EX-99.2 3 supplementalinformation_.htm EX-99.2
Page 1 of 24 Table of Contents 2020 FOURTH QUARTER Conference Call 877-876-9173 | ID – EastGroup February 10, 2021 11:00 a.m. Eastern Time webcast available at EastGroup.net Supplemental Information y g | | | p 400 W. Parkway Place, Suite 100, Ridgeland, MS 39157 | TEL: 601-354-3555 | FAX: 601-352-1441 | EastGroup.net December 31, 2020

Page 2 of 24 Table of Contents Financial Information: Consolidated Balance Sheets ..................................................................................... 3 Consolidated Statements of Income and Comprehensive Income ............................ 4 Reconciliations of GAAP to Non-GAAP Measures .................................................. 5 Consolidated Statements of Cash Flows .................................................................... 7 Same Property Portfolio Analysis ............................................................................. 8 Additional Financial Information .............................................................................. 9 Financial Statistics ..................................................................................................... 10 Capital Deployment: Development and Value-Add Properties Summary .................................................. 11 Development and Value-Add Properties Transferred to Real Estate Properties ....... 12 Acquisitions and Dispositions ................................................................................... 13 Real Estate Improvements and Leasing Costs ........................................................... 14 Property Information: Leasing Statistics and Occupancy Summary ............................................................. 15 Core Market Operating Statistics ............................................................................... 16 Lease Expiration Summary ........................................................................................ 17 Top 10 Customers by Annualized Base Rent ............................................................ 18 Capitalization: Debt and Equity Market Capitalization ..................................................................... 19 Continuous Common Equity Program ....................................................................... 20 Debt-to-EBITDAre Ratios ......................................................................................... 21 Other Information: Outlook for 2021 ........................................................................................................ 22 Glossary of REIT Terms ............................................................................................ 23 FORWARD-LOOKING STATEMENTS The statements and certain other information contained herein, which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “expects,” “anticipates,” “believes,” “targets,” “intends,” “should,” “estimates,” “could,” “continue,” “assume,” “projects” or “plans” and variations of such words or similar expressions or the negative of such words, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These forward-looking statements reflect the Company’s current views about its plans, intentions, expectations, strategies and prospects, which are based on the information currently available to the Company and on assumptions it has made. Although the Company believes that its plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, the Company can give no assurance that such plans, intentions, expectations or strategies will be attained or achieved. Furthermore, these forward-looking statements should be considered as subject to the many risks and uncertainties that exist in the Company’s operations and business environment. Such risks and uncertainties could cause actual results to differ materially from those projected. These uncertainties include, but are not limited to: international, national, regional and local economic conditions; the duration and extent of the impact of coronavirus disease (COVID-19) on our business and the businesses of our tenants (including their ability to timely make rent payments) and the economy generally; the duration of any “shelter-in-place” or “stay-at-home” orders or other formal recommendations for social distancing which may have affected our operations or the operations of our tenants, and the speed and extent to which revenues of our tenants recover following the lifting of any such orders or recommendations; the general level of interest rates and ability to raise equity capital on attractive terms; financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest, and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all; the competitive environment in which the Company operates; fluctuations of occupancy or rental rates; potential defaults (including bankruptcies or insolvency) on or non-renewal of leases by tenants, or our ability to lease space at current or anticipated rents, particularly in light of the significant uncertainty as to when and the conditions under which current or potential tenants will be able to operate physical locations in the future; potential changes in the law or governmental regulations and interpretations of those laws and regulations, including changes in real estate laws or REIT or corporate income tax laws, and potential increases in real property tax rates; our ability to maintain our qualification as a REIT; acquisition and development risks, including failure of such acquisitions and development projects to perform in accordance with projections; natural disasters such as fires, floods, tornadoes, hurricanes and earthquakes; pandemics, epidemics or other public health emergencies, such as the outbreak of COVID-19; the terms of governmental regulations that affect us and interpretations of those regulations, including the costs of compliance with those regulations, changes in real estate and zoning laws and increases in real property tax rates; credit risk in the event of non-performance by the counterparties to our interest rate swaps; lack of or insufficient amounts of insurance; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; our ability to retain key personnel; the consequences of future terrorist attacks or civil unrest; and environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us. All forward-looking statements should be read in light of the risks identified in Part I, Item 1A. Risk Factors within the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, and in its subsequent Quarterly Reports on Form 10-Q. The Company assumes no obligation to update publicly any forward-looking statements, including its Outlook for 2021, whether as a result of new information, future events or otherwise.

Page 3 of 24 Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) December 31, 2020 December 31, 2019 ASSETS Real estate properties 3,159,497$ 2,844,567 Development and value-add properties 359,588 419,999 3,519,085 3,264,566 Less accumulated depreciation (955,328) (871,139) 2,563,757 2,393,427 Unconsolidated investment 7,446 7,805 Cash 21 224 Other assets 149,579 144,622 TOTAL ASSETS 2,720,803$ 2,546,078 LIABILITIES AND EQUITY LIABILITIES Unsecured bank credit facilities 124,194$ 111,394 Unsecured debt 1,107,708 938,115 Secured debt 78,993 133,093 Accounts payable and accrued expenses 69,573 92,024 Other liabilities 69,817 69,123 Total Liabilities 1,450,285 1,343,749 EQUITY Stockholders' Equity: Common stock; $0.0001 par value; 70,000,000 shares authorized; 39,676,828 shares issued and outstanding at December 31, 2020 and 38,925,953 at December 31, 2019 4 4 Excess shares; $0.0001 par value; 30,000,000 shares authorized; no shares issued - - Additional paid-in capital 1,610,053 1,514,055 Distributions in excess of earnings (329,667) (316,302) Accumulated other comprehensive income (loss) (10,752) 2,807 Total Stockholders' Equity 1,269,638 1,200,564 Noncontrolling interest in joint ventures 880 1,765 Total Equity 1,270,518 1,202,329 TOTAL LIABILITIES AND EQUITY 2,720,803$ 2,546,078

Page 4 of 24 Consolidated Statements of Income and Comprehensive Income (In thousands, except per share data) (Unaudited) 2020 2019 2020 2019 REVENUES Income from real estate operations 92,592$ 86,480 362,669 330,813 Other revenue 76 70 354 574 92,668 86,550 363,023 331,387 EXPENSES Expenses from real estate operations 25,863 24,294 103,368 93,274 Depreciation and amortization 30,686 27,697 116,359 104,724 General and administrative 3,384 4,905 14,404 16,406 Indirect leasing costs 139 105 661 411 60,072 57,001 234,792 214,815 OTHER INCOME (EXPENSE) Interest expense (8,777) (8,249) (33,927) (34,463) Gain on sales of real estate investments 13,145 29,662 13,145 41,068 Other 231 320 942 163 NET INCOME 37,195 51,282 108,391 123,340 Net income attributable to noncontrolling interest in joint ventures (14) (1,673) (28) (1,678) NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS 37,181 49,609 108,363 121,662 Other comprehensive income (loss) - cash flow hedges 2,693 2,429 (13,559) (3,894) TOTAL COMPREHENSIVE INCOME 39,874$ 52,038 94,804 117,768 BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 0.94$ 1.29 2.77 3.25 Weighted average shares outstanding 39,507 38,561 39,185 37,442 DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 0.94$ 1.28 2.76 3.24 Weighted average shares outstanding 39,653 38,687 39,296 37,527 Twelve Months Ended December 31,December 31, Three Months Ended

