EX-99.2 3 supplemental_q4x2023xfin.htm EX-99.2
400 W. Parkway Place, Suite 100, Ridgeland, MS 39157 | TEL: 601-354-3555 | FAX: 601-352-1441 2023 Supplemental Information FOURTH QUARTER Conference Call 800-836-8184 | ID – EastGroup February 8, 2024 11:00 a.m. Eastern Time webcast available at EastGroup.net December 31, 2023 Th e Pa rk a t M ya tt , N as hv ill e, T en ne ss ee

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 2024 .................................................................................................... 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,” “goals” “plans” or variations of such words and 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 current views of EastGroup Properties, Inc. (the “Company” or “EastGroup”) 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. For instance, the amount, timing and frequency of future dividends is subject to authorization by the Company’s Board of Directors and will be based upon a variety of factors. 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; disruption in supply and delivery chains; construction costs could increase as a result of inflation impacting the costs to develop properties; 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 impacts of inflation; potential changes in the law or governmental regulations and interpretations of those laws and regulations, including changes in real estate laws, Real Estate Investment Trust (“REIT”) or corporate income tax laws, potential changes in zoning laws, or increases in real property tax rates, and any related increased cost of compliance; 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 coronavirus pandemic; availability of financing and capital, increase in 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; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; credit risk in the event of non-performance by the counterparties to our interest rate swaps; how and when pending forward equity sales may settle; lack of or insufficient amounts of insurance; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; our ability to attract and retain key personnel; risks related to the failure, inadequacy or interruption of our data security systems and processes; potentially catastrophic events such as acts of war, civil unrest and terrorism; 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 most recent Annual Report on Form 10-K, as such factors may be updated from time to time in the Company’s periodic filings and current reports filed with the SEC. The Company assumes no obligation to update publicly any forward-looking statements, including its Outlook for 2024, 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, 2023 December 31, 2022 ASSETS Real estate properties 4,853,548$ 4,395,972 Development and value-add properties 639,647 538,449 5,493,195 4,934,421 Less accumulated depreciation (1,273,723) (1,150,814) 4,219,472 3,783,607 Unconsolidated investment 7,539 7,230 Cash and cash equivalents 40,263 56 Other assets 251,939 244,944 TOTAL ASSETS 4,519,213$ 4,035,837 LIABILITIES AND EQUITY LIABILITIES Unsecured bank credit facilities, net of debt issuance costs (1,520)$ 168,454 Unsecured debt, net of debt issuance costs 1,676,347 1,691,259 Secured debt, net of debt issuance costs - 2,031 Accounts payable and accrued expenses 146,337 136,988 Other liabilities 89,415 83,666 Total Liabilities 1,910,579 2,082,398 EQUITY Stockholders' Equity: Common shares; $0.0001 par value; 70,000,000 shares authorized; 47,700,432 shares issued and outstanding at December 31, 2023 and 43,575,539 at December 31, 2022 5 4 Excess shares; $0.0001 par value; 30,000,000 shares authorized; zero shares issued - - Additional paid-in capital 2,949,907 2,251,521 Distributions in excess of earnings (366,473) (334,898) Accumulated other comprehensive income 24,888 36,371 Total Stockholders' Equity 2,608,327 1,952,998 Noncontrolling interest in joint ventures 307 441 Total Equity 2,608,634 1,953,439 TOTAL LIABILITIES AND EQUITY 4,519,213$ 4,035,837

Page 4 of 24 Consolidated Statements of Income and Comprehensive Income (In thousands, except per share data) (Unaudited) 2023 2022 2023 2022 REVENUES Income from real estate operations 149,026$ 129,797 566,179 486,817 Other revenue 123 43 4,412 208 149,149 129,840 570,591 487,025 EXPENSES Expenses from real estate operations 39,368 35,272 154,030 133,915 Depreciation and amortization 45,248 40,559 171,078 153,638 General and administrative 3,740 3,859 16,757 16,362 Indirect leasing costs 146 136 582 546 88,502 79,826 342,447 304,461 OTHER INCOME (EXPENSE) Interest expense (11,108) (11,648) (47,996) (38,499) Gain on sales of real estate investments 13,156 - 17,965 40,999 Other 774 322 2,435 1,210 NET INCOME 63,469 38,688 200,548 186,274 Net income attributable to noncontrolling interest in joint ventures (14) (17) (57) (92) NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS 63,455 38,671 200,491 186,182 Other comprehensive income (loss) - interest rate swaps (17,200) (4,757) (11,483) 35,069 TOTAL COMPREHENSIVE INCOME 46,255$ 33,914 189,008 221,251 BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 1.35$ 0.89 4.43 4.37 Weighted average shares outstanding - Basic 46,831 43,472 45,224 42,599 DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 1.35$ 0.89 4.42 4.36 Weighted average shares outstanding - Diluted 46,980 43,593 45,331 42,712 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) 2023 2022 2023 2022 NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS 63,455$ 38,671 200,491 186,182 Depreciation and amortization 45,248 40,559 171,078 153,638 Company's share of depreciation from unconsolidated investment 31 31 124 124 Depreciation and amortization from noncontrolling interest (1) (3) (5) (17) Gain on sales of real estate investments (13,156) - (17,965) (40,999) Gain on sales of non-operating real estate - - (446) - FUNDS FROM OPERATIONS ("FFO") ATTRIBUTABLE TO COMMON STOCKHOLDERS* 95,577 79,258 353,277 298,928 Gain on involuntary conversion and business interruption claims - - (4,187) - FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS - EXCLUDING GAIN ON INVOLUNTARY CONVERSION AND BUSINESS INTERRUPTION CLAIMS* 95,577$ 79,258 349,090 298,928 NET INCOME 63,469$ 38,688 200,548 186,274 Interest expense (1) 11,108 11,648 47,996 38,499 Depreciation and amortization 45,248 40,559 171,078 153,638 Company's share of depreciation from unconsolidated investment 31 31 124 124 EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA") 119,856 90,926 419,746 378,535 Gain on sales of real estate investments (13,156) - (17,965) (40,999) Gain on sales of non-operating real estate - - (446) - EBITDA FOR REAL ESTATE ("EBITDAre")* 106,700$ 90,926 401,335 337,536 DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 1.35$ 0.89 4.42 4.36 FFO attributable to common stockholders* 2.03$ 1.82 7.79 7.00 FFO attributable to common stockholders - excluding gain on involuntary conversion and business interruption claims* 2.03$ 1.82 7.70 7.00 Weighted average shares outstanding for EPS and FFO purposes - Diluted 46,980 43,593 45,331 42,712 December 31, * This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. Three Months Ended December 31, Twelve Months Ended (1) Net of capitalized interest of $4,371 and $3,878 for the three months ended December 31, 2023 and 2022, respectively; and $16,235 and $12,393 for the twelve months ended December 31, 2023 and 2022, respectively.

