EASTGROUP PROPERTIES INC
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 11, 2026
EGP$193.81-0.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-12.
0000049600-25-000019
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-11.
0000049600-26-000010
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 141 previous paragraphs and 136 current paragraphs.
57 unchanged; 66 reworded; 11 added; 17 removed; 1 previous and 2 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
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.
Current report
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.
Current report
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.
Current report
(1)Included in these costs are development obligations of $94,201,000 and tenant improvement obligations of $9,552,000 on properties under development.
Current report
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.
Current report
Other assets, net increased $17,178,000 during 2025. See Note 4 in the Notes to Consolidated Financial Statements for further details.
Current report
Other liabilities increased $3,971,000 during 2025. See Note 8 in the Notes to Consolidated Financial Statements for further details.
Current report
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.
Current report
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%.
Current report
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.
Current report
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.
Removed paragraphs (17)
Previous report
Additionally, on June 13, 2024, the Company amended its unsecured bank credit facilities to extend the maturity date by three years to July 31, 2028. EastGroup’s financing and equity issuances are further described in Liquidity and Capital Resources.
Previous report
During the year ended December 31, 2024, EastGroup sold a group of operating properties in the Jackson, Mississippi market, containing 159,000 square feet and disposed of 5.4 acres of land in two markets, generating gross sales proceeds of $18,311,000. The Company recognized $8,751,000 in Gain on sales of real estate investments and $362,000 in gains on sales of non-operating real estate (included in Otheron the Consolidated Statements of Income and Comprehensive Income) during the year ended December 31, 2024.
Previous report
Real Estate Properties
Previous report
(4)This operating property is located on land subject to a ground lease. See Note 2 of the Consolidated Financial Statements for further details.
Previous report
Also, during the year ended December 31, 2024, EastGroup sold a group of operating properties in the Jackson, Mississippi market containing 159,000 square feet, generating gross sales proceeds of $14,050,000. The Company recognized $8,751,000 in Gain on sales of real estate investments during the year ended December 31, 2024.
Previous report
Development and Value-Add Properties
Previous report
During the year ended December 31, 2024, EastGroup sold 5.4 acres of land in two markets, generating gross sales proceeds of $4,261,000. The Company recognized $362,000 in gains on sales of non-operating real estate (included in Otheron the Consolidated Statements of Income and Comprehensive Income) during the year ended December 31, 2024.
Previous report
Accumulated Depreciation
Previous report
Other Assets
Previous report
Other assets increased $38,220,000 during 2024. See Note 4 in the Notes to Consolidated Financial Statements for further details.
Previous report
Other liabilities increased $44,613,000 during 2024. See Note 8 in the Notes to Consolidated Financial Statements for further details.
Previous report
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. There were no other material changes to the credit facilities, which are outlined below.
Previous report
The Company 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, 2024, was SOFR plus 77.5 basis points with an annual facility fee of 15 basis points. As of December 31, 2024, the interest rate was 5.335% with no outstanding balance.
Previous report
For both facilities, the margin and facility fee are subject to changes in the Company’s credit ratings. Although the Company’s current credit rating is Baa2, 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%.
Previous report
The $625,000,000 facility is also subject to 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 and was achieved for the years ended December 31, 2024, 2023 and 2022, which allowed for the interest rate reduction in each of the years subsequent to achieving the metric. The margin was effectively reduced on this unsecured bank credit facility for the years ended December 31, 2024 and 2023, by one basis point, from 77.5 to 76.5 basis points.
Previous report
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, 2024.
Previous report
Subsequent to December 31, 2024, EastGroup settled outstanding forward equity sale agreements that were previously entered into under the Current ATM Program by issuing 214,138 shares of common stock in exchange for net proceeds of approximately $37,005,000. As of February 12, 2025, the date of this Annual Report on Form 10-K, the Company had 171,115 shares of common stock, or approximately $29,688,000 of net proceeds, based on a weighted average forward price of $173.50 per share, available for settlement before the applicable settlement period expires in November 2025.
Reworded paragraphs (66)
Previous wording
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 major Sunbelt regions. The Company’s core markets are in the states of Texas, Florida, California, Arizona and North Carolina.
Current wording
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.
