 Operating lease liabilities — Ground leases 37,072 39,387 Operating lease liabilities — Office leases 1,688 2,269 Acquired below-market lease intangibles 34,764 29,198 Accumulated amortization of acquired below-market lease intangibles ( 11,371 ) ( 6,781 ) Acquired below-market lease intangibles, net of accumulated amortization 23,393 22,417 Interest rate swap liabilities 2,143 — Other liabilities 609 1,636 Total Other liabilities $ 137,999 134,028 62 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (9) COMMON STOCK ACTIVITY The following table presents the common stock activity for the three years ended December 31, 2025, 2024, and 2023: Years Ended December 31, 2025 2024 2023 (Common stock, in shares) Shares outstanding at beginning of year 51,825,798 47,700,432 43,575,539 Common stock offerings 1,482,198 4,071,536 4,094,896 Incentive restricted stock granted 60,220 84,308 57,741 Incentive restricted stock forfeited — ( 2,545 ) ( 1,015 ) Director restricted stock granted 4,884 5,040 4,134 Employee common stock awarded 650 600 575 Stock withheld for tax obligations ( 24,950 ) ( 33,573 ) ( 31,438 ) Shares outstanding at end of year 53,348,800 51,825,798 47,700,432 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 The following table presents the Company’s common stock issuance activity sold directly through sales agents pursuant to the Company's ATM programs during the years ended December 31, 2025, 2024 and 2023: Years Ended December 31, Common Stock Issued (1) Weighted Average Price Gross Proceeds Net Proceeds (In shares) (Per share) (In thousands) 2025 33,120 $ 183.15 $ 6,066 $ 6,005 2024 1,373,459 174.30 239,390 236,996 2023 4,094,896 170.77 699,304 692,312 (1) Excludes shares of common stock sold on a forward basis as described in the following paragraph. Forward Equity Offering Activity In connection with the Current ATM program, we may sell shares of our common stock through sales agents or through certain financial institutions acting as forward 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. 63 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 — N/A $ — New forward sale agreements (1) 406,041 $ 183.92 74,679 Forward sale agreements settled — Shares issued and proceeds received — N/A — 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 received (2) ( 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 received (3) ( 1,449,078 ) 180.08 ( 260,944 ) Forward Sale Agreements Outstanding at December 31, 2025 — N/A $ — (1) The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time it entered into forward sale agreements. (2) EastGroup settled outstanding forward equity sale agreements by issuing 2,698,077 shares of common stock in exchange for net proceeds of approximately $480,663,000. (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 Equity Incentive Plan In April 2013, the Board of Directors adopted the EastGroup Properties, Inc. 2013 Equity Incentive Plan (the “2013 Equity Plan”) upon the recommendation of the Compensation Committee of the Company's Board of Directors (the “Committee”); the 2013 Equity Plan was approved by the Company’s stockholders and became effective May 29, 2013. The 2013 Equity Plan was further amended by the Board of Directors in March 2017. The 2013 Equity Plan permitted the grant of awards to employees and directors with respect to 2,000,000 shares of common stock. In April 2023, the Board of Directors adopted the EastGroup Properties, Inc. 2023 Equity Incentive Plan (the “2023 Equity Plan”) upon the recommendation of the Committee; the 2023 Equity Plan was approved by the Company’s stockholders and became effective May 25, 2023. The 2023 Equity Plan permits the grant of awards to employees and directors with respect to 1,500,000 shares of common stock. There were 1,330,959 , 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. Employee Equity Awards The Company’s restricted stock program is designed to provide incentives for management to achieve goals established by the Committee. The awards act as a retention device, as they vest over time, allowing participants to benefit from dividends on shares as well as potential stock appreciation. Equity awards align management’s interests with the long-term interests of shareholders. The Committee approves long-term and annual equity compensation awards for the Company’s executive officers. The vesting periods of the Company’s restricted stock plans vary, as determined by the Committee. Restricted stock is granted to executive officers subject to both continued service and the satisfaction of certain annual performance goals and multi-year market conditions as determined by the Committee. Long-term equity compensation awards 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 64 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: 2025 Award 2024 Award 2023 Award Valuation date 2/27/2025 2/26/2024 3/2/2023 Risk-free interest rate 4.21 % 4.65 % 4.68 % Expected share price volatility for the Company 22.08 % 22.85 % 31.01 % 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 % Number of simulation paths 1,000,000 1,000,000 1,000,000 Grant date fair value (in thousands) $ 6,903 4,442 4,885 The risk-free interest rate is based on zero coupon risk-free rates matching the three-year time period of the market performance period. The expected share price volatilities are based on a mix of the historical and implied volatilities of the Company and the peer group companies. The expected dividend yield is based on the expected annual cash dividend as of the valuation date divided by the Company’s stock price on the valuation date. These market based awards are expensed on a straight-line basis over the requisite service period ( 75 % vests at the end of the three-year performance period and 25 % vests the following year). The following table presents the total shareholder return component of the long-term compensation awards for the four years ended December 31, 2025: 2025 Award 2024 Award 2023 Award 2022 Award Grant date 2/27/2025 2/26/2024 3/2/2023 3/3/2022 Performance period 1/1/25 - 12/31/27 1/1/24 - 12/31/26 1/1/23 - 12/31/25 1/1/22 - 12/31/24 Range of earnable shares — Low end of range — — — — Range of earnable shares — High end of range 52,501 39,364 44,725 27,212 Shares determined N/A (1) N/A (1) N/A (1) 13,606 (1) The market conditions for this award have not yet been satisfied and the number of shares have not yet been determined. 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). The following table presents the service only component of the long-term compensation awards for the four years ended December 31, 2025: 2025 Award 2024 Award 2023 Award 2022 Award Grant date 2/27/2025 2/26/2024 3/2/2023 3/3/2022 Shares granted 11,250 8,436 9,583 5,830 Grant date share price $ 179.99 179.17 165.83 193.54 Annual equity compensation awards The annual equity compensation awards include components based on certain annual Company performance measures and individual annual performance goals over the upcoming year. 