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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________
FORM 10-K

☒ |  | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |  |
|  | FOR THE FISCAL YEAR ENDED |  |
|  | December 31, 2025 |  |
|  | OR |  |
☐ |  | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |  |
|  | For the transition period from ___ to ___ |  |
|  | COMMISSION FILE NUMBER |  |
|  | 1-07094 |  |

EASTGROUP PROPERTIES, INC.
(Exact Name of Registrant as Specified in its Charter)

Maryland |  | 13-2711135
(State or other jurisdiction of incorporation or organization) |  | (I.R.S. Employer Identification No.)
400 W Parkway Place |  |
Suite 100 |  |
Ridgeland, | Mississippi |  | 39157
(Address of principal executive offices) |  | (Zip code)

Registrant’s telephone number: (601) 354-3555
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading symbol(s) | Name of each exchange on which registered
Common stock, $0.0001 par value per share | EGP | New York Stock Exchange

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Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐
Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes ☐ No ☒
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | Non-accelerated Filer | ☐
Smaller Reporting Company | ☐ | Emerging Growth Company | ☐ |  |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of June 30, 2025, the last business day of the Registrant’s most recently completed second fiscal quarter: $8,720,772,824.
The number of shares of common stock, $0.0001 par value, outstanding as of February 10, 2026 was 53,334,206.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant’s Proxy Statement relating to its 2026 Annual Meeting of Stockholders are incorporated by reference into Part III. The Registrant intends to file such Proxy Statement with the Securities and Exchange Commission not later than 120 days after the end of the fiscal year ended December 31, 2025.
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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
FORM 10-K
TABLE OF CONTENTS
FOR THE YEAR ENDED DECEMBER 31, 2025

|  | Page
PART I |  |
Forward-Looking Statements | 4
Item 1. | Business | 5
Item 1A. | Risk Factors | 9
Item 1B. | Unresolved Staff Comments | 15
Item 1C. | Cybersecurity | 15
Item 2. | Properties | 16
Item 3. | Legal Proceedings | 17
Item 4. | Mine Safety Disclosures | 17
PART II |  |
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 18
Item 6. | [Reserved] | 19
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 20
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 34
Item 8. | Financial Statements and Supplementary Data | 35
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 35
Item 9A. | Controls and Procedures | 35
Item 9B. | Other Information | 35
Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 35
PART III |  |
Item 10. | Directors, Executive Officers and Corporate Governance | 36
Item 11. | Executive Compensation | 36
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 36
Item 13. | Certain Relationships and Related Transactions, and Director Independence | 36
Item 14. | Principal Accounting Fees and Services | 36
PART IV |  |
Item 15. | Exhibits and Financial Statement Schedules | 37
Item 16. | Form 10-K Summary | 91

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PART I
FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K includes “forward-looking statements” (within the meaning of the federal securities laws, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) that reflect EastGroup Properties, Inc.’s (the “Company” or “EastGroup”) expectations and projections about the Company’s future results, performance, prospects, plans and opportunities. The Company has attempted to identify these forward-looking statements by the use of words 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, although not all forward-looking statements contain such words. These forward-looking statements are based on information currently available to the Company and are subject to a number of known and unknown assumptions, risks, uncertainties and other factors that may cause the Company’s actual results, performance, plans or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, among other things, those discussed below. The Company intends for all such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act, as applicable by law. The Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of changes in underlying assumptions or new information, future events or otherwise, except as may be required by law.
The following are some, but not all, of the risks, uncertainties and other factors that could cause the Company’s actual results to differ materially from those presented in the Company’s forward-looking statements (the Company refers to itself as “we,” “us” or “our” in the following):
•international, national, regional and local economic conditions and conflicts;
•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 ongoing uncertainty around interest rates, tariffs, and general economic conditions;
•disruption in supply and delivery chains;
•increased construction and development costs, including as a result of tariffs or the recent inflationary environment;
•acquisition and development risks, including failure of such acquisitions and development projects to perform in accordance with our projections or to materialize at all;
•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;
•natural disasters such as fires, floods, tornadoes, hurricanes, earthquakes or other extreme weather events, which may or may not be directly caused by longer-term shifts in climate patterns, could destroy buildings and damage regional economies;
•the availability of financing and capital, increases in or long-term elevated interest rates, and our 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 or lack of adequate succession planning;
•risks related to the failure, inadequacy or interruption of our data security systems and processes, including security breaches through cyber attacks;
•pandemics, epidemics or other public health emergencies, such as the coronavirus pandemic;
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•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 this Annual Report on Form 10-K for the year ended December 31, 2025.
ITEM 1. BUSINESS.
The Company
EastGroup Properties, Inc., which we refer to in this Annual Report as the “Company,” “EastGroup,” “we,” “us” or “our,” is an internally-managed equity REIT first organized in 1969. EastGroup is focused on the development, acquisition and operation of industrial properties in high-growth markets throughout the United States, primarily in the states of Texas, Florida, California, Arizona and North Carolina. EastGroup’s strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup is a Maryland corporation, and its common stock is publicly traded on the New York Stock Exchange (“NYSE”) under the symbol “EGP.” The Company has elected to be taxed and intends to continue to qualify as a REIT under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”).
Available Information
The Company maintains a website at www.eastgroup.net. The Company posts to its website all of the reports it files or furnishes with the Securities and Exchange Commission (the “SEC”) pursuant to the Exchange Act, including its annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and the exhibits and amendments to those reports, as soon as reasonably practicable after it electronically files or furnishes such materials to the SEC. In addition, the Company’s website includes items related to corporate governance matters, including, among other things, the Company’s corporate governance guidelines, charters of various committees of the Board of Directors, the Company's whistleblower program and the Company’s code of ethics and business conduct applicable to all employees, officers and directors. The Company intends to disclose on its website any amendment to, or waiver of, any provision of this code of business conduct and ethics applicable to the Company’s directors and executive officers that would otherwise be required to be disclosed under the rules of the SEC or the New York Stock Exchange. Copies of these reports and corporate governance documents may be obtained, free of charge, from the Company’s website. We are providing our website address solely for the information of investors, and the information on our website is not a part of or incorporated by reference into this annual report on Form 10-K or our other filings with the SEC.
You may also access any materials we file with the SEC through the EDGAR database on the SEC’s website at www.sec.gov.
Administration
EastGroup maintains its principal executive office and headquarters in Ridgeland, Mississippi. The Company also has regional offices in Dallas, Los Angeles and Atlanta and asset management offices in Houston, Orlando, Tampa and Phoenix. EastGroup's property management teams are located in San Antonio, Austin, Miami, Jacksonville, San Francisco, Charlotte, Las Vegas and Greenville. These locations allow the Company to provide property management services to 88% of the Company’s operating portfolio on a square foot basis. In addition, the Company currently provides property administration (accounting of operations) for its entire portfolio. The regional offices in Texas, California and Georgia provide oversight of the Company’s development and value-add program (as described in Note 1(e) in the Notes to Consolidated Financial Statements). As of December 31, 2025, EastGroup had 103 full-time employees.
Business Overview
EastGroup’s goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location-sensitive customers (primarily in the 20,000 to 100,000 square foot range). The Company develops, acquires and operates distribution facilities, the majority of which are clustered around major transportation features in supply-constrained submarkets in high-growth regions. The Company’s core markets are in the states of Texas, Florida, California, Arizona and North Carolina.
As of December 31, 2025, EastGroup owned 550 industrial properties in 12 states. As of that same date, the Company’s portfolio, including development projects and value-add properties in lease-up and under construction, included approximately 65,000,000 square feet consisting of 510 business distribution properties containing 59,300,000 square feet, 19 bulk distribution properties containing 4,900,000 square feet, and 21 business service properties containing 800,000 square feet. As of December 31, 2025, EastGroup’s operating portfolio was 97.0% leased to tenants in approximately 1,700 leases, with no single
5

tenant accounting for more than approximately 1.5% of the Company’s annualized base rent (as defined in Item 2. Properties) for the year ended December 31, 2025. The properties in the Company's development and value-add program were 18.8% leased as of December 31, 2025.
During 2025, EastGroup increased its holdings in real estate properties through its acquisition and development programs. The Company acquired 739,000 square feet of operating properties and 300.4 acres of development land for a total of $261,683,000. Also during 2025, the Company began construction of a redevelopment project and six development projects containing 1,439,000 square feet and transferred 11 projects, which contain 2,109,000 square feet and had costs of $279,082,000 at the date of transfer, from its development and value-add program to real estate properties.
During 2025, EastGroup sold a 12,000 square foot operating property in San Francisco, generating gross sales proceeds of $3,573,000. The Company did not recognize a gain or loss on this disposition.
The Company typically funds its development and acquisition programs through its $675,000,000 unsecured bank credit facilities, as discussed under the heading Liquidity and Capital Resources in Part II, Item 7 of this Annual Report on Form 10-K. As market conditions permit, EastGroup issues equity or employs fixed rate debt, including variable rate debt that has been swapped to an effectively fixed rate through the use of interest rate swaps, to replace short-term bank borrowings. In May 2025, Moody’s Ratings affirmed EastGroup's issuer rating of Baa2 and changed its rating outlook from stable to positive. A security rating is not a recommendation to buy, sell, or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. For future debt issuances, the Company intends to issue primarily unsecured fixed rate debt, including variable rate debt that has been swapped to an effectively fixed rate through the use of interest rate swaps. The Company may also access the public debt or convertible bond markets in the future as a means to raise capital.
EastGroup plans to hold its properties as long-term investments but may decide to sell certain properties that no longer meet its investment criteria. The Company may provide financing to a prospective purchaser in connection with such sales of property if market conditions require. In addition, the Company may provide financing to a partner or co-owner in connection with an acquisition of real estate in certain situations.
Subject to the requirements necessary to maintain EastGroup’s qualifications as a REIT, the Company may acquire securities of entities engaged in real estate activities or securities of other issuers, including for the purpose of exercising control over those entities.
The strategies and policies set forth above were determined and are subject to review by EastGroup’s Board of Directors, which may change such strategies or policies based upon its evaluation of the state of the real estate market, the performance of EastGroup’s assets, capital and credit market conditions, and other relevant factors.
Competition
The market for the leasing of industrial real estate is competitive. We experience competition for tenants from existing properties in proximity to our buildings as well as from new development. Institutional investors, other REITs and local real estate operators generally own such properties; however, no single competitor or small group of competitors is dominant in our current markets. Even so, as a result of competition, we may have to provide concessions, incur charges for tenant improvements or offer other inducements, all of which may have an adverse impact on our results of operations. The market for the acquisition of industrial real estate is also competitive. We compete for real property investments with other REITs and institutional investors such as pension funds and their advisors, private real estate investment funds, insurance company investment accounts, private investment companies, individuals and other entities engaged in real estate investment activities.
Regulations
Compliance with various governmental regulations has an impact on EastGroup’s business, including EastGroup’s capital expenditures, earnings and competitive position, which can be material. EastGroup incurs costs to monitor and take actions to comply with governmental regulations that are applicable to its business, which include, among others, federal securities laws and regulations, applicable stock exchange requirements, REIT and other tax laws and regulations, environmental and health and safety laws and regulations, local zoning, usage and other regulations relating to real property, and the Americans with Disabilities Act of 1990 (“ADA”).
Under various federal, state and local laws, ordinances and regulations, an owner of real estate may be liable for the costs of removal or remediation of certain hazardous or toxic substances on or in such property. Many such laws impose liability without regard to whether the owner knows of, or was responsible for, the presence of such hazardous or toxic substances. The presence of such substances, or the failure to properly remediate such substances, may adversely affect the owner’s ability to
6

sell or rent such property or to use such property as collateral in its borrowings. EastGroup’s properties have generally been subject to Phase I Environmental Site Assessments (“ESAs”) by independent environmental consultants and, as necessary, have been subjected to Phase II ESAs. These reports have not revealed any potential significant environmental liability. Our management is not aware of any environmental liability that would have a material adverse effect on EastGroup’s business, assets, financial position or results of operations.
See “Item 1A. Risk Factors” in this Annual Report for a discussion of material risks to EastGroup, including related to governmental regulations and environmental matters.
Corporate Responsibility Matters
EastGroup’s commitment to corporate responsibility is evidenced by its building standards, corporate policies and procedures and company culture. At EastGroup, protecting the environment is important to the Company’s employees, customers and communities. The Company strives to support sustainability through its commitment to build high performance and environmentally responsible properties. Through EastGroup’s continued efforts, numerous properties have been certified through the U.S. Green Building Council's Leadership in Energy and Environmental Design (“LEED®”) green building program, ENERGY STAR® and the BOMA 360 Performance Program® of the Building Owners and Managers Association (“BOMA”) International®. While formal certification is not always pursued, the Company prioritizes the use of energy and water efficient fixtures during development and consistently invests in efficiency improvements for existing properties, such as LED lighting, white reflective roofing, electric vehicle charging stations and smart sensor irrigation systems. The Company believes that its continued commitment to these practices creates positive impacts on the environment and long-term value for the Company and its stakeholders.
The Company has an unsecured revolving credit facility subject to a sustainability-linked pricing component, pursuant to which the applicable interest margin and facility fee may be adjusted annually based on a sustainability performance metric as calculated for the preceding year. This metric is based on the number of newly-constructed buildings with qualifying electric vehicle charging stations as a percentage of total qualifying buildings for each fiscal year. The impact to interest rates on the credit facility is further described in Note 5 in the Notes to Consolidated Financial Statements.
During 2025, EastGroup continued to work with a sustainability consulting firm to track and benchmark the Company's environmental data and further expand its corporate responsibility policies, practices and voluntary disclosures. Using the data obtained from these efforts, EastGroup completed its third annual GRESB® Real Estate Assessment, which provided the Company with additional insight into its environmental, social and governance management and performance as compared to its industry peers.
The Company adopted its Corporate Responsibility Policy during 2024, formalizing EastGroup's commitments, goals and targets related to topics such as environmental sustainability, climate resilience, social responsibility, stakeholder engagement and corporate governance. EastGroup assesses climate-related risks using information obtained through third-party risk and resilience assessments and seeks to engage with tenants on climate risk and other environmental matters through biennial engagement surveys, periodic newsletters and engagement activities at many of its properties, including recycling initiatives, Earth Day celebrations and other tenant appreciation events.
In addition, EastGroup and its employees are committed to social responsibility and are active participants in the communities where they live and work. EastGroup’s employees volunteer with numerous charitable organizations, and the Company coordinates volunteer opportunities for its employees and provides paid time off for volunteering in order to encourage participation and increase social engagement in all of the communities in which it operates.
EastGroup operates on the premise that good corporate governance is fundamental to the Company’s business and core values, and the Company believes its corporate governance policies and practices are well aligned with the interests of stakeholders. The honesty and integrity of the Company’s management and Board of Directors are critical assets in maintaining the trust of the Company’s investors, employees, customers, vendors and the communities in which the Company operates.
Readers are encouraged to visit the “Priorities” page of the Company’s website and review its latest corporate responsibility reports and policies for more detail regarding EastGroup’s corporate responsibility programs and initiatives. Nothing on the Company’s website or in the referenced reports or policies shall be deemed to be incorporated by reference into this Annual Report on Form 10-K.
Human Capital Matters
We believe our employees are a critical component of the success and sustainability of our Company, and we are committed to providing a diverse and inclusive work environment that encourages collaboration and teamwork.
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•Workforce Diversity: As of December 31, 2025, we employed 103 full-time team members and one temporary employee, across 16 locations in Texas, Florida, California, Arizona, North Carolina, Nevada, Georgia, Mississippi and South Carolina. As of such date, none of these employees were members of a union or subject to a collective bargaining agreement. Unless otherwise noted, the human capital metrics and initiatives described below reflect our full-time employee base as of December 31, 2025. Our team is comprised of the following types of personnel:
•asset, construction and property managers;
•accounting, administrative, human resources, investor relations and information technology professionals; and
•our corporate leadership team.
Our employee base is comprised of 73% women and 27% men, and 13% of our employees self-identified as members of a racial or ethnic minority group. Of the employees hired during the year ended December 31, 2025, 78% were women and 22% self-identified as members of a racial or ethnic minority group. The officer group is comprised of 47% women and 53% men. Women constitute 29% of our Board of Directors, and one of the seven directors self-identified as a member of a racial or ethnic minority group.
•Employee Tenure: We believe our culture supports our employees and creates a positive, professional environment that encourages longevity for our team members. We seek to develop leaders and promote from within the organization when opportunities arise. As of December 31, 2025, the average tenure of our workforce was 9 years, and 12 years for our officers; 74% of our employees at the manager level and above were promoted from within the Company. Our voluntary turnover rate was 3%, and our involuntary turnover rate was 4% during the year ended December 31, 2025.
•Compensation, Benefits, Health and Safety: We offer a competitive pay structure along with a comprehensive employee benefits program and what we believe are socially-responsible policies and practices in order to support the overall well-being of our employees and create a safe, professional and inclusive work environment. Some of the benefits we offer include a robust 401(k) matching program with additional discretionary profit-sharing contributions, a company-wide equity compensation award program, generous personal leave, paid parental leave, flexible work schedules, paid time off for volunteering and annual health and wellness checkups, employer-paid health insurance for all full-time employees, access to mental healthcare, tobacco cessation program and athletic club and tuition reimbursement programs. All of our employees are eligible for performance based annual bonuses based on a percentage of salary.
•Training and Development: We have a formal, certificate-based learning program for all employees; learning objectives include topics such as ethics and anti-corruption, cybersecurity, anti-discrimination, diversity, equity and inclusion, unconscious bias, anti-harassment, and workplace violence and bullying. Additional training covering numerous environmental sustainability topics and trends are available to employees through our third-party sustainability consultant. All of our employees participate in annual performance reviews and feedback sessions. Our employees are provided with training and peer mentoring programs to further develop their professional skill set, along with reimbursements for professional designations and continuing education, enhancing the level of service provided to our customers and the quality of information disclosed to our stakeholders. We also offer a Director Education Program, providing educational resources to our Board of Directors.
•Policies: We have various policies and practices in place, including a Code of Ethics and Business Conduct, Ethics Line, Standards of Conduct, Equal Opportunity & Commitment to Diversity, ADA & Reasonable Accommodation, Family Medical Leave, Parental Leave, Community Service, Workplace Violence Prevention, Cybersecurity, Corporate Responsibility Policy, Human Rights Statement, Vendor Code of Conduct, Commitment to Safety & Health and Safety Policy, Healthy, Wealthy, Wise Benefits Summary and an Environmental Management System.
•Company and Board Engagement: We value our employees, and our focus on human capital management and other corporate responsibility initiatives is at the forefront of discussions and decisions with both management and the Board of Directors. We conduct biennial employee engagement surveys and use the results as part of our efforts to enhance workplace culture, performance and employee experience. On a regular basis, Company management holds corporate responsibility discussions with the Board of Directors; in 2025, our management and the Board of Directors formally met to discuss these topics four times. The Nominating and Corporate Governance Committee of the Board of Directors has direct oversight of our corporate responsibility program and initiatives, and in 2025, met for one formal discussion on these topics and also received periodic updates from Company management.
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ITEM 1A. RISK FACTORS.
In addition to the other information contained or incorporated by reference in this document, readers should carefully consider the following risk factors. Any of these risks or the occurrence of any one or more of the uncertainties described below could have a material adverse effect on the Company’s financial condition and the performance of its business. Additional risks and uncertainties not presently known to the Company or that the Company currently deems immaterial also may impair its business operations.
Real Estate Industry Risks
We face risks associated with local real estate conditions in areas where we own properties. We may be adversely affected by general economic conditions and local real estate conditions. For example, an oversupply of industrial properties in a local area or a decline in the attractiveness of our properties to tenants would have a negative effect on us. Other factors that may affect general economic conditions or local real estate conditions include:
•population and demographic trends;
•employment and personal income trends;
•income and other tax laws;
•changes in interest rates and availability and costs of financing;
•increased operating costs, including insurance premiums, utilities and real estate taxes, due to inflation and other factors which may not necessarily be offset by increased rents;
•changes in the price of oil;
•construction costs; and
•weather-related and climate-related events.
We may be unable to compete for properties and tenants. The real estate business is highly competitive. We compete for interests in properties with other real estate investors and purchasers, some of whom have greater financial resources, revenues and geographical diversity than we have. Furthermore, we compete for tenants with other property owners. All of our industrial properties are subject to significant local competition. We also compete with a wide variety of institutions and other investors for capital funds necessary to support our investment activities and asset growth.
We are subject to significant regulation that constrains our activities. Local zoning and land use laws, environmental statutes and other governmental requirements restrict our expansion, rehabilitation and reconstruction activities. These regulations may prevent us from taking advantage of economic opportunities. Legislation such as the ADA may require us to modify our properties, and noncompliance could result in the imposition of fines or an award of damages to private litigants. Future legislation may impose additional requirements. We cannot predict what requirements may be enacted or what changes may be implemented to existing legislation.
Risks Associated with Our Properties
We may be unable to lease space on favorable terms or at all. When a lease expires, a tenant may elect not to renew it. We may not be able to re-lease the property on favorable terms, if we are able to re-lease the property at all. The terms of renewal or re-lease (including the cost of required renovations and/or concessions to tenants) may be less favorable to us than the prior lease. We also routinely develop properties with no pre-leasing. If we are unable to lease all or a substantial portion of our properties, or if the rental rates upon such leasing are significantly lower than expected rates, our cash generated before debt repayments and capital expenditures and our ability to make expected distributions to stockholders may be adversely affected.
We may be affected negatively by tenant bankruptcies and leasing delays. At any time, a tenant may experience a downturn in its business that may weaken its financial condition. Similarly, a general decline in the economy may result in a decline in the demand for space at our industrial properties. As a result, our tenants may delay lease commencement, fail to make rental payments when due, or declare bankruptcy. Any such event could result in the termination of that tenant’s lease and losses to us, and funds available for distribution to investors may decrease. We receive a substantial portion of our income as rents under mid-term and long-term leases. If tenants are unable to comply with the terms of their leases for any reason, including because of rising costs or falling sales, we may deem it advisable to modify lease terms to allow tenants to pay a lower rent or a smaller share of taxes, insurance and other operating costs. If a tenant becomes insolvent or bankrupt, we cannot be sure that we could recover the premises from the tenant promptly or from a trustee or debtor-in-possession in any bankruptcy proceeding relating to the tenant. We also cannot be sure that we would receive rent in the proceeding sufficient to cover our expenses with respect to the premises. If a tenant becomes bankrupt, the federal bankruptcy code will apply and, in some instances, may restrict the amount and recoverability of our claims against the tenant. A tenant’s default on its obligations to us could adversely affect our financial condition and the cash we have available for distribution.
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We face risks associated with our property development. We intend to continue to develop properties where we believe market conditions warrant such investment. Once made, our investments may not produce results in accordance with our expectations. Risks associated with our current and future development and construction activities include:
•the availability of favorable financing alternatives;
•the risk that we may not be able to obtain land on which to develop or that due to the increased cost of land, our activities may not be as profitable;
•construction costs exceeding original estimates due to tariffs or elevated interest rates and increases in the costs of materials and labor;
•disruption in supply and delivery chains;
•construction and lease-up delays resulting in increased debt service, fixed expenses and construction costs;
•expenditure of funds and devotion of management’s time to projects that we do not complete;
•fluctuations of occupancy and rental rates at newly completed properties, which depend on a number of factors, including market and economic conditions, resulting in lower than projected rental rates and a corresponding lower return on our investment; and
•complications (including building moratoriums and anti-growth legislation) in obtaining necessary zoning, occupancy and other governmental permits, including delays or challenges arising from community opposition, administrative appeals, legal proceedings or other third-party actions that may increase costs, delay project completion or prevent development altogether.
We face risks associated with property acquisitions. We acquire individual properties and portfolios of properties and intend to continue to do so. Our acquisition activities and their success are subject to the following risks:
•when we are able to locate desired property, competition from other real estate investors may significantly increase the purchase price;
•acquired properties may fail to perform as we project;
•the actual costs of repositioning or redeveloping acquired properties may be higher than our estimates;
•acquired properties may be located in new markets where we face risks associated with an incomplete knowledge or understanding of the local market, a limited number of established business relationships in the area and a relative unfamiliarity with local governmental and permitting procedures;
•we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations, and as a result, our results of operations and financial condition could be adversely affected; and
•we may acquire properties subject to liabilities and without any recourse, or with only limited recourse, to the transferor with respect to unknown liabilities. As a result, if a claim were asserted against us based upon ownership of those properties, we might have to pay substantial sums to settle it, which could adversely affect our cash flow.
Coverage under our existing insurance policies may be inadequate to cover losses, or we may not be able to obtain adequate insurance for certain properties in the future. We generally maintain insurance policies related to our business, including casualty, general liability and other policies, covering our business operations, employees and assets as appropriate for the markets where our properties and business operations are located. However, we would be required to bear all losses that are not adequately covered by insurance. In addition, there may be certain losses that are not generally insured against or that are not generally fully insured against because it is not deemed economically feasible or prudent to do so, or insurance coverage may not be available, including losses due to fire, floods, wind, earthquakes, acts of war, acts of terrorism or riots. If an uninsured loss or a loss in excess of insured limits occurs with respect to one or more of our properties, then we could lose the capital we invested in the properties, as well as the anticipated future revenue from the properties. In addition, if the damaged properties are subject to recourse indebtedness, we would continue to be liable for the indebtedness, even if these properties were irreparably damaged.
We face risks due to lack of geographic and real estate sector diversity. Substantially all of our properties are located in high-growth regions of the United States with an emphasis in the states of Texas, Florida, California, Arizona and North Carolina. As of December 31, 2025, our largest markets were Houston and Dallas. We owned operating properties totaling 7,108,000 square feet in Houston and 6,428,000 square feet in Dallas, which represent 9.5% and 10.9%, respectively, of the Company’s total Real estate properties based on percentage of total annualized base rent (as defined in Item 2. Properties). A downturn in general economic conditions and local real estate conditions in these geographic regions, as a result of oversupply of or reduced demand for industrial properties, local business climate, business layoffs and changing demographics, would have a particularly strong adverse effect on us. In addition, our investments in real estate assets are concentrated in the industrial distribution sector. This concentration may expose us to the risk of economic downturns in this sector to a greater extent than if our business activities included other sectors of the real estate industry.
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We face risks due to the illiquidity of real estate which may limit our ability to vary our portfolio. Real estate investments are relatively illiquid. Our ability to vary our portfolio in response to changes in economic and other conditions will therefore be limited. In addition, because of our status as a REIT, the Internal Revenue Code limits our ability to sell our properties. If we must sell an investment, we cannot ensure that we will be able to dispose of the investment on terms favorable to the Company.
We are subject to environmental laws and regulations. Current and previous real estate owners and operators may be required under various federal, state and local laws, ordinances and regulations to investigate and clean up hazardous substances released at the properties they own or operate. They may also be liable to the government or to third parties for substantial property or natural resource damage, investigation costs and cleanup costs. Such laws often impose liability without regard to whether the owner or operator knew of, or was responsible for, the release or presence of such hazardous substances. In addition, some environmental laws create a lien on the contaminated site in favor of the government for damages and costs the government incurs in connection with the contamination. Contamination may adversely affect the owner’s ability to use, sell or lease real estate or to borrow using the real estate as collateral. We have no way of determining at this time the magnitude of any potential liability to which we may be subject arising out of environmental conditions or violations with respect to the properties we currently or formerly owned. Environmental laws today can impose liability on a previous owner or operator of a property that owned or operated the property at a time when hazardous or toxic substances were disposed of, released from, or present at the property. A conveyance of the property, therefore, may not relieve the owner or operator from liability. Although ESAs have been conducted at our properties to identify potential sources of contamination at the properties, such ESAs do not reveal all environmental liabilities or compliance concerns that could arise from the properties. Moreover, material environmental liabilities or compliance concerns may exist, of which we are currently unaware, that in the future may have a material adverse effect on our business, assets or results of operations.
Climate change and its effects, including compliance with new laws or regulations such as “green” building codes, may require us to make improvements to our existing properties or result in unanticipated losses that could affect our business and financial condition. Climate-related regulatory, legal or market initiatives, including evolving energy efficiency standards, emissions reduction requirements, benchmarking or reporting obligations, or tenant-driven sustainability expectations, could require additional capital expenditures, operational changes or increased administrative costs. To the extent that climate change causes an increase in catastrophic weather events, such as severe storms, fires or floods, our properties may be susceptible to an increase in weather-related damage. Even in the absence of direct physical damage to our properties, the occurrence of any natural disasters or a changing climate in the area of any of our properties could have a material adverse effect on business, supply chains and the economy generally. Climate change could cause an increase in property and casualty insurance premiums or negatively impact our ability to obtain insurance. The potential impacts of future climate change on our properties could adversely affect our ability to lease, develop or sell our properties or to borrow using our properties as collateral. Additionally, climate-related considerations may influence tenant location decisions, lease terms, property valuations or lender underwriting standards, which could adversely affect demand for our properties or the availability and cost of capital. In addition, any proposed legislation enacted to address climate change could increase the costs of energy, utilities and overall development. The resulting costs of any proposed legislation may adversely affect our or our tenants' financial position, results of operations and cash flows.
Financing Risks
We face risks associated with the use of debt to fund acquisitions and developments, including refinancing risk. We are subject to the risks normally associated with debt financing, including the risk that our cash flow will be insufficient to meet required payments of principal and interest. In addition, certain of our debt will have significant outstanding principal balances on their maturity dates, commonly known as “balloon payments.” Therefore, we will likely need to refinance at least a portion of our outstanding debt as it matures. There is a risk that we may not be able to refinance existing debt or that the terms of any refinancing will not be as favorable as the terms of the existing debt.
We face risks associated with our dependence on external sources of capital. In order to qualify as a REIT, we are required each year to distribute to our stockholders at least 90% of our ordinary taxable income, and we are subject to tax on our income to the extent it is not distributed. Because of this distribution requirement, we may not be able to fund all future capital needs from cash retained from operations. As a result, to fund capital needs, we rely on third-party sources of capital, which we may not be able to obtain on favorable terms, if at all. Our access to third-party sources of capital depends upon a number of factors, including (i) general market conditions; (ii) the market’s perception of our growth potential; (iii) our current and potential future earnings and cash distributions; and (iv) the market price of our capital stock. Additional debt financing may negatively impact our financial ratios, such as our debt-to-total market capitalization ratio, our debt-to-EBITDAre ratio and our fixed charge coverage ratio.
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Covenants in our credit agreements could limit our flexibility and adversely affect our financial condition. The terms of our various credit agreements and other indebtedness require us to comply with a number of customary financial and other covenants, such as maintaining minimum debt service coverage and leverage ratios and maintaining insurance coverage. These covenants may limit our flexibility in our operations, and breaches of these covenants could result in defaults under the instruments governing the applicable indebtedness even if we had satisfied our payment obligations. If we are unable to refinance our indebtedness at maturity or meet our payment obligations, the amount of our distributable cash flow and our financial condition would be adversely affected.
Adverse changes in our credit ratings could impair our ability to obtain additional debt and equity financing on favorable terms, if at all. Our credit ratings are based on our operating performance, liquidity and leverage ratios, overall financial position and other factors employed by the credit rating agencies in their rating analysis of us. Our credit ratings can affect the amount and type of capital we can access, as well as the terms of any financings we may obtain. There can be no assurance that we will be able to maintain our current credit ratings. In the event our current credit ratings deteriorate, it may be more difficult or expensive to obtain additional financing or refinance existing obligations and commitments. Also, a downgrade in our credit ratings would trigger additional costs or other potentially negative consequences under our current and future credit facilities and debt instruments.
Increases in interest rates would increase our interest expense. At December 31, 2025, we had $18,845,000 variable rate debt outstanding not protected by interest rate hedge contracts. We may incur variable rate debt in the future. If interest rates increase, then so would the interest expense on our unhedged variable rate debt, which would adversely affect our financial condition and results of operations. From time to time, we manage our exposure to interest rate risk with interest rate hedge contracts that effectively fix or cap a portion of our variable rate debt. In addition, we refinance fixed rate debt at times when we believe rates and terms are appropriate. Our efforts to manage these exposures may not be successful. Our use of interest rate hedge contracts to manage risk associated with interest rate volatility may expose us to additional risks, including a risk that a counterparty to a hedge contract may fail to honor its obligations. Developing an effective interest rate risk strategy is complex and no strategy can completely insulate us from risks associated with interest rate fluctuations. There can be no assurance that our hedging activities will have the desired beneficial impact on our results of operations or financial condition. Termination of interest rate hedge contracts typically involves costs, such as transaction fees or breakage costs.
The number of shares of our common stock available for future sale and future offerings of debt or equity securities may be dilutive to existing stockholders and adversely affect the market price of our common stock. Our ability to execute our business strategy depends on our access to an appropriate blend of equity and debt financing, including common and preferred stock, lines of credit and other forms of secured and unsecured debt. We have filed a registration statement with the SEC allowing us to offer, from time to time, an indefinite amount of equity securities on an as-needed basis, including shares under our at-the-market (“ATM”) program. Sales of a substantial number of shares of our common stock (or the perception that such sales might occur), the issuance of common stock in connection with acquisitions and other equity issuances may dilute the holdings of our existing stockholders or reduce the market prices of our securities, or both. Holders of our common stock are not entitled to preemptive rights or other protections against dilution. Because our decision to issue securities in any future offering will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. Thus, our stockholders bear the risk of future offerings reducing the market prices of our securities and diluting their proportionate ownership.
The lack of certain limitations on our debt could result in our becoming more highly leveraged. Our governing documents do not limit the amount of indebtedness we may incur. Accordingly, we may incur additional debt and would do so, for example, if it were necessary to maintain our status as a REIT. We might become more highly leveraged as a result, and our financial condition and cash available for distribution to stockholders might be negatively affected and the risk of default on our indebtedness could increase.
General Risk Factors
Inflation and related volatility in the economy could negatively impact our tenants, our results of operations and the value of our publicly-traded equity securities. Inflation and its related impacts, including increased prices for services and goods and higher interest rates and wages, and any fiscal or other policy interventions by the U.S. government in reaction to such events, could negatively impact our tenants’ businesses or our results of operations. Changes in trade policy, including the imposition, expansion or modification of tariffs on imported goods, could further increase costs for certain of our tenants and could disrupt tenant inventory strategies, operating margins or expansion plans. Most of our leases require the tenants to pay their pro rata share of operating expenses, including real estate taxes, insurance and common area maintenance, although a limited number of tenants have capped the amount of these operating expenses they are responsible for under their lease. As a result, we believe that most of our leases mitigate our exposure to increases in costs and operating expenses resulting from inflation. However, there can be no assurance that our tenants would be able to absorb these expense increases and be able to continue to pay us
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their portion of operating expenses, capital expenditures and rent. In addition, while most of our leases provide for scheduled rent increases, high levels of inflation could outpace these increases. To the extent tariffs or other trade restrictions contribute to sustained inflationary pressures or increased costs across supply chains, our tenants' ability to absorb such costs and maintain their operations could be adversely affected. As a result, our business, financial condition, results of operations, cash flows, liquidity and ability to satisfy our minimum debt service obligations and to pay dividends and distributions to shareholders could be adversely affected over time. There is no guarantee that we will be able to mitigate the effects of inflation and related impacts, and the duration and extent of any prolonged periods of inflation.
Additionally, inflationary pricing may have a negative effect on the construction costs necessary to complete our development projects, including, but not limited to, costs of construction materials, labor and services from third-party contractors and suppliers. Tariffs on construction materials, equipment or component parts, or supply-chain disruptions associated with trade policy changes, could further increase development and redevelopment costs or delay project timelines. Higher construction costs could adversely impact our investments in real estate assets and our expected yields on development and value-add projects. Although the Company has an obligation to complete development projects currently under construction, the Company does not have any obligation to start new development projects in the future. EastGroup evaluates new development projects on a case-by-case basis and considering many factors, including construction costs, potential yields, and tenant demand, and no assurance can be given that inflationary pricing will not have a material adverse impact on our development pipeline and future results.
The market value of our common stock could decrease based on our performance and market perception and conditions. The market value of our common stock may be affected by the market’s perception of our operating results, growth potential, and current and future cash dividends and may also be affected by the real estate market value of our underlying assets and by equity markets in general. The market price of our common stock may also be influenced by the dividend on our common stock relative to market interest rates. Rising interest rates may lead potential buyers of our common stock to expect a higher dividend rate, which would adversely affect the market price of our common stock. In addition, rising interest rates would result in increased expense, thereby adversely affecting cash flow and our ability to service our indebtedness and pay dividends.
The state of the economy, geopolitical conflict or adverse changes in general or local economic conditions may adversely affect our operating results and financial condition. Turmoil in the global financial markets may have an adverse impact on the availability of credit to businesses generally and could lead to a further weakening of the U.S. and global economies. Geopolitical tensions, changes in international trade relationships, and the imposition or escalation of tariffs or other trade restrictions could increase economic uncertainty, disrupt global and domestic supply chains, and adversely affect business confidence and investment decisions. Currently these conditions have not impaired our ability to access capital markets and finance our operations. However, our ability to access the capital markets may be restricted at a time when we would like, or need, to raise financing, which could have an impact on our flexibility to react to changing economic and business conditions. Furthermore, changes in industry conditions including business layoffs, downsizing, industry slowdowns, trade policy uncertainty, nearshoring, reshoring, logistics automation and other similar factors that affect our customers, could negatively impact commercial real estate fundamentals and result in lower occupancy, lower rental rates and declining values in our real estate portfolio and in the collateral securing any loan investments we may make. Additionally, an adverse economic situation could have an impact on our lenders or customers, causing them to fail to meet their obligations to us. No assurances can be given that the effects of an adverse economic situation will not have a material adverse effect on our business, financial condition and results of operations.
Deficiencies in internal control over financial reporting could adversely affect our business. The design and effectiveness of our procedures for internal control over financial reporting may not prevent all misstatements, errors or misrepresentations. While our management will continue to review the effectiveness of our disclosure controls and procedures and internal control over financial reporting, there can be no assurance that our internal control over financial reporting will be effective in achieving all control objectives without fail. Deficiencies could result in restatements of our financial statements or otherwise materially adversely affect our business.
We may fail to qualify as a REIT. If we fail to qualify as a REIT, we will not be allowed to deduct dividends to stockholders in computing our taxable income and will be subject to federal income tax at regular corporate rates. In addition, we may be barred from qualification as a REIT for the four years following disqualification. The additional tax incurred at regular corporate rates would significantly reduce the cash flow available for distribution to stockholders and for debt service. Furthermore, we would no longer be required by the Internal Revenue Code to make any dividends to our stockholders as a condition of REIT qualification. If we were to fail to qualify as a REIT, subject to certain limitations in the Internal Revenue Code, corporate stockholders may be eligible for the dividends received deduction, and individual, trust and estate stockholders may be eligible to treat the dividends received from us as qualified dividend income taxable as net capital gains under the provisions of Section 1(h)(11) of the Internal Revenue Code. However, non-corporate stockholders (including individuals) will
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not be able to deduct 20% of certain dividends they receive from us in accordance with Section 199A of the Internal Revenue Code. The REIT qualification requirements are extremely complex, and interpretation of the U.S. federal income tax laws governing REIT qualification is limited. Although we believe we have operated and intend to operate in a manner that will continue to qualify us as a REIT, we cannot be certain that we have been or will be successful in continuing to be taxed as a REIT. In addition, facts and circumstances that may be beyond our control may affect our ability to qualify as a REIT. We cannot assure you that new legislation, regulations, administrative interpretations or court decisions will not change the tax laws significantly with respect to our qualification as a REIT or with respect to the federal income tax consequences of qualification.
Legislative or regulatory action with respect to tax laws and regulations could adversely affect the Company and our stockholders. We are subject to state and local tax laws and regulations. Changes in state and local tax laws or regulations may result in an increase in our tax liability. A shortfall in tax revenues for states and municipalities in which we operate may lead to an increase in the frequency and size of such changes. If such changes occur, we may be required to pay additional taxes on our assets or income. These increased tax costs could adversely affect our financial condition, results of operations and the amount of cash available for the payment of dividends. In addition, in recent years, numerous legislative, judicial and administrative changes have been made to the federal income tax laws applicable to investments in REITs and similar entities. Additional changes to tax laws are likely to continue to occur in the future, and we cannot assure our stockholders that any such changes will not adversely affect the taxation of a stockholder. We cannot assure you that future changes to tax laws and regulations will not have an adverse effect on an investment in our stock.
To maintain our status as a REIT, we limit the amount of shares any one stockholder can own. The Internal Revenue Code imposes certain limitations on the ownership of the stock of a REIT. For example, not more than 50% in value of our outstanding shares of capital stock may be owned, directly or indirectly, by five or fewer individuals (as defined in the Internal Revenue Code) during the last half of any taxable year. To protect our REIT status, our charter prohibits any holder from acquiring more than 9.8% (in value or in number, whichever is more restrictive) of our outstanding equity stock (defined as all of our classes of capital stock, except our excess stock (of which there is none outstanding)) unless our Board of Directors grants a waiver. The ownership limit may limit the opportunity for stockholders to receive a premium for their shares of common stock that might otherwise exist if an investor were attempting to assemble a block of shares in excess of 9.8% of the outstanding shares of equity stock or otherwise effect a change in control.
Certain tax and anti-takeover provisions of our charter and bylaws may inhibit a change of our control. Certain provisions contained in our charter and bylaws and the Maryland General Corporation Law may discourage a third party from making a tender offer or acquisition proposal to us. If this were to happen, it could delay, deter or prevent a change in control or the removal of existing management. These provisions also may delay or prevent our stockholders from receiving a premium for their common shares over then-prevailing market prices. These provisions include:
•the REIT ownership limit described above;
•special meetings of our stockholders may be called only by the chairman of the board, the chief executive officer, the president, a majority of the board or by stockholders possessing a majority of all the votes entitled to be cast at the meeting;
•our Board of Directors may authorize and issue securities without stockholder approval; and
•advance-notice requirements for proposals to be presented at stockholder meetings.
In addition, Maryland law provides protection for Maryland corporations against unsolicited takeovers by limiting, among other things, the duties of the directors in unsolicited takeover situations and certain “business combinations” and “control share acquisitions.” Our bylaws contain provisions exempting us from the Maryland Control Share Acquisition Act and the Maryland Business Combination Act. Our bylaws prohibit the repeal, amendment or alteration of our Maryland Control Share Acquisition opt out without the approval by the Company’s stockholders; however, there can be no assurance that this provision will not be amended or eliminated at some time in the future.
The Company faces risks in attracting and retaining key personnel. Many of our senior executives have strong industry reputations, which aid us in identifying acquisition and development opportunities and negotiating with tenants and sellers of properties. The loss of the services of these key personnel could affect our operations because of diminished relationships with existing and prospective tenants, property sellers and industry personnel. Unanticipated turnover or inadequate succession planning could have a material adverse impact on the Company's business plans and opportunities. In addition, attracting new or replacement personnel may be difficult in a competitive market.
We have severance and change in control agreements with certain of our officers that may deter changes in control of the Company. If, within a certain time period (as set in the officer’s agreement) following a change in control, we terminate any
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such officer’s employment other than for cause, or if any such officer elects to terminate his or her employment with us for reasons specified in the agreement, we will make a severance payment equal to the officer’s average annual compensation times an amount specified in the officer’s agreement, together with the officer’s base salary and vacation pay that have accrued but are unpaid through the date of termination. These agreements may deter a change in control because of the increased cost for a third party to acquire control of the Company.
We rely on information technology in our operations, and any material failure, inadequacy, interruption or cyber-attack of that technology could harm our business. We rely on information technology networks and systems, including the internet and third-party cloud-based service providers, to process, transmit and store electronic information, and to manage or support a variety of business processes, including financial transactions and records, and to maintain personal identifying information and customer and lease data. In addition to enterprise information technology systems, we rely on technology and automated systems to operate and manage certain aspects of our properties and business processes. We purchase some of our information technology from vendors, on whom our systems depend. We rely on commercially available systems, software, tools and monitoring to provide security for processing, transmission and storage of data relating to our business operations (including our financial transactions and records) and confidential customer data (including individually identifiable information relating to financial accounts). Although we have taken steps to protect the security of our information systems and the data maintained in those systems, it is possible that our safety and security measures will not prevent the systems’ improper functioning or damage, or the improper access or disclosure of our business operations or personally identifiable information such as in the event of cybersecurity incidents. Security breaches, including physical or electronic break-ins, computer viruses, phishing or spoofing attacks by hackers and similar breaches, can create system disruptions, shutdowns, misappropriation of assets or unauthorized disclosure of confidential information. In some cases, it may be difficult to anticipate or immediately detect such incidents and the damage they cause. Cybersecurity incidents could also result in interruptions to tenant operations, impair our ability to provide services to tenants, or require us to incur significant costs to remediate systems, notify affected parties, comply with regulatory or contractual obligations, or respond to litigation or governmental inquiries. Techniques used to obtain unauthorized access to, disable or sabotage information technology systems are increasingly diverse and sophisticated, including as a result of emerging technologies, such as artificial intelligence and machine learning. Any failure to maintain proper function, security and availability of our information systems could interrupt our operations, damage our reputation, subject us to liability claims or regulatory penalties and could have a materially adverse effect on our business, financial condition and results of operations. Additionally, any cybersecurity incident may be costly, notwithstanding any cyber liability insurance we may carry. See “Item 1C. Cybersecurity” for further discussion.
We may be impacted by changes in U.S. social, political, regulatory and economic conditions or laws and policies. Any changes to U.S. tax laws, duties, tariffs, changes to bilateral or regional trade agreements, manufacturing, and development and investment in the territories and countries where we and our customers operate could adversely affect our operating results and our business.
ITEM 1B. UNRESOLVED STAFF COMMENTS.
None.
ITEM 1C. CYBERSECURITY.
Cyber Risk Management and Strategy
Cybersecurity risk management policies and processes are integrated into EastGroup’s enterprise risk management program. These policies and processes include incident response, identity and access management, employee training on cybersecurity matters, device management, patch management and vulnerability assessment. The Company also maintains processes regarding third-party vendor risk management, including, as appropriate, conducting a review of security ratings of and System and Organization Controls (“SOC”) reports provided by potential vendors. Additionally, EastGroup works with cybersecurity consulting firms to help manage the Company’s cybersecurity risks. The cyber consulting firms currently conduct testing of EastGroup’s controls and environment, including network penetration testing, to identify and remediate cybersecurity risks. They also currently provide EastGroup with advice on technology, infrastructure, management, and productivity in relation to its information technology capabilities, including training for all employees. This training supports information security awareness and adherence to Company policies and guidance through regular, mandatory training and random simulated phishing tests.
Additionally, EastGroup has information technology general controls in place in support of internal control over financial reporting. These controls are tested by the Company’s internal audit function and control deficiencies, if any, would be reported to senior management and the Audit Committee of the Board of Directors.
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As of the date of this report, the Company has not identified breaches from any cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected or are reasonably likely to affect operations, business strategy or financial condition. For additional information regarding our cybersecurity risks, see “Item 1A. Risk Factors - We rely on information technology in our operations, and any material failure, inadequacy, interruption or cyber-attack of that technology could harm our business.”
Governance Related to Cybersecurity Risks
EastGroup’s cybersecurity risk management process is assessed and managed by a cyber risk committee (“Cyber Risk Committee”), which includes the Company’s Chief Financial Officer (“CFO”), Chief Information Officer (“CIO”) and members of management within the information technology, finance and accounting, legal and internal audit functions. The CIO is a Certified Public Accountant (“CPA”), a Certified Information Technology Professional with the American Institute of CPAs and has over 20 years of experience in the areas of cybersecurity and information technology. Collectively, other members of the Cyber Risk Committee have technical expertise and experience in accounting, financial reporting and auditing, and law and compliance.
The Company’s Board of Directors oversees EastGroup’s risk management process. Specifically, the Board of Directors has delegated to the Audit Committee, as reflected in the charter of the Audit Committee, responsibility for periodic review and oversight of the Company’s cybersecurity and other information technology risks, controls and procedures, including the Company’s plans to mitigate cybersecurity risks and to respond to data breaches. The Audit Committee receives periodic updates from the Cyber Risk Committee regarding these topics. Both senior management, including members of the Cyber Risk Committee, and the Audit Committee Chairperson report periodically on cybersecurity risk management to the full Board of Directors. Additionally, management conducts comprehensive risk surveys annually and presents the results of these surveys to the Board of Directors for discussion.
ITEM 2. PROPERTIES.
EastGroup owned 550 industrial properties as of December 31, 2025. These properties are located primarily in the states of Texas, Florida, California, Arizona and North Carolina, and the majority are clustered around major transportation features in supply constrained submarkets. As of February 10, 2026, EastGroup’s operating portfolio was 96.5% leased and 96.1% occupied by tenants in approximately 1,700 leases, with no single tenant accounting for more than approximately 1.5% of the Company’s annualized base rent, as defined in the table below. The Company has developed approximately 50% of its total portfolio (on a square foot basis), which includes real estate properties and development and value-add properties in lease-up and under construction. The Company’s focus is the ownership of business distribution space (91% of the total portfolio) with the remainder in bulk distribution space (8%) and business service space (1%). Business distribution space properties are typically multi-tenant buildings with a building depth of 200 feet or less, clear height of 24-32 feet, office finish of 10-25% and truck courts with a depth of 100-120 feet. See Consolidated Financial Statement Schedule III – Real Estate Properties and Accumulated Depreciation for a detailed listing of the Company’s properties.
At December 31, 2025, EastGroup did not own any single property with a book value that was 10% or more of total book value or with gross revenues that were 10% or more of total gross revenues.
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The Company’s lease expirations are detailed below:

Year of Lease Expiration |  |  |  | Total Rentable Square Feet (1) |  | Annualized Base Rent of Leases Expiring (1) (2) |  | % of Total Base Rent of Leases Expiring (1)
2026 |  |  |  | 8,134,000 |  |  | $ | 73,434,000 |  |  | 13.1%
2027 |  |  |  | 10,338,000 |  |  | 95,930,000 |  |  | 17.2%
2028 |  |  |  | 9,310,000 |  |  | 91,046,000 |  |  | 16.3%
2029 |  |  |  | 8,885,000 |  |  | 83,768,000 |  |  | 15.0%
2030 |  |  |  | 8,353,000 |  |  | 80,478,000 |  |  | 14.4%
2031 |  |  |  | 4,904,000 |  |  | 46,548,000 |  |  | 8.3%
2032 |  |  |  | 3,412,000 |  |  | 26,382,000 |  |  | 4.7%
2033 |  |  |  | 2,581,000 |  |  | 24,315,000 |  |  | 4.3%
2034 |  |  |  | 1,132,000 |  |  | 10,666,000 |  |  | 1.9%
2035 and beyond |  |  |  | 2,638,000 |  |  | 26,662,000 |  |  | 4.8%

(1)Does not include lease renewal options.
(2)Annualized base rent represents the monthly cash rental rate, excluding tenant expense reimbursements, as of December 31, 2025, multiplied by 12 months.
ITEM 3. LEGAL PROCEEDINGS.
The Company is not presently involved in any litigation nor, to its knowledge, is any litigation threatened against the Company or its properties, other than routine litigation arising in the ordinary course of business and other actions not deemed to be material. Management believes that any such matters will not have a material adverse effect on the Company’s financial condition or results of operations, individually or in the aggregate. Substantially all of these matters are anticipated to be covered by the Company’s liability insurance. However, the Company cannot predict the outcome of any litigation with certainty, and some lawsuits, claims or proceedings may be disposed of unfavorably to the Company, which could materially affect its financial condition or results of operations.
ITEM 4. MINE SAFETY DISCLOSURES.
Not applicable.
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PART II. OTHER INFORMATION
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
The Company’s shares of common stock are listed for trading on the NYSE under the symbol “EGP.” As of February 10, 2026, there were 355 holders of record of the Company’s 53,334,206 outstanding shares of common stock. The Company distributed all of its 2025 and 2024 taxable income to its stockholders. We generally pay quarterly cash dividends to holders of our common stock at the discretion of our Board of Directors. Our future distributions may vary and will be determined by the Board of Directors based upon the circumstances prevailing at the time, including our financial condition, operating results, estimated taxable income and REIT distribution requirements, and may be adjusted at the discretion of the Board of Directors. Accordingly, no significant provisions for income taxes were necessary. The following table summarizes the federal income tax treatment for all distributions by the Company for the years 2025 and 2024.
Federal Income Tax Treatment of Share Distributions

| Years Ended December 31,
2025 |  | 2024
Common Share Distributions: | (Per share)
Ordinary dividends | $ | 5.91119 |  |  | 5.21028 |
Nondividend distributions | — |  |  | — |
Unrecaptured Section 1250 capital gain | — |  |  | — |
Other capital gain | — |  |  | — |
Total Common Distributions (1) | $ | 5.91119 |  |  | 5.21028 |

(1)Pursuant to Internal Revenue Code of 1986, as amended, Section 857(b)(9), cash distributions made on January 15, 2026, with a record date of December 31, 2025, were treated as received by shareholders on December 31, 2025, to the extent of 2025 undistributed earnings and profits. Cash distributions made on January 15, 2025, with a record date of December 31, 2024, were treated as received by shareholders on December 31, 2024, to the extent of 2024 undistributed earnings and profits.
Purchases of Equity Securities by the Issuer and Affiliated Purchasers

Period |  | Total Number of Shares Purchased |  | Weighted Average Price Paid Per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs
October 1, 2025 through October 31, 2025 |  | — |  |  | $ | — |  |  | — |  |  | — |
November 1, 2025 through November 30, 2025 (1) |  | 69 |  |  | 177.24 |  |  | — |  |  | — |
December 1, 2025 through December 31, 2025 |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 69 |  |  | $ | 177.24 |  |  | — |  |  |

(1)As permitted under the Company’s equity compensation plan, these shares were withheld by the Company to satisfy the tax withholding obligations in connection with the issuance of shares of common stock.
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Performance Graph
The following graph compares, over the five years ended December 31, 2025, the cumulative total shareholder return on EastGroup’s common stock with the cumulative total return of the Standard & Poor’s 500 Total Return Index (S&P 500 Total Return) and the FTSE Equity REIT index prepared by the National Association of Real Estate Investment Trusts (FTSE Nareit Equity REITs).
The performance graph and related information shall not be deemed “soliciting material” or be deemed to be “filed” with the SEC, nor shall such information be incorporated by reference into any future filing, except to the extent that the Company specifically incorporates it by reference into such filing.

| Fiscal years ended December 31,
2020 |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | 2025
EastGroup | $ | 100.00 |  |  | 168.44 |  |  | 112.74 |  |  | 143.89 |  |  | 129.73 |  |  | 148.98 |
FTSE Nareit Equity REITs | 100.00 |  |  | 143.24 |  |  | 108.33 |  |  | 123.20 |  |  | 133.96 |  |  | 137.82 |
S&P 500 Total Return | 100.00 |  |  | 128.71 |  |  | 105.40 |  |  | 133.11 |  |  | 166.41 |  |  | 196.16 |

The information above assumes that the value of the investment in shares of EastGroup’s common stock and each index was $100 on December 31, 2020, and that all dividends were reinvested.
ITEM 6. [RESERVED].
Not applicable.
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ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The following discussion and analysis of results of operations and financial condition should be read in conjunction with the consolidated financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K.
OVERVIEW
EastGroup’s goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location-sensitive customers (primarily in the 20,000 to 100,000 square foot range). The Company develops, acquires and operates distribution facilities, the majority of which are clustered around major transportation features in supply-constrained submarkets in high-growth regions. The Company’s core markets are in the states of Texas, Florida, California, Arizona and North Carolina.
During 2025, economic uncertainty and stock market volatility continued due to a number of factors, including persistent inflation, interest rate uncertainty, concerns about tariffs, supply chain or trade disruptions and geopolitical conflict. While these factors did not have a significant adverse impact on EastGroup’s operations during 2025, they may adversely impact the Company in the future. Most of the Company’s leases require the tenants to pay their pro rata share of operating expenses, including real estate taxes, insurance and common area maintenance, thereby reducing the Company’s exposure to increases in operating expenses resulting from inflation or other factors. Additionally, most of the Company’s leases include scheduled rent increases. In the event inflation causes increases in the Company’s general and administrative expenses, or higher interest rates increase the Company’s cost of doing business, such increased costs would not be passed through to tenants and could adversely affect the Company’s results of operations. The Company continues to monitor inflation and interest rates, as well as the uncertainty resulting from the overall regulatory and economic environment.
EastGroup believes its current operating cash flow and unsecured bank credit facilities provide the capacity to fund the operations of the Company, and the Company also believes it can issue common and/or preferred equity and obtain debt financing on currently acceptable terms.
During 2025, EastGroup sold, and subsequently settled the issuance of, 33,120 shares of common stock directly through sales agents under its at-the-market (“ATM”) common stock offering programs at a weighted average price of $183.15 per share, providing aggregate net proceeds to the Company of $6,005,000.
During 2025, EastGroup entered into forward equity sale agreements with certain financial institutions acting as forward counterparties under its ATM programs with respect to 1,063,825 shares of common stock with an initial weighted average forward price of $181.89 per share. The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time it entered into forward equity sale agreements. Also during 2025, the Company settled outstanding forward equity sale agreements that were previously entered into by issuing 1,449,078 shares of common stock in exchange for net proceeds of approximately $258,066,000.
During 2025, EastGroup also closed $250,000,000 of unsecured debt with a weighted average effectively fixed interest rate of 4.13%. EastGroup’s financing and equity issuances are further described in Liquidity and Capital Resources.
The Company’s primary source of revenue is rental income. During 2025, EastGroup executed leases on 9,270,000 square feet of operating properties (15.1% of EastGroup’s total square footage of 61,561,000 as of December 31, 2025). For new and renewal leases signed during 2025, average rental rates increased by 40.1% as compared to the former leases on the same spaces.
On a diluted per share basis, Net Income Attributable to EastGroup Properties, Inc. Common Stockholders was $4.87 for the year ended December 31, 2025, compared to $4.66 for 2024, a 4.5% increase. See the Company’s analysis of performance trends below for further details.
Property Net Operating Income (“PNOI”) Excluding Income from Lease Terminations from same properties (defined as operating properties owned during the entire current and prior year reporting periods – January 1, 2024 through December 31, 2025), increased 7.0% for 2025 compared to 2024.
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EastGroup’s operating portfolio was 97.0% leased at December 31, 2025 compared to 97.1% at December 31, 2024. Occupancy at the end of 2025 for the operating portfolio was 96.5% compared to 96.1% at December 31, 2024. As of February 10, 2026, the operating portfolio was 96.5% leased and 96.1% occupied. As of December 31, 2025, leases approximating 13.1% of the operating portfolio, based on a percentage of annualized base rent, were scheduled to expire in 2026. This percentage was reduced to 12.4% as of February 10, 2026.
The Company generates new sources of leasing revenue through its acquisitions and also its development and value-add program. The Company mitigates risks associated with development through a Board-approved maximum level of land held for development and by adjusting development start dates according to leasing activity.
During the year ended December 31, 2025, EastGroup purchased 300.4 acres of land in four markets for a total of $118,584,000. The Company began construction of a redevelopment project and six development projects containing 1,439,000 square feet in five markets. Also in 2025, the Company transferred 11 development and value-add projects (2,109,000 square feet) in seven markets from its development and value-add program to real estate properties, with costs of $279,082,000 at the date of transfer. As of December 31, 2025, EastGroup’s development and value-add program consisted of 17 projects (3,473,000 square feet) located in 12 markets. The projected total cost for the development and value-add projects, which were collectively 18.8% leased as of February 10, 2026, is $499,900,000, of which $161,317,000 remained to be invested as of December 31, 2025.
During the year ended December 31, 2025, EastGroup acquired 739,000 square feet of operating properties in three markets for a total of $143,099,000. There were no value-add property acquisitions during the period.
During the year ended December 31, 2025, EastGroup sold a 12,000 square foot operating property in San Francisco, generating gross sales proceeds of $3,573,000. The Company did not recognize a gain or loss on this disposition.
The Company typically funds its development and acquisition programs through its $675,000,000 unsecured bank credit facilities (as discussed below in Liquidity and Capital Resources). As market conditions permit, EastGroup issues equity and/or employs fixed rate debt, including variable rate debt that has been swapped to an effectively fixed rate through the use of interest rate swaps, to replace short-term bank borrowings. In May 2025, Moody’s Ratings affirmed EastGroup's issuer rating of Baa2 and changed its rating outlook from stable to positive. A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the assigning rating agency. Each rating should be evaluated independently of any other rating. For future debt issuances, the Company intends to issue primarily unsecured fixed rate debt, including variable rate debt that has been swapped to an effectively fixed rate through the use of interest rate swaps. The Company may also access the public debt or convertible bond markets in the future as a means to raise capital.
Investors and industry analysts following the real estate industry primarily utilize two supplemental operating performance measures in analyzing the Company's operating results: (1) funds from operations attributable to common stockholders (“FFO”), and (2) property net operating income (“PNOI”).
FFO is computed in accordance with standards established by the National Association of Real Estate Investment Trusts, Inc. (“Nareit”). Nareit’s guidance allows preparers an option as it pertains to whether gains or losses on sale, or impairment charges, on real estate assets incidental to a REIT’s business are excluded from the calculation of FFO. EastGroup has made the election to exclude activity related to such assets that are incidental to our business.
FFO is calculated as net income (loss) attributable to common stockholders computed in accordance with U.S. 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 not considered as an alternative to net income (determined in accordance with GAAP) as an indication of the Company’s financial performance, nor is it a measure of the Company’s liquidity or indicative of funds available to provide for the Company’s cash needs, including its ability to make distributions. The Company’s key drivers affecting FFO are changes in PNOI (as discussed below), interest rates, the amount of leverage the Company employs and general and administrative expenses.
PNOI is defined as 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.
EastGroup sometimes refers to PNOI from Same Properties as “Same PNOI”; the Company also presents Same PNOI Excluding Income from Lease Terminations. Same Properties is defined as operating properties owned during the entire
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current period and prior year reporting period. 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 also excluded. For the year ended December 31, 2025, Same Properties includes properties which were included in the operating portfolio for the entire period from January 1, 2024 through December 31, 2025. The Company presents Same PNOI and Same PNOI Excluding Income from Lease Terminations as a 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.
FFO and PNOI are supplemental industry reporting measurements used to evaluate the performance of the Company’s investments in real estate assets and its operating results. The Company believes that the exclusion of depreciation and amortization in the calculations of PNOI and FFO provides supplemental indicators of the properties’ performance since real estate values have historically risen or fallen with market conditions. PNOI and FFO as calculated by the Company may not be comparable to similarly titled but differently calculated measures for other REITs. Investors should be aware that items excluded from or added back to FFO are significant components in understanding and assessing the Company’s financial performance. These non-GAAP figures should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP.
The following table presents reconciliations of Net Income to PNOI, Same PNOI and Same PNOI Excluding Income from Lease Terminations for the three fiscal years ended December 31, 2025, 2024 and 2023.

| Years Ended December 31,
2025 |  | 2024 |  | 2023
|  | (In thousands) |  |
NET INCOME | $ | 257,458 |  |  | 227,807 |  |  | 200,548 |
Gain on sales of real estate investments | — |  |  | (8,751) |  |  | (17,965) |
Gain on sales of non-operating real estate | — |  |  | (362) |  |  | (446) |
Interest income | (900) |  |  | (1,334) |  |  | (879) |
Other revenue | (1,919) |  |  | (2,199) |  |  | (4,412) |
Indirect leasing costs | 839 |  |  | 785 |  |  | 582 |
Depreciation and amortization | 216,732 |  |  | 189,411 |  |  | 171,078 |
Company’s share of depreciation from unconsolidated investment | 124 |  |  | 125 |  |  | 124 |
Interest expense | 32,113 |  |  | 38,956 |  |  | 47,996 |
General and administrative expense | 23,960 |  |  | 20,619 |  |  | 16,757 |
Noncontrolling interest in PNOI of consolidated joint ventures | (62) |  |  | (62) |  |  | (62) |
PROPERTY NET OPERATING INCOME (“PNOI”) | 528,345 |  |  | 464,995 |  |  | 413,321 |
PNOI from 2024 and 2025 acquisitions | (31,330) |  |  | (8,152) |  |  | *
PNOI from 2024 and 2025 development and value-add properties | (26,096) |  |  | (14,592) |  |  | *
PNOI from 2024 and 2025 operating property dispositions | (40) |  |  | (380) |  |  | *
Other PNOI | 1,089 |  |  | 208 |  |  | *
SAME PNOI | 471,968 |  |  | 442,079 |  |  | *
Lease termination fee income from same properties | (1,181) |  |  | (2,192) |  |  | *
SAME PNOI, EXCLUDING INCOME FROM LEASE TERMINATIONS | $ | 470,787 |  |  | 439,887 |  |  | *

* Same property metrics are not applicable to the year ended December 31, 2023, as the same property metrics for 2025 and 2024 are based on operating properties owned during the entire current and prior year reporting periods (January 1, 2024 through December 31, 2025).
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PNOI was calculated as follows for the three fiscal years ended December 31, 2025, 2024 and 2023.

| Years Ended December 31,
2025 |  | 2024 |  | 2023
(In thousands)
Income from real estate operations | $ | 719,417 |  |  | 638,035 |  |  | 566,179 |
Expenses from real estate operations | (192,243) |  |  | (174,212) |  |  | (154,030) |
Noncontrolling interest in PNOI of consolidated joint ventures | (62) |  |  | (62) |  |  | (62) |
PNOI from 50% owned unconsolidated investment | 1,233 |  |  | 1,234 |  |  | 1,234 |
PROPERTY NET OPERATING INCOME (“PNOI”) | $ | 528,345 |  |  | 464,995 |  |  | 413,321 |

Income from real estate operations is comprised of rental income, expense reimbursement pass-through income and other real estate income. Expenses from real estate operations is comprised of property taxes, insurance, utilities, repair and maintenance expenses, management fees and other operating costs. Generally, the Company’s most significant operating expenses are property taxes and insurance. Tenant leases may be net leases in which the total operating expenses are recoverable, modified gross leases in which some of the operating expenses are recoverable, or gross leases in which no expenses are recoverable (gross leases represent only a small portion of the Company’s total leases). Increases in property operating expenses are fully recoverable under net leases and recoverable to a high degree under modified gross leases. Modified gross leases often include base year amounts, and expense increases over these amounts are recoverable. The Company’s exposure to property operating expenses is primarily due to vacancies and leases for occupied space that limit the amount of expenses that can be recovered.
The following table presents reconciliations of Net Income Attributable to EastGroup Properties, Inc. Common Stockholders to FFO Attributable to Common Stockholders for the three fiscal years ended December 31, 2025, 2024 and 2023.

| Years Ended December 31, |
2025 |  | 2024 |  | 2023 |
(In thousands, except per share data) |
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | $ | 257,402 |  |  | 227,751 |  |  | 200,491 |  |
Depreciation and amortization | 216,732 |  |  | 189,411 |  |  | 171,078 |  |
Company’s share of depreciation from unconsolidated investment | 124 |  |  | 125 |  |  | 124 |  |
Depreciation and amortization attributable to noncontrolling interest | (5) |  |  | (5) |  |  | (5) |  |
Gain on sales of real estate investments | — |  |  | (8,751) |  |  | (17,965) |  |
Gain on sales of non-operating real estate | — |  |  | (362) |  |  | (446) |  |
FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS | 474,253 |  |  | 408,169 |  |  | 353,277 |  |
Gain on involuntary conversion and business interruption claims | (1,763) |  |  | (1,708) |  |  | (4,187) |  |
FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS, EXCLUDING GAIN ON INVOLUNTARY CONVERSION AND BUSINESS INTERRUPTION CLAIMS | $ | 472,490 |  |  | 406,461 |  |  | 349,090 |  |
Net income attributable to common stockholders per diluted share | $ | 4.87 |  |  | 4.66 |  |  | 4.42 |  |
FFO attributable to common stockholders per diluted share | $ | 8.98 |  |  | 8.35 |  |  | 7.79 |  |
FFO attributable to common stockholders per diluted share, excluding gain on involuntary conversion and business interruption claims | $ | 8.95 |  |  | 8.31 |  |  | 7.70 |  |
Diluted shares for earnings per share and funds from operations | 52,814 |  |  | 48,911 |  |  | 45,331 |  |

The Company analyzes the following performance trends in evaluating the revenues and expenses of the Company:
•Net Income Attributable to EastGroup Properties, Inc. Common Stockholders for the year ended December 31, 2025 was $257,402,000 ($4.88 per basic and $4.87 per diluted share) compared to $227,751,000 ($4.67 per basic and $4.66 per diluted share) for 2024. See Results of Operations for further analysis.
•The change in FFO per diluted share represents the increase or decrease in FFO per diluted share from the current year compared to the prior year. For 2025, FFO was $8.98 per diluted share compared with $8.35 per diluted share for 2024, an increase of 7.5%. FFO, Excluding Gain on Involuntary Conversion and Business Interruption Claims, was $8.95 per diluted share for the year ended December 31, 2025 compared to $8.31 per diluted share for 2024, an increase of 7.7%. FFO increased during the year ended December 31, 2025, as compared to 2024, primarily due to the
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increase in PNOI and the decrease in interest expense, partially offset by an increase in general and administrative expense.
•For the year ended December 31, 2025, PNOI increased by $63,350,000, or 13.6%, compared to 2024. PNOI increased $29,889,000 from same property operations, $23,178,000 from 2024 and 2025 acquisitions and $11,504,000 from newly developed and value-add properties.
•The change in Same PNOI represents the PNOI increase or decrease for the same operating properties owned during the entire current and prior year reporting periods (January 1, 2024 through December 31, 2025). Same PNOI, excluding income from lease terminations, increased 7.0% for the year ended December 31, 2025, compared to 2024.
•Same property average occupancy represents the average month-end percentage of leased square footage for which the lease term has commenced as compared to the total leasable square footage for the same operating properties owned during the entire current and prior year reporting periods (January 1, 2024 through December 31, 2025). Same property average occupancy for the year ended December 31, 2025 was 96.5% compared to 96.8% for 2024.
•The same property average rental rate calculated in accordance with GAAP represents the average annual rental rates of leases in place for the same operating properties owned during the entire current and prior year reporting periods (January 1, 2024 through December 31, 2025). The same property average rental rate was $8.81 per square foot for the year ended December 31, 2025, compared to $8.25 per square foot for the year ended December 31, 2024.
•Occupancy is the percentage of leased square footage for which the lease term has commenced as compared to the total leasable square footage as of the close of the reporting period. Occupancy at December 31, 2025 was 96.5%. Quarter-end occupancy ranged from 95.9% to 96.5% over the previous four quarters ended December 31, 2024 to September 30, 2025.
•Rental rate change represents the rental rate increase or decrease on new and renewal leases compared to the prior leases on the same space. Rental rate increases on new and renewal leases (15.1% of total square footage) averaged 40.1% for the year ended December 31, 2025.
FINANCIAL CONDITION
EastGroup’s Total Assets were $5,431,807,000 at December 31, 2025, an increase of $354,331,000 from December 31, 2024. Total Liabilities increased $150,287,000 to $1,935,219,000, and Total Equity increased $204,044,000 to $3,496,588,000 during the same period. The following paragraphs explain these changes in greater detail.
Assets
Real estate properties increased $486,344,000 during the year ended December 31, 2025. The increase was primarily due to: (i) the transfer of properties from Development and value-add properties to Real estate properties; (ii) the acquisition of operating properties; (iii) capital improvements at the Company’s properties; and (iv) costs incurred on development and value-add projects subsequent to transfer to Real estate properties discussed below. These increases were partially offset by the sale of an operating property.
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During 2025, EastGroup acquired the following operating properties:

REAL ESTATE PROPERTIES ACQUIRED IN 2025 |  | Location |  | Size |  | Date Acquired |  | Cost (1)
|  |  |  | (Square feet) |  |  |  | (In thousands)
Operating properties acquired |  |  |  |  |  |  |  |
LifeScience Logistics Center |  | Raleigh, NC |  | 251,000 |  |  | 07/08/2025 |  | $ | 47,150 |
Lumley Logistics Center |  | Raleigh, NC |  | 67,000 |  |  | 07/15/2025 |  | 14,174 |
McKinney Airport Trade Center |  | Dallas, TX |  | 320,000 |  |  | 09/19/2025 |  | 60,641 |
EastGroup Point at Cheyenne |  | Las Vegas, NV |  | 101,000 |  |  | 12/09/2025 |  | 21,134 |
Total operating property acquisitions (2)(3) |  |  |  | 739,000 |  |  |  |  | $ | 143,099 |

(1)Cost is calculated in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs. Refer to Notes 1(j) and 2 in the Notes to Consolidated Financial Statements for further details.
(2)Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets.
(3)Excludes acquired development land as discussed below.
During the year ended December 31, 2025, EastGroup sold a 12,000 square foot operating property in San Francisco, generating gross sales proceeds of $3,573,000. The Company did not recognize a gain or loss on this disposition.
During the year ended December 31, 2025, the Company made capital improvements of $75,653,000 on existing and acquired properties (included in the Real Estate Improvements table under Results of Operations). Also, the Company incurred costs of $7,125,000 on development and value-add projects subsequent to transfer to Real estate properties; the Company records these expenditures as development and value-add costs on the Consolidated Statements of Cash Flows.
Development and value-add properties at December 31, 2025 consisted of properties in lease-up and under construction of $338,583,000 and prospective development (primarily land) of $371,617,000. The Company’s total investment in Development and value-add properties at December 31, 2025 was $710,200,000 compared to $674,472,000 at December 31, 2024. Total capital invested for development and value-add properties during 2025 was $321,934,000, which primarily consisted of improvement costs of $196,225,000 on development and value-add properties, $118,584,000 for new land investments, and costs of $7,125,000 on properties subsequent to transfer to Real estate propertie s. The capitalized costs incurred on development and value-add projects subsequent to transfer to Real estate properties include capital improvements at the properties and do not include other capitalized costs associated with development (i.e., interest expense, property taxes and internal personnel costs).
EastGroup capitalized internal development costs of $7,451,000 during the year ended December 31, 2025, compared to $8,181,000 during 2024. The decrease was due to variations in timing and volume of development projects starting during the year ended December 31, 2025, as compared to the same period of 2024.
There were no value-add acquisitions during the year ended December 31, 2025.
Also during 2025, EastGroup purchased 300.4 acres of development land in four markets for $118,584,000. Costs associated with these acquisitions are included below in the Development and Value-Add Properties table. These increases were offset by the transfer of 11 development and value-add projects to Real estate properties with a total investment of $279,082,000 as of the date of transfer.
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A summary of the Company’s Development and Value-Add Properties for the year ended December 31, 2025 follows:

| Actual or Estimated Building Size |  | Cumulative Costs Incurred as of 12/31/2025 |  | Projected Total Costs (1) |  |  |  |  |  |  |  |  |
| (Square feet) |  | (In thousands) |  |  |  |  |  |  |  |  |
Lease-up | 1,935,000 |  |  | $ | 230,578 |  |  | $ | 266,300 |  |  |  |  |  |  |  |  |  |
Under construction | 1,538,000 |  |  | 108,005 |  |  | 233,600 |  |  |  |  |  |  |  |  |  |
Total lease-up and under construction | 3,473,000 |  |  | 338,583 |  |  | $ | 499,900 |  |  |  |  |  |  |  |  |  |
Prospective development (primarily land) | 11,798,000 |  |  | 371,617 |  |  |  |  |  |  |  |  |  |  |  |
Total Development and value-add properties as of December 31, 2025 | 15,271,000 |  |  | $ | 710,200 |  |  |  |  |  |  |  |  |  |  |  |
Total Development and value-add properties transferred to Real estate properties during the year ended December 31, 2025 | 2,109,000 |  |  | $ | 279,082 |  |  | (2) |  |  |  |  |  |  |  |  |

(1)Included in these costs are development obligations of $94,201,000 and tenant improvement obligations of $9,552,000 on properties under development.
(2)Represents cumulative costs at the date of transfer.
Accumulated depreciation on real estate, development and value-add properties increased $167,956,000 during 2025 due primarily to depreciation expense of $176,180,000 and partially offset by write-offs of fully depreciated assets.
Cash and cash equivalents decreased $16,522,000 during 2025. Refer to the Consolidated Statements of Cash Flows and Liquidity and Capital Resources for further details.
Other assets, net increased $17,178,000 during 2025. See Note 4 in the Notes to Consolidated Financial Statements for further details.
Liabilities
Unsecured bank credit facilities, net of debt issuance costs increased $19,844,000 during the year ended December 31, 2025, mainly due to borrowings of $340,344,000, partially offset by repayments of $321,499,000 and debt issuance cost activity during the period. The Company’s credit facilities are described in greater detail in Liquidity and Capital Resources.
Unsecured debt, net of debt issuance costs increased $103,869,000 during the year ended December 31, 2025, primarily due to closing $250,000,000 of unsecured debt, partially offset by repayments of $145,000,000 of unsecured debt and debt issuance costs activity during the period. The borrowings and repayments on Unsecured debt, net of debt issuance costs are described in greater detail under Liquidity and Capital Resources.
Accounts payable and accrued expenses increased $22,603,000 during 2025. See Note 7 in the Notes to Consolidated Financial Statements for further details.
Other liabilities increased $3,971,000 during 2025. See Note 8 in the Notes to Consolidated Financial Statements for further details.
Equity
Additional paid-in capital increased $273,399,000 during the year ended December 31, 2025, primarily due to the issuance of common stock under the Company’s ATM programs (as discussed in Note 9 in the Notes to Consolidated Financial Statements) and activity related to stock-based compensation (as discussed in Note 10 in the Notes to Consolidated Financial Statements).
Distributions in excess of earnings increased $55,781,000 during the year ended December 31, 2025, as a result of dividends on common stock of $313,183,000 exceeding Net Income Attributable to EastGroup Properties, Inc. Common Stockholders of $257,402,000.
Accumulated other comprehensive income decreased $13,596,000 during 2025. The decrease resulted from the change in fair value of the Company’s interest rate swaps (cash flow hedges) which are further discussed in Notes 11 and 12 in the Notes to Consolidated Financial Statements.
26

RESULTS OF OPERATIONS
2025 Compared to 2024
Net Income Attributable to EastGroup Properties, Inc. Common Stockholders for the year ended December 31, 2025 was $257,402,000 ($4.88 per basic and $4.87 per diluted share) compared to $227,751,000 ($4.67 per basic and $4.66 per diluted share) for the year ended December 31, 2024. The following paragraphs provide further details with respect to these changes:
•PNOI was $528,345,000 ($10.00 per diluted share) for the year ended December 31, 2025, compared to $464,995,000 ($9.51 per diluted share) for the year ended December 31, 2024. PNOI increased $29,889,000 from same property operations, $23,178,000 from 2024 and 2025 acquisitions and $11,504,000 from newly developed and value-add properties. Income recognized from straight-lining of rent increased by $5,777,000 for the year ended December 31, 2025, as compared to the same period of 2024.
•EastGroup did not recognize Gains on sales of real estate investments during 2025. During the year ended December 31, 2024, EastGroup recognized $8,751,000 ($0.18 per diluted share) in Gains on sales of real estate investments. The Company’s sales transactions are described in Note 2 of the Notes to Consolidated Financial Statements.
•Depreciation and amortization was $216,732,000 ($4.10 per diluted share) for the year ended December 31, 2025, compared to $189,411,000 ($3.87 per diluted share) for the year ended December 31, 2024. The increase is primarily due to the operating properties acquired by the Company in 2024 and 2025 and the properties transferred from Development and value-add properties in 2024 and 2025. These increases are partially offset by operating properties sold in 2024 and 2025.
•Interest expense recognized was $32,113,000 ($0.61 per diluted share) during 2025, compared to $38,956,000 ($0.80 per diluted share) during 2024, which was a decrease of $0.19 per share. See the table below for details.
•EastGroup recognized gains on involuntary conversion and business interruption claims of $1,763,000 ($0.03 per diluted share) during 2025, compared to $1,708,000 ($0.03 per diluted share) during 2024. Gains on involuntary conversion and business interruption claims are included in Other revenue on the Consolidated Statements of Income and Comprehensive Income.
•Weighted average shares outstanding increased by 3,903,000, on a diluted basis, during 2025 compared to 2024. The increase is primarily due to issuance of shares through common stock offerings, as discussed in Liquidity and Capital Resources.
EastGroup entered into 156 leases with certain rent concessions on 4,555,000 square feet during 2025 with total rent concessions of $10,894,000 over the terms of the leases, compared to 133 leases with rent concessions on 4,932,000 square feet with total rent concessions of $12,192,000 over the terms of the leases in 2024.
The Company’s percentage of leased square footage for the operating portfolio was 97.0% at December 31, 2025, compared to 97.1% at December 31, 2024. Occupancy at the end of 2025 for the operating portfolio was 96.5% compared to 96.1% at December 31, 2024.
27