Page 5 of 24 Reconciliations of GAAP to Non-GAAP Measures (In thousands, except per share data) (Unaudited) 2020 2019 2020 2019 NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS 37,181$ 49,609 108,363 121,662 Depreciation and amortization 30,686 27,697 116,359 104,724 Company's share of depreciation from unconsolidated investment 34 35 137 141 Depreciation and amortization from noncontrolling interest (28) (45) (142) (186) Gain on sales of real estate investments (13,145) (29,662) (13,145) (41,068) Gain on sales of non-operating real estate - (83) - (83) Noncontrolling interest in gain on sales of real estate investments of consolidated joint ventures - 1,671 - 1,671 FUNDS FROM OPERATIONS ("FFO") ATTRIBUTABLE TO COMMON STOCKHOLDERS 54,728 49,222 211,572 186,861 Gain on casualties and involuntary conversion - (80) (161) (428) FFO EXCLUDING GAIN ON CASUALTIES AND INVOLUNTARY CONVERSION 54,728$ 49,142 211,411 186,433 NET INCOME 37,195$ 51,282 108,391 123,340 Interest expense (1) 8,777 8,249 33,927 34,463 Depreciation and amortization 30,686 27,697 116,359 104,724 Company's share of depreciation from unconsolidated investment 34 35 137 141 EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA") 76,692 87,263 258,814 262,668 Gain on sales of real estate investments (13,145) (29,662) (13,145) (41,068) Gain on sales of non-operating real estate - (83) - (83) EBITDA for Real Estate ("EBITDAre") 63,547$ 57,518 245,669 221,517 DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 0.94$ 1.28 2.76 3.24 FFO attributable to common stockholders 1.38$ 1.27 5.38 4.98 FFO Excluding Gain on Casualties and Involuntary Conversion attributable to common stockholders 1.38$ 1.27 5.38 4.97 Weighted average shares outstanding for EPS and FFO purposes 39,653 38,687 39,296 37,527 December 31, (1) Net of capitalized interest of $2,089 and $2,386 for the three months ended December 31, 2020 and 2019, respectively; and $9,651 and $8,453 for the twelve months ended December 31, 2020 and 2019, respectively. Three Months Ended December 31, Twelve Months Ended

Page 6 of 24 Reconciliations of GAAP to Non-GAAP Measures (Continued) (In thousands) (Unaudited) 2020 2019 2020 2019 NET INCOME 37,195$ 51,282 108,391 123,340 Gain on sales of real estate investments (13,145) (29,662) (13,145) (41,068) Gain on sales of non-operating real estate - (83) - (83) Net loss on other - - - 884 Interest income (15) (28) (101) (129) Other revenue (76) (70) (354) (574) Indirect leasing costs 139 105 661 411 Depreciation and amortization 30,686 27,697 116,359 104,724 Company's share of depreciation from unconsolidated investment 34 35 137 141 Interest expense (1) 8,777 8,249 33,927 34,463 General and administrative expense (2) 3,384 4,905 14,404 16,406 Noncontrolling interest in PNOI of consolidated joint ventures (41) (62) (171) (199) PROPERTY NET OPERATING INCOME ("PNOI") 66,938 62,368 260,108 238,316 PNOI from 2019 and 2020 Acquisitions (2,065) (1,434) (8,434) (2,929) PNOI from 2019 and 2020 Development and Value-Add Properties (7,494) (3,680) (24,050) (8,109) PNOI from 2019 and 2020 Operating Property Dispositions (255) (950) (1,081) (4,787) Other PNOI 87 68 257 247 SAME PNOI (Straight-Line Basis) 57,211 56,372 226,800 222,738 Net lease termination fee income from same properties (48) (317) (709) (1,258) SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Straight-Line Basis) 57,163 56,055 226,091 221,480 Straight-line rent adjustments for same properties 374 261 1,361 (867) Acquired leases — market rent adjustment amortization for same properties (134) (170) (583) (730) SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Cash Basis) 57,403$ 56,146 226,869 219,883 Twelve Months Ended December 31, December 31, (1) Net of capitalized interest of $2,089 and $2,386 for the three months ended December 31, 2020 and 2019, respectively; and $9,651 and $8,453 for the twelve months ended December 31, 2020 and 2019, respectively. (2) Net of capitalized development costs of $1,637 and $2,121 for the three months ended December 31, 2020 and 2019, respectively; and $6,689 and $6,918 for the twelve months ended December 31, 2020 and 2019, respectively. Three Months Ended

Page 7 of 24 Consolidated Statements of Cash Flows (In thousands) (Unaudited) 2020 2019 OPERATING ACTIVITIES Net income 108,391$ 123,340 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 116,359 104,724 Stock-based compensation expense 6,579 6,838 Gain on sales of real estate investments and non-operating real estate (13,145) (41,151) Gain on casualties and involuntary conversion on real estate assets (161) (180) Changes in operating assets and liabilities: Accrued income and other assets (4,615) (5,558) Accounts payable, accrued expenses and prepaid rent (18,851) 6,514 Other 1,728 1,385 NET CASH PROVIDED BY OPERATING ACTIVITIES 196,285 195,912 INVESTING ACTIVITIES Development and value-add properties (195,446) (318,288) Purchases of real estate (49,199) (142,712) Real estate improvements (33,131) (37,775) Net proceeds from sales of real estate investments and non-operating real estate 21,565 66,737 Proceeds from casualties and involuntary conversion on real estate assets 242 723 Repayments on mortgage loans receivable 1,679 915 Changes in accrued development costs (5,339) (3,644) Changes in other assets and other liabilities (28,627) (9,293) NET CASH USED IN INVESTING ACTIVITIES (288,256) (443,337) FINANCING ACTIVITIES Proceeds from unsecured bank credit facilities 625,387 932,658 Repayments on unsecured bank credit facilities (613,097) (1,015,678) Proceeds from unsecured debt 275,000 290,000 Repayments on unsecured debt (105,000) (75,000) Repayments on secured debt (54,306) (55,593) Debt issuance costs (1,090) (893) Distributions paid to stockholders (not including dividends accrued) (119,765) (108,795) Proceeds from common stock offerings 90,721 284,710 Proceeds from dividend reinvestment plan - 212 Other (6,082) (4,346) NET CASH PROVIDED BY FINANCING ACTIVITIES 91,768 247,275 DECREASE IN CASH AND CASH EQUIVALENTS (203) (150) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 224 374 CASH AND CASH EQUIVALENTS AT END OF YEAR 21$ 224 SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest, net of amounts capitalized of $9,651 and $8,453 for 2020 and 2019, respectively 32,362$ 30,839 Cash paid for operating lease liabilities 1,476 1,314 NON-CASH OPERATING ACTIVITY Operating lease liabilities arising from obtaining right of use assets 495$ 15,435 Twelve Months Ended December 31,