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. The Company begins recognizing expense for its estimate of the shares that could be earned pursuant to these awards on the grant date; the expense is adjusted to estimated performance levels during the performance period and to actual upon the determination of the awards. 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 ). 65 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: 2025 Award 2024 Award 2023 Award Grant date 2/27/2025 2/26/2024 3/2/2023 Performance period 1/1/25 - 12/31/25 1/1/24 - 12/31/24 1/1/23 - 12/31/23 Range of earnable shares — Low end of range — — — Range of earnable shares — High end of range 14,784 18,548 21,438 Shares determined N/A (1) 16,444 21,438 Grant date share price $ 179.99 179.17 165.83 (1) The performance conditions for this award have not yet been satisfied and the number of shares have not yet been determined. Any shares issued pursuant to the individual annual performance goals are determined by the Committee in its discretion following the performance period. The Company begins recognizing the expense for the shares on the grant date and expenses on a straight-line basis over the remaining service period ( 34 % vests at the end of the one year performance period and 33 % vests in each of the following two years ). The following table presents the individual performance goals component of the annual equity compensation awards for the three years ended December 31, 2025: 2025 Award 2024 Award 2023 Award Grant date N/A (1) 2/12/2025 2/14/2024 Performance period 1/1/25 - 12/31/25 1/1/24 - 12/31/24 1/1/23 - 12/31/23 Range of earnable shares — Low end of range — — — Range of earnable shares — High end of range 4,501 5,652 5,358 Shares determined N/A (1) 4,670 4,814 Grant date share price N/A (1) $ 178.86 183.46 (1) For this award, the performance conditions and grant date criteria under ASC 718, Compensation - Stock Compensation, have not yet been satisfied and the date of grant and resulting number of shares have not yet been determined. Equity compensation is also awarded to the Company’s non-executive officers, which are subject to service only conditions and expensed on a straight-line basis over the requisite service period ( 20 % vests in each of the following five years ). The total compensation expense is based upon the fair market value of the shares on the grant date. The following table presents the compensation awards to non-executive officers for the three years ended December 31, 2025: 2025 Award 2024 Award 2023 Award Grant date 8/25/2025 8/5/2024 6/20/2023 Shares granted 14,250 12,150 11,325 Grant date share price $ 168.36 179.35 172.70 The Committee has adopted an Equity Award Retirement Policy (the “retirement policy”) which allows for accelerated vesting of unvested shares for retirement-eligible employees (defined as employees who meet certain age and years of service requirements). In order to qualify for accelerated vesting upon retirement, the eligible employees must provide required notification under the retirement policy and must retire from the Company. The Company has adjusted its stock-based compensation expense to accelerate the recognition of expense for retirement-eligible employees. Stock-based compensation cost for employees was $ 12,864,000 , $ 11,729,000 and $ 11,013,000 for 2025, 2024 and 2023, respectively, of which $ 1,890,000 , $ 2,017,000 and $ 2,812,000 were capitalized as part of the Company’s development costs for the respective years. 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. 66 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. Of the shares that vested in 2025, 2024 and 2023, 24,745 shares, 33,381 shares and 31,254 shares, respectively, were withheld by the Company to satisfy the tax obligations for those employees who elected this option as permitted under the applicable equity plan. Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to employees with the related weighted average grant date fair value share prices for 2025, 2024 and 2023. As of the grant dates, the aggregate fair value of shares that were granted during 2025, 2024 and 2023 was $ 11,117,000 , $ 11,270,000 and $ 8,562,000 , respectively. 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, 2025 2024 2023 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 84,069 $ 160.72 80,282 $ 153.43 96,708 $ 131.79 Granted (1) (2) 60,220 184.61 84,308 133.68 57,741 148.28 Forfeited — — ( 2,545 ) 156.45 ( 1,015 ) 144.79 Vested ( 59,819 ) 163.92 ( 77,976 ) 124.12 ( 73,152 ) 120.87 Unvested at end of year 84,470 175.49 84,069 160.72 80,282 153.43 (1) Includes restricted shares granted during the year without performance or market conditions. Also includes restricted shares granted in previous years, for long-term and annual equity compensation awards for the Company's executive officers, for which performance based or market based conditions have been satisfied and the resulting number of shares have been determined during the year. (2) Does not include restricted shares subject to open performance periods. For the long-term equity compensation awards established in 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 . Following is a vesting schedule of the total unvested shares for employees as of December 31, 2025: Unvested Shares Vesting Schedule Number of Shares 2026 38,566 2027 23,089 2028 11,984 2029 7,981 2030 2,850 Total Unvested Shares 84,470 Directors Equity Awards The Board of Directors has adopted a policy under the 2023 Equity Plan pursuant to which awards will be made to non-employee Directors. The current policy provides that the Company shall automatically award an annual restricted share award to each non-employee Director who has been elected or re-elected as a member of the Board of Directors at the Annual Meeting. The number of shares shall be equal to $ 135,000 divided by the fair market value of a share on the date of such election. If a non-employee Director is elected or appointed to the Board of Directors other than at an Annual Meeting of the Company, the annual restricted share award shall be pro-rated. The restricted shares vest in full on the earlier of the one-year anniversary of the date of grant or the next annual meeting of shareholders following the date of grant, subject to the non-employee director’s continued service on the Board through such vesting date, subject to certain exceptions. The shares are expensed on a straight-line basis over the service period. The policy also provides that each new non-employee Director appointed or elected will receive an automatic award of restricted shares of Common Stock on the effective date of election or appointment equal to $ 25,000 divided by the fair market value of the Company’s Common Stock on such date. These restricted shares will vest 25 % per year over a four -year period upon the performance of future service as a Director, subject to certain exceptions. The shares are expensed on a straight-line basis over the service period. 