EASTGROUP PROPERTIES INC

Previous wording

•potentially catastrophic events such as acts of war, civil unrest and terrorism; and

Current wording

•potentially catastrophic events, such as escalation or expansion of the war in the Middle East, other acts of war, civil unrest or terrorism; and

Previous wording

As of September 30, 2025, EastGroup owned 546 industrial properties in 12 states. As of that same date, the Company’s portfolio, including development projects and value-add properties in lease-up and under construction, included approximately 64,400,000 square feet consisting of 507 business distribution properties containing 58,800,000 square feet, 18 bulk distribution properties containing 4,700,000 square feet, and 21 business service properties containing 900,000 square feet.

Current wording

As of March 31, 2026, EastGroup owned 556 industrial properties in 12 states. As of that same date, the Company’s portfolio, including development projects and value-add properties in lease-up and under construction, included approximately 65,400,000 square feet consisting of 516 business distribution properties containing 59,500,000 square feet, 19 bulk distribution properties containing 5,100,000 square feet, and 21 business service properties containing 800,000 square feet.

Previous wording

During the nine months ended September 30, 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 during the nine months ended September 30, 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.

Current wording

During the three months ended March 31, 2026, 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 during the three months ended March 31, 2026, 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 direct and indirect impacts resulting from the uncertainty related to, or changes to, the overall regulatory and economic environment and from ongoing conflict in the Middle East.

Previous wording

During the nine months ended September 30, 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 program at a weighted average price of $183.15 per share, providing aggregate net proceeds to the Company of $6,005,000.

Current wording

During the three months ended March 31, 2026, EastGroup sold, and subsequently settled the issuance of, 365,620 shares of common stock directly through sales agents under its at-the-market (“ATM”) common stock offering program at a weighted average price of $191.46 per share, providing aggregate net proceeds to the Company of $69,300,000.

Previous wording

During the nine months ended September 30, 2025, EastGroup entered into forward equity sale agreements with certain financial institutions acting as forward counterparties under its ATM common stock offering program 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 we entered into forward equity sale agreements. Also during the nine months ended September 30, 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.

Current wording

During the three months ended March 31, 2026, EastGroup entered into forward equity sale agreements with certain financial institutions acting as forward counterparties under its ATM common stock offering program with respect to 252,136 shares of common stock with an initial weighted average forward price of $196.16 per share. The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time we entered into forward equity sale agreements.

Previous wording

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.

Current wording

EastGroup’s financing and equity issuances are further described in Liquidity and Capital Resources.

Previous wording

The Company’s primary source of revenue is rental income. During the nine months ended September 30, 2025, EastGroup executed new and renewal leases on 6,997,000 square feet (representing 11.4% of the operating portfolio’s total square footage of 61,375,000). For new and renewal leases signed during the first nine months of 2025, average rental rates increased by 42.1%, as compared to the former leases on the same spaces.

Current wording

The Company’s primary source of revenue is rental income. During the three months ended March 31, 2026, EastGroup executed new and renewal leases on 2,048,000 square feet (representing 3.3% of the operating portfolio’s total square footage of 61,901,000). For new and renewal leases signed during the first three months of 2026, average rental rates increased by 36.8%, 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 Stockholders was $3.60 for the nine months ended September 30, 2025, compared to $3.49 for the same period of 2024, a 3.2% 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 Stockholders was $1.77 for the three months ended March 31, 2026, compared to $1.14 for the same period of 2025, a 55.3% 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 period from January 1, 2024 through September 30, 2025), increased 6.5% for the nine months ended September 30, 2025, as compared to the same period in 2024.

Current wording

Property Net Operating Income (“PNOI”), Excluding Income from Lease Terminations, from same properties (defined as operating properties owned during the entire period from January 1, 2025 through March 31, 2026), increased 7.5% for the three months ended March 31, 2026, as compared to the same period in 2025.

Previous wording

EastGroup’s operating portfolio was 96.7% leased and 95.9% occupied as of September 30, 2025, compared to 96.9% and 96.5%, respectively, at September 30, 2024. As of October 22, 2025, the operating portfolio was 96.7% leased and 95.9% occupied. As of September 30, 2025, leases approximating 2.4% of the operating portfolio, based on a percentage of annualized based rent, were scheduled to expire during the remainder of 2025. This percentage was reduced to 1.8% as of October 22, 2025.