Interest Expense decreased $6,843,000 for the year ended December 31, 2025 compared to the year ended December 31, 2024. The following table presents the components of Interest Expense for 2025 and 2024:

|  | Years Ended December 31,
|  | 2025 |  | 2024 |  | Increase (Decrease)
|  | (In thousands)
VARIABLE RATE INTEREST EXPENSE |  |  |  |  |  |
Unsecured bank credit facilities interest — Variable rate (excluding amortization of facility fees and debt issuance costs) |  | $ | 1,315 |  |  | 111 |  |  | 1,204 |
Amortization of facility fees — Unsecured bank credit facilities |  | 960 |  |  | 1,012 |  |  | (52) |
Amortization of debt issuance costs — Unsecured bank credit facilities |  | 1,058 |  |  | 1,036 |  |  | 22 |
Total variable rate interest expense |  | 3,333 |  |  | 2,159 |  |  | 1,174 |
FIXED RATE INTEREST EXPENSE |  |  |  |  |  |
Unsecured debt interest (excluding amortization of debt issuance costs) (1) |  | 49,703 |  |  | 55,742 |  |  | (6,039) |
Amortization of debt issuance costs — Unsecured debt |  | 807 |  |  | 878 |  |  | (71) |
Total fixed rate interest expense |  | 50,510 |  |  | 56,620 |  |  | (6,110) |
Total interest |  | 53,843 |  |  | 58,779 |  |  | (4,936) |
Less capitalized interest |  | (21,730) |  |  | (19,823) |  |  | (1,907) |
TOTAL INTEREST EXPENSE |  | $ | 32,113 |  |  | 38,956 |  |  | (6,843) |

(1)Includes interest on the Company’s unsecured debt with fixed interest rates per the debt agreements or effectively fixed interest rates due to interest rate swaps, as discussed in Note 12 in the Notes to Consolidated Financial Statements.
EastGroup’s variable rate interest expense increased by $1,174,000 for 2025 as compared to 2024 primarily due to an increase in average borrowings, partially offset by a decrease in the Company’s weighted average variable interest rates on its unsecured bank credit facilities as shown in the following table:

|  | Years Ended December 31,
|  | 2025 |  | 2024 |  | Increase (Decrease)
|  | (In thousands, except rates of interest)
Average borrowings on unsecured bank credit facilities — Variable rate |  | $ | 26,822 |  | 1,776 |  | 25,046 |
Weighted average variable interest rates (excluding amortization of facility fees and debt issuance costs) |  | 4.90 | % |  | 6.25 | % |  |

The Company’s fixed rate interest expense decreased by $6,110,000 for 2025 as compared to 2024 primarily as a result of the unsecured debt activity described below.
The following table presents the details of unsecured debt repayments during 2024 and 2025:

UNSECURED DEBT REPAID IN 2024 AND 2025 |  | Interest Rate |  | Date Repaid |  | Principal Amount
|  |  |  |  |  | (In thousands)
$50 Million Senior Unsecured Term Loan |  | 4.08% |  | 08/30/2024 |  | $ | 50,000 |
$60 Million Senior Unsecured Notes |  | 3.46% |  | 12/13/2024 |  | 60,000 |
$60 Million Senior Unsecured Notes |  | 3.48% |  | 12/15/2024 |  | 60,000 |
$50 Million Senior Unsecured Term Loan |  | 1.58% |  | 03/18/2025 |  | 50,000 |
$20 Million Senior Unsecured Notes |  | 3.80% |  | 08/28/2025 |  | 20,000 |
$25 Million Senior Unsecured Notes |  | 3.97% |  | 10/01/2025 |  | 25,000 |
$50 Million Senior Unsecured Notes |  | 3.99% |  | 10/07/2025 |  | 50,000 |
Weighted Average Effectively Fixed Interest Rate and Total Principal Amount for 2024 and 2025 |  | 3.41% |  |  |  | $ | 315,000 |

28

In January 2025, the Company refinanced a $100,000,000 senior unsecured term loan, reducing the credit spread by 30 basis points to a total effectively fixed interest rate of 4.97%. The loan, which previously had five years remaining, was modified to a three year maturity with two one-year extension options, at the Company's election.
In November 2025, the Company entered into amendments related to five senior unsecured term loans totaling $475,000,000, which reduced the credit spread by 10 basis points on each loan.
During 2024, EastGroup did not enter into or refinance any unsecured debt agreements.
The decrease in interest expense from unsecured debt was partially offset by new unsecured debt obtained during the year ended December 31, 2025:

NEW UNSECURED DEBT IN 2025 |  | Margin |  | Effectively Fixed Interest Rate |  | Date Obtained |  | Maturity Date |  | Principal Amount
|  |  |  |  |  |  |  |  |  | (In thousands)
$100 Million Senior Unsecured Term Loan (1) |  | 0.85% |  | 4.11% |  | 11/19/2025 |  | 04/30/2030 |  | $ | 100,000 |
$150 Million Senior Unsecured Term Loan (1) |  | 0.85% |  | 4.15% |  | 11/19/2025 |  | 03/14/2031 |  | 150,000 |
Weighted Average Interest Rate/Total Principal Amount for 2025 |  |  |  | 4.13% |  |  |  |  |  | $ | 250,000 |

(1)The interest rate on this unsecured term loan is comprised of Daily Secured Overnight Financing Rate (“SOFR”) plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12 in the Notes to Consolidated Financial Statements) to convert the loan’s SOFR rate to an effectively fixed interest rate. The interest rate in the table above is the effectively fixed interest rate for the loan, including the effect of the interest rate swaps, as of December 31, 2025.
EastGroup's financing and debt maturities are further described in Liquidity and Capital Resources.
Interest costs during the period of construction of real estate properties are capitalized and offset against interest expense. Capitalized interest increased by $1,907,000 for 2025 as compared to 2024, due to changes in development activity and spending.
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Real Estate Improvements
Real estate improvements for EastGroup’s operating properties for the years ended December 31, 2025 and 2024 were as follows:

| Estimated Useful Life |  | Years Ended December 31,
| 2025 |  | 2024
|  | (In thousands)
Upgrade on acquisitions | 40 years |  | $ | 90 |  |  | 1,435 |
Tenant improvements: |  |  |  |  |
New tenants | Lease Term |  | 23,937 |  |  | 18,540 |
Renewal tenants | Lease Term |  | 4,454 |  |  | 2,964 |
Building improvements | 5 - 40 years |  | 16,703 |  |  | 13,006 |
Roofs | 5 - 15 years |  | 22,176 |  |  | 12,940 |
Parking lots | 3 - 5 years |  | 3,593 |  |  | 4,763 |
Other | 5 years |  | 4,700 |  |  | 4,480 |
Total real estate improvements (1) |  |  | $ | 75,653 |  |  | 58,128 |

(1)Reconciliation of Total real estate improvements to Real estate improvements on the Consolidated Statements of Cash Flows:

|  | Years Ended December 31,
| 2025 |  | 2024
| (In thousands)
Total real estate improvements |  | $ | 75,653 |  |  | 58,128 |
Change in real estate property payables |  | (779) |  |  | (719) |
Change in construction in progress |  | 956 |  |  | 1,879 |
Real estate improvements on the Consolidated Statements of Cash Flows |  | $ | 75,830 |  |  | 59,288 |

Capitalized Leasing Costs
The Company’s leasing costs (principally third party commissions) are capitalized and included in Other assets, net. The costs are amortized over the terms of the associated leases, and the amortization is included in Depreciation and amortization expense. Capitalized leasing costs for the years ended December 31, 2025 and 2024 were as follows:

| Estimated Useful Life |  | Years Ended December 31,
| 2025 |  | 2024
|  | (In thousands)
Development and value-add | Lease Term |  | $ | 7,967 |  |  | 7,117 |
New tenants | Lease Term |  | 11,962 |  |  | 16,478 |
Renewal tenants | Lease Term |  | 15,656 |  |  | 11,318 |
Total capitalized leasing costs (1) |  |  | $ | 35,585 |  |  | 34,913 |
Amortization of leasing costs |  |  | $ | 28,026 |  |  | 25,522 |

(1)Reconciliation of Total capitalized leasing costs to Leasing commissions on the Consolidated Statements of Cash Flows:

|  | Years Ended December 31,
| 2025 |  | 2024
| (In thousands)
Total capitalized leasing costs |  | $ | 35,585 |  |  | 34,913 |
Change in leasing commissions payables |  | (809) |  |  | (2,759) |
Leasing commissions on the Consolidated Statements of Cash Flows |  | $ | 34,776 |  |  | 32,154 |

2024 Compared to 2023
A discussion of changes in the Company’s results of operations between 2024 and 2023 has been omitted from this Form 10-K and can be found in “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” under the heading “2024 Compared to 2023” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 12, 2025.
30

LIQUIDITY AND CAPITAL RESOURCES
The Company anticipates that its current cash balance, operating cash flows, borrowings under its unsecured bank credit facilities, proceeds from new debt and/or proceeds from the issuance of equity instruments will be adequate for (i) operating and administrative expenses, (ii) normal repair and maintenance expenses at its properties, (iii) debt service obligations, (iv) maintaining compliance with its debt covenants, (v) distributions to stockholders, (vi) capital improvements, (vii) purchases of properties, (viii) development, and (ix) any other normal business activities of the Company, both in the short-term and long-term. The Company expects liquidity sources and needs in future years to be consistent in nature with those for the year ended December 31, 2025.
As market conditions permit, EastGroup issues equity and/or employs fixed-rate debt, including variable rate debt that has been swapped to an effectively fixed rate through the use of interest rate swaps, to replace the short-term bank borrowings. The Company believes its current operating cash flow and unsecured bank credit facilities provide the capacity to fund the operations of the Company. The Company also believes it can obtain debt financing and issue common and/or preferred equity.
For future debt issuances, the Company intends to issue primarily unsecured fixed-rate debt, including variable rate debt that has been swapped to an effectively fixed rate through the use of interest rate swaps. The Company may also access the public debt or convertible bond markets in the future as a means to raise capital.
As of December 31, 2025, EastGroup had total immediate liquidity of approximately $654,574,000, comprised of $1,007,000 of cash and cash equivalents and $653,567,000 of availability on our unsecured bank credit facilities. See further details discussed below.
Net cash provided by operating activities was $480,734,000 for the year ended December 31, 2025. The primary other sources of cash were from borrowings on unsecured bank credit facilities and unsecured debt and proceeds from common stock offerings. The Company distributed $302,507,000 in common stock dividends during 2025. Other primary uses of cash were repayments on unsecured bank credit facilities and unsecured debt; the construction and development of properties; purchases of real estate properties; capital improvements at various properties; and leasing commissions.
As of December 31, 2025, the Company was contractually obligated to pay the dividend declared in December 2025, which was paid in January 2026. An amount for dividends payable of $84,725,000 was included in Accounts payable and accrued expenses at December 31, 2025, which includes dividends payable on unvested restricted stock of $2,173,000, which are subject to continued service and will be paid upon vesting in future periods.
Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of December 31, 2025, are as follows:

MATURITY DATES |  | Weighted Average Interest Rate (1) |  | Principal Payments Maturing
|  |  |  | (In thousands)
October 10, 2026 |  | 1.98% |  | $ | 100,000 |
December 15, 2026 |  | 3.75% |  | 40,000 |
Year 2027 |  | 2.64% |  | 175,000 |
Year 2028 |  | 3.04% |  | 160,000 |
Year 2029 |  | 3.88% |  | 155,000 |
Year 2030 |  | 3.86% |  | 300,000 |
Year 2031 and beyond |  | 3.63% |  | 685,000 |
Total Unsecured Debt |  | 3.43% |  | $ | 1,615,000 |

(1)These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.
The Company currently intends to repay its debt obligations, both in the short-term and long-term, through its operating cash flows, borrowings under its unsecured bank credit facilities, proceeds from new debt (primarily unsecured), and/or proceeds from the issuance of equity instruments.
31

In January 2025, EastGroup refinanced a $100,000,000 senior unsecured term loan, reducing the credit spread by 30 basis points to a total effectively fixed interest rate of 4.97%. The loan, which previously had five years remaining, was modified to a three year maturity with two one-year extension options, at the Company's election.
In March 2025, EastGroup repaid a $50,000,000 senior unsecured term loan at maturity with an effectively fixed interest rate of 1.58%.
In August 2025, EastGroup repaid senior unsecured notes at maturity. The notes had a principal balance of $20,000,000 and a fixed interest rate of 3.80%.
In October 2025, the Company repaid two maturing senior unsecured notes totaling $75,000,000. Senior unsecured notes with a principal balance of $25,000,000 had a fixed interest rate of 3.97%. The other senior unsecured notes with a principal balance of $50,000,000 had a fixed interest rate of 3.99%.
In November 2025, the Company entered into a term loan agreement, separated into two tranches. One tranche provides a $100,000,000 term loan with a term of approximately 4.5 years and an effectively fixed interest rate of 4.11% with interest-only payments. The second tranche provides a $150,000,000 term loan with a term of approximately 5.5 years and an effectively fixed interest rate of 4.15% with interest-only payments. At the Company's option, the term loans bear interest at an annual rate of the Daily Simple SOFR (as defined in the term loan agreement) plus an applicable margin (0.85% as of December 31, 2025) based on the Company’s senior unsecured long-term debt rating. The Company also entered into interest rate swap agreements to convert the loans' SOFR rate component to a fixed interest rate for the entire terms of the loans, providing effectively fixed interest rates for each loan.
Also in November 2025, the Company entered into amendments related to five senior unsecured term loans totaling $475,000,000, which reduced the credit spread by 10 basis points on each loan.
The Company has a $625,000,000 unsecured bank credit facility with a group of 10 banks, which has a maturity date of July 31, 2028. As of December 31, 2025, the interest rate was 4.451% with no outstanding balance. The Company also has a $50,000,000 unsecured bank credit facility with a maturity date of July 31, 2028. As of December 31, 2025, the Company had variable rate borrowings totaling $18,845,000 on this unsecured bank credit facility and an interest rate of 4.545%. The Company's unsecured bank credit facilities are further discussed in Note 5 in the Notes to Consolidated Financial Statements.
On December 5, 2025, we established an ATM common stock offering program pursuant to which we are able to sell from time to time shares of our common stock having an aggregate gross sales price of up to $1,000,000,000 (the “Current ATM Program”). The Current ATM Program replaced our previous $1,000,000,000 ATM program (the “Prior ATM Program”), which was established on October 25, 2024, under which we had sold shares of our common stock having an aggregate gross sales price of $479,899,000 through December 5, 2025.
In connection with the Current ATM program, we may sell shares of our common stock through sales agents or through certain financial institutions acting as forward counterparties whereby, at our discretion, the forward counterparties, or their agents or affiliates, may borrow from third parties and subsequently sell shares of our common stock. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock but defer settling and receiving the proceeds from the sale of shares until a later date. Additionally, the forward price that we expect to receive upon settlement of an agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement.
During the year ended December 31, 2025, EastGroup sold, and subsequently settled the issuance of, 33,120 shares of common stock directly through sales agents under its ATM programs at a weighted average price of $183.15 per share, providing aggregate net proceeds to the Company of $6,005,000.
During the year ended December 31, 2025, EastGroup entered into forward equity sale agreements with certain financial institutions acting as forward counterparties under its ATM programs with respect to 1,063,825 shares of common stock with an initial weighted average forward price of $181.89 per share. The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time it entered into forward equity sale agreements. Also during the year ended December 31, 2025, the Company settled outstanding forward equity sale agreements that were previously entered into under its ATM programs by issuing 1,449,078 shares of common stock in exchange for net proceeds of approximately $258,066,000. As of February 11, 2026, the Company had no outstanding forward shares available for settlement.
32

As of February 11, 2026, $1,000,000,000 of common stock remains available to be sold under the Current ATM Program. Future sales, if any, will depend on a variety of factors, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us.
EastGroup’s other material cash requirements from known contractual and other obligations as of December 31, 2025 were as follows:

| Cash Requirements (1)
| (In thousands)
Real estate property obligations (2) | $ | 17,523 |
Development and value-add obligations (3) | 94,201 |
Tenant improvements obligations (4) | 22,962 |
Operating lease obligations - Ground leases (5) | 2,951 |
Total | $ | 137,637 |

(1)Cash requirement due in less than one year; there were no related long-term cash requirements (other than ground lease payments, described below).
(2)Represents commitments on real estate properties, except for tenant improvement allowance obligations.
(3)Represents commitments on properties in the Company’s development and value-add program, except for tenant improvement allowance obligations.
(4)Represents tenant improvement allowance obligations.
(5)Represents ground lease payments due within one year. The Company also estimates future minimum ground lease payments of $161,476,000, due in years 2027 and thereafter, based on the current lease terms of its ground leases. With the renewal options excluded, expiration dates range from August 2031 to December 2085.
The Company has no material off-balance sheet arrangements that have had or are reasonably likely to have a material current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The Company’s management considers the following accounting policies and estimates to be critical to the reported operations of the Company.
Acquisition and Development of Real Estate Properties
The FASB Codification provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their relative fair values. Factors considered by management in allocating the cost of the properties acquired include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. The allocation to tangible assets (land, building and improvements) is based upon management’s determination of the value of the property as if it were vacant using discounted cash flow models. Land is valued using comparable land sales specific to the applicable market, provided by a third party. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar properties. The cost of the properties acquired may be adjusted based on indebtedness assumed from the seller that is determined to be above or below market rates.
The purchase price is also allocated among the following categories of intangible assets: the above or below market component of in-place leases and the value of in-place leases at the time of the acquisition. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate reflecting the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using current market rents over the remaining term of the lease. The amounts allocated to above and below market lease intangibles are included in Other assets, net and Other liabilities, respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases. In-place lease intangibles are valued based upon management’s assessment of factors such as an estimate of forgone rents and avoided leasing costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. These intangible assets are included in Other assets, net on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease.
The significance of this accounting policy will fluctuate given the transaction activity during the period.
33

For properties included in Development and value-add properties, costs associated with development (i.e., land, construction costs, interest expense, property taxes and other costs associated with development) are aggregated into the total capitalized costs of the property. Included in these costs are management’s estimates for the portions of internal costs (primarily personnel costs) deemed related to such development activities. The internal costs are allocated to specific development projects based on development activity.
RECENT ACCOUNTING PRONOUNCEMENTS
See Note 1(p) in the Notes to Consolidated Financial Statements.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
The Company is exposed to interest rate changes primarily as a result of its unsecured bank credit facilities and long-term debt maturities. This debt is used to maintain liquidity and fund capital expenditures and expansion of the Company’s real estate investment portfolio and operations. The Company’s objective for interest rate risk management is to limit the impact of interest rate changes on earnings and cash flows and to lower its overall borrowing costs. The Company has two variable rate unsecured bank credit facilities as discussed under the heading Liquidity and Capital Resources in Part II, Item 7 of this Annual Report on Form 10-K. As market conditions permit, EastGroup issues equity and/or employs fixed rate debt, including variable rate debt that has been swapped to an effectively fixed rate through the use of interest rate swaps, to replace the short-term bank borrowings. The Company’s interest rate swaps are discussed in Note 12 in the Notes to Consolidated Financial Statements.
The table below presents the principal payments due and weighted average interest rates, which include the impact of interest rate swaps, for both the fixed rate and variable rate debt as of December 31, 2025.

| 2026 |  | 2027 |  | 2028 |  | 2029 |  | 2030 |  | Thereafter |  | Total |  | Fair Value |
Unsecured bank credit facilities — Variable rate (in thousands) | $ | — |  |  | — |  |  | 18,845 |  | (1) |  | — |  |  | — |  |  | — |  |  | 18,845 |  | 18,883 |  | (2)
Weighted average interest rate | — |  |  | — |  |  | 4.55 | % | (3) |  | — |  |  | — |  |  | — |  |  | 4.55 | % |  |  |
Unsecured debt — Fixed rate (in thousands) | $ | 140,000 |  |  | 175,000 |  |  | 160,000 |  | 155,000 |  |  | 300,000 |  |  | 685,000 |  |  | 1,615,000 |  | 1,548,414 |  | (4)
Weighted average interest rate | 2.49% |  | 2.64% |  | 3.04% |  | 3.88% |  | 3.86% |  | 3.63% |  | 3.43% |  |  |

(1)The variable rate unsecured bank credit facilities mature in July 2028, and as of December 31, 2025, the $625,000,000 unsecured bank credit facility had no outstanding balance, and the $50,000,000 unsecured bank credit facility had a balance of $18,845,000. These balances fluctuate based on Company operations and capital activity, as discussed in Liquidity and Capital Resources.
(2)The fair value of the Company’s variable rate debt is estimated by discounting expected cash flows at current market rates, excluding the effects of debt issuance costs.
(3)Represents the weighted average interest rate for the Company’s variable rate unsecured bank credit facilities as of December 31, 2025.
(4)The fair value of the Company’s fixed rate debt, including variable rate debt that has been swapped to an effectively fixed rate through the use of interest rate swaps, is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers, excluding the effects of debt issuance costs.
As the preceding table incorporates only those exposures that existed as of December 31, 2025, it does not consider those exposures or positions that could arise after that date. If the weighted average interest rate on the variable rate unsecured bank credit facilities, as shown above, changes by 10% or approximately 46 basis points, interest expense and cash flows would increase or decrease by approximately $86,000 annually. This does not include variable rate debt that has been effectively fixed through the use of interest rate swaps.
Most of the Company’s leases include scheduled rent increases. Additionally, most of the Company’s leases require the tenants to pay their pro rata share of operating expenses, including real estate taxes, insurance and common area maintenance, thereby reducing the Company’s exposure to increases in operating expenses resulting from inflation or other factors. In the event inflation causes increases in the Company’s general and administrative expenses or the level of interest rates, such increased costs would not be passed through to tenants and could adversely affect the Company’s results of operations.
34

EastGroup’s financial results are affected by general economic conditions in the markets in which the Company’s properties are located. The state of the economy, or other adverse changes in general or local economic conditions could result in the inability of some of the Company’s existing tenants to make lease payments and may therefore result in uncollectible rent, reducing Income from real estate operations. It may also impact the Company’s ability to (i) renew leases or re-lease space as leases expire, or (ii) lease development space. In addition, an economic downturn or recession, could also lead to an increase in overall vacancy rates or a decline in rents the Company can charge to re-lease properties upon expiration of current leases. In all of these cases, EastGroup’s cash flows would be adversely affected.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
The information required by this Item 8 is hereby incorporated by reference to the Company’s Consolidated Financial Statements beginning on page 37 of this Annual Report on Form 10-K. There were no material retrospective changes to the Consolidated Statements of Income and Comprehensive Income in any quarters in the two most recent fiscal years that would require disclosure of supplementary financial data.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
None.
ITEM 9A. CONTROLS AND PROCEDURES.
(i)Disclosure Controls and Procedures.
The Company carried out an evaluation, under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rule 13a-15. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of December 31, 2025, the Company’s disclosure controls and procedures were effective in timely alerting them to material information relating to the Company (including its consolidated subsidiaries) required to be included in the Company’s periodic SEC filings.
(ii)Internal Control Over Financial Reporting.
(a)Management’s report on internal control over financial reporting.
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). EastGroup’s Management Report on Internal Control Over Financial Reporting is set forth in Part IV, Item 15 of this Form 10-K on page 42 and is incorporated herein by reference.
(b)Report of the independent registered public accounting firm.
The report of KPMG LLP, the Company’s independent registered public accounting firm, on the Company’s internal control over financial reporting is set forth in Part IV, Item 15 of this Form 10-K on page 43 and is incorporated herein by reference.
(c)Changes in internal control over financial reporting.
There was no change in the Company’s internal control over financial reporting during the Company’s fourth fiscal quarter ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
ITEM 9B. OTHER INFORMATION.
During the three months ended December 31, 2025, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.
Not applicable.
35

PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
The information required by Item 10 will be included in the Company’s definitive proxy statement to be filed with the SEC relating to the Company’s 2026 Annual Meeting of Stockholders and is incorporated herein by reference.
We have adopted an insider trading policy governing the purchase, sale and other dispositions of our securities by our directors, officers and employees that we believe is reasonably designed to promote compliance with insider trading laws, rules and regulations, and any applicable listing standards. A copy of our insider trading policy is filed as Exhibit 19.1 to this Annual Report on Form 10-K. In addition, with regard to the Company's trading in its own securities, it is the Company's policy to comply with the federal securities laws and the applicable exchange listing requirements.
ITEM 11. EXECUTIVE COMPENSATION.
The information required by Item 11 will be included in the Company’s definitive proxy statement to be filed with the SEC relating to the Company’s 2026 Annual Meeting of Stockholders and is incorporated herein by reference.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.
The information required by Item 12 will be included in the Company’s definitive proxy statement to be filed with the SEC relating to the Company’s 2026 Annual Meeting of Stockholders and is incorporated herein by reference.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
The information required by Item 13 will be included in the Company’s definitive proxy statement to be filed with the SEC relating to the Company’s 2026 Annual Meeting of Stockholders and is incorporated herein by reference.
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.
Our independent registered public accounting firm is KPMG LLP, Chicago, IL, Auditor Firm ID: 185.
The information required by Item 14 will be included in the Company’s definitive proxy statement to be filed with the SEC relating to the Company’s 2026 Annual Meeting of Stockholders and is incorporated herein by reference.
36

PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

Financial Statements | Page
The following documents are filed as part of this Annual Report on Form 10-K: |
| Report of Independent Registered Public Accounting Firm | 40
| Management Report on Internal Control Over Financial Reporting | 42
| Report of Independent Registered Public Accounting Firm | 43
| Consolidated Balance Sheets – December 31, 2025 and 2024 | 44
| Consolidated Statements of Income and Comprehensive Income – Years ended December 31, 2025, 2024 and 2023 | 45
| Consolidated Statements of Changes in Equity – Years ended December 31, 2025, 2024 and 2023 | 46
| Consolidated Statements of Cash Flows – Years ended December 31, 2025, 2024 and 2023 | 47
| Notes to Consolidated Financial Statements | 48
Financial Statement Schedules | Page
The following documents are filed as part of this Annual Report on Form 10-K: |
| Schedule III – Real Estate Properties and Accumulated Depreciation | 72
| All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are inapplicable, and therefore have been omitted, or the required information is included in the Notes to Consolidated Financial Statements.

37

Exhibits |
The following exhibits are included in this Annual Report on Form 10-K for the fiscal year ended December 31, 2025:

Exhibit Number | Description
3.1 | Articles of Amendment and Restatement of EastGroup Properties, Inc. (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K filed May 28, 2021).
3.2 | Second Amended and Restated Bylaws of EastGroup Properties, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on August 28, 2024).
4.1 | Description of Securities (incorporated by reference to exhibit 4.1 to the Company’s Annual Report on Form 10-K filed February 16, 2022).
10.1* | EastGroup Properties, Inc. 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed May 26, 2023).
10.2* | EastGroup Properties, Inc. Director Compensation Program Including the Independent Director Compensation Policy, as amended and restated as of May 22, 2025, pursuant to the EastGroup Properties, Inc. 2023 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed July 23, 2025).
10.3* | Form of Severance and Change in Control Agreement entered into by and between the Company and each of Marshall A. Loeb, Brent W. Wood and John F. Coleman (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed May 18, 2016).
10.4* | Form of Severance and Change in Control Agreement by and between the Company and each of Ryan M. Collins and R. Reid Dunbar (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed May 18, 2016).
10.5* | Form of First Amendment to the Severance and Change in Control Agreement, entered into by and between the Company and each of R. Reid Dunbar and Ryan M. Collins (incorporated by reference to Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q filed October 28, 2020).
10.6* | Form of Second Amendment to the Severance and Change in Control Agreement, entered into by and between the Company and each of R. Reid Dunbar and Ryan M. Collins (incorporated by reference to Exhibit 10.6 to the Company’s Form 10-K filed February 12, 2025).
10.7* | Form of Severance and Change in Control Agreement, entered into by and between the Company and Staci H. Tyler (incorporated by reference to Exhibit 10.3 to the Company’s Quarterly Report on Form 10-Q filed October 28, 2020).
10.8* | Form of First Amendment to the Severance and Change in Control Agreement, entered into by and between the Company and Staci H. Tyler (incorporated by reference to Exhibit 10.8 to the Company’s Form 10-K filed February 12, 2025).
1 0.9* | Form of Severance and Change in Control Agreement, entered into by and between the Company and Michelle Rayner (filed herewith).
10.10* | Form of Indemnification Agreement entered into by and between the Company and each of its directors and executive officers (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed October 28, 2020).
10.11 | Note Purchase Agreement, dated as of August 28, 2013, by and among EastGroup Properties, L.P., the Company and each of the Purchasers of the Notes party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed August 30, 2013).
10.12 | Note Purchase Agreement, dated as of August 17, 2020, among EastGroup Properties, L.P., the Company and the purchasers of the notes party thereto (including the form of the 2.61% Series A Senior Notes due October 14, 2030 and the 2.71% Series B Senior Notes due October 14, 2032) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed August 21, 2020).
10.13 | Note Purchase Agreement, dated as of February 3, 2022, among EastGroup Properties, L.P., the Company and the purchasers of the notes party thereto (including the form of the 3.03% Senior Notes due April 20, 2032) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed February 8, 2022).
10.14 | Note Purchase Agreement, dated as of August 16, 2022, among EastGroup Properties, L.P., the Company and the purchasers of the notes party thereto (including the forms of the 4.90% Series A Senior Notes due 2033 and the 4.95% Series B Senior Notes due 2034) (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed August 19, 2022).
10.15 | Term Loan Agreement, dated as of November 19, 2025, among EastGroup Properties, L.P., EastGroup Properties, Inc. and PNC Bank, National Association, as Agent, Regions Bank, as Syndication Agent, TD Bank, N.A., as Documentation Agent, PNC Capital Markets LLC, Regions Capital Markets, and TD Bank, N.A., as Joint Lead Arrangers, and PNC Capital Markets LLC, as the Sole Bookrunner, and the lender parties thereto (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed November 25, 2025).

38

Exhibit Number | Description
10.16 | Sixth Amended and Restated Credit Agreement, dated June 13, 2024, among EastGroup Properties, L.P.; EastGroup Properties, Inc.; PNC Bank, National Association, as Agent; Regions Bank, as Syndication Agent; Bank of America, N.A., U.S. Bank National Association, TD Bank, N.A., and JPMorgan Chase Bank, N.A., as Co-Documentation Agents; PNC Capital Markets LLC, as Sustainability Agent; PNC Capital Markets LLC, Regions Capital Markets, and BOFA Securities, Inc., as Joint Lead Arrangers; PNC Capital Markets LLC and Regions Capital Markets, as Joint Bookrunners; and the Lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Form 8-K filed June 13, 2024).
10.17 | First Amendment to Sixth Amended and Restated Credit Agreement, dated November 19, 2025, among EastGroup Properties, L.P.; EastGroup Properties, Inc.; PNC Bank, National Association, as Agent; Regions Bank, as Syndication Agent; Bank of America, N.A., U.S. Bank National Association, TD Bank, N.A., and JPMorgan Chase Bank, N.A., as Co-Documentation Agents; PNC Capital Markets LLC, as Sustainability Agent; PNC Capital Markets LLC, Regions Capital Markets, and BOFA Securities, Inc., as Joint Lead Arrangers; PNC Capital Markets LLC and Regions Capital Markets, as Joint Bookrunners; and the Lenders party thereto (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K filed November 25, 2025).
19.1 | EastGroup Properties, Inc. Insider Trading Policy (incorporated by reference to Exhibit 19.1 to the Company’s Form 10-K filed February 12, 2025).
21.1 | Subsidiaries of the Company (filed herewith).
23.1 | Consent of KPMG LLP (filed herewith).
24.1 | Powers of attorney (included on signature page hereto).
31.1 | Rule 13a-14(a)/15d-14(a) Certifications (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) of Marshall A. Loeb, Chief Executive Officer (filed herewith).
31.2 | Rule 13a-14(a)/15d-14(a) Certifications (pursuant to Section 302 of the Sarbanes-Oxley Act of 2002) of Staci H. Tyler, Chief Financial Officer (filed herewith).
32.1 | Section 1350 Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) of Marshall A. Loeb, Chief Executive Officer (furnished herewith).
32.2 | Section 1350 Certifications (pursuant to Section 906 of the Sarbanes-Oxley Act of 2002) of Staci H. Tyler, Chief Financial Officer (furnished herewith).
97.1* | EastGroup Properties, Inc. Compensation Recovery Policy (incorporated by reference to Exhibit 97.1 to the Company’s Form 10-K filed February 14, 2024).
101.SCH | Inline XBRL Taxonomy Extension Schema Document (filed herewith).
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document (filed herewith).
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document (filed herewith).
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document (filed herewith).
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document (filed herewith).
104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*) (filed herewith).

* Indicates a management contract or any compensatory plan, contract or arrangement.
39

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE STOCKHOLDERS AND THE BOARD OF DIRECTORS
EASTGROUP PROPERTIES, INC.:
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of EastGroup Properties, Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income and comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 11, 2026 expressed an unqualified opinion on the effectiveness of the Company’s internal control over financial reporting.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Estimated relative fair value assigned to land in an asset acquisition
As discussed in Note 1(j) to the consolidated financial statements, the Company acquired $143,099,000 of assets, net of liabilities assumed, related to real estate property acquisitions during 2025 that were accounted for as asset acquisitions, of which $31,590,000 of the acquisition cost was allocated to land. The acquisition cost in an asset acquisition is allocated among the individual components of both tangible and intangible assets and liabilities acquired based on their relative fair values.
We identified the estimated fair value of land as a critical audit matter. Specifically, evaluating the relevance of comparable land sales used in the Company’s determination of the estimated fair value involved subjective auditor judgment. Professionals with specialized skills and knowledge were utilized to evaluate the relevance of a selection of the comparable land sales.
The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness over the Company’s control to review identified publicly available comparable land sales used to estimate fair value of land in an asset acquisition. We evaluated the Company’s estimate of fair value of land by comparing to
40

our independently established ranges of comparable land sales developed using publicly available market data and involved valuation professionals with specialized skills and knowledge who assisted in this evaluation for a selection of acquisitions.

| /s/ KPMG LLP
We have served as the Company’s auditor since 1970.
Chicago, Illinois |
February 11, 2026 |

41

MANAGEMENT REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
EastGroup’s management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, EastGroup conducted an evaluation of the effectiveness of internal control over financial reporting based on the framework in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The design of any system of internal control over financial reporting is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Based on EastGroup’s evaluation under the framework in Internal Control – Integrated Framework (2013), management concluded that our internal control over financial reporting was effective as of December 31, 2025.

| /s/ EASTGROUP PROPERTIES, INC.
Ridgeland, Mississippi |
February 11, 2026 |

42

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
TO THE STOCKHOLDERS AND BOARD OF DIRECTORS
EASTGROUP PROPERTIES, INC.:
Opinion on Internal Control Over Financial Reporting
We have audited EastGroup Properties, Inc. and subsidiaries’ (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control – Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income and comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III (collectively, the consolidated financial statements), and our report dated February 11, 2026 expressed an unqualified opinion on those consolidated financial statements.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

| /s/ KPMG LLP
Chicago, Illinois |
February 11, 2026 |

43

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

| December 31,
2025 |  | 2024
(In thousands, except share and per share data)
ASSETS |  |  |
Real estate properties | $ | 5,989,788 |  |  | 5,503,444 |
Development and value-add properties | 710,200 |  |  | 674,472 |
| 6,699,988 |  |  | 6,177,916 |
Accumulated depreciation | (1,583,532) |  |  | (1,415,576) |
| 5,116,456 |  |  | 4,762,340 |
Unconsolidated investment | 7,007 |  |  | 7,448 |
Cash and cash equivalents | 1,007 |  |  | 17,529 |
Other assets, net | 307,337 |  |  | 290,159 |
TOTAL ASSETS | $ | 5,431,807 |  |  | 5,077,476 |
LIABILITIES AND EQUITY |  |  |
LIABILITIES |  |  |
Unsecured bank credit facilities, net of debt issuance costs | $ | 16,249 |  |  | (3,595) |
Unsecured debt, net of debt issuance costs | 1,611,026 |  |  | 1,507,157 |
Accounts payable and accrued expenses | 169,945 |  |  | 147,342 |
Other liabilities | 137,999 |  |  | 134,028 |
Total Liabilities | 1,935,219 |  |  | 1,784,932 |
EQUITY |  |  |
Stockholders’ Equity: |  |  |
Common stock; $0.0001 par value; 70,000,000 shares authorized; 53,348,800 shares issued and outstanding at December 31, 2025 and 51,825,798 at December 31, 2024 | 5 |  |  | 5 |
Excess shares; $0.0001 par value; 30,000,000 shares authorized; no shares issued | — |  |  | — |
Additional paid-in capital | 3,946,792 |  |  | 3,673,393 |
Distributions in excess of earnings | (458,953) |  |  | (403,172) |
Accumulated other comprehensive income | 8,357 |  |  | 21,953 |
Total Stockholders’ Equity | 3,496,201 |  |  | 3,292,179 |
Noncontrolling interest in joint ventures | 387 |  |  | 365 |
Total Equity | 3,496,588 |  |  | 3,292,544 |
TOTAL LIABILITIES AND EQUITY | $ | 5,431,807 |  |  | 5,077,476 |

See accompanying Notes to Consolidated Financial Statements.
44

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

| Years Ended December 31,
2025 |  | 2024 |  | 2023
(In thousands, except per share data)
REVENUES |  |  |  |  |
Income from real estate operations | $ | 719,417 |  |  | 638,035 |  |  | 566,179 |
Other revenue | 1,919 |  |  | 2,199 |  |  | 4,412 |
| 721,336 |  |  | 640,234 |  |  | 570,591 |
EXPENSES |  |  |  |  |
Expenses from real estate operations | 192,243 |  |  | 174,212 |  |  | 154,030 |
Depreciation and amortization | 216,732 |  |  | 189,411 |  |  | 171,078 |
General and administrative | 23,960 |  |  | 20,619 |  |  | 16,757 |
Indirect leasing costs | 839 |  |  | 785 |  |  | 582 |
| 433,774 |  |  | 385,027 |  |  | 342,447 |
OTHER INCOME (EXPENSE) |  |  |  |  |
Interest expense | (32,113) |  |  | (38,956) |  |  | (47,996) |
Gain on sales of real estate investments | — |  |  | 8,751 |  |  | 17,965 |
Other | 2,009 |  |  | 2,805 |  |  | 2,435 |
NET INCOME | 257,458 |  |  | 227,807 |  |  | 200,548 |
Net income attributable to noncontrolling interest in joint ventures | (56) |  |  | (56) |  |  | (57) |
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS | 257,402 |  |  | 227,751 |  |  | 200,491 |
Other comprehensive loss – Interest rate swaps | (13,596) |  |  | (2,935) |  |  | (11,483) |
TOTAL COMPREHENSIVE INCOME | $ | 243,806 |  |  | 224,816 |  |  | 189,008 |
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS |  |  |  |  |
Net income attributable to common stockholders | $ | 4.88 |  |  | 4.67 |  |  | 4.43 |
Weighted average shares outstanding — Basic | 52,723 |  |  | 48,803 |  |  | 45,224 |
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS |  |  |  |  |
Net income attributable to common stockholders | $ | 4.87 |  |  | 4.66 |  |  | 4.42 |
Weighted average shares outstanding — Diluted | 52,814 |  |  | 48,911 |  |  | 45,331 |

