Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 23, 2024

EASTGROUP PROPERTIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland

1-07094

13-2711135

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

400 W. Parkway Place, Suite 100, Ridgeland, MS 39157

(Address of Principal Executive Offices, including zip code)

(601) 354-3555

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.0001 par value per share	EGP	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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ITEM 2.02 Results of Operations and Financial Condition

On July 23, 2024, EastGroup Properties, Inc. (the "Company") furnished the following documents: (i) a press release relating to its results of operations for the quarter ended June 30, 2024 and related matters; and (ii) quarterly supplemental financial information for the fiscal quarter ended June 30, 2024. A copy of the press release as well as a copy of the supplemental financial information are made available on the Company's website and are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

The information furnished in this Item 2.02 and in the attached Exhibits 99.1 and 99.2 is deemed to be "furnished" and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that Section and shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, regardless of any general incorporation language in such filing.

ITEM 9.01 Financial Statements and Exhibits

(d) Exhibits.


Exhibit No.						Description

99.1						Press Release dated July 23, 2024.
99.2						Quarterly Supplemental Information for the Quarter Ended June 30, 2024.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 23, 2024


			EASTGROUP PROPERTIES, INC.

			By: /s/ BRENT W. WOOD
			Brent W. Wood Executive Vice President, Chief Financial Officer and Treasurer

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			Exhibit 99.1





			Contact:
			Marshall Loeb, President and CEO
			Brent Wood, CFO
EastGroup Properties Announces			(601) 354-3555

Second Quarter 2024 Results

Second Quarter 2024 Highlights

•Net Income Attributable to Common Stockholders of $1.14 Per Diluted Share for Second Quarter 2024 Compared to $0.97 Per Diluted Share for Second Quarter 2023

•Funds from Operations (“FFO”) Excluding Gain on Involuntary Conversion and Business Interruption Claims of $2.05 Per Share for Second Quarter 2024 Compared to $1.89 Per Share for Second Quarter 2023, an Increase of 8.5%

•Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations Increased 5.3% Both on a Straight-Line Basis and on a Cash Basis for Second Quarter 2024 Compared to the Same Period in 2023

•Operating Portfolio was 97.4% Leased and 97.1% Occupied as of June 30, 2024; Average Occupancy of Operating Portfolio was 97.0% for Second Quarter 2024 as Compared to 98.1% for Second Quarter 2023

•Rental Rates on New and Renewal Leases Increased an Average of 59.7% on a Straight-Line Basis

•Entered Raleigh Market with Acquisition of One Operating Property Containing 274,000 Square Feet for Approximately $53 Million

•Started Construction on a Development Project Totaling 85,000 Square Feet with Projected Total Costs of Approximately $13 Million

•Transferred Two Development Projects, which Contain 294,000 Square Feet to the Operating Portfolio

JACKSON, MISSISSIPPI, July 23, 2024 - EastGroup Properties, Inc. (NYSE: EGP) (the “Company”, “we”, “us” or “EastGroup”) announced today the results of its operations for the three and six months ended June 30, 2024.

Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “Our strong performance continues as evidenced by FFO per share rising 8.5% for the quarter excluding involuntary conversions. Our portfolio remains resilient, producing a number of other strong metrics, such as our percent leased, year-to-date releasing spreads and same store net operating income growth. The leasing environment is slowly improving, which combined with a shrinking construction pipeline, makes me optimistic about the market in the coming year. Long term, I remain bullish on the continuing external secular trends which benefit our shallow bay, last mile Sunbelt market portfolio.”

EARNINGS PER SHARE

Three Months Ended June 30, 2024

On a diluted per share basis, earnings per common share (“EPS”) were $1.14 for the three months ended June 30, 2024, compared to $0.97 for the same period of 2023. The increase in EPS was primarily due to the following:

•The Company’s property net operating income (“PNOI”) increased by $12,437,000 ($0.26 per share) for the three months ended June 30, 2024, as compared to the same period of 2023.

•Interest expense decreased by $2,743,000 ($0.06 per share) during the three months ended June 30, 2024, as compared to the same period of 2023.

400 W. Parkway Place, Suite 100, Ridgeland, MS 39157 | TEL: 601-354-3555 | FAX: 601-352-1441 | EastGroup.net

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The increase in EPS was partially offset by the following:

•Depreciation and amortization expense increased by $3,368,000 ($0.07 per share) during the three months ended June 30, 2024, as compared to the same period of 2023.

•Weighted average shares increased by 3,611,000 on a diluted basis during the three months ended June 30, 2024, as compared to the same period of 2023.

Six Months Ended June 30, 2024

Diluted EPS for the six months ended June 30, 2024 was $2.37 compared to $1.99 for the same period of 2023. The increase in EPS was primarily due to the following:

•PNOI increased by $25,730,000 ($0.53 per share) for the six months ended June 30, 2024, as compared to the same period of 2023.

•EastGroup recognized gains on sales of real estate investments of $8,751,000 ($0.18 per share) during the six months ended June 30, 2024, compared to $4,809,000 ($0.11 per share) during the six months ended June 30, 2023.

•Interest expense decreased by $5,707,000 ($0.12 per share) during the six months ended June 30, 2024, as compared to the same period of 2023.

The increase in EPS was partially offset by the following:

•Depreciation and amortization expense increased by $7,523,000 ($0.16 per share) during the six months ended June 30, 2024, as compared to the same period of 2023.

•Weighted average shares increased by 3,874,000 on a diluted basis during the six months ended June 30, 2024, as compared to the same period of 2023.

FUNDS FROM OPERATIONS AND PROPERTY NET OPERATING INCOME

Three Months Ended June 30, 2024

For the three months ended June 30, 2024, funds from operations attributable to common stockholders (“FFO”) were $2.09 per share compared to $1.91 per share during the same period of 2023, an increase of 9.4%.

FFO Excluding Gain on Involuntary Conversion and Business Interruption Claims was $2.05 per share for the three months ended June 30, 2024, compared to $1.89 per share for the same period of 2023, an increase of 8.5%.

PNOI increased by $12,437,000, or 12.3%, during the three months ended June 30, 2024, compared to the same period of 2023. PNOI increased $4,932,000 from same property operations (based on the same property pool), $4,386,000 from newly developed and value-add properties, and $3,724,000 from 2023 and 2024 acquisitions, and decreased $671,000 from operating properties sold in 2023 and 2024.

Same PNOI Excluding Income from Lease Terminations increased 5.3% on a straight-line basis for the three months ended June 30, 2024, compared to the same period of 2023; on a cash basis (excluding straight-line rent adjustments and amortization of above/below market rent intangibles), Same PNOI also increased 5.3%.

On a straight-line basis, rental rates on new and renewal leases (representing 4.1% of our total square footage) increased an average of 59.7% during the three months ended June 30, 2024.

Six Months Ended June 30, 2024

FFO for the six months ended June 30, 2024, was $4.07 per share compared to $3.75 per share during the same period of 2023, an increase of 8.5%.

FFO Excluding Gain on Involuntary Conversion and Business Interruption Claims was $4.03 per share for the six months ended June 30, 2024, compared to $3.71 per share for the same period of 2023, an increase of 8.6%.

PNOI increased by $25,730,000, or 12.9%, during the six months ended June 30, 2024, compared to the same period of 2023. PNOI increased $9,902,000 from newly developed and value-add properties, $9,775,000 from same

400 W. Parkway Place, Suite 100, Ridgeland, MS 39157 | TEL: 601-354-3555 | FAX: 601-352-1441 | EastGroup.net

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property operations (based on the same property pool) and $7,121,000 from 2023 and 2024 acquisitions, and decreased $1,164,000 from operating properties sold in 2023 and 2024.

Same PNOI Excluding Income from Lease Terminations increased 5.1% on a straight-line basis for the six months ended June 30, 2024, compared to the same period of 2023; on a cash basis (excluding straight-line rent adjustments and amortization of above/below market rent intangibles), Same PNOI increased 6.5%.

On a straight-line basis, rental rates on new and renewal leases (representing 7.7% of our total square footage) increased an average of 58.8% during the six months ended June 30, 2024.

The same property pool for the six months ended June 30, 2024 includes properties which were included in the operating portfolio for the entire period from January 1, 2023 through June 30, 2024; this pool is comprised of properties containing 51,668,000 square feet.

FFO, FFO Excluding Gain on Involuntary Conversion and Business Interruption Claims, PNOI and Same PNOI are non-GAAP financial measures, which are defined under Definitions later in this release. Reconciliations of Net Income to PNOI and Same PNOI, and Net Income Attributable to EastGroup Properties, Inc. Common Stockholders to FFO and FFO Excluding Gain on Involuntary Conversion and Business Interruption Claims are presented in the attached schedule “Reconciliations of GAAP to Non-GAAP Measures.”

ACQUISITIONS

As previously announced, in May, EastGroup acquired a 274,000 square foot newly constructed industrial property in Raleigh for approximately $52,900,000. This property, which is 100% leased to three tenants, represents the Company's entry into the Raleigh-Durham market.

DEVELOPMENT AND VALUE-ADD PROPERTIES

During the second quarter of 2024, EastGroup began construction of a new development project in Orlando, which will contain a total of 85,000 square feet and has projected total costs of $12,800,000.

The development projects started during the first six months of 2024 are detailed in the table below:

Development Projects Started in 2024

Location

Size

Anticipated Conversion Date

Projected Total Costs

(Square feet)

(In thousands)

Northeast Trade Center 1

San Antonio, TX

264,000

04/2025

32,100

Crossroads 1

Tampa, FL

124,000

10/2025

20,000

Horizon West 5

Orlando, FL

85,000

11/2025

12,800

Total Development Projects Started

473,000

64,900

At June 30, 2024, EastGroup’s development and value-add program consisted of 18 projects (4,123,000 square feet) in 12 markets. The projects, which were collectively 37% leased as of July 22, 2024, have a projected total cost of $584,400,000, of which $156,179,000 remained to be funded as of June 30, 2024.

During the second quarter of 2024, EastGroup transferred two projects to the operating portfolio (at the earlier of 90% occupancy or one year after completion). The projects, which are located in Greenville and Dallas, contain 294,000 square feet and were collectively 83% leased as of July 22, 2024.

400 W. Parkway Place, Suite 100, Ridgeland, MS 39157 | TEL: 601-354-3555 | FAX: 601-352-1441 | EastGroup.net

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The development projects transferred to the operating portfolio during the first six months of 2024 are detailed in the table below:


Development and Value-Add Properties Transferred to the Operating Portfolio in 2024	Location	Size	Conversion Date	Cumulative Cost as of 6/30/24		Percent Leased as of 7/22/24
		(Square feet)		(In thousands)

Gateway 2	Miami, FL	133,000	02/2024	$	22,416	100%
Hillside 1	Greenville, SC	122,000	04/2024	12,897		58%
McKinney 1 & 2	Dallas, TX	172,000	06/2024	27,463		100%
Total Projects Transferred		427,000		$	62,776	88%

Projected Stabilized Yield(1)	7.6%

(1) Weighted average yield based on projected stabilized annual property net operating income on a straight-line basis at 100% occupancy

divided by projected total costs.