Current wording

EastGroup’s operating portfolio was 96.5% leased and 95.9% occupied as of March 31, 2026, compared to 97.3% and 96.5%, respectively, at March 31, 2025. As of April 21, 2026, the operating portfolio was 96.4% leased and 95.7% occupied. As of March 31, 2026, leases approximating 8.2% of the operating portfolio, based on a percentage of annualized base rent, were scheduled to expire during the remainder of 2026. This percentage was reduced to 7.1% as of April 21, 2026.

Previous wording

During the nine months ended September 30, 2025, EastGroup acquired 171.8 acres of development land in three markets for $83,793,000. The Company also began construction of a redevelopment project and three development projects containing 892,000 square feet in four markets. EastGroup also transferred 10 development projects (2,024,000 square feet) in 7 markets from Development and value-add properties to Real estate properties, with costs of $268,626,000 at the date of transfer. As of September 30, 2025, EastGroup’s development and value-add program consisted of 15 projects (3,011,000 square feet) located in 12 markets. The projected total investment for the development projects, which were collectively 8.5% leased as of October 22, 2025, is $436,100,000, of which $137,546,000 remained to be invested as of September 30, 2025.

Current wording

During the three months ended March 31, 2026, the Company began construction of four development projects containing 586,000 square feet in four markets. EastGroup also transferred two development projects (562,000 square feet) in two markets from Development and value-add properties to Real estate properties, with costs of $68,845,000 at the date of transfer. As of March 31, 2026, EastGroup’s development and value-add program consisted of 19 projects (3,497,000 square feet) located in 13 markets. The projected total investment for the development projects, which were collectively 30.1% leased as of April 21, 2026, is $508,100,000, of which $186,807,000 remained to be invested as of March 31, 2026.

Previous wording

During the nine months ended September 30, 2025, EastGroup acquired operating properties in Dallas and Raleigh, containing 638,000 square feet for $121,965,000. There were no value-add property acquisitions during the period.

Current wording

During the three months ended March 31, 2026, EastGroup acquired an operating property in Jacksonville, containing 177,000 square feet for $38,130,000. There were no value-add property acquisitions during the period.

Previous wording

The Company typically funds its development and acquisition programs through its $675,000,000 unsecured bank credit facilities (as discussed 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.

Current wording

The Company typically funds its development and acquisition programs through its $675,000,000 unsecured bank credit facilities (as discussed 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 February 2026, Moody’s Ratings upgraded EastGroup’s issuer rating to Baa1, outlook stable from Baa2, outlook 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

Investors and industry analysts following the real estate industry primarily utilize two supplemental operating performance measures in analyzing the Company’s operating results: (1) funds from operations (“FFO”) attributable to common stockholders, and (2) property net operating income (“PNOI”).

Current wording

Investors and industry analysts following the real estate industry primarily utilize two supplemental operating performance measures in analyzing the Company’s operating results: (i) funds from operations (“FFO”) attributable to common stockholders and (ii) PNOI.

Previous wording

FFO is calculated as net income (loss) attributable to common stockholders computed in accordance with U.S. generally accepted accounting principles (“GAAP”), excluding gains and losses from sales of real estate property (including other assets incidental to the Company’s business) and impairment losses, adjusted for real estate related depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. FFO is not considered as an alternative to net income (determined in accordance with GAAP) as an indication of the Company’s financial performance, nor is it a measure of the Company’s liquidity or indicative of funds available to provide for the Company’s cash needs, including its ability to make distributions. The Company’s key drivers affecting FFO are changes in PNOI (as discussed below), interest rates, the amount of leverage the Company employs and general and administrative expenses.

Current wording

-25- after adjustments for unconsolidated partnerships and joint ventures. FFO is not considered as an alternative to net income (determined in accordance with GAAP) as an indication of the Company’s financial performance, nor is it a measure of the Company’s liquidity or indicative of funds available to provide for the Company’s cash needs, including its ability to make distributions. The Company’s key drivers affecting FFO are changes in PNOI (as discussed below), interest rates, the amount of leverage the Company employs and general and administrative expenses.

