EastGroup Properties Announces Third Quarter 2026 Results
New and renewal lease rates increased an average of 36.3% on a straight-line basis during the third quarter.
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Rhea-AI Summary
EastGroup Properties (NYSE: EGP) reported third-quarter 2026 diluted earnings per share of $1.46, up from $1.26 a year earlier. Funds from operations, a non-GAAP earnings measure, rose 7.9% to $2.45 per diluted share. Same-property net operating income excluding lease termination income increased 5.3% on a straight-line basis and 7.1% on a cash basis.
The operating portfolio was 96.5% occupied at September 30. Third-quarter acquisitions included two operating properties and development land for approximately $164 million; subsequent acquisitions totaled approximately $262 million. EastGroup entered forward equity sale agreements for approximately $486 million and increased its quarterly dividend 12.9% to $1.75 per share. The company raised its full-year development-start target to $390 million and acquisition guidance to $360 million. Higher interest and depreciation expenses partly offset earnings growth.
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Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter diluted earnings rose to $1.46 per share from $1.26 in 2025.
- Moderate pointThird-quarter funds from operations rose 7.9% to $2.45 per diluted share versus 2025.
- Moderate pointThird-quarter property net operating income increased 10.1% to $147,890,000 versus 2025.
- Moderate pointThird-quarter same-property net operating income, excluding lease termination income, rose 5.3% straight-line and 7.1% cash versus 2025.
- Moderate pointThird-quarter new and renewal lease rates increased 36.3% straight-line, covering 4.6% of operating portfolio square footage.
- Moderate pointSame-property average rental rate increased to $9.46 in third-quarter 2026 from $8.99 per square foot in 2025.
- Moderate pointQuarterly dividend increased $0.20 per share, or 12.9%, to $1.75, the 187th consecutive quarterly cash dividend.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Forward equity sale agreements provide for approximately $486 million at an initial weighted average forward price of $202.06 per share. 4.5% of market cap
- Moderate pointThird-quarter acquisitions added 531,000 square feet and 107 acres for approximately $164 million. 1.5% of market cap
- Moderate pointPost-quarter acquisitions added 1,031,000 square feet and 25 acres for approximately $262 million. 2.4% of market cap
- Moderate point. Forward-looking: it has not happened yet and may not happen.Third-quarter construction starts covered 998,000 square feet, with projected total costs of $162,200,000.
- Moderate point. Forward-looking: it has not happened yet and may not happen.EastGroup raised its full-year development-start target to $390 million and acquisition guidance to $360 million.
19 minor points
- Minor pointOperating portfolio average month-end occupancy increased to 96.1% in third-quarter 2026 from 95.7% in 2025.
- Minor pointSame-property average occupancy increased to 96.9% in third-quarter 2026 from 96.7% in 2025.
- Minor pointNine-month diluted earnings rose to $4.63 per share from $3.60 in 2025.
- Minor pointNine-month funds from operations increased 7.7% to $7.15 per diluted share versus 2025.
- Minor pointNine-month funds from operations excluding conversion and business interruption claim gains rose 7.6% to $7.11 per diluted share.
- Minor pointNine-month property net operating income increased 10.5% to $430,826,000 versus 2025.
- Minor pointNine-month same-property net operating income, excluding lease termination income, rose 6.3% straight-line and 8.2% cash versus 2025.
- Minor pointNine-month new and renewal lease rates increased 35.6% straight-line, covering 12.3% of operating portfolio square footage.
- Minor pointNine-month same-property average occupancy increased to 97.0% from 96.4% in 2025.
- Minor pointNine-month same-property average rental rate increased to $9.36 per square foot from $8.81 in 2025.
- Minor pointOrlando development transferred to the operating portfolio was 100% leased and contained 113,000 square feet.
- Minor point. Forward-looking: it has not happened yet and may not happen.Nine-month development and redevelopment starts totaled 1,932,000 square feet, with projected total costs of $284,700,000.
- Minor pointDevelopment leasing signed July 1–October 20, 2026 totaled 11 leases covering approximately 503,000 square feet.
- Minor point. Forward-looking: it has not happened yet and may not happen.Frisco land acquisition expanded planned development from approximately 350,000 to 1,000,000 square feet.
- Minor point. Forward-looking: it has not happened yet and may not happen.Crossroads land acquisition expanded planned development from approximately 500,000 to 850,000 square feet.
- Minor point. Forward-looking: it has not happened yet and may not happen.Crane Creek land is expected to accommodate a future 69,000-square-foot building.
- Minor point. Forward-looking: it has not happened yet and may not happen.Miami land acquired in October is expected to accommodate two buildings totaling approximately 371,000 square feet.
- Minor pointNine-month real estate investment sales generated $30,074,000 in gains, versus no sales in the comparable 2025 period.
- Minor pointJuly Miami land sale generated a $4,709,000 gain, excluded from funds from operations.