Page 6 of 24 Reconciliations of GAAP to Non-GAAP Measures (Continued) (In thousands) (Unaudited) 2023 2022 2023 2022 NET INCOME 63,469$ 38,688 200,548 186,274 Gain on sales of real estate investments (13,156) - (17,965) (40,999) Gain on sales of non-operating real estate - - (446) - Interest income (496) (58) (879) (100) Other revenue (123) (43) (4,412) (208) Indirect leasing costs 146 136 582 546 Depreciation and amortization 45,248 40,559 171,078 153,638 Company's share of depreciation from unconsolidated investment 31 31 124 124 Interest expense (1) 11,108 11,648 47,996 38,499 General and administrative expense (2) 3,740 3,859 16,757 16,362 Noncontrolling interest in PNOI of consolidated joint ventures (15) (21) (62) (105) PROPERTY NET OPERATING INCOME ("PNOI")* 109,952 94,799 413,321 354,031 PNOI from 2022 and 2023 acquisitions (5,989) (3,926) (19,165) (9,471) PNOI from 2022 and 2023 development and value-add properties (14,444) (7,385) (47,739) (17,918) PNOI from 2022 and 2023 operating property dispositions (445) (390) (1,813) (1,753) Other PNOI (82) 102 166 324 SAME PNOI (Straight-Line Basis)* 88,992 83,200 344,770 325,213 Lease termination fee income from same properties (488) (311) (907) (2,708) SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Straight-Line Basis)* 88,504 82,889 343,863 322,505 Straight-line rent adjustments for same properties (283) (745) (1,238) (4,361) Acquired leases — market rent adjustment amortization for same properties (92) (171) (536) (1,273) SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Cash Basis)* 88,129$ 81,973 342,089 316,871 (2) Net of capitalized development costs of $2,489 and $2,511 for the three months ended December 31, 2023 and 2022, respectively; and $10,472 and $9,985 for the twelve months ended December 31, 2023 and 2022, respectively. Three Months Ended * This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. Twelve Months Ended December 31, December 31, (1) Net of capitalized interest of $4,371 and $3,878 for the three months ended December 31, 2023 and 2022, respectively; and $16,235 and $12,393 for the twelve months ended December 31, 2023 and 2022, respectively.

Page 7 of 24 Consolidated Statements of Cash Flows (In thousands) (Unaudited) 2023 2022 OPERATING ACTIVITIES Net income 200,548$ 186,274 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 171,078 153,638 Stock-based compensation expense 8,965 8,292 Gain on sales of real estate investments (17,965) (40,999) Gain on sales of non-operating real estate (446) - Gain on involuntary conversion and business interruption claims (4,187) - Changes in operating assets and liabilities: Accrued income and other assets (15,415) (9,291) Accounts payable, accrued expenses and prepaid rent (5,922) 17,176 Other 1,546 1,411 NET CASH PROVIDED BY OPERATING ACTIVITIES 338,202 316,501 INVESTING ACTIVITIES Development and value-add properties (388,213) (494,073) Purchases of real estate (165,116) (2,049) Real estate improvements (51,116) (40,851) Net proceeds from sales of real estate investments and non-operating real estate 41,539 51,006 Leasing commissions (32,004) (37,272) Proceeds from involuntary conversion on real estate assets 5,029 - Changes in accrued development costs 12,163 4,211 Changes in other assets and other liabilities 7,660 (2,120) NET CASH USED IN INVESTING ACTIVITIES (570,058) (521,148) FINANCING ACTIVITIES Proceeds from unsecured bank credit facilities 471,624 942,173 Repayments on unsecured bank credit facilities (641,624) (981,383) Proceeds from unsecured debt 100,000 525,000 Repayments on unsecured debt (115,000) (75,000) Repayments on secured debt (1,970) (60,096) Debt issuance costs (1,818) (2,067) Distributions paid to stockholders (not including dividends accrued) (225,625) (193,936) Proceeds from common stock offerings 692,312 75,622 Common stock offering related costs (834) (247) Other (5,002) (29,756) NET CASH PROVIDED BY FINANCING ACTIVITIES 272,063 200,310 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 40,207 (4,337) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 56 4,393 CASH AND CASH EQUIVALENTS AT END OF PERIOD 40,263$ 56 SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest, net of amounts capitalized of $16,235 and $12,393 for 2023 and 2022, respectively 47,228$ 34,110 Cash paid for operating lease liabilities 2,042 1,793 Common stock issued in the purchase of real estate - 303,682 Debt assumed in the purchase of real estate - 60,000 NON-CASH OPERATING ACTIVITY Operating lease liabilities arising from obtaining right of use assets 2,379$ 559 Twelve Months Ended December 31,