See accompanying Notes to Consolidated Financial Statements.
45

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

| Common Shares |  | Additional Paid-In Capital |  | Distributions In Excess Of Earnings |  | Accumulated Other Comprehensive Income |  | Noncontrolling Interest in Joint Ventures |  | Total
(In thousands, except share and per share data)
BALANCE, DECEMBER 31, 2022 | $ | 4 |  |  | 2,251,521 |  |  | (334,898) |  |  | 36,371 |  |  | 441 |  |  | 1,953,439 |
Net income | — |  |  | — |  |  | 200,491 |  |  | — |  |  | 57 |  |  | 200,548 |
Net unrealized change in fair value of interest rate swaps | — |  |  | — |  |  | — |  |  | (11,483) |  |  | — |  |  | (11,483) |
Common dividends declared – $5.04 per share | — |  |  | — |  |  | (232,066) |  |  | — |  |  | — |  |  | (232,066) |
Stock-based compensation, net of forfeitures | — |  |  | 11,777 |  |  | — |  |  | — |  |  | — |  |  | 11,777 |
Issuance of 4,094,896 shares of common stock, common stock offering, net of expenses | 1 |  |  | 691,477 |  |  | — |  |  | — |  |  | — |  |  | 691,478 |
Withheld 31,254 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock | — |  |  | (4,836) |  |  | — |  |  | — |  |  | — |  |  | (4,836) |
Withheld 184 shares of common stock to satisfy tax withholding obligations in connection with the issuance of common stock | — |  |  | (32) |  |  | — |  |  | — |  |  | — |  |  | (32) |
Net distributions to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | (191) |  |  | (191) |
BALANCE, DECEMBER 31, 2023 | 5 |  |  | 2,949,907 |  |  | (366,473) |  |  | 24,888 |  |  | 307 |  |  | 2,608,634 |
Net income | — |  |  | — |  |  | 227,751 |  |  | — |  |  | 56 |  |  | 227,807 |
Net unrealized change in fair value of interest rate swaps | — |  |  | — |  |  | — |  |  | (2,935) |  |  | — |  |  | (2,935) |
Common dividends declared – $5.34 per share | — |  |  | — |  |  | (264,450) |  |  | — |  |  | — |  |  | (264,450) |
Stock-based compensation, net of forfeitures | — |  |  | 12,493 |  |  | — |  |  | — |  |  | — |  |  | 12,493 |
Issuance of 4,071,536 shares of common stock, common stock offering, net of expenses | — |  |  | 717,152 |  |  | — |  |  | — |  |  | — |  |  | 717,152 |
Withheld 33,381 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock | — |  |  | (6,125) |  |  | — |  |  | — |  |  | — |  |  | (6,125) |
Withheld 192 shares of common stock to satisfy tax withholding obligations in connection with the issuance of common stock | — |  |  | (34) |  |  | — |  |  | — |  |  | — |  |  | (34) |
Contributions from noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | 175 |  |  | 175 |
Net distributions to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | (173) |  |  | (173) |
BALANCE, DECEMBER 31, 2024 | 5 |  |  | 3,673,393 |  |  | (403,172) |  |  | 21,953 |  |  | 365 |  |  | 3,292,544 |
Net income | — |  |  | — |  |  | 257,402 |  |  | — |  |  | 56 |  |  | 257,458 |
Net unrealized change in fair value of interest rate swaps | — |  |  | — |  |  | — |  |  | (13,596) |  |  | — |  |  | (13,596) |
Common dividends declared – $5.90 per share | — |  |  | — |  |  | (313,183) |  |  | — |  |  | — |  |  | (313,183) |
Stock-based compensation, net of forfeitures | — |  |  | 13,683 |  |  | — |  |  | — |  |  | — |  |  | 13,683 |
Issuance of 1,482,198 shares of common stock, common stock offering, net of expenses | — |  |  | 263,885 |  |  | — |  |  | — |  |  | — |  |  | 263,885 |
Withheld 24,745 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock | — |  |  | (4,133) |  |  | — |  |  | — |  |  | — |  |  | (4,133) |
Withheld 205 shares of common stock to satisfy tax withholding obligations in connection with the issuance of common stock | — |  |  | (36) |  |  | — |  |  | — |  |  | — |  |  | (36) |
Contributions from noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | 124 |  |  | 124 |
Net distributions to noncontrolling interest | — |  |  | — |  |  | — |  |  | — |  |  | (158) |  |  | (158) |
BALANCE, DECEMBER 31, 2025 | $ | 5 |  |  | 3,946,792 |  |  | (458,953) |  |  | 8,357 |  |  | 387 |  |  | 3,496,588 |

See accompanying Notes to Consolidated Financial Statements.
46

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS

| Years Ended December 31,
2025 |  | 2024 |  | 2023
(In thousands)
OPERATING ACTIVITIES |  |  |  |  |
Net income | $ | 257,458 |  |  | 227,807 |  |  | 200,548 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Depreciation and amortization | 216,732 |  |  | 189,411 |  |  | 171,078 |
Stock-based compensation expense | 11,793 |  |  | 10,476 |  |  | 8,965 |
Gain on sales of real estate investments | — |  |  | (8,751) |  |  | (17,965) |
Gain on sales of non-operating real estate | — |  |  | (362) |  |  | (446) |
Gain on involuntary conversion and business interruption claims | (1,763) |  |  | (1,708) |  |  | (4,187) |
Changes in operating assets and liabilities: |  |  |  |  |
Accrued income and other assets | (18,565) |  |  | (13,410) |  |  | (15,415) |
Accounts payable, accrued expenses and prepaid rent | 12,795 |  |  | 11,130 |  |  | (5,922) |
Other | 2,284 |  |  | 1,994 |  |  | 1,546 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 480,734 |  |  | 416,587 |  |  | 338,202 |
INVESTING ACTIVITIES |  |  |  |  |
Development and value-add properties | (321,934) |  |  | (245,033) |  |  | (388,213) |
Purchases of real estate properties | (143,099) |  |  | (390,011) |  |  | (165,116) |
Real estate improvements | (75,830) |  |  | (59,288) |  |  | (51,116) |
Net proceeds from sales of real estate investments and non-operating real estate | 3,371 |  |  | 17,659 |  |  | 41,539 |
Leasing commissions | (34,776) |  |  | (32,154) |  |  | (32,004) |
Proceeds from involuntary conversion on real estate assets | 3,099 |  |  | 2,450 |  |  | 5,029 |
Changes in accrued development costs | (5,066) |  |  | (17,170) |  |  | 12,163 |
Changes in other assets and other liabilities | (2,046) |  |  | (795) |  |  | 7,660 |
NET CASH USED IN INVESTING ACTIVITIES | (576,281) |  |  | (724,342) |  |  | (570,058) |
FINANCING ACTIVITIES |  |  |  |  |
Proceeds from unsecured bank credit facilities | 340,344 |  |  | 64,968 |  |  | 471,624 |
Repayments on unsecured bank credit facilities | (321,499) |  |  | (64,968) |  |  | (641,624) |
Proceeds from unsecured debt | 250,000 |  |  | — |  |  | 100,000 |
Repayments on unsecured debt | (145,000) |  |  | (170,000) |  |  | (115,000) |
Repayments on secured debt | — |  |  | — |  |  | (1,970) |
Debt issuance costs | (1,997) |  |  | (3,178) |  |  | (1,818) |
Distributions paid to stockholders (not including dividends accrued) | (302,507) |  |  | (252,794) |  |  | (225,625) |
Proceeds from common stock offerings | 264,071 |  |  | 717,659 |  |  | 692,312 |
Common stock offering related costs | (186) |  |  | (507) |  |  | (834) |
Other | (4,201) |  |  | (6,159) |  |  | (5,002) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 79,025 |  |  | 285,021 |  |  | 272,063 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (16,522) |  |  | (22,734) |  |  | 40,207 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 17,529 |  |  | 40,263 |  |  | 56 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ | 1,007 |  |  | 17,529 |  |  | 40,263 |
SUPPLEMENTAL CASH FLOW INFORMATION |  |  |  |  |
Cash paid for interest, net of amounts capitalized of $21,730, $19,823 and $16,235 for 2025, 2024 and 2023, respectively | $ | 30,558 |  |  | 37,185 |  |  | 47,228 |
Cash paid for operating lease liabilities | 3,576 |  |  | 2,406 |  |  | 2,042 |
NON-CASH OPERATING ACTIVITY |  |  |  |  |
Operating lease liabilities arising from obtaining right of use assets | $ | — |  |  | 21,836 |  |  | 2,379 |
SUPPLEMENTAL NON-CASH BALANCES AT END OF YEAR |  |  |  |  |
Development costs payable | $ | 15,919 |  |  | 16,388 |  |  | 29,487 |
Retainage payable | 6,324 |  |  | 10,920 |  |  | 14,992 |
Real estate improvements and capitalized leasing costs payable | 10,341 |  |  | 8,753 |  |  | 5,275 |
Dividends payable | 84,725 |  |  | 74,049 |  |  | 62,393 |

See accompanying Notes to Consolidated Financial Statements.
47

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2025, 2024 and 2023
(1)SIGNIFICANT ACCOUNTING POLICIES
(a)Principles of Consolidation
The consolidated financial statements include the accounts of EastGroup Properties, Inc. (“EastGroup” or “the Company”), its wholly owned subsidiaries and the investee of any joint ventures in which the Company has a controlling interest. The Company records 100% of the assets, liabilities, revenues and expenses of the properties held in joint ventures with the noncontrolling interests provided for in accordance with the joint venture agreements.
As of December 31, 2025, 2024 and 2023, EastGroup had a 95% controlling interest in a joint venture arrangement owning 6.5 acres of land in San Diego, known by the Company as Miramar.
During the year ended December 31, 2023, a joint venture, in which EastGroup owns a 99.5% interest, acquired 29.3 acres of land in Denver, known by the Company as Arista 36 Business Park 1-3. As of December 31, 2025, 2024 and 2023, EastGroup continued to hold a controlling interest in this joint venture arrangement.
The equity method of accounting is used for the Company’s 50% undivided tenant-in-common interest in Industry Distribution Center 2. All significant intercompany transactions and accounts have been eliminated in consolidation.
(b)Income Taxes
EastGroup, a Maryland corporation, has qualified as a real estate investment trust (“REIT”) under Sections 856-860 of the Internal Revenue Code and intends to continue to qualify as such. To maintain its status as a REIT, the Company is required to, among other things, distribute at least 90% of its ordinary taxable income to its stockholders. If the Company has a capital gain, it has the option of (i) deferring recognition of the capital gain through a tax-deferred exchange, (ii) declaring and paying a capital gain dividend on any recognized net capital gain resulting in no corporate level tax, or (iii) retaining and paying corporate income tax on its net long-term capital gain, with the shareholders reporting their proportional share of the undistributed long-term capital gain and receiving a credit or refund of their share of the tax paid by the Company. The Company distributed all of its 2025, 2024 and 2023 taxable income to its stockholders. Accordingly, no significant provisions for income taxes were necessary. The Company’s income tax treatment of share distributions is based on its taxable income, calculated in accordance with the Internal Revenue Code, which differs from U.S. generally accepted accounting principles (“GAAP”). Even as a REIT, the Company may be subject to (1) certain state and local taxes on our income, property or net work, and (2) federal income and excise taxes on undistributed income, if any income remains undistributed.
EastGroup applies the principles of Financial Accounting Standards Board “FASB” Accounting Standards Codification “ASC” 740, Income Taxes, when evaluating and accounting for uncertainty in income taxes. With few exceptions, the Company’s 2021 and earlier tax years are closed for examination by U.S. federal, state and local tax authorities. In accordance with the provisions of ASC 740, the Company had no significant uncertain tax positions as of December 31, 2025 and 2024.
(c)Income Recognition
The Company’s primary source of revenue is rental income from business distribution space. Minimum rental income from real estate operations is recognized on a straight-line basis, when collectability is probable. The straight-line rent calculation on leases includes the effects of rent concessions and scheduled rent increases, and the calculated straight-line rent income is recognized over the terms of the individual leases. The Company assesses the collectability of rent receivables, with a focus on identifying tenant defaults and bankruptcies that could affect collection of outstanding and future receivables. Management specifically analyzes the age of receivables, the payment history and financial condition of the tenant, on a tenant-by-tenant basis. If deemed uncollectible, revenue is recognized only when lease payments are received, or until such time that collection of future rent is deemed to be probable in accordance with ASC 842, Leases.
The Company’s primary source of revenue is rental income from business distribution space; as such, the Company is a lessor on a significant number of leases. The Company applies the principles of ASC 842, Leases. Initial indirect costs (primarily legal costs related to lease negotiations) are expensed rather than capitalized. EastGroup recorded Indirect leasing costs of $839,000, $785,000 and $582,000 on the Consolidated Statements of Income and Comprehensive Income during the years ended December 31, 2025, 2024 and 2023, respectively.
As permitted by ASC 842, Leases, EastGroup made an accounting policy election by class of underlying asset to not separate non-lease components (such as common area maintenance) of a contract from the lease component to which they relate when specific criteria are met. The Company believes its leases meet the criteria.
48

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The table below presents the components of Income from real estate operations for the years ended December 31, 2025, 2024 and 2023:

|  |  |  |  | Years Ended December 31, |  |
|  |  |  |  | 2025 |  | 2024 |  | 2023 |  |
|  |  |  |  | (In thousands)
Lease income — Operating leases |  |  |  |  | $ | 543,729 |  |  | 477,647 |  |  | 424,063 |  |  |
Variable lease income (1) |  |  |  |  | 175,688 |  |  | 160,388 |  |  | 142,116 |  |  |
Income from real estate operations |  |  |  |  | $ | 719,417 |  |  | 638,035 |  |  | 566,179 |  |  |

(1)Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance.
Future Minimum Rental Receipts Under Non-Cancelable Leases
The Company’s leases with its customers may include various provisions such as scheduled rent increases, renewal options and termination options. The majority of the Company’s leases include defined rent increases rather than variable payments based on an index or unknown rate. In calculating the disclosures presented below, the Company included the fixed, non-cancelable terms of the leases. The following schedule indicates approximate future minimum rental receipts under non-cancelable leases for real estate properties by year as of December 31, 2025:

Years Ending December 31, |  | Minimum Rental Receipts
|  | (In thousands)
2026 |  | $ | 551,905 |
2027 |  | 485,183 |
2028 |  | 402,450 |
2029 |  | 317,097 |
2030 |  | 228,970 |
Thereafter |  | 448,508 |
Total minimum receipts |  | $ | 2,434,113 |

The Company recognizes gains on sales of real estate in accordance with the principles set forth in the Codification. For each transaction, the Company evaluates whether the guidance in ASC 606, Revenue from Contracts with Customers, or ASC 610, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets, is applicable. Upon closing of real estate transactions, the provisions of the Codification require consideration of whether the seller has a controlling financial interest in the entity that holds the nonfinancial asset after the transaction. In addition, the seller evaluates whether a contract exists under ASC 606 and whether the counterparty obtained control of each nonfinancial asset that is sold. If a contract exists and the counterparty obtained control of each nonfinancial asset, the seller derecognizes the assets at the close of the transaction with resulting gains or losses reflected on the Consolidated Statements of Income and Comprehensive Income.
(d)Real Estate Properties
EastGroup has one reportable segment – industrial properties, consistent with the Company’s manner of internal reporting, measurement of operating results and allocation of the Company’s resources. The Company's properties are primarily in the 20,000 to 100,000 square foot range. The majority of the Company’s leases are triple net leases, in which the tenant is responsible for their pro rata share of operating expenses during the lease term, including real estate taxes, insurance and common area maintenance. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer, who uses Net income as the primary measure of operating results in making decisions. Net income is computed in accordance with U.S. generally accepted accounting principles (“GAAP”). Net income is used to evaluate the performance of the Company’s investments in real estate assets and its operating results and to allocate resources in acquiring or developing industrial properties. The following income and significant expense categories are regularly provided to the Company’s CODM as components of Net income, which are presented on the Consolidated Statements of Income and Comprehensive Income: Income from real estate operations, Expenses from real estate operations, General and administrative and Interest expense.
The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows (including estimated future expenditures necessary to substantially complete the asset) expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair
49

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
value of the asset. During the years ended December 31, 2025, 2024 and 2023, the Company did not identify any impairment charges which should be recorded.
Depreciation of buildings and other improvements is computed using the straight-line method over estimated useful lives of generally 40 years for buildings and 3 to 15 years for improvements. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. Depreciation expense was $176,180,000, $155,240,000 and $141,003,000 for 2025, 2024 and 2023, respectively.
(e)Development and Value-Add Properties
Development and value-add properties consists of properties in lease-up and under construction and prospective development (primarily land). Value-add properties are defined as properties that are either acquired but not stabilized or can be converted to a higher and better use. Properties meeting either of the following two conditions are considered value-add properties: (i) Less than 75% leased as of the acquisition date (or will be less than 75% leased within one year of acquisition date based on near term lease roll), or (ii) 20% or greater of the cumulative gross cost of the property will be spent to redevelop the property. Properties qualifying under these conditions are included in Development and value-add properties in the quarter in which (i) they are acquired, if condition (i) above is met, or (ii) when construction to redevelop begins.
Costs associated with development (i.e., land, construction costs, interest expense, property taxes and other costs associated with development) are aggregated into the total capitalized costs of the property. Included in these costs are management’s estimates for the portions of internal costs (primarily personnel costs) deemed related to such development activities. The internal costs are allocated to specific development projects based on development activity. As the property becomes occupied, depreciation commences on the occupied portion of the building, and costs are capitalized only for the portion of the building that remains vacant. The Company transfers properties from Development and value-add properties to Real estate properties as follows: (i) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (ii) for value-add properties, at the earlier of 90% occupancy or one year after acquisition, or completion of redevelopment, as applicable. Upon the earlier of 90% occupancy or one year after completion of the shell construction/value-add acquisition date, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land).
(f)Real Estate Sold and Held for Sale
The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. The Company did not classify any properties as held for sale as of December 31, 2025 or 2024.
In accordance with ASC 360 and ASC 205, Presentation of Financial Statements, the Company would report a disposal of a component of an entity or a group of components of an entity in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, the Company would provide additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. EastGroup performs an analysis of properties sold to determine whether the sales qualify for discontinued operations presentation.
Results of operations and gains and losses on sales for properties sold are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income. The gains and losses on sales of operating properties are included in Gain on sales of real estate investments.
The Company did not consider its sales in 2025, 2024 or 2023 to be disposals of a component of an entity or a group of components of an entity representing a strategic shift that has (or will have) a major effect on the entity’s operations and financial results.
(g)Derivative Instruments and Hedging Activities
EastGroup applies ASC 815, Derivatives and Hedging, which requires all entities with derivative instruments to disclose information regarding how and why the entity uses derivative instruments and how derivative instruments and related hedged items affect the entity’s financial position, financial performance and cash flows. See Note 12 for a discussion of the Company’s derivative instruments and hedging activities.
50

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(h)Cash Equivalents
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amounts approximate fair value due to the short maturity of those instruments.
(i)Amortization
Debt origination costs are deferred and amortized over the term of each loan using the effective interest method, and the amortization is included in Interest Expense. Amortization of debt issuance costs was $1,865,000, $1,914,000 and $1,943,000 for 2025, 2024 and 2023, respectively. Amortization of facility fees was $960,000, $1,012,000 and $1,005,000 for 2025, 2024 and 2023, respectively.
Leasing costs are deferred and amortized using the straight-line method over the term of the lease. The related amortization expense is included in Depreciation and amortization. Leasing costs amortization expense was $28,026,000, $25,522,000 and $22,133,000 for 2025, 2024 and 2023, respectively.
Amortization expense for in-place lease intangibles is disclosed below in Real Estate Property Acquisitions and Acquired Intangibles.
(j)Real Estate Property Acquisitions and Acquired Intangibles
Upon acquisition of real estate properties, EastGroup applies the principles of ASC 805, Business Combinations. The FASB Codification provides a framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. Under the guidance, companies are required to utilize an initial screening test to determine whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set is not a business. Criteria considered in grouping similar assets include geographic location, market and operational risks and the physical characteristics of the assets. EastGroup determined that its real estate property acquisitions in 2025, 2024 and 2023 are considered to be acquisitions of groups of similar identifiable assets; therefore, the acquisitions are not considered to be acquisitions of a business. As a result, the Company has capitalized acquisition costs related to its 2025, 2024 and 2023 acquisitions.
The FASB Codification also provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their relative fair values. The allocation to tangible assets (land, building and improvements) is based upon management’s determination of the value of the property as if it were vacant using discounted cash flow models. Land is valued using comparable land sales specific to the applicable market, provided by a third-party. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar properties. The cost of the properties acquired may be adjusted based on indebtedness assumed from the seller that is determined to be above or below market rates.
The purchase price is also allocated among the following categories of intangible assets: the above or below market component of in-place leases and the value of leases in-place at the time of the acquisition. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate reflecting the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using current market rents over the remaining term of the lease. The amounts allocated to above and below market lease intangibles are included in Other assets, net and Other liabilities, respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases. In-place lease intangibles are valued based upon management’s assessment of factors such as an estimate of forgone rents and avoided leasing costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. These intangible assets are included in Other assets, net on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease.
Net amortization of above and below market lease intangibles, which increased rental income by $6,261,000, $2,916,000 and $2,483,000 in 2025, 2024 and 2023, respectively, is included in Income from real estate operations. Amortization expense for in-place lease intangibles, which was $12,526,000, $8,649,000 and $7,942,000 for 2025, 2024 and 2023, respectively, is included in Depreciation and amortization.
51

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Projected amortization of lease intangibles for the next five years as of December 31, 2025 is as follows:

Years Ending December 31, |  | In-place lease intangibles |  | Below market lease intangibles
|  | (In thousands)
2026 |  | $ | 10,759 |  |  | 6,018 |
2027 |  | 7,826 |  |  | 4,698 |
2028 |  | 5,338 |  |  | 3,098 |
2029 |  | 4,313 |  |  | 2,788 |
2030 |  | 3,007 |  |  | 2,087 |
Thereafter |  | 5,220 |  |  | 4,704 |
Total projected amortization of lease intangibles |  | $ | 36,463 |  |  | 23,393 |

EastGroup acquired real estate properties during 2025, 2024 and 2023 as discussed in Note 2. The following table summarizes the allocation of the total consideration for the acquired assets and assumed liabilities in connection with the real estate property acquisitions during the years ended December 31, 2025, 2024 and 2023.

|  | Costs Incurred During the Years Ended December 31,
ACQUIRED ASSETS AND ASSUMED LIABILITIES |  | 2025 |  | 2024 |  | 2023
|  | (In thousands)
Land |  | $ | 31,590 |  |  | 41,815 |  |  | 44,676 |
Buildings and building improvements |  | 101,505 |  |  | 312,911 |  |  | 111,082 |
Tenant and other improvements |  | 6,800 |  |  | 27,049 |  |  | 4,346 |
Right of use assets — Ground leases (operating) |  | — |  |  | 21,836 |  |  | — |
Total real estate properties acquired |  | 139,895 |  |  | 403,611 |  |  | 160,104 |
In-place lease intangibles (1) |  | 10,331 |  |  | 27,102 |  |  | 7,242 |
Above market lease intangibles (1) |  | 207 |  |  | 121 |  |  | — |
Below market lease intangibles (2) |  | (7,334) |  |  | (18,987) |  |  | (2,230) |
Operating lease liabilities — Ground leases (3) |  | — |  |  | (21,836) |  |  | — |
Total assets acquired, net of liabilities assumed |  | $ | 143,099 |  |  | 390,011 |  |  | 165,116 |

(1)In-place lease intangibles and above market lease intangibles are each included in Other assets, net on the Consolidated Balance Sheets. These costs are amortized over the remaining terms of the associated leases in place at the time of acquisition.
(2)Below market lease intangibles are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining terms of the associated leases in place at the time of acquisition.
(3)Operating lease liabilities — Ground leases are included in Other liabilities on the Consolidated Balance Sheets. These costs are amortized over the remaining terms of the associated leases in place at the time of acquisition.
The leases in the properties acquired during 2025, 2024 and 2023 had a weighted average remaining lease term at acquisition of approximately 9.2 years, 5.3 years and 6.4 years, respectively.
The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment. No impairment of goodwill and other intangibles existed during the years ended December 31, 2025, 2024 and 2023.
(k)Stock-Based Compensation
EastGroup applies the provisions of ASC 718, Compensation – Stock Compensation, to account for its stock-based compensation plans. ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. The cost for market based awards and awards that only require service are expensed on a straight-line basis over the requisite service periods. The cost for performance based awards is determined using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period. This method accelerates the expensing of the award compared to the straight-line method. For awards with a performance condition, compensation expense is recognized when the performance condition is considered probable of achievement.
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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The total compensation expense for service-based and performance-based awards is based upon the fair market value of the shares on the grant date. The grant date fair value for awards that have been granted and are subject to a future market condition (total shareholder return) are determined using a Monte Carlo simulation pricing model developed to specifically accommodate the unique features of the awards.
The Company accrues dividends on unvested restricted shares and holds the certificates for the shares. Employees may vote the shares once performance based or market based conditions are met. Share certificates and dividends are delivered to the employee as the shares vest. Forfeitures of awards and accrued dividends are recognized as they occur.
(l)Equity Offerings
Underwriting commissions and offering costs incurred in connection with common stock offerings and at-the-market (“ATM”) equity offering programs have been reflected as a reduction of Additional paid-in capital.
Under relevant accounting guidance, sales of common stock under forward equity sale agreements (as discussed in Note 9 Common Stock Activity) are not deemed to be liabilities, and furthermore, meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices other than those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.
(m) Earnings per Share
The Company applies ASC 260, Earnings Per Share, which requires companies to present basic and diluted earnings per share (“EPS”). Basic EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period. The Company’s basic EPS is calculated by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. Outstanding forward equity sale agreements are potentially dilutive securities excluded from the basic EPS calculation until the agreements are settled, through the issuance of shares and receipt of proceeds. Although unvested restricted shares are classified as issued and outstanding, they are considered forfeitable until the restrictions lapse and are not included in the basic EPS calculation until the shares vest.
Diluted EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all potentially dilutive common shares outstanding during the reporting period. The Company calculates diluted EPS by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding plus the effect of any dilutive securities including shares issuable under forward equity sale agreements and unvested restricted stock using the treasury stock method. Any anti-dilutive securities are excluded from the diluted EPS calculation. See Note 13 for details.
(n)Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
(o)Risks and Uncertainties
The state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial
position. Should EastGroup experience a significant decline in operational performance, it may affect the Company’s ability to
make distributions to its shareholders, service debt or meet other financial obligations.
(p)Recent Accounting Pronouncements
EastGroup has evaluated all FASB Accounting Standards Updates (“ASU”) recently released by the FASB through the date the financial statements were issued and determined that the following ASUs apply to the Company.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early
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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
adoption permitted. Amendments should be applied either (i) prospectively to financial statements issued for reporting periods after the effective date, or (ii) retrospectively to all prior periods presented in the financial statements. EastGroup does not expect the adoption to have a material impact on its financial condition, results of operations or disclosures.
In November 2025, the FASB issued ASU 2025‑09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements. The guidance makes targeted amendments to the hedge accounting model to better align accounting results with an entity’s risk management activities. The amendments affect, among other areas, (i) the assessment of similar risk exposure for groups of forecasted transactions in cash flow hedges, (ii) cash flow hedges of forecasted interest payments on “choose‑your‑rate” debt instruments, (iii) cash flow hedges of nonfinancial forecasted transactions, (iv) the use of certain options as hedging instruments, and (v) certain dual‑hedge strategies involving foreign‑currency‑denominated debt. ASU 2025‑09 is effective for annual reporting periods beginning after December 15, 2026, and for interim periods within those annual reporting periods, with early adoption permitted. The amendments are required to be applied prospectively, with certain transition provisions available for existing hedging relationships. The Company does not expect the adoption to have a material impact on its consolidated financial position or results of operations; however, the guidance may affect the Company’s hedge documentation, hedge effectiveness assessments, and related disclosures.
(q) Classification of Book Overdraft on Consolidated Statements of Cash Flows
The Company classifies changes in book overdraft in which the bank has not advanced cash to the Company to cover outstanding checks as an operating activity. Such amounts are included in Accounts payable, accrued expenses and prepaid rent in the Operating Activities section on the Consolidated Statements of Cash Flows.
(2)REAL ESTATE PROPERTIES AND DEVELOPMENT AND VALUE-ADD PROPERTIES
The Company’s Real estate properties and Development and value-add properties at December 31, 2025 and 2024 were as follows:

| December 31,
2025 |  | 2024
(In thousands)
Real estate properties: |  |  |
Land | $ | 951,787 |  |  | 888,140 |
Buildings and building improvements | 4,173,416 |  |  | 3,815,850 |
Tenant and other improvements | 829,609 |  |  | 761,061 |
Right of use assets — Ground leases (operating) (1) | 34,976 |  |  | 38,393 |
Development and value-add properties (2) | 710,200 |  |  | 674,472 |
| 6,699,988 |  |  | 6,177,916 |
Accumulated depreciation | (1,583,532) |  |  | (1,415,576) |
| $ | 5,116,456 |  |  | 4,762,340 |

(1)See Ground Leases discussion below for information regarding the Company’s right of use assets for ground leases.
(2)Value-add properties are defined in Note 1(e).
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A summary of real estate properties acquired for the years ended December 31, 2025, 2024 and 2023 follows:

REAL ESTATE PROPERTIES ACQUIRED |  | Location |  | Size (unaudited) |  | Date Acquired |  | Cost (1)
|  |  |  | (Square feet) |  |  |  | (In thousands)
2025 |  |  |  |  |  |  |  |
OPERATING PROPERTIES ACQUIRED |  |  |  |  |  |  |  |
LifeScience Logistics Center |  | Raleigh, NC |  | 251,000 |  |  | 07/08/2025 |  | $ | 47,150 |
Lumley Logistics Center |  | Raleigh, NC |  | 67,000 |  |  | 07/15/2025 |  | 14,174 |
McKinney Airport Trade Center |  | Dallas, TX |  | 320,000 |  |  | 09/19/2025 |  | 60,641 |
EastGroup Point at Cheyenne |  | Las Vegas, NV |  | 101,000 |  |  | 12/09/2025 |  | 21,134 |
Total 2025 operating property acquisitions (2) |  |  |  | 739,000 |  |  |  |  | $ | 143,099 |
2024 |  |  |  |  |  |  |  |
OPERATING PROPERTIES ACQUIRED |  |  |  |  |  |  |  |
Spanish Ridge Industrial Park |  | Las Vegas, NV |  | 231,000 |  |  | 01/23/2024 |  | $ | 54,859 |
147 Exchange |  | Raleigh, NC |  | 274,000 |  |  | 05/03/2024 |  | 52,945 |
Hays Commerce Center 3 & 4 |  | Austin, TX |  | 179,000 |  |  | 08/19/2024 |  | 35,781 |
Riverpoint Industrial Park |  | Atlanta, GA |  | 779,000 |  |  | 11/12/2024 |  | 87,576 |
DFW Global Logistics Centre 5-8 (3) |  | Dallas, TX |  | 492,000 |  |  | 11/21/2024 |  | 75,852 |
Akimel Gateway (3) |  | Phoenix, AZ |  | 519,000 |  |  | 12/26/2024 |  | 82,998 |
Total 2024 operating property acquisitions (2) |  |  |  | 2,474,000 |  |  |  |  | $ | 390,011 |
2023 |  |  |  |  |  |  |  |
OPERATING PROPERTIES ACQUIRED |  |  |  |  |  |  |  |
Craig Corporate Center |  | Las Vegas, NV |  | 156,000 |  |  | 04/18/2023 |  | $ | 34,365 |
Blue Diamond Business Park |  | Las Vegas, NV |  | 254,000 |  |  | 09/05/2023 |  | 52,973 |
McKinney Logistics Center |  | Dallas, TX |  | 193,000 |  |  | 10/02/2023 |  | 25,739 |
Park at Myatt |  | Nashville, TN |  | 171,000 |  |  | 11/03/2023 |  | 30,793 |
Pelzer Point Commerce Center 1 |  | Greenville, SC |  | 213,000 |  |  | 12/21/2023 |  | 21,246 |
Total 2023 operating property acquisitions (2) |  |  |  | 987,000 |  |  |  |  | $ | 165,116 |

(1)Cost is calculated in accordance with FASB ASC 805, Business Combinations, and represents the sum of the purchase price, closing costs and capitalized acquisition costs.
(2)Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets. Excludes acquired development land as detailed below.
(3)This operating property is located on land subject to a ground lease. See Ground Leases discussion below for information regarding the Company’s right of use assets for ground leases.
Also during 2025, EastGroup purchased 300.4 acres of development land in four markets for $118,584,000. During 2024, EastGroup purchased 61.1 acres of development land in two markets for $13,762,000. During 2023, EastGroup purchased 328.3 acres of development land in seven markets for $70,664,000.
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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Sales of Real Estate
A summary of operating properties sold during the years ended December 31, 2025, 2024 and 2023 follows:

REAL ESTATE PROPERTIES SOLD |  | Location |  | Size (unaudited) |  | Date Sold |  | Net Sales Price |  | Basis |  | Recognized Gain
|  |  |  | (Square feet) |  |  |  | (In thousands)
2025 |  |  |  |  |  |  |  |  |  |  |  |
Laura Alice Business Center |  | San Francisco, CA |  | 12,000 |  |  | 06/02/2025 |  | $ | 3,371 |  |  | 3,371 |  |  | — |
2024 |  |  |  |  |  |  |  |  |  |  |  |
Interchange Business Park and Metro Airport Commerce Center |  | Jackson, MS |  | 159,000 |  |  | 03/05/2024 |  | $ | 13,614 |  |  | 4,863 |  |  | 8,751 |
2023 |  |  |  |  |  |  |  |  |  |  |  |
World Houston 23 |  | Houston, TX |  | 125,000 |  |  | 03/31/2023 |  | $ | 9,327 |  |  | 4,518 |  |  | 4,809 |
Ettie Business Center |  | San Francisco, CA |  | 29,000 |  |  | 11/20/2023 |  | 11,638 |  |  | 8,845 |  |  | 2,793 |
Los Angeles Corporate Center |  | Los Angeles, CA |  | 77,000 |  |  | 12/29/2023 |  | 16,006 |  |  | 5,643 |  |  | 10,363 |
Total for 2023 |  |  |  | 231,000 |  |  |  |  | $ | 36,971 |  |  | 19,006 |  |  | 17,965 |

The table above includes sales of operating properties. The Company did not sell any land during the year ended December 31, 2025. During the year ended December 31, 2024, the Company also sold 5.4 acres of land in two markets for $4,261,000 and recognized gains on the sales of $362,000. During the year ended December 31, 2023, the Company also sold 11.9 acres of land in two markets for $4,750,000 and recognized gains on the sales of $446,000. The gains on sales of non-operating real estate are included in Other on the Consolidated Statements of Income and Comprehensive Income.
Development and Value-Add Properties
As of December 31, 2025, the Company’s development and value-add program consisted of projects in lease-up, under construction and prospective development (primarily land), as detailed in the table below. Costs incurred include capitalization of interest costs during the period of construction. The interest costs capitalized on development projects were $21,730,000 for 2025, $19,823,000 for 2024 and $16,235,000 for 2023. In addition, EastGroup capitalized internal development costs of $7,451,000 during 2025, compared to $8,181,000 during 2024 and $10,472,000 in 2023.
Total capital invested for development and value-add properties during 2025 was $321,934,000, which primarily consisted of improvement costs of $196,225,000 on development and value-add properties, $118,584,000 for new land investments, and costs of $7,125,000 on properties subsequent to transfer to Real estate propertie s. The capitalized costs incurred on development and value-add projects subsequent to transfer to Real estate properties include capital improvements at the properties and do not include other capitalized costs associated with development (i.e., interest expense, property taxes and internal personnel costs).
A summary of the Company’s Development and Value-Add Properties for the year ended December 31, 2025 follows:

| Actual or Estimated Building Size (unaudited) |  | Cumulative Costs Incurred as of 12/31/2025 |  | Projected Total Costs (1) (unaudited) |  |  |  |  |  |  |  |  |
| (Square feet) |  | (In thousands) |  |  |  |  |  |  |  |  |
Lease-up | 1,935,000 |  |  | $ | 230,578 |  |  | $ | 266,300 |  |  |  |  |  |  |  |  |  |
Under construction | 1,538,000 |  |  | 108,005 |  |  | 233,600 |  |  |  |  |  |  |  |  |  |
Total lease-up and under construction | 3,473,000 |  |  | 338,583 |  |  | $ | 499,900 |  |  |  |  |  |  |  |  |  |
Prospective development (primarily land) | 11,798,000 |  |  | 371,617 |  |  |  |  |  |  |  |  |  |  |  |
Total Development and value-add properties as of December 31, 2025 | 15,271,000 |  |  | $ | 710,200 |  |  |  |  |  |  |  |  |  |  |  |
Total Development and value-add properties transferred to Real estate properties during the year ended December 31, 2025 | 2,109,000 |  |  | $ | 279,082 |  |  | (2) |  |  |  |  |  |  |  |  |

(1)Included in these costs are development obligations of $94,201,000 and tenant improvement obligations of $9,552,000 on properties under development.
(2)Represents cumulative costs at the date of transfer.
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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Ground Leases
EastGroup applies ASC 842, Leases, for its ground leases, which are classified as operating leases. The right of use assets for ground leases are included in Real estate properties on the Consolidated Balance Sheets. As of December 31, 2025 and 2024, the Company had operating properties subject to ground leases in Florida, Texas and Arizona. As of December 31, 2025 and 2024, the unamortized balances of the Company’s right of use assets for its ground leases were $34,976,000 and $38,393,000, respectively. In 2024, EastGroup assumed ground leases in connection with the acquisitions of DFW Global Logistics Centre 5-8 in Dallas and Akimel Gateway in Phoenix, along with right of use assets and lease liabilities of $10,795,000 and $11,041,000, respectively. In 2025, the Company did not assume any ground leases in connection with acquisitions.
The ground leases have terms of 40 to 65 years and renewal options of 15 to 35 years, except for one lease in Arizona which is automatically and perpetually renewed annually. With the renewal options included, expiration dates range from August 2051 to December 2085. The Company has included renewal options in the lease terms for calculating the ground lease assets and liabilities as the Company is reasonably certain it will exercise these options. Total ground lease expenditures for the years ended December 31, 2025, 2024 and 2023 were $4,020,000, $1,936,000 and $1,758,000, respectively. Payments are subject to increases at 3 to 10 year intervals based upon the agreed or appraised fair market value of the leased premises on the adjustment date or the Consumer Price Index percentage increase since the base rent date. These future changes in payments will be considered variable payments and will not impact the lease classification assessment of the ground lease unless there is a significant event that triggers reassessment, such as amendment with a change in the terms of the lease. The weighted-average remaining lease terms for the Company's ground leases were 46 years and 47 years as of December 31, 2025 and 2024, respectively.
The following schedule indicates approximate future minimum ground lease payments, including renewal periods, for these properties by year as of December 31, 2025:

Years Ending December 31, |  | (In thousands)
2026 |  | $ | 2,951 |
2027 |  | 2,968 |
2028 |  | 3,040 |
2029 |  | 3,101 |
2030 |  | 3,148 |
Thereafter |  | 149,219 |
Total minimum payments |  | 164,427 |
Imputed interest (1) |  | (127,355) |
Total ground lease liabilities |  | $ | 37,072 |

