# EDGAR Filing Document

**Accession Number:** 0000049600
**File Stem:** 0000049600-23-000016
**Filing Date:** 2023-2
**Character Count:** 119054
**Document Hash:** 33786e7cf861d25ad69de18db2803b53
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000049600-23-000016.hdr.sgml**: 20230207

**ACCESSION NUMBER**: 0000049600-23-000016

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20230207

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230207

**DATE AS OF CHANGE**: 20230207

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EASTGROUP PROPERTIES INC
- **CENTRAL INDEX KEY:** 0000049600
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 132711135
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-07094
- **FILM NUMBER:** 23595607

**BUSINESS ADDRESS:**
- **STREET 1:** 400 W. PARKWAY PLACE
- **STREET 2:** SUITE 100
- **CITY:** RIDGELAND
- **STATE:** MS
- **ZIP:** 39157
- **BUSINESS PHONE:** 6013543555

**MAIL ADDRESS:**
- **STREET 1:** 400 W. PARKWAY PLACE
- **STREET 2:** SUITE 100
- **CITY:** RIDGELAND
- **STATE:** MS
- **ZIP:** 39157

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EASTGROUP PROPERTIES II INC
- **DATE OF NAME CHANGE:** 19970529

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ICM REALTY
- **DATE OF NAME CHANGE:** 19830719

?xml version="1.0" ? egp-20230207

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**<u>__________________________</u>**

**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): February 7, 2023

**EASTGROUP PROPERTIES, INC**.

(Exact Name of Registrant as Specified in its Charter)

 Maryland 1-07094 13-2711135 <br> (State or Other Jurisdictionof Incorporation) (Commission File Number) (IRS EmployerIdentification 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. ☐

1 of 2 Pages

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**ITEM 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On February 7, 2023, EastGroup Properties, Inc. (the "Company") furnished the following documents: (i) a press release relating to its results of operations for the quarter ended December 31, 2022 and related matters; and (ii) quarterly supplemental financial information for the fiscal quarter ended December 31, 2022. 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&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit No. | Description |
| <u>[99.1](exhibit9912723.htm)</u> | Press Release dated February 7, 2023. |
| <u>[99.2](supplementalinformation_.htm)</u> | Quarterly Supplemental Information for the Quarter Ended December 31, 2022. |
| <u>[104](#id525955db9c24893b71730d107a5cb1d_4)</u> | 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:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; February 7, 2023

---

| |
|:---|
| EASTGROUP PROPERTIES, INC. |
| By: /s/ BRENT W. WOOD |
| Brent W. Wood<br>Executive Vice President, Chief Financial Officer and Treasurer |

---

2 of 2 Pages

## Exhibit 99.1

**Exhibit 99.1**<br>

---

| | |
|:---|:---|
| ![egpressreleasetemplata13a.gif](egpressreleasetemplata13a.gif) |  |
| ![egpressreleasetemplata13a.gif](egpressreleasetemplata13a.gif) |  |
| ![egpressreleasetemplata13a.gif](egpressreleasetemplata13a.gif) |  |
| ![egpressreleasetemplata13a.gif](egpressreleasetemplata13a.gif) | Contact: |
| ![egpressreleasetemplata13a.gif](egpressreleasetemplata13a.gif) | Marshall Loeb, President and CEO |
|  | Brent Wood, CFO |
| **EastGroup Properties Announces** | (601) 354-3555 |
| **EastGroup Properties Announces** |  |
| **Fourth Quarter and Year 2022 Results** | **Fourth Quarter and Year 2022 Results** |
| **Fourth Quarter and Year 2022 Results** | **Fourth Quarter and Year 2022 Results** |