Page 8 of 24 Same Property Portfolio Analysis (In thousands) (Unaudited) 2023 2022 % Change 2023 2022 % Change Same Property Portfolio (1) Square feet as of period end 46,437 46,437 46,437 46,437 Average occupancy 98.4% 98.8% -0.4% 98.4% 98.3% 0.1% Occupancy as of period end 98.5% 98.8% -0.3% 98.5% 98.8% -0.3% Same Property Portfolio Analysis (Straight-Line Basis) (1) * Income from real estate operations 121,393$ 113,935 6.5% 473,977$ 446,499 6.2% Less cash received for lease terminations (488) (311) (907) (2,708) Income excluding lease termination income 120,905 113,624 6.4% 473,070 443,791 6.6% Expenses from real estate operations (32,401) (30,735) 5.4% (129,207) (121,286) 6.5% PNOI excluding income from lease terminations 88,504$ 82,889 6.8% 343,863$ 322,505 6.6% Same Property Portfolio Analysis (Cash Basis) (1) * Income from real estate operations 121,018$ 113,019 7.1% 472,203$ 440,865 7.1% Less cash received for lease terminations (488) (311) (907) (2,708) Income excluding lease termination income 120,530 112,708 6.9% 471,296 438,157 7.6% Expenses from real estate operations (32,401) (30,735) 5.4% (129,207) (121,286) 6.5% PNOI excluding income from lease terminations 88,129$ 81,973 7.5% 342,089$ 316,871 8.0% (1) Includes properties which were included in the operating portfolio for the entire period of 1/1/22 through 12/31/23. * This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. December 31, December 31, Three Months Ended Twelve Months Ended

Page 9 of 24 Additional Financial Information (In thousands) (Unaudited) 2023 2022 2023 2022 Lease income - operating leases 112,534$ 97,534 424,063 364,957 Variable lease income (1) 36,492 32,263 142,116 121,860 Income from real estate operations 149,026 129,797 566,179 486,817 Straight-line rent income adjustment 3,111 3,337 11,898 9,991 Recoveries (reserves) for uncollectible straight-line rent 33 (17) (609) (170) Net straight-line rent adjustment 3,144 3,320 11,289 9,821 Lease termination fee income 488 311 1,020 2,708 Recoveries (reserves) of uncollectible cash rent (348) 7 (907) 32 Stock-based compensation expense (2,130) (1,762) (8,965) (8,292) Debt issuance costs amortization (479) (380) (1,943) (1,358) Indirect leasing costs (146) (136) (582) (546) Gain on involuntary conversion and business interruption claims (2) - - 4,187 - Acquired leases - market rent adjustment amortization 628 608 2,483 2,565 2023 2022 2023 2022 WEIGHTED AVERAGE COMMON SHARES Weighted average common shares - Basic 46,831 43,472 45,224 42,599 BASIC SHARES FOR EARNINGS PER SHARE ("EPS") 46,831 43,472 45,224 42,599 Potential common shares: Effect of dilutive securities 149 121 107 113 DILUTED SHARES FOR EPS AND FFO 46,980 43,593 45,331 42,712 (1) Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance. (2) 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, SELECTED INCOME STATEMENT INFORMATION

Page 10 of 24 Financial Statistics ($ in thousands, except per share data) (Unaudited) 2023 2022 2021 2020 2019 ASSETS/MARKET CAPITALIZATION Assets 4,519,213$ 4,035,837 3,215,336 2,720,803 2,546,078 Equity Market Capitalization 8,754,937 6,451,794 9,403,107 5,477,783 5,164,306 Total Market Capitalization (Debt and Equity) (1) 10,434,937 8,318,835 10,859,473 6,791,879 6,350,438 Shares Outstanding - Common 47,700,432 43,575,539 41,268,846 39,676,828 38,925,953 Price per share 183.54$ 148.06 227.85 138.06 132.67 FFO CHANGE* FFO per diluted share 7.79$ 7.00 6.09 5.38 4.98 Change compared to same period prior year 11.3% 14.9% 13.2% 8.0% 6.9% COMMON DIVIDEND PAYOUT RATIO* Dividend distribution 5.04$ 4.70 3.58 3.08 2.94 FFO per diluted share 7.79 7.00 6.09 5.38 4.98 Dividend payout ratio 65% 67% 59% 57% 59% COMMON DIVIDEND YIELD Dividend distribution 5.04$ 4.70 3.58 3.08 2.94 Price per share 183.54 148.06 227.85 138.06 132.67 Dividend yield 2.75% 3.17% 1.57% 2.23% 2.22% FFO MULTIPLE* FFO per diluted share 7.79$ 7.00 6.09 5.38 4.98 Price per share 183.54 148.06 227.85 138.06 132.67 Multiple 23.56 21.15 37.41 25.66 26.64 INTEREST & FIXED CHARGE COVERAGE RATIO* EBITDAre 401,335$ 337,536 278,959 245,669 221,517 Interest expense 47,996 38,499 32,945 33,927 34,463 Interest and fixed charge coverage ratio 8.36 8.77 8.47 7.24 6.43 DEBT-TO-EBITDAre RATIO* Debt 1,674,827$ 1,861,744 1,451,778 1,310,895 1,182,602 EBITDAre 401,335 337,536 278,959 245,669 221,517 Debt-To-EBITDAre ratio 4.17 5.52 5.20 5.34 5.34 Adjusted debt-to-pro forma EBITDAre ratio 3.23 4.48 3.83 4.43 3.92 DEBT-TO-TOTAL MARKET CAPITALIZATION (1) 16.1% 22.4% 13.4% 19.3% 18.7% ISSUER RATINGS (2) Issuer Rating Outlook Moody's Investors Service Baa2 Stable (1) Before deducting unamortized debt issuance costs. (2) 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. * This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. Years Ended