(1)As the Company’s leases do not provide an implicit rate, in order to calculate the present value of the remaining ground lease payments, the Company used its incremental borrowing rate, adjusted for a number of factors, including the long-term nature of the ground leases and the Company’s estimated borrowing costs, to determine the imputed interest for its ground leases. The weighted-average discount rate for the Company's ground leases was 6.82% as of December 31, 2025 and 2024.
(3)UNCONSOLIDATED INVESTMENT
The Company owns a 50% undivided tenant-in-common interest in Industry Distribution Center 2, a 309,000 square foot warehouse distribution building in the City of Industry (Los Angeles), California. The building was constructed in 1998 and is 100% leased through December 2026 to a single tenant who owns the other 50% interest in the property. This investment is accounted for under the equity method of accounting and had a carrying value of $7,007,000 at December 31, 2025, and $7,448,000 at December 31, 2024.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(4)OTHER ASSETS
A summary of the Company’s Other assets, net follows:

| December 31,
| 2025 |  | 2024
| (In thousands)
Leasing costs (principally commissions) | $ | 191,527 |  |  | 173,582 |
Accumulated amortization of leasing costs | (73,553) |  |  | (63,179) |
Leasing costs (principally commissions), net of accumulated amortization | 117,974 |  |  | 110,403 |
Acquired in-place lease intangibles | 64,619 |  |  | 59,101 |
Accumulated amortization of acquired in-place lease intangibles | (28,156) |  |  | (20,443) |
Acquired in-place lease intangibles, net of accumulated amortization | 36,463 |  |  | 38,658 |
Acquired above market lease intangibles | 674 |  |  | 564 |
Accumulated amortization of acquired above market lease intangibles | (376) |  |  | (376) |
Acquired above market lease intangibles, net of accumulated amortization | 298 |  |  | 188 |
Straight-line rents receivable | 100,949 |  |  | 83,722 |
Accounts receivable | 11,875 |  |  | 10,033 |
Interest rate swap assets | 10,500 |  |  | 21,953 |
Right of use assets — Office leases (operating) | 1,666 |  |  | 2,228 |
Goodwill | 990 |  |  | 990 |
Escrow deposits and prepaid costs for pending transactions | 2,644 |  |  | 3,336 |
Prepaid insurance | 5,728 |  |  | 6,469 |
Receivable for insurance proceeds | 4,656 |  |  | 3,863 |
Prepaid expenses and other assets | 13,594 |  |  | 8,316 |
Total Other assets, net | $ | 307,337 |  |  | 290,159 |

(5)UNSECURED BANK CREDIT FACILITIES
The Company’s borrowings on unsecured bank credit facilities are detailed below:

| December 31,
| 2025 |  | 2024
| (In thousands)
Unsecured bank credit facilities — Variable rate, carrying amount | $ | 18,845 |  |  | — |
Unamortized debt issuance costs | (2,596) |  |  | (3,595) |
Unsecured bank credit facilities, net of debt issuance costs | $ | 16,249 |  |  | (3,595) |

On June 13, 2024, EastGroup entered into amended and restated credit agreements related to its $625,000,000 and $50,000,000 unsecured bank credit facilities, to extend the maturity dates from July 30, 2025 to July 31, 2028. Also on November 19, 2025, the Company entered into amended and restated credit agreements related to both unsecured bank credit facilities, to remove the SOFR adjustment, decreasing the credit spread for both facilities by 10 basis points. There were no other material changes to the credit facilities, which are outlined below.
The Company has a $625,000,000 unsecured bank credit facility with a group of 10 banks, which has a maturity date of July 31, 2028. The credit facility contains options for two six-month extensions (at the Company’s election) and an additional
58

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
$625,000,000 accordion (with agreement by all parties). The interest rate on each tranche is reset on a monthly basis and as of December 31, 2025, was Term Secured Overnight Financing Rate (“SOFR”) plus 73.5 basis points with an annual facility fee of 14 basis points. As of December 31, 2025, the Company had no outstanding balance on this unsecured bank credit facility and an interest rate of 4.451%. The Company has one standby letter of credit totaling $2,588,000 pledged on this facility, which reduces borrowing capacity under the credit facility.
The Company also has a $50,000,000 unsecured bank credit facility with a maturity date of July 31, 2028, or such later date as designated by the bank; the Company also has two six-month extensions available if the extension options in the $625,000,000 facility are exercised. The interest rate is reset on a daily basis and as of December 31, 2025, was SOFR plus 77.5 basis points with an annual facility fee of 15 basis points. As of December 31, 2025, the interest rate was 4.545% with $18,845,000 of variable rate borrowings.
For both facilities, the margin and facility fee are subject to changes in the Company’s credit ratings. In May 2025, Moody's Ratings affirmed EastGroup's issuer rating of Baa2 and changed its rating outlook from stable to positive. Given the strength of the Company’s key credit metrics, initial pricing for the credit facilities is based on the BBB+/Baa1 credit ratings level. This favorable pricing level will be retained provided that the Company’s consolidated leverage ratio, as defined in the applicable agreements, remains less than 32.5%.
The $625,000,000 facility also includes a sustainability-linked pricing component, pursuant to which the applicable interest rate margin is adjusted if the Company meets a certain sustainability performance target. This sustainability metric is evaluated annually, allowing the interest rate to be adjusted in the following year. The margin on the facility can be decreased or increased by up to four basis points and the facility fee can be decreased or increased by up to one basis point.
Average unsecured bank credit facilities borrowings were $26,822,000 in 2025, $1,776,000 in 2024 and $49,384,000 in 2023, with weighted average interest rates (excluding amortization of facility fees and debt issuance costs) of 4.90% in 2025, 6.25% in 2024 and 5.68% in 2023. Amortization of facility fees was $960,000, $1,012,000 and $1,005,000 for 2025, 2024 and 2023, respectively. Amortization of debt issuance costs for the Company’s unsecured bank credit facilities was $1,058,000, $1,036,000 and $1,003,000 for 2025, 2024 and 2023, respectively.
The Company’s unsecured bank credit facilities have certain restrictive covenants, such as maintaining minimum debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its financial debt covenants at December 31, 2025 and 2024.
(6)UNSECURED DEBT
The Company’s unsecured debt is detailed below:

| December 31,
| 2025 |  | 2024
| (In thousands)
Unsecured debt —Fixed rate, carrying amount (1) | $ | 1,615,000 |  |  | 1,510,000 |
Unamortized debt issuance costs | (3,974) |  |  | (2,843) |
Unsecured debt, net of debt issuance costs | $ | 1,611,026 |  |  | 1,507,157 |

(1)These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.
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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A summary of the carrying amount of Unsecured debt follows:

|  |  |  |  |  |  | Balance at December 31,
| Margin |  | Interest Rate |  | Maturity Date |  | 2025 |  | 2024
|  |  |  |  |  |  | (In thousands)
$50 Million Unsecured Term Loan (1) | 1.10% |  | 1.58% |  | 03/18/2025 |  | $ | — |  |  | 50,000 |
$20 Million Senior Unsecured Notes | Not applicable |  | 3.80% |  | 08/28/2025 |  | — |  |  | 20,000 |
$25 Million Senior Unsecured Notes | Not applicable |  | 3.97% |  | 10/01/2025 |  | — |  |  | 25,000 |
$50 Million Senior Unsecured Notes | Not applicable |  | 3.99% |  | 10/07/2025 |  | — |  |  | 50,000 |
$100 Million Unsecured Term Loan (1) (2) | 0.84% |  | 1.98% |  | 10/10/2026 |  | 100,000 |  |  | 100,000 |
$40 Million Senior Unsecured Notes | Not applicable |  | 3.75% |  | 12/15/2026 |  | 40,000 |  |  | 40,000 |
$100 Million Unsecured Term Loan (1) (2) | 0.85% |  | 1.70% |  | 03/25/2027 |  | 100,000 |  |  | 100,000 |
$75 Million Unsecured Term Loan (1) (2) | 0.84% |  | 3.89% |  | 08/31/2027 |  | 75,000 |  |  | 75,000 |
$60 Million Senior Unsecured Notes | Not applicable |  | 3.93% |  | 04/10/2028 |  | 60,000 |  |  | 60,000 |
$100 Million Unsecured Term Loan (1) (2) | 0.85% |  | 2.51% |  | 09/29/2028 |  | 100,000 |  |  | 100,000 |
$80 Million Senior Unsecured Notes | Not applicable |  | 4.27% |  | 03/28/2029 |  | 80,000 |  |  | 80,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 3.47% |  | 08/19/2029 |  | 75,000 |  |  | 75,000 |
$100 Million Unsecured Term Loan (1) (2) (3) | 0.95% |  | 4.87% |  | 01/13/2030 |  | 100,000 |  |  | 100,000 |
$100 Million Unsecured Term Loan (1) | 0.85% |  | 4.11% |  | 04/30/2030 |  | 100,000 |  |  | — |
$100 Million Senior Unsecured Notes | Not applicable |  | 2.61% |  | 10/14/2030 |  | 100,000 |  |  | 100,000 |
$150 Million Unsecured Term Loan (1) | 0.85% |  | 4.15% |  | 03/14/2031 |  | 150,000 |  |  | — |
$125 Million Senior Unsecured Notes | Not applicable |  | 2.74% |  | 06/10/2031 |  | 125,000 |  |  | 125,000 |
$35 Million Senior Unsecured Notes | Not applicable |  | 3.54% |  | 08/15/2031 |  | 35,000 |  |  | 35,000 |
$150 Million Senior Unsecured Notes | Not applicable |  | 3.03% |  | 04/20/2032 |  | 150,000 |  |  | 150,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 2.71% |  | 10/14/2032 |  | 75,000 |  |  | 75,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 4.90% |  | 10/12/2033 |  | 75,000 |  |  | 75,000 |
$75 Million Senior Unsecured Notes | Not applicable |  | 4.95% |  | 10/12/2034 |  | 75,000 |  |  | 75,000 |
|  |  |  |  |  |  | $ | 1,615,000 |  |  | 1,510,000 |

(1)The interest rates on these unsecured term loans are comprised of either Term or Daily SOFR plus a margin which is subject to a pricing grid for changes in the Company’s coverage ratings. The Company entered into interest rate swap agreements (further described in Note 12) to convert the loans’ Term or Daily SOFR rates to effectively fixed interest rates. The interest rates in the table above are the effectively fixed interest rates for the loans, including the effects of the interest rate swaps, as of December 31, 2025.
(2)These term loans were refinanced effective November 19, 2025 to remove the SOFR adjustment, decreasing the credit spread by 10 basis points, which is reflected in the margins and effectively fixed rate noted above.
(3)This term loan was refinanced effective January 9, 2025. It now carries a maturity date of January 13, 2028, with two one-year extension options available at the Company's election, which extends the maturity to January 13, 2030. Further detail is provided below.
In January 2025, EastGroup refinanced a $100,000,000 senior unsecured term loan, reducing the credit spread by 30 basis points to a total effectively fixed interest rate of 4.97%. The loan, which previously had five years remaining, was modified to a three year maturity with two one-year extension options, at the Company's election.
In March 2025, EastGroup repaid a $50,000,000 senior unsecured term loan at maturity with an effectively fixed interest rate of 1.58%.
In August 2025, EastGroup repaid senior unsecured notes at maturity. The notes had a principal balance of $20,000,000 and a fixed interest rate of 3.80%.
In October 2025, the Company repaid two maturing senior unsecured notes totaling $75,000,000. Senior unsecured notes with a principal balance of $25,000,000 had a fixed interest rate of 3.97%. The other senior unsecured notes with a principal balance of $50,000,000 had a fixed interest rate of 3.99%. Both payments were made at maturity.
60

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In November 2025, the Company entered into a term loan agreement, separated into two tranches. One tranche provides a $100,000,000 term loan with a term of approximately 4.5 years and an effectively fixed interest rate of 4.11% with interest-only payments. The second tranche provides a $150,000,000 term loan with a term of approximately 5.5 years and an effectively fixed interest rate of 4.15% with interest-only payments. At the Company's option, the term loans bear interest at an annual rate of the Daily Simple SOFR (as defined in the term loan agreement) plus an applicable margin (0.85% as of December 31, 2025) based on the Company’s senior unsecured long-term debt rating. The Company also entered into interest rate swap agreements to convert the loans' SOFR rate component to a fixed interest rate for the entire terms of the loans, providing effectively fixed interest rates for each loan.
During the year ended December 31, 2024, EastGroup repaid a $50,000,000 senior unsecured term loan at maturity with an effectively fixed interest rate of 4.08%. The Company also made principal repayments at maturity of $120,000,000 on its senior unsecured notes with a weighted average fixed interest rate of 3.47%. The Company did not enter into or refinance any unsecured debt agreements during the year ended December 31, 2024.
During the year ended December 31, 2023, EastGroup closed on a $100,000,000 unsecured term loan with an effectively fixed interest rate of 5.27%. The Company refinanced a $100,000,000 unsecured term loan, reducing the interest rate by 45 basis points. EastGroup repaid a $65,000,000 unsecured term loan with an effectively fixed interest rate of 2.31%. The Company also made a scheduled $50,000,000 principal repayment on its senior unsecured notes with a fixed interest rate of 3.80%.
The Company’s unsecured debt instruments have certain restrictive covenants, such as maintaining debt service coverage and leverage ratios and maintaining insurance coverage, and the Company was in compliance with all of its financial debt covenants at December 31, 2025 and 2024.
The Company currently intends to repay its debt obligations, both in the short-term and long-term, through its operating cash flows, borrowings under its unsecured bank credit facilities, proceeds from new debt (primarily unsecured), and/or proceeds from the issuance of equity instruments.
Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of December 31, 2025 are as follows:

MATURITY DATES |  | Principal Payments Maturing
|  | (In thousands)
2026 |  | $ | 140,000 |
2027 |  | 175,000 |
2028 |  | 160,000 |
2029 |  | 155,000 |
2030 |  | 300,000 |
Thereafter |  | 685,000 |
Total unsecured debt, before amortization of debt issuance costs |  | $ | 1,615,000 |

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(7) ACCOUNTS PAYABLE AND ACCRUED EXPENSES
A summary of the Company’s Accounts payable and accrued expenses follows:

| December 31,
2025 |  | 2024
(In thousands)
Property taxes payable | $ | 14,707 |  |  | 11,528 |
Development costs payable | 15,919 |  |  | 16,388 |
Retainage payable | 6,324 |  |  | 10,920 |
Real estate improvements and capitalized leasing costs payable | 10,341 |  |  | 8,753 |
Interest payable | 8,041 |  |  | 8,351 |
Dividends payable | 84,725 |  |  | 74,049 |
Book overdraft (1) | 9,052 |  |  | — |
Incentive compensation payable | 8,614 |  |  | 6,726 |
Other payables and accrued expenses | 12,222 |  |  | 10,627 |
Total Accounts payable and accrued expenses | $ | 169,945 |  |  | 147,342 |

(1)Represents checks written before the end of the period which have not cleared the bank; therefore, the bank has not yet advanced cash to the Company. When the checks clear the bank, they will be funded through the Company’s working cash line of credit, which is included in the Company’s Unsecured bank credit facilities. See Note 1(q).
(8)OTHER LIABILITIES
A summary of the Company’s Other liabilities follows:

| December 31,
2025 |  | 2024
(In thousands)
Security deposits | $ | 48,200 |  |  | 43,506 |
Prepaid rent and other deferred income | 24,894 |  |  | 24,813 |
Operating lease liabilities — Ground leases | 37,072 |  |  | 39,387 |
Operating lease liabilities — Office leases | 1,688 |  |  | 2,269 |
Acquired below-market lease intangibles | 34,764 |  |  | 29,198 |
Accumulated amortization of acquired below-market lease intangibles | (11,371) |  |  | (6,781) |
Acquired below-market lease intangibles, net of accumulated amortization | 23,393 |  |  | 22,417 |
Interest rate swap liabilities | 2,143 |  |  | — |
Other liabilities | 609 |  |  | 1,636 |
Total Other liabilities | $ | 137,999 |  |  | 134,028 |

62

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(9)COMMON STOCK ACTIVITY
The following table presents the common stock activity for the three years ended December 31, 2025, 2024, and 2023:

| Years Ended December 31,
2025 |  | 2024 |  | 2023
(Common stock, in shares)
Shares outstanding at beginning of year | 51,825,798 |  |  | 47,700,432 |  |  | 43,575,539 |
Common stock offerings | 1,482,198 |  |  | 4,071,536 |  |  | 4,094,896 |
Incentive restricted stock granted | 60,220 |  |  | 84,308 |  |  | 57,741 |
Incentive restricted stock forfeited | — |  |  | (2,545) |  |  | (1,015) |
Director restricted stock granted | 4,884 |  |  | 5,040 |  |  | 4,134 |
Employee common stock awarded | 650 |  |  | 600 |  |  | 575 |
Stock withheld for tax obligations | (24,950) |  |  | (33,573) |  |  | (31,438) |
Shares outstanding at end of year | 53,348,800 |  |  | 51,825,798 |  |  | 47,700,432 |

On December 5, 2025, we established an ATM program pursuant to which we are able to sell, from time to time, shares of our common stock having an aggregate gross sales price of up to $1,000,000,000 (the “Current ATM Program”). The Current ATM Program replaces our previous $1,000,000,000 ATM program (the “Prior ATM Program”), which was established on October 25, 2024, under which we had sold shares of our common stock having an aggregate gross sales price of $479,899,000 through December 5, 2025. In addition, we previously established a $750,000,000 ATM program on October 25, 2023, under which we had sold shares of our common stock having an aggregate gross sales price of $746,153,000 through October 25, 2024.
Direct Common Stock Issuance Activity
The following table presents the Company’s common stock issuance activity sold directly through sales agents pursuant to the Company's ATM programs during the years ended December 31, 2025, 2024 and 2023:

Years Ended December 31, |  | Common Stock Issued (1) |  | Weighted Average Price |  | Gross Proceeds |  | Net Proceeds
|  | (In shares) |  | (Per share) |  | (In thousands)
2025 |  | 33,120 |  |  | $ | 183.15 |  |  | $ | 6,066 |  |  | $ | 6,005 |
2024 |  | 1,373,459 |  |  | 174.30 |  |  | 239,390 |  |  | 236,996 |
2023 |  | 4,094,896 |  |  | 170.77 |  |  | 699,304 |  |  | 692,312 |

(1)Excludes shares of common stock sold on a forward basis as described in the following paragraph.
Forward Equity Offering Activity
In connection with the Current ATM program, we may sell shares of our common stock through sales agents or through certain financial institutions acting as forward counterparties whereby, at our discretion, the forward counterparties, or their agents or affiliates, may borrow from third parties and subsequently sell shares of our common stock. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock but defer settling and receiving the proceeds from the sale of shares until a later date. Additionally, the forward price that we expect to receive upon settlement of an agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement.
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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table presents the Company’s forward equity offering activity during the years ended December 31, 2025, 2024 and 2023:

|  | Common Stock |  | Weighted Average Price |  | Gross Proceeds
|  | (In shares) |  | (Per share) |  | (In thousands)
Forward Sale Agreements Outstanding at December 31, 2022 |  | — |  |  | N/A |  | $ | — |
New forward sale agreements (1) |  | 406,041 |  |  | $ | 183.92 |  |  | 74,679 |
Forward sale agreements settled — Shares issued and proceeds received |  | — |  |  | N/A |  | — |
Forward Sale Agreements Outstanding at December 31, 2023 |  | 406,041 |  |  | 183.92 |  |  | 74,679 |
New forward sale agreements (1) |  | 2,677,289 |  |  | 178.32 |  |  | 477,420 |
Forward sale agreements settled — Shares issued and proceeds received (2) |  | (2,698,077) |  |  | 179.63 |  |  | (484,653) |
Forward Sale Agreements Outstanding at December 31, 2024 |  | 385,253 |  |  | 175.07 |  |  | 67,446 |
New forward sale agreements (1) |  | 1,063,825 |  |  | 181.89 |  |  | 193,498 |
Forward sale agreements settled — Shares issued and proceeds received (3) |  | (1,449,078) |  |  | 180.08 |  |  | (260,944) |
Forward Sale Agreements Outstanding at December 31, 2025 |  | — |  |  | N/A |  | $ | — |

(1)The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time it entered into forward sale agreements.
(2)EastGroup settled outstanding forward equity sale agreements by issuing 2,698,077 shares of common stock in exchange for net proceeds of approximately $480,663,000.
(3)EastGroup settled outstanding forward equity sale agreements by issuing 1,449,078 shares of common stock in exchange for net proceeds of approximately $258,066,000.
(10)STOCK-BASED COMPENSATION
Equity Incentive Plan
In April 2013, the Board of Directors adopted the EastGroup Properties, Inc. 2013 Equity Incentive Plan (the “2013 Equity Plan”) upon the recommendation of the Compensation Committee of the Company's Board of Directors (the “Committee”); the 2013 Equity Plan was approved by the Company’s stockholders and became effective May 29, 2013. The 2013 Equity Plan was further amended by the Board of Directors in March 2017. The 2013 Equity Plan permitted the grant of awards to employees and directors with respect to 2,000,000 shares of common stock.
In April 2023, the Board of Directors adopted the EastGroup Properties, Inc. 2023 Equity Incentive Plan (the “2023 Equity Plan”) upon the recommendation of the Committee; the 2023 Equity Plan was approved by the Company’s stockholders and became effective May 25, 2023. The 2023 Equity Plan permits the grant of awards to employees and directors with respect to 1,500,000 shares of common stock.
There were 1,330,959, 1,396,713 and 1,484,116 shares available for grant under the 2023 Equity Plan as of December 31, 2025, 2024 and 2023, respectively. Typically, the Company issues new shares to fulfill stock grants.
Employee Equity Awards
The Company’s restricted stock program is designed to provide incentives for management to achieve goals established by the Committee. The awards act as a retention device, as they vest over time, allowing participants to benefit from dividends on shares as well as potential stock appreciation. Equity awards align management’s interests with the long-term interests of shareholders.
The Committee approves long-term and annual equity compensation awards for the Company’s executive officers. The vesting periods of the Company’s restricted stock plans vary, as determined by the Committee. Restricted stock is granted to executive officers subject to both continued service and the satisfaction of certain annual performance goals and multi-year market conditions as determined by the Committee.
Long-term equity compensation awards
The long-term compensation awards include components based on the Company’s total shareholder return over the upcoming three-year period and the employee’s continued service as of the vesting dates. The total shareholder return component is
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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
subject to bright-line tests that compare the Company’s total shareholder return to the member companies of the Nareit Equity Index and the Nareit industrial index.
The following table summarizes the assumptions used in the Monte Carlo simulation pricing model used to determine the grant date fair value of the multi-year market conditions component of the long-term compensation awards for 2025, 2024 and 2023:

| 2025 Award |  | 2024 Award |  | 2023 Award
Valuation date | 2/27/2025 |  | 2/26/2024 |  | 3/2/2023
Risk-free interest rate | 4.21 | % |  | 4.65 | % |  | 4.68 | %
Expected share price volatility for the Company | 22.08 | % |  | 22.85 | % |  | 31.01 | %
Expected share price volatility for peer group companies —Low end of range | 22.74 | % |  | 20.46 | % |  | 27.31 | %
Expected share price volatility for peer group companies —High end of range | 62.28 | % |  | 62.79 | % |  | 51.26 | %
Expected dividend yield | 3.11 | % |  | 2.84 | % |  | 3.02 | %
Number of simulation paths | 1,000,000 |  |  | 1,000,000 |  |  | 1,000,000 |
Grant date fair value (in thousands) | $ | 6,903 |  |  | 4,442 |  |  | 4,885 |

The risk-free interest rate is based on zero coupon risk-free rates matching the three-year time period of the market performance period. The expected share price volatilities are based on a mix of the historical and implied volatilities of the Company and the peer group companies. The expected dividend yield is based on the expected annual cash dividend as of the valuation date divided by the Company’s stock price on the valuation date. These market based awards are expensed on a straight-line basis over the requisite service period (75% vests at the end of the three-year performance period and 25% vests the following year).
The following table presents the total shareholder return component of the long-term compensation awards for the four years ended December 31, 2025:

| 2025 Award |  | 2024 Award |  | 2023 Award |  | 2022 Award
Grant date | 2/27/2025 |  | 2/26/2024 |  | 3/2/2023 |  | 3/3/2022
Performance period | 1/1/25 - 12/31/27 |  | 1/1/24 - 12/31/26 |  | 1/1/23 - 12/31/25 |  | 1/1/22 - 12/31/24
Range of earnable shares — Low end of range | — |  |  | — |  |  | — |  |  | — |
Range of earnable shares — High end of range | 52,501 |  |  | 39,364 |  |  | 44,725 |  |  | 27,212 |
Shares determined | N/A (1) |  | N/A (1) |  | N/A (1) |  | 13,606 |

(1)The market conditions for this award have not yet been satisfied and the number of shares have not yet been determined.
The long term awards subject only to continuing employment are expensed on a straight-line basis over the requisite service period (25% vests in each of the following four years). The following table presents the service only component of the long-term compensation awards for the four years ended December 31, 2025:

| 2025 Award |  | 2024 Award |  | 2023 Award |  | 2022 Award
Grant date | 2/27/2025 |  | 2/26/2024 |  | 3/2/2023 |  | 3/3/2022
Shares granted | 11,250 |  |  | 8,436 |  |  | 9,583 |  |  | 5,830 |
Grant date share price | $ | 179.99 |  |  | 179.17 |  |  | 165.83 |  |  | 193.54 |

Annual equity compensation awards
The annual equity compensation awards include components based on certain annual Company performance measures and individual annual performance goals over the upcoming year. The Company performance measures for 2025 are: (i) funds from operations “FFO” per share, (ii) cash same property net operating income change, (iii) debt-to-EBITDAre ratio, and (iv) fixed charge coverage. The Company begins recognizing expense for its estimate of the shares that could be earned pursuant to these awards on the grant date; the expense is adjusted to estimated performance levels during the performance period and to actual upon the determination of the awards. The shares are expensed using the graded vesting attribution method which recognizes each separate vesting portion of the award as a separate award on a straight-line basis over the requisite service period (34% vests at the end of the one year performance period and 33% vests in each of the following two years).
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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table presents the Company performance measures component of the annual equity compensation awards for the three years ended December 31, 2025:

| 2025 Award |  | 2024 Award |  | 2023 Award |  |  |  |
Grant date | 2/27/2025 |  | 2/26/2024 |  | 3/2/2023 |  |  |  |
Performance period | 1/1/25 - 12/31/25 |  | 1/1/24 - 12/31/24 |  | 1/1/23 - 12/31/23 |  |  |  |
Range of earnable shares — Low end of range | — |  |  | — |  |  | — |  |  |  |  |
Range of earnable shares — High end of range | 14,784 |  |  | 18,548 |  |  | 21,438 |  |  |  |  |
Shares determined | N/A (1) |  | 16,444 |  |  | 21,438 |  |  |  |  |
Grant date share price | $ | 179.99 |  |  | 179.17 |  |  | 165.83 |  |  |  |  |

(1)The performance conditions for this award have not yet been satisfied and the number of shares have not yet been determined.
Any shares issued pursuant to the individual annual performance goals are determined by the Committee in its discretion following the performance period. The Company begins recognizing the expense for the shares on the grant date and expenses on a straight-line basis over the remaining service period (34% vests at the end of the one year performance period and 33% vests in each of the following two years).
The following table presents the individual performance goals component of the annual equity compensation awards for the three years ended December 31, 2025:

| 2025 Award |  | 2024 Award |  | 2023 Award
Grant date | N/A (1) |  | 2/12/2025 |  | 2/14/2024
Performance period | 1/1/25 - 12/31/25 |  | 1/1/24 - 12/31/24 |  | 1/1/23 - 12/31/23
Range of earnable shares — Low end of range | — |  |  | — |  |  | — |
Range of earnable shares — High end of range | 4,501 |  |  | 5,652 |  |  | 5,358 |
Shares determined | N/A (1) |  | 4,670 |  |  | 4,814 |
Grant date share price | N/A (1) |  | $ | 178.86 |  |  | 183.46 |

(1)For this award, the performance conditions and grant date criteria under ASC 718, Compensation - Stock Compensation, have not yet been satisfied and the date of grant and resulting number of shares have not yet been determined.
Equity compensation is also awarded to the Company’s non-executive officers, which are subject to service only conditions and expensed on a straight-line basis over the requisite service period (20% vests in each of the following five years). The total compensation expense is based upon the fair market value of the shares on the grant date. The following table presents the compensation awards to non-executive officers for the three years ended December 31, 2025:

| 2025 Award |  | 2024 Award |  | 2023 Award
Grant date | 8/25/2025 |  | 8/5/2024 |  | 6/20/2023
Shares granted | 14,250 |  |  | 12,150 |  |  | 11,325 |
Grant date share price | $ | 168.36 |  |  | 179.35 |  |  | 172.70 |

The Committee has adopted an Equity Award Retirement Policy (the “retirement policy”) which allows for accelerated vesting of unvested shares for retirement-eligible employees (defined as employees who meet certain age and years of service requirements). In order to qualify for accelerated vesting upon retirement, the eligible employees must provide required notification under the retirement policy and must retire from the Company. The Company has adjusted its stock-based compensation expense to accelerate the recognition of expense for retirement-eligible employees.
Stock-based compensation cost for employees was $12,864,000, $11,729,000 and $11,013,000 for 2025, 2024 and 2023, respectively, of which $1,890,000, $2,017,000 and $2,812,000 were capitalized as part of the Company’s development costs for the respective years. As of December 31, 2025, there was $4,888,000 of unrecognized compensation cost related to unvested restricted stock compensation for employees and directors that is expected to be recognized over a weighted average period of 1.5 years.
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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
During the restricted period for granted and unvested awards, dividends are accrued based upon the number of shares expected to be awarded; accrued dividends are paid upon vesting of the awards. As of December 31, 2025, 2024 and 2023, accrued dividends on unvested restricted stock were $2,173,000, $1,617,000 and $1,921,000, respectively. Of the shares that vested in 2025, 2024 and 2023, 24,745 shares, 33,381 shares and 31,254 shares, respectively, were withheld by the Company to satisfy the tax obligations for those employees who elected this option as permitted under the applicable equity plan.
Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to employees with the related weighted average grant date fair value share prices for 2025, 2024 and 2023. As of the grant dates, the aggregate fair value of shares that were granted during 2025, 2024 and 2023 was $11,117,000, $11,270,000 and $8,562,000, respectively. As of the vesting dates, the aggregate fair value of shares that vested during 2025, 2024 and 2023 was $9,977,000, $14,324,000 and $11,304,000, respectively.

RESTRICTED STOCK ACTIVITY |  | Years Ended December 31,
| 2025 |  | 2024 |  | 2023
| Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Unvested at beginning of year |  | 84,069 |  |  | $ | 160.72 |  |  | 80,282 |  |  | $ | 153.43 |  |  | 96,708 |  |  | $ | 131.79 |
Granted (1) (2) |  | 60,220 |  |  | 184.61 |  |  | 84,308 |  |  | 133.68 |  |  | 57,741 |  |  | 148.28 |
Forfeited |  | — |  |  | — |  |  | (2,545) |  |  | 156.45 |  |  | (1,015) |  |  | 144.79 |
Vested |  | (59,819) |  |  | 163.92 |  |  | (77,976) |  |  | 124.12 |  |  | (73,152) |  |  | 120.87 |
Unvested at end of year |  | 84,470 |  |  | 175.49 |  |  | 84,069 |  |  | 160.72 |  |  | 80,282 |  |  | 153.43 |

(1)Includes restricted shares granted during the year without performance or market conditions. Also includes restricted shares granted in previous years, for long-term and annual equity compensation awards for the Company's executive officers, for which performance based or market based conditions have been satisfied and the resulting number of shares have been determined during the year.
(2)Does not include restricted shares subject to open performance periods. For the long-term equity compensation awards established in 2023 and 2024 and the long-term and annual equity compensation awards established in 2025, the number of shares depend on satisfaction of performance based or market based conditions, and the number of shares to be earned could range from zero to 155,875.
Following is a vesting schedule of the total unvested shares for employees as of December 31, 2025:

Unvested Shares Vesting Schedule |  | Number of Shares
2026 |  | 38,566 |
2027 |  | 23,089 |
2028 |  | 11,984 |
2029 |  | 7,981 |
2030 |  | 2,850 |
Total Unvested Shares |  | 84,470 |

Directors Equity Awards
The Board of Directors has adopted a policy under the 2023 Equity Plan pursuant to which awards will be made to non-employee Directors. The current policy provides that the Company shall automatically award an annual restricted share award to each non-employee Director who has been elected or re-elected as a member of the Board of Directors at the Annual Meeting. The number of shares shall be equal to $135,000 divided by the fair market value of a share on the date of such election. If a non-employee Director is elected or appointed to the Board of Directors other than at an Annual Meeting of the Company, the annual restricted share award shall be pro-rated. The restricted shares vest in full on the earlier of the one-year anniversary of the date of grant or the next annual meeting of shareholders following the date of grant, subject to the non-employee director’s continued service on the Board through such vesting date, subject to certain exceptions. The shares are expensed on a straight-line basis over the service period. The policy also provides that each new non-employee Director appointed or elected will receive an automatic award of restricted shares of Common Stock on the effective date of election or appointment equal to $25,000 divided by the fair market value of the Company’s Common Stock on such date. These restricted shares will vest 25% per year over a four-year period upon the performance of future service as a Director, subject to certain exceptions. The shares are expensed on a straight-line basis over the service period.
67

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Directors were granted 4,884, 5,040 and 4,134 shares of common stock as annual restricted share awards during 2025, 2024 and 2023, respectively.
Stock-based compensation expense for directors was $819,000, $764,000 and $764,000 for 2025, 2024 and 2023, respectively.
Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to directors with the related weighted average grant date fair value share prices for 2025, 2024 and 2023. As of the grant dates, the aggregate fair value of shares that were granted during 2025, 2024 and 2023 was $811,000, $811,000 and $661,000, respectively. As of the vesting dates, the fair value of shares that vested during 2025, 2024 and 2023 was $842,000, $680,000 and $904,000, respectively.

Restricted Stock Activity: | Years Ended December 31,
2025 |  | 2024 |  | 2023
Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Unvested at beginning of year | 5,104 |  |  | $ | 161.33 |  |  | 4,282 |  |  | $ | 160.15 |  |  | 5,800 |  |  | $ | 158.31 |
Granted | 4,884 |  |  | 165.99 |  |  | 5,040 |  |  | 160.87 |  |  | 4,134 |  |  | 159.79 |
Forfeited | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Vested | (5,072) |  |  | 161.10 |  |  | (4,218) |  |  | 159.58 |  |  | (5,652) |  |  | 158.00 |
Unvested at end of year | 4,916 |  |  | 166.20 |  |  | 5,104 |  |  | 161.33 |  |  | 4,282 |  |  | 160.15 |

(11)COMPREHENSIVE INCOME
Total Comprehensive Income is comprised of net income plus all other changes in equity from non-owner sources and is presented on the Consolidated Statements of Income and Comprehensive Income. The components of Accumulated other comprehensive income for 2025, 2024 and 2023 are presented in the Company’s Consolidated Statements of Changes in Equity and are summarized below. See Note 12 for information regarding the Company’s interest rate swaps.

| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
ACCUMULATED OTHER COMPREHENSIVE INCOME: | (In thousands)
Balance at beginning of year | $ | 21,953 |  |  | 24,888 |  |  | 36,371 |
Other comprehensive loss — Interest rate swaps | (13,596) |  |  | (2,935) |  |  | (11,483) |
Balance at end of year | $ | 8,357 |  |  | 21,953 |  |  | 24,888 |

(12) DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and, to a limited extent, the use of derivative instruments.
Specifically, the Company has entered into derivative instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative instruments, described below, are used to manage differences in the amount, timing and duration of the Company’s known or expected cash payments principally related to certain of the Company’s borrowings.
The Company’s objective in using interest rate derivatives is to change variable interest rates to fixed interest rates by using interest rate swaps. Interest rate swaps designated as cash flow hedges involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed rate payments over the term of the agreements without exchange of the underlying notional amount.
68

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
As of December 31, 2025, EastGroup had nine interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans. All of the Company’s interest rate swaps convert the related loans’ Term or Daily SOFR rate components to effectively fixed interest rates, and the Company has concluded that each of the hedging relationships is highly effective.
The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in Other comprehensive loss and are subsequently reclassified into earnings through Interest expense as interest payments are made or received on the Company’s variable rate debt in the period that the hedged forecasted transaction affects earnings. The Company estimates that an additional $5,888,000 will be reclassified from O ther comprehensive loss as a decrease in Interest expense over the next twelve months.
The Company’s valuation methodology for over-the-counter (“OTC”) derivatives is to discount cash flows based on SOFR market data. Uncollateralized or partially-collateralized trades include appropriate economic adjustments for funding costs and credit risk. The Company calculates its derivative valuations using mid-market prices.
As of December 31, 2025 and 2024, the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk:

NOTIONAL VALUE OF INTEREST RATE DERIVATIVES |  | December 31, 2025 |  | December 31, 2024
|  | (In thousands)
Interest Rate Swap |  | $ | 100,000 |  |  | 100,000 |
Interest Rate Swap |  | 100,000 |  |  | 100,000 |
Interest Rate Swap |  | — |  |  | 50,000 |
Interest Rate Swap |  | 100,000 |  |  | 100,000 |
Interest Rate Swap |  | 75,000 |  |  | 75,000 |
Interest Rate Swap |  | 100,000 |  |  | 100,000 |
Interest Rate Swap |  | 50,000 |  |  | — |
Interest Rate Swap |  | 50,000 |  |  | — |
Interest Rate Swap |  | 100,000 |  |  | — |
Interest Rate Swap |  | 50,000 |  |  | — |

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2025 and 2024. See Note 16 for additional information on the fair value of the Company’s interest rate swaps.