Previous wording

EastGroup sometimes refers to PNOI from Same Properties as “Same PNOI”; the Company also presents Same PNOI, Excluding Income from Lease Terminations. Same Properties is defined as operating properties owned during the entire current and prior year reporting periods. Properties developed or acquired are excluded until held in the operating portfolio for both the current and prior year reporting periods. Properties sold during the current or prior year reporting periods are also excluded. For the three and nine months ended September 30, 2025, Same Properties includes properties which were included in the operating portfolio for the entire period from January 1, 2024 through September 30, 2025. The Company presents Same PNOI and Same PNOI, Excluding Income from Lease Terminations, as a property-level supplemental measure of performance used to evaluate the performance of the Company’s investments in real estate assets and its operating results on a same property basis.

Current wording

EastGroup sometimes refers to PNOI from Same Properties as “Same PNOI”; the Company also presents Same PNOI, Excluding Income from Lease Terminations. Same Properties is defined as operating properties owned during the entire current and prior year reporting periods. Properties developed or acquired are excluded until held in the operating portfolio for both the current and prior year reporting periods. Properties sold during the current or prior year reporting periods are also excluded. For the three months ended March 31, 2026, Same Properties includes properties which were included in the operating portfolio for the entire period from January 1, 2025 through March 31, 2026. The Company presents Same PNOI and Same PNOI, Excluding Income from Lease Terminations, as a property-level supplemental measure of performance used to evaluate the performance of the Company’s investments in real estate assets and its operating results on a same property basis.

Previous wording

The following table presents reconciliations of Net Income to PNOI, Same PNOI and Same PNOI, Excluding Income from Lease Terminations, for the three and nine months ended September 30, 2025 and 2024.

Current wording

The following table presents reconciliations of Net Income to PNOI, Same PNOI and Same PNOI, Excluding Income from Lease Terminations, for the three months ended March 31, 2026 and 2025.

Previous wording

PNOI was calculated as follows for the three and nine months ended September 30, 2025 and 2024.

Current wording

PNOI was calculated as follows for the three months ended March 31, 2026 and 2025.

Previous wording

The following table presents reconciliations of Net Income Attributable to EastGroup Properties, Inc. Common Stockholders to FFO Attributable to Common Stockholders for the three and nine months ended September 30, 2025 and 2024.

Current wording

The following table presents reconciliations of Net Income Attributable to EastGroup Properties, Inc. Common Stockholders to FFO Attributable to Common Stockholders for the three months ended March 31, 2026 and 2025.

Previous wording

•Net Income Attributable to EastGroup Properties, Inc. Common Stockholders for the three and nine months ended September 30, 2025 was $66,943,000 ($1.26 per basic and diluted share) and $189,665,000 ($3.61 per basic and $3.60 per diluted share), respectively, compared to $55,180,000 ($1.13 per basic and diluted share) and $169,111,000 ($3.50 per basic and $3.49 per diluted share) for the same periods in 2024. See Results of Operations for further analysis.

Current wording

•Net Income Attributable to EastGroup Properties, Inc. Common Stockholders for the three months ended March 31, 2026 was $94,624,000 ($1.77 per basic and diluted share), compared to $59,423,000 ($1.14 per basic and diluted share) for the same period in 2025. See Results of Operations for further analysis.

Previous wording

•The change in FFO per share represents the increase or decrease in FFO per share from the current period compared to the same period in the prior year. For the three months ended September 30, 2025, FFO was $2.27 per diluted share compared with $2.13 per diluted share for the same period of 2024, an increase of 6.6%. For the nine months ended September 30, 2025, FFO was $6.64 per diluted share compared with $6.19 per diluted share for the same period of 2024, an increase of 7.3%. FFO increased during the three and nine months ended September 30, 2025, as compared to the same periods in 2024, 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 share represents the increase or decrease in FFO per share from the current period compared to the same period in the prior year. For the three months ended March 31, 2026, FFO was $2.34 per diluted share

Previous wording

•For the three months ended September 30, 2025, PNOI increased by $15,384,000, or 12.9%, as compared to the same period in 2024. PNOI increased $6,911,000 due to same property operations, $6,106,000 due to 2024 and 2025 acquisitions and $2,613,000 due to newly developed and value-add properties; PNOI decreased $51,000 due to operating properties sold in 2024 and 2025.

Current wording

•For the three months ended March 31, 2026, PNOI increased by $13,842,000, or 11.0%, as compared to the same period in 2025. PNOI increased $8,783,000 from same property operations, $2,703,000 from newly developed and value-add properties and $2,658,000 from 2025 and 2026 acquisitions.