Page 8 of 24 Same Property Portfolio Analysis (In thousands) (Unaudited) 2020 2019 % Change 2020 2019 % Change Same Property Portfolio (1) Square feet as of period end 38,612 38,612 38,612 38,612 Average occupancy 97.4% 97.3% 0.1% 97.0% 97.0% 0.0% Occupancy as of period end 97.7% 97.2% 0.5% 97.7% 97.2% 0.5% Same Property Portfolio Analysis (Cash Basis) (1)(2) Income from real estate operations 79,846$ 78,714 1.4% 318,433$ 309,230 3.0% Less cash received for lease terminations (61) (332) (769) (1,440) Income excluding lease termination income 79,785 78,382 1.8% 317,664 307,790 3.2% Expenses from real estate operations (22,382) (22,236) 0.7% (90,795) (87,907) 3.3% PNOI excluding income from lease terminations 57,403$ 56,146 2.2% 226,869$ 219,883 3.2% Same Property Portfolio Analysis (Straight-Line Basis) (1)(2) Income from real estate operations 79,593$ 78,608 1.3% 317,595$ 310,645 2.2% Less cash received for lease terminations (61) (332) (769) (1,440) Add straight-line rent write-offs for lease terminations 13 15 60 182 Income excluding lease termination income 79,545 78,291 1.6% 316,886 309,387 2.4% Expenses from real estate operations (22,382) (22,236) 0.7% (90,795) (87,907) 3.3% PNOI excluding income from lease terminations 57,163$ 56,055 2.0% 226,091$ 221,480 2.1% (1) Includes properties which were included in the operating portfolio for the entire period of 1/1/19 through 12/31/20. (2) Includes deferred rent charges for executed deferral agreements that qualify for the modified COVID-19-related guidance provided by the FASB. December 31, December 31, Three Months Ended Twelve Months Ended

Page 9 of 24 Additional Financial Information (In thousands) (Unaudited) 2020 2019 2020 2019 SELECTED INCOME STATEMENT INFORMATION Straight-line rent income adjustment 1,154$ 1,196 4,888 4,985 Reserves for uncollectible straight-line rent (774) (45) (1,795) (84) Net straight-line rent adjustment 380 1,151 3,093 4,901 Cash received for lease terminations 61 332 769 1,519 Less straight-line rent write-offs (13) (15) (60) (183) Net lease termination fee income 48 317 709 1,336 Reserves for uncollectible cash rent (323) (64) (968) (364) Stock-based compensation expense (1,546) (2,661) (6,579) (6,838) Debt issuance costs amortization (373) (344) (1,418) (1,344) Indirect leasing costs (139) (105) (661) (411) Gain on casualties and involuntary conversion (1) - 80 161 428 Acquired leases - market rent adjustment amortization 368 382 1,432 1,218 Assumed mortgages - fair value adjustment amortization 5 5 20 23 2020 2019 2020 2019 WEIGHTED AVERAGE COMMON SHARES Weighted average common shares 39,507 38,561 39,185 37,442 BASIC SHARES FOR EARNINGS PER SHARE ("EPS") 39,507 38,561 39,185 37,442 Potential common shares: Unvested restricted stock 146 126 111 85 DILUTED SHARES FOR EPS AND FFO 39,653 38,687 39,296 37,527 (1) Included in Other revenue on the Consolidated Statements of Income and Comprehensive Income; included in FFO. (Items below represent increases or (decreases) in FFO) December 31, Three Months Ended Three Months Ended December 31, Twelve Months Ended December 31, Twelve Months Ended December 31,

Page 10 of 24 Financial Statistics ($ in thousands, except per share data) (Unaudited) 2020 2019 2018 2017 2016 ASSETS/MARKET CAPITALIZATION Assets 2,720,803$ 2,546,078 2,131,705 1,953,221 1,825,764 Equity Market Capitalization 5,477,783 5,164,306 3,348,269 3,071,927 2,461,251 Total Market Capitalization (Debt and Equity) (1) 6,791,879 6,350,438 4,458,037 4,183,620 3,566,865 Shares Outstanding - Common 39,676,828 38,925,953 36,501,356 34,758,167 33,332,213 Price per share 138.06$ 132.67 91.73 88.38 73.84 FFO CHANGE FFO per diluted share (2) 5.38$ 4.98 4.66 4.25 4.00 Change compared to same period prior year 8.0% 6.9% 9.6% 6.3% 9.0% COMMON DIVIDEND PAYOUT RATIO Dividend distribution 3.08$ 2.94 2.72 2.52 2.44 FFO per diluted share (2) 5.38 4.98 4.66 4.25 4.00 Dividend payout ratio 57% 59% 58% 59% 61% COMMON DIVIDEND YIELD Dividend distribution 3.08$ 2.94 2.72 2.52 2.44 Price per share 138.06 132.67 91.73 88.38 73.84 Dividend yield 2.23% 2.22% 2.97% 2.85% 3.30% FFO MULTIPLE FFO per diluted share (2) 5.38$ 4.98 4.66 4.25 4.00 Price per share 138.06 132.67 91.73 88.38 73.84 Multiple 25.66 26.64 19.68 20.80 18.46 INTEREST & FIXED CHARGE COVERAGE RATIO EBITDAre 245,669$ 221,517 200,788 180,214 166,463 Interest expense 33,927 34,463 35,106 34,775 35,213 Interest and fixed charge coverage ratio 7.24 6.43 5.72 5.18 4.73 DEBT-TO-EBITDAre RATIO Debt 1,310,895$ 1,182,602 1,105,787 1,108,282 1,101,333 EBITDAre 245,669 221,517 200,788 180,214 166,463 Debt-to-EBITDAre ratio 5.34 5.34 5.51 6.15 6.62 Adjusted debt-to-pro forma EBITDAre ratio 4.43 3.92 4.73 5.45 6.05 DEBT-TO-TOTAL MARKET CAPITALIZATION (1) 19.3% 18.7% 24.9% 26.6% 31.0% ISSUER RATINGS (3) Issuer Rating Outlook Moody's Investors Service Baa2 Stable (1) Before deducting unamortized debt issuance costs. (3) 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. Years Ended (2) In connection with the Company's 2019 adoption of the Nareit Funds from Operations White Paper - 2018 Restatement, the Company now excludes from FFO the gains and losses on sales of non-operating real estate and assets incidental to the Company's business. The Company has adjusted its 2018 and prior results, as necessary, to conform to the updated definition of FFO.