Negative
- Moderate point. Forward-looking: it has not happened yet and may not happen.Forward equity sale agreements involve share issuance at an initial weighted average forward price of $202.06, diluting existing holders.
- Moderate pointThird-quarter interest expense increased to $9,617,000 from $7,685,000 in 2025.
- Moderate pointThird-quarter depreciation and amortization expense increased to $58,206,000 from $54,131,000 in 2025.
- Minor pointNine-month interest expense increased to $27,686,000 from $23,400,000 in 2025.
- Minor pointNine-month depreciation and amortization expense increased to $170,109,000 from $159,663,000 in 2025.
3 minor points
- Minor pointThird-quarter diluted weighted average shares outstanding increased by 580,000 shares versus 2025.
- Minor pointNine-month diluted weighted average shares outstanding increased by 1,100,000 shares versus 2025.
- Minor pointOctober Dallas-Fort Worth airport acquisition, costing approximately $30,000,000, is subject to a ground lease.
News Explained
During the
Key Figures
- Diluted EPS
- $1.46 per share
- Third quarter 2026, compared with $1.26 in third quarter 2025
- Adjusted FFO
- $2.45 per diluted share; increase of 7.9%
- Third quarter 2026, compared with $2.27 in third quarter 2025; excluding specified claims
- Same-property NOI growth
- 5.3% straight-line; 7.1% cash basis
- Third quarter 2026, excluding income from lease terminations
- Quarterly dividend
- $1.75 per share, increased 12.9%
- Declared for the 187th consecutive quarter
- New and renewal lease rental-rate increase
- 36.3%
- Third quarter 2026, straight-line basis
- Forward equity sale agreements
- Approximately $486 million at an initial weighted average forward price of $202.06 per share
- Entered into during the quarter
- Development starts guidance
- $390 million
- Raised guidance for 2026
- Acquisition guidance
- $360 million
- Raised guidance for 2026
Previous Earnings Reports
-
Q2 diluted EPS and adjusted FFO increased year over year.
-
Q1 EPS and FFO were reported alongside same-property NOI growth.
-
Q4 and full-year FFO increased year over year.
-
Q3 diluted EPS and FFO increased year over year.
-
Q2 diluted EPS, FFO, and same-property NOI increased year over year.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
funds from operations financial
property net operating income financial
non-gaap financial measures financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Quarter Highlights
- Net Income Attributable to Common Stockholders of
$1.46 $1.26 - Funds from Operations ("FFO"), Excluding Gain on Involuntary Conversion and Business Interruption Claims, of
$2.45 $2.27 7.9% - Same Property Net Operating Income for the Same Property Pool, Excluding Income From Lease Terminations, Increased
5.3% on a Straight-Line Basis and7.1% on a Cash Basis for Third Quarter 2026 Compared to the Same Period in 2025 - Operating Portfolio was
97.3% Leased and96.5% Occupied as of September 30, 2026; Average Month-End Occupancy of Operating Portfolio was96.1% for Third Quarter 2026 as Compared to95.7% for Third Quarter 2025 - Rental Rates on New and Renewal Leases Increased an Average of
36.3% on a Straight-Line Basis - Entered into Forward Equity Sale Agreements for Approximately
$486 Million $202.06 - Transferred a
100% Leased Development Project in Orlando Containing 113,000 Square Feet to the Operating Portfolio - Started Construction of Four Development Projects and One Redevelopment Project Totaling 998,000 Square Feet with Projected Total Costs of Approximately
$162 Million - Signed 11 Leases on Active Development and First Generation Development Properties From July 1, 2026 through October 20, 2026, Totaling Approximately 503,000 Square Feet
- Acquired Two Operating Properties Containing 531,000 Square Feet and 107 Acres of Development Land for Approximately
$164 Million - Subsequent to Quarter-End, Acquired Three Operating Properties Containing 1,031,000 Square Feet and 25 Acres of Development Land for Approximately
$262 Million - Declared 187th Consecutive Quarterly Cash Dividend: Increased the Dividend by
$0.20 12.9% ) to$1.75
Commenting on EastGroup's performance, Marshall Loeb, CEO, stated, "The team and the portfolio performed ahead of expectations this quarter and so far this year. The leasing environment has been much more stable than headlines would lead one to expect. This activity is exciting as we begin to turn the page into 2027. Looking beyond the current environment, I remain bullish on the continuing external trends benefitting our shallow bay, last mile, high-growth market portfolio."
Reid Dunbar, President, added, "Continued leasing momentum gave us the confidence to raise our development starts again, to
EARNINGS PER SHARE
Three Months Ended September 30, 2026
On a diluted per share basis, earnings per common share ("EPS") were
- The Company's property net operating income ("PNOI") was
$147,890,000 $2.75 $134,374,000 $2.52 $0.23 - EastGroup recognized gains on sales of non-operating real estate of
$4,709,000 $0.09
The increase in EPS was partially offset by the following:
- Depreciation and amortization expense was
$58,206,000 $1.08 $54,131,000 $1.02 $0.06 - Interest expense was
$9,617,000 $0.18 $7,685,000 $0.14 $0.04 - Weighted average shares outstanding increased by 580,000 shares on a diluted basis for the three months ended September 30, 2026, as compared to the same period of 2025.