Previous wording

•The change in Same PNOI represents the PNOI increase or decrease for the same operating properties owned during the entire period from January 1, 2024 through September 30, 2025. Same PNOI, excluding income from lease terminations, increased 7.7% and 6.5% for the three and nine months ended September 30, 2025, respectively, as compared to the same periods in 2024.

Current wording

•The change in Same PNOI represents the PNOI increase or decrease for the same operating properties owned during the entire period from January 1, 2025 through March 31, 2026. Same PNOI, excluding income from lease terminations, increased 7.5% for the three months ended March 31, 2026, as compared to the same period in 2025.

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, 2024 through September 30, 2025). Same property average occupancy was 96.6% for the three months ended September 30, 2025, compared to 96.9% for the same period of 2024. Same property average occupancy was 96.3% for the nine months ended September 30, 2025, compared to 97.1% for the same period of 2024.

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, 2025 through March 31, 2026). Same property average occupancy was 97.3% for the three months ended March 31, 2026, compared to 96.1% for the same period of 2025.

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, 2024 through September 30, 2025). The same property average rental rate was $8.91 and $8.73 per square foot for the three and nine months ended September 30, 2025, respectively, compared to $8.30 and $8.20 per square foot for the same periods of 2024.

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, 2025 through March 31, 2026). The same property average rental rate was $9.26 per square foot for the three months ended March 31, 2026, compared to $8.62 per square foot for the same period of 2025.

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 September 30, 2025 was 95.9%. Quarter-end occupancy ranged from 96.0% to 96.5% over the previous four quarters ended September 30, 2024 to June 30, 2025.

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 March 31, 2026 was 95.9%. Quarter-end occupancy ranged from 95.9% to 96.5% over the previous four quarters ended March 31, 2025 to December 31, 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 (4.0% of the operating portfolio’s total square footage) averaged 35.9% for the three months ended September 30, 2025. For the nine months ended September 30, 2025, rental rate increases on new and renewal leases (11.4% of the operating portfolio’s total square footage) averaged 42.1%.

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 (3.3% of the operating portfolio’s total square footage) averaged 36.8% for the three months ended March 31, 2026.

Previous wording

EastGroup’s Total Assets were $5,354,755,000 at September 30, 2025, an increase of $277,279,000 from December 31, 2024. Total Liabilities increased $60,789,000 to $1,845,721,000, and Total Equity increased $216,490,000 to $3,509,034,000 during the same period. The following paragraphs explain these changes in additional detail.

Current wording

EastGroup’s Total Assets were $5,490,264,000 at March 31, 2026, an increase of $58,457,000 from December 31, 2025. Total Liabilities decreased $21,935,000 to $1,913,284,000, and Total Equity increased $80,392,000 to $3,576,980,000 during the same period. The following paragraphs explain these changes in detail.

Previous wording

Real estate properties increased $446,631,000 during the nine months ended September 30, 2025, primarily due to: (i) the transfer of projects from Development and value-add properties to Real estate properties; (ii) the acquisition of operating properties; (iii) capital improvements at the Company’s properties; and (iv) costs incurred on development and value-add projects subsequent to transfer to Real estate properties discussed below. The increases were partially offset by the sale of an operating property.

Current wording

Real estate properties increased $74,135,000 during the three months ended March 31, 2026, primarily due to: (i) the transfer of projects from Development and value-add properties to Real estate properties; (ii) the acquisition of an operating property; (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. The increases were partially offset by the sale of an operating property, the transfer of one property from Real estate properties to Development and value-add properties and the reclassification of one property from Real estate properties to Real estate assets held for sale.

Previous wording

During the nine months ended September 30, 2025, EastGroup acquired the following properties:

Current wording

During the three months ended March 31, 2026, EastGroup acquired the following properties:

Previous wording

(2)Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate propertieson the Consolidated Balance Sheets.

Current wording

(2)Operating properties are defined as stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate propertieson the Consolidated Balance Sheets. Excludes acquired development land as discussed below.

