NYSE: EGP
EASTGROUP PROPERTIES INCCIK 0000049600 · SIC 6798 · Real Estate Investment Trusts
EastGroup Properties, Inc., which we refer to in this Annual Report as the “Company,” “EastGroup,” “we,” “us” or “our,” is an internally-managed equity REIT first organized in 1969. EastGroup is focused on the development, acquisition and operation of industrial properties in high-growth markets… About this business →
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Latest financial statements
From 10-Q filed Jul 22, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Income and Comprehensive Income (Unaudited)
(In thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| REVENUES | ||||
| Income from real estate operations | 193,292 | 177,256 | 383,526 | 349,900 |
| Other revenue | 39 | 30 | 61 | 1,835 |
| 193,331 | 177,286 | 383,587 | 351,735 | |
| EXPENSES | ||||
| Expenses from real estate operations | 50,684 | 48,363 | 101,207 | 95,123 |
| Depreciation and amortization | 56,406 | 53,012 | 111,903 | 105,532 |
| General and administrative | 7,207 | 5,290 | 14,823 | 13,244 |
| Indirect leasing costs | 231 | 171 | 456 | 434 |
| 114,528 | 106,836 | 228,389 | 214,333 | |
| OTHER INCOME (EXPENSE) | ||||
| Interest expense | (8,990) | (7,690) | (18,069) | (15,715) |
| Gain on sales of real estate investments | 5,189 | — | 30,074 | — |
| Other income | 521 | 553 | 2,944 | 1,063 |
| NET INCOME | 75,523 | 63,313 | 170,147 | 122,750 |
| Net income attributable to noncontrolling interest in joint ventures | — | (14) | — | (28) |
| NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | 75,523 | 63,299 | 170,147 | 122,722 |
| Other comprehensive income (loss) Interest rate swaps | 3,426 | (4,136) | 5,405 | (11,063) |
| TOTAL COMPREHENSIVE INCOME | 78,949 | 59,163 | 175,552 | 111,659 |
| BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | ||||
| Net income attributable to common stockholders | 1.41 | 1.21 | 3.18 | 2.35 |
| Weighted average shares outstanding Basic | 53,672 | 52,508 | 53,562 | 52,237 |
| DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | ||||
| Net income attributable to common stockholders | 1.40 | 1.20 | 3.17 | 2.35 |
| Weighted average shares outstanding Diluted | 53,783 | 52,579 | 53,665 | 52,304 |
Consolidated Balance Sheets
(In thousands, except share and per share data)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Real estate properties | 6,137,127 | 5,989,788 |
| Development and value-add properties | 691,516 | 710,200 |
| 6,828,643 | 6,699,988 | |
| Accumulated depreciation | (1,653,367) | (1,583,532) |
| 5,175,276 | 5,116,456 | |
| Unconsolidated investment | 6,662 | 7,007 |
| Cash and cash equivalents | 33,382 | 1,007 |
| Other assets, net | 307,546 | 307,337 |
| TOTAL ASSETS | 5,522,866 | 5,431,807 |
| LIABILITIES AND EQUITY | ||
| LIABILITIES | ||
| Unsecured bank credit facilities, net of debt issuance costs | (2,095) | 16,249 |
| Unsecured debt, net of debt issuance costs | 1,611,583 | 1,611,026 |
| Accounts payable and accrued expenses | 205,779 | 169,945 |
| Other liabilities | 132,201 | 137,999 |
| Total Liabilities | 1,947,468 | 1,935,219 |
| EQUITY | ||
| Stockholders’ Equity: | ||
| Common shares; $0.0001 par value; 70,000,000 shares authorized; 53,761,342 shares issued and outstanding at June 30, 2026 and 53,348,800 at December 31, 2025 | 5 | 5 |
| Excess shares; $0.0001 par value; 30,000,000 shares authorized; no shares issued | — | — |
| Additional paid-in capital | 4,017,143 | 3,946,792 |
| Distributions in excess of earnings | (455,915) | (458,953) |
| Accumulated other comprehensive income | 13,762 | 8,357 |
| Total Stockholders’ Equity | 3,574,995 | 3,496,201 |
| Noncontrolling interest in joint ventures | 403 | 387 |
| Total Equity | 3,575,398 | 3,496,588 |
| TOTAL LIABILITIES AND EQUITY | 5,522,866 | 5,431,807 |
Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net income | 170,147 | 122,750 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 111,903 | 105,532 |
| Stock-based compensation expense | 6,952 | 6,535 |
| Gain on sales of real estate investments | (30,074) | — |
| Gain on involuntary conversion and business interruption claims | (1,950) | (1,763) |
| Changes in operating assets and liabilities: | ||
| Accrued income and other assets | 12,667 | 3,700 |
| Accounts payable, accrued expenses and prepaid rent | 30,862 | 39,014 |
| Other | 1,433 | 1,313 |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 301,940 | 277,081 |
| INVESTING ACTIVITIES | ||
| Development and value-add properties | (99,525) | (158,709) |
| Purchases of real estate properties | (38,130) | — |
| Real estate improvements | (29,015) | (44,002) |
| Net proceeds from sales of real estate investments and non-operating real estate | 42,901 | 3,371 |
| Leasing commissions | (17,287) | (17,451) |
| Proceeds from involuntary conversion on real estate assets | 2,143 | 3,099 |
| Changes in accrued development costs | 878 | 5,299 |
| Changes in other assets and other liabilities | (8,440) | 495 |
| NET CASH USED IN INVESTING ACTIVITIES | (146,475) | (207,898) |