Page 11 of 24 Development and Value-Add Properties Summary ($ in thousands) (Unaudited) Cumulative Anticipated Costs at Projected Conversion % Leased Square Feet (SF) 12/31/23 Total Costs Date (1) 2/6/24 Lease-Up Gateway 2 Miami, FL 133,000 22,124$ 24,500 02/24 79% Hillside 1 Greenville, SC 122,000 11,893 13,400 04/24 58% Stonefield 35 1-3 Austin, TX 276,000 34,268 35,900 08/24 30% Horizon West 10 Orlando, FL 357,000 40,467 45,200 10/24 82% McKinney 1 & 2 Dallas, TX 172,000 22,384 28,300 10/24 69% Springwood 1 & 2 Houston, TX 292,000 31,220 33,300 10/24 20% Total Lease-up 1,352,000 162,356 180,600 54% Wgt Avg % Under Construction MCO Logistics Center Orlando, FL 167,000 17,497 25,300 07/24 100% SunCoast 9 Fort Myers, FL 111,000 14,022 16,200 01/25 0% Baswood 3-5 Fort Worth, TX 351,000 37,835 45,000 02/25 0% Horizon West 6 Orlando, FL 87,000 9,085 12,300 03/25 0% Cass White 1 & 2 Atlanta, GA 296,000 27,595 31,900 04/25 0% Eisenhauer Point 10-12 San Antonio, TX 223,000 19,245 29,400 04/25 22% Riverside 1 & 2 Atlanta, GA 284,000 25,925 33,700 04/25 0% Braselton 3 Atlanta, GA 115,000 8,839 14,300 05/25 0% Gateway South Dade 1 & 2 Miami, FL 169,000 21,740 34,900 05/25 0% Denton 35 Exchange 1 & 2 Dallas, TX 244,000 6,863 34,600 09/25 0% Skyway 1 & 2 Charlotte, NC 318,000 9,161 37,200 10/25 0% Arista 36 1-3 Denver, CO 360,000 14,761 80,300 05/26 0% Total Under Construction 2,725,000 212,568 395,100 8% Wgt Avg % Total Lease-Up and Under Construction 4,077,000 374,924$ 575,700 23% Wgt Avg % Projected Stabilized Yields (2) Yield Lease-Up 6.9% Under Construction 6.8% Lease-Up and Under Construction 6.8% Prospective Development Acres Projected SF Phoenix, AZ 59 780,000 21,345$ Sacramento, CA 7 82,000 3,607 San Francisco, CA 4 65,000 3,561 Fort Myers, FL 20 252,000 4,270 Miami, FL 25 341,000 23,833 Orlando, FL 40 442,000 14,505 Tampa, FL 105 973,000 24,758 Atlanta, GA 104 1,092,000 12,887 Jackson, MS 3 28,000 706 Charlotte, NC 114 828,000 11,291 Greenville, SC 84 663,000 9,151 Austin, TX 141 1,681,000 56,051 Dallas, TX 12 - 4,596 Fort Worth, TX 121 1,312,000 31,727 Houston, TX 98 1,377,000 29,941 San Antonio, TX 66 876,000 12,494 Total Prospective Development 1,003 10,792,000 264,723 Total Development and Value-Add Properties 1,003 14,869,000 639,647$ (1) Development properties will transfer to the operating portfolio at the earlier of 90% occupancy or one year after shell completion. (2) Weighted average yield based on projected stabilized annual property net operating income on a straight-line basis at 100% occupancy divided by projected total costs.

Page 12 of 24 Development and Value-Add Properties Transferred to Real Estate Properties ($ in thousands) (Unaudited) Cumulative Costs at Conversion % Leased Square Feet (SF) 12/31/23 Date 2/6/24 1st Quarter Grand West Crossing 1 Houston, TX 121,000 13,701$ 02/23 100% SunCoast 11 Fort Myers, FL 79,000 9,823 02/23 100% Cypress Preserve 1 & 2 (1) Houston, TX 516,000 55,402 03/23 100% 716,000 78,926 2nd Quarter Zephyr (1) San Francisco, CA 82,000 29,046 04/23 100% McKinney 3 & 4 Dallas, TX 212,000 26,921 05/23 100% Horizon West 1 Orlando, FL 97,000 12,402 06/23 100% 391,000 68,369 3rd Quarter Access Point 3 (1) Greenville, SC 299,000 24,351 07/23 100% I-20 West Business Center Atlanta, GA 155,000 15,075 07/23 100% Arlington Tech 3 Fort Worth, TX 77,000 10,128 08/23 100% Grand Oaks 75 4 Tampa, FL 185,000 19,310 09/23 100% LakePort 4 & 5 Dallas, TX 177,000 24,252 09/23 100% Steele Creek 11 & 12 Charlotte, NC 241,000 26,660 09/23 100% 1,134,000 119,776 4th Quarter SunCoast 10 Fort Myers, FL 100,000 13,297 12/23 100% 100,000 13,297 Total Transferred to Real Estate Properties 2,341,000 280,368$ 100% Wgt Avg % Projected Stabilized Yields (2) Yield Development 7.8% Value-Add 5.6% Combined 7.0% (1) Represents value-add acquisitions. (2) Weighted average yield based on projected stabilized annual property net operating income on a straight-line basis at 100% occupancy divided by projected total costs.