---

**Fourth Quarter 2022 Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net Income Attributable to Common Stockholders of $0.89 Per Diluted Share for Fourth Quarter 2022 Compared to $1.75 Per Diluted Share for Fourth Quarter 2021 (Gains on Sales of Real Estate Investments Were $39 Million, or $0.95 Per Diluted Share, for Fourth Quarter 2021; There Were No Sales in Fourth Quarter 2022)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Funds from Operations of $1.82 Per Share for Fourth Quarter 2022 Compared to $1.62 Per Share for Fourth Quarter 2021, an Increase of 12.3%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations Increased 7.1% on a Straight-Line Basis and 8.7% on a Cash Basis for Fourth Quarter 2022 Compared to the Same Period in 2021** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Operating Portfolio was 98.7% Leased and 98.3% Occupied as of December 31, 2022; Average Occupancy of Operating Portfolio was 98.4% for Fourth Quarter 2022 as Compared to 97.3% for Fourth Quarter 2021**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Rental Rates on New and Renewal Leases Increased an Average of 49.2% on a Straight-Line Basis**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Acquired 170.3 Acres of Development Land for Approximately $46 Million**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Started Construction of One Development Project Containing 351,000 Square Feet with Projected Total Costs of Approximately $45 Million**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Transferred Eight Development and Value-Add Projects Totaling 1,304,000 Square Feet to the Operating Portfolio, Which Are Collectively 100% Leased**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Development and Value-Add Program Consisted of 20 Projects in 12 Cities (4.0 Million Square Feet) at December 31, 2022 with a Projected Total Investment of Approximately $494 Million**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Declared 172**<sup>nd</sup> **Consecutive Quarterly Cash Dividend: $1.25 Per Share**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Closed $150 Million of Senior Unsecured Debt: $75 Million has an 11-Year Term and a Fixed Interest Rate of 4.90% and $75 Million has a 12-Year Term and a Fixed Interest Rate of 4.95%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Agreed to Terms on a $100 Million Senior Unsecured Term Loan with a Fixed Interest Rate of 5.27% and a 7-Year Term**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Agreed to Terms to Expand the Borrowing Capacity of the Unsecured Bank Credit Facilities from $475 Million to $675 Million** 

**Year 2022 Results**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Net Income Attributable to Common Stockholders of $4.36 Per Diluted Share for 2022 Compared to $3.90 Per Diluted Share for 2021** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Funds from Operations of $7.00 Per Share for 2022 Compared to $6.09 Per Share for 2021, an Increase of 14.9%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations for 2022 Increased 7.2% on a Straight-Line Basis and 8.9% on a Cash Basis Compared to 2021** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Average Occupancy of the Operating Portfolio was 98.0% for 2022 as Compared to 97.1% for 2021** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Rental Rates on New and Renewal Leases Increased an Average of 39.0% on a Straight-Line Basis** 

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Acquired Tulloch Corporation, the Owner of an Industrial Real Estate Portfolio Located within the San Francisco and Sacramento Markets, Comprised of 14 Properties Totaling Approximately 1.7 Million Square Feet and Two Land Parcels Totaling 10.5 Acres for Approximately $366 Million**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Acquired 1,044,000 Square Feet of Value-Add Properties for Approximately $123 Million**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Acquired 456.3 Acres of Development Land for Approximately $124 Million**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Started Construction of 14 Development Projects Containing 2,668,000 Square Feet with Projected Total Costs of $329 Million**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Transferred 19 Development and Value-Add Projects Totaling 3,638,000 Square Feet to the Real Estate Portfolio, Which are Collectively 99% Leased**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Sold Three Operating Properties Totaling 287,000 Square Feet for Approximately $52 Million (Gains of $41 Million Not Included in FFO)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Closed $525 Million of Unsecured Debt with a Weighted Average Effective Fixed Interest Rate of 3.82%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Repaid a $75 Million Unsecured Term Loan with a Fixed Interest Rate of 3.03%** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Refinanced a $100 Million Senior Unsecured Term Loan with Five Years Remaining, Reducing the Effective Fixed Interest Rate by 60 basis points to 1.80%**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Issued 393,406 Shares of Common Stock Pursuant to the Company's Continuous Common Equity Offering Program at an Average Price of $194.17 Per Share for Aggregate Net Proceeds of approximately $75 Million**

**JACKSON, MISSISSIPPI,** February 7, 2023 - EastGroup Properties, Inc. (NYSE: EGP) (the "Company", "we", "us" or "EastGroup") announced today the results of its operations for the three and twelve months ended December 31, 2022.