Subsequent to quarter-end, EastGroup began construction of Texas Avenue 1 & 2 in Austin, which will contain 129,000 square feet with a projected total cost of approximately $23,000,000.

Also subsequent to quarter-end, the Company transferred a project, known as MCO Logistics Center, to the operating portfolio at 100% occupancy. The project is located in Orlando, contains 167,000 square feet and has a projected total cost of approximately $25,300,000.

DIVIDENDS

EastGroup declared a cash dividend of $1.27 per share in the second quarter of 2024. The second quarter dividend, which was paid on July 15, 2024, was the Company’s 178th consecutive quarterly cash distribution to shareholders. The Company has increased or maintained its dividend for 31 consecutive years and has increased it 28 years over that period, including increases in each of the last 12 years. The annualized dividend rate of $5.08 per share yielded 2.7% on the closing stock price of $191.34 on July 22, 2024.

FINANCIAL STRENGTH AND FLEXIBILITY

EastGroup continues to maintain a strong and flexible balance sheet. Debt-to-total market capitalization was 16.9% at June 30, 2024. The Company’s interest and fixed charge coverage ratio was 11.27x and 10.85x for the three and six months ended June 30, 2024, respectively. The Company’s ratio of debt to earnings before interest, taxes, depreciation and amortization for real estate (“EBITDAre”) was 3.77x and 3.88x for the three and six months ended June 30, 2024, respectively. EBITDAre and the Company’s interest and fixed charge coverage ratio are non-GAAP financial measures defined under Definitions later in this release. Refer to the schedule “Reconciliations of GAAP to Non-GAAP Measures” attached for the calculation of the Company’s interest and fixed charge coverage ratio, the debt to EBITDAre ratio, and the reconciliation of Net Income to EBITDAre.

In June, EastGroup entered into the Sixth Amended and Restated Credit Agreement for its $625,000,000 unsecured revolving credit facility, which previously was scheduled to mature in July 2025 and now matures in July 2028. The maturity on EastGroup’s $50 million working cash line of credit facility was also extended to July 2028. There were no other material changes to the agreements.

During the second quarter, EastGroup sold 296,579 shares of common stock directly through its sales agents under its continuous common equity offering program at a weighted average price of $168.62 per share, providing aggregate gross proceeds to the Company of approximately $50,009,000. Included in the second quarter activity are 77,650 shares sold on June 28, 2024, which were not deemed to be issued and outstanding until settlement in July 2024. During the first quarter of 2024, the Company did not sell any shares of its common stock directly through sales agents, and only utilized the forward component of its continuous common equity program as noted below.

400 W. Parkway Place, Suite 100, Ridgeland, MS 39157 | TEL: 601-354-3555 | FAX: 601-352-1441 | EastGroup.net

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During the three months ended June 30, 2024, the Company entered into forward equity sale agreements with respect to 600,053 shares of common stock with an initial weighted average forward price of $166.65 per share and approximate gross sales proceeds of $100,000,000 based on the initial forward price. The Company did not receive any proceeds from the sale of common shares by the forward purchasers at the time it entered into forward equity sale agreements. As of July 22, 2024, EastGroup has 600,053 shares of common stock available for settlement prior to the expiration of the applicable settlement periods in June 2025, for approximate net proceeds of $99,009,000, based on a weighted average forward price of $165.00 per share.

During the second quarter, EastGroup settled outstanding forward equity sale agreements that were previously entered into under its continuous common equity offering program by issuing 420,370 shares of common stock in exchange for net proceeds of approximately $76,968,000.

OUTLOOK FOR 2024

We now estimate EPS for 2024 to be in the range of $4.63 to $4.73 and FFO per share attributable to common stockholders for 2024 to be in the range of $8.28 to $8.38. The table below reconciles projected net income attributable to common stockholders to projected FFO. The Company is providing a projection of estimated net income attributable to common stockholders solely to satisfy the disclosure requirements of the U.S. Securities and Exchange Commission.

EastGroup’s projections are based on management’s current beliefs and assumptions about our business, the industry and the markets in which we operate; there are known and unknown risks and uncertainties associated with these projections. We assume no obligation to update publicly any forward-looking statements, including our Outlook for 2024, whether as a result of new information, future events or otherwise. Please refer to the “Forward-Looking Statements” disclosures included in this earnings release and “Risk Factors” disclosed in our annual and quarterly reports filed with the Securities and Exchange Commission for more information.

The following table presents the guidance range for 2024:


	Low Range			High Range
	Q3 2024		Y/E 2024	Q3 2024	Y/E 2024
	(In thousands, except per share data)

Net income attributable to common stockholders	$	53,224	226,303	56,156	231,191
Depreciation and amortization	47,260		187,088	47,260	187,088
Gain on sales of real estate investments and non-operating real estate	—		(8,973)	—	(8,973)
Funds from operations attributable to common stockholders*	$	100,484	404,418	103,416	409,306

Weighted average shares outstanding - Diluted	48,882		48,872	48,882	48,872
Per share data (diluted):
Net income attributable to common stockholders	$	1.09	4.63	1.15	4.73
Funds from operations attributable to common stockholders	2.06		8.28	2.12	8.38

*This is a non-GAAP financial measure. Please refer to Definitions.

400 W. Parkway Place, Suite 100, Ridgeland, MS 39157 | TEL: 601-354-3555 | FAX: 601-352-1441 | EastGroup.net

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The following assumptions were used for the mid-point:

Metrics

Revised Guidance for Year 2024

April Earnings Release Guidance for Year 2024

Actual for Year 2023

FFO per share

$8.28 - $8.38

$8.17 - $8.37

$7.79

FFO per share increase over prior year

6.9%

6.2%

11.3%

FFO per share increase over prior year excluding

gain on involuntary conversion and business

interruption claims

7.7%

7.4%

10.0%

Same PNOI growth: cash basis(1)

5.6% - 6.6%(2)

5.5% - 6.5%(2)

8.0%

Average month-end occupancy - operating portfolio

96.6% - 97.6%

96.5% - 97.5%

98.0%

Lease termination fee income

$830,000

$1.0 million

Reserves of uncollectible rent

(Currently no identified bad debt for Q3-Q4)

$2.6 million

$2.5 million

$1.5 million

Development starts:

Square feet

1.9 million

2.4 million

Projected total investment

$260 million

$363 million

Operating property acquisitions

$265 million

$160 million

$165 million

Operating property dispositions

(Potential gains on dispositions are not included in the projections)

$35 million

$15 million

$38 million

Capital proceeds

$590 million

$490 million

$799 million

General and administrative expense

$22.3 million

$20.8 million

$16.8 million

(1) Excludes straight-line rent adjustments, amortization of market rent intangibles for acquired leases and income from lease terminations.

(2) Includes properties which have been in the operating portfolio since 1/1/23 and are projected to be in the operating portfolio through 12/31/24; includes 51,388,000 square feet.

DEFINITIONS

The Company’s chief decision makers use two primary measures of operating results in making decisions: (1) funds from operations attributable to common stockholders (“FFO”), including FFO as adjusted as described below, and (2) property net operating income (“PNOI”), as defined below.

FFO is computed in accordance with standards established by the National Association of Real Estate Investment Trusts, Inc. (“Nareit”). Nareit’s guidance allows preparers an option as it pertains to whether gains or losses on sale, or impairment charges, on real estate assets incidental to a real estate investment trust’s (“REIT’s”) business are excluded from the calculation of FFO. EastGroup has made the election to exclude activity related to such assets that are incidental to our business. 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 Excluding Gain on Involuntary Conversion and Business Interruption Claims is calculated as FFO (as defined above), adjusted to exclude gains on involuntary conversion and business interruption claims. The Company believes that this exclusion presents a more meaningful comparison of operating performance across periods.

PNOI is defined as Income from real estate operations less Expenses from real estate operations (including market-based internal management fee expense) plus the Company’s share of income and property operating expenses from its less-than-wholly-owned real estate investments. EastGroup sometimes refers to PNOI from Same Properties as “Same PNOI” in this press release and the accompanying reconciliation; the Company also presents Same PNOI

400 W. Parkway Place, Suite 100, Ridgeland, MS 39157 | TEL: 601-354-3555 | FAX: 601-352-1441 | EastGroup.net

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Excluding Income from Lease Terminations. 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. The Company believes it is useful to evaluate Same PNOI Excluding Income from Lease Terminations on both a straight-line and cash basis. The straight-line basis is calculated by averaging the customers’ rent payments over the lives of the leases; GAAP requires the recognition of rental income on a straight-line basis. The cash basis excludes adjustments for straight-line rent and amortization of market rent intangibles for acquired leases; cash basis is an indicator of the rents charged to customers by the Company during the periods presented and is useful in analyzing the embedded rent growth in the Company’s portfolio. “Same Properties” is defined as operating properties owned during the entire current period and prior year reporting period. Operating properties are stabilized real estate properties (land including building and improvements) that make up the Company’s operating portfolio. Properties developed or acquired are excluded from the same property pool 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.

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 industry’s 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.

The Company’s chief decision makers also use Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) in making decisions. EBITDAre is computed in accordance with standards established by Nareit and defined as Net Income, adjusted for gains and losses from sales of real estate investments, non-operating real estate and other assets incidental to the Company’s business, interest expense, income tax expense, depreciation and amortization. EBITDAre is a non-GAAP financial measure used to measure the Company’s operating performance and its ability to meet interest payment obligations and pay quarterly stock dividends on an unleveraged basis.

EastGroup’s chief decision makers also use its Debt-to-EBITDAre ratio, a non-GAAP financial measure calculated by dividing the Company’s debt by its EBITDAre, in analyzing the financial condition and operating performance of the Company relative to its leverage.

The Company’s interest and fixed charge coverage ratio is a non-GAAP financial measure calculated by dividing the Company’s EBITDAre by its interest expense. We believe this ratio is useful to investors because it provides a basis for analysis of the Company’s leverage, operating performance and its ability to service the interest payments due on its debt.

CONFERENCE CALL

EastGroup will host a conference call and webcast to discuss the results of its second quarter, review the Company’s current operations, and present its revised earnings outlook for 2024 on Wednesday, July 24, 2024, at 11:00 a.m. Eastern Time. A live broadcast of the conference call is available by dialing 1-800-836-8184 (conference ID: EastGroup) or by webcast through a link on the Company’s website at www.eastgroup.net. If you are unable to listen to the live conference call, a telephone and webcast replay will be available until Wednesday, July 31, 2024. The telephone replay can be accessed by dialing 1-888-660-6345 (access code 98279#), and the webcast replay can be accessed through a link on the Company’s website at www.eastgroup.net.