Page 11 of 24 Development and Value-Add Properties Summary ($ in thousands) (Unaudited) Anticipated 4th Qtr Cumulative Projected Conversion % Leased Square Feet (SF) 2020 at 12/31/20 Total Costs Date (1) 2/8/21 Lease-up Gilbert Crossroads A & B Phoenix, AZ 140,000 205$ 16,768 17,500 01/21 100% Rancho Distribution Center (2) Los Angeles, CA 162,000 27,325 27,325 29,400 03/21 100% CreekView 121 7 & 8 Dallas, TX 137,000 1,920 16,559 18,500 04/21 100% Hurricane Shoals 3 Atlanta, GA 101,000 232 8,811 10,800 04/21 100% World Houston 44 Houston, TX 134,000 229 8,126 9,100 05/21 0% Gateway 4 Miami, FL 197,000 362 22,047 26,000 06/21 0% Interstate Commons 2 (2) Phoenix, AZ 142,000 110 12,241 12,500 06/21 89% Tri-County Crossing 3 & 4 San Antonio, TX 203,000 1,550 14,409 16,100 06/21 43% Northwest Crossing 1-3 Houston, TX 278,000 994 22,322 25,900 09/21 9% Ridgeview 1 & 2 San Antonio, TX 226,000 723 17,093 19,000 10/21 13% Settlers Crossing 3 & 4 Austin, TX 173,000 1,010 17,504 19,400 10/21 70% SunCoast 7 Ft Myers, FL 77,000 413 7,373 8,700 11/21 0% LakePort 1-3 Dallas, TX 194,000 1,795 19,781 22,500 12/21 10% Total Lease-up 2,164,000 36,868 210,359 235,400 44% Wgt Avg % Lease-Up: Projected Stabilized Yield (4) 6.9% Under Construction Gilbert Crossroads C & D Phoenix, AZ 178,000 6,617 6,617 21,400 06/22 0% Steele Creek X Charlotte, NC 162,000 4,234 4,234 12,600 07/22 0% Basswood 1 & 2 Dallas, TX 237,000 4,754 4,754 22,100 10/22 0% Total Under Construction 577,000 15,605 15,605 56,100 0% Wgt Avg % Under Construction: Projected Stabilized Yield (4) 7.1% 35% Wgt Avg % Development: Projected Stabilized Yield (4) 7.1% Value-Add: Projected Stabilized Yield (4) 5.8% Prospective Development Acres Projected SF Phoenix, AZ (5) - - (4,973) - Ft Myers, FL 49 622,000 152 7,866 Miami, FL 34 376,000 388 20,296 Orlando, FL 123 1,488,000 1,879 27,678 Tampa, FL (6) 28 349,000 (627) 5,723 Atlanta, GA 11 120,000 1,392 1,392 Jackson, MS 3 28,000 - 706 Charlotte, NC (5) 30 313,000 (3,249) 4,325 Dallas, TX 112 1,353,000 12,498 37,428 El Paso, TX 13 168,000 2,587 2,587 Houston, TX 84 1,223,000 336 20,758 San Antonio, TX 24 366,000 225 4,865 Total Prospective Development 511 6,406,000 10,608 133,624 Total Development and Value-Add Properties 511 9,147,000 63,081$ 359,588 (1) Development properties will transfer to the operating portfolio at the earlier of 90% occupancy or one year after shell completion. Value-Add properties will transfer at the earlier of 90% occupancy or one year after acquisition. (2) These value-add projects were acquired by EastGroup. (3) Northwest Crossing 3 has a short-term lease which temporarily brings the project to 48% leased. (4) Weighted average yield based on property net operating income at 100% occupancy and rents computed on a straight-line basis. (5) Negative amounts represent land inventory costs transferred to Under Construction. (6) Negative amount represents land inventory costs transferred to Real Estate Properties for trailer storage expansion. Costs Incurred (3)

Page 12 of 24 Development and Value-Add Properties Transferred to Real Estate Properties ($ in thousands) (Unaudited) 4th Qtr Cumulative Conversion % Leased Square Feet (SF) 2020 at 12/31/20 Date 2/8/21 1st Quarter Logistics Center 6 & 7 (1) Dallas, TX 142,000 2$ 15,783 01/20 100% Settlers Crossing 1 Austin, TX 77,000 - 9,418 01/20 100% Settlers Crossing 2 Austin, TX 83,000 48 8,855 01/20 100% Parc North 5 Dallas, TX 100,000 1 9,115 02/20 84% Airport Commerce Center 3 Charlotte, NC 96,000 - 8,893 03/20 100% 498,000 51 52,064 2nd Quarter Horizon VIII & IX Orlando, FL 216,000 - 18,218 04/20 100% Ten West Crossing 8 Houston, TX 132,000 5 9,836 04/20 65% Tri-County Crossing 1 & 2 San Antonio, TX 203,000 306 16,439 04/20 100% SunCoast 8 Ft Myers, FL 77,000 (18) 8,315 05/20 100% CreekView 121 5 & 6 Dallas, TX 139,000 (18) 15,513 06/20 100% 767,000 275 68,321 3rd Quarter Parc North 6 Dallas, TX 96,000 (15) 10,768 07/20 100% SunCoast 6 Ft Myers, FL 81,000 - 8,600 07/20 100% Arlington Tech Centre 1 & 2 (1) Dallas, TX 151,000 210 14,496 08/20 33% Gateway 5 Miami, FL 187,000 2 25,075 08/20 100% Steele Creek IX Charlotte, NC 125,000 (27) 11,114 08/20 100% Grand Oaks 75 2 (1) Tampa, FL 150,000 215 15,140 09/20 100% Rocky Point 2 (1) San Diego, CA 109,000 207 20,083 09/20 100% 899,000 592 105,276 4th Quarter Southwest Commerce Center (1) Las Vegas, NV 196,000 153 28,487 10/20 100% 196,000 153 28,487 Total Transferred to Real Estate Properties 2,360,000 1,071$ 254,148 Projected Stabilized Yield (2) 7.3% 93% Wgt Avg % (1) These value-add projects were acquired by EastGroup. (2) Weighted average yield based on property net operating income at 100% occupancy and rents computed on a straight-line basis. Costs Incurred

