Core Insights - The article discusses the potential rebound of Real Estate Investment Trusts (REITs) in 2026, driven by declining interest rates and a shift in market dynamics [4][25] - Seven REITs are highlighted, with five considered stable investments and two categorized as higher-risk opportunities with significant upside potential [2][24] REIT Overview - Realty Income (NYSE: O) is noted for its stability, owning over 15,500 properties and collecting rent from approximately 1,600 customers across 92 industries, including well-known brands like 7-Eleven and Walgreens [1] - The REIT sector faced challenges in 2025 due to rising interest rates, which negatively impacted leverage and capital access [5] Performance Metrics - Certain property sectors have shown strong year-to-date performance, with farmland REITs up about 24%, data centers around 22%, net lease at approximately 15%, and self-storage at about 14% [3] - Realty Income has maintained an A credit rating and has increased its dividend for 27 consecutive years, making it a Dividend Aristocrat [6] Selected REITs - **Equinix (NASDAQ: EQIX)**: Operates 273 data centers globally, emphasizing the importance of its network ecosystem for competitive advantage. The company recently increased its dividend by 10% [8] - **Public Storage (NYSE: PSA)**: The leader in self-storage with around 3,500 U.S. facilities, leveraging technology for pricing optimization. The company has an A-rated credit and a dividend yield of about 4% [10][11] - **Equity LifeStyle Properties (NYSE: ELS)**: Focuses on manufactured housing and RV resorts, benefiting from demographic trends as baby boomers retire. The company raised its dividend by 5.3% recently [12][14] - **EastGroup Properties (NYSE: EGP)**: Targets flex distribution properties in fast-growing Sunbelt markets, with strong operational metrics and projected growth into 2027 and 2028 [15][16] - **Americold Realty Trust (NYSE: COLD)**: A cold storage REIT facing challenges but with potential for turnaround under new management and strategic changes. Shares trade at about 8.9x AFFO with a dividend yield of approximately 6.65% [17][19] - **Healthpeak Properties (NYSE: DOC)**: Plans to spin off its senior housing assets into a new REIT, which could unlock value. The company has a mixed portfolio and faces occupancy pressures in life sciences [20][22] Market Outlook - The article suggests that as interest rates decline, REITs may experience a resurgence, with investors encouraged to position themselves early to avoid higher valuations later [23][25]

OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED December 31, 2025 For the transition period from ___ to ___ COMMISSION FILE NUMBER 1-07094 EASTGROUP PROPERTIES, INC. (Exact Name of Registrant as Specified in its Charter) Maryland 13-2711135 (St ...

Financial Data and Key Metrics Changes - Funds from operations (FFO) per share for Q4 2025 was $2.34, an increase of 8.8% quarter-over-quarter, and for the year, FFO per share growth was 7.7% [7][13] - Quarter-end leasing was at 97%, with occupancy at 96.5%, and average quarterly occupancy increased by 40 basis points from Q4 2024 [7][8] - Same-store occupancy reached 97.4%, with cash same-store rental line rising 8.4% for the quarter and 6.7% for the year [8][14] Business Line Data and Key Metrics Changes - Development leasing accounted for 52% of the annual total square footage in Q4, marking the best quarter of overall leasing in over three years [10] - Quarterly re-leasing spreads were 35% GAAP and 19% cash for leases signed during the quarter, with annual results at 40% and 25% respectively [8] Market Data and Key Metrics Changes - The company noted a flight to quality in the market, with its portfolio occupancy outperforming broader markets [10] - The construction pipeline is at a historical low, which is expected to place upward pressure on rents as demand stabilizes [11] Company Strategy and Development Direction - The company aims to capitalize on development opportunities based on its experience, balance sheet strength, and existing tenant expansion needs [11] - The company is expanding its footprint in Las Vegas and has added new land development sites in San Antonio and Northeast Dallas [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market demand picking up momentum and the sustainability of this trend [19] - The company anticipates FFO for 2026 to be in the range of $2.25-$2.33 per share for Q1 and $9.40-$9.60 per share for the year, representing increases of 8% and 6.1% compared to the prior year [16] Other Important Information - The company has a strong balance sheet with a debt to total market capitalization of 14.7% and a debt to EBITDA ratio of 3 times [15] - Projected G&A expenses for 2026 are $27 million, including costs related to executive team transitions [17] Q&A Session Summary Question: Development leasing trends and prospect activity - Management noted that the uptick in development leasing was primarily due to decisions made after a period of uncertainty, with a mix of expansions and new tenants [25][26] Question: Market rent growth expectations - Management indicated that while demand has increased, it has not yet translated into significant rent growth, but they are optimistic about future increases due to low construction pipeline levels [36][37] Question: Competitive supply and lender appetite - Management expressed confidence in their competitive position, noting that while supply may eventually increase, current zoning and permitting challenges will delay new developments [46][90] Question: Capital allocation and debt versus equity issuance - Management stated they are monitoring both debt and equity markets and will remain flexible in their capital allocation strategy [60][62] Question: Guidance setting and expectations for 2026 - Management emphasized a cautious approach to guidance, aiming for a conservative estimate while remaining optimistic about potential outperformance [75][78]