400 W. Parkway Place, Suite 100, Ridgeland, MS 39157 | TEL: 601-354-3555 | FAX: 601-352-1441 | EastGroup.net

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SUPPLEMENTAL INFORMATION

Supplemental financial information is available under Quarterly Results in the Investor Relations section of the Company’s website at www.eastgroup.net or upon request by calling the Company at 601-354-3555.

COMPANY INFORMATION

EastGroup Properties, Inc. (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 1000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. The Company’s goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location sensitive customers (primarily in the 20,000 to 100,000 square foot range). The Company’s strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. The Company’s portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 60.2 million square feet. EastGroup Properties, Inc. press releases are available on the Company’s website at www.eastgroup.net.

The Company announces information about the Company and its business to investors and the public using the Company's website (eastgroup.net), including the investor relations website (investor.eastgroup.net), filings with the Securities and Exchange Commission, press releases, public conference calls, and webcasts. The Company also uses social media to communicate with its investors and the public. While not all the information that the Company posts to the Company's website or on the Company's social media channels is of a material nature, some information could be deemed to be material. Therefore, the Company encourages investors, the media, and others interested in the Company to review the information that it posts on the social media channels, including Facebook (facebook.com/eastgroupproperties), X (twitter.com/eastgroupprop), and LinkedIn (linkedin.com/company/eastgroup-properties-inc). The list of social media channels that the company uses may be updated on its investor relations website from time to time. The information contained on, or that may be accessed through, our website or any of our social media channels is not incorporated by reference into, and is not a part of, this document.

FORWARD-LOOKING STATEMENTS

The statements and certain other information contained in this press release, which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “expects,” “anticipates,” “believes,” “targets,” “intends,” “should,” “estimates,” “could,” “continue,” “assume,” “projects,” “goals,” “plans” or variations of such words and similar expressions or the negative of such words, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These forward-looking statements reflect the Company’s current views about its plans, intentions, expectations, strategies and prospects, which are based on the information currently available to the Company and on assumptions it has made. For instance, the amount, timing and frequency of future dividends is subject to authorization by the Company’s Board of Directors and will be based upon a variety of factors. Although the Company believes that its plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, the Company can give no assurance that such plans, intentions, expectations or strategies will be attained or achieved. Furthermore, these forward-looking statements should be considered as subject to the many risks and uncertainties that exist in the Company’s operations and business environment. Such risks and uncertainties could cause actual results to differ materially from those projected. These uncertainties include, but are not limited to:

•international, national, regional and local economic conditions;

•the competitive environment in which the Company operates;

•fluctuations of occupancy or rental rates;

•potential defaults (including bankruptcies or insolvency) on or non-renewal of leases by tenants, or our ability to lease space at current or anticipated rents, particularly in light of the impacts of inflation;

•disruption in supply and delivery chains;

•construction costs could increase as a result of inflation impacting the costs to develop properties;

400 W. Parkway Place, Suite 100, Ridgeland, MS 39157 | TEL: 601-354-3555 | FAX: 601-352-1441 | EastGroup.net

Page 8

•acquisition and development risks, including failure of such acquisitions and development projects to perform in accordance with projections or to materialize at all;

•potential changes in the law or governmental regulations and interpretations of those laws and regulations, including changes in real estate laws, REIT or corporate income tax laws, potential changes in zoning laws, or increases in real property tax rates, and any related increased cost of compliance;

•our ability to maintain our qualification as a REIT;

•natural disasters such as fires, floods, tornadoes, hurricanes and earthquakes;

•pandemics, epidemics or other public health emergencies, such as the coronavirus pandemic;

•availability of financing and capital, increase in interest rates, and ability to raise equity capital on attractive terms;

•financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest, and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all;

•our ability to retain our credit agency ratings;

•our ability to comply with applicable financial covenants;

•credit risk in the event of non-performance by the counterparties to our interest rate swaps;

•how and when pending forward equity sales may settle;

•lack of or insufficient amounts of insurance;

•litigation, including costs associated with prosecuting or defending claims and any adverse outcomes;

•our ability to attract and retain key personnel;

•risks related to the failure, inadequacy or interruption of our data security systems and processes, including security breaches through cyber attacks;

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

•environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us.

All forward-looking statements should be read in light of the risks identified in Part I, Item 1A. Risk Factors within the Company’s most recent Annual Report on Form 10-K, as such factors may be updated from time to time in the Company’s periodic filings and current reports filed with the SEC.

The Company assumes no obligation to update publicly any forward-looking statements, including its Outlook for 2024, whether as a result of new information, future events or otherwise.

400 W. Parkway Place, Suite 100, Ridgeland, MS 39157 | TEL: 601-354-3555 | FAX: 601-352-1441 | EastGroup.net

Page 9


EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)

	Three Months Ended			Six Months Ended
	June 30,			June 30,
	2024		2023	2024	2023
REVENUES
Income from real estate operations	$	157,333	138,811	311,407	272,775
Other revenue	1,757		1,076	1,907	2,137
	159,090		139,887	313,314	274,912
EXPENSES
Expenses from real estate operations	43,851		37,767	86,854	73,953
Depreciation and amortization	45,663		42,295	90,832	83,309
General and administrative	4,741		4,384	11,422	9,588
Indirect leasing costs	220		149	397	289
	94,475		84,595	189,505	167,139

OTHER INCOME (EXPENSE)
Interest expense	(9,832)		(12,575)	(19,893)	(25,600)
Gain on sales of real estate investments	—		—	8,751	4,809
Other	518		748	1,292	1,187
NET INCOME	55,301		43,465	113,959	88,169
Net income attributable to noncontrolling interest in joint ventures	(14)		(15)	(28)	(29)
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS	55,287		43,450	113,931	88,140
Other comprehensive income (loss) — interest rate swaps	(1,095)		10,202	4,799	(60)
TOTAL COMPREHENSIVE INCOME	$	54,192	53,652	118,730	88,080

BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$	1.15	0.97	2.37	1.99
Weighted average shares outstanding — Basic	48,248		44,656	48,054	44,204
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$	1.14	0.97	2.37	1.99
Weighted average shares outstanding — Diluted	48,345		44,734	48,153	44,279


EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)

	Three Months Ended			Six Months Ended
	June 30,			June 30,
	2024		2023	2024	2023

NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS	$	55,287	43,450	113,931	88,140
Depreciation and amortization	45,663		42,295	90,832	83,309
Company’s share of depreciation from unconsolidated investment	31		31	62	62
Depreciation and amortization from noncontrolling interest	(1)		(1)	(2)	(2)
Gain on sales of real estate investments	—		—	(8,751)	(4,809)
Gain on sales of non-operating real estate	—		(365)	(222)	(446)


FUNDS FROM OPERATIONS (“FFO”) ATTRIBUTABLE TO COMMON STOCKHOLDERS*	100,980		85,410	195,850	166,254
Gain on involuntary conversion and business interruption claims	(1,708)		(1,042)	(1,708)	(2,069)
FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS - EXCLUDING GAIN ON INVOLUNTARY CONVERSION AND BUSINESS INTERRUPTION CLAIMS*	$	99,272	84,368	194,142	164,185

NET INCOME	$	55,301	43,465	113,959	88,169
Interest expense (1)	9,832		12,575	19,893	25,600
Depreciation and amortization	45,663		42,295	90,832	83,309
Company’s share of depreciation from unconsolidated investment	31		31	62	62
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (“EBITDA”)	110,827		98,366	224,746	197,140
Gain on sales of real estate investments	—		—	(8,751)	(4,809)
Gain on sales of non-operating real estate	—		(365)	(222)	(446)

EBITDA FOR REAL ESTATE (“EBITDAre”)*	$	110,827	98,001	215,773	191,885

Debt	$	1,672,699	1,725,996	1,672,699	1,725,996
Debt-to-EBITDAre ratio*	3.77		4.40	3.88	4.50

EBITDAre*	$	110,827	98,001	215,773	191,885
Interest expense (1)	9,832		12,575	19,893	25,600
Interest and fixed charge coverage ratio*	11.27		7.79	10.85	7.50

DILUTED PER COMMON SHARE DATA FOR EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$	1.14	0.97	2.37	1.99
FFO attributable to common stockholders*	$	2.09	1.91	4.07	3.75
FFO attributable to common stockholders - excluding gain on involuntary conversion and business interruption claims*	$	2.05	1.89	4.03	3.71
Weighted average shares outstanding for EPS and FFO purposes - Diluted	48,345		44,734	48,153	44,279


(1) Net of capitalized interest of $5,037 and $3,878 for the three months ended June 30, 2024 and 2023, respectively; and $9,890 and $7,613 for the six months ended June 30, 2024 and 2023, respectively.
*This is a non-GAAP financial measure. Please refer to Definitions.


EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (Continued)
(IN THOUSANDS)
(UNAUDITED)

	Three Months Ended			Six Months Ended
	June 30,			June 30,
	2024		2023	2024	2023

NET INCOME	$	55,301	43,465	113,959	88,169
Gain on sales of real estate investments	—		—	(8,751)	(4,809)
Gain on sales of non-operating real estate	—		(365)	(222)	(446)


Interest income	(241)		(105)	(516)	(186)
Other revenue	(1,757)		(1,076)	(1,907)	(2,137)
Indirect leasing costs	220		149	397	289

Depreciation and amortization	45,663		42,295	90,832	83,309
Company’s share of depreciation from unconsolidated investment	31		31	62	62
Interest expense (1)	9,832		12,575	19,893	25,600
General and administrative expense (2)	4,741		4,384	11,422	9,588

Noncontrolling interest in PNOI of consolidated joint ventures	(15)		(15)	(31)	(31)
PROPERTY NET OPERATING INCOME (“PNOI”)*	113,775		101,338	225,138	199,408
PNOI from 2023 and 2024 acquisitions	(4,177)		(453)	(7,574)	(453)
PNOI from 2023 and 2024 development and value-add properties	(6,984)		(2,598)	(13,539)	(3,637)
PNOI from 2023 and 2024 operating property dispositions	—		(671)	(177)	(1,341)
Other PNOI	21		87	102	198
SAME PNOI (Straight-Line Basis)*	102,635		97,703	203,950	194,175
Lease termination fee income from same properties	(65)		(256)	(212)	(311)
SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Straight-Line Basis)*	102,570		97,447	203,738	193,864
Straight-line rent adjustments for same properties	(1,662)		(1,347)	(2,085)	(4,113)
Acquired leases — market rent adjustment amortization for same properties	(333)		(618)	(742)	(1,138)
SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Cash Basis)*	$	100,575	95,482	200,911	188,613


(1) Net of capitalized interest of $5,037 and $3,878 for the three months ended June 30, 2024 and 2023, respectively; and $9,890 and $7,613 for the six months ended June 30, 2024 and 2023, respectively.
(2) Net of capitalized development costs of $2,032 and $2,357 for the three months ended June 30, 2024 and 2023, respectively; and $4,255 and $4,812 for the six months ended June 30, 2024 and 2023, respectively.
*This is a non-GAAP financial measure. Please refer to Definitions.