Page 13 of 24 Acquisitions and Dispositions Through December 31, 2023 ($ in thousands) (Unaudited) Date Property Name Location Size Purchase Price (1) 1st Quarter None 2nd Quarter 04/04/23 Lakeside Station Land Tampa, FL 58.8 Acres 6,847$ 04/18/23 Craig Corporate Center Las Vegas, NV 156,000 SF 34,365 04/24/23 Northeast Trade Center Land San Antonio, TX 49.0 Acres 6,177 06/29/23 Gateway Interchange Phase 3 Land Phoenix, AZ 8.9 Acres 4,730 3rd Quarter 07/06/23 Denton 35 Exchange Land Dallas, TX 20.3 Acres 5,690 09/05/23 Blue Diamond Business Park Las Vegas, NV 254,000 SF 52,973 09/06/23 Crossroads Logistics Park Land Tampa, FL 43.8 Acres 15,146 09/15/23 Arista 36 Business Park Land Denver, CO 29.3 Acres 5,878 (2) 4th Quarter 10/02/23 McKinney Logistics Center Dallas, TX 193,000 SF 25,739 11/03/23 Park at Myatt Nashville, TN 171,000 SF 30,793 12/21/23 Pelzer Point Commerce Center 1 Greenville, SC 213,000 SF 21,246 12/21/23 Pelzer Point Commerce Center 2 Land Greenville, SC 13.1 Acres 2,200 12/27/23 Basswood North Land Fort Worth, TX 105.1 Acres 23,996 987,000 SF Total Acquisitions 328.3 Acres 235,780$ Date Property Name Location Size Gross Sales Price 1st Quarter 03/02/23 Basswood Land Fort Worth, TX 2.0 Acres 1,550$ 81 (3) 03/31/23 World Houston 23 Houston, TX 125,000 SF 9,600 4,809 (4) 2nd Quarter 06/14/23 Lee Road Land Houston, TX 9.9 Acres 3,200 365 (3) 3rd Quarter None 4th Quarter 11/20/23 Ettie Business Center San Francisco, CA 29,000 SF 12,200 2,793 (4) 12/29/23 Los Angeles Corporate Center Los Angeles, CA 77,000 SF 16,600 10,363 (4) 231,000 SF Total Dispositions 11.9 Acres 43,150$ 18,411 (4) Included in Gain on sales of real estate investments on the Consolidated Statements of Income and Comprehensive Income; not included in FFO. DISPOSITIONS ACQUISITIONS Realized Gain (3) Included in Other on the Consolidated Statements of Income and Comprehensive Income; not included in FFO. (1) Represents acquisition price plus closing costs. (2) The Company acquired this property through a newly formed joint venture, whereby EastGroup holds a 99.5% controlling interest.

Page 14 of 24 Real Estate Improvements and Leasing Costs (In thousands) (Unaudited) REAL ESTATE IMPROVEMENTS 2023 2022 2023 2022 Upgrade on acquisitions 1,181$ 160 1,892 618 Tenant improvements: New tenants 2,483 3,449 16,352 13,224 Renewal tenants 992 1,210 3,503 3,687 Other: Building improvements 1,358 1,927 8,085 9,853 Roofs 1,929 946 17,386 6,611 Parking lots 2,016 1,884 4,824 3,482 Other 537 571 1,508 1,969 TOTAL REAL ESTATE IMPROVEMENTS (1) 10,496$ 10,147 53,550 39,444 CAPITALIZED LEASING COSTS (Principally Commissions) Development and value-add 2,192$ 3,944 9,597 14,366 New tenants 1,684 1,838 9,379 10,392 Renewal tenants 3,957 2,316 12,696 12,095 TOTAL CAPITALIZED LEASING COSTS (2)(3) 7,833$ 8,098 31,672 36,853 (1) Reconciliation of Total Real Estate Improvements to Real Estate Improvements on the Consolidated Statements of Cash Flows: 2023 2022 Total Real Estate Improvements 53,550$ 39,444 Change in real estate property payables (527) 197 Change in construction in progress (1,907) 1,210 51,116$ 40,851 (2) Included in Other Assets on the Consolidated Balance Sheets. (3) Reconciliation of Total Capitalized Leasing Costs to Leasing Commissions on the Consolidated Statements of Cash Flows: 2023 2022 Total Capitalized Leasing Costs 31,672$ 36,853 Change in leasing commissions payables 332 419 32,004$ 37,272 Twelve Months Ended December 31, Twelve Months EndedThree Months Ended December 31, Twelve Months Ended December 31, Leasing Commissions on the Consolidated Statements of Cash Flows December 31, Real Estate Improvements on the Consolidated Statements of Cash Flows