Nine Months Ended September 30, 2026
EPS for the nine months ended September 30, 2026 were
- PNOI was
$430,826,000 $8.02 $389,736,000 $7.41 $0.61 - EastGroup recognized gains on sales of real estate investments of
$30,074,000 $0.56 - EastGroup recognized gains on sales of non-operating real estate of
$4,709,000 $0.09
The increase in EPS was partially offset by the following:
- Depreciation and amortization expense was
$170,109,000 $3.17 $159,663,000 $3.03 $0.14 - Interest expense was
$27,686,000 $0.52 $23,400,000 $0.44 $0.08 - Weighted average shares outstanding increased by 1,100,000 shares on a diluted basis for the nine months ended September 30, 2026, as compared to the same period of 2025.
FUNDS FROM OPERATIONS AND PROPERTY NET OPERATING INCOME
Three Months Ended September 30, 2026
For the three months ended September 30, 2026, both funds from operations attributable to common stockholders ("FFO") and FFO, Excluding Gain on Involuntary Conversion and Business Interruption Claims, were
PNOI increased by
Same PNOI, Excluding Income from Lease Terminations, increased
On a straight-line basis, rental rates on new and renewal leases signed during the three months ended September 30, 2026 (representing
Nine Months Ended September 30, 2026
FFO for the nine months ended September 30, 2026, were
FFO, Excluding Gain on Involuntary Conversion and Business Interruption Claims, were
PNOI increased by
Same PNOI, Excluding Income from Lease Terminations, increased
On a straight-line basis, rental rates on new and renewal leases signed during the nine months ended September 30, 2026 (representing
The same property pool for the three and nine months ended September 30, 2026 includes properties which were included in the operating portfolio for the entire period from January 1, 2025 through September 30, 2026; this pool is comprised of properties containing 58,047,000 square feet. Same property average occupancy represents the average month-end percentage of leased square footage for which the lease term has commenced as compared to the total leasable square footage for the same operating properties owned during the entire current and prior year reporting periods (January 1, 2025 through September 30, 2026). The same property average rental rate calculated on a straight-line basis represents the average annual rental rates of leases in place for the same operating properties owned during the entire current and prior year reporting periods (January 1, 2025 through September 30, 2026).
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 AND DISPOSITIONS
As previously announced, in July 2026, EastGroup acquired Airgate Mesa Corporate Center in
In August 2026, as previously announced, the Company acquired 69.5 acres of development land in the
Also as previously announced, in September 2026, EastGroup acquired 30.3 acres of development land, known as Crossroads Logistics Park Phase 2 Land, for
Also, in September 2026, the Company acquired 7.5 acres of development land in the space coast market in
Subsequent to September 30, 2026, EastGroup closed on the acquisition of a property in the Northeast submarket of
Also in October 2026, the Company closed on the acquisition of a business distribution building containing 202,000 square feet in the
Also subsequent to September 30, 2026, EastGroup closed on the acquisition of three business distribution buildings in the
Also in October 2026, the Company acquired 24.9 acres of development land in
As previously announced, in July 2026, the Company sold a 6.9 acre parcel of land in
DEVELOPMENT AND VALUE-ADD PROPERTIES
During the third quarter of 2026, EastGroup began construction of four development projects and one redevelopment project totaling 998,000 square feet, with projected total costs of
|
Development and Redevelopment Projects Started |
|
Location |
|
Size |
|
Anticipated |
|
Projected |
||||||||||||||||||
|
|
|
|
|
(Square feet) |
|
|
|
(In thousands) |
||||||||||||||||||
|
Country Club 5 Expansion (1) |
|
|
|
101,000 |
|
|
05/2027 |
|
$ |
9,800 |
|
|||||||||||||||
|
Crossroads 3 |
|
|
|
156,000 |
|
|
10/2027 |
|
26,900 |
|
||||||||||||||||
|
|
|
|
|
222,000 |
|
|
10/2027 |
|
4,200 |
|
||||||||||||||||
|
Grand West Crossing 3 & 4 |
|
|
|
128,000 |
|
|
02/2028 |
|
18,900 |
|
||||||||||||||||
|
World |
|
|
|
191,000 |
|
|
03/2028 |
|
18,800 |
|
||||||||||||||||
|
Skyway 3 |
|
|
|
156,000 |
|
|
04/2028 |
|
20,400 |
|
||||||||||||||||
|
Brightstar 100 |
|
|
|
196,000 |
|
|
05/2028 |
|
21,700 |
|
||||||||||||||||
|
Miramar Business Center |
|
|
|
60,000 |
|
|
05/2028 |
|
53,100 |
|
||||||||||||||||
|
Schertz Summit Park 1 & 2 |
|
|
|
202,000 |
|
|
07/2028 |
|
27,700 |
|
||||||||||||||||
|
Basswood 6 & 7 |
|
|
|
294,000 |
|
|
09/2028 |
|
40,600 |
|
||||||||||||||||
|
Bell Creek 1 & 2 |
|
|
|
226,000 |
|
|
10/2028 |
|
42,600 |
|
||||||||||||||||
|
Total Development Projects Started |
|
|
|
1,932,000 |
|
|
|
|
$ |
284,700 |
|
|||||||||||||||
|
|
|
(1) |
|
(2) Represents a redevelopment project. |
Subsequent to September 30, 2026, the Company began construction of Gateway Interchange C, D & E in
At September 30, 2026, EastGroup's development and value-add program consisted of 21 projects (4,061,000 square feet) in 14 markets. The projects, which were collectively
During the third quarter of 2026, EastGroup transferred one project in