Page 13 of 24 Acquisitions and Dispositions Through December 31, 2020 ($ in thousands) (Unaudited) Purchase Date Property Name Location Size Price (1) 1 st Quarter 01/16/20 Arlington Tech Centre Land Dallas, TX 6.7 Acres 1,725$ 02/28/20 Wells Point One Austin, TX 50,000 SF 6,231 03/16/20 Horizon West Land Orlando, FL 121.5 Acres 20,528 2 nd Quarter None 3 rd Quarter 09/02/20 SunCoast Commerce Center - Phase IV Land Fort Myers, FL 28.9 Acres 3,313 4 th Quarter 10/15/20 Rancho Distribution Center Los Angeles, CA 162,000 SF 27,862 (2) 12/04/20 CreekView Phase 3 Land Dallas, TX 11.3 Acres 3,985 12/15/20 McKinney Land Dallas, TX 40.1 Acres 12,239 12/15/20 Cherokee 75 Business Center 1 Atlanta, GA 85,000 SF 8,323 12/17/20 Americas Ten Phase 2 Land El Paso, TX 12.7 Acres 2,516 12/17/20 The Rock Dallas, TX 212,000 SF 34,102 12/23/20 Blairs Bridge Land Atlanta, GA 11.4 Acres 1,381 509,000 SF Total Acquisitions 232.6 Acres 122,205$ Date Property Name Location Size Gross Sales Price 1 st Quarter None 2 nd Quarter None 3 rd Quarter None 4 th Quarter 12/01/20 University Business Center 120 Santa Barbara, CA 46,000 SF 10,500$ 6,335 (3) (4) 12/23/20 Central Green Houston, TX 80,000 SF 10,500 6,810 (3) Total Dispositions 126,000 SF 21,000$ 13,145 (3) Included in Gain on sales of real estate investments on the Consolidated Statements of Income and Comprehensive Income; not included in FFO. (4) EastGroup owned 80% of University Business Center 120 through a joint venture partnership. EastGroup sold its 80% share of the joint venture, and the partnership was dissolved. The information shown for this transaction represents EastGroup's 80% ownership. DISPOSITIONS ACQUISITIONS (2) Value-add property acquisition; included in Development and value-add properties on the Consolidated Balance Sheets. (1) Represents acquisition price plus closing costs. Realized Gain

Page 14 of 24 Real Estate Improvements and Leasing Costs (In thousands) (Unaudited) REAL ESTATE IMPROVEMENTS 2020 2019 2020 2019 Upgrade on Acquisitions 16$ 758 298 1,863 Tenant Improvements: New Tenants 2,941 1,605 11,811 13,113 Renewal Tenants 881 1,875 3,284 3,908 Other: Building Improvements 1,777 940 4,962 5,304 Roofs 3,504 3,940 8,529 12,179 Parking Lots 129 187 568 1,455 Other 243 18 803 834 TOTAL REAL ESTATE IMPROVEMENTS (2) 9,491$ 9,323 30,255 38,656 CAPITALIZED LEASING COSTS (Principally Commissions) (1) Development and Value-Add 1,350$ 1,980 5,223 8,065 New Tenants 1,347 1,422 5,732 5,900 Renewal Tenants 812 1,390 7,244 5,069 TOTAL CAPITALIZED LEASING COSTS 3,509$ 4,792 18,199 19,034 (1) Included in Other Assets . (2) Reconciliation of Total Real Estate Improvements to Real Estate Improvements on the Consolidated Statements of Cash Flows: 2020 2019 Total Real Estate Improvements 30,255$ 38,656 Change in Real Estate Property Payables (373) (876) Change in Construction in Progress 3,249 (5) 33,131$ 37,775 December 31, Real Estate Improvements on the Consolidated Statements of Cash Flows December 31, Twelve Months EndedThree Months Ended December 31, Twelve Months Ended

Page 15 of 24 Leasing Statistics and Occupancy Summary (Unaudited) Three Months Ended Number of Square Feet Weighted Rental Change Rental Change PSF Tenant PSF Leasing PSF Total December 31, 2020 Leases Signed Signed Average Term Straight-Line Basis Cash Basis Improvement (1) Commission (1) Leasing Cost (1) (In Thousands) (In Years) New Leases (2) 35 589 4.7 15.6% 9.5% 2.78$ 2.46$ 5.24$ Renewal Leases 41 921 3.7 15.2% 6.6% 0.61 0.99 1.60 Total/Weighted Average 76 1,510 4.1 15.4% 7.9% 1.46$ 1.56$ 3.02$ Per Year 0.36$ 0.38$ 0.74$ Weighted Average Retention (3) 67.5% Twelve Months Ended Number of Square Feet Weighted Rental Change Rental Change PSF Tenant PSF Leasing PSF Total December 31, 2020 Leases Signed Signed Average Term Straight-Line Basis Cash Basis Improvement (1) Commission (1) Leasing Cost (1) (In Thousands) (In Years) New Leases (2) 135 2,299 4.9 20.9% 13.5% 4.48$ 2.39$ 6.87$ Renewal Leases 224 5,819 4.0 22.0% 11.8% 0.60 1.25 1.85 Total/Weighted Average 359 8,118 4.3 21.7% 12.3% 1.70$ 1.57$ 3.27$ Per Year 0.40$ 0.37$ 0.77$ Weighted Average Retention (3) 79.7% 12/31/20 09/30/20 06/30/20 03/31/20 12/31/19 Percentage Leased 98.0% 97.8% 97.5% 97.3% 97.6% Percentage Occupied 97.3% 96.4% 97.0% 96.7% 97.1% (1) Per square foot (PSF) amounts represent total amounts for the life of the lease, except as noted for the Per Year amounts. (2) Does not include leases with terms less than 12 months and leases for first generation space on properties acquired or developed by EastGroup. (3) Calculated as square feet of renewal leases signed during the quarter / square feet of leases expiring during the quarter (not including early terminations or bankruptcies).