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, 2023 Leases Signed Signed Average Term Straight-Line Basis (1) Cash Basis (1) Improvement (2) Commission (2) Leasing Cost (2) (In Thousands) (In Years) New Leases (3) 24 222 5.7 57.4% 42.5% 5.85$ 4.93$ 10.78$ Renewal Leases 57 1,748 4.9 62.9% 43.0% 0.95 2.07 3.02 Total/Weighted Average 81 1,970 5.0 62.0% 43.0% 1.50$ 2.40$ 3.90$ Per Year 0.30$ 0.48$ 0.78$ Weighted Average Retention (4) 93.2% Twelve Months Ended Number of Square Feet Weighted Rental Change Rental Change PSF Tenant PSF Leasing PSF Total December 31, 2023 Leases Signed Signed Average Term Straight-Line Basis (1) Cash Basis (1) Improvement (2) Commission (2) Leasing Cost (2) (In Thousands) (In Years) New Leases (3) 109 2,056 5.5 55.1% 41.7% 4.29$ 4.02$ 8.31$ Renewal Leases 228 6,073 4.7 54.9% 37.1% 0.89 2.06 2.95 Total/Weighted Average 337 8,129 4.9 55.0% 38.3% 1.75$ 2.55$ 4.30$ Per Year 0.36$ 0.52$ 0.88$ Weighted Average Retention (4) 79.2% 12/31/23 09/30/23 06/30/23 03/31/23 12/31/22 Percentage Leased 98.7% 98.5% 98.5% 98.7% 98.7% Percentage Occupied 98.2% 97.7% 98.2% 97.9% 98.3% (1) Rental Change is reported for leases signed during the periods presented. (2) Per square foot (PSF) amounts represent total amounts for the life of the lease, except as noted for the Per Year amounts. (3) Does not include leases with terms less than 12 months and leases for first generation space. (4) 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, 2023 (Unaudited) Total % of Total Square Feet Annualized % % Straight-Line Cash Straight-Line Cash Straight-Line Cash Straight-Line Cash of Properties Base Rent (1) Leased Occupied 2024 (2) 2025 Basis Basis (4) Basis Basis (4) Basis Basis (4) Basis Basis (4) Florida Tampa 4,533,000 7.7% 98.7% 98.7% 463,000 930,000 11.0% 9.9% 10.9% 10.8% 44.7% 35.5% 53.4% 40.5% Orlando 4,287,000 8.0% 99.8% 99.6% 609,000 1,052,000 6.7% 14.1% 12.2% 14.1% 40.8% 20.5% 60.7% 43.9% Jacksonville 2,273,000 3.3% 99.9% 99.8% 533,000 615,000 12.0% 12.8% 13.5% 12.9% 56.8% 35.4% 53.2% 37.4% Miami/Fort Lauderdale 1,732,000 3.8% 99.4% 98.8% 210,000 237,000 17.0% 17.4% 2.8% 3.6% 48.2% 31.8% 42.7% 34.0% Fort Myers 885,000 1.7% 98.7% 98.0% 136,000 9,000 -2.3% -2.1% 0.5% 0.7% 78.5% 52.5% 41.0% 25.4% 13,710,000 24.5% 99.3% 99.1% 1,951,000 2,843,000 9.8% 12.0% 9.8% 10.4% 47.5% 32.3% 51.3% 38.1% Texas Houston 6,816,000 10.7% 97.6% 97.4% 608,000 927,000 3.4% 3.5% 7.1% 6.6% 25.6% 9.1% 27.9% 10.3% Dallas 5,444,000 9.6% 98.7% 98.3% 481,000 777,000 7.7% 5.6% 5.5% 8.3% 95.0% 69.2% 81.2% 61.5% San Antonio 4,411,000 7.8% 98.8% 98.5% 561,000 606,000 6.9% 7.4% 5.1% 6.2% 43.0% 29.5% 36.5% 21.9% Austin 1,302,000 3.0% 99.1% 99.1% 199,000 239,000 12.9% 13.0% 9.3% 8.7% 139.0% 109.8% 73.3% 53.1% El Paso 1,126,000 1.6% 100.0% 100.0% 194,000 83,000 13.0% 12.9% 8.4% 8.9% 123.7% 92.7% 105.7% 79.9% Fort Worth 1,108,000 1.8% 93.3% 93.3% - 54,000 3.2% -0.9% -10.5% -12.3% 113.3% 65.5% 78.2% 53.0% 20,207,000 34.5% 98.1% 97.9% 2,043,000 2,686,000 6.6% 6.0% 5.7% 6.4% 62.9% 42.4% 51.8% 33.6% California San Francisco 2,475,000 5.8% 96.0% 95.1% 345,000 276,000 -9.3% -7.7% 1.8% 6.6% 13.2% 6.8% 47.9% 38.0% Los Angeles (5) 2,408,000 6.1% 100.0% 100.0% 173,000 226,000 4.6% 8.8% 5.8% 8.8% N/A N/A 51.5% 38.9% San Diego (5) 1,933,000 5.3% 100.0% 100.0% 157,000 245,000 9.7% 12.0% 3.8% 9.6% N/A N/A 99.1% 64.1% Fresno 398,000 0.5% 91.8% 91.8% 62,000 107,000 -0.1% 1.7% 0.3% -0.8% 16.8% 12.1% 29.1% 19.7% Sacramento 329,000 0.6% 100.0% 100.0% 10,000 83,000 N/A N/A N/A N/A N/A N/A N/A N/A 7,543,000 18.3% 98.2% 98.0% 747,000 937,000 1.9% 4.9% 4.2% 8.0% 14.2% 8.3% 49.6% 38.1% Arizona Phoenix 3,000,000 5.7% 98.7% 98.7% 154,000 686,000 8.2% 8.4% 6.4% 9.1% 114.7% 81.5% 106.5% 77.8% Tucson 848,000 1.3% 100.0% 100.0% 101,000 11,000 2.9% 3.8% 1.8% 3.5% N/A N/A 50.6% 30.4% 3,848,000 7.0% 99.0% 99.0% 255,000 697,000 7.1% 7.5% 5.4% 7.9% 114.7% 81.5% 105.1% 76.6% Other Core Charlotte 3,883,000 5.9% 100.0% 100.0% 249,000 456,000 9.9% 6.6% 8.8% 9.0% 64.0% 50.3% 50.8% 32.9% Atlanta 1,467,000 2.2% 100.0% 100.0% 246,000 74,000 4.7% 7.1% 2.3% 4.3% 41.8% 27.5% 49.7% 34.6% Las Vegas 1,165,000 2.8% 94.4% 94.4% 66,000 86,000 10.9% 9.4% 7.8% 9.0% N/A N/A 105.5% 74.1% Greenville 981,000 0.9% 100.0% 78.3% - - 0.2% 2.5% -3.9% -1.6% N/A N/A N/A N/A Denver 886,000 1.8% 100.0% 100.0% 48,000 182,000 2.2% 6.0% 5.1% 8.1% 21.2% 6.4% 20.8% 9.7% 8,382,000 13.6% 99.2% 96.7% 609,000 798,000 7.6% 6.9% 6.5% 7.7% 53.6% 39.5% 55.1% 36.8% Total Core Markets 53,690,000 97.9% 98.7% 98.1% 5,605,000 7,961,000 6.9% 7.6% 6.6% 8.0% 62.2% 43.1% 56.0% 39.1% Total Other Markets 1,463,000 2.1% 99.7% 99.7% 372,000 228,000 2.0% 2.4% 7.1% 6.7% 23.4% 16.1% 21.3% 11.2% Total Operating Properties 55,153,000 100.0% 98.7% 98.2% 5,977,000 8,189,000 6.8% 7.5% 6.6% 8.0% 62.0% 43.0% 55.0% 38.3% (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) Rental Change is reported for leases signed during the periods presented and does not include leases with terms less than 12 months and leases for first generation space. (4) Excludes straight-line rent adjustments. (5) Includes the Company's share of its less-than-wholly-owned real estate investments. * This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. in Square Feet Lease Expirations QTR YTD QTR YTD Same PNOI Change* Rental Change (excluding income from lease terminations) New and Renewal Leases (3)