The development projects transferred to the operating portfolio during the nine months ended September 30, 2026 are detailed in the table below:
|
Development, Redevelopment and Value- |
|
Location |
|
Size |
|
Transfer Date |
|
Cumulative Cost |
|
Percent Leased |
||||||||||||||||||||||
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|
|
|
|
(Square feet) |
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|
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(In thousands) |
|
|
||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
244,000 |
|
|
02/2026 |
|
$ |
33,604 |
|
|
100 |
% |
||||||||||||||||||
|
Skyway 1 & 2 |
|
|
|
318,000 |
|
|
03/2026 |
|
38,781 |
|
|
79 |
% |
|||||||||||||||||||
|
Grand West Crossing 2 |
|
|
|
97,000 |
|
|
04/2026 |
|
11,854 |
|
|
100 |
% |
|||||||||||||||||||
|
Texas Avenue 1 & 2 |
|
|
|
129,000 |
|
|
04/2026 |
|
21,772 |
|
|
83 |
% |
|||||||||||||||||||
|
World |
|
|
|
181,000 |
|
|
04/2026 |
|
17,047 |
|
|
100 |
% |
|||||||||||||||||||
|
|
|
|
|
262,000 |
|
|
06/2026 |
|
7,867 |
|
|
100 |
% |
|||||||||||||||||||
|
Horizon West 9 |
|
|
|
113,000 |
|
|
08/2026 |
|
14,819 |
|
|
100 |
% |
|||||||||||||||||||
|
Total Projects Transferred |
|
|
|
1,344,000 |
|
|
|
|
$ |
145,744 |
|
|
94 |
% |
||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Projected Stabilized Yield (2) |
|
9.4 % |
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
(1) Represents a redevelopment project. |
|
(2) Weighted average yield based on projected stabilized annual property net operating income on a straight-line basis at |
DIVIDENDS
EastGroup declared a cash dividend of
FINANCIAL STRENGTH AND FLEXIBILITY
EastGroup continues to maintain a strong and flexible balance sheet. Debt-to-total market capitalization was
During the three months ended September 30, 2026, the Company entered into forward equity sale agreements with respect to 2,402,931 shares of common stock with an initial weighted average forward price of
Subsequent to September 30, 2026, EastGroup repaid a
OUTLOOK FOR 2026
We now estimate EPS for 2026 to be in the range of
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 2026, 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 2026:
|
|
|
Low Range |
|
High Range |
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|
|
Q4 2026 |
|
Y/E 2026 |
|
Q4 2026 |
|
Y/E 2026 |
||||||||||||||||||
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|
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(In thousands, except per share data) |
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|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net income attributable to common stockholders |
|
$ |
74,230 |
|
|
322,757 |
|
|
77,464 |
|
|
325,991 |
|
|||||||||||||
|
Depreciation and amortization |
|
60,019 |
|
|
230,220 |
|
|
60,019 |
|
|
230,220 |
|
||||||||||||||
|
Gain on sales of real estate investments and non-operating real estate |
|
— |
|
|
(34,783) |
|
|
— |
|
|
(34,783) |
|
||||||||||||||
|
Funds from operations attributable to common stockholders* |
|
$ |
134,249 |
|
|
518,194 |
|
|
137,483 |
|
|
521,428 |
|
|||||||||||||
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|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Weighted average shares outstanding — Diluted |
|
54,394 |
|
|
53,892 |
|
|
54,394 |
|
|
53,892 |
|
||||||||||||||
|
Per share data (diluted): |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net income attributable to common stockholders |
|
$ |
1.36 |
|
|
5.99 |
|
|
1.42 |
|
|
6.05 |
|
|||||||||||||
|
Funds from operations attributable to common stockholders* |
|
2.47 |
|
|
9.62 |
|
|
2.53 |
|
|
9.68 |
|
||||||||||||||
|
|
|
*This is a non-GAAP financial measure. Please refer to Definitions. |
The following assumptions were used for the mid-point:
|
Metrics |
|
Revised Guidance |
|
July Earnings |
|
Actual for Year |
||||||||||||||
|
FFO per share for the year (see Q4 projections in the table above) |
|
|
|
|
|
|
||||||||||||||
|
FFO per share increase over prior year |
|
7.5 % |
|
6.8 % |
|
7.5 % |
||||||||||||||
|
FFO per share, excluding gain on involuntary conversion and |
|
|
|
|
|
|
||||||||||||||
|
FFO per share increase over prior year, excluding gain on |
|
7.4 % |
|
6.7 % |
|
7.7 % |
||||||||||||||
|
Same PNOI growth: cash basis (1) |
|
|
|
|
|
6.7 % |
||||||||||||||
|
Average month-end occupancy — Operating portfolio |
|
|
|
|
|
95.9 % |
||||||||||||||
|
Average month-end occupancy — Same property pool |
|
|
|
|
|
96.5 % |
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Development starts: |
|
|
|
|
|
|
||||||||||||||
|
Square feet |
|
2.5 million |
|
2.2 million |
|
1.4 million |
||||||||||||||
|
Projected total investment |
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Operating property acquisitions |
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Operating property dispositions (Potential gains or losses on dispositions are not included in the projections) |
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Gross capital proceeds (4) |
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General and administrative expense |
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(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 1/1/25 and are projected to be in the operating portfolio through 12/31/26; includes 58,047,000 square feet. |
|
(3) Represents estimated average month-end operating portfolio occupancy from January-December 2026. |
|