Commenting on EastGroup's performance, Marshall Loeb, CEO, stated, "Our team continues delivering solid, consistent results as evidenced by fourth quarter growth in FFO per share of more than 12%. Further, our annual FFO per share growth was approximately 15%, which comes on top of last year's record results. The day-to-day industrial market remains strong as evidenced by a number of metrics such as our percent leased, percent occupied, record quarterly and annual releasing spreads and same store net operating income growth. And while we're proud of these operational results, we remain mindful of the global economic unease. As a result, we're being judicious with capital allocation and incremental risk. This type of economic climate is one of the primary reasons we've brought our overall leverage and floating rate debt ratios down the past few years. Longer term, I remain bullish on the continued growth prospects for our shallow bay, last mile Sunbelt market portfolio."

**<u>EARNINGS PER SHARE</u>**

**Three Months Ended December 31, 2022** 

On a diluted per share basis, earnings per common share ("EPS") were $0.89 for the three months ended December 31, 2022, compared to $1.75 for the same period of 2021. The Company's property net operating income ("PNOI") increased by $16,779,000 ($0.38 per share) for the three months ended December 31, 2022, as compared to the same period of 2021. EastGroup recognized no gains on sales of real estate investments in the three months ended December 31, 2022, compared to $38,859,000 ($0.95 per share) for the three months ended December 31, 2021. Depreciation and amortization expense increased by $7,385,000 ($0.17 per share) during the three months ended December 31, 2022, as compared to the same period of 2021.

**Twelve Months Ended December 31, 2022** 

Diluted EPS for the twelve months ended December 31, 2022 were $4.36 compared to $3.90 for the same period of 2021. PNOI increased by $58,798,000 ($1.38 per share) for the twelve months ended December 31, 2022, as compared to the same period of 2021. EastGroup recognized gains on sales of real estate investments of $40,999,000 ($0.96 per share) during the twelve months ended December 31, 2022, compared to $38,859,000 ($0.96 per share) during the same period of 2021. Depreciation and amortization expense increased by $26,539,000 ($0.62 per share) during the twelve months ended December 31, 2022, as compared to the same period of 2021.

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

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**<u>FUNDS FROM OPERATIONS AND PROPERTY NET OPERATING INCOME</u>**

**Three Months Ended December 31, 2022** 

For the three months ended December 31, 2022, funds from operations attributable to common stockholders ("FFO") were $1.82 per share compared to $1.62 per share during the same period of 2021, an increase of 12.3%.

PNOI increased by $16,779,000, or 21.5%, during the three months ended December 31, 2022, compared to the same period of 2021. PNOI increased $8,476,000 from newly developed and value-add properties, $4,942,000 from same property operations (based on the same property pool), and $4,198,000 from 2021 and 2022 acquisitions; PNOI decreased $678,000 from operating properties sold in 2021 and 2022.

Same PNOI Excluding Income from Lease Terminations increased 7.1% on a straight-line basis for the three months ended December 31, 2022, compared to the same period of 2021; on a cash basis (excluding straight-line rent adjustments and amortization of above/below market rent intangibles), Same PNOI increased 8.7%.

On a straight-line basis, rental rates on new and renewal leases (3.7% of total square footage) increased an average of 49.2% during the three months ended December 31, 2022.

**Twelve Months Ended December 31, 2022** 

FFO for the twelve months ended December 31, 2022, was $7.00 per share compared to $6.09 per share during the same period of 2021, an increase of 14.9%.

