EASTGROUP PROPERTIES INC

Previous wording

•increased construction and development costs, including as a result of tariffs or the recent inflationary environment;

Current wording

•increased construction and development costs, including as a result of tariffs or an inflationary environment;

Previous wording

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

Current wording

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

Previous wording

As of June 30, 2026, EastGroup owned 557 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 65,700,000 square feet consisting of 517 business distribution properties containing 59,800,000 square feet, 19 bulk distribution properties containing 5,100,000 square feet, and 21 business service properties containing 800,000 square feet.

Current wording

As of September 30, 2026, EastGroup owned 569 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 66,997,000 square feet consisting of 527 business distribution properties containing 60,867,000 square feet, 20 bulk distribution properties containing 5,224,000 square feet, and 22 business service properties containing 906,000 square feet.

Previous wording

During the six months ended June 30, 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 six months ended June 30, 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.

Current wording

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

EastGroup believes its current operating cash flow and unsecured bank credit facilities provide the capacity to fund the operations of the Company, and the Company also believes it can issue common and/or preferred equity and obtain debt financing on currently acceptable terms.

Current wording

EastGroup believes its current operating cash flow and unsecured bank credit facilities provide the capacity to fund the operations of the Company, and the Company also believes it can issue common and/or preferred equity and obtain debt financing on currently acceptable terms. Additionally, the Company has forward equity sales agreements available for settlement, as described below.

Previous wording

During the six months ended June 30, 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.

Current wording

During the nine months ended September 30, 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

-26- common stock with an initial weighted average forward price of $201.45 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.

Current wording

During the nine months ended September 30, 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 3,443,388 shares of common stock with an initial weighted average forward price of $201.88 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

The Company’s primary source of revenue is rental income. During the six months ended June 30, 2026, EastGroup executed new and renewal leases on 4,887,000 square feet (representing 7.8% of the operating portfolio’s total square footage of 62,523,000). For new and renewal leases signed during the first six months of 2026, average rental rates increased by 35.2%, as compared to the former leases on the same spaces.

Current wording

The Company’s primary source of revenue is rental income. During the nine months ended September 30, 2026, EastGroup executed new and renewal leases on 7,756,000 square feet (representing 12.3% of the operating portfolio’s total square footage of 62,944,000). For new and renewal leases signed during the first nine months of 2026, average rental rates increased by 35.6%, 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 $3.17 for the six months ended June 30, 2026, compared to $2.35 for the same period of 2025, a 34.9% 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 $4.63 for the nine months ended September 30, 2026, compared to $3.60 for the same period of 2025, a 28.6% 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, 2025 through June 30, 2026), increased 6.8% for the six months ended June 30, 2026, as compared to the same period in 2025.

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 September 30, 2026), increased 6.3% for the nine months ended September 30, 2026, as compared to the same period in 2025.

Previous wording

EastGroup’s operating portfolio was 96.8% leased and 95.6% occupied as of June 30, 2026, compared to 97.1% and 96.0%, respectively, at June 30, 2025. As of July 21, 2026, the operating portfolio was 96.9% leased and 95.6% occupied. As of June 30, 2026, leases approximating 4.5% 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 3.6% as of July 21, 2026.

Current wording

EastGroup’s operating portfolio was 97.3% leased and 96.5% occupied as of September 30, 2026, compared to 96.7% and 95.9%, respectively, at September 30, 2025. As of October 20, 2026, the operating portfolio was 96.7% leased and 95.9% occupied. As of September 30, 2026, leases approximating 1.6% 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 1.0% as of October 20, 2026.

Previous wording

During the six months ended June 30, 2026, the Company began construction of six development projects containing 933,000 square feet in five markets. EastGroup also transferred six development projects (1,231,000 square feet) in five markets from Development and value-add properties to Real estate properties, with costs of $124,991,000 at the date of transfer. As of June 30, 2026, EastGroup’s development and value-add program consisted of 17 projects (3,175,000 square feet) located in 12 markets. The projected total investment for the development projects, which were collectively 21.7% leased as of July 21, 2026, is $486,800,000, of which $175,105,000 remained to be invested as of June 30, 2026.