(4) Gross capital proceeds includes proceeds raised from external sources, such as new long-term debt or equity issuances; excludes borrowings on unsecured bank credit facilities. |
|
(5) Assumes issuance of approximately 3,000,000 shares under the continuous common equity program, including direct common stock issuance and settlement of outstanding forward equity agreements, during the three months ended December 31, 2026. |
DEFINITIONS
Net income is used by the Company's management as the primary measure of operating results in making decisions. Investor and industry analysts primarily utilize two supplemental operating performance measures in analyzing operating results, which include: (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
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 may refer to PNOI from Same Properties as "Same PNOI" in this press release and the accompanying reconciliation; the Company also presents Same PNOI 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, buildings 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. A key component of the change in PNOI is the rental rate change on new and renewal leases. The Company calculates rental rate changes on new and renewal leases on a cash basis and straight-line basis. The cash basis 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, discounts, or premiums are in the lease terms, then the first full rent value is used. The straight-line basis rental changes are calculated as the difference, weighted by square feet, of the average rent over the life of the new lease and the average rent over the life of the former lease, for leases signed during the reporting period. Rent amounts exclude amortization of market rent intangibles for acquired leases, additional rent charged when a tenant remains in occupancy after lease expiration, and amounts paid by tenants for operating expenses above the levels established in their leases. These calculations exclude leases with terms of less than 12 months and leases for first generation space on properties acquired or developed by EastGroup.
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 included in FFO are significant components in understanding and assessing the Company's financial performance.
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate ("EBITDAre") is also used by the Company's management as a key performance measure. 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 by the Company's management to measure the Company's operating performance and its ability to meet interest payment obligations and pay quarterly stock dividends on an unleveraged basis.
Debt-to-EBITDAre ratio is a non-GAAP financial measure calculated by dividing the Company's debt by its annualized EBITDAre, and is used by the Company's management 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. The Company believes 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 third quarter, review the Company's current operations, and present its earnings outlook for 2026 on Thursday, October 22, 2026, at 10:00 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 on Thursday, October 22, 2026. The telephone replay will be available through Thursday, October 29, 2026, and can be accessed by dialing 1-888-660-6345 (access code 87577#). The webcast replay can be accessed through a link on the Company's website at www.eastgroup.net.
SUPPLEMENTAL INFORMATION
Supplemental financial information is available under Quarterly Results in the Investor Relations section of the Company's website at www.eastgroup.net.
COMPANY INFORMATION
EastGroup Properties, Inc. (NYSE: EGP), a member of the S&P Mid-Cap 400 and Russell 2000 Indexes, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in high-growth markets throughout
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), LinkedIn (linkedin.com/company/eastgroup-properties-inc), and X (X.com/eastgroupprop). 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 are 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 and conflicts;
- 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 ongoing uncertainty around interest rates, tariffs and general economic conditions;
- disruption in supply and delivery chains;
- increased construction and development costs, including as a result of tariffs or an inflationary environment;
- acquisition and development risks, including failure of such acquisitions and development projects to perform in accordance with our 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, earthquakes or other extreme weather events, which may or may not be directly caused by longer-term shifts in climate patterns, could destroy buildings and damage regional economies;
- the availability of financing and capital, increases in or long-term elevated interest rates, and our 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 or lack of adequate succession planning;
- risks related to the failure, inadequacy or interruption of our data security systems and processes, including security breaches through cyber attacks;
- pandemics, epidemics or other public health emergencies, such as the coronavirus pandemic;
- potentially catastrophic events, such as acts of war, civil unrest and terrorism, including escalation or expansion of armed conflicts in the
Middle East ; 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 2026, whether as a result of new information, future events or otherwise.