Page 1 of 24 Table of Contents Conference Call 800-836-8184 | ID – EastGroup July 24, 2024 11:00 a.m. Eastern Time webcast available at EastGroup.net 1 4 7 E xc h an ge , R al e ig h -D u rh am , N C SUPPLEMENTAL INFORMATION June 30, 2024 400 West Parkway Place, Suite 100 Ridgeland, MS 39157 TEL: 601-354-3555 | FAX: 601-352-1441

Page 2 of 24 Table of Contents Financial Information: Consolidated Balance Sheets .................................................................................. 3 Consolidated Statements of Income and Comprehensive Income .......................... 4 Reconciliations of GAAP to Non-GAAP Measures .................................................. 5 Consolidated Statements of Cash Flows ................................................................. 7 Same Property Portfolio Analysis ............................................................................ 8 Additional Financial Information ............................................................................... 9 Financial Statistics ................................................................................................... 10 Capital Deployment: Development and Value-Add Properties Summary ................................................. 11 Development and Value-Add Properties Transferred to Real Estate Properties ..... 12 Acquisitions and Dispositions .................................................................................. 13 Real Estate Improvements and Leasing Costs ........................................................ 14 Property Information: Leasing Statistics and Occupancy Summary .......................................................... 15 Core Market Operating Statistics ............................................................................. 16 Lease Expiration Summary ...................................................................................... 17 Top 10 Customers by Annualized Base Rent .......................................................... 18 Capitalization: Debt and Equity Market Capitalization ..................................................................... 19 Continuous Common Equity Program ..................................................................... 20 Debt-to-EBITDAre Ratios ........................................................................................ 21 Other Information: Outlook for 2024 ...................................................................................................... 22 Glossary of REIT Terms .......................................................................................... 23 FORWARD-LOOKING STATEMENTS The statements and certain other information contained herein, which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “expects,” “anticipates,” “believes,” “targets,” “intends,” “should,” “estimates,” “could,” “continue,” “assume,” “projects,” “goals” “plans” or variations of such words and similar expressions or the negative of such words, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby. These forward-looking statements reflect the current views of EastGroup Properties, Inc. (the “Company” or “EastGroup”) about its plans, intentions, expectations, strategies, and prospects, which are based on the information currently available to the Company and on assumptions it has made. For instance, the amount, timing and frequency of future dividends is subject to authorization by the Company’s Board of Directors and will be based upon a variety of factors. Although the Company believes that its plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, the Company can give no assurance that such plans, intentions, expectations, or strategies will be attained or achieved. Furthermore, these forward-looking statements should be considered as subject to the many risks and uncertainties that exist in the Company’s operations and business environment. Such risks and uncertainties could cause actual results to differ materially from those projected. These uncertainties include, but are not limited to: international, national, regional and local economic conditions; the competitive environment in which the Company operates; fluctuations of occupancy or rental rates; potential defaults (including bankruptcies or insolvency) on or non-renewal of leases by tenants, or our ability to lease space at current or anticipated rents, particularly in light of the impacts of inflation; disruption in supply and delivery chains; construction costs could increase as a result of inflation impacting the costs to develop properties; acquisition and development risks, including failure of such acquisitions and development projects to perform in accordance with projections or to materialize at all; potential changes in the law or governmental regulations and interpretations of those laws and regulations, including changes in real estate laws, Real Estate Investment Trust (“REIT”) or corporate income tax laws, potential changes in zoning laws, or increases in real property tax rates, and any related increased cost of compliance; our ability to maintain our qualification as a REIT; natural disasters such as fires, floods, tornadoes, hurricanes and earthquakes; pandemics, epidemics or other public health emergencies, such as the coronavirus pandemic; availability of financing and capital, increase in interest rates, and ability to raise equity capital on attractive terms; financing risks, including the risks that our cash flows from operations may be insufficient to meet required payments of principal and interest, and we may be unable to refinance our existing debt upon maturity or obtain new financing on attractive terms or at all; our ability to retain our credit agency ratings; our ability to comply with applicable financial covenants; credit risk in the event of non-performance by the counterparties to our interest rate swaps; how and when pending forward equity sales may settle; lack of or insufficient amounts of insurance; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; our ability to attract and retain key personnel; risks related to the failure, inadequacy or interruption of our data security systems and processes, including security breaches through cyber attacks; potentially catastrophic events such as acts of war, civil unrest and terrorism; and environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us. All forward-looking statements should be read in light of the risks identified in Part I, Item 1A. Risk Factors within the Company’s most recent Annual Report on Form 10-K, as such factors may be updated from time to time in the Company’s periodic filings and current reports filed with the SEC. The Company assumes no obligation to update publicly any forward-looking statements, including its Outlook for 2024, whether as a result of new information, future events or otherwise.

Page 3 of 24 Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) June 30, 2024 December 31, 2023 ASSETS Real estate properties 5,039,199$ 4,853,548 Development and value-add properties 693,072 639,647 5,732,271 5,493,195 Less accumulated depreciation (1,336,535) (1,273,723) 4,395,736 4,219,472 Unconsolidated investment 7,393 7,539 Cash and cash equivalents 39,400 40,263 Other assets 272,164 251,939 TOTAL ASSETS 4,714,693$ 4,519,213 LIABILITIES AND EQUITY LIABILITIES Unsecured bank credit facilities, net of debt issuance costs (4,100)$ (1,520) Unsecured debt, net of debt issuance costs 1,676,799 1,676,347 Accounts payable and accrued expenses 188,837 146,337 Other liabilities 86,210 89,415 Total Liabilities 1,947,746 1,910,579 EQUITY Stockholders' Equity: Common shares; $0.0001 par value; 70,000,000 shares authorized; 48,652,525 shares issued and outstanding at June 30, 2024 and 47,700,432 at December 31, 2023 5 5 Excess shares; $0.0001 par value; 30,000,000 shares authorized; no shares issued - - Additional paid-in capital 3,112,554 2,949,907 Distributions in excess of earnings (375,556) (366,473) Accumulated other comprehensive income 29,687 24,888 Total Stockholders' Equity 2,766,690 2,608,327 Noncontrolling interest in joint ventures 257 307 Total Equity 2,766,947 2,608,634 TOTAL LIABILITIES AND EQUITY 4,714,693$ 4,519,213

Page 4 of 24 Consolidated Statements of Income and Comprehensive Income (In thousands, except per share data) (Unaudited) 2024 2023 2024 2023 REVENUES Income from real estate operations 157,333$ 138,811 311,407 272,775 Other revenue 1,757 1,076 1,907 2,137 159,090 139,887 313,314 274,912 EXPENSES Expenses from real estate operations 43,851 37,767 86,854 73,953 Depreciation and amortization 45,663 42,295 90,832 83,309 General and administrative 4,741 4,384 11,422 9,588 Indirect leasing costs 220 149 397 289 94,475 84,595 189,505 167,139 OTHER INCOME (EXPENSE) Interest expense (9,832) (12,575) (19,893) (25,600) Gain on sales of real estate investments - - 8,751 4,809 Other 518 748 1,292 1,187 NET INCOME 55,301 43,465 113,959 88,169 Net income attributable to noncontrolling interest in joint ventures (14) (15) (28) (29) NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS 55,287 43,450 113,931 88,140 Other comprehensive income (loss) - interest rate swaps (1,095) 10,202 4,799 (60) TOTAL COMPREHENSIVE INCOME 54,192$ 53,652 118,730 88,080 BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 1.15$ 0.97 2.37 1.99 Weighted average shares outstanding - Basic 48,248 44,656 48,054 44,204 DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 1.14$ 0.97 2.37 1.99 Weighted average shares outstanding - Diluted 48,345 44,734 48,153 44,279 Six Months Ended June 30,June 30, Three Months Ended

Page 5 of 24 Reconciliations of GAAP to Non-GAAP Measures (In thousands, except per share data) (Unaudited) 2024 2023 2024 2023 NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS 55,287$ 43,450 113,931 88,140 Depreciation and amortization 45,663 42,295 90,832 83,309 Company's share of depreciation from unconsolidated investment 31 31 62 62 Depreciation and amortization from noncontrolling interest (1) (1) (2) (2) Gain on sales of real estate investments - - (8,751) (4,809) Gain on sales of non-operating real estate - (365) (222) (446) FUNDS FROM OPERATIONS ("FFO") ATTRIBUTABLE TO COMMON STOCKHOLDERS* 100,980 85,410 195,850 166,254 Gain on involuntary conversion and business interruption claims (1,708) (1,042) (1,708) (2,069) FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS - EXCLUDING GAIN ON INVOLUNTARY CONVERSION AND BUSINESS INTERRUPTION CLAIMS* 99,272$ 84,368 194,142 164,185 NET INCOME 55,301$ 43,465 113,959 88,169 Interest expense (1) 9,832 12,575 19,893 25,600 Depreciation and amortization 45,663 42,295 90,832 83,309 Company's share of depreciation from unconsolidated investment 31 31 62 62 EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA") 110,827 98,366 224,746 197,140 Gain on sales of real estate investments - - (8,751) (4,809) Gain on sales of non-operating real estate - (365) (222) (446) EBITDA FOR REAL ESTATE ("EBITDAre")* 110,827$ 98,001 215,773 191,885 DILUTED PER COMMON SHARE DATA FOR EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 1.14$ 0.97 2.37 1.99 FFO attributable to common stockholders* 2.09$ 1.91 4.07 3.75 FFO attributable to common stockholders - excluding gain on involuntary conversion and business interruption claims* 2.05$ 1.89 4.03 3.71 Weighted average shares outstanding for EPS and FFO purposes - Diluted 48,345 44,734 48,153 44,279 June 30, * This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. Three Months Ended June 30, Six Months Ended (1) Net of capitalized interest of $5,037 and $3,878 for the three months ended June 30, 2024 and 2023, respectively; and $9,890 and $7,613 for the six months ended June 30, 2024 and 2023, respectively.

