EASTGROUP PROPERTIES INC

For the period ended Dec 31, 2025. Filed Feb 11, 2026.

About 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$199.26+2.8%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Schedule III – Real Estate Properties and Accumulated Depreciation

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized 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

SCHEDULE III
REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION
DECEMBER 31, 2025 (In thousands, except footnotes)
Description · Initial Cost to the Company · CostsCapitalized Subsequent to Acquisition · Gross Amount Carried at Close of Period · Accumulated Depreciation · Year Acquired · Year Constructed
Description	Land	Buildings and Improvements	CostsCapitalized 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

(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.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.