Current wording

During the nine months ended September 30, 2026, EastGroup purchased 107.3 acres of development land in 3 markets for $54,096,000. The Company also began construction of 10 development projects and 1 redevelopment project, in total containing 1,932,000 square feet in 8 markets. EastGroup also transferred 7 development projects (1,344,000 square feet) in 6 markets from Development and value-add properties to Real estate properties, with costs of $139,371,000 at the date of transfer. As of September 30, 2026, EastGroup’s development and value-add program consisted of 21 projects (4,061,000 square feet) located in 14 markets. The projected total investment for the development projects, which were collectively 25.4% leased as of October 20, 2026, is $636,700,000, of which $251,460,000 remains to be invested as of September 30, 2026.

Previous wording

During the six months ended June 30, 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.

Current wording

During the nine months ended September 30, 2026, EastGroup acquired operating properties in Jacksonville, Phoenix and Austin, containing a combined 708,000 square feet for $148,086,000. There were no value-add property acquisitions during the period.

Previous wording

During the six months ended June 30, 2026, EastGroup sold two operating properties, in Fresno and Jacksonville, totaling 444,000 square feet, generating gross sales proceeds of $44,000,000. The Company recognized $30,074,000 in Gain on sales of real estate investments during the six months ended June 30, 2026.

Current wording

During the nine months ended September 30, 2026, EastGroup sold two operating properties, in Fresno and Jacksonville, totaling 444,000 square feet, generating gross sales proceeds of $44,000,000. The Company recognized $30,074,000 in Gain on sales of real estate investments during the nine months ended September 30, 2026. The Company also sold 6.9 acres of land in Miami for $14,250,000, recognizing $4,709,000 in gains on sales of non-operating real estate (included in Other income on the Consolidated Statements of Income and Comprehensive Income) during the nine months ended September 30, 2026.

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 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.

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. In the future, the Company may also raise capital through accessing the public debt or convertible bond markets, as well as its common stock offering program, as described above.

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 six months ended June 30, 2026, Same Properties includes properties which were included in the operating portfolio for the entire period from January 1, 2025 through June 30, 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.

Current wording

EastGroup may refer 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, 2026, Same Properties includes properties which were included in the operating portfolio for the entire period from January 1, 2025 through September 30, 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

FFO and PNOI are supplemental industry reporting measurements used to evaluate the performance of the Company’s investments in real estate assets and its operating results. The Company believes that the exclusion of depreciation and amortization in the calculations of PNOI and FFO provides supplemental indicators of the properties’ performance since real estate values have historically risen or fallen with market conditions. PNOI and FFO as calculated by the Company may not be comparable to similarly titled but differently calculated measures for other REITs. Investors should be aware that items excluded from or added back to FFO are significant components in understanding and assessing the Company’s financial performance. These non-GAAP figures should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP.

Current wording

FFO and PNOI are supplemental industry reporting measurements used to evaluate the performance of the Company’s investments in real estate assets and its operating results. The Company believes that the exclusion of depreciation and amortization in the calculations of PNOI and FFO provides supplemental indicators of the properties’ performance since real estate values have historically risen or fallen with market conditions. PNOI and FFO as calculated by the Company may not be comparable to similarly titled but differently calculated measures for other REITs. Investors should be aware that items excluded from or included in FFO are significant components in understanding and assessing the Company’s financial performance. These non-GAAP figures should not be considered a substitute for, and should only be considered together with and as a supplement to, the Company’s financial information presented in accordance with GAAP.

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 six months ended June 30, 2026 and 2025.

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 and nine months ended September 30, 2026 and 2025.

Previous wording

PNOI was calculated as follows for the three and six months ended June 30, 2026 and 2025.

Current wording

PNOI was calculated as follows for the three and nine months ended September 30, 2026 and 2025.

Previous wording

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

Current wording

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

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 six months ended June 30, 2026 and 2025.

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 and nine months ended September 30, 2026 and 2025.

Previous wording

•Net Income Attributable to EastGroup Properties, Inc. Common Stockholders for the three and six months ended June 30, 2026 was $75,523,000 ($1.41 per basic and $1.40 per diluted share) and $170,147,000 ($3.18 per basic and $3.17 per diluted share), respectively, compared to $63,299,000 ($1.21 per basic and $1.20 per diluted share) and $122,722,000 ($2.35 per basic and diluted share), respectively, for the same periods in 2025. See Results of Operations for further analysis.