CONTACT
|
EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES |
||||||||||||||||||||||||||
|
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME |
||||||||||||||||||||||||||
|
(IN THOUSANDS, EXCEPT PER SHARE DATA) |
||||||||||||||||||||||||||
|
(UNAUDITED) |
||||||||||||||||||||||||||
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||||
|
|
|
September 30, |
|
September 30, |
||||||||||||||||||||||
|
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||||||||||||
|
REVENUES |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Income from real estate operations |
|
$ |
199,400 |
|
|
182,089 |
|
|
582,926 |
|
|
531,989 |
|
|||||||||||||
|
Other revenue |
|
37 |
|
|
47 |
|
|
98 |
|
|
1,882 |
|
||||||||||||||
|
|
|
199,437 |
|
|
182,136 |
|
|
583,024 |
|
|
533,871 |
|
||||||||||||||
|
EXPENSES |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Expenses from real estate operations |
|
51,818 |
|
|
48,004 |
|
|
153,025 |
|
|
143,127 |
|
||||||||||||||
|
Depreciation and amortization |
|
58,206 |
|
|
54,131 |
|
|
170,109 |
|
|
159,663 |
|
||||||||||||||
|
General and administrative |
|
6,251 |
|
|
5,607 |
|
|
21,074 |
|
|
18,851 |
|
||||||||||||||
|
Indirect leasing costs |
|
251 |
|
|
199 |
|
|
707 |
|
|
633 |
|
||||||||||||||
|
|
|
116,526 |
|
|
107,941 |
|
|
344,915 |
|
|
322,274 |
|
||||||||||||||
|
OTHER INCOME (EXPENSE) |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Interest expense |
|
(9,617) |
|
|
(7,685) |
|
|
(27,686) |
|
|
(23,400) |
|
||||||||||||||
|
Gain on sales of real estate investments |
|
— |
|
|
— |
|
|
30,074 |
|
|
— |
|
||||||||||||||
|
Other income |
|
5,086 |
|
|
447 |
|
|
8,030 |
|
|
1,510 |
|
||||||||||||||
|
NET INCOME |
|
78,380 |
|
|
66,957 |
|
|
248,527 |
|
|
189,707 |
|
||||||||||||||
|
Net income attributable to noncontrolling interest in joint ventures |
|
— |
|
|
(14) |
|
|
— |
|
|
(42) |
|
||||||||||||||
|
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON |
|
78,380 |
|
|
66,943 |
|
|
248,527 |
|
|
189,665 |
|
||||||||||||||
|
Other comprehensive income (loss) — Interest rate swaps |
|
9,527 |
|
|
(2,139) |
|
|
14,932 |
|
|
(13,202) |
|
||||||||||||||
|
TOTAL COMPREHENSIVE INCOME |
|
$ |
87,907 |
|
|
64,804 |
|
|
263,459 |
|
|
176,463 |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net income attributable to common stockholders |
|
$ |
1.46 |
|
|
1.26 |
|
|
4.64 |
|
|
3.61 |
|
|||||||||||||
|
Weighted average shares outstanding — Basic |
|
53,675 |
|
|
53,159 |
|
|
53,599 |
|
|
52,544 |
|
||||||||||||||
|
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net income attributable to common stockholders |
|
$ |
1.46 |
|
|
1.26 |
|
|
4.63 |
|
|
3.60 |
|
|||||||||||||
|
Weighted average shares outstanding — Diluted |
|
53,844 |
|
|
53,264 |
|
|
53,724 |
|
|
52,624 |
|
||||||||||||||
|
EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES |
||||||||||||||||||||||||||
|
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES |
||||||||||||||||||||||||||
|
(IN THOUSANDS, EXCEPT PER SHARE DATA) |
||||||||||||||||||||||||||
|
(UNAUDITED) |
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||||||||
|
|
|
September 30, |
|
September 30, |
||||||||||||||||||||||
|
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. |
|
$ |
78,380 |
|
|
66,943 |
|
|
248,527 |
|
|
189,665 |
|
|||||||||||||
|
Depreciation and amortization |
|
58,206 |
|
|
54,131 |
|
|
170,109 |
|
|
159,663 |
|
||||||||||||||
|
Company's share of depreciation from unconsolidated investment |
|
31 |
|
|
31 |
|
|
93 |
|
|
93 |
|
||||||||||||||
|
Depreciation and amortization attributable to noncontrolling interest |
|
— |
|
|
(2) |
|
|
(1) |
|
|
(4) |
|
||||||||||||||
|
Gain on sales of real estate investments |
|
— |
|
|
— |
|
|
(30,074) |
|
|
— |
|
||||||||||||||
|
Gain on sales of non-operating real estate |
|
(4,709) |
|
|
— |
|
|
(4,709) |