67 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES 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. Stock-based compensation expense for directors was $ 819,000 , $ 764,000 and $ 764,000 for 2025, 2024 and 2023, respectively. Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to directors with the related weighted average grant date fair value share prices for 2025, 2024 and 2023. As of the grant dates, the aggregate fair value of shares that were granted during 2025, 2024 and 2023 was $ 811,000 , $ 811,000 and $ 661,000 , respectively. As of the vesting dates, the fair value of shares that vested during 2025, 2024 and 2023 was $ 842,000 , $ 680,000 and $ 904,000 , respectively. Restricted Stock Activity: Years Ended December 31, 2025 2024 2023 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of year 5,104 $ 161.33 4,282 $ 160.15 5,800 $ 158.31 Granted 4,884 165.99 5,040 160.87 4,134 159.79 Forfeited — — — — — — Vested ( 5,072 ) 161.10 ( 4,218 ) 159.58 ( 5,652 ) 158.00 Unvested at end of year 4,916 166.20 5,104 161.33 4,282 160.15 (11) COMPREHENSIVE INCOME Total Comprehensive Income is comprised of net income plus all other changes in equity from non-owner sources and is presented on the Consolidated Statements of Income and Comprehensive Income. The components of Accumulated other comprehensive income for 2025, 2024 and 2023 are presented in the Company’s Consolidated Statements of Changes in Equity and are summarized below. See Note 12 for information regarding the Company’s interest rate swaps. Years Ended December 31, 2025 2024 2023 ACCUMULATED OTHER COMPREHENSIVE INCOME: (In thousands) Balance at beginning of year $ 21,953 24,888 36,371 Other comprehensive loss — Interest rate swaps ( 13,596 ) ( 2,935 ) ( 11,483 ) Balance at end of year $ 8,357 21,953 24,888 (12) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and, to a limited extent, the use of derivative instruments. Specifically, the Company has entered into derivative instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative instruments, described below, are used to manage differences in the amount, timing and duration of the Company’s known or expected cash payments principally related to certain of the Company’s borrowings. The Company’s objective in using interest rate derivatives is to change variable interest rates to fixed interest rates by using interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the term of the agreements without exchange of the underlying notional amount. 68 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES 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: NOTIONAL VALUE OF INTEREST RATE DERIVATIVES December 31, 2025 December 31, 2024 (In thousands) Interest Rate Swap $ 100,000 100,000 Interest Rate Swap 100,000 100,000 Interest Rate Swap — 50,000 Interest Rate Swap 100,000 100,000 Interest Rate Swap 75,000 75,000 Interest Rate Swap 100,000 100,000 Interest Rate Swap 50,000 — 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. FAIR VALUE OF DERIVATIVES DESIGNATED AS CASH FLOW HEDGES December 31, 2025 December 31, 2024 (In thousands) Interest rate swap assets (1) $ 10,500 21,953 Interest rate swap liabilities (2) 2,143 — (1) Included in Other assets, net on the Consolidated Balance Sheets . (2) Included in Other liabilities on the Consolidated Balance Sheets. The table below presents the effect of the Company’s derivative financial instruments (interest rate swaps) on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2025, 2024 and 2023: Years Ended December 31, EFFECT OF CASH FLOW HEDGES ON OTHER COMPREHENSIVE LOSS 2025 2024 2023 (In thousands) Amount of income (loss) recognized in Other comprehensive loss on derivatives $ ( 2,675 ) 14,869 6,319 Amount of (income) reclassified from Accumulated other comprehensive income into Interest expense ( 10,921 ) ( 17,804 ) ( 17,802 ) See Note 11 for additional information on the Company’s Accumulated other comprehensive income resulting from its interest rate swaps. 69 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. The Company believes it minimizes the credit risk by transacting with financial institutions the Company regards as credit-worthy. 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, 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. (13) EARNINGS PER SHARE Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows: Years Ended December 31, 2025 2024 2023 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator — Net income attributable to common stockholders $ 257,402 227,751 200,491 Denominator — Weighted average shares outstanding — Basic 52,723 48,803 45,224 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator — Net income attributable to common stockholders $ 257,402 227,751 200,491 Denominator: Weighted average shares outstanding — Basic 52,723 48,803 45,224 Effect of dilutive securities (1) 91 108 107 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 EastGroup maintains a 401(k) plan for its employees. The Company makes matching contributions of 50 % of the employee’s contribution (limited to 10 % of compensation as defined by the plan) and may also make annual discretionary contributions. The Company’s total expense for this plan was $ 1,409,000 , $ 1,317,000 and $ 1,246,000 for 2025, 2024 and 2023, respectively. (15) LEGAL MATTERS The Company is not presently involved in any material litigation nor, to its knowledge, is any material litigation threatened against the Company or its properties, other than routine litigation arising in the ordinary course of business. (16) FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. 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). 70 EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at December 31, 2025 and 2024. December 31, 2025 2024 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 1,007 1,007 17,529 17,529 Interest rate swap assets 10,500 10,500 21,953 21,953 Financial Liabilities: Unsecured bank credit facilities — Variable rate (2) 18,845 18,883 — — Unsecured debt (2) 1,615,000 1,548,414 1,510,000 1,403,754 Interest rate swap liabilities 2,143 2,143 — — (1) Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as indicated in the notes below. (2) Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 5 and 6 for additional information). The following methods and assumptions were used to estimate the fair value of each class of financial instruments: • Cash and cash equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amounts approximate fair value due to the short maturity of those instruments. • 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: The fair value of the Company’s unsecured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs. • Interest rate swap liabilities (included in Other liabilities 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. 