PNOI increased by $58,798,000, or 19.9%, during the twelve months ended December 31, 2022, compared to the same period of 2021. PNOI increased $27,392,000 from newly developed and value-add properties, $20,084,000 from same property operations (based on the same property pool), and $14,894,000 from 2021 and 2022 acquisitions; PNOI decreased $3,026,000 from operating properties sold in 2021 and 2022.

Same PNOI Excluding Income from Lease Terminations increased 7.2% on a straight-line basis for the twelve months ended December 31, 2022, compared to the same period of 2021; on a cash basis (excluding straight-line rent adjustments and amortization of above/below market rent intangibles), Same PNOI increased 8.9%.

On a straight-line basis, rental rates on new and renewal leases (17.7% of total square footage) increased an average of 39.0% during the twelve months ended December 31, 2022.

The same property pool for the three and twelve months ended December 31, 2022 includes properties which were included in the operating portfolio for the entire period from January 1, 2021 through December 31, 2022; this pool is comprised of properties containing 43,349,000 square feet.

FFO, 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 are presented in the attached schedule "Reconciliations of GAAP to Non-GAAP Measures."

**<u>ACQUISITIONS AND DISPOSITIONS</u>**

During the three months ended December 31, 2022, the Company closed on the acquisition of development land in four different markets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Greenway Land – 60.9 acres of land in Atlanta, acquired for $5,785,000, that will accommodate the future development of five buildings containing approximately 739,000 square feet. In the Atlanta market, the Company owns 1,312,000 square feet of operating properties, which are 100% leased as of February 6, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cameron Land – 87.5 acres of land in Austin, acquired for $30,776,000, that will accommodate the future development of seven buildings containing approximately 1,007,000 square feet. In the Austin market, the

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

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Company owns 1,322,000 square feet of operating properties, which are 97.8% leased as of February 6, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Eisenhauer Point 13-14 Land – 11.2 acres of land in San Antonio, acquired for $2,742,000, that will accommodate the future development of two buildings containing approximately 156,000 square feet. This land is adjacent to the Company's existing Eisenhauer Point development, which consists of 958,000 square feet and is 100% leased as of February 6, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• MCO Logistics Center Land – 10.7 acres of land in Orlando, acquired for $6,769,000, that will accommodate the future development of a building totaling approximately 167,000 square feet. This acquisition is adjacent to the Orlando International Airport and supports the Company's effort to further expand its presence in Southeast Orlando.

Also in the three months ended December 31, 2022, the Company acquired the 1% noncontrolling partnership interest in Speed Distribution Center in San Diego for $18,599,000. EastGroup owns and now controls 100% of the property.

In aggregate, during 2022, EastGroup acquired 1,706,000 square feet of operating properties for $359,130,000, 1,044,000 square feet of value-add properties for $122,921,000, 456.3 acres of development land for $123,717,000, and the 1% noncontrolling partnership interest in Speed Distribution Center for $18,599,000.

Also during the year ended December 31, 2022, the Company sold three operating properties totaling 287,000 square feet, for $52,410,000. The sales generated gains of $40,999,000, which are included in *Gain on sales of real estate investments*; the gains are excluded from FFO.

**<u>DEVELOPMENT AND VALUE-ADD PROPERTIES</u>**

During the fourth quarter of 2022, EastGroup began construction of one new development project in Fort Worth, which will contain a total of 351,000 square feet and has projected total costs of $45,000,000.