Page 16 of 24 Core Market Operating Statistics December 31, 2020 (Unaudited) Total Square Feet % Annualized % % Straight-Line Cash Straight-Line Cash Straight-Line Cash Straight-Line Cash of Properties of Total Base Rent (1) Leased Occupied 2021 (2) 2022 Basis Basis (4) Basis Basis (4) Basis Basis (4) Basis Basis (4) Florida Tampa 4,496,000 10.3% 9.4% 98.7% 98.3% 873,000 678,000 5.0% 5.8% 4.0% 4.8% 18.3% 7.4% 18.4% 8.5% Orlando 3,685,000 8.4% 9.0% 97.4% 97.3% 515,000 665,000 2.8% 2.3% 0.9% 0.2% 19.8% 10.9% 23.7% 13.6% Jacksonville 2,273,000 5.2% 4.1% 99.8% 99.4% 552,000 521,000 7.6% 5.2% 4.7% 3.3% 29.1% 18.7% 19.4% 9.7% Miami/Ft. Lauderdale 1,459,000 3.3% 4.0% 95.0% 95.0% 130,000 122,000 -4.4% -6.7% 2.0% 0.2% 22.8% 16.8% 19.8% 11.5% Ft. Myers 549,000 1.2% 1.6% 100.0% 100.0% 21,000 74,000 0.6% 2.2% 1.3% 1.9% 16.1% 3.1% 11.9% 2.6% 12,462,000 28.4% 28.1% 98.1% 97.9% 2,091,000 2,060,000 3.5% 3.0% 2.8% 2.4% 21.5% 11.4% 20.0% 10.4% Texas Dallas 4,568,000 10.4% 9.5% 97.4% 96.2% 355,000 798,000 10.0% 12.3% 5.7% 7.2% 21.4% 12.9% 18.9% 16.1% Houston 5,795,000 13.2% 13.1% 97.2% 95.9% 877,000 1,012,000 -1.4% -1.9% 3.0% 4.1% 5.6% -3.2% 4.9% -2.0% San Antonio 3,664,000 8.4% 8.7% 96.7% 96.6% 418,000 482,000 -3.5% -4.3% -2.3% -1.8% 4.8% 3.0% 10.2% 3.7% Austin 953,000 2.2% 2.8% 100.0% 100.0% 92,000 164,000 4.9% 7.2% 1.5% 3.7% N/A N/A 18.7% 13.3% El Paso 957,000 2.2% 1.6% 98.4% 98.4% 108,000 118,000 8.1% 7.1% 8.2% 7.6% 22.3% 12.1% 43.1% 26.3% 15,937,000 36.4% 35.7% 97.4% 96.5% 1,850,000 2,574,000 1.5% 1.6% 2.4% 3.4% 12.8% 4.6% 13.1% 6.4% California San Francisco 1,045,000 2.4% 2.8% 100.0% 100.0% 113,000 202,000 8.9% 0.9% -4.1% -10.0% 36.1% 25.9% 67.3% 43.9% Los Angeles (5) 2,323,000 5.3% 6.9% 100.0% 100.0% 836,000 550,000 15.5% 4.1% 4.1% 4.9% 23.2% 12.4% 61.8% 41.2% Fresno 398,000 0.9% 0.6% 99.0% 94.7% 116,000 78,000 0.4% -1.1% -0.4% -4.2% 19.6% 11.1% 14.5% 6.3% San Diego 867,000 2.0% 2.9% 94.4% 94.0% 80,000 22,000 -69.2% -6.5% -19.8% 14.4% 35.6% 26.2% 32.5% 19.7% 4,633,000 10.6% 13.2% 98.9% 98.4% 1,145,000 852,000 -0.3% 1.4% -1.8% 1.5% 26.7% 16.5% 59.3% 38.9% Arizona Phoenix 2,502,000 5.7% 5.7% 98.6% 97.0% 433,000 377,000 2.3% 4.2% -1.0% -0.4% 17.6% 2.9% 13.6% 6.4% Tucson 848,000 1.9% 1.9% 100.0% 100.0% 48,000 16,000 2.6% 6.7% 1.5% 4.0% N/A N/A 13.4% 2.0% 3,350,000 7.6% 7.6% 98.9% 97.8% 481,000 393,000 2.4% 4.9% -0.3% 0.8% 17.6% 2.9% 13.6% 5.4% Other Core Atlanta 976,000 2.2% 1.5% 100.0% 95.7% 68,000 68,000 -12.3% -11.7% 17.0% 42.8% -1.8% -3.0% -2.8% -4.8% Charlotte 3,407,000 7.8% 6.7% 97.9% 97.9% 420,000 894,000 4.7% 2.6% 3.9% 3.4% 19.0% 6.5% 15.3% 6.2% Denver 886,000 2.0% 2.6% 97.6% 97.6% 149,000 211,000 9.9% 9.2% 8.4% 9.0% -2.4% 8.4% 1.5% 3.3% Las Vegas 754,000 1.7% 1.8% 98.4% 91.6% 221,000 115,000 -3.2% -0.3% -1.0% 1.8% N/A N/A N/A N/A 6,023,000 13.7% 12.6% 98.3% 96.7% 858,000 1,288,000 1.7% 1.3% 5.4% 7.9% 3.9% 4.7% 8.2% 3.7% Total Core Markets 42,405,000 96.7% 97.2% 98.0% 97.3% 6,425,000 7,167,000 1.9% 2.2% 2.1% 3.2% 16.3% 8.7% 22.1% 12.6% Total Other Markets 1,449,000 3.3% 2.8% 98.6% 98.6% 95,000 201,000 3.6% 2.9% 2.7% 4.0% -10.4% -16.7% 5.3% -1.9% Total Operating Properties 43,854,000 100.0% 100.0% 98.0% 97.3% 6,520,000 7,368,000 2.0% 2.2% 2.1% 3.2% 15.4% 7.9% 21.7% 12.3% (1) Based on the Annualized Base Rent as of the reporting period for occupied square feet (without S/L Rent). (2) Includes month-to-month leases. (3) Does not include leases with terms less than 12 months and leases for first generation space on properties acquired or developed by EastGroup. (4) Excludes straight-line rent adjustments and amortization of above/below market rent intangibles. (5) Includes the Company's share of its less-than-wholly-owned real estate investments. Rental Change (excluding income from lease terminations) New and Renewal Leases (3) Same Property PNOI Change in Square Feet QTR YTD QTR YTDLease Expirations

Page 17 of 24 Lease Expiration Summary Total Square Feet of Operating Properties Based On Leases Signed Through December 31, 2020 ($ in thousands) (Unaudited) Annualized Current % of Total Base Rent of Base Rent of Square Footage of % of Leases Expiring Leases Expiring LEASE EXPIRATION Leases Expiring Total SF (without S/L Rent) (without S/L Rent) Vacancy 862,000 2.0% -$ 0.0% 2021 (1) 6,520,000 14.9% 43,528 15.9% 2022 7,368,000 16.8% 46,418 16.9% 2023 6,554,000 14.9% 41,282 15.0% 2024 7,106,000 16.2% 44,575 16.3% 2025 5,616,000 12.8% 37,232 13.6% 2026 3,805,000 8.7% 22,858 8.3% 2027 2,257,000 5.1% 16,071 5.9% 2028 1,525,000 3.5% 6,900 2.5% 2029 1,045,000 2.4% 6,893 2.5% 2030 and beyond 1,196,000 2.7% 8,602 3.1% TOTAL 43,854,000 100.0% 274,359$ 100.0% (1) Includes month-to-month leases.