71 SCHEDULE III 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 Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total Real Estate Properties (c) : Industrial: FLORIDA Tampa Westport Commerce Center $ 980 3,800 4,827 980 8,627 — 9,607 6,383 1994 1983/87 Benjamin Distribution Center 1 & 2 843 3,963 2,565 883 6,488 — 7,371 5,058 1997 1996 Benjamin Distribution Center 3 407 1,503 874 407 2,377 — 2,784 1,986 1999 1988 Palm River Center 1,190 4,625 4,608 1,190 9,233 — 10,423 6,816 1997/98 1990/97/98 Palm River North 1 & 3 1,005 4,688 4,984 1,005 9,672 — 10,677 6,239 1998 2000 Palm River North 2 634 4,418 1,953 634 6,371 — 7,005 4,152 1997/98 1999 Palm River South 1 655 3,187 1,409 655 4,596 — 5,251 2,783 2000 2005 Palm River South 2 655 — 5,441 655 5,441 — 6,096 3,412 2000 2006 Walden Distribution Center 1 337 3,318 2,242 337 5,560 — 5,897 3,550 1997/98 2001 Walden Distribution Center 2 465 3,738 1,804 465 5,542 — 6,007 4,121 1998 1998 Oak Creek Distribution Center 1 1,109 6,126 2,017 1,109 8,143 — 9,252 5,735 1998 1998 Oak Creek Distribution Center 2 647 3,603 2,398 647 6,001 — 6,648 4,026 2003 2001 Oak Creek Distribution Center 3 439 — 3,668 556 3,551 — 4,107 1,981 2005 2007 Oak Creek Distribution Center 4 682 6,472 1,324 682 7,796 — 8,478 4,616 2005 2001 Oak Creek Distribution Center 5 724 — 6,681 916 6,489 — 7,405 3,579 2005 2007 Oak Creek Distribution Center 6 642 — 6,314 812 6,144 — 6,956 3,361 2005 2008 Oak Creek Distribution Center 7 740 — 6,481 740 6,481 — 7,221 1,878 2005 2017 Oak Creek Distribution Center 8 843 — 6,501 1,051 6,293 — 7,344 1,992 2005 2015 Oak Creek Distribution Center 9 618 — 5,266 781 5,103 — 5,884 2,528 2005 2009 Oak Creek Distribution Center 10 106 — 1,905 352 1,659 — 2,011 22 2005 n/a Oak Creek Distribution Center A 185 — 1,573 185 1,573 — 1,758 831 2005 2008 Oak Creek Distribution Center B 227 — 1,682 227 1,682 — 1,909 875 2005 2008 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 Westlake Distribution Center 1,333 6,998 3,093 1,333 10,091 — 11,424 7,656 1998 1998/99 Expressway Commerce Center 1 915 5,346 1,954 915 7,300 — 8,215 4,867 2002 2004 72 SCHEDULE III 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 Expressway Commerce Center 2 1,013 3,247 1,356 1,013 4,603 — 5,616 3,078 2003 2001 Silo Bend Distribution Center 4,131 27,497 8,484 4,132 35,980 — 40,112 15,939 2011 1987/90 Tampa East Distribution Center 791 4,758 1,239 791 5,997 — 6,788 2,793 2011 1984 Tampa West Distribution Center 2,139 8,502 3,429 2,140 11,930 — 14,070 4,886 2011 1975/93/94 Madison Distribution Center 495 2,779 630 495 3,409 — 3,904 1,580 2012 2007 Madison Distribution Center 2 & 3 624 — 7,402 624 7,402 — 8,026 2,562 2012 2015 Madison Distribution Center 4 & 5 565 — 8,633 565 8,633 — 9,198 2,924 2012 2016 Grand Oaks 75 Business Center 1 3,572 12,979 373 3,572 13,352 — 16,924 3,228 2019 2017 Grand Oaks 75 Business Center 2 2,589 10,226 2,393 2,589 12,619 — 15,208 2,594 2019 2019 Grand Oaks 75 Business Center 3 1,767 — 9,957 1,770 9,954 — 11,724 1,563 2019 2021 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 Orlando Chancellor Center 291 1,711 750 291 2,461 — 2,752 1,908 1996/97 1996/97 Exchange Distribution Center 1 603 2,414 3,814 603 6,228 — 6,831 4,542 1994 1975 Exchange Distribution Center 2 300 945 555 300 1,500 — 1,800 1,165 2002 1976 Exchange Distribution Center 3 320 997 554 320 1,551 — 1,871 1,158 2002 1980 Sunbelt Distribution Center 1,472 5,745 8,537 1,472 14,282 — 15,754 11,320 1989/97/98 1974/87/97/98 John Young Commerce Center 1 497 2,444 2,039 497 4,483 — 4,980 3,356 1997/98 1997/98 John Young Commerce Center 2 512 3,613 875 512 4,488 — 5,000 3,463 1998 1999 Sunport Center 1 555 1,977 1,387 555 3,364 — 3,919 2,457 1999 1999 Sunport Center 2 597 3,271 2,313 597 5,584 — 6,181 4,502 1999 2001 Sunport Center 3 642 3,121 1,519 642 4,640 — 5,282 3,339 1999 2002 Sunport Center 4 642 2,917 2,554 642 5,471 — 6,113 4,007 1999 2004 Sunport Center 5 750 2,509 4,163 750 6,672 — 7,422 4,350 1999 2005 Sunport Center 6 672 — 3,821 672 3,821 — 4,493 2,247 1999 2006 Southridge Commerce Park 1 373 — 5,702 373 5,702 — 6,075 3,910 2003 2006 Southridge Commerce Park 2 342 — 5,180 342 5,180 — 5,522 3,142 2003 2007 Southridge Commerce Park 3 547 — 6,118 547 6,118 — 6,665 3,397 2003 2007 Southridge Commerce Park 4 506 — 5,168 506 5,168 — 5,674 2,989 2003 2006 73 SCHEDULE III 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 Southridge Commerce Park 5 382 — 5,382 382 5,382 — 5,764 3,112 2003 2006 Southridge Commerce Park 6 571 — 6,369 571 6,369 — 6,940 3,463 2003 2007 Southridge Commerce Park 7 520 — 7,124 520 7,124 — 7,644 3,901 2003 2008 Southridge Commerce Park 8 531 — 6,808 531 6,808 — 7,339 3,276 2003 2008 Southridge Commerce Park 9 468 — 6,524 468 6,524 — 6,992 3,115 2003 2012 Southridge Commerce Park 10 414 — 4,972 414 4,972 — 5,386 1,942 2003 2012 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 Horizon Commerce Park 2 1,111 — 7,861 1,111 7,861 — 8,972 2,955 2008 2014 Horizon Commerce Park 3 991 — 6,695 991 6,695 — 7,686 2,110 2008 2016 Horizon Commerce Park 4 1,097 — 8,584 1,097 8,584 — 9,681 3,214 2008 2015 Horizon Commerce Park 5 1,108 — 8,654 1,108 8,654 — 9,762 2,616 2008 2017 Horizon Commerce Park 6 1,099 — 11,363 1,099 11,363 — 12,462 2,862 2008 2019 Horizon Commerce Park 7 962 — 8,248 962 8,248 — 9,210 2,629 2008 2017 Horizon Commerce Park 8 & 9 1,590 — 16,695 1,590 16,695 — 18,285 3,532 2008 2019 Horizon Commerce Park 10 846 — 6,731 846 6,731 — 7,577 1,586 2009 2018 Horizon Commerce Park 11 1,101 — 10,014 1,101 10,014 — 11,115 2,326 2009 2019 Horizon Commerce Park 12 1,416 — 10,776 1,416 10,776 — 12,192 3,094 2009 2017 Horizon West 1 1,326 — 11,082 1,326 11,082 — 12,408 936 2020 2023 Horizon West 2 & 3 2,895 — 16,033 2,895 16,033 — 18,928 2,627 2020 2021 Horizon West 4 4,047 — 23,993 4,047 23,993 — 28,040 2,228 2020 2022 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 Jacksonville Deerwood Distribution Center 1,147 1,799 7,211 1,147 9,010 — 10,157 6,508 1989 1978 Phillips Distribution Center 1,375 2,961 6,758 1,375 9,719 — 11,094 7,319 1994 1984/95 Lake Pointe Business Park 3,442 6,450 13,839 3,442 20,289 — 23,731 16,456 1993 1986/87 Ellis Distribution Center 540 7,513 5,069 540 12,582 — 13,122 8,042 1997 1977 Westside Distribution Center 2,011 15,374 12,076 2,011 27,450 — 29,461 18,816 1997/2008 1984/85 74 SCHEDULE III 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 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 Ft. Lauderdale/Palm Beach area Linpro Commerce Center 613 2,243 4,494 616 6,734 — 7,350 5,878 1996 1986 Lockhart Distribution Center — 3,489 3,897 — 7,386 2,412 9,798 6,222 1997 1986 Interstate Commerce Center 485 2,652 2,327 485 4,979 — 5,464 3,819 1998 1988 Executive Airport Distribution Ctr 1,991 4,857 6,768 1,991 11,625 — 13,616 7,160 2001 2004/06 Sample 95 Business Park 2,202 8,785 5,650 2,202 14,435 — 16,637 11,261 1996/98 1990/99 Blue Heron Distribution Center 975 3,626 4,294 975 7,920 — 8,895 5,453 1999 1986 Blue Heron Distribution Center 2 1,385 4,222 2,642 1,385 6,864 — 8,249 4,341 2004 1988 Blue Heron Distribution Center 3 450 — 3,152 