Current wording

•Net Income Attributable to EastGroup Properties, Inc. Common Stockholders for the three and nine months ended September 30, 2026 was $78,380,000 ($1.46 per basic and diluted share) and $248,527,000 ($4.64 per basic and $4.63 per diluted share), respectively, compared to $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, for the same periods 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 June 30, 2026, FFO was $2.36 per diluted share compared with $2.21 per diluted share for the same period of 2025, an increase of 6.8%. For the six months ended June 30, 2026, FFO was $4.70 per diluted share compared with $4.37 per diluted share for the same period of 2025, an increase of 7.6%. FFO increased during the three and six months ended June 30, 2026, as compared to the same periods in 2025, primarily due to the increase in PNOI, partially offset by an increase in general and administrative expense and interest 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 September 30, 2026, FFO was $2.45 per diluted share compared with $2.27 per diluted share for the same period of 2025, an increase of 7.9%. For the nine months ended September 30, 2026, FFO was $7.15 per diluted share compared with $6.64 per diluted share for the same period of 2025, an increase of 7.7%. FFO increased during the three and nine months ended September 30, 2026, as compared to the same periods in 2025, primarily due to the increase in PNOI, partially offset by an increase in interest expense.

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, 2025 through June 30, 2026. Same PNOI, excluding income from lease terminations, increased 6.2% and 6.8% for the three and six months ended June 30, 2026, respectively, as compared to the same periods in 2025.

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 September 30, 2026. Same PNOI, excluding income from lease terminations, increased 5.3% and 6.3% for the three and nine months ended September 30, 2026, respectively, as compared to the same periods 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, 2025 through June 30, 2026). Same property average occupancy was 96.9% for the three months ended June 30, 2026, compared to 96.3% for the same period of 2025. Same property average occupancy was 97.1% for the six months ended June 30, 2026, compared to 96.2% for the same period of 2025.

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 September 30, 2026). Same property average occupancy was 96.9% for the three months ended September 30, 2026, compared to 96.7% for the same period of 2025. Same property average occupancy was 97.0% for the nine months ended September 30, 2026, compared to 96.4% 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, 2025 through June 30, 2026). The same property average rental rate was $9.34 and $9.30 per square foot for the three and six months ended June 30, 2026, respectively, compared to $8.80 and $8.71 per square foot for the same periods of 2025.

Current wording

•The same property average rental rate calculated on a straight-line basis 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 September 30, 2026). The same property average rental rate was $9.46 and $9.36 per square foot for the three and nine months ended September 30, 2026, respectively, compared to $8.99 and $8.81 per square foot for the same periods 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 June 30, 2026 was 95.6%. Quarter-end occupancy ranged from 95.9% to 96.5% over the previous four quarters ended June 30, 2025 to March 31, 2026.

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 September 30, 2026 was 96.5%. Quarter-end occupancy ranged from 95.6% to 96.5% over the previous four quarters ended September 30, 2025 to June 30, 2026.

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 (4.5% of the operating portfolio’s total square footage) averaged 34.1% for the three months ended June 30, 2026. For the six months ended June 30, 2026, rental rate increases on new and renewal leases (7.8% of the operating portfolio’s total square footage) averaged 35.2%.

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 (4.6% of the operating portfolio’s total square footage) averaged 36.3% for the three months ended September 30, 2026. For the nine months ended September 30, 2026, rental rate increases on new and renewal leases (12.3% of the operating portfolio’s total square footage) averaged 35.6%.

Previous wording

EastGroup’s Total Assets were $5,522,866,000 at June 30, 2026, an increase of $91,059,000 from December 31, 2025. Total Liabilities increased $12,249,000 to $1,947,468,000, and Total Equity increased $78,810,000 to $3,575,398,000 during the same period. The following paragraphs explain these changes in detail.

Current wording

EastGroup’s Total Assets were $5,777,074,000 at September 30, 2026, an increase of $345,267,000 from December 31, 2025. Total Liabilities increased $269,343,000 to $2,204,562,000, and Total Equity increased $75,924,000 to $3,572,512,000 during the same period. The following paragraphs explain these changes in detail.