Financial Data and Key Metrics Changes - Funds from operations (FFO) were $2.34 per share, up 8.8% quarter-over-quarter, and for the year, FFO per share growth was 7.7% [7] - Quarterly occupancy was 96.5%, with average quarterly occupancy at 96.2%, an increase of 40 basis points from Q4 2024 [7] - Same-store occupancy reached 97.4%, with cash same-store rental line rising 8.4% for the quarter and 6.7% for the year [8][14] Business Line Data and Key Metrics Changes - Development leasing accounted for 52% of the annual total square footage in Q4, marking the best quarter of overall leasing in over three years [10] - Quarterly re-leasing spreads were 35% GAAP and 19% cash for leases signed during the quarter, with annual results at 40% and 25% respectively [8] - Average lease size in Q4 increased to over 60,000 sq ft, indicating a positive trend in leasing activity [29] Market Data and Key Metrics Changes - The company noted a flight to quality in the market, with its portfolio occupancy outperforming broader markets [10] - The construction pipeline is at a 7-8 year low, which is expected to lead to upward pressure on rents as demand stabilizes [11][36] - The company is focusing on geographic and tenant diversity to stabilize earnings regardless of economic conditions [8] Company Strategy and Development Direction - The company plans to capitalize on development opportunities based on its experience, balance sheet strength, and existing tenant expansion needs [11] - A forecast of $250 million in new development starts for 2026 was provided, with an emphasis on maintaining projected yields [11] - The company is modernizing its portfolio and expanding its footprint in key markets like Las Vegas and San Antonio [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market demand picking up momentum, with expectations for sustainable growth [19] - The company is confident in its high-quality portfolio and the ability to execute in a steadily improving environment [18] - Management acknowledged potential challenges in the operating environment but remains focused on driving FFO per share growth and enhancing portfolio quality [19] Other Important Information - The company ended the year with $19 million drawn on its unsecured bank credit facility, leaving over $650 million in available capacity [15] - Projected G&A expenses for 2026 are $27 million, including costs related to executive team transitions [17] - The company has $140 million in unsecured debt maturing during Q4 2026, with plans to fund repayments and new investments through bank credit facilities and new debt issuance [18] Q&A Session Summary Question: Development leasing trends and prospect activity - Management noted that the uptick in development leasing was primarily due to long-term decision-making resuming after a volatile year, with a mix of expansions and new tenants [25][26] Question: Market rent growth expectations - Management indicated that while demand has picked up, it has not yet translated into significant rent growth, but optimism remains due to low construction pipeline levels [36][37] Question: Competitive supply and lender appetite - Management expressed confidence in the current competitive supply situation, noting that obtaining permits and land remains challenging for private developers [47][48] Question: Guidance and capital allocation - Management discussed the flexibility in capital allocation between debt and equity, emphasizing a balanced approach based on market conditions [60][62] Question: Development lease-up assumptions - Management indicated that development lease-up is expected to be back-end weighted, with significant activity anticipated in the latter half of the year [68][69]

