EASTGROUP PROPERTIES INC

The Compensation Committee relies on the peer group analysis prepared by FPC to evaluate pay levels for our executive officers. The peer group recommended by FPC and approved by the Compensation Committee consists of public real estate companies. FPC analyzes competitive total direct compensation at the peer REITs listed below, as disclosed in their proxy statements for prior years, as well as information contained in FPC’s proprietary database. The Compensation Committee evaluates the appropriateness of peer groups annually (based on merger and acquisition activity, growth, property focus, etc.) and makes adjustments accordingly.

SUMMARY

•FPC prepared discussion materials regarding its proposed peer group for examining compensation throughout 2023.

•FPC recommended adding four companies to the composition of the peer group from 2023 to 2024 and removing five companies from the peer group from 2023 to 2024.

•The Compensation Committee reviewed FPC’s recommendations and approved the peer group to be considered in determining 2024 compensation.

As shown below, the peer group used for setting 2024 compensation consisted of 15 exchange-listed REITs, which (i) operate across multiple asset classes, (ii) are similar in size to the Company in terms of market capitalization, (iii) are similar in performance to the Company in terms of three‑year annualized TSR and/or (iv) are headquartered in high-growth regions of the United States. The Compensation Committee also considered performance on recent “say-on-pay” advisory votes when determining the peer group. The peer group companies for 2024 were as follows:

When developing the peer group used for determining the 2024 executive compensation, FPC and the Compensation Committee considered the following comparative statistics, with data shown as of the time of the executive benchmarking analysis:

FPC conducted a study that compared the Company’s actual 2023 compensation for the executive officers (including the equity awards made in 2023 with respect to 2022 performance) with the actual 2023 total compensation of the top five executives of each of the companies included in the peer group. In addition, FPC analyzed target compensation. The study showed that the target total pay, on a weighted average basis for all executive officers, was between the 25th percentile and 50th percentile of the peer group. The Compensation Committee then used the peer group data, survey information and other relevant factors to establish the 2024 compensation program for our executive officers. These factors provided the framework for compensation decision making and final decisions regarding the compensation opportunity for each executive officer. While the Compensation Committee considered the 50th percentile of the peer group as a benchmark, it did not target a specific percentile to set compensation. Additionally, no single factor was determinative in setting pay levels, nor was the impact of any factor on the determination of pay levels quantifiable. The below total capitalization data is as of September 30, 2023.