| FINANCING ACTIVITIES | ||
| Proceeds from unsecured bank credit facilities | 134,544 | 22,851 |
| Repayments on unsecured bank credit facilities | (153,389) | (22,851) |
| Repayments on unsecured debt | — | (50,000) |
| Debt issuance costs | (32) | (103) |
| Distributions paid to stockholders (not including dividends accrued) | (166,902) | (146,299) |
| Proceeds from common stock offerings | 69,300 | 147,006 |
| Common stock offering related costs | (467) | (96) |
| Other | (6,144) | (4,299) |
| NET CASH USED IN FINANCING ACTIVITIES | (123,090) | (53,791) |
| INCREASE IN CASH AND CASH EQUIVALENTS | 32,375 | 15,392 |
| CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 1,007 | 17,529 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 33,382 | 32,921 |
| SUPPLEMENTAL CASH FLOW INFORMATION | ||
| Cash paid for interest, net of amounts capitalized of $11,572 and $10,500 for 2026 and 2025, respectively | 17,064 | 14,593 |
| Cash paid for operating lease liabilities | 1,868 | 1,787 |
| NON-CASH OPERATING ACTIVITY | ||
| Operating lease liabilities arising from obtaining right of use assets | 848 | — |
| SUPPLEMENTAL NON-CASH BALANCES AT END OF PERIOD | ||
| Development costs payable | 15,487 | 22,789 |
| Retainage payable | 7,635 | 9,818 |
| Real estate improvements and capitalized leasing costs payable | 10,427 | 9,419 |
| Dividends payable | 84,932 | 74,932 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share data); (In thousands, except share and per share data); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About EASTGROUP PROPERTIES INC
Source: Item 1 (Business) from the 10-K filed February 11, 2026. Description as filed by the company with the SEC.
ITEM 1. BUSINESS.
The Company
EastGroup Properties, Inc., which we refer to in this Annual Report as the “Company,” “EastGroup,” “we,” “us” or “our,” is an internally-managed equity REIT first organized in 1969. EastGroup is focused on the development, acquisition and operation of industrial properties in high-growth markets throughout the United States, primarily in the states of Texas, Florida, California, Arizona and North Carolina. EastGroup’s strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup is a Maryland corporation, and its common stock is publicly traded on the New York Stock Exchange (“NYSE”) under the symbol “EGP.” The Company has elected to be taxed and intends to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”).
Available Information
The Company maintains a website at www.eastgroup.net. The Company posts to its website all of the reports it files or furnishes with the Securities and Exchange Commission (the “SEC”) pursuant to the Exchange Act, including its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and the exhibits and amendments to those reports, as soon as reasonably practicable after it electronically files or furnishes such materials to the SEC. In addition, the Company’s website includes items related to corporate governance matters, including, among other things, the Company’s corporate governance guidelines, charters of various committees of the Board of Directors, the Company's whistleblower program and the Company’s code of ethics and business conduct applicable to all employees, officers and directors. The Company intends to disclose on its website any amendment to, or waiver of, any provision of this code of business conduct and ethics applicable to the Company’s directors and executive officers that would otherwise be required to be disclosed under the rules of the SEC or the New York Stock Exchange. Copies of these reports and corporate governance documents may be obtained, free of charge, from the Company’s website. We are providing our website address solely for the information of investors, and the information on our website is not a part of or incorporated by reference into this annual report on Form 10-K or our other filings with the SEC.
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You may also access any materials we file with the SEC through the EDGAR database on the SEC’s website at www.sec.gov.
Administration
EastGroup maintains its principal executive office and headquarters in Ridgeland, Mississippi. The Company also has regional offices in Dallas, Los Angeles and Atlanta and asset management offices in Houston, Orlando, Tampa and Phoenix. EastGroup's property management teams are located in San Antonio, Austin, Miami, Jacksonville, San Francisco, Charlotte, Las Vegas and Greenville. These locations allow the Company to provide property management services to 88% of the Company’s operating portfolio on a square foot basis. In addition, the Company currently provides property administration (accounting of operations) for its entire portfolio. The regional offices in Texas, California and Georgia provide oversight of the Company’s development and value-add program (as described in Note 1(e) in the Notes to Consolidated Financial Statements). As of December 31, 2025, EastGroup had 103 full-time employees.