Previous wording

During the nine months ended September 30, 2025, the Company made capital improvements of $59,276,000 on existing properties (included in the Real Estate Improvements table under Results of Operations). Also, the Company incurred costs of $5,759,000 on development and value-add properties 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 three months ended March 31, 2026, the Company made capital improvements of $13,888,000 on existing properties (included in the Real Estate Improvements table under Results of Operations). Also, the Company incurred costs of $2,233,000 on development and value-add properties 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

Development and value-add propertiesat September 30, 2025 consisted of projects in lease-up and under construction of $298,554,000 and prospective development (primarily land) of $343,653,000. The Company’s total investment in Development and value-add propertiesat September 30, 2025 was $642,207,000 compared to $674,472,000 at December 31, 2024. The decrease in Development and value-add properties was primarily due to the transfer of 10 development and value-add projects to Real estate properties during the nine months ended September 30, 2025 with a total investment of $268,626,000 as of the date of transfer.

Current wording

Development and value-add propertiesat March 31, 2026 consisted of projects in lease-up and under construction of $321,293,000 and prospective development (primarily land) of $377,119,000. The Company’s total investment in Development and value-add propertiesat March 31, 2026 was $698,412,000 compared to $710,200,000 at December 31, 2025. The decrease in Development and value-add properties was primarily due to the transfer of two development and value-add projects to Real estate properties during the three months ended March 31, 2026 with a total investment of $68,845,000 as of the date of transfer.

Previous wording

Total capital invested for development during the first nine months of 2025 was $242,121,000, which consisted of improvement costs of $152,569,000 on development and value-add properties, $83,793,000 for new land investments and costs of $5,759,000 on properties subsequent to transfer to Real estate properties. The capitalized costs incurred on development and value-add properties 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). The Company capitalized internal development costs of $1,716,000 and $5,387,000 for the three and nine months ended September 30, 2025, respectively, compared to $1,903,000 and $6,158,000 for the same periods of 2024. The decrease was due to variations in timing and volume of development projects under construction.

Current wording

Total capital invested for development during the first three months of 2026 was $45,312,000, which consisted of improvement costs of $43,079,000 on development and value-add properties and costs of $2,233,000 on properties subsequent to transfer to Real estate properties. The capitalized costs incurred on development and value-add properties 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). The Company capitalized internal development costs of $2,339,000 for the three months ended March 31, 2026, compared to $1,954,000 for the same period of 2025. The increase was due to variations in timing and volume of development projects under construction.

Previous wording

A summary of the Company's Development and Value-Add Properties for the nine months ended September 30, 2025 follows:

Current wording

A summary of the Company's Development and Value-Add Properties for the three months ended March 31, 2026 follows:

Previous wording

Accumulated depreciation on real estate, development and value-add properties increased $125,361,000 during the nine months ended September 30, 2025, primarily due to depreciation expense of $129,329,000 partially offset by write-offs of assets.

Current wording

Accumulated depreciation on real estate, development and value-add properties increased $24,836,000 during the three months ended March 31, 2026, primarily due to depreciation expense of $45,199,000 partially offset by the sale of an operating

Previous wording

Cash and cash equivalents decreased $14,548,000 during the nine months ended September 30, 2025. Refer to the Consolidated Statements of Cash Flows and Liquidity and Capital Resourcesfor further details.

Current wording

Cash and cash equivalents increased $30,351,000 during the three months ended March 31, 2026. Refer to the Consolidated Statements of Cash Flows and Liquidity and Capital Resourcesfor further details.

Previous wording

Other assets, net increased $3,320,000 during the nine months ended September 30, 2025. See Note 9 in the Notes to Consolidated Financial Statements for further details.

Current wording

Other assets, net decreased $10,635,000 during the three months ended March 31, 2026. See Note 9 in the Notes to Consolidated Financial Statements for further details.

Previous wording

Unsecured bank credit facilities, net of debt issuance costs increased $45,754,000 during the nine months ended September 30, 2025, mainly due to borrowings of $136,191,000, offset by repayments of $91,191,000, and debt issuance cost activity during the period. 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 decreased $18,596,000 during the three months ended March 31, 2026, primarily due to repayments of $130,472,000, partially offset by borrowings of $111,627,000. The Company’s credit facilities are described in greater detail in Liquidity and Capital Resources.

Previous wording

-31- notes, and debt issuance cost 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.

Current wording

Unsecured debt, net of debt issuance costs increased $277,000 during the three months ended March 31, 2026, primarily due to debt issuance cost 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.