Page 17 of 24 Lease Expiration Summary - Total Square Feet of Operating Properties Based on Leases Signed Through December 31, 2023 ($ in thousands) (Unaudited) Annualized Current % of Total Base Rent of Base Rent of Square Footage of Leases Expiring Leases Expiring LEASE EXPIRATION Leases Expiring (without S/L Rent) (without S/L Rent) Vacancy 710,000 -$ 0.0% 2024 (1) 5,977,000 45,654 10.5% 2025 8,189,000 66,880 15.4% 2026 10,014,000 81,637 18.8% 2027 9,127,000 75,052 17.3% 2028 6,976,000 57,923 13.3% 2029 5,214,000 34,830 8.0% 2030 2,519,000 20,501 4.7% 2031 1,315,000 11,447 2.6% 2032 1,738,000 13,261 3.0% 2033 and beyond 3,374,000 27,737 6.4% TOTAL 55,153,000 434,922$ 100.0% (1) Includes month-to-month leases.

Page 18 of 24 Top 10 Customers by Annualized Base Rent As of December 31, 2023 (Unaudited) % of Total # of % of Total Annualized Customer Leases Location Portfolio Base Rent (1) 1 Amazon 2 San Diego, CA 710,000 1 San Antonio, TX 57,000 1 Tucson, AZ 10,000 1.4% 1.8% 2 REPET, Inc. 1 Los Angeles, CA 300,000 0.5% 0.8% 3 Starship Logistics LLC 1 Los Angeles, CA 262,000 0.5% 0.8% 4 DSV Air & Sea Inc. 3 Houston, TX 385,000 1 San Diego, CA 20,000 0.7% 0.7% 5 Consolidated Electrical Distributors 2 San Antonio, TX 145,000 2 Orlando, FL 91,000 1 San Francisco, CA 84,000 1 Charlotte, NC 28,000 0.6% 0.7% 6 FedEx Corp. 1 Dallas, TX 157,000 1 Fort Myers, FL 63,000 1 San Diego, CA 51,000 1 Fort Lauderdale, FL 50,000 1 Jackson, MS 6,000 0.6% 0.7% 7 The Chamberlain Group 2 Tucson, AZ 350,000 1 Charlotte, NC 11,000 0.7% 0.6% 8 Trane U.S. Inc. 1 Fort Worth, TX 147,000 1 Jacksonville, FL 81,000 1 Dallas, TX 58,000 1 Greenville, SC 55,000 1 Denver, CO 18,000 1 New Orleans, LA 11,000 1 Orlando, FL 7,000 0.7% 0.6% 9 Infinite Electronics Inc. 4 Dallas, TX 320,000 0.6% 0.6% 10 Novolex Holdings, LLC 1 Los Angeles, CA 286,000 0.5% 0.6% 36 3,763,000 6.8% 7.9% (1) Calculation: Customer Annualized Base Rent as of 12/31/23 (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, 2023 ($ in thousands, except per share data) (Unaudited) Unsecured debt (fixed rate) (1) Weighted average interest rate Principal Payments Maturing Average years to maturity August 30, 2024 4.09% 50,000$ December 13, 2024 3.46% 60,000 December 15, 2024 3.48% 60,000 Year 2025 3.13% 145,000 Year 2026 2.57% 140,000 Year 2027 2.74% 175,000 Year 2028 3.10% 160,000 Year 2029 and beyond 3.66% 890,000 Total unsecured debt (fixed rate) (1) 3.37% 1,680,000 5.3 Unsecured bank credit facilities (variable rate) $50MM Line - 6.255% - matures 7/30/2025 - $625MM Line - 6.130% - matures 7/30/2025 - Total carrying amount of debt 1,680,000 Total unamortized debt issuance costs (5,173) Total debt, net of unamortized debt issuance costs 1,674,827$ Equity market capitalization Shares outstanding - common 47,700,432 Price per share at quarter end 183.54$ Total equity market capitalization 8,754,937$ Total market capitalization (debt and equity) (2) 10,434,937$ Total debt / total market capitalization (2) 16.1% (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. (2) Debt refers to total carrying amount of debt.