FAIR VALUE OF DERIVATIVES DESIGNATED AS CASH FLOW HEDGES |  | December 31, 2025 |  | December 31, 2024
| (In thousands)
Interest rate swap assets (1) |  | $ | 10,500 |  |  | 21,953 |
Interest rate swap liabilities (2) |  | 2,143 |  |  | — |

(1)Included in Other assets, net on the Consolidated Balance Sheets.
(2)Included in Other liabilities on the Consolidated Balance Sheets.
The table below presents the effect of the Company’s derivative financial instruments (interest rate swaps) on the Consolidated Statements of Income and Comprehensive Income for the years ended December 31, 2025, 2024 and 2023:

|  | Years Ended December 31,
EFFECT OF CASH FLOW HEDGES ON OTHER COMPREHENSIVE LOSS |  | 2025 |  | 2024 |  | 2023
|  | (In thousands)
Amount of income (loss) recognized in Other comprehensive loss on derivatives |  | $ | (2,675) |  |  | 14,869 |  |  | 6,319 |
Amount of (income) reclassified from Accumulated other comprehensive income into Interest expense |  | (10,921) |  |  | (17,804) |  |  | (17,802) |

See Note 11 for additional information on the Company’s Accumulated other comprehensive income resulting from its interest rate swaps.
69

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Derivative financial agreements expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company believes it minimizes the credit risk by transacting with financial institutions the Company regards as credit-worthy.
The Company has an agreement with its derivative counterparties containing a provision stating that the Company could be declared in default on its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender. As of December 31, 2025, the Company had not posted any collateral related to these agreements and were not in breach of any of the provisions of these agreements. If the Company had breached any of these provisions, it would be required to settle its obligations under the agreements at their termination value.
(13)EARNINGS PER SHARE
Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows:

| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
(In thousands)
BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS |  |  |  |  |
Numerator — Net income attributable to common stockholders | $ | 257,402 |  |  | 227,751 |  |  | 200,491 |
Denominator — Weighted average shares outstanding — Basic | 52,723 |  |  | 48,803 |  |  | 45,224 |
DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS |  |  |  |  |
Numerator — Net income attributable to common stockholders | $ | 257,402 |  |  | 227,751 |  |  | 200,491 |
Denominator: |  |  |  |  |
Weighted average shares outstanding — Basic | 52,723 |  |  | 48,803 |  |  | 45,224 |
Effect of dilutive securities (1) | 91 |  |  | 108 |  |  | 107 |
Weighted average shares outstanding — Diluted | 52,814 |  |  | 48,911 |  |  | 45,331 |

(1)Potentially dilutive securities include outstanding forward equity sale agreements and unvested restricted shares of common stock. See Note 1(m) for additional information.
(14)DEFINED CONTRIBUTION PLAN
EastGroup maintains a 401(k) plan for its employees. The Company makes matching contributions of 50% of the employee’s contribution (limited to 10% of compensation as defined by the plan) and may also make annual discretionary contributions. The Company’s total expense for this plan was $1,409,000, $1,317,000 and $1,246,000 for 2025, 2024 and 2023, respectively.
(15)LEGAL MATTERS
The Company is not presently involved in any material litigation nor, to its knowledge, is any material litigation threatened against the Company or its properties, other than routine litigation arising in the ordinary course of business.
(16)FAIR VALUE OF FINANCIAL INSTRUMENTS
ASC 820, Fair Value Measurement, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. The FASB Codification requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3).
70

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at December 31, 2025 and 2024.

| December 31,
2025 |  | 2024
Carrying Amount (1) |  | Fair Value |  | Carrying Amount (1) |  | Fair Value
(In thousands)
Financial Assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 1,007 |  |  | 1,007 |  |  | 17,529 |  |  | 17,529 |
Interest rate swap assets | 10,500 |  |  | 10,500 |  |  | 21,953 |  |  | 21,953 |
Financial Liabilities: |  |  |  |  |  |  |
Unsecured bank credit facilities — Variable rate (2) | 18,845 |  |  | 18,883 |  |  | — |  |  | — |
Unsecured debt (2) | 1,615,000 |  |  | 1,548,414 |  |  | 1,510,000 |  |  | 1,403,754 |
Interest rate swap liabilities | 2,143 |  |  | 2,143 |  |  | — |  |  | — |

(1)Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as indicated in the notes below.
(2)Carrying amounts and fair values shown in the table exclude debt issuance costs (see Notes 5 and 6 for additional information).
The following methods and assumptions were used to estimate the fair value of each class of financial instruments:
•Cash and cash equivalents: The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The carrying amounts approximate fair value due to the short maturity of those instruments.
•Interest rate swap assets (included in Other assets, net on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, SOFR swap curves, observable for substantially the full term of the contract (Level 2 input). See Note 12 for additional information on the Company’s interest rate swaps.
•Unsecured bank credit facilities: The fair value of the Company’s unsecured bank credit facilities is estimated by discounting expected cash flows at current market rates (Level 2 input), excluding the effects of debt issuance costs.
•Unsecured debt: The fair value of the Company’s unsecured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input), excluding the effects of debt issuance costs.
•Interest rate swap liabilities (included in Other liabilities on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, SOFR swap curves, observable for substantially the full term of the contract (Level 2 input). See Note 12 for additional information on the Company’s interest rate swaps.
71

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
| Land |  | Buildings and Improvements |  |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |
Real Estate Properties (c): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Industrial: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FLORIDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tampa |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Westport Commerce Center |  | $ | 980 |  |  | 3,800 |  |  | 4,827 |  |  | 980 |  |  | 8,627 |  |  | — |  |  | 9,607 |  |  | 6,383 |  |  | 1994 |  | 1983/87
Benjamin Distribution Center 1 & 2 |  | 843 |  |  | 3,963 |  |  | 2,565 |  |  | 883 |  |  | 6,488 |  |  | — |  |  | 7,371 |  |  | 5,058 |  |  | 1997 |  | 1996
Benjamin Distribution Center 3 |  | 407 |  |  | 1,503 |  |  | 874 |  |  | 407 |  |  | 2,377 |  |  | — |  |  | 2,784 |  |  | 1,986 |  |  | 1999 |  | 1988
Palm River Center |  | 1,190 |  |  | 4,625 |  |  | 4,608 |  |  | 1,190 |  |  | 9,233 |  |  | — |  |  | 10,423 |  |  | 6,816 |  |  | 1997/98 |  | 1990/97/98
Palm River North 1 & 3 |  | 1,005 |  |  | 4,688 |  |  | 4,984 |  |  | 1,005 |  |  | 9,672 |  |  | — |  |  | 10,677 |  |  | 6,239 |  |  | 1998 |  | 2000
Palm River North 2 |  | 634 |  |  | 4,418 |  |  | 1,953 |  |  | 634 |  |  | 6,371 |  |  | — |  |  | 7,005 |  |  | 4,152 |  |  | 1997/98 |  | 1999
Palm River South 1 |  | 655 |  |  | 3,187 |  |  | 1,409 |  |  | 655 |  |  | 4,596 |  |  | — |  |  | 5,251 |  |  | 2,783 |  |  | 2000 |  | 2005
Palm River South 2 |  | 655 |  |  | — |  |  | 5,441 |  |  | 655 |  |  | 5,441 |  |  | — |  |  | 6,096 |  |  | 3,412 |  |  | 2000 |  | 2006
Walden Distribution Center 1 |  | 337 |  |  | 3,318 |  |  | 2,242 |  |  | 337 |  |  | 5,560 |  |  | — |  |  | 5,897 |  |  | 3,550 |  |  | 1997/98 |  | 2001
Walden Distribution Center 2 |  | 465 |  |  | 3,738 |  |  | 1,804 |  |  | 465 |  |  | 5,542 |  |  | — |  |  | 6,007 |  |  | 4,121 |  |  | 1998 |  | 1998
Oak Creek Distribution Center 1 |  | 1,109 |  |  | 6,126 |  |  | 2,017 |  |  | 1,109 |  |  | 8,143 |  |  | — |  |  | 9,252 |  |  | 5,735 |  |  | 1998 |  | 1998
Oak Creek Distribution Center 2 |  | 647 |  |  | 3,603 |  |  | 2,398 |  |  | 647 |  |  | 6,001 |  |  | — |  |  | 6,648 |  |  | 4,026 |  |  | 2003 |  | 2001
Oak Creek Distribution Center 3 |  | 439 |  |  | — |  |  | 3,668 |  |  | 556 |  |  | 3,551 |  |  | — |  |  | 4,107 |  |  | 1,981 |  |  | 2005 |  | 2007
Oak Creek Distribution Center 4 |  | 682 |  |  | 6,472 |  |  | 1,324 |  |  | 682 |  |  | 7,796 |  |  | — |  |  | 8,478 |  |  | 4,616 |  |  | 2005 |  | 2001
Oak Creek Distribution Center 5 |  | 724 |  |  | — |  |  | 6,681 |  |  | 916 |  |  | 6,489 |  |  | — |  |  | 7,405 |  |  | 3,579 |  |  | 2005 |  | 2007
Oak Creek Distribution Center 6 |  | 642 |  |  | — |  |  | 6,314 |  |  | 812 |  |  | 6,144 |  |  | — |  |  | 6,956 |  |  | 3,361 |  |  | 2005 |  | 2008
Oak Creek Distribution Center 7 |  | 740 |  |  | — |  |  | 6,481 |  |  | 740 |  |  | 6,481 |  |  | — |  |  | 7,221 |  |  | 1,878 |  |  | 2005 |  | 2017
Oak Creek Distribution Center 8 |  | 843 |  |  | — |  |  | 6,501 |  |  | 1,051 |  |  | 6,293 |  |  | — |  |  | 7,344 |  |  | 1,992 |  |  | 2005 |  | 2015
Oak Creek Distribution Center 9 |  | 618 |  |  | — |  |  | 5,266 |  |  | 781 |  |  | 5,103 |  |  | — |  |  | 5,884 |  |  | 2,528 |  |  | 2005 |  | 2009
Oak Creek Distribution Center 10 |  | 106 |  |  | — |  |  | 1,905 |  |  | 352 |  |  | 1,659 |  |  | — |  |  | 2,011 |  |  | 22 |  |  | 2005 |  | n/a
Oak Creek Distribution Center A |  | 185 |  |  | — |  |  | 1,573 |  |  | 185 |  |  | 1,573 |  |  | — |  |  | 1,758 |  |  | 831 |  |  | 2005 |  | 2008
Oak Creek Distribution Center B |  | 227 |  |  | — |  |  | 1,682 |  |  | 227 |  |  | 1,682 |  |  | — |  |  | 1,909 |  |  | 875 |  |  | 2005 |  | 2008
Oak Creek Distribution Center C |  | 355 |  |  | — |  |  | 1,299 |  |  | 355 |  |  | 1,299 |  |  | — |  |  | 1,654 |  |  | 190 |  |  | 2005 |  | n/a
Airport Commerce Center |  | 1,257 |  |  | 4,012 |  |  | 1,607 |  |  | 1,257 |  |  | 5,619 |  |  | — |  |  | 6,876 |  |  | 3,817 |  |  | 1998 |  | 1998
Westlake Distribution Center |  | 1,333 |  |  | 6,998 |  |  | 3,093 |  |  | 1,333 |  |  | 10,091 |  |  | — |  |  | 11,424 |  |  | 7,656 |  |  | 1998 |  | 1998/99
Expressway Commerce Center 1 |  | 915 |  |  | 5,346 |  |  | 1,954 |  |  | 915 |  |  | 7,300 |  |  | — |  |  | 8,215 |  |  | 4,867 |  |  | 2002 |  | 2004

72

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Expressway Commerce Center 2 |  | 1,013 |  |  | 3,247 |  |  | 1,356 |  |  | 1,013 |  |  | 4,603 |  |  | — |  |  | 5,616 |  |  | 3,078 |  |  | 2003 |  | 2001
Silo Bend Distribution Center |  | 4,131 |  |  | 27,497 |  |  | 8,484 |  |  | 4,132 |  |  | 35,980 |  |  | — |  |  | 40,112 |  |  | 15,939 |  |  | 2011 |  | 1987/90
Tampa East Distribution Center |  | 791 |  |  | 4,758 |  |  | 1,239 |  |  | 791 |  |  | 5,997 |  |  | — |  |  | 6,788 |  |  | 2,793 |  |  | 2011 |  | 1984
Tampa West Distribution Center |  | 2,139 |  |  | 8,502 |  |  | 3,429 |  |  | 2,140 |  |  | 11,930 |  |  | — |  |  | 14,070 |  |  | 4,886 |  |  | 2011 |  | 1975/93/94
Madison Distribution Center |  | 495 |  |  | 2,779 |  |  | 630 |  |  | 495 |  |  | 3,409 |  |  | — |  |  | 3,904 |  |  | 1,580 |  |  | 2012 |  | 2007
Madison Distribution Center 2 & 3 |  | 624 |  |  | — |  |  | 7,402 |  |  | 624 |  |  | 7,402 |  |  | — |  |  | 8,026 |  |  | 2,562 |  |  | 2012 |  | 2015
Madison Distribution Center 4 & 5 |  | 565 |  |  | — |  |  | 8,633 |  |  | 565 |  |  | 8,633 |  |  | — |  |  | 9,198 |  |  | 2,924 |  |  | 2012 |  | 2016
Grand Oaks 75 Business Center 1 |  | 3,572 |  |  | 12,979 |  |  | 373 |  |  | 3,572 |  |  | 13,352 |  |  | — |  |  | 16,924 |  |  | 3,228 |  |  | 2019 |  | 2017
Grand Oaks 75 Business Center 2 |  | 2,589 |  |  | 10,226 |  |  | 2,393 |  |  | 2,589 |  |  | 12,619 |  |  | — |  |  | 15,208 |  |  | 2,594 |  |  | 2019 |  | 2019
Grand Oaks 75 Business Center 3 |  | 1,767 |  |  | — |  |  | 9,957 |  |  | 1,770 |  |  | 9,954 |  |  | — |  |  | 11,724 |  |  | 1,563 |  |  | 2019 |  | 2021
Grand Oaks 75 Business Center 4 |  | 2,334 |  |  | — |  |  | 17,094 |  |  | 2,338 |  |  | 17,090 |  |  | — |  |  | 19,428 |  |  | 3,073 |  |  | 2019 |  | 2022
Crossroads Logistics Park 1 |  | 3,758 |  |  | — |  |  | 15,592 |  |  | 3,758 |  |  | 15,592 |  |  | — |  |  | 19,350 |  |  | 258 |  |  | 2023 |  | 2025
Orlando |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Chancellor Center |  | 291 |  |  | 1,711 |  |  | 750 |  |  | 291 |  |  | 2,461 |  |  | — |  |  | 2,752 |  |  | 1,908 |  |  | 1996/97 |  | 1996/97
Exchange Distribution Center 1 |  | 603 |  |  | 2,414 |  |  | 3,814 |  |  | 603 |  |  | 6,228 |  |  | — |  |  | 6,831 |  |  | 4,542 |  |  | 1994 |  | 1975
Exchange Distribution Center 2 |  | 300 |  |  | 945 |  |  | 555 |  |  | 300 |  |  | 1,500 |  |  | — |  |  | 1,800 |  |  | 1,165 |  |  | 2002 |  | 1976
Exchange Distribution Center 3 |  | 320 |  |  | 997 |  |  | 554 |  |  | 320 |  |  | 1,551 |  |  | — |  |  | 1,871 |  |  | 1,158 |  |  | 2002 |  | 1980
Sunbelt Distribution Center |  | 1,472 |  |  | 5,745 |  |  | 8,537 |  |  | 1,472 |  |  | 14,282 |  |  | — |  |  | 15,754 |  |  | 11,320 |  |  | 1989/97/98 |  | 1974/87/97/98
John Young Commerce Center 1 |  | 497 |  |  | 2,444 |  |  | 2,039 |  |  | 497 |  |  | 4,483 |  |  | — |  |  | 4,980 |  |  | 3,356 |  |  | 1997/98 |  | 1997/98
John Young Commerce Center 2 |  | 512 |  |  | 3,613 |  |  | 875 |  |  | 512 |  |  | 4,488 |  |  | — |  |  | 5,000 |  |  | 3,463 |  |  | 1998 |  | 1999
Sunport Center 1 |  | 555 |  |  | 1,977 |  |  | 1,387 |  |  | 555 |  |  | 3,364 |  |  | — |  |  | 3,919 |  |  | 2,457 |  |  | 1999 |  | 1999
Sunport Center 2 |  | 597 |  |  | 3,271 |  |  | 2,313 |  |  | 597 |  |  | 5,584 |  |  | — |  |  | 6,181 |  |  | 4,502 |  |  | 1999 |  | 2001
Sunport Center 3 |  | 642 |  |  | 3,121 |  |  | 1,519 |  |  | 642 |  |  | 4,640 |  |  | — |  |  | 5,282 |  |  | 3,339 |  |  | 1999 |  | 2002
Sunport Center 4 |  | 642 |  |  | 2,917 |  |  | 2,554 |  |  | 642 |  |  | 5,471 |  |  | — |  |  | 6,113 |  |  | 4,007 |  |  | 1999 |  | 2004
Sunport Center 5 |  | 750 |  |  | 2,509 |  |  | 4,163 |  |  | 750 |  |  | 6,672 |  |  | — |  |  | 7,422 |  |  | 4,350 |  |  | 1999 |  | 2005
Sunport Center 6 |  | 672 |  |  | — |  |  | 3,821 |  |  | 672 |  |  | 3,821 |  |  | — |  |  | 4,493 |  |  | 2,247 |  |  | 1999 |  | 2006
Southridge Commerce Park 1 |  | 373 |  |  | — |  |  | 5,702 |  |  | 373 |  |  | 5,702 |  |  | — |  |  | 6,075 |  |  | 3,910 |  |  | 2003 |  | 2006
Southridge Commerce Park 2 |  | 342 |  |  | — |  |  | 5,180 |  |  | 342 |  |  | 5,180 |  |  | — |  |  | 5,522 |  |  | 3,142 |  |  | 2003 |  | 2007
Southridge Commerce Park 3 |  | 547 |  |  | — |  |  | 6,118 |  |  | 547 |  |  | 6,118 |  |  | — |  |  | 6,665 |  |  | 3,397 |  |  | 2003 |  | 2007
Southridge Commerce Park 4 |  | 506 |  |  | — |  |  | 5,168 |  |  | 506 |  |  | 5,168 |  |  | — |  |  | 5,674 |  |  | 2,989 |  |  | 2003 |  | 2006

73

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Southridge Commerce Park 5 |  | 382 |  |  | — |  |  | 5,382 |  |  | 382 |  |  | 5,382 |  |  | — |  |  | 5,764 |  |  | 3,112 |  |  | 2003 |  | 2006
Southridge Commerce Park 6 |  | 571 |  |  | — |  |  | 6,369 |  |  | 571 |  |  | 6,369 |  |  | — |  |  | 6,940 |  |  | 3,463 |  |  | 2003 |  | 2007
Southridge Commerce Park 7 |  | 520 |  |  | — |  |  | 7,124 |  |  | 520 |  |  | 7,124 |  |  | — |  |  | 7,644 |  |  | 3,901 |  |  | 2003 |  | 2008
Southridge Commerce Park 8 |  | 531 |  |  | — |  |  | 6,808 |  |  | 531 |  |  | 6,808 |  |  | — |  |  | 7,339 |  |  | 3,276 |  |  | 2003 |  | 2008
Southridge Commerce Park 9 |  | 468 |  |  | — |  |  | 6,524 |  |  | 468 |  |  | 6,524 |  |  | — |  |  | 6,992 |  |  | 3,115 |  |  | 2003 |  | 2012
Southridge Commerce Park 10 |  | 414 |  |  | — |  |  | 4,972 |  |  | 414 |  |  | 4,972 |  |  | — |  |  | 5,386 |  |  | 1,942 |  |  | 2003 |  | 2012
Southridge Commerce Park 11 |  | 513 |  |  | — |  |  | 6,008 |  |  | 513 |  |  | 6,008 |  |  | — |  |  | 6,521 |  |  | 2,467 |  |  | 2003 |  | 2012
Southridge Commerce Park 12 |  | 2,025 |  |  | — |  |  | 19,686 |  |  | 2,025 |  |  | 19,686 |  |  | — |  |  | 21,711 |  |  | 8,365 |  |  | 2005 |  | 2008
Horizon Commerce Park 1 |  | 991 |  |  | — |  |  | 7,020 |  |  | 991 |  |  | 7,020 |  |  | — |  |  | 8,011 |  |  | 2,706 |  |  | 2008 |  | 2014
Horizon Commerce Park 2 |  | 1,111 |  |  | — |  |  | 7,861 |  |  | 1,111 |  |  | 7,861 |  |  | — |  |  | 8,972 |  |  | 2,955 |  |  | 2008 |  | 2014
Horizon Commerce Park 3 |  | 991 |  |  | — |  |  | 6,695 |  |  | 991 |  |  | 6,695 |  |  | — |  |  | 7,686 |  |  | 2,110 |  |  | 2008 |  | 2016
Horizon Commerce Park 4 |  | 1,097 |  |  | — |  |  | 8,584 |  |  | 1,097 |  |  | 8,584 |  |  | — |  |  | 9,681 |  |  | 3,214 |  |  | 2008 |  | 2015
Horizon Commerce Park 5 |  | 1,108 |  |  | — |  |  | 8,654 |  |  | 1,108 |  |  | 8,654 |  |  | — |  |  | 9,762 |  |  | 2,616 |  |  | 2008 |  | 2017
Horizon Commerce Park 6 |  | 1,099 |  |  | — |  |  | 11,363 |  |  | 1,099 |  |  | 11,363 |  |  | — |  |  | 12,462 |  |  | 2,862 |  |  | 2008 |  | 2019
Horizon Commerce Park 7 |  | 962 |  |  | — |  |  | 8,248 |  |  | 962 |  |  | 8,248 |  |  | — |  |  | 9,210 |  |  | 2,629 |  |  | 2008 |  | 2017
Horizon Commerce Park 8 & 9 |  | 1,590 |  |  | — |  |  | 16,695 |  |  | 1,590 |  |  | 16,695 |  |  | — |  |  | 18,285 |  |  | 3,532 |  |  | 2008 |  | 2019
Horizon Commerce Park 10 |  | 846 |  |  | — |  |  | 6,731 |  |  | 846 |  |  | 6,731 |  |  | — |  |  | 7,577 |  |  | 1,586 |  |  | 2009 |  | 2018
Horizon Commerce Park 11 |  | 1,101 |  |  | — |  |  | 10,014 |  |  | 1,101 |  |  | 10,014 |  |  | — |  |  | 11,115 |  |  | 2,326 |  |  | 2009 |  | 2019
Horizon Commerce Park 12 |  | 1,416 |  |  | — |  |  | 10,776 |  |  | 1,416 |  |  | 10,776 |  |  | — |  |  | 12,192 |  |  | 3,094 |  |  | 2009 |  | 2017
Horizon West 1 |  | 1,326 |  |  | — |  |  | 11,082 |  |  | 1,326 |  |  | 11,082 |  |  | — |  |  | 12,408 |  |  | 936 |  |  | 2020 |  | 2023
Horizon West 2 & 3 |  | 2,895 |  |  | — |  |  | 16,033 |  |  | 2,895 |  |  | 16,033 |  |  | — |  |  | 18,928 |  |  | 2,627 |  |  | 2020 |  | 2021
Horizon West 4 |  | 4,047 |  |  | — |  |  | 23,993 |  |  | 4,047 |  |  | 23,993 |  |  | — |  |  | 28,040 |  |  | 2,228 |  |  | 2020 |  | 2022
Horizon West 5 |  | 1,165 |  |  | — |  |  | 9,367 |  |  | 1,165 |  |  | 9,367 |  |  | — |  |  | 10,532 |  |  | 19 |  |  | 2020 |  | 2024
Horizon West 6 |  | 1,188 |  |  | — |  |  | 11,133 |  |  | 1,188 |  |  | 11,133 |  |  | — |  |  | 12,321 |  |  | 588 |  |  | 2020 |  | 2024
Horizon West 10 |  | 4,904 |  |  | — |  |  | 37,607 |  |  | 4,905 |  |  | 37,606 |  |  | — |  |  | 42,511 |  |  | 2,352 |  |  | 2020 |  | 2023
MCO Logistics Center |  | 6,769 |  |  | — |  |  | 17,949 |  |  | 6,771 |  |  | 17,947 |  |  | — |  |  | 24,718 |  |  | 1,057 |  |  | 2022 |  | 2024
Jacksonville |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deerwood Distribution Center |  | 1,147 |  |  | 1,799 |  |  | 7,211 |  |  | 1,147 |  |  | 9,010 |  |  | — |  |  | 10,157 |  |  | 6,508 |  |  | 1989 |  | 1978
Phillips Distribution Center |  | 1,375 |  |  | 2,961 |  |  | 6,758 |  |  | 1,375 |  |  | 9,719 |  |  | — |  |  | 11,094 |  |  | 7,319 |  |  | 1994 |  | 1984/95
Lake Pointe Business Park |  | 3,442 |  |  | 6,450 |  |  | 13,839 |  |  | 3,442 |  |  | 20,289 |  |  | — |  |  | 23,731 |  |  | 16,456 |  |  | 1993 |  | 1986/87
Ellis Distribution Center |  | 540 |  |  | 7,513 |  |  | 5,069 |  |  | 540 |  |  | 12,582 |  |  | — |  |  | 13,122 |  |  | 8,042 |  |  | 1997 |  | 1977
Westside Distribution Center |  | 2,011 |  |  | 15,374 |  |  | 12,076 |  |  | 2,011 |  |  | 27,450 |  |  | — |  |  | 29,461 |  |  | 18,816 |  |  | 1997/2008 |  | 1984/85

74

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Beach Commerce Center |  | 476 |  |  | 1,899 |  |  | 1,173 |  |  | 476 |  |  | 3,072 |  |  | — |  |  | 3,548 |  |  | 2,190 |  |  | 2000 |  | 2000
Interstate Distribution Center |  | 1,879 |  |  | 5,700 |  |  | 2,859 |  |  | 1,879 |  |  | 8,559 |  |  | — |  |  | 10,438 |  |  | 5,971 |  |  | 2005 |  | 1990
Flagler Center |  | 7,317 |  |  | 14,912 |  |  | 3,387 |  |  | 7,317 |  |  | 18,299 |  |  | — |  |  | 25,616 |  |  | 5,341 |  |  | 2016 |  | 1997 & 2005
Ft. Lauderdale/Palm Beach area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Linpro Commerce Center |  | 613 |  |  | 2,243 |  |  | 4,494 |  |  | 616 |  |  | 6,734 |  |  | — |  |  | 7,350 |  |  | 5,878 |  |  | 1996 |  | 1986
Lockhart Distribution Center |  | — |  |  | 3,489 |  |  | 3,897 |  |  | — |  |  | 7,386 |  |  | 2,412 |  |  | 9,798 |  |  | 6,222 |  |  | 1997 |  | 1986
Interstate Commerce Center |  | 485 |  |  | 2,652 |  |  | 2,327 |  |  | 485 |  |  | 4,979 |  |  | — |  |  | 5,464 |  |  | 3,819 |  |  | 1998 |  | 1988
Executive Airport Distribution Ctr |  | 1,991 |  |  | 4,857 |  |  | 6,768 |  |  | 1,991 |  |  | 11,625 |  |  | — |  |  | 13,616 |  |  | 7,160 |  |  | 2001 |  | 2004/06
Sample 95 Business Park |  | 2,202 |  |  | 8,785 |  |  | 5,650 |  |  | 2,202 |  |  | 14,435 |  |  | — |  |  | 16,637 |  |  | 11,261 |  |  | 1996/98 |  | 1990/99
Blue Heron Distribution Center |  | 975 |  |  | 3,626 |  |  | 4,294 |  |  | 975 |  |  | 7,920 |  |  | — |  |  | 8,895 |  |  | 5,453 |  |  | 1999 |  | 1986
Blue Heron Distribution Center 2 |  | 1,385 |  |  | 4,222 |  |  | 2,642 |  |  | 1,385 |  |  | 6,864 |  |  | — |  |  | 8,249 |  |  | 4,341 |  |  | 2004 |  | 1988
Blue Heron Distribution Center 3 |  | 450 |  |  | — |  |  | 3,152 |  |  | 450 |  |  | 3,152 |  |  | — |  |  | 3,602 |  |  | 1,607 |  |  | 2004 |  | 2009
Weston Commerce Park |  | 4,163 |  |  | 9,951 |  |  | 2,130 |  |  | 4,163 |  |  | 12,081 |  |  | — |  |  | 16,244 |  |  | 3,279 |  |  | 2016 |  | 1998
Fort Myers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SunCoast Commerce Center 1 |  | 911 |  |  | — |  |  | 5,571 |  |  | 928 |  |  | 5,554 |  |  | — |  |  | 6,482 |  |  | 2,778 |  |  | 2005 |  | 2008
SunCoast Commerce Center 2 |  | 911 |  |  | — |  |  | 5,718 |  |  | 928 |  |  | 5,701 |  |  | — |  |  | 6,629 |  |  | 2,973 |  |  | 2005 |  | 2007
SunCoast Commerce Center 3 |  | 1,720 |  |  | — |  |  | 7,434 |  |  | 1,763 |  |  | 7,391 |  |  | — |  |  | 9,154 |  |  | 3,642 |  |  | 2006 |  | 2008
SunCoast Commerce Center 4 |  | 1,733 |  |  | — |  |  | 8,278 |  |  | 1,762 |  |  | 8,249 |  |  | — |  |  | 10,011 |  |  | 2,344 |  |  | 2006 |  | 2017
SunCoast Commerce Center 5 |  | 1,511 |  |  | — |  |  | 6,911 |  |  | 1,594 |  |  | 6,828 |  |  | — |  |  | 8,422 |  |  | 2,053 |  |  | 2006 |  | 2019
SunCoast Commerce Center 6 |  | 1,537 |  |  | — |  |  | 7,537 |  |  | 1,594 |  |  | 7,480 |  |  | — |  |  | 9,074 |  |  | 1,795 |  |  | 2006 |  | 2019
SunCoast Commerce Center 7 |  | 1,533 |  |  | — |  |  | 7,193 |  |  | 1,533 |  |  | 7,193 |  |  | — |  |  | 8,726 |  |  | 1,264 |  |  | 2006 |  | 2020
SunCoast Commerce Center 8 |  | 1,533 |  |  | — |  |  | 6,863 |  |  | 1,533 |  |  | 6,863 |  |  | — |  |  | 8,396 |  |  | 1,719 |  |  | 2006 |  | 2020
SunCoast Commerce Center 9 |  | 1,011 |  |  | — |  |  | 15,375 |  |  | 1,011 |  |  | 15,375 |  |  | — |  |  | 16,386 |  |  | 408 |  |  | 2020 |  | 2024
SunCoast Commerce Center 10 |  | 732 |  |  | — |  |  | 12,571 |  |  | 732 |  |  | 12,571 |  |  | — |  |  | 13,303 |  |  | 864 |  |  | 2020 |  | 2023
SunCoast Commerce Center 11 |  | 785 |  |  | — |  |  | 9,038 |  |  | 785 |  |  | 9,038 |  |  | — |  |  | 9,823 |  |  | 967 |  |  | 2020 |  | 2023
SunCoast Commerce Center 12 |  | 785 |  |  | — |  |  | 7,840 |  |  | 785 |  |  | 7,840 |  |  | — |  |  | 8,625 |  |  | 833 |  |  | 2020 |  | 2022
Miami |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gateway Commerce Park 1 |  | 5,746 |  |  | — |  |  | 18,012 |  |  | 5,746 |  |  | 18,012 |  |  | — |  |  | 23,758 |  |  | 5,189 |  |  | 2016 |  | 2018
Gateway Commerce Park 2 |  | 3,224 |  |  | — |  |  | 19,249 |  |  | 3,224 |  |  | 19,249 |  |  | — |  |  | 22,473 |  |  | 1,864 |  |  | 2016 |  | 2023
Gateway Commerce Park 3 |  | 5,491 |  |  | — |  |  | 13,133 |  |  | 3,176 |  |  | 15,448 |  |  | — |  |  | 18,624 |  |  | 1,750 |  |  | 2016 |  | 2022

75

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Gateway Commerce Park 4 |  | 4,711 |  |  | — |  |  | 19,727 |  |  | 4,711 |  |  | 19,727 |  |  | — |  |  | 24,438 |  |  | 3,122 |  |  | 2016 |  | 2020
Gateway Commerce Park 5 |  | 5,746 |  |  | — |  |  | 18,526 |  |  | 5,357 |  |  | 18,915 |  |  | — |  |  | 24,272 |  |  | 5,027 |  |  | 2016 |  | 2019
Gateway South Dade 1 & 2 |  | 6,700 |  |  | — |  |  | 27,811 |  |  | 6,700 |  |  | 27,811 |  |  | — |  |  | 34,511 |  |  | 384 |  |  | 2022 |  | 2024
CALIFORNIA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
San Francisco area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Wiegman Distribution Center 1 |  | 2,197 |  |  | 8,788 |  |  | 5,230 |  |  | 2,308 |  |  | 13,907 |  |  | — |  |  | 16,215 |  |  | 9,196 |  |  | 1996 |  | 1986/87
Wiegman Distribution Center 2 |  | 2,579 |  |  | 4,316 |  |  | 860 |  |  | 2,579 |  |  | 5,176 |  |  | — |  |  | 7,755 |  |  | 1,916 |  |  | 2012 |  | 1998
Huntwood Distribution Center |  | 3,842 |  |  | 15,368 |  |  | 5,215 |  |  | 3,842 |  |  | 20,583 |  |  | — |  |  | 24,425 |  |  | 15,560 |  |  | 1996 |  | 1988
San Clemente Distribution Center |  | 893 |  |  | 2,004 |  |  | 1,000 |  |  | 893 |  |  | 3,004 |  |  | — |  |  | 3,897 |  |  | 2,400 |  |  | 1997 |  | 1978
Yosemite Distribution Center |  | 259 |  |  | 7,058 |  |  | 3,462 |  |  | 731 |  |  | 10,048 |  |  | — |  |  | 10,779 |  |  | 6,718 |  |  | 1999 |  | 1974/87
6th Street Business Center |  | 1,438 |  |  | 9,513 |  |  | 105 |  |  | 1,438 |  |  | 9,618 |  |  | — |  |  | 11,056 |  |  | 941 |  |  | 2022 |  | 1966
Benicia Distribution Center 1 |  | 6,632 |  |  | 36,362 |  |  | 2,663 |  |  | 6,632 |  |  | 39,025 |  |  | — |  |  | 45,657 |  |  | 3,925 |  |  | 2022 |  | 2005
Benicia Distribution Center 2 |  | 7,027 |  |  | 36,679 |  |  | 3,529 |  |  | 7,027 |  |  | 40,208 |  |  | — |  |  | 47,235 |  |  | 4,054 |  |  | 2022 |  | 2001
Benicia Distribution Center 3 |  | 2,136 |  |  | 9,792 |  |  | 384 |  |  | 2,136 |  |  | 10,176 |  |  | — |  |  | 12,312 |  |  | 1,088 |  |  | 2022 |  | 1998
Benicia Distribution Center 4 |  | 3,191 |  |  | 12,993 |  |  | 1,065 |  |  | 3,191 |  |  | 14,058 |  |  | — |  |  | 17,249 |  |  | 1,523 |  |  | 2022 |  | 1979
Benicia Distribution Center 5 |  | 3,161 |  |  | 16,885 |  |  | 323 |  |  | 3,161 |  |  | 17,208 |  |  | — |  |  | 20,369 |  |  | 1,751 |  |  | 2022 |  | 2007
Preston Distribution Center |  | 7,261 |  |  | 33,833 |  |  | 1,736 |  |  | 7,261 |  |  | 35,569 |  |  | — |  |  | 42,830 |  |  | 3,796 |  |  | 2022 |  | 1998
Sinclair Distribution Center |  | 12,488 |  |  | 27,259 |  |  | 735 |  |  | 12,488 |  |  | 27,994 |  |  | — |  |  | 40,482 |  |  | 2,814 |  |  | 2022 |  | 1983
Transit Distribution Center |  | 21,317 |  |  | 10,635 |  |  | 1,221 |  |  | 21,317 |  |  | 11,856 |  |  | — |  |  | 33,173 |  |  | 1,342 |  |  | 2022 |  | 1971
Whipple Business Center |  | 17,984 |  |  | 15,344 |  |  | 1,466 |  |  | 17,984 |  |  | 16,810 |  |  | — |  |  | 34,794 |  |  | 1,951 |  |  | 2022 |  | 1986
Zephyr Distribution Center |  | 18,033 |  |  | 10,602 |  |  | 806 |  |  | 18,033 |  |  | 11,408 |  |  | — |  |  | 29,441 |  |  | 1,552 |  |  | 2022 |  | 1991
Los Angeles area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eucalyptus Distribution Center |  | 11,392 |  |  | 11,498 |  |  | 978 |  |  | 11,392 |  |  | 12,476 |  |  | — |  |  | 23,868 |  |  | 2,957 |  |  | 2018 |  | 1988
Kingsview Industrial Center |  | 643 |  |  | 2,573 |  |  | 1,456 |  |  | 643 |  |  | 4,029 |  |  | — |  |  | 4,672 |  |  | 2,869 |  |  | 1996 |  | 1980
Dominguez Distribution Center |  | 2,006 |  |  | 8,025 |  |  | 4,650 |  |  | 2,006 |  |  | 12,675 |  |  | — |  |  | 14,681 |  |  | 9,488 |  |  | 1996 |  | 1977
Main Street Distribution Center |  | 1,606 |  |  | 4,103 |  |  | 1,320 |  |  | 1,606 |  |  | 5,423 |  |  | — |  |  | 7,029 |  |  | 3,975 |  |  | 1999 |  | 1999
Walnut Business Center |  | 2,885 |  |  | 5,274 |  |  | 3,732 |  |  | 2,885 |  |  | 9,006 |  |  | — |  |  | 11,891 |  |  | 6,919 |  |  | 1996 |  | 1966/90
Washington Distribution Center |  | 1,636 |  |  | 4,900 |  |  | 1,612 |  |  | 1,636 |  |  | 6,512 |  |  | — |  |  | 8,148 |  |  | 4,457 |  |  | 1997 |  | 1996/97
Chino Distribution Center |  | 2,544 |  |  | 10,175 |  |  | 2,151 |  |  | 2,544 |  |  | 12,326 |  |  | — |  |  | 14,870 |  |  | 11,139 |  |  | 1998 |  | 1980
Ramona Distribution Center |  | 3,761 |  |  | 5,751 |  |  | 1,008 |  |  | 3,761 |  |  | 6,759 |  |  | — |  |  | 10,520 |  |  | 1,850 |  |  | 2014 |  | 1984

76

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Industry Distribution Center 1 |  | 10,230 |  |  | 12,373 |  |  | 4,015 |  |  | 8,881 |  |  | 17,737 |  |  | — |  |  | 26,618 |  |  | 13,744 |  |  | 1998 |  | 1959
Industry Distribution Center 3 |  | — |  |  | 3,012 |  |  | 1,209 |  |  | 1,349 |  |  | 2,872 |  |  | — |  |  | 4,221 |  |  | 2,866 |  |  | 2007 |  | 1992
Chestnut Business Center |  | 1,674 |  |  | 3,465 |  |  | 1,523 |  |  | 1,674 |  |  | 4,988 |  |  | — |  |  | 6,662 |  |  | 3,014 |  |  | 1998 |  | 1999
Rancho Distribution Center |  | 16,180 |  |  | 11,140 |  |  | 828 |  |  | 16,180 |  |  | 11,968 |  |  | — |  |  | 28,148 |  |  | 2,039 |  |  | 2020 |  | 2006
Fresno |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shaw Commerce Center |  | 2,465 |  |  | 11,627 |  |  | 13,760 |  |  | 2,465 |  |  | 25,387 |  |  | — |  |  | 27,852 |  |  | 16,743 |  |  | 1998 |  | 1978/81/87
San Diego |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Eastlake Distribution Center |  | 3,046 |  |  | 6,888 |  |  | 3,935 |  |  | 3,046 |  |  | 10,823 |  |  | — |  |  | 13,869 |  |  | 7,434 |  |  | 1997 |  | 1989
Miramar |  | 13,980 |  |  | — |  |  | 29 |  |  | 13,981 |  |  | 28 |  |  | — |  |  | 14,009 |  |  | 7 |  |  | 2019 |  | n/a
Ocean View Corporate Center |  | 6,577 |  |  | 7,105 |  |  | 2,090 |  |  | 6,577 |  |  | 9,195 |  |  | — |  |  | 15,772 |  |  | 5,110 |  |  | 2010 |  | 2005
Rocky Point Distribution Center 1 |  | 8,857 |  |  | 13,388 |  |  | 349 |  |  | 8,857 |  |  | 13,737 |  |  | — |  |  | 22,594 |  |  | 3,309 |  |  | 2019 |  | 2019
Rocky Point Distribution Center 2 |  | 7,623 |  |  | 11,614 |  |  | 1,628 |  |  | 7,623 |  |  | 13,242 |  |  | — |  |  | 20,865 |  |  | 2,461 |  |  | 2019 |  | 2019
Siempre Viva Distribution Center 1 |  | 4,628 |  |  | 9,211 |  |  | 469 |  |  | 4,628 |  |  | 9,680 |  |  | — |  |  | 14,308 |  |  | 2,032 |  |  | 2018 |  | 2003
Siempre Viva Distribution Center 2 |  | 2,868 |  |  | 5,694 |  |  | 1,144 |  |  | 2,877 |  |  | 6,829 |  |  | — |  |  | 9,706 |  |  | 1,077 |  |  | 2019 |  | 2002
Siempre Viva Distribution Center 3-6 |  | 31,815 |  |  | 100,861 |  |  | 739 |  |  | 31,815 |  |  | 101,600 |  |  | — |  |  | 133,415 |  |  | 13,035 |  |  | 2021 |  | 2001-2003
Speed Distribution Center |  | 15,282 |  |  | — |  |  | 57,130 |  |  | 15,114 |  |  | 57,298 |  |  | — |  |  | 72,412 |  |  | 6,163 |  |  | 2019 |  | 2022
Sacramento |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cebrian Distribution Center |  | 2,360 |  |  | 13,488 |  |  | 659 |  |  | 2,360 |  |  | 14,147 |  |  | — |  |  | 16,507 |  |  | 1,750 |  |  | 2022 |  | 1975
Reed Distribution Center |  | 5,887 |  |  | 28,195 |  |  | 1,500 |  |  | 5,887 |  |  | 29,695 |  |  | — |  |  | 35,582 |  |  | 3,289 |  |  | 2022 |  | 1990
TENNESSEE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Nashville |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Park at Myatt |  | 2,463 |  |  | 27,813 |  |  | 2,049 |  |  | 2,463 |  |  | 29,862 |  |  | — |  |  | 32,325 |  |  | 2,424 |  |  | 2023 |  | 2022
TEXAS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Dallas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allen Station 1 & 2 |  | 5,815 |  |  | 17,612 |  |  | 2,559 |  |  | 5,815 |  |  | 20,171 |  |  | — |  |  | 25,986 |  |  | 6,477 |  |  | 2018 |  | 2001
Interstate Warehouse 1 & 2 |  | 1,746 |  |  | 4,941 |  |  | 5,156 |  |  | 1,746 |  |  | 10,097 |  |  | — |  |  | 11,843 |  |  | 8,634 |  |  | 1988 |  | 1978
Interstate Warehouse 3 |  | 519 |  |  | 2,008 |  |  | 1,997 |  |  | 519 |  |  | 4,005 |  |  | — |  |  | 4,524 |  |  | 3,043 |  |  | 2000 |  | 1979
Interstate Warehouse 4 |  | 416 |  |  | 2,481 |  |  | 955 |  |  | 416 |  |  | 3,436 |  |  | — |  |  | 3,852 |  |  | 2,393 |  |  | 2004 |  | 2002
Interstate Warehouse 5, 6 & 7 |  | 1,824 |  |  | 4,106 |  |  | 2,999 |  |  | 1,824 |  |  | 7,105 |  |  | — |  |  | 8,929 |  |  | 5,067 |  |  | 2009 |  | 1979/80/81
LakePort 1-3 |  | 2,984 |  |  | — |  |  | 22,689 |  |  | 2,984 |  |  | 22,689 |  |  | — |  |  | 25,673 |  |  | 5,317 |  |  | 2018 |  | 2020
LakePort 4 & 5 |  | 2,716 |  |  | — |  |  | 21,610 |  |  | 2,716 |  |  | 21,610 |  |  | — |  |  | 24,326 |  |  | 2,495 |  |  | 2018 |  | 2023