Previous wording
During 2024, economic uncertainty and stock market volatility continued due to a number of factors, including persistent inflation, interest rate uncertainty, concerns about supply chain or trade disruptions, particularly between the United States, Mexico and Canada and geopolitical conflict. While these factors did not have a significant adverse impact on EastGroup’s operations during 2024, 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.
Current wording
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.
Previous wording
During 2024, EastGroup sold, and subsequently settled the issuance of, 1,373,459 shares of common stock directly through sales agents under its at-the-market (“ATM”) common stock offering programs at a weighted average price of $174.30 per share, providing aggregate net proceeds to the Company of $236,996,000.
Current wording
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.
Previous wording
During 2024, EastGroup entered into forward equity sale agreements with certain financial institutions acting as forward counterparties under its ATM programs with respect to 2,677,289 shares of common stock with an initial weighted average forward price of $178.32 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 2024, the Company settled outstanding forward equity sale agreements that were previously entered into under its ATM programs by issuing 2,698,077 shares of common stock in exchange for net proceeds of approximately $480,663,000.
Current wording
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.
Previous wording
The Company’s primary source of revenue is rental income. During 2024, EastGroup executed leases on 9,384,000 square feet of operating properties (15.9% of EastGroup’s total square footage of 58,987,000 as of December 31, 2024). For new and renewal leases signed during 2024, average rental rates increased by 53.0% as compared to the former leases on the same spaces.
Current wording
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.
Previous wording
On a diluted per share basis, Net Income Attributable to EastGroup Properties, Inc. Common Stockholderswas $4.66 for the year ended December 31, 2024, compared to $4.42 for 2023, a 5.4% increase. See the Company’s analysis of performance trends below for further details.
Current wording
On a diluted per share basis, Net Income Attributable to EastGroup Properties, Inc. Common Stockholderswas $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.
Previous wording
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, 2023 through December 31, 2024), increased 4.8% for 2024 compared to 2023.
Current wording
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.
Previous wording
EastGroup’s operating portfolio was 97.1% leased at December 31, 2024 compared to 98.7% at December 31, 2023. Occupancy at the end of 2024 for the operating portfolio was 96.1% compared to 98.2% at December 31, 2023. As of February 11, 2025, the operating portfolio was 96.5% leased and 95.7% occupied. As of December 31, 2024, leases approximating 10.1% of the operating portfolio, based on a percentage of annualized based rent, were scheduled to expire in 2025. This percentage was reduced to 8.2% as of February 11, 2025.
Current wording
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.
Previous wording
During the year ended December 31, 2024, EastGroup purchased 61.1 acres of land in two markets for a total of $13,762,000. The Company began construction of 10 development projects containing 1,585,000 square feet in seven markets. Also in 2024, the Company transferred seven development and value-add projects (1,519,000 square feet) in six markets from its development and value-add program to real estate properties, with costs of $199,971,000 at the date of transfer. As of December 31, 2024, EastGroup’s development and value-add program consisted of 21 projects (4,143,000 square feet) located in 14 markets. The projected total cost for the development and value-add projects, which were collectively 22.5% leased as of February 11, 2025, is $608,700,000, of which $184,632,000 remained to be invested as of December 31, 2024.
Current wording
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.
Previous wording
During the year ended December 31, 2024, EastGroup acquired 2,474,000 square feet of operating properties in six markets for a total of $390,011,000. There were no value-add property acquisitions during the period.
Current wording
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.
Previous wording
In the near term, the Company 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. Moody’s Investors Service has assigned the Company’s issuer rating of Baa2 with a stable outlook. 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 market in the future as a means to raise capital.
Current wording
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.
Previous wording
•Net Income Attributable to EastGroup Properties, Inc. Common Stockholdersfor the year ended December 31, 2024 was $227,751,000 ($4.67 per basic and $4.66 per diluted share) compared to $200,491,000 ($4.43 per basic and $4.42 per diluted share) for 2023. See Results of Operations for further analysis.
Current wording
•Net Income Attributable to EastGroup Properties, Inc. Common Stockholdersfor 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.
Previous wording
•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 2024, FFO was $8.35 per diluted share compared with $7.79 per diluted share for 2023, an increase of 7.2%. FFO Excluding Gain on Involuntary Conversion and Business Interruption Claims was $8.31 per diluted share for the year ended December 31, 2024 compared to $7.70 per diluted share for 2023, an increase of 7.9%. FFO increased during the year ended December 31, 2024, as compared to 2023, primarily due to the increase in PNOI and the decrease in interest expense, partially offset by an increase in general and administrative expense.