450 3,152 — 3,602 1,607 2004 2009 Weston Commerce Park 4,163 9,951 2,130 4,163 12,081 — 16,244 3,279 2016 1998 Fort Myers SunCoast Commerce Center 1 911 — 5,571 928 5,554 — 6,482 2,778 2005 2008 SunCoast Commerce Center 2 911 — 5,718 928 5,701 — 6,629 2,973 2005 2007 SunCoast Commerce Center 3 1,720 — 7,434 1,763 7,391 — 9,154 3,642 2006 2008 SunCoast Commerce Center 4 1,733 — 8,278 1,762 8,249 — 10,011 2,344 2006 2017 SunCoast Commerce Center 5 1,511 — 6,911 1,594 6,828 — 8,422 2,053 2006 2019 SunCoast Commerce Center 6 1,537 — 7,537 1,594 7,480 — 9,074 1,795 2006 2019 SunCoast Commerce Center 7 1,533 — 7,193 1,533 7,193 — 8,726 1,264 2006 2020 SunCoast Commerce Center 8 1,533 — 6,863 1,533 6,863 — 8,396 1,719 2006 2020 SunCoast Commerce Center 9 1,011 — 15,375 1,011 15,375 — 16,386 408 2020 2024 SunCoast Commerce Center 10 732 — 12,571 732 12,571 — 13,303 864 2020 2023 SunCoast Commerce Center 11 785 — 9,038 785 9,038 — 9,823 967 2020 2023 SunCoast Commerce Center 12 785 — 7,840 785 7,840 — 8,625 833 2020 2022 Miami Gateway Commerce Park 1 5,746 — 18,012 5,746 18,012 — 23,758 5,189 2016 2018 Gateway Commerce Park 2 3,224 — 19,249 3,224 19,249 — 22,473 1,864 2016 2023 Gateway Commerce Park 3 5,491 — 13,133 3,176 15,448 — 18,624 1,750 2016 2022 75 SCHEDULE III 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 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 CALIFORNIA San Francisco area Wiegman Distribution Center 1 2,197 8,788 5,230 2,308 13,907 — 16,215 9,196 1996 1986/87 Wiegman Distribution Center 2 2,579 4,316 860 2,579 5,176 — 7,755 1,916 2012 1998 Huntwood Distribution Center 3,842 15,368 5,215 3,842 20,583 — 24,425 15,560 1996 1988 San Clemente Distribution Center 893 2,004 1,000 893 3,004 — 3,897 2,400 1997 1978 Yosemite Distribution Center 259 7,058 3,462 731 10,048 — 10,779 6,718 1999 1974/87 6th Street Business Center 1,438 9,513 105 1,438 9,618 — 11,056 941 2022 1966 Benicia Distribution Center 1 6,632 36,362 2,663 6,632 39,025 — 45,657 3,925 2022 2005 Benicia Distribution Center 2 7,027 36,679 3,529 7,027 40,208 — 47,235 4,054 2022 2001 Benicia Distribution Center 3 2,136 9,792 384 2,136 10,176 — 12,312 1,088 2022 1998 Benicia Distribution Center 4 3,191 12,993 1,065 3,191 14,058 — 17,249 1,523 2022 1979 Benicia Distribution Center 5 3,161 16,885 323 3,161 17,208 — 20,369 1,751 2022 2007 Preston Distribution Center 7,261 33,833 1,736 7,261 35,569 — 42,830 3,796 2022 1998 Sinclair Distribution Center 12,488 27,259 735 12,488 27,994 — 40,482 2,814 2022 1983 Transit Distribution Center 21,317 10,635 1,221 21,317 11,856 — 33,173 1,342 2022 1971 Whipple Business Center 17,984 15,344 1,466 17,984 16,810 — 34,794 1,951 2022 1986 Zephyr Distribution Center 18,033 10,602 806 18,033 11,408 — 29,441 1,552 2022 1991 Los Angeles area Eucalyptus Distribution Center 11,392 11,498 978 11,392 12,476 — 23,868 2,957 2018 1988 Kingsview Industrial Center 643 2,573 1,456 643 4,029 — 4,672 2,869 1996 1980 Dominguez Distribution Center 2,006 8,025 4,650 2,006 12,675 — 14,681 9,488 1996 1977 Main Street Distribution Center 1,606 4,103 1,320 1,606 5,423 — 7,029 3,975 1999 1999 Walnut Business Center 2,885 5,274 3,732 2,885 9,006 — 11,891 6,919 1996 1966/90 Washington Distribution Center 1,636 4,900 1,612 1,636 6,512 — 8,148 4,457 1997 1996/97 Chino Distribution Center 2,544 10,175 2,151 2,544 12,326 — 14,870 11,139 1998 1980 Ramona Distribution Center 3,761 5,751 1,008 3,761 6,759 — 10,520 1,850 2014 1984 76 SCHEDULE III 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 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 Rancho Distribution Center 16,180 11,140 828 16,180 11,968 — 28,148 2,039 2020 2006 Fresno Shaw Commerce Center 2,465 11,627 13,760 2,465 25,387 — 27,852 16,743 1998 1978/81/87 San Diego Eastlake Distribution Center 3,046 6,888 3,935 3,046 10,823 — 13,869 7,434 1997 1989 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 Rocky Point Distribution Center 1 8,857 13,388 349 8,857 13,737 — 22,594 3,309 2019 2019 Rocky Point Distribution Center 2 7,623 11,614 1,628 7,623 13,242 — 20,865 2,461 2019 2019 Siempre Viva Distribution Center 1 4,628 9,211 469 4,628 9,680 — 14,308 2,032 2018 2003 Siempre Viva Distribution Center 2 2,868 5,694 1,144 2,877 6,829 — 9,706 1,077 2019 2002 Siempre Viva Distribution Center 3-6 31,815 100,861 739 31,815 101,600 — 133,415 13,035 2021 2001-2003 Speed Distribution Center 15,282 — 57,130 15,114 57,298 — 72,412 6,163 2019 2022 Sacramento Cebrian Distribution Center 2,360 13,488 659 2,360 14,147 — 16,507 1,750 2022 1975 Reed Distribution Center 5,887 28,195 1,500 5,887 29,695 — 35,582 3,289 2022 1990 TENNESSEE Nashville Park at Myatt 2,463 27,813 2,049 2,463 29,862 — 32,325 2,424 2023 2022 TEXAS Dallas Allen Station 1 & 2 5,815 17,612 2,559 5,815 20,171 — 25,986 6,477 2018 2001 Interstate Warehouse 1 & 2 1,746 4,941 5,156 1,746 10,097 — 11,843 8,634 1988 1978 Interstate Warehouse 3 519 2,008 1,997 519 4,005 — 4,524 3,043 2000 1979 Interstate Warehouse 4 416 2,481 955 416 3,436 — 3,852 2,393 2004 2002 Interstate Warehouse 5, 6 & 7 1,824 4,106 2,999 1,824 7,105 — 8,929 5,067 2009 1979/80/81 LakePort 1-3 2,984 — 22,689 2,984 22,689 — 25,673 5,317 2018 2020 LakePort 4 & 5 2,716 — 21,610 2,716 21,610 — 24,326 2,495 2018 2023 77 SCHEDULE III 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 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 Shady Trail Distribution Center 635 3,621 1,609 635 5,230 — 5,865 3,644 2003 1998 Valwood Distribution Center 4,361 34,405 6,579 4,361 40,984 — 45,345 18,178 2012 1986/87/97/98 Northfield Distribution Center 12,470 50,713 11,777 12,471 62,489 — 74,960 27,947 2013 1999-2001/03/04/08 CreekView 1 & 2 3,275 — 15,075 3,275 15,075 — 18,350 5,299 2015 2017 CreekView 3 & 4 2,600 — 13,906 2,600 13,906 — 16,506 4,695 2015 2018 CreekView 5 & 6 2,682 — 13,403 2,681 13,404 — 16,085 3,986 2016 2020 CreekView 7 & 8 2,640 — 15,737 2,640 15,737 — 18,377 3,340 2016 2020 CreekView 9 & 10 3,985 — 12,389 3,987 12,387 — 16,374 1,481 2020 2022 The Rock at Star Business Park 5,296 27,223 324 5,296 27,547 — 32,843 7,690 2020 2019 DFW Global Logistics Centre 1-4 — 86,564 2,368 — 88,932 9,474 98,406 13,236 2021 2014/15 DFW Global Logistics Centre 5-8 — 75,259 771 — 76,030 9,790 85,820 3,024 2024 2017/20 McKinney 1 & 2 3,419 — 24,136 3,419 24,136 — 27,555 1,599 2020 2023 McKinney 3 & 4 4,228 — 22,729 4,228 22,729 — 26,957 3,138 2020 2022 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 Fort Worth Arlington Tech Centre 1 & 2 2,510 10,096 3,711 2,515 13,802 — 16,317 3,202 2019 2019 Arlington Tech Centre 3 1,725 — 8,408 1,725 8,408 — 10,133 746 2020 2023 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 Parc North 5 1,286 — 8,339 1,286 8,339 — 9,625 2,317 2016 2019 Parc North 6 1,233 — 9,776 1,233 9,776 — 11,009 2,687 2016 2019 Houston World Houston Int’l Business Ctr 1 & 2 660 5,893 3,458 660 9,351 — 10,011 6,521 1998 1996 World Houston Int’l Business Ctr 3 & 4 820 5,130 1,353 707 6,596 — 7,303 4,695 1998 1998 World Houston Int’l