Page 6 of 24 Reconciliations of GAAP to Non-GAAP Measures (Continued) (In thousands) (Unaudited) 2024 2023 2024 2023 NET INCOME 55,301$ 43,465 113,959 88,169 Gain on sales of real estate investments - - (8,751) (4,809) Gain on sales of non-operating real estate - (365) (222) (446) Interest income (241) (105) (516) (186) Other revenue (1,757) (1,076) (1,907) (2,137) Indirect leasing costs 220 149 397 289 Depreciation and amortization 45,663 42,295 90,832 83,309 Company's share of depreciation from unconsolidated investment 31 31 62 62 Interest expense (1) 9,832 12,575 19,893 25,600 General and administrative expense (2) 4,741 4,384 11,422 9,588 Noncontrolling interest in PNOI of consolidated joint ventures (15) (15) (31) (31) PROPERTY NET OPERATING INCOME ("PNOI")* 113,775 101,338 225,138 199,408 PNOI from 2023 and 2024 acquisitions (4,177) (453) (7,574) (453) PNOI from 2023 and 2024 development and value-add properties (6,984) (2,598) (13,539) (3,637) PNOI from 2023 and 2024 operating property dispositions - (671) (177) (1,341) Other PNOI 21 87 102 198 SAME PNOI (Straight-Line Basis)* 102,635 97,703 203,950 194,175 Lease termination fee income from same properties (65) (256) (212) (311) SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Straight-Line Basis)* 102,570 97,447 203,738 193,864 Straight-line rent adjustments for same properties (1,662) (1,347) (2,085) (4,113) Acquired leases — market rent adjustment amortization for same properties (333) (618) (742) (1,138) SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Cash Basis)* 100,575$ 95,482 200,911 188,613 * This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. Six Months Ended June 30, June 30, (1) Net of capitalized interest of $5,037 and $3,878 for the three months ended June 30, 2024 and 2023, respectively; and $9,890 and $7,613 for the six months ended June 30, 2024 and 2023, respectively. (2) Net of capitalized development costs of $2,032 and $2,357 for the three months ended June 30, 2024 and 2023, respectively; and $4,255 and $4,812 for the six months ended June 30, 2024 and 2023, respectively. Three Months Ended

Page 7 of 24 Consolidated Statements of Cash Flows (In thousands) (Unaudited) 2024 2023 OPERATING ACTIVITIES Net income 113,959$ 88,169 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 90,832 83,309 Stock-based compensation expense 5,751 4,954 Gain on sales of real estate investments (8,751) (4,809) Gain on sales of non-operating real estate (222) (446) Gain on involuntary conversion and business interruption claims (1,708) (2,069) Changes in operating assets and liabilities: Accrued income and other assets (9,820) (13,004) Accounts payable, accrued expenses and prepaid rent 48,621 22,291 Other 1,099 384 NET CASH PROVIDED BY OPERATING ACTIVITIES 239,761 178,779 INVESTING ACTIVITIES Development and value-add properties (122,898) (172,940) Purchases of real estate (107,804) (34,365) Real estate improvements (34,871) (28,733) Net proceeds from sales of real estate investments and non-operating real estate 17,397 13,821 Leasing commissions (16,517) (16,548) Proceeds from involuntary conversion on real estate assets 2,450 1,339 Changes in accrued development costs (9,205) 20,614 Changes in other assets and other liabilities 468 8,009 NET CASH USED IN INVESTING ACTIVITIES (270,980) (208,803) FINANCING ACTIVITIES Proceeds from unsecured bank credit facilities 31,863 275,080 Repayments on unsecured bank credit facilities (31,863) (445,080) Proceeds from unsecured debt - 100,000 Repayments on unsecured debt - (65,000) Repayments on secured debt - (49) Debt issuance costs (3,086) (1,649) Distributions paid to stockholders (not including dividends accrued) (122,337) (110,411) Proceeds from common stock offerings 162,111 283,511 Common stock offering related costs (107) (441) Other (6,225) (4,911) NET CASH PROVIDED BY FINANCING ACTIVITIES 30,356 31,050 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (863) 1,026 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 40,263 56 CASH AND CASH EQUIVALENTS AT END OF PERIOD 39,400$ 1,082 SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest, net of amounts capitalized of $9,890 and $7,613 for 2024 and 2023, respectively 18,968$ 25,019 Cash paid for operating lease liabilities 1,253 1,134 Six Months Ended June 30,

Page 8 of 24 Same Property Portfolio Analysis (In thousands) (Unaudited) 2024 2023 % Change 2024 2023 % Change Same Property Portfolio (1) Square feet as of period end 51,668 51,668 51,668 51,668 Average occupancy 96.9% 98.1% -1.2% 97.2% 98.3% -1.1% Occupancy as of period end 97.0% 98.2% -1.2% 97.0% 98.2% -1.2% Same Property Portfolio Analysis (Straight-Line Basis) (1) * Income from real estate operations 143,183$ 133,842 7.0% 284,563$ 265,237 7.3% Less cash received for lease terminations (65) (256) (212) (311) Income excluding lease termination income 143,118 133,586 7.1% 284,351 264,926 7.3% Expenses from real estate operations (40,548) (36,139) 12.2% (80,613) (71,062) 13.4% PNOI excluding income from lease terminations 102,570$ 97,447 5.3% 203,738$ 193,864 5.1% Same Property Portfolio Analysis (Cash Basis) (1) * Income from real estate operations 141,188$ 131,877 7.1% 281,736$ 259,986 8.4% Less cash received for lease terminations (65) (256) (212) (311) Income excluding lease termination income 141,123 131,621 7.2% 281,524 259,675 8.4% Expenses from real estate operations (40,548) (36,139) 12.2% (80,613) (71,062) 13.4% PNOI excluding income from lease terminations 100,575$ 95,482 5.3% 200,911$ 188,613 6.5% (1) Includes properties which were included in the operating portfolio for the entire period of 1/1/23 through 6/30/24. * This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. June 30, June 30, Three Months Ended Six Months Ended

Page 9 of 24 Additional Financial Information (In thousands) (Unaudited) 2024 2023 2024 2023 Lease income - operating leases 117,138$ 104,150 231,338 204,846 Variable lease income (1) 40,195 34,661 80,069 67,929 Income from real estate operations 157,333 138,811 311,407 272,775 Straight-line rent income adjustment 3,256 2,925 5,739 6,367 Reserves for uncollectible straight-line rent (93) (206) (352) (456) Net straight-line rent adjustment 3,163 2,719 5,387 5,911 Lease termination fee income 65 256 212 311 Reserves of uncollectible cash rent (553) (180) (1,069) (299) Stock-based compensation expense (2,244) (2,170) (5,751) (4,954) Debt issuance costs amortization (479) (476) (958) (960) Indirect leasing costs (220) (149) (397) (289) Gain on involuntary conversion and business interruption claims (2) 1,708 1,042 1,708 2,069 Acquired leases - market rent adjustment amortization 546 696 1,153 1,295 2024 2023 2024 2023 WEIGHTED AVERAGE COMMON SHARES Weighted average common shares - Basic 48,248 44,656 48,054 44,204 BASIC SHARES FOR EARNINGS PER SHARE ("EPS") 48,248 44,656 48,054 44,204 Potential common shares: Effect of dilutive securities 97 78 99 75 DILUTED SHARES FOR EPS AND FFO 48,345 44,734 48,153 44,279 (1) Primarily includes tenant reimbursements for real estate taxes, insurance and common area maintenance. (2) Included in Other revenue on the Consolidated Statements of Income and Comprehensive Income; included in FFO. (Items below represent increases or (decreases) in FFO) June 30, Three Months Ended Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, SELECTED INCOME STATEMENT INFORMATION

Page 10 of 24 Financial Statistics ($ in thousands, except per share data) (Unaudited) Quarter Ended 6/30/24 2023 2022 2021 2020 ASSETS/MARKET CAPITALIZATION Assets 4,714,693$ 4,519,213 4,035,837 3,215,336 2,720,803 Equity Market Capitalization 8,275,795 8,754,937 6,451,794 9,403,107 5,477,783 Total Market Capitalization (Debt and Equity) (1) 9,955,795 10,434,937 8,318,835 10,859,473 6,791,879 Shares Outstanding - Common 48,652,525 47,700,432 43,575,539 41,268,846 39,676,828 Price per share 170.10$ 183.54 148.06 227.85 138.06 FFO CHANGE* FFO per diluted share 2.09$ 7.79 7.00 6.09 5.38 Change compared to same period prior year 9.4% 11.3% 14.9% 13.2% 8.0% COMMON DIVIDEND PAYOUT RATIO* Dividend distribution 1.27$ 5.04 4.70 3.58 3.08 FFO per diluted share 2.09 7.79 7.00 6.09 5.38 Dividend payout ratio 61% 65% 67% 59% 57% COMMON DIVIDEND YIELD (2) Dividend distribution 1.27$ 5.04 4.70 3.58 3.08 Price per share 170.10 183.54 148.06 227.85 138.06 Dividend yield 2.99% 2.75% 3.17% 1.57% 2.23% FFO MULTIPLE (3) * FFO per diluted share 2.09$ 7.79 7.00 6.09 5.38 Price per share 170.10 183.54 148.06 227.85 138.06 Multiple 20.35 23.56 21.15 37.41 25.66 INTEREST & FIXED CHARGE COVERAGE RATIO* EBITDAre 110,827$ 401,335 337,536 278,959 245,669 Interest expense 9,832 47,996 38,499 32,945 33,927 Interest and fixed charge coverage ratio 11.27 8.36 8.77 8.47 7.24 DEBT-TO-EBITDAre RATIO (4) * Debt 1,672,699$ 1,674,827 1,861,744 1,451,778 1,310,895 EBITDAre 110,827 401,335 337,536 278,959 245,669 Debt-To-EBITDAre ratio (4) 3.77 4.17 5.52 5.20 5.34 Adjusted debt-to-pro forma EBITDAre ratio (4) 2.84 3.23 4.48 3.83 4.43 DEBT-TO-TOTAL MARKET CAPITALIZATION (1) 16.9% 16.1% 22.4% 13.4% 19.3% ISSUER RATINGS (5) Issuer Rating Outlook Moody's Investors Service Baa2 Stable (1) Before deducting unamortized debt issuance costs. (2) Quarterly calculation: (Dividend distributions for the quarter x 4)/price per share. Yearly calculation: Dividend for the 12-month period/price per share. (3) Quarterly calculation: (FFO per diluted share for the quarter x 4)/price per share. Yearly calculation: FFO per diluted share for the 12-month period/price per share. (4) Quarterly calculation: Debt/(EBITDAre for the quarter x 4). Yearly calculation: Debt/EBITDAre for the 12-month period. (5) 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. * This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. Years Ended