Page 20 of 24 Continuous Common Equity Program Through December 31, 2023 ($ in thousands, except per share data) (Unaudited) Shares Sold Weighted Average Sales Price (Per Share) Gross Proceeds (1) Offering-Related Fees and Expenses Net Proceeds 1st Quarter 821,034 163.51$ 134,245$ (1,736)$ 132,509$ 2nd Quarter 972,569 169.72 165,064 (1,697) 163,367 3rd Quarter 931,418 177.14 164,996 (1,693) 163,303 4th Quarter 1,369,875 171.55 234,999 (2,700) 232,299 TOTAL 2023 4,094,896 170.77$ 699,304$ (7,826)$ 691,478$ (1) On October 25, 2023, the Company filed with the Securities and Exchange Commission a prospectus supplement in connection with the establishment of a new continuous equity offering program (the "2023 ATM Program") pursuant to which the Company may sell shares of its common stock having an aggregate offering price of up to $750.0 million from time to time in at-the-market offerings, including pursuant to forward equity sale agreements with certain financial institutions acting as forward counterparties. This new program replaced the Company's former continuous equity offering progam under which the shares in the first three quarters above were issued and sold. During the three and twelve months ended December 31, 2023, the Company entered into forward equity sale agreements with certain financial institutions acting as forward purchasers under the 2023 ATM Program with respect to 406,041 shares of common stock at an initial weighted average forward sale price of $183.92 per share. The Company did not receive any proceeds from the sale of common shares by the forward purchasers at the time it entered into forward equity sale agreements. The 4th Quarter activity shown in the table above does not include the 406,041 shares of common stock sold under forward equity sales agreements. Subsequent to quarter-end, the Company partially settled the oustanding forward equity sale agreements by issuing 272,342 shares of common stock in exchange for net proceeds of $49.4 million. As of February 6, 2024, the remaining 133,699 shares of common stock are available for settlement prior to December 2024, for approximate net proceeds of $24.3 million based on a weighted average forward price of $182.00 per share. As of February 6, 2024, the 2023 ATM Program had approximately $440.3 million of remaining capacity.

Page 21 of 24 Debt-to-EBITDAre Ratios ($ in thousands) (Unaudited) Quarter Ended December 31, 2023 (1) 2023 2022 2021 2020 2019 Debt 1,674,827$ 1,674,827$ 1,861,744 1,451,778 1,310,895 1,182,602 EBITDAre* 106,700 401,335 337,536 278,959 245,669 221,517 DEBT-TO-EBITDAre RATIO* 3.92 4.17 5.52 5.20 5.34 5.34 Debt 1,674,827$ 1,674,827$ 1,861,744 1,451,778 1,310,895 1,182,602 Subtract development and value-add properties in lease-up or under construction (374,924) (374,924) (324,831) (376,611) (225,964) (315,794) Adjusted Debt* 1,299,903$ 1,299,903$ 1,536,913 1,075,167 1,084,931 866,808 EBITDAre* 106,700$ 401,335$ 337,536 278,959 245,669 221,517 Adjust for acquisitions as if owned for entire period 145 5,490 6,900 4,213 1,906 5,590 Adjust for development and value-add properties in lease-up or under construction (1,518) (1,909) (857) (700) (1,327) (2,072) Adjust for properties sold during the period (444) (2,001) (235) (1,517) (1,081) (3,812) Pro Forma EBITDAre* 104,883$ 402,915$ 343,344 280,955 245,167 221,223 ADJUSTED DEBT-TO-PRO FORMA EBITDAre RATIO* 3.10 3.23 4.48 3.83 4.43 3.92 (1) Quarterly calculations annualize EBITDAre for the quarter. (2) Yearly calculations use EBITDAre for the 12-month period. * This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. Years Ended December 31, (2)

Page 22 of 24 Outlook for 2024 (Unaudited) Q1 2024 Y/E 2024 Q1 2024 Y/E 2024 Net income attributable to common stockholders 45,596$ 198,871 49,436 208,589 Depreciation and amortization 47,033 197,887 47,033 197,887 Funds from operations attributable to common stockholders* 92,629$ 396,758 96,469 406,476 Weighted average shares outstanding - Diluted 47,998 48,589 47,998 48,589 Per share data (diluted): Net income attributable to common stockholders 0.95$ 4.09 1.03 4.29 Funds from operations attributable to common stockholders 1.93 8.17 2.01 8.37 *This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. The following assumptions were used for the mid-point: Metrics FFO per share $8.17 - $8.37 $7.79 FFO per share increase over prior year 6.2% 11.3% FFO per share increase over prior year excluding gain on involuntary conversion and business interruption claims 7.4% 10.0% Same PNOI growth: cash basis (1) 5.5% - 6.5%(2) 8.0% Average month-end occupancy - operating portfolio 96.5% - 97.5% 98.0% Lease termination fee income $750,000 $1.0 million Reserves of uncollectible rent (Currently no identified bad debt for 2024) $2.0 million $1.5 million Development starts: Square feet 2.1 million 2.4 million Projected total investment $300 million $363 million Operating property acquisitions $130 million $165 million Operating property dispositions (Potential gains on dispositions are not included in the projections) $35 million $38 million Unsecured debt closing in period none $100 million at 5.27% weighted average interest rate Common stock issuances (Gross proceeds) $465 million $699 million General and administrative expense $19.9 million $16.8 million Low Range High Range (In thousands, except per share data) Initial Guidance for Year 2024 Actual for Year 2023 (2) Includes properties which have been in the operating portfolio since 1/1/23 and are projected to be in the operating portfolio through 12/31/24; includes 51,668,000 square feet. (1) Excludes straight-line rent adjustments, amortization of market rent intangibles for acquired leases, and income from lease terminations.

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 Involuntary Conversion and Business Interruption Claims: A reporting measure calculated as FFO (as defined above), adjusted to exclude gain on involuntary conversion and business interruption claims. The Company believes that this exclusion presents a more meaningful comparison of operating performance. Interest and Fixed Charge Coverage Ratio: A non-GAAP financial measure calculated by dividing the Company’s EBITDAre by its interest expense. We believe this ratio is useful to investors because it provides a basis for analysis of the Company’s leverage, operating performance and its ability to service the interest payments due on its debt. 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 (“REIT”): 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, for leases signed during the reporting period. 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, 2022 through December 31, 2023. 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% leased as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.