Business Ctr 6 425 2,423 1,076 425 3,499 — 3,924 2,489 1998 1998 78 SCHEDULE III 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 World Houston Int’l Business Ctr 7 & 8 680 4,584 6,256 680 10,840 — 11,520 7,967 1998 1998 World Houston Int’l Business Ctr 9 800 4,355 3,069 800 7,424 — 8,224 4,818 1998 1998 World Houston Int’l Business Ctr 10 933 4,779 1,252 933 6,031 — 6,964 3,935 2001 1999 World Houston Int’l Business Ctr 11 638 3,764 1,832 638 5,596 — 6,234 4,011 1999 1999 World Houston Int’l Business Ctr 12 340 2,419 969 340 3,388 — 3,728 2,162 2000 2002 World Houston Int’l Business Ctr 13 282 2,569 1,150 282 3,719 — 4,001 2,746 2000 2002 World Houston Int’l Business Ctr 14 722 2,629 1,796 722 4,425 — 5,147 3,234 2000 2003 World Houston Int’l Business Ctr 15 249 — 2,888 249 2,888 — 3,137 1,874 2000 2007 World Houston Int’l Business Ctr 16 519 4,248 2,575 519 6,823 — 7,342 4,469 2000 2005 World Houston Int’l Business Ctr 17 373 1,945 1,072 373 3,017 — 3,390 1,889 2000 2004 World Houston Int’l Business Ctr 19 373 2,256 1,711 373 3,967 — 4,340 2,653 2000 2004 World Houston Int’l Business Ctr 20 1,008 1,948 2,277 1,008 4,225 — 5,233 3,292 2000 2004 World Houston Int’l Business Ctr 21 436 — 4,243 436 4,243 — 4,679 2,663 2000/03 2006 World Houston Int’l Business Ctr 22 436 — 4,671 436 4,671 — 5,107 2,917 2000 2007 World Houston Int’l Business Ctr 24 837 — 6,831 838 6,830 — 7,668 4,002 2005 2008 World Houston Int’l Business Ctr 25 508 — 4,656 508 4,656 — 5,164 2,730 2005 2008 World Houston Int’l Business Ctr 26 445 — 3,541 445 3,541 — 3,986 1,788 2005 2008 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 28 550 — 4,836 550 4,836 — 5,386 2,911 2005 2009 World Houston Int’l Business Ctr 29 782 — 4,212 974 4,020 — 4,994 2,069 2007 2009 World Houston Int’l Business Ctr 30 981 — 6,543 1,222 6,302 — 7,524 3,422 2007 2009 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 World Houston Int’l Business Ctr 33 1,166 — 8,285 1,166 8,285 — 9,451 3,512 2011 2013 World Houston Int’l Business Ctr 34 439 — 3,589 439 3,589 — 4,028 1,483 2005 2012 World Houston Int’l Business Ctr 35 340 — 2,585 340 2,585 — 2,925 996 2005 2012 World Houston Int’l Business Ctr 36 684 — 5,106 684 5,106 — 5,790 2,291 2011 2013 World Houston Int’l Business Ctr 37 759 — 7,074 759 7,074 — 7,833 3,039 2011 2013 World Houston Int’l Business Ctr 38 1,053 — 7,961 1,053 7,961 — 9,014 3,574 2011 2013 79 SCHEDULE III 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 World Houston Int’l Business Ctr 39 620 — 5,482 621 5,481 — 6,102 1,934 2011 2014 World Houston Int’l Business Ctr 40 1,072 — 9,359 1,072 9,359 — 10,431 3,426 2011 2014 World Houston Int’l Business Ctr 41 649 — 6,151 649 6,151 — 6,800 2,306 2011 2014 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 Beltway Crossing Business Park 1 458 5,712 3,512 458 9,224 — 9,682 6,699 2002 2001 Beltway Crossing Business Park 2 415 — 3,339 415 3,339 — 3,754 2,016 2005 2007 Beltway Crossing Business Park 3 460 — 3,775 460 3,775 — 4,235 2,111 2005 2008 Beltway Crossing Business Park 4 460 — 3,430 460 3,430 — 3,890 2,094 2005 2008 Beltway Crossing Business Park 5 701 — 5,508 701 5,508 — 6,209 3,299 2005 2008 Beltway Crossing Business Park 6 618 — 6,580 618 6,580 — 7,198 3,378 2005 2008 Beltway Crossing Business Park 7 765 — 6,662 765 6,662 — 7,427 3,584 2005 2009 Beltway Crossing Business Park 8 721 — 5,931 721 5,931 — 6,652 3,232 2005 2011 Beltway Crossing Business Park 9 418 — 2,152 418 2,152 — 2,570 917 2007 2012 Beltway Crossing Business Park 10 733 — 4,146 733 4,146 — 4,879 1,755 2007 2012 Beltway Crossing Business Park 11 690 — 4,605 690 4,605 — 5,295 1,876 2007 2013 West Road Business Park 1 621 — 4,336 541 4,416 — 4,957 1,797 2012 2014 West Road Business Park 2 981 — 4,969 854 5,096 — 5,950 1,924 2012 2014 West Road Business Park 3 597 — 4,391 520 4,468 — 4,988 1,478 2012 2015 West Road Business Park 4 621 — 4,833 541 4,913 — 5,454 1,867 2012 2015 West Road Business Park 5 484 — 4,512 421 4,575 — 4,996 1,596 2012 2018 Ten West Crossing 1 566 — 3,144 566 3,144 — 3,710 1,414 2012 2013 Ten West Crossing 2 829 — 4,705 833 4,701 — 5,534 2,297 2012 2013 Ten West Crossing 3 609 — 4,564 613 4,560 — 5,173 2,027 2012 2013 Ten West Crossing 4 694 — 4,648 699 4,643 — 5,342 1,957 2012 2014 Ten West Crossing 5 933 — 6,345 940 6,338 — 7,278 2,485 2012 2014 80 SCHEDULE III 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 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 Cypress Preserve 1 & 2 9,952 43,457 1,993 9,952 45,450 — 55,402 5,668 2022 2019 Springwood Business Park 1 & 2 6,208 — 28,556 6,214 28,550 — 34,764 1,589 2021 2023 El Paso Butterfield Trail — 20,725 11,062 — 31,787 2,276 34,063 25,645 1997/2000 1987/95 Rojas Commerce Park 900 3,659 5,245 900 8,904 — 9,804 6,402 1999 1986 Americas Ten Business Center 1 526 2,778 1,709 526 4,487 — 5,013 3,097 2001 2003 Americas Ten Business Center 2 2,516 — 11,847 2,518 11,845 — 14,363 1,479 2020 2022 San Antonio Alamo Downs Distribution Center 1,342 6,338 5,349 1,342 11,687 — 13,029 7,049 2004 1986/2002 Arion Business Park 1-13, 15 4,143 31,432 12,482 4,143 43,914 — 48,057 28,264 2005 1988-2000/06 Arion Business Park 14 423 — 3,996 423 3,996 — 4,419 2,580 2005 2006 Arion Business Park 16 427 — 3,924 427 3,924 — 4,351 2,224 2005 2007 Arion Business Park 17 616 — 4,622 616 4,622 — 5,238 3,238 2005 2007 Arion Business Park 18 418 — 2,596 418 2,596 — 3,014 1,529 2005 2008 Wetmore Business Center 1-4 1,494 10,804 5,091 1,494 15,895 — 17,389 10,589 2005 1998/99 Wetmore Business Center 5 412 — 4,153 412 4,153 — 4,565 2,543 2006 2008 Wetmore Business Center 6 505 — 4,784 505 4,784 — 5,289 2,538 2006 2008 Wetmore Business Center 7 546 — 5,466 546 5,466 — 6,012 3,354 2006 2008 Wetmore Business Center 8 1,056 — 9,346 1,056 9,346 — 10,402 4,872 2006 2008 Fairgrounds Business Park 1,644 8,209 3,226 1,644 11,435 — 13,079 7,358 2007 1985/86 Rittiman Distribution Center 1,083 6,649 2,059 1,083 8,708 — 9,791 3,323 2011 2000 Thousand Oaks Distribution Center 1 607 — 5,792 607 5,792 — 6,399 3,004 2008 2012 Thousand Oaks Distribution Center 2 794 — 4,918 794 4,918 — 5,712 2,205 2008 2012 Thousand Oaks Distribution Center 3 772 — 4,721 772 4,721 — 5,493 2,131 2008 2013 Thousand Oaks Distribution Center 4 753 — 5,962 753 5,962 — 6,715 2,061 2013 2015 Alamo Ridge Business Park 1 623 — 8,815 623 8,815 — 9,438 3,902 2007 2015 81 SCHEDULE III 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 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 Eisenhauer Point Business Park 3 577 — 6,541 577 6,541 — 7,118 2,273 2015 2017 Eisenhauer Point Business Park 4 555 — 4,959 555 4,959 — 5,514 1,573 2015 2017 Eisenhauer Point Business Park 5 818 — 7,383 818 7,383 — 8,201 2,203 2015 2018 Eisenhauer Point Business Park 6 569 — 4,910 569 4,910 — 5,479 1,181 2015 2018 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 Tri-County Crossing 3 & 4 1,733 — 14,742 1,733 14,742 — 16,475 3,950 2017 2020 Tri-County Crossing 5 871 — 10,401 871 10,401 — 11,272 1,703 2017 2022 Tri-County