Page 18 of 24 Top 10 Customers by Annualized Base Rent As of December 31, 2020 (Unaudited) % of Total # of % of Total Annualized Customer Leases Location Portfolio Base Rent (1) 1 U.S. Postal Service 1 Houston, TX 110,000 1 San Diego, CA 105,000 1 New Orleans, LA 99,000 1 Orlando, FL 62,000 2 Tampa, FL 59,000 1.0% 1.3% 2 The Chamberlain Group 2 Tucson, AZ 350,000 1 Charlotte, NC 11,000 0.8% 0.9% 3 WNA Comet West, Inc. 1 Los Angeles, CA 411,000 0.9% 0.9% 4 FedEx Corp. 1 Dallas, TX 157,000 1 Ft. Myers, FL 63,000 1 Ft. Lauderdale, FL 50,000 1 San Diego, CA 22,000 1 Jackson, MS 6,000 0.7% 0.8% 5 Essendant Co. 1 Orlando, FL 404,000 0.9% 0.8% 6 Mattress Firm 1 Houston, TX 202,000 1 Tampa, FL 109,000 1 Jacksonville, FL 49,000 1 Ft. Myers, FL 25,000 0.9% 0.8% 7 Price Transfer 1 Los Angeles, CA 262,000 0.6% 0.7% 8 Kuehne & Nagel, Inc. 2 Houston, TX 172,000 2 Charlotte, NC 106,000 0.6% 0.7% 9 Oceaneering International, Inc. 3 Orlando, FL 259,000 0.6% 0.7% 10 Agility 2 Houston, TX 246,000 0.6% 0.6% 30 3,339,000 7.6% 8.2% (1) Calculation: Customer Annualized Base Rent as of 12/31/20 (without S/L Rent) / Total Annualized Base Rent (without S/L Rent). Leased Total SF

Page 19 of 24 Debt and Equity Market Capitalization December 31, 2020 ($ in thousands, except per share data) (Unaudited) 2021 2022 2023 2024 2025 2026 and Beyond Total Average Years to Maturity Unsecured debt (fixed rate) (1) 40,000 75,000 115,000 120,000 95,000 665,000 1,110,000 6.1 Weighted average interest rate 2.34% 3.03% 2.96% 3.47% 3.94% 3.14% 3.19% Secured debt (fixed rate) Balloon payments 40,323 32,655 ‐ ‐ ‐ 1,549 74,527 Amortization 3,962 115 119 122 128 123 4,569 44,285 32,770 119 122 128 1,672 79,096 0.8 Weighted average interest rate 4.71% 4.09% 3.85% 3.85% 3.85% 3.85% 4.43% Total unsecured debt and secured debt 84,285 107,770 115,119 120,122 95,128 666,672 1,189,096 5.7 Weighted average interest rate 3.58% 3.35% 2.96% 3.47% 3.94% 3.14% 3.27% Unsecured debt and secured debt (fixed rate) 1,189,096$ Unsecured bank credit facilities (variable rate) $45MM Line ‐ 1.144% ‐ matures 7/30/2022 ‐ $350MM Line ‐ 1.152% ‐ matures 7/30/2022 125,000 Total carrying amount of debt 1,314,096$ Total unamortized debt issuance costs (3,201) Total debt net of unamortized debt issuance costs 1,310,895$ Equity market capitalization Shares outstanding ‐ common 39,676,828 Price per share at quarter end 138.06$ Total equity market capitalization 5,477,783$ Total market capitalization (debt and equity) (2) 6,791,879$ Total debt / total market capitalization (2) 19.3% (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps (2) Before deducting unamortized debt issuance costs

Page 20 of 24 Continuous Common Equity Program Through December 31, 2020 ($ in thousands, except per share data) (Unaudited) Shares Issued and Sold (1) Average Sales Price (Per Share) Gross Proceeds Offering-Related Fees and Expenses Net Proceeds 1st Quarter 105,837 141.73$ 15,000$ (266)$ 14,734$ 2nd Quarter 243,621 123.14 30,000 (353) 29,647 3rd Quarter 238,086 133.27 31,729 (367) 31,362 4th Quarter 122,380 140.62 17,209 (289) 16,920 TOTAL 2020 709,924 132.32$ 93,938$ (1,275)$ 92,663$ (1) As of February 9, 2021, the Company had common shares with an aggregate gross sales price of $656.1 million authorized and remaining for issuance under its continuous common equity program.

Page 21 of 24 Debt-to-EBITDAre Ratios ($ in thousands) (Unaudited) Quarter Ended Years Ended December 31, December 31, 2020 2020 2019 2018 2017 2016 EBITDAre 63,547$ 245,669$ 221,517 200,788 180,214 166,463 Debt 1,310,895 1,310,895 1,182,602 1,105,787 1,108,282 1,101,333 DEBT-TO-EBITDAre RATIO 5.16 5.34 5.34 5.51 6.15 6.62 EBITDAre 63,547$ 245,669$ 221,517 200,788 180,214 166,463 Adjust for acquisitions as if owned for entire period 399 1,906 5,590 1,909 859 991 Adjust for development and value-add properties in lease-up or under construction (858) (1,327) (2,072) (304) (679) (939) Adjust for properties sold during the period (255) (1,081) (3,812) (474) (1,031) (1,308) Pro Forma EBITDAre 62,833$ 245,167$ 221,223 201,919 179,363 165,207 Debt 1,310,895$ 1,310,895$ 1,182,602 1,105,787 1,108,282 1,101,333 Subtract development and value-add properties in lease-up or under construction (225,964) (225,964) (315,794) (149,860) (130,505) (101,520) Adjusted Debt 1,084,931$ 1,084,931$ 866,808 955,927 977,777 999,813 ADJUSTED DEBT-TO-PRO FORMA EBITDAre RATIO 4.32 4.43 3.92 4.73 5.45 6.05

Page 22 of 24 Outlook for 2021 (Unaudited) Q1 2021 Y/E 2021 Q1 2021 Y/E 2021 Net income attributable to common stockholders 23,856$ 101,502 25,450 105,528 Depreciation and amortization 30,840 125,363 30,840 125,363 Funds from operations attributable to common stockholders 54,696$ 226,865 56,290 230,891 Diluted shares 39,861 40,262 39,861 40,262 Per share data (diluted): Net income attributable to common stockholders 0.60$ 2.52 0.64 2.62 Funds from operations attributable to common stockholders 1.37 5.63 1.41 5.73 The following assumptions were used for the mid-point: Metrics FFO per share $5.63 - $5.73 $5.38 FFO per share increase over prior year 5.6% 8.0% Same PNOI growth: cash basis (1) 3.5% - 4.5%(2) 3.2% Average month-end occupancy 95.9% - 96.9% 96.7% Lease termination fee income $585,000 $709,000 Reserves for uncollectible rent (No identified bad debts for 2021) $1.8 million $2.8 million Development starts: Square feet 2.0 million 851,000 Projected total investment $205 million $91 million Value-add property acquisitions (Projected total investment) $35 million $29 million Operating property acquisitions $30 million $49 million Operating property dispositions (Potential gains on dispositions are not included in the projections) $60 million $21 million Unsecured debt closing in period $250 million at 2.70% weighted average interest rate $275 million at 2.56% weighted average interest rate Common stock issuances $140 million $94 million General and administrative expense $16.2 million $14.4 million Low Range High Range (In thousands, except per share data) Initial Guidance for Year 2021 Actual for Year 2020 (2) Includes properties which have been in the operating portfolio since 1/1/20 and are projected to be in the operating portfolio through 12/31/21; includes 41,043,000 square feet. (1) Excludes straight-line rent adjustments, amortization of market rent intangibles for acquired leases, and income from lease terminations. Includes rental income for executed deferral agreements that qualify for the modified COVID-19-related guidance provided by the FASB.