Business Overview
EastGroup’s goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location-sensitive customers (primarily in the 20,000 to 100,000 square foot range). The Company develops, acquires and operates distribution facilities, the majority of which are clustered around major transportation features in supply-constrained submarkets in high-growth regions. The Company’s core markets are in the states of Texas, Florida, California, Arizona and North Carolina.
As of December 31, 2025, EastGroup owned 550 industrial properties in 12 states. As of that same date, the Company’s portfolio, including development projects and value-add properties in lease-up and under construction, included approximately 65,000,000 square feet consisting of 510 business distribution properties containing 59,300,000 square feet, 19 bulk distribution properties containing 4,900,000 square feet, and 21 business service properties containing 800,000 square feet. As of December 31, 2025, EastGroup’s operating portfolio was 97.0% leased to tenants in approximately 1,700 leases, with no single
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tenant accounting for more than approximately 1.5% of the Company’s annualized base rent (as defined in Item 2. Properties) for the year ended December 31, 2025. The properties in the Company's development and value-add program were 18.8% leased as of December 31, 2025.
During 2025, EastGroup increased its holdings in real estate properties through its acquisition and development programs. The Company acquired 739,000 square feet of operating properties and 300.4 acres of development land for a total of $261,683,000. Also during 2025, the Company began construction of a redevelopment project and six development projects containing 1,439,000 square feet and transferred 11 projects, which contain 2,109,000 square feet and had costs of $279,082,000 at the date of transfer, from its development and value-add program to real estate properties.
During 2025, EastGroup sold a 12,000 square foot operating property in San Francisco, generating gross sales proceeds of $3,573,000. The Company did not recognize a gain or loss on this disposition.
The Company typically funds its development and acquisition programs through its $675,000,000 unsecured bank credit facilities, as discussed under the heading Liquidity and Capital Resources in Part II, Item 7 of this Annual Report on Form 10-K. As market conditions permit, EastGroup issues equity or employs fixed rate debt, including variable rate debt that has been swapped to an effectively fixed rate through the use of interest rate swaps, to replace short-term bank borrowings. In May 2025, Moody’s Ratings affirmed EastGroup's issuer rating of Baa2 and changed its rating outlook from stable to positive. A security rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. For future debt issuances, the Company intends to issue primarily unsecured fixed rate debt, including variable rate debt that has been swapped to an effectively fixed rate through the use of interest rate swaps. The Company may also access the public debt or convertible bond markets in the future as a means to raise capital.
EastGroup plans to hold its properties as long-term investments but may decide to sell certain properties that no longer meet its investment criteria. The Company may provide financing to a prospective purchaser in connection with such sales of property if market conditions require. In addition, the Company may provide financing to a partner or co-owner in connection with an acquisition of real estate in certain situations.
Subject to the requirements necessary to maintain EastGroup’s qualifications as a REIT, the Company may acquire securities of entities engaged in real estate activities or securities of other issuers, including for the purpose of exercising control over those entities.
The strategies and policies set forth above were determined and are subject to review by EastGroup’s Board of Directors, which may change such strategies or policies based upon its evaluation of the state of the real estate market, the performance of EastGroup’s assets, capital and credit market conditions, and other relevant factors.
Competition
The market for the leasing of industrial real estate is competitive. We experience competition for tenants from existing properties in proximity to our buildings as well as from new development. Institutional investors, other REITs and local real estate operators generally own such properties; however, no single competitor or small group of competitors is dominant in our current markets. Even so, as a result of competition, we may have to provide concessions, incur charges for tenant improvements or offer other inducements, all of which may have an adverse impact on our results of operations. The market for the acquisition of industrial real estate is also competitive. We compete for real property investments with other REITs and institutional investors such as pension funds and their advisors, private real estate investment funds, insurance company investment accounts, private investment companies, individuals and other entities engaged in real estate investment activities.
Regulations
Compliance with various governmental regulations has an impact on EastGroup’s business, including EastGroup’s capital expenditures, earnings and competitive position, which can be material. EastGroup incurs costs to monitor and take actions to comply with governmental regulations that are applicable to its business, which include, among others, federal securities laws and regulations, applicable stock exchange requirements, REIT and other tax laws and regulations, environmental and health and safety laws and regulations, local zoning, usage and other regulations relating to real property, and the Americans with Disabilities Act of 1990 (“ADA”).
Under various federal, state and local laws, ordinances and regulations, an owner of real estate may be liable for the costs of removal or remediation of certain hazardous or toxic substances on or in such property. Many such laws impose liability without regard to whether the owner knows of, or was responsible for, the presence of such hazardous or toxic substances. The presence of such substances, or the failure to properly remediate such substances, may adversely affect the owner’s ability to
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sell or rent such property or to use such property as collateral in its borrowings. EastGroup’s properties have generally been subject to Phase I Environmental Site Assessments (“ESAs”) by independent environmental consultants and, as necessary, have been subjected to Phase II ESAs. These reports have not revealed any potential significant environmental liability. Our management is not aware of any environmental liability that would have a material adverse effect on EastGroup’s business, assets, financial position or results of operations.
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