Page 11 of 24 Development and Value-Add Properties Summary ($ in thousands) (Unaudited) Cumulative Anticipated Costs at Projected Conversion % Leased Square Feet (SF) 6/30/24 Total Costs Date (1) 7/22/24 Lease-Up MCO Logistics Center Orlando, FL 167,000 24,313$ 25,300 07/24 100% Stonefield 35 1-3 Austin, TX 276,000 36,406 40,000 08/24 56% Horizon West 10 Orlando, FL 357,000 42,275 45,200 10/24 82% Springwood 1 & 2 Houston, TX 292,000 33,099 36,200 10/24 93% SunCoast 9 Fort Myers, FL 111,000 15,138 16,200 02/25 0% Horizon West 6 Orlando, FL 87,000 11,596 12,700 04/25 52% Basswood 3-5 Fort Worth, TX 351,000 42,222 45,000 05/25 38% Eisenhauer Point 10-12 San Antonio, TX 223,000 27,746 30,000 05/25 33% Total Lease-up 1,864,000 232,795 250,600 61% Wgt Avg % Under Construction Northeast Trade Center 1 San Antonio, TX 264,000 8,411 32,100 04/25 100% Braselton 3 Atlanta, GA 115,000 13,185 14,300 07/25 0% Cass White 1 & 2 Atlanta, GA 296,000 31,487 33,900 07/25 0% Gateway South Dade 1 & 2 Miami, FL 169,000 32,319 34,900 07/25 0% Riverside 1 & 2 Atlanta, GA 284,000 29,998 33,700 07/25 44% Crossroads 1 Tampa, FL 124,000 8,827 20,000 10/25 0% Denton 35 Exchange 1 & 2 Dallas, TX 244,000 18,654 34,600 11/25 0% Horizon West 5 Orlando, FL 85,000 5,650 12,800 11/25 0% Skyway 1 & 2 Charlotte, NC 318,000 22,885 37,200 11/25 0% Arista 36 1-3 Denver, CO 360,000 24,010 80,300 05/26 0% Total Under Construction 2,259,000 195,426 333,800 17% Wgt Avg % Total Lease-Up and Under Construction 4,123,000 428,221$ 584,400 37% Wgt Avg % Projected Stabilized Yields (2) Yield Lease-Up 7.0% Under Construction 7.1% Lease-Up and Under Construction 7.0% Prospective Development Acres Projected SF Phoenix, AZ 59 780,000 21,805$ Sacramento, CA 4 78,000 2,588 Fort Myers, FL 20 252,000 4,270 Miami, FL 25 341,000 25,801 Orlando, FL 33 357,000 12,646 Tampa, FL 88 851,000 24,434 Atlanta, GA 138 1,406,000 16,672 Charlotte, NC 114 828,000 11,873 Greenville, SC 84 663,000 9,348 Austin, TX 141 1,686,000 57,349 Dallas, TX 12 - 4,596 Fort Worth, TX 121 1,312,000 32,658 Houston, TX 98 1,377,000 30,847 San Antonio, TX 46 622,000 9,964 Total Prospective Development 983 10,553,000 264,851 Total Development and Value-Add Properties 983 14,676,000 693,072$ (1) Development properties will transfer to the operating portfolio at the earlier of 90% occupancy or one year after shell completion. (2) Weighted average yield based on projected stabilized annual property net operating income on a straight-line basis at 100% occupancy divided by projected total costs.

Page 12 of 24 Development and Value-Add Properties Transferred to Real Estate Properties ($ in thousands) (Unaudited) Cumulative Costs at Conversion % Leased Square Feet (SF) 6/30/24 Date 7/22/24 1st Quarter Gateway 2 Miami, FL 133,000 22,416$ 02/24 100% 133,000 22,416 2nd Quarter Hillside 1 Greenville, SC 122,000 12,897 04/24 58% McKinney 1 & 2 Dallas, TX 172,000 27,463 06/24 100% 294,000 40,360 Total Transferred to Real Estate Properties 427,000 62,776$ 88% Wgt Avg % Projected Stabilized Yield (1) 7.6% (1) Weighted average yield based on projected stabilized annual property net operating income on a straight-line basis at 100% occupancy divided by projected total costs.

Page 13 of 24 Acquisitions and Dispositions Through June 30, 2024 ($ in thousands) (Unaudited) Date Property Name Location Size Purchase Price (1) 1st Quarter 01/18/24 Brightstar Land Atlanta, GA 34.3 Acres 3,302$ 01/23/24 Spanish Ridge Industrial Park Las Vegas, NV 231,000 SF 54,859 2nd Quarter 05/03/24 147 Exchange Raleigh, NC 274,000 SF 52,945 34.3 Acres Total Acquisitions 505,000 SF 111,106$ Date Property Name Location Size Gross Sales Price 1st Quarter 03/01/24 Hercules Land San Francisco, CA 3.9 Acres 4,000$ 222 (2) 03/05/24 Interchange Business Park and Metro Jackson, MS 159,000 SF 14,050 8,751 (3) Airport Commerce Center 2nd Quarter None 3.9 Acres Total Dispositions 159,000 SF 18,050$ 8,973 (3) Included in Gain on sales of real estate investments on the Consolidated Statements of Income and Comprehensive Income; not included in FFO. DISPOSITIONS ACQUISITIONS (1) Represents acquisition price plus closing costs. Realized Gain (2) Included in Other on the Consolidated Statements of Income and Comprehensive Income; not included in FFO.

Page 14 of 24 Real Estate Improvements and Leasing Costs (In thousands) (Unaudited) REAL ESTATE IMPROVEMENTS 2024 2023 2024 2023 Upgrade on acquisitions 245$ 224 282 494 Tenant improvements: New tenants 5,863 3,860 8,200 9,301 Renewal tenants 395 653 1,230 1,564 Other: Building improvements 4,943 2,234 8,018 4,437 Roofs 3,659 3,805 7,469 10,875 Parking lots 1,489 952 2,248 1,794 Other 1,349 309 2,187 459 TOTAL REAL ESTATE IMPROVEMENTS (1) 17,943$ 12,037 29,634 28,924 CAPITALIZED LEASING COSTS (Principally Commissions) Development and value-add 2,430$ 1,467 4,421 6,017 New tenants 3,752 2,958 7,803 5,095 Renewal tenants 2,743 2,928 5,266 5,291 TOTAL CAPITALIZED LEASING COSTS (2)(3) 8,925$ 7,353 17,490 16,403 (1) Reconciliation of Total Real Estate Improvements to Real Estate Improvements on the Consolidated Statements of Cash Flows: 2024 2023 Total Real Estate Improvements 29,634$ 28,924 Change in real estate property payables (998) (870) Change in construction in progress 6,235 679 34,871$ 28,733 (2) Included in Other Assets on the Consolidated Balance Sheets. (3) Reconciliation of Total Capitalized Leasing Costs to Leasing Commissions on the Consolidated Statements of Cash Flows: 2024 2023 Total Capitalized Leasing Costs 17,490$ 16,403 Change in leasing commissions payables (973) 145 16,517$ 16,548 Six Months Ended June 30, Leasing Commissions on the Consolidated Statements of Cash Flows June 30, Real Estate Improvements on the Consolidated Statements of Cash Flows Six Months Ended June 30, Six Months EndedThree Months Ended June 30,

Page 15 of 24 Leasing Statistics and Occupancy Summary (Unaudited) Three Months Ended Number of Square Feet Weighted Rental Change Rental Change PSF Tenant PSF Leasing PSF Total June 30, 2024 Leases Signed Signed Average Term Straight-Line Basis (1) Cash Basis (1) Improvement (2) Commission (2) Leasing Cost (2) (In Thousands) (In Years) New Leases (3) 27 782 6.0 74.6% 55.1% 4.32$ 4.88$ 9.20$ Renewal Leases 61 1,532 4.7 51.1% 33.7% 1.06 1.90 2.96 Total/Weighted Average 88 2,314 5.1 59.7% 41.6% 2.16$ 2.91$ 5.07$ Per Year 0.42$ 0.57$ 0.99$ Weighted Average Retention (4) 67.7% Six Months Ended Number of Square Feet Weighted Rental Change Rental Change PSF Tenant PSF Leasing PSF Total June 30, 2024 Leases Signed Signed Average Term Straight-Line Basis (1) Cash Basis (1) Improvement (2) Commission (2) Leasing Cost (2) (In Thousands) (In Years) New Leases (3) 68 1,693 5.6 71.9% 52.7% 4.06$ 4.31$ 8.37$ Renewal Leases 103 2,619 4.5 50.0% 32.7% 0.98 2.05 3.03 Total/Weighted Average 171 4,312 4.9 58.8% 40.7% 2.19$ 2.93$ 5.12$ Per Year 0.45$ 0.60$ 1.05$ Weighted Average Retention (4) 62.3% 06/30/24 03/31/24 12/31/23 09/30/23 06/30/23 Percentage Leased 97.4% 98.0% 98.7% 98.5% 98.5% Percentage Occupied 97.1% 97.7% 98.2% 97.7% 98.2% (1) Rental Change is reported for leases signed during the periods presented. (2) Per square foot (PSF) amounts represent total amounts for the life of the lease, except as noted for the Per Year amounts. (3) Does not include leases with terms less than 12 months and leases for first generation space. (4) Calculated as square feet of renewal leases signed during the quarter / square feet of leases expiring during the quarter (not including early terminations or bankruptcies).