77

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Logistics Center 6 & 7 |  | — |  |  | 12,605 |  |  | 3,260 |  |  | — |  |  | 15,865 |  |  | 1,279 |  |  | 17,144 |  |  | 4,088 |  |  | 2019 |  | 2018
Venture Warehouses |  | 1,452 |  |  | 3,762 |  |  | 3,353 |  |  | 1,452 |  |  | 7,115 |  |  | — |  |  | 8,567 |  |  | 6,554 |  |  | 1988 |  | 1979
ParkView Commerce Center 1-3 |  | 2,663 |  |  | — |  |  | 19,261 |  |  | 2,663 |  |  | 19,261 |  |  | — |  |  | 21,924 |  |  | 6,815 |  |  | 2014 |  | 2015
Shady Trail Distribution Center |  | 635 |  |  | 3,621 |  |  | 1,609 |  |  | 635 |  |  | 5,230 |  |  | — |  |  | 5,865 |  |  | 3,644 |  |  | 2003 |  | 1998
Valwood Distribution Center |  | 4,361 |  |  | 34,405 |  |  | 6,579 |  |  | 4,361 |  |  | 40,984 |  |  | — |  |  | 45,345 |  |  | 18,178 |  |  | 2012 |  | 1986/87/97/98
Northfield Distribution Center |  | 12,470 |  |  | 50,713 |  |  | 11,777 |  |  | 12,471 |  |  | 62,489 |  |  | — |  |  | 74,960 |  |  | 27,947 |  |  | 2013 |  | 1999-2001/03/04/08
CreekView 1 & 2 |  | 3,275 |  |  | — |  |  | 15,075 |  |  | 3,275 |  |  | 15,075 |  |  | — |  |  | 18,350 |  |  | 5,299 |  |  | 2015 |  | 2017
CreekView 3 & 4 |  | 2,600 |  |  | — |  |  | 13,906 |  |  | 2,600 |  |  | 13,906 |  |  | — |  |  | 16,506 |  |  | 4,695 |  |  | 2015 |  | 2018
CreekView 5 & 6 |  | 2,682 |  |  | — |  |  | 13,403 |  |  | 2,681 |  |  | 13,404 |  |  | — |  |  | 16,085 |  |  | 3,986 |  |  | 2016 |  | 2020
CreekView 7 & 8 |  | 2,640 |  |  | — |  |  | 15,737 |  |  | 2,640 |  |  | 15,737 |  |  | — |  |  | 18,377 |  |  | 3,340 |  |  | 2016 |  | 2020
CreekView 9 & 10 |  | 3,985 |  |  | — |  |  | 12,389 |  |  | 3,987 |  |  | 12,387 |  |  | — |  |  | 16,374 |  |  | 1,481 |  |  | 2020 |  | 2022
The Rock at Star Business Park |  | 5,296 |  |  | 27,223 |  |  | 324 |  |  | 5,296 |  |  | 27,547 |  |  | — |  |  | 32,843 |  |  | 7,690 |  |  | 2020 |  | 2019
DFW Global Logistics Centre 1-4 |  | — |  |  | 86,564 |  |  | 2,368 |  |  | — |  |  | 88,932 |  |  | 9,474 |  |  | 98,406 |  |  | 13,236 |  |  | 2021 |  | 2014/15
DFW Global Logistics Centre 5-8 |  | — |  |  | 75,259 |  |  | 771 |  |  | — |  |  | 76,030 |  |  | 9,790 |  |  | 85,820 |  |  | 3,024 |  |  | 2024 |  | 2017/20
McKinney 1 & 2 |  | 3,419 |  |  | — |  |  | 24,136 |  |  | 3,419 |  |  | 24,136 |  |  | — |  |  | 27,555 |  |  | 1,599 |  |  | 2020 |  | 2023
McKinney 3 & 4 |  | 4,228 |  |  | — |  |  | 22,729 |  |  | 4,228 |  |  | 22,729 |  |  | — |  |  | 26,957 |  |  | 3,138 |  |  | 2020 |  | 2022
McKinney Logistics Center |  | 6,899 |  |  | 18,216 |  |  | 73 |  |  | 6,899 |  |  | 18,289 |  |  | — |  |  | 25,188 |  |  | 1,788 |  |  | 2023 |  | 2022
McKinney Airport Trade Center |  | 15,565 |  |  | 44,502 |  |  | 3 |  |  | 15,565 |  |  | 44,505 |  |  | — |  |  | 60,070 |  |  | 494 |  |  | 2025 |  | 2023
Fort Worth |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Arlington Tech Centre 1 & 2 |  | 2,510 |  |  | 10,096 |  |  | 3,711 |  |  | 2,515 |  |  | 13,802 |  |  | — |  |  | 16,317 |  |  | 3,202 |  |  | 2019 |  | 2019
Arlington Tech Centre 3 |  | 1,725 |  |  | — |  |  | 8,408 |  |  | 1,725 |  |  | 8,408 |  |  | — |  |  | 10,133 |  |  | 746 |  |  | 2020 |  | 2023
Basswood 1 & 2 |  | 4,086 |  |  | — |  |  | 20,431 |  |  | 4,087 |  |  | 20,430 |  |  | — |  |  | 24,517 |  |  | 3,109 |  |  | 2019 |  | 2022
Basswood 3-5 |  | 5,671 |  |  | — |  |  | 44,347 |  |  | 5,672 |  |  | 44,346 |  |  | — |  |  | 50,018 |  |  | 1,911 |  |  | 2019 |  | 2024
Parc North 1-4 |  | 4,615 |  |  | 26,358 |  |  | 10,179 |  |  | 4,615 |  |  | 36,537 |  |  | — |  |  | 41,152 |  |  | 11,623 |  |  | 2016 |  | 2016
Parc North 5 |  | 1,286 |  |  | — |  |  | 8,339 |  |  | 1,286 |  |  | 8,339 |  |  | — |  |  | 9,625 |  |  | 2,317 |  |  | 2016 |  | 2019
Parc North 6 |  | 1,233 |  |  | — |  |  | 9,776 |  |  | 1,233 |  |  | 9,776 |  |  | — |  |  | 11,009 |  |  | 2,687 |  |  | 2016 |  | 2019
Houston |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
World Houston Int’l Business Ctr 1 & 2 |  | 660 |  |  | 5,893 |  |  | 3,458 |  |  | 660 |  |  | 9,351 |  |  | — |  |  | 10,011 |  |  | 6,521 |  |  | 1998 |  | 1996
World Houston Int’l Business Ctr 3 & 4 |  | 820 |  |  | 5,130 |  |  | 1,353 |  |  | 707 |  |  | 6,596 |  |  | — |  |  | 7,303 |  |  | 4,695 |  |  | 1998 |  | 1998
World Houston Int’l Business Ctr 6 |  | 425 |  |  | 2,423 |  |  | 1,076 |  |  | 425 |  |  | 3,499 |  |  | — |  |  | 3,924 |  |  | 2,489 |  |  | 1998 |  | 1998

78

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
World Houston Int’l Business Ctr 7 & 8 |  | 680 |  |  | 4,584 |  |  | 6,256 |  |  | 680 |  |  | 10,840 |  |  | — |  |  | 11,520 |  |  | 7,967 |  |  | 1998 |  | 1998
World Houston Int’l Business Ctr 9 |  | 800 |  |  | 4,355 |  |  | 3,069 |  |  | 800 |  |  | 7,424 |  |  | — |  |  | 8,224 |  |  | 4,818 |  |  | 1998 |  | 1998
World Houston Int’l Business Ctr 10 |  | 933 |  |  | 4,779 |  |  | 1,252 |  |  | 933 |  |  | 6,031 |  |  | — |  |  | 6,964 |  |  | 3,935 |  |  | 2001 |  | 1999
World Houston Int’l Business Ctr 11 |  | 638 |  |  | 3,764 |  |  | 1,832 |  |  | 638 |  |  | 5,596 |  |  | — |  |  | 6,234 |  |  | 4,011 |  |  | 1999 |  | 1999
World Houston Int’l Business Ctr 12 |  | 340 |  |  | 2,419 |  |  | 969 |  |  | 340 |  |  | 3,388 |  |  | — |  |  | 3,728 |  |  | 2,162 |  |  | 2000 |  | 2002
World Houston Int’l Business Ctr 13 |  | 282 |  |  | 2,569 |  |  | 1,150 |  |  | 282 |  |  | 3,719 |  |  | — |  |  | 4,001 |  |  | 2,746 |  |  | 2000 |  | 2002
World Houston Int’l Business Ctr 14 |  | 722 |  |  | 2,629 |  |  | 1,796 |  |  | 722 |  |  | 4,425 |  |  | — |  |  | 5,147 |  |  | 3,234 |  |  | 2000 |  | 2003
World Houston Int’l Business Ctr 15 |  | 249 |  |  | — |  |  | 2,888 |  |  | 249 |  |  | 2,888 |  |  | — |  |  | 3,137 |  |  | 1,874 |  |  | 2000 |  | 2007
World Houston Int’l Business Ctr 16 |  | 519 |  |  | 4,248 |  |  | 2,575 |  |  | 519 |  |  | 6,823 |  |  | — |  |  | 7,342 |  |  | 4,469 |  |  | 2000 |  | 2005
World Houston Int’l Business Ctr 17 |  | 373 |  |  | 1,945 |  |  | 1,072 |  |  | 373 |  |  | 3,017 |  |  | — |  |  | 3,390 |  |  | 1,889 |  |  | 2000 |  | 2004
World Houston Int’l Business Ctr 19 |  | 373 |  |  | 2,256 |  |  | 1,711 |  |  | 373 |  |  | 3,967 |  |  | — |  |  | 4,340 |  |  | 2,653 |  |  | 2000 |  | 2004
World Houston Int’l Business Ctr 20 |  | 1,008 |  |  | 1,948 |  |  | 2,277 |  |  | 1,008 |  |  | 4,225 |  |  | — |  |  | 5,233 |  |  | 3,292 |  |  | 2000 |  | 2004
World Houston Int’l Business Ctr 21 |  | 436 |  |  | — |  |  | 4,243 |  |  | 436 |  |  | 4,243 |  |  | — |  |  | 4,679 |  |  | 2,663 |  |  | 2000/03 |  | 2006
World Houston Int’l Business Ctr 22 |  | 436 |  |  | — |  |  | 4,671 |  |  | 436 |  |  | 4,671 |  |  | — |  |  | 5,107 |  |  | 2,917 |  |  | 2000 |  | 2007
World Houston Int’l Business Ctr 24 |  | 837 |  |  | — |  |  | 6,831 |  |  | 838 |  |  | 6,830 |  |  | — |  |  | 7,668 |  |  | 4,002 |  |  | 2005 |  | 2008
World Houston Int’l Business Ctr 25 |  | 508 |  |  | — |  |  | 4,656 |  |  | 508 |  |  | 4,656 |  |  | — |  |  | 5,164 |  |  | 2,730 |  |  | 2005 |  | 2008
World Houston Int’l Business Ctr 26 |  | 445 |  |  | — |  |  | 3,541 |  |  | 445 |  |  | 3,541 |  |  | — |  |  | 3,986 |  |  | 1,788 |  |  | 2005 |  | 2008
World Houston Int’l Business Ctr 27 |  | 837 |  |  | — |  |  | 5,797 |  |  | 838 |  |  | 5,796 |  |  | — |  |  | 6,634 |  |  | 3,416 |  |  | 2005 |  | 2008
World Houston Int’l Business Ctr 28 |  | 550 |  |  | — |  |  | 4,836 |  |  | 550 |  |  | 4,836 |  |  | — |  |  | 5,386 |  |  | 2,911 |  |  | 2005 |  | 2009
World Houston Int’l Business Ctr 29 |  | 782 |  |  | — |  |  | 4,212 |  |  | 974 |  |  | 4,020 |  |  | — |  |  | 4,994 |  |  | 2,069 |  |  | 2007 |  | 2009
World Houston Int’l Business Ctr 30 |  | 981 |  |  | — |  |  | 6,543 |  |  | 1,222 |  |  | 6,302 |  |  | — |  |  | 7,524 |  |  | 3,422 |  |  | 2007 |  | 2009
World Houston Int’l Business Ctr 31 |  | 684 |  |  | — |  |  | 4,843 |  |  | 684 |  |  | 4,843 |  |  | — |  |  | 5,527 |  |  | 2,567 |  |  | 2008 |  | 2011
World Houston Int’l Business Ctr 31B |  | 546 |  |  | — |  |  | 3,781 |  |  | 546 |  |  | 3,781 |  |  | — |  |  | 4,327 |  |  | 1,942 |  |  | 2008 |  | 2012
World Houston Int’l Business Ctr 32 |  | 1,225 |  |  | — |  |  | 5,734 |  |  | 1,526 |  |  | 5,433 |  |  | — |  |  | 6,959 |  |  | 2,508 |  |  | 2007 |  | 2012
World Houston Int’l Business Ctr 33 |  | 1,166 |  |  | — |  |  | 8,285 |  |  | 1,166 |  |  | 8,285 |  |  | — |  |  | 9,451 |  |  | 3,512 |  |  | 2011 |  | 2013
World Houston Int’l Business Ctr 34 |  | 439 |  |  | — |  |  | 3,589 |  |  | 439 |  |  | 3,589 |  |  | — |  |  | 4,028 |  |  | 1,483 |  |  | 2005 |  | 2012
World Houston Int’l Business Ctr 35 |  | 340 |  |  | — |  |  | 2,585 |  |  | 340 |  |  | 2,585 |  |  | — |  |  | 2,925 |  |  | 996 |  |  | 2005 |  | 2012
World Houston Int’l Business Ctr 36 |  | 684 |  |  | — |  |  | 5,106 |  |  | 684 |  |  | 5,106 |  |  | — |  |  | 5,790 |  |  | 2,291 |  |  | 2011 |  | 2013
World Houston Int’l Business Ctr 37 |  | 759 |  |  | — |  |  | 7,074 |  |  | 759 |  |  | 7,074 |  |  | — |  |  | 7,833 |  |  | 3,039 |  |  | 2011 |  | 2013
World Houston Int’l Business Ctr 38 |  | 1,053 |  |  | — |  |  | 7,961 |  |  | 1,053 |  |  | 7,961 |  |  | — |  |  | 9,014 |  |  | 3,574 |  |  | 2011 |  | 2013

79

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
World Houston Int’l Business Ctr 39 |  | 620 |  |  | — |  |  | 5,482 |  |  | 621 |  |  | 5,481 |  |  | — |  |  | 6,102 |  |  | 1,934 |  |  | 2011 |  | 2014
World Houston Int’l Business Ctr 40 |  | 1,072 |  |  | — |  |  | 9,359 |  |  | 1,072 |  |  | 9,359 |  |  | — |  |  | 10,431 |  |  | 3,426 |  |  | 2011 |  | 2014
World Houston Int’l Business Ctr 41 |  | 649 |  |  | — |  |  | 6,151 |  |  | 649 |  |  | 6,151 |  |  | — |  |  | 6,800 |  |  | 2,306 |  |  | 2011 |  | 2014
World Houston Int’l Business Ctr 42 |  | 571 |  |  | — |  |  | 4,884 |  |  | 571 |  |  | 4,884 |  |  | — |  |  | 5,455 |  |  | 1,570 |  |  | 2011 |  | 2015
World Houston Int’l Business Ctr 43 |  | 443 |  |  | — |  |  | 6,189 |  |  | 443 |  |  | 6,189 |  |  | — |  |  | 6,632 |  |  | 1,594 |  |  | 2011 |  | 2019
World Houston Int’l Business Ctr 44 |  | 653 |  |  | — |  |  | 8,561 |  |  | 653 |  |  | 8,561 |  |  | — |  |  | 9,214 |  |  | 1,809 |  |  | 2011 |  | 2020
World Houston Int’l Business Ctr 45 |  | 3,243 |  |  | — |  |  | 13,745 |  |  | 3,243 |  |  | 13,745 |  |  | — |  |  | 16,988 |  |  | 2,932 |  |  | 2015 |  | 2019
World Houston Int'l Business Ctr 47 |  | 2,798 |  |  | — |  |  | 14,438 |  |  | 2,798 |  |  | 14,438 |  |  | — |  |  | 17,236 |  |  | 1,439 |  |  | 2015 |  | 2022
Glenmont Business Park |  | 936 |  |  | 6,161 |  |  | 3,832 |  |  | 937 |  |  | 9,992 |  |  | — |  |  | 10,929 |  |  | 7,402 |  |  | 1998 |  | 1999/2000
Beltway Crossing Business Park 1 |  | 458 |  |  | 5,712 |  |  | 3,512 |  |  | 458 |  |  | 9,224 |  |  | — |  |  | 9,682 |  |  | 6,699 |  |  | 2002 |  | 2001
Beltway Crossing Business Park 2 |  | 415 |  |  | — |  |  | 3,339 |  |  | 415 |  |  | 3,339 |  |  | — |  |  | 3,754 |  |  | 2,016 |  |  | 2005 |  | 2007
Beltway Crossing Business Park 3 |  | 460 |  |  | — |  |  | 3,775 |  |  | 460 |  |  | 3,775 |  |  | — |  |  | 4,235 |  |  | 2,111 |  |  | 2005 |  | 2008
Beltway Crossing Business Park 4 |  | 460 |  |  | — |  |  | 3,430 |  |  | 460 |  |  | 3,430 |  |  | — |  |  | 3,890 |  |  | 2,094 |  |  | 2005 |  | 2008
Beltway Crossing Business Park 5 |  | 701 |  |  | — |  |  | 5,508 |  |  | 701 |  |  | 5,508 |  |  | — |  |  | 6,209 |  |  | 3,299 |  |  | 2005 |  | 2008
Beltway Crossing Business Park 6 |  | 618 |  |  | — |  |  | 6,580 |  |  | 618 |  |  | 6,580 |  |  | — |  |  | 7,198 |  |  | 3,378 |  |  | 2005 |  | 2008
Beltway Crossing Business Park 7 |  | 765 |  |  | — |  |  | 6,662 |  |  | 765 |  |  | 6,662 |  |  | — |  |  | 7,427 |  |  | 3,584 |  |  | 2005 |  | 2009
Beltway Crossing Business Park 8 |  | 721 |  |  | — |  |  | 5,931 |  |  | 721 |  |  | 5,931 |  |  | — |  |  | 6,652 |  |  | 3,232 |  |  | 2005 |  | 2011
Beltway Crossing Business Park 9 |  | 418 |  |  | — |  |  | 2,152 |  |  | 418 |  |  | 2,152 |  |  | — |  |  | 2,570 |  |  | 917 |  |  | 2007 |  | 2012
Beltway Crossing Business Park 10 |  | 733 |  |  | — |  |  | 4,146 |  |  | 733 |  |  | 4,146 |  |  | — |  |  | 4,879 |  |  | 1,755 |  |  | 2007 |  | 2012
Beltway Crossing Business Park 11 |  | 690 |  |  | — |  |  | 4,605 |  |  | 690 |  |  | 4,605 |  |  | — |  |  | 5,295 |  |  | 1,876 |  |  | 2007 |  | 2013
West Road Business Park 1 |  | 621 |  |  | — |  |  | 4,336 |  |  | 541 |  |  | 4,416 |  |  | — |  |  | 4,957 |  |  | 1,797 |  |  | 2012 |  | 2014
West Road Business Park 2 |  | 981 |  |  | — |  |  | 4,969 |  |  | 854 |  |  | 5,096 |  |  | — |  |  | 5,950 |  |  | 1,924 |  |  | 2012 |  | 2014
West Road Business Park 3 |  | 597 |  |  | — |  |  | 4,391 |  |  | 520 |  |  | 4,468 |  |  | — |  |  | 4,988 |  |  | 1,478 |  |  | 2012 |  | 2015
West Road Business Park 4 |  | 621 |  |  | — |  |  | 4,833 |  |  | 541 |  |  | 4,913 |  |  | — |  |  | 5,454 |  |  | 1,867 |  |  | 2012 |  | 2015
West Road Business Park 5 |  | 484 |  |  | — |  |  | 4,512 |  |  | 421 |  |  | 4,575 |  |  | — |  |  | 4,996 |  |  | 1,596 |  |  | 2012 |  | 2018
Ten West Crossing 1 |  | 566 |  |  | — |  |  | 3,144 |  |  | 566 |  |  | 3,144 |  |  | — |  |  | 3,710 |  |  | 1,414 |  |  | 2012 |  | 2013
Ten West Crossing 2 |  | 829 |  |  | — |  |  | 4,705 |  |  | 833 |  |  | 4,701 |  |  | — |  |  | 5,534 |  |  | 2,297 |  |  | 2012 |  | 2013
Ten West Crossing 3 |  | 609 |  |  | — |  |  | 4,564 |  |  | 613 |  |  | 4,560 |  |  | — |  |  | 5,173 |  |  | 2,027 |  |  | 2012 |  | 2013
Ten West Crossing 4 |  | 694 |  |  | — |  |  | 4,648 |  |  | 699 |  |  | 4,643 |  |  | — |  |  | 5,342 |  |  | 1,957 |  |  | 2012 |  | 2014
Ten West Crossing 5 |  | 933 |  |  | — |  |  | 6,345 |  |  | 940 |  |  | 6,338 |  |  | — |  |  | 7,278 |  |  | 2,485 |  |  | 2012 |  | 2014

80

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Ten West Crossing 6 |  | 640 |  |  | — |  |  | 4,750 |  |  | 644 |  |  | 4,746 |  |  | — |  |  | 5,390 |  |  | 1,978 |  |  | 2012 |  | 2014
Ten West Crossing 7 |  | 584 |  |  | — |  |  | 5,545 |  |  | 589 |  |  | 5,540 |  |  | — |  |  | 6,129 |  |  | 2,351 |  |  | 2012 |  | 2015
Ten West Crossing 8 |  | 1,126 |  |  | — |  |  | 9,550 |  |  | 1,135 |  |  | 9,541 |  |  | — |  |  | 10,676 |  |  | 2,919 |  |  | 2012 |  | 2019
Northwest Crossing 1-3 |  | 5,665 |  |  | — |  |  | 20,466 |  |  | 5,665 |  |  | 20,466 |  |  | — |  |  | 26,131 |  |  | 4,374 |  |  | 2019 |  | 2020
Grand West Crossing 1 |  | 2,733 |  |  | — |  |  | 10,978 |  |  | 2,726 |  |  | 10,985 |  |  | — |  |  | 13,711 |  |  | 1,041 |  |  | 2019 |  | 2022
Cypress Preserve 1 & 2 |  | 9,952 |  |  | 43,457 |  |  | 1,993 |  |  | 9,952 |  |  | 45,450 |  |  | — |  |  | 55,402 |  |  | 5,668 |  |  | 2022 |  | 2019
Springwood Business Park 1 & 2 |  | 6,208 |  |  | — |  |  | 28,556 |  |  | 6,214 |  |  | 28,550 |  |  | — |  |  | 34,764 |  |  | 1,589 |  |  | 2021 |  | 2023
El Paso |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Butterfield Trail |  | — |  |  | 20,725 |  |  | 11,062 |  |  | — |  |  | 31,787 |  |  | 2,276 |  |  | 34,063 |  |  | 25,645 |  |  | 1997/2000 |  | 1987/95
Rojas Commerce Park |  | 900 |  |  | 3,659 |  |  | 5,245 |  |  | 900 |  |  | 8,904 |  |  | — |  |  | 9,804 |  |  | 6,402 |  |  | 1999 |  | 1986
Americas Ten Business Center 1 |  | 526 |  |  | 2,778 |  |  | 1,709 |  |  | 526 |  |  | 4,487 |  |  | — |  |  | 5,013 |  |  | 3,097 |  |  | 2001 |  | 2003
Americas Ten Business Center 2 |  | 2,516 |  |  | — |  |  | 11,847 |  |  | 2,518 |  |  | 11,845 |  |  | — |  |  | 14,363 |  |  | 1,479 |  |  | 2020 |  | 2022
San Antonio |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Alamo Downs Distribution Center |  | 1,342 |  |  | 6,338 |  |  | 5,349 |  |  | 1,342 |  |  | 11,687 |  |  | — |  |  | 13,029 |  |  | 7,049 |  |  | 2004 |  | 1986/2002
Arion Business Park 1-13, 15 |  | 4,143 |  |  | 31,432 |  |  | 12,482 |  |  | 4,143 |  |  | 43,914 |  |  | — |  |  | 48,057 |  |  | 28,264 |  |  | 2005 |  | 1988-2000/06
Arion Business Park 14 |  | 423 |  |  | — |  |  | 3,996 |  |  | 423 |  |  | 3,996 |  |  | — |  |  | 4,419 |  |  | 2,580 |  |  | 2005 |  | 2006
Arion Business Park 16 |  | 427 |  |  | — |  |  | 3,924 |  |  | 427 |  |  | 3,924 |  |  | — |  |  | 4,351 |  |  | 2,224 |  |  | 2005 |  | 2007
Arion Business Park 17 |  | 616 |  |  | — |  |  | 4,622 |  |  | 616 |  |  | 4,622 |  |  | — |  |  | 5,238 |  |  | 3,238 |  |  | 2005 |  | 2007
Arion Business Park 18 |  | 418 |  |  | — |  |  | 2,596 |  |  | 418 |  |  | 2,596 |  |  | — |  |  | 3,014 |  |  | 1,529 |  |  | 2005 |  | 2008
Wetmore Business Center 1-4 |  | 1,494 |  |  | 10,804 |  |  | 5,091 |  |  | 1,494 |  |  | 15,895 |  |  | — |  |  | 17,389 |  |  | 10,589 |  |  | 2005 |  | 1998/99
Wetmore Business Center 5 |  | 412 |  |  | — |  |  | 4,153 |  |  | 412 |  |  | 4,153 |  |  | — |  |  | 4,565 |  |  | 2,543 |  |  | 2006 |  | 2008
Wetmore Business Center 6 |  | 505 |  |  | — |  |  | 4,784 |  |  | 505 |  |  | 4,784 |  |  | — |  |  | 5,289 |  |  | 2,538 |  |  | 2006 |  | 2008
Wetmore Business Center 7 |  | 546 |  |  | — |  |  | 5,466 |  |  | 546 |  |  | 5,466 |  |  | — |  |  | 6,012 |  |  | 3,354 |  |  | 2006 |  | 2008
Wetmore Business Center 8 |  | 1,056 |  |  | — |  |  | 9,346 |  |  | 1,056 |  |  | 9,346 |  |  | — |  |  | 10,402 |  |  | 4,872 |  |  | 2006 |  | 2008
Fairgrounds Business Park |  | 1,644 |  |  | 8,209 |  |  | 3,226 |  |  | 1,644 |  |  | 11,435 |  |  | — |  |  | 13,079 |  |  | 7,358 |  |  | 2007 |  | 1985/86
Rittiman Distribution Center |  | 1,083 |  |  | 6,649 |  |  | 2,059 |  |  | 1,083 |  |  | 8,708 |  |  | — |  |  | 9,791 |  |  | 3,323 |  |  | 2011 |  | 2000
Thousand Oaks Distribution Center 1 |  | 607 |  |  | — |  |  | 5,792 |  |  | 607 |  |  | 5,792 |  |  | — |  |  | 6,399 |  |  | 3,004 |  |  | 2008 |  | 2012
Thousand Oaks Distribution Center 2 |  | 794 |  |  | — |  |  | 4,918 |  |  | 794 |  |  | 4,918 |  |  | — |  |  | 5,712 |  |  | 2,205 |  |  | 2008 |  | 2012
Thousand Oaks Distribution Center 3 |  | 772 |  |  | — |  |  | 4,721 |  |  | 772 |  |  | 4,721 |  |  | — |  |  | 5,493 |  |  | 2,131 |  |  | 2008 |  | 2013
Thousand Oaks Distribution Center 4 |  | 753 |  |  | — |  |  | 5,962 |  |  | 753 |  |  | 5,962 |  |  | — |  |  | 6,715 |  |  | 2,061 |  |  | 2013 |  | 2015
Alamo Ridge Business Park 1 |  | 623 |  |  | — |  |  | 8,815 |  |  | 623 |  |  | 8,815 |  |  | — |  |  | 9,438 |  |  | 3,902 |  |  | 2007 |  | 2015

81

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Alamo Ridge Business Park 2 |  | 402 |  |  | — |  |  | 5,432 |  |  | 402 |  |  | 5,432 |  |  | — |  |  | 5,834 |  |  | 2,274 |  |  | 2007 |  | 2015
Alamo Ridge Business Park 3 |  | 907 |  |  | — |  |  | 10,207 |  |  | 907 |  |  | 10,207 |  |  | — |  |  | 11,114 |  |  | 3,249 |  |  | 2007 |  | 2017
Alamo Ridge Business Park 4 |  | 354 |  |  | — |  |  | 7,900 |  |  | 355 |  |  | 7,899 |  |  | — |  |  | 8,254 |  |  | 3,170 |  |  | 2007 |  | 2017
Eisenhauer Point Business Park 1 & 2 |  | 1,881 |  |  | — |  |  | 15,458 |  |  | 1,881 |  |  | 15,458 |  |  | — |  |  | 17,339 |  |  | 5,774 |  |  | 2015 |  | 2016
Eisenhauer Point Business Park 3 |  | 577 |  |  | — |  |  | 6,541 |  |  | 577 |  |  | 6,541 |  |  | — |  |  | 7,118 |  |  | 2,273 |  |  | 2015 |  | 2017
Eisenhauer Point Business Park 4 |  | 555 |  |  | — |  |  | 4,959 |  |  | 555 |  |  | 4,959 |  |  | — |  |  | 5,514 |  |  | 1,573 |  |  | 2015 |  | 2017
Eisenhauer Point Business Park 5 |  | 818 |  |  | — |  |  | 7,383 |  |  | 818 |  |  | 7,383 |  |  | — |  |  | 8,201 |  |  | 2,203 |  |  | 2015 |  | 2018
Eisenhauer Point Business Park 6 |  | 569 |  |  | — |  |  | 4,910 |  |  | 569 |  |  | 4,910 |  |  | — |  |  | 5,479 |  |  | 1,181 |  |  | 2015 |  | 2018
Eisenhauer Point Business Park 7 & 8 |  | 1,000 |  |  | — |  |  | 22,792 |  |  | 2,593 |  |  | 21,199 |  |  | — |  |  | 23,792 |  |  | 5,755 |  |  | 2016 |  | 2019
Eisenhauer Point Business Park 9 |  | 632 |  |  | — |  |  | 5,753 |  |  | 632 |  |  | 5,753 |  |  | — |  |  | 6,385 |  |  | 1,286 |  |  | 2016 |  | 2019
Eisenhauer Point Business Park 10-12 |  | 4,894 |  |  | — |  |  | 23,748 |  |  | 4,894 |  |  | 23,748 |  |  | — |  |  | 28,642 |  |  | 1,015 |  |  | 2022 |  | 2024
Tri-County Crossing 1 & 2 |  | 1,623 |  |  | — |  |  | 15,245 |  |  | 1,623 |  |  | 15,245 |  |  | — |  |  | 16,868 |  |  | 4,838 |  |  | 2017 |  | 2019
Tri-County Crossing 3 & 4 |  | 1,733 |  |  | — |  |  | 14,742 |  |  | 1,733 |  |  | 14,742 |  |  | — |  |  | 16,475 |  |  | 3,950 |  |  | 2017 |  | 2020
Tri-County Crossing 5 |  | 871 |  |  | — |  |  | 10,401 |  |  | 871 |  |  | 10,401 |  |  | — |  |  | 11,272 |  |  | 1,703 |  |  | 2017 |  | 2022
Tri-County Crossing 6 |  | 1,033 |  |  | — |  |  | 9,642 |  |  | 1,033 |  |  | 9,642 |  |  | — |  |  | 10,675 |  |  | 1,644 |  |  | 2017 |  | 2022
Ridgeview 1 & 2 |  | 2,004 |  |  | — |  |  | 18,924 |  |  | 2,004 |  |  | 18,924 |  |  | — |  |  | 20,928 |  |  | 4,674 |  |  | 2018 |  | 2020
Ridgeview 3 |  | 839 |  |  | — |  |  | 8,564 |  |  | 839 |  |  | 8,564 |  |  | — |  |  | 9,403 |  |  | 1,087 |  |  | 2018 |  | 2022
Northeast Trade Center 1 |  | 2,412 |  |  | — |  |  | 26,402 |  |  | 2,412 |  |  | 26,402 |  |  | — |  |  | 28,814 |  |  | 741 |  |  | 2023 |  | 2025
Austin |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
45 Crossing |  | 10,028 |  |  | — |  |  | 15,813 |  |  | 10,028 |  |  | 15,813 |  |  | — |  |  | 25,841 |  |  | 1,827 |  |  | 2021 |  | 2022
Colorado Crossing Distribution Center |  | 4,602 |  |  | 19,757 |  |  | 2,134 |  |  | 4,594 |  |  | 21,899 |  |  | — |  |  | 26,493 |  |  | 10,128 |  |  | 2014 |  | 2009
Greenhill Distribution Center |  | 802 |  |  | 3,273 |  |  | 983 |  |  | 802 |  |  | 4,256 |  |  | — |  |  | 5,058 |  |  | 993 |  |  | 2018 |  | 1999
Settlers Crossing 1 |  | 1,211 |  |  | — |  |  | 8,729 |  |  | 1,211 |  |  | 8,729 |  |  | — |  |  | 9,940 |  |  | 2,784 |  |  | 2017 |  | 2019
Settlers Crossing 2 |  | 1,306 |  |  | — |  |  | 8,107 |  |  | 1,306 |  |  | 8,107 |  |  | — |  |  | 9,413 |  |  | 2,522 |  |  | 2017 |  | 2019
Settlers Crossing 3 & 4 |  | 2,774 |  |  | — |  |  | 18,810 |  |  | 2,774 |  |  | 18,810 |  |  | — |  |  | 21,584 |  |  | 4,238 |  |  | 2017 |  | 2020
Southpark Corporate Center 3 & 4 |  | 2,670 |  |  | 14,756 |  |  | 2,476 |  |  | 2,670 |  |  | 17,232 |  |  | — |  |  | 19,902 |  |  | 6,334 |  |  | 2015 |  | 1995
Southpark Corporate Center 5-7 |  | 1,301 |  |  | 7,589 |  |  | 2,038 |  |  | 1,301 |  |  | 9,627 |  |  | — |  |  | 10,928 |  |  | 2,957 |  |  | 2017 |  | 1995
Springdale Business Center |  | 2,824 |  |  | 8,398 |  |  | 2,550 |  |  | 2,824 |  |  | 10,948 |  |  | — |  |  | 13,772 |  |  | 4,047 |  |  | 2015 |  | 2000
Wells Point One |  | 907 |  |  | 4,904 |  |  | 1,184 |  |  | 907 |  |  | 6,088 |  |  | — |  |  | 6,995 |  |  | 1,892 |  |  | 2020 |  | 2001
Hays Commerce Center 3 & 4 |  | 6,527 |  |  | 28,846 |  |  | 43 |  |  | 6,527 |  |  | 28,889 |  |  | — |  |  | 35,416 |  |  | 1,552 |  |  | 2024 |  | 2022