Financial Data and Key Metrics Changes - Funds from operations (FFO) were $2.34 per share, up 8.8% quarter-over-quarter, and for the year, FFO per share growth was 7.7% [5][11] - Quarter-end leasing was at 97%, with occupancy at 96.5%, and average quarterly occupancy increased by 40 basis points from Q4 2024 to 96.2% [5][6] - Same-store occupancy reached 97.4%, with cash same-store rental line rising 8.4% for the quarter and 6.7% for the year [6][11] Business Line Data and Key Metrics Changes - Development leasing accounted for 52% of the annual total square footage in Q4, marking the best quarter of overall leasing in over three years [8] - Quarterly re-leasing spreads were 35% GAAP and 19% cash for leases signed during the quarter, with annual results at 40% and 25% respectively [6][11] Market Data and Key Metrics Changes - The company noted a flight to quality in the market, with its portfolio occupancy outperforming broader markets [8] - The construction pipeline is at a 7-8 year low, which is expected to lead to upward pressure on rents as demand stabilizes [9][33] Company Strategy and Development Direction - The company aims to capitalize on development opportunities based on its experience, balance sheet strength, and existing tenant expansion needs [9][10] - The company is expanding its footprint in Las Vegas and has added new land development sites in San Antonio and Northeast Dallas [10] - The company is modernizing its portfolio and exiting less strategic markets like Fresno [10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market demand picking up momentum and the sustainability of this trend [17] - The company anticipates FFO for 2026 to be in the range of $2.25-$2.33 per share for Q1 and $9.40-$9.60 per share for the year, representing increases of 8% and 6.1% compared to the prior year [13] - Management highlighted the challenges in obtaining zoning and permitting, which may limit supply and create upward pressure on rents [9][88] Other Important Information - The company ended the year with $19 million drawn on its unsecured bank credit facility, leaving over $650 million in available capacity [12] - Projected G&A expenses for 2026 are $27 million, including costs related to executive team transitions [14] Q&A Session Summary Question: Can you walk through the development leasing trends and prospect activity? - Management noted that the uptick in development leasing was primarily due to long-awaited decisions being made, with a mix of expansions and new tenants [22][24] Question: How is the development leasing translating into pricing or market rent growth? - Management indicated that while demand has picked up, it has not yet translated into significant rent growth, but they are optimistic due to low construction pipeline levels [32][33] Question: What are the expectations for competitive supply and lender appetite for development? - Management expressed confidence in the tight competitive supply and noted that while there is institutional demand, the process of securing land and permits remains challenging [44][88] Question: What yields are anticipated on new starts? - Management expects yields on new starts to be similar to those achieved in 2025, with a strong land bank and permits in hand [52][53] Question: How will the expanded management structure improve operations? - Management highlighted that the restructuring aims to enhance operational efficiencies and better support field teams, allowing for quicker decision-making [95][100]

Table of Contents Conference Call 1-800-836-8184 | ID – EastGroup February 5, 2026 10:00 a.m. Eastern Time webcast available at EastGroup.net Q4 2025 Supplemental | Page 1 SUPPLEMENTAL INFORMATION December 31, 2025 Skyway Logistics Park, Charlotte, NC 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 ...

EastGroup Properties (EGP) reported $187.47 million in revenue for the quarter ended December 2025, representing a year-over-year increase of 14.3%. EPS of $2.34 for the same period compares to $1.16 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $186.01 million, representing a surprise of +0.79%. The company delivered an EPS surprise of +0.3%, with the consensus EPS estimate being $2.33.While investors closely watch year-over-year changes in headline numbers -- revenue and earn ...

分组1 - EastGroup Properties (EGP) reported quarterly funds from operations (FFO) of $2.34 per share, exceeding the Zacks Consensus Estimate of $2.33 per share, and up from $2.15 per share a year ago, representing an FFO surprise of +0.30% [1] - The company achieved revenues of $187.47 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 0.79%, compared to year-ago revenues of $164.04 million [2] - Over the last four quarters, EastGroup Properties has surpassed consensus FFO estimates three times and topped consensus revenue estimates three times [2] 分组2 - The stock's immediate price movement will depend on management's commentary during the earnings call and future FFO expectations [3] - The current consensus FFO estimate for the coming quarter is $2.26 on revenues of $188.44 million, and for the current fiscal year, it is $9.51 on revenues of $773.96 million [7] - The Zacks Industry Rank indicates that the REIT and Equity Trust - Other sector is currently in the bottom 28% of over 250 Zacks industries, suggesting potential challenges for stock performance [8]