Current wording
•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 increase in PNOI and the decrease in interest expense, partially offset by an increase in general and administrative expense.
Previous wording
•For the year ended December 31, 2024, PNOI increased by $51,674,000, or 12.5%, compared to 2023. PNOI increased $20,089,000 from same property operations, $18,354,000 from newly developed and value-add properties and $15,915,000 from 2023 and 2024 acquisitions; PNOI decreased $2,642,000 from operating properties sold in 2023 and 2024.
Current wording
•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.
Previous wording
•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, 2023 through December 31, 2024). Same PNOI, excluding income from lease terminations, increased 4.8% for the year ended December 31, 2024, compared to 2023.
Current wording
•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.
Previous wording
•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, 2023 through December 31, 2024). Same property average occupancy for the year ended December 31, 2024 was 96.7% compared to 98.2% for 2023.
Current wording
•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.
Previous wording
•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, 2023 through December 31, 2024). The same property average rental rate was $8.22 per square foot for the year ended December 31, 2024, compared to $7.76 per square foot for the year ended December 31, 2023.
Current wording
•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.
Previous wording
•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, 2024 was 96.1%. Quarter-end occupancy ranged from 96.5% to 98.2% over the previous four quarters ended December 31, 2023 to September 30, 2024.
Current wording
•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.
Previous wording
•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 (15.9% of total square footage) averaged 53.0% for the year ended December 31, 2024.
Current wording
•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.
Previous wording
EastGroup’s Total Assets were $5,077,476,000 at December 31, 2024, an increase of $558,263,000 from December 31, 2023. Total Liabilities decreased $125,647,000 to $1,784,932,000, and Total Equity increased $683,910,000 to $3,292,544,000 during the same period. The following paragraphs explain these changes in greater detail.
Current wording
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.
Previous wording
Real estate properties increased $649,896,000 during the year ended December 31, 2024. The increase was primarily due to: (i) the acquisition of operating properties; (ii) the transfer of properties from Development and value-add propertiesto Real estate properties; (iii) capital improvements at the Company’s properties; (iv) right of use assets for the Company’s ground leases; and (v) 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 operating properties.
Current wording
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 propertiesto 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.
Previous wording
During the year ended December 31, 2024, the Company made capital improvements of $58,128,000 on existing and acquired properties (included in the Real Estate Improvements table under Results of Operations). Also, the Company incurred costs of $3,784,000 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.
Current wording
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.
Previous wording
EastGroup’s investment in Development and value-add properties at December 31, 2024 consisted of properties in lease-up and under construction of $424,068,000 and prospective development (primarily land) of $250,404,000. The Company’s total investment in Development and value-add properties at December 31, 2024 was $674,472,000 compared to $639,647,000 at December 31, 2023. Total capital invested for development and value-add properties during 2024 was $245,033,000, which primarily consisted of improvement costs of $227,487,000 on development and value-add properties, $13,762,000 for new land investments, and costs of $3,784,000 on properties subsequent to transfer to Real estate properties. 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).
Current wording
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 properties. 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).
Previous wording
EastGroup capitalized internal development costs of $8,181,000 during the year ended December 31, 2024, compared to $10,472,000 during 2023. The decrease was due to variations in timing and volume of development projects starting during the year ended December 31, 2024, as compared to the same period of 2023.
Current wording
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.
Previous wording
Also during 2024, EastGroup purchased 61.1 acres of development land in two markets for $13,762,000. Costs associated with these acquisitions are included below in the Development and Value-Add Properties table. These increases were offset by the transfer of seven development and value-add projects to Real estate properties with a total investment of $199,971,000 as of the date of transfer.
Current wording
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.
Previous wording
(1) Represents cumulative costs at the date of transfer.
Current wording
(2)Represents cumulative costs at the date of transfer.
Previous wording
Accumulated depreciation on real estate, development and value-add properties increased $141,853,000 during 2024 due primarily to depreciation expense of $155,240,000, which increased due to operating properties acquired in 2023 and 2024 and properties transferred to Real estate properties. This increase was partially offset by the sale of operating properties.
Current wording
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.