Page 23 of 24 Glossary of REIT Terms Listed below are definitions of commonly used real estate investment trust (“REIT”) industry terms. For additional information on REITs, please see the National Association of Real Estate Investment Trusts (“Nareit”) web site at www.reit.com. Adjusted Debt-to-Pro Forma EBITDAre Ratio: A ratio calculated by dividing a company’s adjusted debt by its pro forma EBITDAre. Debt is adjusted by subtracting the cost of development and value-add properties in lease-up or under construction. EBITDAre is further adjusted by adding an estimate of NOI for significant acquisitions as if the acquired properties were owned for the entire period, and by subtracting NOI from development and value-add properties in lease-up or under construction and from properties sold during the period. The Adjusted Debt-to-Pro Forma EBITDAre Ratio is a non-GAAP financial measure used to analyze the Company’s financial condition and operating performance relative to its leverage, on an adjusted basis, so as to normalize and annualize property changes during the period. Cash Basis: The Company adjusts its GAAP reporting to exclude straight-line rent adjustments and amortization of market rent intangibles for acquired leases. The cash basis is an indicator of the rents charged to customers by the Company during the periods presented and is useful in analyzing the embedded rent growth in the Company’s portfolio. Debt-to-EBITDAre Ratio: A ratio calculated by dividing a company’s debt by its EBITDAre; this non-GAAP measure is used to analyze the Company’s financial condition and operating performance relative to its leverage. Debt-to-Total Market Capitalization Ratio: A ratio calculated by dividing a company’s debt by the total amount of a company’s equity (at market value) and debt. Earnings Before Interest Taxes Depreciation and Amortization for Real Estate (“EBITDAre”): In accordance with standards established by Nareit, EBITDAre is computed as Earnings, defined as Net Income, excluding gains or losses from sales of real estate investments and non-operating real estate, plus interest, taxes, depreciation and amortization. EBITDAre is a non- GAAP financial measure used to measure the Company’s operating performance and its ability to meet interest payment obligations and pay quarterly stock dividends on an unleveraged basis. Funds From Operations (“FFO”): FFO is the most commonly accepted reporting measure of a REIT’s operating performance, and the Company computes FFO in accordance with standards established by Nareit in the Nareit Funds from Operations White Paper — 2018 Restatement. It is equal to a REIT’s net income (loss) attributable to common stockholders computed in accordance with generally accepted accounting principles (“GAAP”), excluding gains and losses from sales of real estate property (including other assets incidental to the Company’s business) and impairment losses, adjusted for real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. FFO is a non-GAAP financial measure used to evaluate the performance of the Company’s investments in real estate assets and its operating results. FFO Excluding Gain on Casualties and Involuntary Conversion: A reporting measure calculated as FFO (as defined above), adjusted to exclude gain on casualties and involuntary conversion. The Company believes that the exclusion of gain on casualties and involuntary conversion presents a more meaningful comparison of operating performance. Industrial Properties: Generally consisting of four concrete walls tilted up on a slab of concrete. An internal office component is then added. Business uses include warehousing, distribution, light manufacturing and assembly, research and development, showroom, office, or a combination of some or all of the aforementioned. Leases Expiring and Renewal Leases Signed of Expiring Square Feet: Includes renewals during the period with terms commencing during the period and after the end of the period. Operating Land: Land with no buildings or improvements that generates income from leases with tenants; included in Real estate properties on the Consolidated Balance Sheets. Operating Properties: 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. Percentage Leased: The percentage of total leasable square footage for which there is a signed lease, including month-to-month leases, as of the close of the reporting period. Space is considered leased upon execution of the lease.

Page 24 of 24 Glossary of REIT Terms (Continued) Percentage Occupied: The percentage of total leasable square footage for which the lease term has commenced as of the close of the reporting period. Property Net Operating Income (“PNOI”): Income from real estate operations less Expenses from real estate operations (including market-based internal management fee expense) plus the Company’s share of income and property operating expenses from its less-than-wholly-owned real estate investments. PNOI is a non-GAAP, property-level supplemental measure of performance used to evaluate the performance of the Company’s investments in real estate assets and its operating results. Real Estate Investment Trust: A company that owns and, in most cases, operates income-producing real estate such as apartments, shopping centers, offices, hotels and warehouses. Some REITs also engage in financing real estate. The shares of most REITs are freely traded, usually on a major stock exchange. To qualify as a REIT, a company must distribute at least 90 percent of its taxable income to its stockholders annually. A company that qualifies as a REIT is permitted to deduct dividends paid to its stockholders from its corporate taxable income. As a result, most REITs remit at least 100 percent of their taxable income to their stockholders and therefore owe no corporate federal income tax. Taxes are paid by stockholders on the dividends received. Most states honor this federal treatment and also do not require REITs to pay state income tax. Rental changes on new and renewal leases: Rental changes are calculated as the difference, weighted by square feet, of the annualized base rent due the first month of the new lease’s term and the annualized base rent of the rent due the last month of the former lease’s term. If free rent is given, then the first positive full rent value is used. Rental amounts exclude base stop amounts, holdover rent, and premium or discounted rent amounts. This calculation excludes leases with terms less than 12 months and leases for first generation space on properties acquired or developed by EastGroup. Same Properties: Operating properties owned during the entire current and prior year reporting periods. Properties developed or acquired are excluded until held in the operating portfolio for both the current and prior year reporting periods. Properties sold during the current or prior year reporting periods are excluded. The Same Property Pool includes properties which were included in the operating portfolio for the entire period from January 1, 2019 through December 31, 2020. Same Property Net Operating Income (“Same PNOI”): Income from real estate operations less Expenses from real estate operations (including market-based internal management fee expense), plus the Company’s share of income and property operating expenses from its less-than-wholly-owned real estate investments, for the same properties owned by the Company during the entire current and prior year reporting periods. Same PNOI is a non-GAAP, property-level supplemental measure of performance used to evaluate the performance of the Company’s investments in real estate assets and its operating results on a same property basis. Same PNOI Excluding Income from Lease Terminations: Same PNOI (as defined above), adjusted to exclude income from lease terminations. The Company believes it is useful to evaluate Same PNOI Excluding Income from Lease Terminations on both a straight-line and cash basis. The straight-line basis is calculated by averaging the customers’ rent payments over the lives of the leases; GAAP requires the recognition of rental income on the straight-line basis. The cash basis excludes adjustments for straight-line rent and amortization of market rent intangibles for acquired leases; the cash basis is an indicator of the rents charged to customers by the Company during the periods presented and is useful in analyzing the embedded rent growth in the Company’s portfolio. Straight-Lining: The process of averaging the customer’s rent payments over the life of the lease. GAAP requires real estate companies to “straight-line” rents. Total Return: A stock’s dividend income plus capital appreciation/depreciation over a specified period as a percentage of the stock price at the beginning of the period. Value-Add Properties: Properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% occupied as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.