|
|
— |
|
||||||||||||||
|
FUNDS FROM OPERATIONS ("FFO") ATTRIBUTABLE TO COMMON |
|
131,908 |
|
|
121,103 |
|
|
383,945 |
|
|
349,417 |
|
||||||||||||||
|
Gain on involuntary conversion and business interruption claims |
|
— |
|
|
— |
|
|
(1,950) |
|
|
(1,763) |
|
||||||||||||||
|
FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS, EXCLUDING GAIN |
|
$ |
131,908 |
|
|
121,103 |
|
|
381,995 |
|
|
347,654 |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
NET INCOME |
|
$ |
78,380 |
|
|
66,957 |
|
|
248,527 |
|
|
189,707 |
|
|||||||||||||
|
Interest expense (1) |
|
9,617 |
|
|
7,685 |
|
|
27,686 |
|
|
23,400 |
|
||||||||||||||
|
Depreciation and amortization |
|
58,206 |
|
|
54,131 |
|
|
170,109 |
|
|
159,663 |
|
||||||||||||||
|
Company's share of depreciation from unconsolidated investment |
|
31 |
|
|
31 |
|
|
93 |
|
|
93 |
|
||||||||||||||
|
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND |
|
146,234 |
|
|
128,804 |
|
|
446,415 |
|
|
372,863 |
|
||||||||||||||
|
Gain on sales of real estate investments |
|
— |
|
|
— |
|
|
(30,074) |
|
|
— |
|
||||||||||||||
|
Gain on sales of non-operating real estate |
|
(4,709) |
|
|
— |
|
|
(4,709) |
|
|
— |
|
||||||||||||||
|
EBITDA FOR REAL ESTATE ("EBITDAre")* |
|
$ |
141,525 |
|
|
128,804 |
|
|
411,632 |
|
|
372,863 |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Debt |
|
$ |
1,806,556 |
|
|
1,479,819 |
|
|
1,806,556 |
|
|
1,479,819 |
|
|||||||||||||
|
Debt-to-EBITDAre ratio* (Annualized) |
|
3.2 |
|
|
2.9 |
|
|
3.3 |
|
|
3.0 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
EBITDAre* |
|
$ |
141,525 |
|
|
128,804 |
|
|
411,632 |
|
|
372,863 |
|
|||||||||||||
|
Interest expense (1) |
|
9,617 |
|
|
7,685 |
|
|
27,686 |
|
|
23,400 |
|
||||||||||||||
|
Interest and fixed charge coverage ratio* |
|
14.7 |
|
|
16.8 |
|
|
14.9 |
|
|
15.9 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
DILUTED PER COMMON SHARE DATA FOR EASTGROUP PROPERTIES, |
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Net income attributable to common stockholders |
|
$ |
1.46 |
|
|
1.26 |
|
|
4.63 |
|
|
3.60 |
|
|||||||||||||
|
FFO attributable to common stockholders* |
|
$ |
2.45 |
|
|
2.27 |
|
|
7.15 |
|
|
6.64 |
|
|||||||||||||
|
FFO attributable to common stockholders, excluding gain on involuntary conversion |
|
$ |
2.45 |
|
|
2.27 |
|
|
7.11 |
|
|
6.61 |
|
|||||||||||||
|
Weighted average shares outstanding for EPS and FFO purposes — Diluted |
|
53,844 |
|
|
53,264 |
|
|
53,724 |
|
|
52,624 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
(1) Net of capitalized interest of |
||||||||||||||||||||||||||
|
*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 |
|
Nine Months Ended |
||||||||||||||||||||||
|
|
|
September 30, |
|
September 30, |
||||||||||||||||||||||
|
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
NET INCOME |
|
$ |
78,380 |
|
|
66,957 |
|
|
248,527 |
|
|
189,707 |
|
|||||||||||||
|
Gain on sales of real estate investments |
|
— |
|
|
— |
|
|
(30,074) |
|
|
— |
|
||||||||||||||
|
Gain on sales of non-operating real estate |
|
(4,709) |
|
|
— |
|
|
(4,709) |
|
|
— |
|
||||||||||||||
|
Gain on involuntary conversion and business interruption claims |
|
— |
|
|
— |
|
|
(1,950) |
|
|
(1,763) |
|
||||||||||||||
|
Interest income |
|
(100) |
|
|
(174) |
|
|
(539) |
|
|
(683) |
|
||||||||||||||
|
Other |
|
(37) |
|
|
(47) |
|
|
(98) |
|
|
(119) |
|
||||||||||||||
|
Indirect leasing costs |
|
251 |
|
|
199 |
|
|
707 |
|
|
633 |
|
||||||||||||||
|
Depreciation and amortization |
|
58,206 |
|
|
54,131 |
|
|
170,109 |
|
|
159,663 |
|
||||||||||||||
|
Company's share of depreciation from unconsolidated investment |
|
31 |
|
|
31 |
|
|
93 |
|
|
93 |
|
||||||||||||||
|
Interest expense (1) |
|
9,617 |
|
|
7,685 |
|
|
27,686 |
|
|
23,400 |
|
||||||||||||||
|
General and administrative expense (2) |