Previous wording
Unsecured bank credit facilities, net of debt issuance costs decreased $2,075,000 during the year ended December 31, 2024, mainly due to repayments of $64,968,000 and new debt issuance costs incurred during the year, offset by borrowings of $64,968,000 and the amortization of debt issuance costs during the year. The Company’s credit facilities are described in greater detail in Liquidity and Capital Resources.
Current wording
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.
Previous wording
Unsecured debt, net of debt issuance costs decreased $169,190,000 during the year ended December 31, 2024, primarily due to the repayment of a $50,000,000 term loan in August and $120,000,000 in principal repayments on the Company's senior unsecured notes in December. The borrowings and repayments on Unsecured debt, net of debt issuance costs are described in greater detail under Liquidity and Capital Resources.
Current wording
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.
Previous wording
Accounts payable and accrued expenses increased $1,005,000 during 2024. See Note 7 in the Notes to Consolidated Financial Statements for further details.
Current wording
Accounts payable and accrued expenses increased $22,603,000 during 2025. See Note 7 in the Notes to Consolidated Financial Statements for further details.
Previous wording
Additional paid-in capital increased $723,486,000 during the year ended December 31, 2024 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).
Current wording
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).
Previous wording
During the year ended December 31, 2024, Distributions in excess of earnings increased $36,699,000 as a result of dividends on common stock of $264,450,000 exceeding Net Income Attributable to EastGroup Properties, Inc. Common Stockholders of $227,751,000.
Current wording
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.
Previous wording
Accumulated other comprehensive income decreased $2,935,000 during 2024. 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.
Current wording
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.
Previous wording
Net Income Attributable to EastGroup Properties, Inc. Common Stockholders for the year ended December 31, 2024 was $227,751,000 ($4.67 per basic and $4.66 per diluted share) compared to $200,491,000 ($4.43 per basic and $4.42 per diluted share) for the year ended December 31, 2023. The following paragraphs provide further details with respect to these changes:
Current wording
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:
Previous wording
•PNOI was $464,995,000 ($9.51 per diluted share) for the year ended December 31, 2024, compared to $413,321,000 ($9.12 per diluted share) for the year ended December 31, 2023. PNOI increased $20,089,000 from same property operations, $18,354,000 from newly developed and value-add properties and $15,915,000 from 2023 and 2024 acquisitions; PNOI decreased $2,642,000 from operating properties sold in 2023 and 2024. Straight-lining of rent increased Income from real estate operations by $11,450,000 and $11,289,000 in 2024 and 2023, respectively.
Current wording
•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.
Previous wording
•EastGroup recognized Gains on sales of real estate investments of $8,751,000 ($0.18 per diluted share) during 2024, compared to $17,965,000 ($0.40 per diluted share) during 2023. The Company’s sales transactions are described in Note 2 of the Notes to Consolidated Financial Statements.
Current wording
•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.
Previous wording
•Depreciation and amortization was $189,411,000 ($3.87 per diluted share) for the year ended December 31, 2024, compared to $171,078,000 ($3.77 per diluted share) for the year ended December 31, 2023. The increase is primarily due to the operating properties acquired by the Company in 2023 and 2024 and the properties transferred from Development and value-add propertiesin 2023 and 2024. These increases are partially offset by operating properties sold in 2023 and 2024.
Current wording
•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 propertiesin 2024 and 2025. These increases are partially offset by operating properties sold in 2024 and 2025.
Previous wording
•Interest expense recognized was $38,956,000 ($0.80 per diluted share) during 2024, compared to $47,996,000 ($1.06 per diluted share) during 2023. See the table below for details.
Current wording
•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.
Previous wording
•EastGroup recognized gains on involuntary conversion and business interruption claims of $1,708,000 ($0.03 per diluted share) during 2024, compared to $4,187,000 ($0.09 per diluted share) during 2023. Gains on involuntary conversion and business interruption claims are included in Other revenue on the Consolidated Statements of Income and Comprehensive Income.
Current wording
•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.
Previous wording
•Weighted average shares outstanding increased by 3,580,000, on a diluted basis, during 2024 compared to 2023. The increase is primarily due to issuance of shares through the Company's offering programs, as discussed in Liquidity and Capital Resources.
Current wording
•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.
Showing the first 40 of 66 pairs. Open the source sections for the rest.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
In September 2023, the Company refinanced a $100,000,000 senior unsecured term loan, reducing the effectively fixed interest rate by approximately 45 basis points.