The development projects started during 2022 are detailed in the table below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Development Projects Started in 2022** | **Location** | **Size** | **Actual or Anticipated Conversion Date** | **Projected Total Costs** |
|  |  | *(Square feet)* |  | *(In thousands)* |
| World Houston 47 | Houston, TX | 139000 | 11/2022 | $18600 |
| Horizon West 4 | Orlando, FL | 295000 | 12/2022 | 29500 |
| SunCoast 11 | Fort Myers, FL | 79000 | 04/2023 | 9900 |
| Arlington Tech 3 | Fort Worth, TX | 77000 | 02/2024 | 10300 |
| Gateway 2 | Miami, FL | 133000 | 02/2024 | 23700 |
| Hillside 1 | Greenville, SC | 122000 | 02/2024 | 11600 |
| Horizon West 1 | Orlando, FL | 97000 | 03/2024 | 13200 |
| Steele Creek 11 & 12 | Charlotte, NC | 241000 | 04/2024 | 25900 |
| Springwood 1 & 2 | Houston, TX | 292000 | 05/2024 | 33300 |
| Stonefield 35 1-3 | Austin, TX | 274000 | 06/2024 | 35300 |
| SunCoast 10 | Fort Myers, FL | 100000 | 06/2024 | 13600 |
| Basswood 3-5 | Fort Worth, TX | 351000 | 08/2024 | 45000 |
| McKinney 1 & 2 | Dallas, TX | 172000 | 08/2024 | 27300 |
| Cass White 1 & 2 | Atlanta, GA | 296000 | 10/2024 | 31900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Development Projects Started |  | 2668000 |  | $329100 |

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

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At December 31, 2022, EastGroup's development and value-add program consisted of 20 projects (3,981,000 square feet) in 12 cities. The projects, which were collectively 38% leased as of February 6, 2023, have a projected total cost of $494,100,000, of which $169,269,000 remained to be funded as of December 31, 2022.

During the fourth quarter of 2022, EastGroup transferred eight projects to the operating portfolio (at the earlier of 90% occupancy or one year after completion/value-add acquisition date). The projects, which are located in seven different cities, contain 1,304,000 square feet and were collectively 100% leased as of February 6, 2023.

The development and value-add properties transferred to the operating portfolio during 2022 are detailed in the table below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Development and Value-Add Properties Transferred to the Operating Portfolio in 2022** | **Location** | **Size** | **Conversion Date** | **Cumulative Cost as of 12/31/22** | **Percent Leased as of 2/6/23** |
|  |  | *(Square feet)* |  | *(In thousands)* |  |
| Access Point 1 <sup>(1)</sup> | Greenville, SC | 156000 | 01/2022 | $13046 | 100% |
| Speed Distribution Center | San Diego, CA | 519000 | 03/2022 | 72428 | 100% |
| Access Point 2 <sup>(1)</sup> | Greenville, SC | 159000 | 05/2022 | 12336 | 100% |
| Grand Oaks 75 3 | Tampa, FL | 136000 | 06/2022 | 11644 | 100% |
| Siempre Viva 3-6 <sup>(1)</sup> | San Diego, CA | 547000 | 06/2022 | 133246 | 100% |
| Steele Creek 8 | Charlotte, NC | 72000 | 07/2022 | 8291 | 100% |
| CreekView 9 & 10 | Dallas, TX | 145000 | 08/2022 | 16176 | 100% |
| Gateway 3 | Miami, FL | 133000 | 08/2022 | 18456 | 100% |
| Ridgeview 3 | San Antonio, TX | 88000 | 08/2022 | 9400 | 100% |
| Americas Ten 2 | El Paso, TX | 169000 | 09/2022 | 14403 | 100% |
| Horizon West 2 & 3 | Orlando, FL | 210000 | 09/2022 | 18860 | 83% |
| Mesa Gateway <sup>(1)</sup> | Phoenix, AZ | 147000 | 11/2022 | 18946 | 100% |
| World Houston 47 | Houston, TX | 139000 | 11/2022 | 17263 | 100% |
| 45 Crossing | Austin, TX | 177000 | 12/2022 | 25302 | 100% |
| Basswood 1 & 2 | Fort Worth, TX | 237000 | 12/2022 | 23980 | 100% |
| Horizon West 4 | Orlando, FL | 295000 | 12/2022 | 25308 | 100% |
| SunCoast 12 | Fort Myers, FL | 79000 | 12/2022 | 8335 | 100% |
| Tri-County Crossing 5 | San Antonio, TX | 106000 | 12/2022 | 11151 | 100% |
| Tri-County Crossing 6 | San Antonio, TX | 124000 | 12/2022 | 10373 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Projects Transferred |  | 3638000 |  | $468944 | 99% |
| **Projected Stabilized Yield** <sup>(2)</sup> | **7.1%** |  |  |  |  |