Page 16 of 24 Core Market Operating Statistics June 30, 2024 (Unaudited) Total % of Total Square Feet Annualized % Straight-Line Cash Straight-Line Cash Straight-Line Cash Straight-Line Cash of Properties Base Rent (1) Leased 2024 (2) 2025 Basis Basis (4) Basis Basis (4) Basis Basis (4) Basis Basis (4) Florida Tampa 4,533,000 7.7% 98.6% 218,000 834,000 15.9% 11.6% 11.7% 9.0% 71.1% 54.3% 74.6% 55.0% Orlando 4,287,000 7.7% 97.5% 349,000 975,000 2.9% 2.1% 2.0% 4.9% 66.4% 43.6% 49.8% 34.0% Jacksonville 2,273,000 3.2% 96.8% 314,000 592,000 5.3% 4.9% 3.2% 3.9% 52.5% 34.0% 67.1% 45.9% Miami/Fort Lauderdale 1,865,000 4.2% 97.4% 44,000 257,000 4.6% 9.2% 13.7% 16.0% 98.4% 74.6% 81.5% 62.5% Fort Myers 885,000 1.7% 93.4% 16,000 9,000 -5.0% -4.4% -1.0% 5.6% 57.1% 33.8% 57.1% 33.8% 13,843,000 24.5% 97.4% 941,000 2,667,000 6.9% 6.1% 6.7% 7.7% 68.9% 48.7% 66.6% 47.6% Texas Houston 6,816,000 10.2% 97.8% 150,000 805,000 3.1% 5.0% 3.5% 5.4% 27.6% 13.2% 33.6% 16.7% Dallas 5,616,000 10.2% 97.7% 152,000 767,000 8.2% 7.6% 7.7% 8.0% 67.2% 49.4% 82.6% 63.0% San Antonio 4,411,000 7.3% 96.7% 212,000 536,000 2.0% 3.3% 3.9% 5.4% 31.6% 16.5% 32.7% 17.3% Austin 1,302,000 2.9% 97.4% 32,000 200,000 6.6% 8.9% 8.1% 14.2% 60.9% 40.2% 58.0% 36.9% El Paso 1,126,000 1.6% 98.1% 62,000 60,000 8.5% 8.7% 9.1% 9.6% 93.4% 68.5% 92.8% 69.9% Fort Worth 1,108,000 1.6% 93.3% - 54,000 2.7% 3.4% 0.5% 5.6% N/A N/A 59.3% 45.8% 20,379,000 33.8% 97.3% 608,000 2,422,000 4.7% 5.7% 5.2% 7.1% 44.2% 27.5% 50.3% 32.2% California San Francisco 2,475,000 5.7% 91.2% 136,000 207,000 -6.6% -1.5% -3.9% -0.3% 7.8% 5.7% 18.6% 11.1% Los Angeles (5) 2,408,000 5.9% 96.6% - 198,000 -0.5% 1.7% -0.3% 2.0% 190.1% 153.0% 104.8% 87.1% San Diego (5) 1,933,000 5.0% 96.7% 77,000 245,000 0.4% 2.6% -2.5% 3.1% N/A N/A 75.5% 52.0% Fresno 398,000 0.5% 100.0% 56,000 107,000 31.0% 25.4% 16.2% 13.8% 46.5% 38.2% 41.7% 31.7% Sacramento 329,000 0.6% 100.0% - 94,000 -3.1% -0.5% -3.2% -0.4% N/A N/A 16.0% 14.4% 7,543,000 17.7% 95.2% 269,000 851,000 -1.6% 1.4% -1.8% 1.8% 132.5% 109.9% 49.0% 38.2% Arizona Phoenix 3,000,000 5.9% 100.0% 103,000 532,000 15.5% 12.4% 14.6% 15.3% 91.2% 59.0% 90.4% 63.7% Tucson 848,000 1.2% 100.0% 81,000 11,000 3.0% 3.7% 3.1% 3.7% 27.7% 8.0% 30.0% 12.6% 3,848,000 7.1% 100.0% 184,000 543,000 13.1% 10.8% 12.3% 12.9% 87.2% 55.8% 86.9% 60.7% Other Core Charlotte 3,883,000 5.8% 99.1% 63,000 354,000 15.6% 11.5% 13.1% 10.3% 67.3% 52.1% 68.4% 46.2% Atlanta 1,467,000 2.1% 98.3% 57,000 74,000 10.4% 4.4% 9.0% 6.9% N/A N/A 88.8% 57.2% Las Vegas 1,395,000 3.6% 100.0% - 86,000 10.0% -0.1% 7.9% 2.6% 50.4% 35.0% 50.1% 35.5% Greenville 1,102,000 1.4% 91.2% - - -8.4% -6.4% -1.3% 0.9% N/A N/A N/A N/A Denver 886,000 1.8% 100.0% - 182,000 2.9% 3.2% 3.3% 4.3% 24.2% 13.3% 29.3% 13.6% 8,733,000 14.7% 98.2% 120,000 696,000 10.5% 6.2% 9.3% 7.1% 52.4% 37.6% 64.0% 42.8% Total Core Markets 54,346,000 97.8% 97.4% 2,122,000 7,179,000 5.3% 5.4% 5.2% 6.6% 61.9% 42.6% 59.9% 41.2% Total Other Markets 1,580,000 2.2% 98.8% 50,000 180,000 1.5% 1.3% 0.6% 0.3% 30.3% 26.6% 30.3% 26.6% Total Operating Properties 55,926,000 100.0% 97.4% 2,172,000 7,359,000 5.3% 5.3% 5.1% 6.5% 59.7% 41.6% 58.8% 40.7% (1) Based on the Annualized Base Rent as of the reporting period for occupied square feet (without S/L Rent). (2) Square Feet expiring during the remainder of the year, including month-to-month leases. (3) Rental Change is reported for leases signed during the periods presented and does not include leases with terms less than 12 months and leases for first generation space. (4) Excludes straight-line rent adjustments. (5) Includes the Company's share of its less-than-wholly-owned real estate investments. * This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. in Square Feet Same PNOI Change* (excluding income from lease terminations) Rental Change New and Renewal Leases (3) Lease Expirations QTR YTD QTR YTD

Page 17 of 24 Lease Expiration Summary - Total Square Feet of Operating Properties Based on Leases Signed Through June 30, 2024 ($ in thousands) (Unaudited) Annualized Current % of Total Base Rent of Base Rent of Square Footage of Leases Expiring Leases Expiring LEASE EXPIRATION Leases Expiring (without S/L Rent) (without S/L Rent) Vacancy 1,452,000 -$ 0.0% 2024 - remainder of year (1) 2,172,000 17,617 3.8% 2025 7,359,000 61,836 13.4% 2026 9,936,000 83,250 18.0% 2027 9,602,000 82,691 17.8% 2028 7,419,000 65,464 14.1% 2029 7,385,000 60,292 13.0% 2030 3,254,000 27,825 6.0% 2031 1,985,000 17,978 3.9% 2032 1,783,000 14,078 3.0% 2033 and beyond 3,579,000 32,585 7.0% TOTAL 55,926,000 463,616$ 100.0% (1) Includes month-to-month leases.

Page 18 of 24 Top 10 Customers by Annualized Base Rent As of June 30, 2024 (Unaudited) % of Total # of % of Total Annualized Customer Leases Location Portfolio Base Rent (1) 1 Amazon 2 San Diego, CA 710,000 1 San Antonio, TX 57,000 1 Tucson, AZ 10,000 1.4% 1.8% 2 REPET, Inc. 1 Los Angeles, CA 300,000 0.5% 0.8% 3 Starship Logistics LLC 1 Los Angeles, CA 262,000 0.5% 0.7% 4 Consolidated Electrical Distributors 2 San Antonio, TX 145,000 1 Orlando, FL 104,000 1 San Francisco, CA 84,000 1 Charlotte, NC 42,000 0.7% 0.7% 5 DSV Air & Sea Inc. 3 Houston, TX 385,000 1 San Diego, CA 20,000 0.7% 0.7% 6 Trane U.S. Inc. 1 Fort Worth, TX 147,000 1 Jacksonville, FL 81,000 1 Dallas, TX 58,000 1 Greenville, SC 55,000 1 Denver, CO 18,000 1 New Orleans, LA 11,000 1 Orlando, FL 7,000 0.7% 0.7% 7 FedEx Corp. 1 Dallas, TX 157,000 1 Fort Myers, FL 63,000 1 San Diego, CA 51,000 1 Fort Lauderdale, FL 50,000 0.6% 0.6% 8 The Chamberlain Group 2 Tucson, AZ 350,000 1 Charlotte, NC 11,000 0.6% 0.6% 9 Infinite Electronics Inc. 4 Dallas, TX 320,000 0.6% 0.6% 10 Novolex Holdings, LLC 1 Los Angeles, CA 286,000 0.5% 0.6% 34 3,784,000 6.8% 7.8% (1) Calculation: Customer Annualized Base Rent as of 06/30/24 (without S/L Rent) / Total Annualized Base Rent (without S/L Rent). Leased Total SF

Page 19 of 24 Debt and Equity Market Capitalization June 30, 2024 ($ in thousands, except per share data) (Unaudited) Unsecured debt (fixed rate) (1) Weighted Average Interest Rate Principal Payments Maturing Average Years to Maturity August 30, 2024 4.08% 50,000$ December 13, 2024 3.46% 60,000 December 15, 2024 3.48% 60,000 Year 2025 3.13% 145,000 Year 2026 2.56% 140,000 Year 2027 2.74% 175,000 Year 2028 3.10% 160,000 Year 2029 and beyond 3.66% 890,000 Total unsecured debt (fixed rate) (1) 3.37% 1,680,000 4.8 Unsecured bank credit facilities (variable rate) $50MM Line - 6.205% - matures 7/31/2028 - $625MM Line - 6.202% - matures 7/31/2028 - Total carrying amount of debt 1,680,000 Total unamortized debt issuance costs (7,301) Total debt, net of unamortized debt issuance costs 1,672,699$ Equity market capitalization Shares outstanding - common 48,652,525 Price per share at quarter end 170.10$ Total equity market capitalization 8,275,795$ Total market capitalization (debt and equity) (2) 9,955,795$ Total debt / total market capitalization (2) 16.9% (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. (2) Debt refers to total carrying amount of debt.

Page 20 of 24 Continuous Common Equity Program Through June 30, 2024 ($ in thousands, except per share data) (Unaudited) Common Stock Weighted Average Price Gross Proceeds (1) (In shares) (Per share) (In thousands) 1st Quarter 2024: Shares issued and proceeds received - -$ -$ 2nd Quarter 2024: Shares issued and proceeds received 218,929 168.62 36,916 Total direct common stock issuance for the six months ended 6/30/24 218,929 168.62 36,916 Shares sold June 28, 2024; shares issued and proceeds received in July 2024 77,650 168.63 13,094 Total direct common stock issuance through 7/22/24 296,579 168.62$ 50,010$ Common Stock Weighted Average Price Gross Proceeds (1) (In shares) (Per share) (In thousands) Forward Shares Agreements Outstanding at 12/31/2023 406,041 183.92$ 74,679$ 1st Quarter 2024: - Forward shares issued and proceeds received (272,342) 183.59 (50,000) New forward sale agreements 286,671 181.95 52,160 Forward Shares Agreements Outstanding at 3/31/2024 420,370 182.79$ 76,839$ 2nd Quarter 2024: Forward shares issued and proceeds received (420,370) 182.79 (76,839) New forward sale agreements 600,053 166.65 100,000 Forward Shares Agreements Outstanding at 6/30/2024 (2) 600,053 166.65$ 100,000$ Gross Sales Price (In thousands) Total Gross Sales Price Authorized for Issuance 750,000$ Amount settled through 7/22/2024 (411,848) Amount of outstanding forward equity sale agreements as of 7/22/2024 (100,000) (2) Remaining Capacity for Issuance as of 7/22/2024 238,152$ DIRECT COMMON STOCK ISSUANCE ACTIVITY (2) Available through forward equity sale agreements before the applicable settlement periods expire in June 2025. The Company did not settle any outstanding forward equity sale agreements subsequent to quarter-end. OUTSTANDING FORWARD EQUITY SALE AGREEMENTS (1) During the three and six months ended June 30, 2024, the Company recognized offering-related costs for direct issuances and forward agreements of $1,174,000 and $1,774,000, respectively, which are not deducted from proceeds above. SALES AGENCY FINANCING AGREEMENTS