Financial Performance - Net Income Attributable to Common Stockholders for Q4 2025 was $1.27 per diluted share, up from $1.16 in Q4 2024, representing a 9.5% increase [3]. - Funds from Operations (FFO) for Q4 2025 was $2.34 per diluted share, an increase of 8.8% compared to $2.15 per diluted share in Q4 2024 [8]. - Income from real estate operations for Q4 2025 was $187,428,000, an increase of 14.5% compared to $163,767,000 in Q4 2024 [54]. - Net income attributable to EastGroup Properties, Inc. common stockholders for Q4 2025 was $67,737,000, compared to $58,640,000 in Q4 2024, representing a growth of 15.5% [54]. - The Company reported a total comprehensive income of $67,343,000 for Q4 2025, slightly up from $66,653,000 in Q4 2024 [54]. - The company reported a total net income of $257.458 million for the twelve months ended December 31, 2025, a 13.0% increase from $227.807 million in 2024 [58]. - FFO per diluted share for Q4 2025 was $2.34, up from $2.15 in Q4 2024, marking an 8.8% increase [56]. - EBITDA for Q4 2025 was $133.564 million, representing a 13.6% increase compared to $117.539 million in Q4 2024 [56]. - Same property net operating income (PNOI) for Q4 2025 was $121.743 million, a 8.9% increase from $112.225 million in Q4 2024 [58]. Operational Highlights - Same Property Net Operating Income (PNOI) for Q4 2025 increased by 8.5% on a straight-line basis and 8.4% on a cash basis compared to Q4 2024 [10]. - Average rental rates on new and renewal leases increased by 34.6% on a straight-line basis during Q4 2025 [11]. - Same PNOI for 2025 increased by 7.0% on a straight-line basis and 6.7% on a cash basis compared to 2024 [14]. - EastGroup transferred a total of 2,109,000 square feet of development projects to the operating portfolio in 2025, achieving an average occupancy rate of 72% as of February 3, 2026 [24]. - Average month-end occupancy for the operating portfolio is estimated to be between 95.0% and 96.0% for 2026 [36]. Development and Acquisition - The company acquired four operating properties totaling 739,000 square feet and 300 acres of development land for approximately $262 million in 2025 [3]. - Construction of seven development projects totaling 1,439,000 square feet was initiated in 2025, with projected costs of approximately $179 million [21]. - As of December 31, 2025, the development program consisted of 17 projects totaling 3,473,000 square feet, with a projected total cost of $499.9 million [23]. - EastGroup plans to start development projects totaling 1.7 million square feet in 2026, with a projected investment of $250 million [36]. Financial Guidance and Projections - The company projects EPS for 2026 to be between $4.93 and $5.13, and FFO per share to be between $9.40 and $9.60 [32]. - The guidance for 2026 includes a projected net income attributable to common stockholders of $263,432,000 to $274,110,000 [35]. Dividend Information - The quarterly dividend was increased by $0.15 per share (10.7%) to $1.55 per share [3]. - The company declared a cash dividend of $1.55 per share in Q4 2025, marking the 184th consecutive quarterly cash distribution, with an annualized dividend rate of $6.20 per share, resulting in a dividend yield of 3.4% [25]. Debt and Financial Ratios - EastGroup's debt-to-total market capitalization was 14.7% as of December 31, 2025, with an interest coverage ratio of 15.3x for Q4 2025 and 15.8x for the full year [26]. - The company repaid $145,000,000 in maturing debt during 2025, with a weighted average fixed interest rate of 3.13% [27]. - EastGroup closed $250,000,000 in senior unsecured term loans in November 2025, with a weighted average fixed interest rate of 4.13% [28]. - Total debt as of December 31, 2025, was $1.627 billion, unchanged from the previous year [56]. - The debt-to-EBITDAre ratio improved to 3.0 in Q4 2025 from 3.2 in Q4 2024 [56]. - Interest and fixed charge coverage ratio increased to 15.3 in Q4 2025, up from 12.8 in Q4 2024 [56]. Company Insights - The Company’s portfolio includes approximately 65 million square feet of industrial properties, focusing on high-growth markets [47]. - The Company emphasizes the importance of PNOI and FFO as indicators of property performance, excluding depreciation and amortization [41]. - The Debt-to-EBITDAre ratio is a key measure used to analyze the Company’s financial condition relative to its leverage [43]. - The Company plans to discuss its earnings outlook for 2026 during a conference call on February 5, 2026 [45].

Core Viewpoint - EastGroup Properties, Inc. announced the income tax treatment of its 2025 distributions, encouraging shareholders to consult personal tax advisors for specific tax implications [1]. Distribution Summary - Total distributions for 2025 amount to $5.91119 per share, with specific payments detailed as follows: - $0.40314 on January 15, 2025, for the record date of December 31, 2024 - $1.40000 on April 15, 2025, for the record date of March 31, 2025 - $1.40000 on July 15, 2025, for the record date of June 30, 2025 - $1.55000 on October 15, 2025, for the record date of September 30, 2025 - $1.15805 on January 15, 2026, for the record date of December 31, 2025 [2]. Tax Treatment - Cash distributions made on January 15, 2026, are treated as received by shareholders on December 31, 2025, to the extent of 2025 undistributed earnings and profits [2]. - The company did not incur any foreign taxes in 2025, and none of the total distributions are considered qualified dividends eligible for reduced capital gains rates [3]. Company Overview - EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition, and operation of industrial properties in high-growth markets across the United States, particularly in Texas, Florida, California, Arizona, and North Carolina [4]. - The company's strategy aims to maximize shareholder value by providing functional, flexible, and quality business distribution space for location-sensitive customers, primarily in the 20,000 to 100,000 square foot range [4]. - EastGroup's portfolio includes approximately 65 million square feet, encompassing development projects and value-add acquisitions currently in lease-up and under construction [4].