Crossing 6 1,033 — 9,642 1,033 9,642 — 10,675 1,644 2017 2022 Ridgeview 1 & 2 2,004 — 18,924 2,004 18,924 — 20,928 4,674 2018 2020 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 Austin 45 Crossing 10,028 — 15,813 10,028 15,813 — 25,841 1,827 2021 2022 Colorado Crossing Distribution Center 4,602 19,757 2,134 4,594 21,899 — 26,493 10,128 2014 2009 Greenhill Distribution Center 802 3,273 983 802 4,256 — 5,058 993 2018 1999 Settlers Crossing 1 1,211 — 8,729 1,211 8,729 — 9,940 2,784 2017 2019 Settlers Crossing 2 1,306 — 8,107 1,306 8,107 — 9,413 2,522 2017 2019 Settlers Crossing 3 & 4 2,774 — 18,810 2,774 18,810 — 21,584 4,238 2017 2020 Southpark Corporate Center 3 & 4 2,670 14,756 2,476 2,670 17,232 — 19,902 6,334 2015 1995 Southpark Corporate Center 5-7 1,301 7,589 2,038 1,301 9,627 — 10,928 2,957 2017 1995 Springdale Business Center 2,824 8,398 2,550 2,824 10,948 — 13,772 4,047 2015 2000 Wells Point One 907 4,904 1,184 907 6,088 — 6,995 1,892 2020 2001 Hays Commerce Center 3 & 4 6,527 28,846 43 6,527 28,889 — 35,416 1,552 2024 2022 82 SCHEDULE III 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 Stonefield 35 1-3 6,031 — 32,717 5,985 32,763 — 38,748 2,011 2021 2023 ARIZONA Phoenix area Broadway Industrial Park 1 837 3,349 3,480 837 6,829 — 7,666 5,203 1996 1971 Broadway Industrial Park 2 455 482 450 455 932 — 1,387 720 1999 1971 Broadway Industrial Park 3 775 1,742 1,136 775 2,878 — 3,653 2,145 2000 1983 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 Falcon Field Business Center 1,312 — 8,138 1,312 8,138 — 9,450 2,526 2015 2018 Southpark Distribution Center 918 2,738 2,370 918 5,108 — 6,026 3,554 2001 2000 Southpark Distribution Center 2 1,785 6,882 1,697 1,785 8,579 — 10,364 1,234 2021 1995 Santan 10 Distribution Center 1 846 2,647 792 846 3,439 — 4,285 2,238 2001 2005 Santan 10 Distribution Center 2 1,088 — 5,582 1,088 5,582 — 6,670 3,413 2004 2007 Chandler Freeways 1,525 — 7,693 1,525 7,693 — 9,218 3,005 2012 2013 Kyrene 202 Business Park 1 653 — 5,919 653 5,919 — 6,572 2,189 2011 2014 Kyrene 202 Business Park 2 387 — 3,484 387 3,484 — 3,871 1,338 2011 2014 Kyrene 202 Business Park 3, 4 & 5 1,244 — 12,414 1,244 12,414 — 13,658 3,451 2011 2018 Kyrene 202 Business Park 6 936 — 8,557 936 8,557 — 9,493 3,095 2011 2015 51st Avenue Distribution Center 300 2,029 1,872 300 3,901 — 4,201 2,815 1998 1987 East University Distribution Center 1 & 2 1,120 4,482 2,425 1,120 6,907 — 8,027 6,123 1998 1987/89 East University Distribution Center 3 444 698 650 444 1,348 — 1,792 868 2010 1981 55th Avenue Distribution Center 912 3,717 2,449 917 6,161 — 7,078 5,082 1998 1987 Interstate Commons Distribution Center 1 311 1,416 1,310 311 2,726 — 3,037 2,095 1999 1988 Interstate Commons Distribution Center 2 2,298 7,088 3,296 2,298 10,384 — 12,682 2,233 2019 1988/2001 Interstate Commons Distribution Center 3 242 — 3,329 242 3,329 — 3,571 1,783 2000 2008 Airport Commons Distribution Center 1,000 1,510 2,364 1,000 3,874 — 4,874 2,684 2003 1971 40th Avenue Distribution Center 703 — 6,711 703 6,711 — 7,414 3,420 2004 2008 Sky Harbor Business Park 5,839 — 24,508 5,839 24,508 — 30,347 12,233 2006 2008 83 SCHEDULE III 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 Ten Sky Harbor Business Center 1,568 — 5,236 1,569 5,235 — 6,804 1,999 2015 2016 Gilbert Crossroads A & B 2,825 — 14,176 2,825 14,176 — 17,001 3,580 2018 2020 Gilbert Crossroads C & D 3,602 — 21,173 3,602 21,173 — 24,775 5,343 2018 2021 Mesa Gateway Commerce Center 3,514 14,801 3,765 3,514 18,566 — 22,080 1,834 2022 2022 Akimel Gateway — 82,906 116 — 83,022 9,745 92,767 4,565 2024 2022 Tucson Country Club Commerce Center 1 506 3,564 4,704 693 8,081 — 8,774 5,432 1997/2003 1994/2003 Country Club Commerce Center 2 442 3,381 1,473 709 4,587 — 5,296 2,302 2007 2000 Country Club Commerce Center 3 & 4 1,407 — 14,035 1,575 13,867 — 15,442 7,026 2007 2009 Country Club Commerce Center 5 2,885 — 21,848 2,886 21,847 — 24,733 5,288 2016 2018 Airport Distribution Center 1,403 4,672 3,309 1,403 7,981 — 9,384 5,249 1998/2000 1995 Benan Distribution Center 707 1,842 1,180 707 3,022 — 3,729 1,913 2005 2001 NORTH CAROLINA Charlotte area NorthPark Business Park 2,758 15,932 6,836 2,758 22,768 — 25,526 14,505 2006 1987-89 Lindbergh Business Park 470 3,401 1,307 470 4,708 — 5,178 2,785 2007 2001/03 Commerce Park Center 1 765 4,303 1,152 765 5,455 — 6,220 3,276 2007 1983 Commerce Park Center 2 335 1,603 637 335 2,240 — 2,575 1,234 2010 1987 Commerce Park Center 3 558 2,225 1,624 558 3,849 — 4,407 2,077 2010 1981 Nations Ford Business Park 3,924 16,171 7,501 3,924 23,672 — 27,596 14,726 2007 1989/94 Airport Commerce Center 1,454 10,136 3,486 1,454 13,622 — 15,076 7,625 2008 2001/02 Airport Commerce Center 3 855 — 8,306 855 8,306 — 9,161 2,486 2008 2019 Interchange Park 1 986 7,949 798 986 8,747 — 9,733 4,541 2008 1989 Interchange Park 2 746 1,456 420 746 1,876 — 2,622 883 2013 2000 Ridge Creek Distribution Center 1 1,284 13,163 1,387 1,284 14,550 — 15,834 7,154 2008 2006 Ridge Creek Distribution Center 2 3,033 11,497 3,040 3,033 14,537 — 17,570 6,356 2011 2003 Ridge Creek Distribution Center 3 2,459 11,147 733 2,459 11,880 — 14,339 4,079 2014 2013 Lakeview Business Center 1,392 5,068 1,730 1,392 6,798 — 8,190 3,105 2011 1996 Steele Creek 1 993 — 4,435 1,010 4,418 — 5,428 1,989 2013 2014 84 SCHEDULE III 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 Steele Creek 3 1,464 — 7,389 1,469 7,384 — 8,853 2,889 2013 2014 Steele Creek 4 684 — 4,273 687 4,270 — 4,957 1,669 2013 2015 Steele Creek 5 610 — 5,370 631 5,349 — 5,980 1,299 2013/14/15 2019 Steele Creek 6 867 — 7,684 919 7,632 — 8,551 2,406 2013/14 2016 Steele Creek 7 1,207 — 8,477 1,253 8,431 — 9,684 2,440 2013/14/15 2017 Steele Creek 8 544 — 7,834 673 7,705 — 8,378 867 2016/17 2022 Steele Creek 9 949 — 10,432 1,090 10,291 — 11,381 2,828 2016 2019 Steele Creek 10 1,221 — 10,423 1,509 10,135 — 11,644 1,533 2016 2021 Steele Creek 11 & 12 1,866 — 25,111 1,866 25,111 — 26,977 2,377 2016/17 2023 Waterford Distribution Center 654 3,392 967 654 4,359 — 5,013 2,382 2008 2000 Raleigh 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 Greenville 385 Business Park 1,308 10,822 529 1,308 11,351 — 12,659 2,920 2019 2019 Access Point 1 884 9,606 3,031 893 12,628 — 13,521 2,821 2021 2021 Access Point 2 1,010 9,604 1,729 1,012 11,331 — 12,343 1,550 2021 2021 Access Point 3 1,335 19,339 4,311 1,335 23,650 — 24,985 2,752 2022 2022 Pelzer Point Commerce Center 1 1,308 19,433 3,480 1,308 22,913 — 24,221 1,491 2023 2021 Hillside 1 498 — 12,748 499 12,747 — 13,246 972 2021 2023 GEORGIA Atlanta Shiloh 400 Business Center 1 & 2 3,092 14,216 3,636 3,064 17,880 — 20,944 5,740 2017 2008 Broadmoor Commerce Park 1 1,307 3,560 1,730 1,307 5,290 — 6,597 1,858 2017 1999 Broadmoor Commerce Park 2 519 — 7,430 519 7,430 — 7,949 2,075 2017 2018 Hurricane Shoals 1 & 2 4,284 12,449 4,452 4,284 16,901 — 21,185 5,561 2017 2017 Hurricane Shoals 3 497 — 9,817 619 9,695 — 10,314 1,723 2017 2020 85 SCHEDULE III 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 