82

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Stonefield 35 1-3 |  | 6,031 |  |  | — |  |  | 32,717 |  |  | 5,985 |  |  | 32,763 |  |  | — |  |  | 38,748 |  |  | 2,011 |  |  | 2021 |  | 2023
ARIZONA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Phoenix area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Broadway Industrial Park 1 |  | 837 |  |  | 3,349 |  |  | 3,480 |  |  | 837 |  |  | 6,829 |  |  | — |  |  | 7,666 |  |  | 5,203 |  |  | 1996 |  | 1971
Broadway Industrial Park 2 |  | 455 |  |  | 482 |  |  | 450 |  |  | 455 |  |  | 932 |  |  | — |  |  | 1,387 |  |  | 720 |  |  | 1999 |  | 1971
Broadway Industrial Park 3 |  | 775 |  |  | 1,742 |  |  | 1,136 |  |  | 775 |  |  | 2,878 |  |  | — |  |  | 3,653 |  |  | 2,145 |  |  | 2000 |  | 1983
Broadway Industrial Park 4 |  | 380 |  |  | 1,652 |  |  | 1,968 |  |  | 380 |  |  | 3,620 |  |  | — |  |  | 4,000 |  |  | 2,185 |  |  | 2000 |  | 1986
Broadway Industrial Park 5 |  | 353 |  |  | 1,090 |  |  | 906 |  |  | 353 |  |  | 1,996 |  |  | — |  |  | 2,349 |  |  | 1,471 |  |  | 2002 |  | 1980
Broadway Industrial Park 6 |  | 599 |  |  | 1,855 |  |  | 1,600 |  |  | 599 |  |  | 3,455 |  |  | — |  |  | 4,054 |  |  | 2,350 |  |  | 2002 |  | 1979
Broadway Industrial Park 7 |  | 450 |  |  | 650 |  |  | 399 |  |  | 450 |  |  | 1,049 |  |  | — |  |  | 1,499 |  |  | 522 |  |  | 2011 |  | 1999
Kyrene Distribution Center |  | 1,490 |  |  | 4,453 |  |  | 3,173 |  |  | 1,490 |  |  | 7,626 |  |  | — |  |  | 9,116 |  |  | 5,504 |  |  | 1999 |  | 1981/2001
Falcon Field Business Center |  | 1,312 |  |  | — |  |  | 8,138 |  |  | 1,312 |  |  | 8,138 |  |  | — |  |  | 9,450 |  |  | 2,526 |  |  | 2015 |  | 2018
Southpark Distribution Center |  | 918 |  |  | 2,738 |  |  | 2,370 |  |  | 918 |  |  | 5,108 |  |  | — |  |  | 6,026 |  |  | 3,554 |  |  | 2001 |  | 2000
Southpark Distribution Center 2 |  | 1,785 |  |  | 6,882 |  |  | 1,697 |  |  | 1,785 |  |  | 8,579 |  |  | — |  |  | 10,364 |  |  | 1,234 |  |  | 2021 |  | 1995
Santan 10 Distribution Center 1 |  | 846 |  |  | 2,647 |  |  | 792 |  |  | 846 |  |  | 3,439 |  |  | — |  |  | 4,285 |  |  | 2,238 |  |  | 2001 |  | 2005
Santan 10 Distribution Center 2 |  | 1,088 |  |  | — |  |  | 5,582 |  |  | 1,088 |  |  | 5,582 |  |  | — |  |  | 6,670 |  |  | 3,413 |  |  | 2004 |  | 2007
Chandler Freeways |  | 1,525 |  |  | — |  |  | 7,693 |  |  | 1,525 |  |  | 7,693 |  |  | — |  |  | 9,218 |  |  | 3,005 |  |  | 2012 |  | 2013
Kyrene 202 Business Park 1 |  | 653 |  |  | — |  |  | 5,919 |  |  | 653 |  |  | 5,919 |  |  | — |  |  | 6,572 |  |  | 2,189 |  |  | 2011 |  | 2014
Kyrene 202 Business Park 2 |  | 387 |  |  | — |  |  | 3,484 |  |  | 387 |  |  | 3,484 |  |  | — |  |  | 3,871 |  |  | 1,338 |  |  | 2011 |  | 2014
Kyrene 202 Business Park 3, 4 & 5 |  | 1,244 |  |  | — |  |  | 12,414 |  |  | 1,244 |  |  | 12,414 |  |  | — |  |  | 13,658 |  |  | 3,451 |  |  | 2011 |  | 2018
Kyrene 202 Business Park 6 |  | 936 |  |  | — |  |  | 8,557 |  |  | 936 |  |  | 8,557 |  |  | — |  |  | 9,493 |  |  | 3,095 |  |  | 2011 |  | 2015
51st Avenue Distribution Center |  | 300 |  |  | 2,029 |  |  | 1,872 |  |  | 300 |  |  | 3,901 |  |  | — |  |  | 4,201 |  |  | 2,815 |  |  | 1998 |  | 1987
East University Distribution Center 1 & 2 |  | 1,120 |  |  | 4,482 |  |  | 2,425 |  |  | 1,120 |  |  | 6,907 |  |  | — |  |  | 8,027 |  |  | 6,123 |  |  | 1998 |  | 1987/89
East University Distribution Center 3 |  | 444 |  |  | 698 |  |  | 650 |  |  | 444 |  |  | 1,348 |  |  | — |  |  | 1,792 |  |  | 868 |  |  | 2010 |  | 1981
55th Avenue Distribution Center |  | 912 |  |  | 3,717 |  |  | 2,449 |  |  | 917 |  |  | 6,161 |  |  | — |  |  | 7,078 |  |  | 5,082 |  |  | 1998 |  | 1987
Interstate Commons Distribution Center 1 |  | 311 |  |  | 1,416 |  |  | 1,310 |  |  | 311 |  |  | 2,726 |  |  | — |  |  | 3,037 |  |  | 2,095 |  |  | 1999 |  | 1988
Interstate Commons Distribution Center 2 |  | 2,298 |  |  | 7,088 |  |  | 3,296 |  |  | 2,298 |  |  | 10,384 |  |  | — |  |  | 12,682 |  |  | 2,233 |  |  | 2019 |  | 1988/2001
Interstate Commons Distribution Center 3 |  | 242 |  |  | — |  |  | 3,329 |  |  | 242 |  |  | 3,329 |  |  | — |  |  | 3,571 |  |  | 1,783 |  |  | 2000 |  | 2008
Airport Commons Distribution Center |  | 1,000 |  |  | 1,510 |  |  | 2,364 |  |  | 1,000 |  |  | 3,874 |  |  | — |  |  | 4,874 |  |  | 2,684 |  |  | 2003 |  | 1971
40th Avenue Distribution Center |  | 703 |  |  | — |  |  | 6,711 |  |  | 703 |  |  | 6,711 |  |  | — |  |  | 7,414 |  |  | 3,420 |  |  | 2004 |  | 2008
Sky Harbor Business Park |  | 5,839 |  |  | — |  |  | 24,508 |  |  | 5,839 |  |  | 24,508 |  |  | — |  |  | 30,347 |  |  | 12,233 |  |  | 2006 |  | 2008

83

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Sky Harbor Business Park 6 |  | 807 |  |  | — |  |  | 2,181 |  |  | 807 |  |  | 2,181 |  |  | — |  |  | 2,988 |  |  | 707 |  |  | 2014 |  | 2015
Ten Sky Harbor Business Center |  | 1,568 |  |  | — |  |  | 5,236 |  |  | 1,569 |  |  | 5,235 |  |  | — |  |  | 6,804 |  |  | 1,999 |  |  | 2015 |  | 2016
Gilbert Crossroads A & B |  | 2,825 |  |  | — |  |  | 14,176 |  |  | 2,825 |  |  | 14,176 |  |  | — |  |  | 17,001 |  |  | 3,580 |  |  | 2018 |  | 2020
Gilbert Crossroads C & D |  | 3,602 |  |  | — |  |  | 21,173 |  |  | 3,602 |  |  | 21,173 |  |  | — |  |  | 24,775 |  |  | 5,343 |  |  | 2018 |  | 2021
Mesa Gateway Commerce Center |  | 3,514 |  |  | 14,801 |  |  | 3,765 |  |  | 3,514 |  |  | 18,566 |  |  | — |  |  | 22,080 |  |  | 1,834 |  |  | 2022 |  | 2022
Akimel Gateway |  | — |  |  | 82,906 |  |  | 116 |  |  | — |  |  | 83,022 |  |  | 9,745 |  |  | 92,767 |  |  | 4,565 |  |  | 2024 |  | 2022
Tucson |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Country Club Commerce Center 1 |  | 506 |  |  | 3,564 |  |  | 4,704 |  |  | 693 |  |  | 8,081 |  |  | — |  |  | 8,774 |  |  | 5,432 |  |  | 1997/2003 |  | 1994/2003
Country Club Commerce Center 2 |  | 442 |  |  | 3,381 |  |  | 1,473 |  |  | 709 |  |  | 4,587 |  |  | — |  |  | 5,296 |  |  | 2,302 |  |  | 2007 |  | 2000
Country Club Commerce Center 3 & 4 |  | 1,407 |  |  | — |  |  | 14,035 |  |  | 1,575 |  |  | 13,867 |  |  | — |  |  | 15,442 |  |  | 7,026 |  |  | 2007 |  | 2009
Country Club Commerce Center 5 |  | 2,885 |  |  | — |  |  | 21,848 |  |  | 2,886 |  |  | 21,847 |  |  | — |  |  | 24,733 |  |  | 5,288 |  |  | 2016 |  | 2018
Airport Distribution Center |  | 1,403 |  |  | 4,672 |  |  | 3,309 |  |  | 1,403 |  |  | 7,981 |  |  | — |  |  | 9,384 |  |  | 5,249 |  |  | 1998/2000 |  | 1995
Benan Distribution Center |  | 707 |  |  | 1,842 |  |  | 1,180 |  |  | 707 |  |  | 3,022 |  |  | — |  |  | 3,729 |  |  | 1,913 |  |  | 2005 |  | 2001
NORTH CAROLINA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Charlotte area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NorthPark Business Park |  | 2,758 |  |  | 15,932 |  |  | 6,836 |  |  | 2,758 |  |  | 22,768 |  |  | — |  |  | 25,526 |  |  | 14,505 |  |  | 2006 |  | 1987-89
Lindbergh Business Park |  | 470 |  |  | 3,401 |  |  | 1,307 |  |  | 470 |  |  | 4,708 |  |  | — |  |  | 5,178 |  |  | 2,785 |  |  | 2007 |  | 2001/03
Commerce Park Center 1 |  | 765 |  |  | 4,303 |  |  | 1,152 |  |  | 765 |  |  | 5,455 |  |  | — |  |  | 6,220 |  |  | 3,276 |  |  | 2007 |  | 1983
Commerce Park Center 2 |  | 335 |  |  | 1,603 |  |  | 637 |  |  | 335 |  |  | 2,240 |  |  | — |  |  | 2,575 |  |  | 1,234 |  |  | 2010 |  | 1987
Commerce Park Center 3 |  | 558 |  |  | 2,225 |  |  | 1,624 |  |  | 558 |  |  | 3,849 |  |  | — |  |  | 4,407 |  |  | 2,077 |  |  | 2010 |  | 1981
Nations Ford Business Park |  | 3,924 |  |  | 16,171 |  |  | 7,501 |  |  | 3,924 |  |  | 23,672 |  |  | — |  |  | 27,596 |  |  | 14,726 |  |  | 2007 |  | 1989/94
Airport Commerce Center |  | 1,454 |  |  | 10,136 |  |  | 3,486 |  |  | 1,454 |  |  | 13,622 |  |  | — |  |  | 15,076 |  |  | 7,625 |  |  | 2008 |  | 2001/02
Airport Commerce Center 3 |  | 855 |  |  | — |  |  | 8,306 |  |  | 855 |  |  | 8,306 |  |  | — |  |  | 9,161 |  |  | 2,486 |  |  | 2008 |  | 2019
Interchange Park 1 |  | 986 |  |  | 7,949 |  |  | 798 |  |  | 986 |  |  | 8,747 |  |  | — |  |  | 9,733 |  |  | 4,541 |  |  | 2008 |  | 1989
Interchange Park 2 |  | 746 |  |  | 1,456 |  |  | 420 |  |  | 746 |  |  | 1,876 |  |  | — |  |  | 2,622 |  |  | 883 |  |  | 2013 |  | 2000
Ridge Creek Distribution Center 1 |  | 1,284 |  |  | 13,163 |  |  | 1,387 |  |  | 1,284 |  |  | 14,550 |  |  | — |  |  | 15,834 |  |  | 7,154 |  |  | 2008 |  | 2006
Ridge Creek Distribution Center 2 |  | 3,033 |  |  | 11,497 |  |  | 3,040 |  |  | 3,033 |  |  | 14,537 |  |  | — |  |  | 17,570 |  |  | 6,356 |  |  | 2011 |  | 2003
Ridge Creek Distribution Center 3 |  | 2,459 |  |  | 11,147 |  |  | 733 |  |  | 2,459 |  |  | 11,880 |  |  | — |  |  | 14,339 |  |  | 4,079 |  |  | 2014 |  | 2013
Lakeview Business Center |  | 1,392 |  |  | 5,068 |  |  | 1,730 |  |  | 1,392 |  |  | 6,798 |  |  | — |  |  | 8,190 |  |  | 3,105 |  |  | 2011 |  | 1996
Steele Creek 1 |  | 993 |  |  | — |  |  | 4,435 |  |  | 1,010 |  |  | 4,418 |  |  | — |  |  | 5,428 |  |  | 1,989 |  |  | 2013 |  | 2014

84

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Steele Creek 2 |  | 941 |  |  | — |  |  | 5,053 |  |  | 957 |  |  | 5,037 |  |  | — |  |  | 5,994 |  |  | 2,177 |  |  | 2013 |  | 2014
Steele Creek 3 |  | 1,464 |  |  | — |  |  | 7,389 |  |  | 1,469 |  |  | 7,384 |  |  | — |  |  | 8,853 |  |  | 2,889 |  |  | 2013 |  | 2014
Steele Creek 4 |  | 684 |  |  | — |  |  | 4,273 |  |  | 687 |  |  | 4,270 |  |  | — |  |  | 4,957 |  |  | 1,669 |  |  | 2013 |  | 2015
Steele Creek 5 |  | 610 |  |  | — |  |  | 5,370 |  |  | 631 |  |  | 5,349 |  |  | — |  |  | 5,980 |  |  | 1,299 |  |  | 2013/14/15 |  | 2019
Steele Creek 6 |  | 867 |  |  | — |  |  | 7,684 |  |  | 919 |  |  | 7,632 |  |  | — |  |  | 8,551 |  |  | 2,406 |  |  | 2013/14 |  | 2016
Steele Creek 7 |  | 1,207 |  |  | — |  |  | 8,477 |  |  | 1,253 |  |  | 8,431 |  |  | — |  |  | 9,684 |  |  | 2,440 |  |  | 2013/14/15 |  | 2017
Steele Creek 8 |  | 544 |  |  | — |  |  | 7,834 |  |  | 673 |  |  | 7,705 |  |  | — |  |  | 8,378 |  |  | 867 |  |  | 2016/17 |  | 2022
Steele Creek 9 |  | 949 |  |  | — |  |  | 10,432 |  |  | 1,090 |  |  | 10,291 |  |  | — |  |  | 11,381 |  |  | 2,828 |  |  | 2016 |  | 2019
Steele Creek 10 |  | 1,221 |  |  | — |  |  | 10,423 |  |  | 1,509 |  |  | 10,135 |  |  | — |  |  | 11,644 |  |  | 1,533 |  |  | 2016 |  | 2021
Steele Creek 11 & 12 |  | 1,866 |  |  | — |  |  | 25,111 |  |  | 1,866 |  |  | 25,111 |  |  | — |  |  | 26,977 |  |  | 2,377 |  |  | 2016/17 |  | 2023
Waterford Distribution Center |  | 654 |  |  | 3,392 |  |  | 967 |  |  | 654 |  |  | 4,359 |  |  | — |  |  | 5,013 |  |  | 2,382 |  |  | 2008 |  | 2000
Raleigh |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
147 Exchange |  | 9,396 |  |  | 40,532 |  |  | 38 |  |  | 9,396 |  |  | 40,570 |  |  | — |  |  | 49,966 |  |  | 2,234 |  |  | 2024 |  | 2023
LifeScience Logistics Center |  | 7,844 |  |  | 37,291 |  |  | — |  |  | 7,844 |  |  | 37,291 |  |  | — |  |  | 45,135 |  |  | 569 |  |  | 2025 |  | 2024
Lumley Logistics Center |  | 2,030 |  |  | 12,935 |  |  | 10 |  |  | 2,030 |  |  | 12,945 |  |  | — |  |  | 14,975 |  |  | 200 |  |  | 2025 |  | 2023
SOUTH CAROLINA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Greenville |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
385 Business Park |  | 1,308 |  |  | 10,822 |  |  | 529 |  |  | 1,308 |  |  | 11,351 |  |  | — |  |  | 12,659 |  |  | 2,920 |  |  | 2019 |  | 2019
Access Point 1 |  | 884 |  |  | 9,606 |  |  | 3,031 |  |  | 893 |  |  | 12,628 |  |  | — |  |  | 13,521 |  |  | 2,821 |  |  | 2021 |  | 2021
Access Point 2 |  | 1,010 |  |  | 9,604 |  |  | 1,729 |  |  | 1,012 |  |  | 11,331 |  |  | — |  |  | 12,343 |  |  | 1,550 |  |  | 2021 |  | 2021
Access Point 3 |  | 1,335 |  |  | 19,339 |  |  | 4,311 |  |  | 1,335 |  |  | 23,650 |  |  | — |  |  | 24,985 |  |  | 2,752 |  |  | 2022 |  | 2022
Pelzer Point Commerce Center 1 |  | 1,308 |  |  | 19,433 |  |  | 3,480 |  |  | 1,308 |  |  | 22,913 |  |  | — |  |  | 24,221 |  |  | 1,491 |  |  | 2023 |  | 2021
Hillside 1 |  | 498 |  |  | — |  |  | 12,748 |  |  | 499 |  |  | 12,747 |  |  | — |  |  | 13,246 |  |  | 972 |  |  | 2021 |  | 2023
GEORGIA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Atlanta |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shiloh 400 Business Center 1 & 2 |  | 3,092 |  |  | 14,216 |  |  | 3,636 |  |  | 3,064 |  |  | 17,880 |  |  | — |  |  | 20,944 |  |  | 5,740 |  |  | 2017 |  | 2008
Broadmoor Commerce Park 1 |  | 1,307 |  |  | 3,560 |  |  | 1,730 |  |  | 1,307 |  |  | 5,290 |  |  | — |  |  | 6,597 |  |  | 1,858 |  |  | 2017 |  | 1999
Broadmoor Commerce Park 2 |  | 519 |  |  | — |  |  | 7,430 |  |  | 519 |  |  | 7,430 |  |  | — |  |  | 7,949 |  |  | 2,075 |  |  | 2017 |  | 2018
Hurricane Shoals 1 & 2 |  | 4,284 |  |  | 12,449 |  |  | 4,452 |  |  | 4,284 |  |  | 16,901 |  |  | — |  |  | 21,185 |  |  | 5,561 |  |  | 2017 |  | 2017
Hurricane Shoals 3 |  | 497 |  |  | — |  |  | 9,817 |  |  | 619 |  |  | 9,695 |  |  | — |  |  | 10,314 |  |  | 1,723 |  |  | 2017 |  | 2020

85

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Progress Center 1 & 2 |  | 1,297 |  |  | 9,015 |  |  | 500 |  |  | 1,297 |  |  | 9,515 |  |  | — |  |  | 10,812 |  |  | 3,323 |  |  | 2017 |  | 2017
Progress Center 3 |  | 465 |  |  | 4,285 |  |  | 53 |  |  | 465 |  |  | 4,338 |  |  | — |  |  | 4,803 |  |  | 583 |  |  | 2021 |  | 2008
Gwinnett 316 |  | 531 |  |  | 3,617 |  |  | 21 |  |  | 531 |  |  | 3,638 |  |  | — |  |  | 4,169 |  |  | 794 |  |  | 2018 |  | 1990
Cherokee 75 Business Center 1 |  | 1,183 |  |  | 6,727 |  |  | 18 |  |  | 1,183 |  |  | 6,745 |  |  | — |  |  | 7,928 |  |  | 1,287 |  |  | 2020 |  | 2020
Cherokee 75 Business Center 2 |  | 1,336 |  |  | 7,495 |  |  | 538 |  |  | 1,337 |  |  | 8,032 |  |  | — |  |  | 9,369 |  |  | 1,150 |  |  | 2021 |  | 2021
Northpoint 200 |  | 1,102 |  |  | 5,140 |  |  | 649 |  |  | 1,104 |  |  | 5,787 |  |  | — |  |  | 6,891 |  |  | 1,084 |  |  | 2021 |  | 2021
I-20 West Business Center |  | 1,670 |  |  | — |  |  | 13,490 |  |  | 1,647 |  |  | 13,513 |  |  | — |  |  | 15,160 |  |  | 1,194 |  |  | 2021 |  | 2023
Riverpoint Industrial Park |  | 7,037 |  |  | 79,205 |  |  | 12 |  |  | 7,037 |  |  | 79,217 |  |  | — |  |  | 86,254 |  |  | 3,281 |  |  | 2024 |  | 2020
Braselton 3 |  | 1,425 |  |  | — |  |  | 13,602 |  |  | 1,575 |  |  | 13,452 |  |  | — |  |  | 15,027 |  |  | 242 |  |  | 2022 |  | 2024
Riverside Parkway 1 & 2 |  | 1,955 |  |  | — |  |  | 32,173 |  |  | 1,958 |  |  | 32,170 |  |  | — |  |  | 34,128 |  |  | 1,097 |  |  | 2021 |  | 2024
Cass White 1 & 2 |  | 2,923 |  |  | — |  |  | 31,691 |  |  | 2,923 |  |  | 31,691 |  |  | — |  |  | 34,614 |  |  | 380 |  |  | 2021 |  | 2024
LOUISIANA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
New Orleans |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Elmwood Business Park |  | 2,861 |  |  | 6,337 |  |  | 6,770 |  |  | 2,861 |  |  | 13,107 |  |  | — |  |  | 15,968 |  |  | 10,776 |  |  | 1997 |  | 1979
Riverbend Business Park |  | 2,557 |  |  | 17,623 |  |  | 13,015 |  |  | 2,557 |  |  | 30,638 |  |  | — |  |  | 33,195 |  |  | 22,359 |  |  | 1997 |  | 1984
COLORADO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Denver |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Airways Business Center |  | 6,137 |  |  | 39,637 |  |  | 2,318 |  |  | 6,137 |  |  | 41,955 |  |  | — |  |  | 48,092 |  |  | 8,516 |  |  | 2019 |  | 2007/08
Rampart Distribution Center 1 |  | 1,023 |  |  | 3,861 |  |  | 2,640 |  |  | 1,023 |  |  | 6,501 |  |  | — |  |  | 7,524 |  |  | 5,956 |  |  | 1988 |  | 1987
Rampart Distribution Center 2 |  | 230 |  |  | 2,977 |  |  | 1,621 |  |  | 230 |  |  | 4,598 |  |  | — |  |  | 4,828 |  |  | 3,837 |  |  | 1996/97 |  | 1997
Rampart Distribution Center 3 |  | 1,098 |  |  | 3,884 |  |  | 2,869 |  |  | 1,098 |  |  | 6,753 |  |  | — |  |  | 7,851 |  |  | 5,079 |  |  | 1997/98 |  | 1999
Rampart Distribution Center 4 |  | 590 |  |  | — |  |  | 8,350 |  |  | 590 |  |  | 8,350 |  |  | — |  |  | 8,940 |  |  | 2,933 |  |  | 2012 |  | 2014
Concord Distribution Center |  | 1,051 |  |  | 4,773 |  |  | 1,356 |  |  | 1,051 |  |  | 6,129 |  |  | — |  |  | 7,180 |  |  | 3,548 |  |  | 2007 |  | 2000
Centennial Park |  | 750 |  |  | 3,319 |  |  | 2,256 |  |  | 750 |  |  | 5,575 |  |  | — |  |  | 6,325 |  |  | 3,001 |  |  | 2007 |  | 1990
NEVADA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Las Vegas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Arville Distribution Center |  | 4,933 |  |  | 5,094 |  |  | 1,854 |  |  | 4,933 |  |  | 6,948 |  |  | — |  |  | 11,881 |  |  | 3,617 |  |  | 2009 |  | 1997
Jones Corporate Park |  | 13,068 |  |  | 26,325 |  |  | 3,414 |  |  | 13,068 |  |  | 29,739 |  |  | — |  |  | 42,807 |  |  | 8,108 |  |  | 2016 |  | 2016
Southwest Commerce Center |  | 9,008 |  |  | 16,576 |  |  | 4,650 |  |  | 9,008 |  |  | 21,226 |  |  | — |  |  | 30,234 |  |  | 4,560 |  |  | 2019 |  | 2019
Blue Diamond Business Park |  | 20,093 |  |  | 31,119 |  |  | 14 |  |  | 20,093 |  |  | 31,133 |  |  | — |  |  | 51,226 |  |  | 1,996 |  |  | 2023 |  | 2022
Craig Corporate Center |  | 13,913 |  |  | 18,848 |  |  | 89 |  |  | 13,913 |  |  | 18,937 |  |  | — |  |  | 32,850 |  |  | 1,437 |  |  | 2023 |  | 2018

86

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Spanish Ridge Industrial Park |  | 18,855 |  |  | 33,211 |  |  | 285 |  |  | 18,855 |  |  | 33,496 |  |  | — |  |  | 52,351 |  |  | 2,264 |  |  | 2024 |  | 2023
EastGroup Point at Cheyenne |  | 6,151 |  |  | 13,576 |  |  | 4 |  |  | 6,151 |  |  | 13,580 |  |  | — |  |  | 19,731 |  |  | 37 |  |  | 2025 |  | 2022
MISSISSIPPI |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jackson area |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tower Automotive |  | — |  |  | 9,958 |  |  | 1,937 |  |  | 17 |  |  | 11,878 |  |  | — |  |  | 11,895 |  |  | 7,536 |  |  | 2001 |  | 2002
|  | 949,280 |  |  | 2,355,825 |  |  | 2,649,707 |  |  | 951,787 |  |  | 5,003,025 |  |  | 34,976 |  |  | 5,989,788 |  |  | 1,583,224 |  |  |  |  |

87

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
| Land |  | Buildings and Improvements |  |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |
Development and Value-Add Properties (d): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
CALIFORNIA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reed Land |  | 1,800 |  |  | — |  |  | 1,033 |  |  | 1,800 |  |  | 1,033 |  |  | — |  |  | 2,833 |  |  | — |  |  | 2022 |  | n/a
Dominguez Distribution Center (f) |  | — |  |  | — |  |  | 7,182 |  |  | — |  |  | 7,182 |  |  | — |  |  | 7,182 |  |  | — |  |  | 1996 |  | 1977
FLORIDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Horizon Commerce Park Land |  | 650 |  |  | — |  |  | 462 |  |  | 650 |  |  | 462 |  |  | — |  |  | 1,112 |  |  | — |  |  | 2008/09 |  | n/a
Gateway Commerce Park Land |  | 2,350 |  |  | — |  |  | 5,996 |  |  | 4,665 |  |  | 3,681 |  |  | — |  |  | 8,346 |  |  | — |  |  | 2016 |  | n/a
SunCoast Commerce Land |  | 961 |  |  | — |  |  | 3,309 |  |  | 3,317 |  |  | 953 |  |  | — |  |  | 4,270 |  |  | — |  |  | 2020 |  | n/a
Horizon West 9 |  | 1,548 |  |  | — |  |  | 4,535 |  |  | 1,548 |  |  | 4,535 |  |  | — |  |  | 6,083 |  |  | — |  |  | 2020 |  | n/a
Horizon West Land |  | 3,455 |  |  | — |  |  | 5,369 |  |  | 3,456 |  |  | 5,368 |  |  | — |  |  | 8,824 |  |  | — |  |  | 2020 |  | n/a
Gateway South Dade Land |  | 9,089 |  |  | — |  |  | 10,255 |  |  | 9,089 |  |  | 10,255 |  |  | — |  |  | 19,344 |  |  | — |  |  | 2022 |  | n/a
Lakeside Station Land |  | 6,847 |  |  | — |  |  | 1,450 |  |  | 6,852 |  |  | 1,445 |  |  | — |  |  | 8,297 |  |  | — |  |  | 2023 |  | n/a
Crossroads Logistics Park 2 |  | 6,151 |  |  | — |  |  | 21,991 |  |  | 6,151 |  |  | 21,991 |  |  | — |  |  | 28,142 |  |  | — |  |  | 2023 |  | 2025
Crossroads Logistics Park Land |  | 5,237 |  |  | — |  |  | 6,938 |  |  | 5,238 |  |  | 6,937 |  |  | — |  |  | 12,175 |  |  | — |  |  | 2023 |  | n/a
Bell Creek Logistics Center Land |  | 32,433 |  |  | — |  |  | 3,119 |  |  | 32,477 |  |  | 3,075 |  |  | — |  |  | 35,552 |  |  | — |  |  | 2025 |  | n/a
North Ridge Trail |  | 8,640 |  |  | — |  |  | 660 |  |  | 8,640 |  |  | 660 |  |  | — |  |  | 9,300 |  |  | — |  |  | 2025 |  | n/a
TENNESSEE |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Station 24 Commerce Center 1 & 2 |  | 5,117 |  |  | — |  |  | 3,552 |  |  | 5,117 |  |  | 3,552 |  |  | — |  |  | 8,669 |  |  | — |  |  | 2024 |  | n/a
Station 24 Commerce Center Land |  | 5,343 |  |  | — |  |  | 601 |  |  | 5,346 |  |  | 598 |  |  | — |  |  | 5,944 |  |  | — |  |  | 2024 |  | n/a
TEXAS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
World Houston Int'l Business Ctr 46 |  | 825 |  |  | — |  |  | 15,673 |  |  | 920 |  |  | 15,578 |  |  | — |  |  | 16,498 |  |  | — |  |  | 2011 |  | 2025
World Houston Golf Course Land |  | 811 |  |  | — |  |  | 1,726 |  |  | 904 |  |  | 1,633 |  |  | — |  |  | 2,537 |  |  | — |  |  | 2011 |  | n/a
Ridgeview Land |  | 430 |  |  | — |  |  | 510 |  |  | 430 |  |  | 510 |  |  | — |  |  | 940 |  |  | — |  |  | 2018 |  | n/a
Basswood Land |  | 4,738 |  |  | — |  |  | 3,579 |  |  | 4,738 |  |  | 3,579 |  |  | — |  |  | 8,317 |  |  | — |  |  | 2019 |  | n/a
Grand West Crossing 2 |  | 1,630 |  |  | — |  |  | 9,266 |  |  | 1,630 |  |  | 9,266 |  |  | — |  |  | 10,896 |  |  | — |  |  | 2019 |  | 2025
Grand West Crossing Land |  | 4,394 |  |  | — |  |  | 2,814 |  |  | 4,394 |  |  | 2,814 |  |  | — |  |  | 7,208 |  |  | — |  |  | 2019 |  | n/a
McKinney 5 & 6 |  | 4,593 |  |  | — |  |  | 2,098 |  |  | 4,593 |  |  | 2,098 |  |  | — |  |  | 6,691 |  |  | — |  |  | 2020 |  | n/a
Texas Avenue 1 & 2 |  | 4,143 |  |  | — |  |  | 15,809 |  |  | 4,161 |  |  | 15,791 |  |  | — |  |  | 19,952 |  |  | 43 |  |  | 2021 |  | 2025
Heritage Grove Land |  | 15,295 |  |  | — |  |  | 3,731 |  |  | 15,352 |  |  | 3,674 |  |  | — |  |  | 19,026 |  |  | — |  |  | 2022 |  | n/a
Cypress Preserve Land |  | 14,724 |  |  | — |  |  | 4,086 |  |  | 14,724 |  |  | 4,086 |  |  | — |  |  | 18,810 |  |  | — |  |  | 2022 |  | n/a
Eisenhauer Point 13-14 Land |  | 2,742 |  |  | — |  |  | 910 |  |  | 2,746 |  |  | 906 |  |  | — |  |  | 3,652 |  |  | — |  |  | 2022 |  | n/a
Cameron Land |  | 30,776 |  |  | — |  |  | 4,855 |  |  | 30,772 |  |  | 4,859 |  |  | — |  |  | 35,631 |  |  | — |  |  | 2022 |  | n/a
Northeast Trade Center Land |  | 3,765 |  |  | — |  |  | 3,566 |  |  | 3,765 |  |  | 3,566 |  |  | — |  |  | 7,331 |  |  | — |  |  | 2023 |  | n/a

88

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description |  | Initial Cost to the Company |  | Costs Capitalized Subsequent to Acquisition |  | Gross Amount Carried at Close of Period |  |  |  |  |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Description |  | Land |  | Buildings and Improvements |  | Costs Capitalized Subsequent to Acquisition |  | Land |  | Buildings and Improvements |  | Right of Use Assets (e) |  | Total |  | Accumulated Depreciation |  | Year Acquired |  | Year Constructed
Denton 35 Exchange 1 & 2 |  | 5,690 |  |  | — |  |  | 26,972 |  |  | 5,690 |  |  | 26,972 |  |  | — |  |  | 32,662 |  |  | 181 |  |  | 2023 |  | 2025
Basswood North Land |  | 23,996 |  |  | — |  |  | 2,626 |  |  | 24,004 |  |  | 2,618 |  |  | — |  |  | 26,622 |  |  | — |  |  | 2023 |  | n/a
Frisco Park 121 Land |  | 17,795 |  |  | — |  |  | 556 |  |  | 17,796 |  |  | 555 |  |  | — |  |  | 18,351 |  |  | — |  |  | 2025 |  | n/a
The Ridge Land |  | 24,925 |  |  | — |  |  | 776 |  |  | 24,925 |  |  | 776 |  |  | — |  |  | 25,701 |  |  | — |  |  | 2025 |  | n/a
Frisco Park 121 East Land |  | 10,305 |  |  | — |  |  | 362 |  |  | 10,305 |  |  | 362 |  |  | — |  |  | 10,667 |  |  | — |  |  | 2025 |  | n/a
McKinney Airport Trade Center Land |  | 15,025 |  |  | — |  |  | 110 |  |  | 15,025 |  |  | 110 |  |  | — |  |  | 15,135 |  |  | — |  |  | 2025 |  | n/a
Schertz Station 3009 Land |  | 9,461 |  |  | — |  |  | 238 |  |  | 9,461 |  |  | 238 |  |  | — |  |  | 9,699 |  |  | — |  |  | 2025 |  | n/a
COLORADO |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Arista 36 Business Park 1-3 |  | 5,878 |  |  | — |  |  | 60,434 |  |  | 5,878 |  |  | 60,434 |  |  | — |  |  | 66,312 |  |  | — |  |  | 2023 |  | 2025
ARIZONA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gateway Interchange A & B |  | 3,239 |  |  | — |  |  | 19,280 |  |  | 3,239 |  |  | 19,280 |  |  | — |  |  | 22,519 |  |  | — |  |  | 2022/2023 |  | n/a
Gateway Interchange F & G |  | 5,286 |  |  | — |  |  | 29,860 |  |  | 5,287 |  |  | 29,859 |  |  | — |  |  | 35,146 |  |  | — |  |  | 2022/2023 |  | n/a
Gateway Interchange Land |  | 9,793 |  |  | — |  |  | 7,456 |  |  | 9,793 |  |  | 7,456 |  |  | — |  |  | 17,249 |  |  | — |  |  | 2022/2023 |  | n/a
NORTH CAROLINA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Skyway Logistics Park 1 & 2 |  | 3,744 |  |  | — |  |  | 32,138 |  |  | 3,744 |  |  | 32,138 |  |  | — |  |  | 35,882 |  |  | 84 |  |  | 2021 |  | 2025
Skyway Logistics Park Land |  | 8,294 |  |  | — |  |  | 6,792 |  |  | 8,212 |  |  | 6,874 |  |  | — |  |  | 15,086 |  |  | — |  |  | 2021 |  | n/a
SOUTH CAROLINA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hillside 2 |  | 546 |  |  | — |  |  | 12,506 |  |  | 547 |  |  | 12,505 |  |  | — |  |  | 13,052 |  |  | — |  |  | 2021 |  | 2025
Hillside Land |  | 549 |  |  | — |  |  | 3,607 |  |  | 549 |  |  | 3,607 |  |  | — |  |  | 4,156 |  |  | — |  |  | 2021 |  | n/a
Hillside 4 Land |  | 1,280 |  |  | — |  |  | 574 |  |  | 1,280 |  |  | 574 |  |  | — |  |  | 1,854 |  |  | — |  |  | 2022 |  | n/a
Pelzer Point Commerce Center 2 Land |  | 1,103 |  |  | 1,097 |  |  | 397 |  |  | 1,103 |  |  | 1,494 |  |  | — |  |  | 2,597 |  |  | — |  |  | 2023 |  | n/a
GEORGIA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Braselton 1 |  | 2,443 |  |  | — |  |  | 827 |  |  | 2,443 |  |  | 827 |  |  | — |  |  | 3,270 |  |  | — |  |  | 2022 |  | n/a
Braselton Land |  | 1,605 |  |  | — |  |  | 529 |  |  | 1,614 |  |  | 520 |  |  | — |  |  | 2,134 |  |  | — |  |  | 2022 |  | n/a
Greenway 100 & 200 |  | 2,408 |  |  | — |  |  | 13,919 |  |  | 2,408 |  |  | 13,919 |  |  | — |  |  | 16,327 |  |  | — |  |  | 2022 |  | n/a
Greenway Land |  | 3,377 |  |  | — |  |  | 4,923 |  |  | 3,377 |  |  | 4,923 |  |  | — |  |  | 8,300 |  |  | — |  |  | 2022 |  | n/a
Brightstar Land |  | 3,302 |  |  | — |  |  | 615 |  |  | 3,315 |  |  | 602 |  |  | — |  |  | 3,917 |  |  | — |  |  | 2024 |  | n/a
|  | 338,531 |  |  | 1,097 |  |  | 370,572 |  |  | 343,470 |  |  | 366,730 |  |  | — |  |  | 710,200 |  |  | 308 |  |  |  |  |
Total real estate owned (a)(b) |  | $ | 1,287,811 |  |  | 2,356,922 |  |  | 3,020,279 |  |  | 1,295,257 |  |  | 5,369,755 |  |  | 34,976 |  |  | 6,699,988 |  |  | 1,583,532 |  |  |  |  |

89

(a) Changes in Real Estate Properties and Development and Value-Add Properties follow:

| Years Ended December 31,
2025 |  | 2024 |  | 2023
(In thousands)
Balance at beginning of year | $ | 6,177,916 |  |  | 5,493,195 |  |  | 4,934,421 |
Purchases of real estate properties | 139,894 |  |  | 381,774 |  |  | 160,105 |
Development of real estate properties and value-add properties | 321,934 |  |  | 245,033 |  |  | 388,213 |
Improvements to real estate properties | 76,609 |  |  | 60,007 |  |  | 51,643 |
Right-of-use assets, net — Ground leases | (3,417) |  |  | 20,397 |  |  | (1,395) |
Carrying amount of investments sold | (3,632) |  |  | (18,633) |  |  | (33,022) |
Write-off of improvements | (9,316) |  |  | (3,857) |  |  | (6,770) |
Balance at end of year (1) | $ | 6,699,988 |  |  | 6,177,916 |  |  | 5,493,195 |

(1) Includes noncontrolling interest in joint ventures of $1,032,000, $924,000 and $774,000 at December 31, 2025, 2024 and 2023, respectively.
Changes in the accumulated depreciation on real estate properties follow:

| Years Ended December 31,
2025 |  | 2024 |  | 2023
(In thousands)
Balance at beginning of year | $ | 1,415,576 |  |  | 1,273,723 |  |  | 1,150,814 |
Depreciation expense | 176,180 |  |  | 155,240 |  |  | 141,003 |
Accumulated depreciation on assets sold | (252) |  |  | (10,268) |  |  | (11,759) |
Write-off of accumulated depreciation | (7,972) |  |  | (3,119) |  |  | (6,335) |
Balance at end of year | $ | 1,583,532 |  |  | 1,415,576 |  |  | 1,273,723 |

(b)The estimated aggregate cost of real estate properties at December 31, 2025 for federal income tax purposes was approximately $6,346,275,000 before estimated accumulated tax depreciation of $1,179,899,000. The federal income tax return for the year ended December 31, 2025, has not been filed and accordingly, this estimate is based on preliminary data.
(c)The Company computes depreciation using the straight-line method over the estimated useful lives of the buildings (generally 40 years) and improvements (generally 3 to 15 years).
(d)The Company transfers properties from the development and value-add program to Real estate properties as follows: (i) for development properties, at the earlier of 90% occupancy or one year after completion of the shell construction, and (ii) for value-add properties, at the earlier of 90% occupancy or one year after acquisition. Upon the earlier of 90% occupancy or one year after completion of the shell construction, capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases and depreciation commences on the entire property (excluding the land).
(e)The right of use assets for ground leases, net of accumulated amortization, are included in Real Estate Properties on the Consolidated Balance Sheets.
(f)Includes the cumulative costs at December 31, 2025 for this redevelopment project.
90

ITEM 16. FORM 10-K SUMMARY.
None.
91

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

| EASTGROUP PROPERTIES, INC. |
| By: /s/ MARSHALL A. LOEB |
| Marshall A. Loeb, Chief Executive Officer and Director |
| February 11, 2026 |

We, the undersigned officers and directors of EastGroup Properties, Inc., hereby severally constitute and appoint Staci H. Tyler as our true and lawful attorney, with full power to sign for us and in our names in the capacities indicated below, any and all amendments to this Annual Report on Form 10-K and generally to do all such things in our name and behalf in such capacity to enable EastGroup Properties, Inc. to comply with the applicable provisions of the Securities Exchange Act of 1934, as amended, and we hereby ratify and confirm our signatures as they may be signed by our said attorney to any and all such amendments.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

/s/ D. Pike Aloian |  | /s/ H. Eric Bolton, Jr.
D. Pike Aloian, Director |  | H. Eric Bolton, Jr., Director
February 11, 2026 |  | February 11, 2026
/s/ Donald F. Colleran |  | /s/ David M. Fields
Donald F. Colleran, Director |  | David M. Fields, Director
February 11, 2026 |  | February 11, 2026
/s/ Mary Elizabeth McCormick |  | /s/ Katherine M. Sandstrom
Mary Elizabeth McCormick, Director |  | Katherine M. Sandstrom, Director
February 11, 2026 |  | February 11, 2026

92

/s/ MARSHALL A. LOEB |
Marshall A. Loeb, Chief Executive Officer, |
Director |
(Principal Executive Officer) |
February 11, 2026 |
/s/ MICHELLE RAYNER |
Michelle Rayner, Senior Vice-President, |
Chief Accounting Officer |
(Principal Accounting Officer) |
February 11, 2026 |
/s/ STACI H. TYLER |
Staci H. Tyler, Executive Vice-President, |
Chief Financial Officer and Treasurer |
(Principal Financial Officer) |
February 11, 2026 |

93