Page 21 of 24 Debt-to-EBITDAre Ratios ($ in thousands) (Unaudited) Quarter Ended June 30, 2024 (1) 2023 2022 2021 2020 Debt 1,672,699$ 1,674,827$ 1,861,744 1,451,778 1,310,895 EBITDAre* 110,827 401,335 337,536 278,959 245,669 DEBT-TO-EBITDAre RATIO* 3.77 4.17 5.52 5.20 5.34 Debt 1,672,699$ 1,674,827$ 1,861,744 1,451,778 1,310,895 Subtract development and value-add properties in lease-up or under construction (428,221) (374,924) (324,831) (376,611) (225,964) Adjusted Debt* 1,244,478$ 1,299,903$ 1,536,913 1,075,167 1,084,931 EBITDAre* 110,827$ 401,335$ 337,536 278,959 245,669 Adjust for acquisitions as if owned for entire period 253 5,490 6,900 4,213 1,906 Adjust for development and value-add properties in lease-up or under construction (1,396) (1,909) (857) (700) (1,327) Adjust for properties sold during the period - (2,001) (235) (1,517) (1,081) Pro Forma EBITDAre* 109,684$ 402,915$ 343,344 280,955 245,167 ADJUSTED DEBT-TO-PRO FORMA EBITDAre RATIO* 2.84 3.23 4.48 3.83 4.43 (1) Quarterly calculations annualize EBITDAre for the quarter. (2) Yearly calculations use EBITDAre for the 12-month period. * This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. Years Ended December 31, (2)

Page 22 of 24 Outlook for 2024 (Unaudited) Q3 2024 Y/E 2024 Q3 2024 Y/E 2024 Net income attributable to common stockholders 53,224$ 226,303 56,156 231,191 Depreciation and amortization 47,260 187,088 47,260 187,088 Gain on sales of real estate investments and non-operating real estate - (8,973) - (8,973) Funds from operations attributable to common stockholders* 100,484$ 404,418 103,416 409,306 Weighted average shares outstanding - Diluted 48,882 48,872 48,882 48,872 Per share data (diluted): Net income attributable to common stockholders 1.09$ 4.63 1.15 4.73 Funds from operations attributable to common stockholders 2.06 8.28 2.12 8.38 *This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. The following assumptions were used for the mid-point: Metrics FFO per share $8.28 - $8.38 $8.17 - $8.37 $7.79 FFO per share increase over prior year 6.9% 6.2% 11.3% FFO per share increase over prior year excluding gain on involuntary conversion and business interruption claims 7.7% 7.4% 10.0% Same PNOI growth: cash basis (1) 5.6% - 6.6%(2) 5.5% - 6.5%(2) 8.0% Average month-end occupancy - operating portfolio 96.6% - 97.6% 96.5% - 97.5% 98.0% Lease termination fee income $830,000 $830,000 $1.0 million Reserves of uncollectible rent (Currently no identified bad debt for Q3-Q4) $2.6 million $2.5 million $1.5 million Development starts: Square feet 1.9 million 1.9 million 2.4 million Projected total investment $260 million $260 million $363 million Operating property acquisitions $265 million $160 million $165 million Operating property dispositions (Potential gains on dispositions are not included in the projections) $35 million $15 million $38 million Capital proceeds $590 million $490 million $799 million General and administrative expense $22.3 million $20.8 million $16.8 million Low Range High Range (In thousands, except per share data) Revised Guidance for Year 2024 April Earnings Release Guidance for Year 2024 Actual for Year 2023 (2) Includes properties which have been in the operating portfolio since 1/1/23 and are projected to be in the operating portfolio through 12/31/24; includes 51,388,000 square feet. (1) Excludes straight-line rent adjustments, amortization of market rent intangibles for acquired leases, and income from lease terminations.

Page 23 of 24 Glossary of REIT Terms Listed below are definitions of commonly used real estate investment trust (“REIT”) industry terms. For additional information on REITs, please see the National Association of Real Estate Investment Trusts (“Nareit”) web site at www.reit.com. Adjusted Debt-to-Pro Forma EBITDAre Ratio: A ratio calculated by dividing a company’s adjusted debt by its pro forma EBITDAre. Debt is adjusted by subtracting the cost of development and value-add properties in lease-up or under construction. EBITDAre is further adjusted by adding an estimate of NOI for significant acquisitions as if the acquired properties were owned for the entire period, and by subtracting NOI from development and value-add properties in lease-up or under construction and from properties sold during the period. The Adjusted Debt-to-Pro Forma EBITDAre Ratio is a non-GAAP financial measure used to analyze the Company’s financial condition and operating performance relative to its leverage, on an adjusted basis, so as to normalize and annualize property changes during the period. Cash Basis: The Company adjusts its GAAP reporting to exclude straight-line rent adjustments and amortization of market rent intangibles for acquired leases. The cash basis is an indicator of the rents charged to customers by the Company during the periods presented and is useful in analyzing the embedded rent growth in the Company’s portfolio. Debt-to-EBITDAre Ratio: A ratio calculated by dividing a company’s debt by its EBITDAre; this non-GAAP measure is used to analyze the Company’s financial condition and operating performance relative to its leverage. Debt-to-Total Market Capitalization Ratio: A ratio calculated by dividing a company’s debt by the total amount of a company’s equity (at market value) and debt. Earnings Before Interest Taxes Depreciation and Amortization for Real Estate (“EBITDAre”): In accordance with standards established by Nareit, EBITDAre is computed as Earnings, defined as Net Income, excluding gains or losses from sales of real estate investments and non-operating real estate, plus interest, taxes, depreciation and amortization. EBITDAre is a non-GAAP financial measure used to measure the Company’s operating performance and its ability to meet interest payment obligations and pay quarterly stock dividends on an unleveraged basis. Funds From Operations (“FFO”): FFO is the most commonly accepted reporting measure of a REIT’s operating performance, and the Company computes FFO in accordance with standards established by Nareit in the Nareit Funds from Operations White Paper — 2018 Restatement. It is equal to a REIT’s net income (loss) attributable to common stockholders computed in accordance with 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 a non-GAAP financial measure used to evaluate the performance of the Company’s investments in real estate assets and its operating results. FFO Excluding Gain on Involuntary Conversion and Business Interruption Claims: A reporting measure calculated as FFO (as defined above), adjusted to exclude gain on involuntary conversion and business interruption claims. The Company believes that this exclusion presents a more meaningful comparison of operating performance. Interest and Fixed Charge Coverage Ratio: A non-GAAP financial measure calculated by dividing the Company’s EBITDAre by its interest expense. We believe this ratio is useful to investors because it provides a basis for analysis of the Company’s leverage, operating performance and its ability to service the interest payments due on its debt. Industrial Properties: Generally consisting of four concrete walls tilted up on a slab of concrete. An internal office component is then added. Business uses include warehousing, distribution, light manufacturing and assembly, research and development, showroom, office, or a combination of some or all of the aforementioned. Leases Expiring and Renewal Leases Signed of Expiring Square Feet: Includes renewals during the period with terms commencing during the period and after the end of the period. Operating Land: Land with no buildings or improvements that generates income from leases with tenants; included in Real estate properties on the Consolidated Balance Sheets. Operating Properties: Stabilized real estate properties (land including buildings and improvements) in the Company’s operating portfolio; included in Real estate properties on the Consolidated Balance Sheets. Percentage Leased: The percentage of total leasable square footage for which there is a signed lease, including month-to-month leases, as of the close of the reporting period. Space is considered leased upon execution of the lease.

Page 24 of 24 Glossary of REIT Terms (continued) Percentage Occupied: The percentage of total leasable square footage for which the lease term has commenced as of the close of the reporting period. Property Net Operating Income (“PNOI”): Income from real estate operations less Expenses from real estate operations (including market-based internal management fee expense) plus the Company’s share of income and property operating expenses from its less-than-wholly-owned real estate investments. PNOI is a non-GAAP, property-level supplemental measure of performance used to evaluate the performance of the Company’s investments in real estate assets and its operating results. Real Estate Investment Trust (“REIT”): A company that owns and, in most cases, operates income-producing real estate such as apartments, shopping centers, offices, hotels and warehouses. Some REITs also engage in financing real estate. The shares of most REITs are freely traded, usually on a major stock exchange. To qualify as a REIT, a company must distribute at least 90 percent of its taxable income to its stockholders annually. A company that qualifies as a REIT is permitted to deduct dividends paid to its stockholders from its corporate taxable income. As a result, most REITs remit at least 100 percent of their taxable income to their stockholders and therefore owe no corporate federal income tax. Taxes are paid by stockholders on the dividends received. Most states honor this federal treatment and also do not require REITs to pay state income tax. Rental changes on new and renewal leases: Rental changes are calculated as the difference, weighted by square feet, of the annualized base rent due the first month of the new lease’s term and the annualized base rent of the rent due the last month of the former lease’s term, for leases signed during the reporting period. If free rent is given, then the first positive full rent value is used. Rental amounts exclude base stop amounts, holdover rent, and premium or discounted rent amounts. This calculation excludes leases with terms less than 12 months and leases for first generation space on properties acquired or developed by EastGroup. Same Properties: 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 excluded. The Same Property Pool includes properties which were included in the operating portfolio for the entire period from January 1, 2023 through June 30, 2024. Same Property Net Operating Income (“Same PNOI”): Income from real estate operations less Expenses from real estate operations (including market-based internal management fee expense), plus the Company’s share of income and property operating expenses from its less-than-wholly-owned real estate investments, for the same properties owned by the Company during the entire current and prior year reporting periods. Same PNOI is a non-GAAP, 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. Same PNOI Excluding Income from Lease Terminations: Same PNOI (as defined above), adjusted to exclude income from lease terminations. The Company believes it is useful to evaluate Same PNOI Excluding Income from Lease Terminations on both a straight-line and cash basis. The straight-line basis is calculated by averaging the customers’ rent payments over the lives of the leases; GAAP requires the recognition of rental income on the straight-line basis. The cash basis excludes adjustments for straight-line rent and amortization of market rent intangibles for acquired leases; the cash basis is an indicator of the rents charged to customers by the Company during the periods presented and is useful in analyzing the embedded rent growth in the Company’s portfolio. Straight-Lining: The process of averaging the customer’s rent payments over the life of the lease. GAAP requires real estate companies to “straight-line” rents. Total Return: A stock’s dividend income plus capital appreciation/depreciation over a specified period as a percentage of the stock price at the beginning of the period. Value-Add Properties: Properties that are either acquired but not stabilized or can be converted to a higher and better use. Acquired properties meeting either of the following two conditions are considered value-add properties: (1) Less than 75% leased as of the acquisition date (or will be less than 75% occupied within one year of acquisition date based on near term lease roll), or (2) 20% or greater of the acquisition cost will be spent to redevelop the property.

Cover Page	Jul. 23, 2024
Cover [Abstract]
Document Period End Date	Jul. 23, 2024
Document Type	8-K
Entity Central Index Key	0000049600
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	EGP
Written Communications	false
Entity Incorporation, State or Country Code	MD
Entity Registrant Name	EASTGROUP PROPERTIES, INC
Entity Address, Address Line One	400 W. Parkway Place, Suite 100
Entity Address, City or Town	Ridgeland
Entity Address, State or Province	MS
Entity Address, Postal Zip Code	39157
City Area Code	601
Local Phone Number	354-3555
Entity File Number	1-07094
Entity Tax Identification Number	13-2711135
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Emerging Growth Company	false
Security Exchange Name	NYSE
Amendment Flag	false