Progress Center 3 465 4,285 53 465 4,338 — 4,803 583 2021 2008 Gwinnett 316 531 3,617 21 531 3,638 — 4,169 794 2018 1990 Cherokee 75 Business Center 1 1,183 6,727 18 1,183 6,745 — 7,928 1,287 2020 2020 Cherokee 75 Business Center 2 1,336 7,495 538 1,337 8,032 — 9,369 1,150 2021 2021 Northpoint 200 1,102 5,140 649 1,104 5,787 — 6,891 1,084 2021 2021 I-20 West Business Center 1,670 — 13,490 1,647 13,513 — 15,160 1,194 2021 2023 Riverpoint Industrial Park 7,037 79,205 12 7,037 79,217 — 86,254 3,281 2024 2020 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 LOUISIANA New Orleans Elmwood Business Park 2,861 6,337 6,770 2,861 13,107 — 15,968 10,776 1997 1979 Riverbend Business Park 2,557 17,623 13,015 2,557 30,638 — 33,195 22,359 1997 1984 COLORADO Denver Airways Business Center 6,137 39,637 2,318 6,137 41,955 — 48,092 8,516 2019 2007/08 Rampart Distribution Center 1 1,023 3,861 2,640 1,023 6,501 — 7,524 5,956 1988 1987 Rampart Distribution Center 2 230 2,977 1,621 230 4,598 — 4,828 3,837 1996/97 1997 Rampart Distribution Center 3 1,098 3,884 2,869 1,098 6,753 — 7,851 5,079 1997/98 1999 Rampart Distribution Center 4 590 — 8,350 590 8,350 — 8,940 2,933 2012 2014 Concord Distribution Center 1,051 4,773 1,356 1,051 6,129 — 7,180 3,548 2007 2000 Centennial Park 750 3,319 2,256 750 5,575 — 6,325 3,001 2007 1990 NEVADA Las Vegas Arville Distribution Center 4,933 5,094 1,854 4,933 6,948 — 11,881 3,617 2009 1997 Jones Corporate Park 13,068 26,325 3,414 13,068 29,739 — 42,807 8,108 2016 2016 Southwest Commerce Center 9,008 16,576 4,650 9,008 21,226 — 30,234 4,560 2019 2019 Blue Diamond Business Park 20,093 31,119 14 20,093 31,133 — 51,226 1,996 2023 2022 Craig Corporate Center 13,913 18,848 89 13,913 18,937 — 32,850 1,437 2023 2018 86 SCHEDULE III 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 MISSISSIPPI Jackson area Tower Automotive — 9,958 1,937 17 11,878 — 11,895 7,536 2001 2002 949,280 2,355,825 2,649,707 951,787 5,003,025 34,976 5,989,788 1,583,224 87 SCHEDULE III 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 Land Buildings and Improvements Land Buildings and Improvements Right of Use Assets (e) Total Development and Value-Add Properties (d) : CALIFORNIA 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 FLORIDA 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 Land 961 — 3,309 3,317 953 — 4,270 — 2020 n/a 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 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 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 TENNESSEE 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 TEXAS 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 Land 4,738 — 3,579 4,738 3,579 — 8,317 — 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 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 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 88 SCHEDULE III 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 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 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 COLORADO Arista 36 Business Park 1-3 5,878 — 60,434 5,878 60,434 — 66,312 — 2023 2025 ARIZONA Gateway Interchange A & B 3,239 — 19,280 3,239 19,280 — 22,519 — 2022/2023 n/a Gateway Interchange F & G 5,286 — 29,860 5,287 29,859 — 35,146 — 2022/2023 n/a Gateway Interchange Land 9,793 — 7,456 9,793 7,456 — 17,249 — 2022/2023 n/a NORTH CAROLINA 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 — 12,506 547 12,505 — 13,052 — 2021 2025 Hillside Land 549 — 3,607 549 3,607 — 4,156 — 2021 n/a Hillside 4 Land 1,280 — 574 1,280 574 — 1,854 — 2022 n/a Pelzer Point Commerce Center 2 Land 1,103 1,097 397 1,103 1,494 — 2,597 — 2023 n/a GEORGIA 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 Brightstar Land 3,302 — 615 3,315 602 — 3,917 — 2024 n/a 338,531 1,097 370,572 343,470 366,730 — 710,200 308 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 89 (a) Changes in Real Estate Properties and Development and Value-Add Properties follow: Years Ended December 31, 2025 2024 2023 (In thousands) Balance at beginning of year $ 6,177,916 5,493,195 4,934,421 Purchases of real estate properties 139,894 381,774 160,105 Development of real estate properties and value-add properties 321,934 245,033 388,213 Improvements to real estate properties 76,609 60,007 51,643 Right-of-use assets, net — Ground leases ( 3,417 ) 20,397 ( 1,395 ) Carrying amount of investments sold ( 3,632 ) ( 18,633 ) ( 33,022 ) Write-off of improvements ( 9,316 ) ( 3,857 ) ( 6,770 ) Balance at end of year (1) $ 6,699,988 6,177,916 5,493,195 (1) Includes noncontrolling interest in joint ventures of $ 1,032,000 , $ 924,000 and $ 774,000 at December 31, 2025, 2024 and 2023, respectively. Changes in the accumulated depreciation on real estate properties follow: Years Ended December 31, 2025 2024 2023 (In thousands) Balance at beginning of year $ 1,415,576 1,273,723 1,150,814 Depreciation expense 176,180 155,240 141,003 Accumulated depreciation on assets sold ( 252 ) ( 10,268 ) ( 11,759 ) 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 (b) The estimated aggregate cost of real estate properties at December 31, 2025 for federal income tax purposes was approximately $ 6,346,275,000 before estimated accumulated tax depreciation of $ 1,179,899,000 . The federal income tax return for the year ended December 31, 2025, has not been filed and accordingly, this estimate is based on preliminary data. (c) The Company computes depreciation using the straight-line method over the estimated useful lives of the buildings (generally 40 years) and improvements (generally 3 to 15 years). (d) The Company transfers properties from the development and value-add program 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 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). (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. 90 ITEM 16. FORM 10-K SUMMARY. None. 91 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. EASTGROUP PROPERTIES, INC. By: /s/ MARSHALL A. LOEB Marshall A. Loeb, Chief Executive Officer and Director February 11, 2026 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. Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. /s/ D. Pike Aloian /s/ H. Eric Bolton, Jr. D. Pike Aloian, Director H. Eric Bolton, Jr., Director February 11, 2026 February 11, 2026 /s/ Donald F. Colleran /s/ David M. Fields Donald F. Colleran, Director David M. Fields, Director February 11, 2026 February 11, 2026 /s/ Mary Elizabeth McCormick /s/ Katherine M. Sandstrom Mary Elizabeth McCormick, Director Katherine M. Sandstrom, Director February 11, 2026 February 11, 2026 92 /s/ MARSHALL A. LOEB Marshall A. Loeb, Chief Executive Officer, Director (Principal Executive Officer) February 11, 2026 /s/ MICHELLE RAYNER Michelle Rayner, Senior Vice-President, Chief Accounting Officer (Principal Accounting Officer) February 11, 2026 /s/ STACI H. TYLER Staci H. Tyler, Executive Vice-President, Chief Financial Officer and Treasurer (Principal Financial Officer) February 11, 2026 93