|
6,251 |
|
|
5,607 |
|
|
21,074 |
|
|
18,851 |
|
||||||||||||||
|
Noncontrolling interest in PNOI of consolidated joint ventures |
|
— |
|
|
(15) |
|
|
— |
|
|
(46) |
|
||||||||||||||
|
PROPERTY NET OPERATING INCOME ("PNOI")* |
|
147,890 |
|
|
134,374 |
|
|
430,826 |
|
|
389,736 |
|
||||||||||||||
|
PNOI from 2025 and 2026 acquisitions |
|
(4,253) |
|
|
(1,040) |
|
|
(9,876) |
|
|
(1,040) |
|
||||||||||||||
|
PNOI from 2025 and 2026 development and value-add properties |
|
(7,803) |
|
|
(3,647) |
|
|
(19,142) |
|
|
(8,716) |
|
||||||||||||||
|
PNOI from 2025 and 2026 operating property dispositions |
|
— |
|
|
(634) |
|
|
(363) |
|
|
(2,040) |
|
||||||||||||||
|
Other PNOI |
|
244 |
|
|
216 |
|
|
660 |
|
|
929 |
|
||||||||||||||
|
SAME PNOI (Straight-Line Basis)* |
|
136,078 |
|
|
129,269 |
|
|
402,105 |
|
|
378,869 |
|
||||||||||||||
|
Lease termination fee income from same properties |
|
(69) |
|
|
(101) |
|
|
(164) |
|
|
(833) |
|
||||||||||||||
|
SAME PNOI, EXCLUDING INCOME FROM LEASE TERMINATIONS |
|
136,009 |
|
|
129,168 |
|
|
401,941 |
|
|
378,036 |
|
||||||||||||||
|
Straight-line rent adjustments for same properties |
|
(1,702) |
|
|
(3,489) |
|
|
(4,537) |
|
|
(9,875) |
|
||||||||||||||
|
Acquired leases — Market rent adjustment amortization for same properties |
|
(1,287) |
|
|
(1,466) |
|
|
(3,979) |
|
|
(4,553) |
|
||||||||||||||
|
SAME PNOI, EXCLUDING INCOME FROM LEASE TERMINATIONS (Cash |
|
$ |
133,020 |
|
|
124,213 |
|
|
393,425 |
|
|
363,608 |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
(1) Net of capitalized interest of |
||||||||||||||||||||||||||
|
(2) Net of capitalized development costs of |
||||||||||||||||||||||||||
|
*This is a non-GAAP financial measure. Please refer to Definitions. |
||||||||||||||||||||||||||
View original content to download multimedia:https://www.prnewswire.com/news-releases/eastgroup-properties-announces-third-quarter-2026-results-302915970.html
SOURCE EastGroup Properties
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were EastGroup Properties' third-quarter 2026 earnings and funds from operations?
EastGroup reported $1.46 in diluted earnings per share and $2.45 in funds from operations per diluted share for third-quarter 2026. The comparable 2025 figures were $1.26 and $2.27, respectively. Funds from operations excluding gain on involuntary conversion and business interruption claims also totaled $2.45 per diluted share.
How much did EastGroup Properties increase its quarterly dividend?
EastGroup increased its quarterly cash dividend by $0.20 per share, or 12.9%, to $1.75 per share. This was its 187th consecutive quarterly cash dividend.
How leased were the operating properties EastGroup acquired after September 30, 2026?
The acquired Northeast Dallas property was 91% leased, while the Dallas-Fort Worth airport and North Denver properties were 100% leased. Northeast Dallas contained 375,000 square feet leased to three tenants; the airport building contained 202,000 square feet leased to one tenant. North Denver contained 454,000 square feet leased to four tenants.
When does EastGroup expect its development projects started in the first nine months of 2026 to transfer to operations?
Anticipated transfer dates for those development and redevelopment projects range from May 2027 through October 2028. Country Club 5 Expansion has the earliest anticipated transfer, in May 2027, and is a 100% pre-leased expansion. Bell Creek 1 & 2 has the latest anticipated transfer, in October 2028.
What properties are included in EastGroup's 2026 same-property comparison?
The same-property pool includes 58,047,000 square feet of properties held in the operating portfolio throughout January 1, 2025, through September 30, 2026. The same pool applies to both the three-month and nine-month comparisons ended September 30, 2026.