Previous wording

Real estate properties increased $147,339,000 during the six months ended June 30, 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 operating properties and the transfer of a property from Real estate properties to Development and value-add properties.

Current wording

Real estate properties increased $282,617,000 during the nine months ended September 30, 2026, primarily due to: (i) the acquisition of operating properties; (ii) the transfer of projects from Development and value-add properties to Real estate 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 operating properties and the transfer of a property from Real estate properties to Development and value-add properties.

Previous wording

During the six months ended June 30, 2026, EastGroup acquired the following properties:

Current wording

During the nine months ended September 30, 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. Excludes acquired development land as discussed below.

Current wording

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

Previous wording

There were no acquisitions of value-add properties or development land during the six months ended June 30, 2026.

Current wording

There were no acquisitions of value-add properties during the nine months ended September 30, 2026.

Previous wording

During the six months ended June 30, 2026, EastGroup sold two operating properties, in Fresno and Jacksonville, totaling 444,000 square feet, generating gross sales proceeds of $44,000,000. The Company recognized $30,074,000 in Gain on sales of real estate investments during the six months ended June 30, 2026.

Current wording

During the nine months ended September 30, 2026, EastGroup sold two operating properties, in Fresno and Jacksonville, totaling 444,000 square feet, generating gross sales proceeds of $44,000,000. The Company recognized $30,074,000 in Gain on sales of real estate investments during the nine months ended September 30, 2026.

Previous wording

-31- 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 nine months ended September 30, 2026, the Company made capital improvements of $43,605,000 on existing properties (included in the Real Estate Improvements table under Results of Operations). Also, the Company incurred costs of $12,096,000 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 June 30, 2026 consisted of projects in lease-up and under construction of $311,695,000 and prospective development (primarily land) of $379,821,000. The Company’s total investment in Development and value-add propertiesat June 30, 2026 was $691,516,000 compared to $710,200,000 at December 31, 2025. The decrease in Development and value-add properties was primarily due to the transfer of six development and value-add projects to Real estate properties during the six months ended June 30, 2026 with a total investment of $124,991,000 as of the date of transfer.

Current wording

Development and value-add propertiesat September 30, 2026 consisted of projects in lease-up and under construction of $385,240,000 and prospective development (primarily land) of $394,244,000. The Company’s total investment in Development and value-add propertiesat September 30, 2026 was $779,484,000 compared to $710,200,000 at December 31, 2025.

Previous wording

Total capital invested for development during the first six months of 2026 was $99,525,000, which consisted of improvement costs of $92,329,000 on development and value-add properties and costs of $7,196,000 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 $1,785,000 and $4,124,000 for the three and six months ended June 30, 2026, respectively, compared to $1,717,000 and $3,671,000 for the same periods of 2025. The increase was due to variations in timing and volume of development projects under construction.

Current wording

Total capital invested for development during the first nine months of 2026 was $215,438,000, which consisted of improvement costs of $149,246,000 on development and value-add properties, $54,096,000 for new land investments and costs of $12,096,000 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 $2,644,000 and $6,768,000 for the three and nine months ended September 30, 2026, respectively, compared to $1,716,000 and $5,387,000 for the same periods 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 six months ended June 30, 2026 follows:

Current wording

A summary of the Company's Development and Value-Add Properties for the nine months ended September 30, 2026 follows:

Previous wording

Accumulated depreciation on real estate, development and value-add properties increased $69,835,000 during the six months ended June 30, 2026, primarily due to depreciation expense of $91,101,000 partially offset by the sale of operating properties and write-offs of fully depreciated assets.

Current wording

Accumulated depreciation on real estate, development and value-add properties increased $115,442,000 during the nine months ended September 30, 2026, primarily due to depreciation expense of $138,346,000 partially offset by the sale of operating properties and write-offs of fully depreciated assets.

Previous wording

Other assets, net increased $209,000 during the six months ended June 30, 2026. See Note 9 in the Notes to Consolidated Financial Statements for further details.

Current wording

Other assets, net increased $27,029,000 during the nine months ended September 30, 2026. See Note 10 in the Notes to Consolidated Financial Statements for further details.