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<sup>(1)</sup> *Represents value-add acquisitions.* 

<sup>(2)</sup> *Weighted average yield based on projected stabilized annual property net operating income on a straight-line basis at 100% occupancy* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*divided by projected total costs.* 

Subsequent to quarter-end, EastGroup began construction of two additional projects. Riverside 1 & 2 in Atlanta will contain 284,000 square feet and has a projected total cost of approximately $34,000,000. In Orlando, Horizon West 10, which will contain 357,000 square feet, has a projected total cost of approximately $45,000,000.

**<u>DIVIDENDS</u>**

EastGroup declared a cash dividend of $1.25 per share in the fourth quarter of 2022. The fourth quarter dividend, which was paid on January 13, 2023, was the Company's 172<sup>nd</sup> consecutive quarterly cash distribution to shareholders. The Company has increased or maintained its dividend for 30 consecutive years and has increased it 27 years over that period, including increases in each of the last 11 years. The annualized dividend rate of $5.00 per share yielded 2.9% on the closing stock price of $171.62 on February 6, 2023.

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

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**<u>FINANCIAL STRENGTH AND FLEXIBILITY</u>**

EastGroup continues to maintain a strong and flexible balance sheet. Debt-to-total market capitalization was 22.4% at December 31, 2022. The Company's interest and fixed charge coverage ratio was 7.81x and 8.77x for the three and twelve months ended December 31, 2022, respectively. The Company's ratio of debt to earnings before interest, taxes, depreciation and amortization for real estate ("EBITDAre") was 5.12x and 5.52x for the three and twelve months ended December 31, 2022, respectively. EBITDAre and the Company's interest and fixed charge coverage ratio are non-GAAP financial measures defined under *Definitions* later in this release. Reconciliations of Net Income to EBITDAre and the Company's interest and fixed charge coverage ratio are presented in the attached schedule "Reconciliations of GAAP to Non-GAAP Measures."

During the fourth quarter, EastGroup issued and sold 1,500 shares of common stock under its continuous common equity offering program at an average price of $163.33 per share, providing aggregate net proceeds to the Company of approximately $186,000. During the twelve months ended December 31, 2022, EastGroup issued and sold 393,406 shares of common stock under the continuous common equity offering program at an average price of $194.17 per share, providing aggregate net proceeds to the Company of approximately $75,375,000. EastGroup also issued 1,868,809 shares of the Company's common stock in connection with the acquisition of real estate during the twelve months ended December 31, 2022.

As previously announced, the Company and a group of lenders agreed to terms on the private placement of two senior unsecured notes totaling $150,000,000. One note for $75,000,000 has an 11-year term and a fixed interest rate of 4.90% with semi-annual interest-only payments. The other $75,000,000 note has a 12-year term and a fixed interest rate of 4.95% with semi-annual interest-only payments. The notes, dated August 16, 2022, were issued and sold on October 12, 2022. The notes will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

During the fourth quarter, the Company agreed to terms on a $100,000,000 senior unsecured term loan with interest only payments, bearing interest at the annual rate of SOFR plus an applicable margin based on the Company's senior unsecured long-term debt rating. The loan closed and funded in January 2023 and has a seven-year term. The Company also entered into an interest rate swap agreement to convert the loan's SOFR rate component to a fixed interest rate for the entire term of the loan, providing a total effective fixed interest rate of 5.27%.

During the three months ended December 31, 2022, EastGroup and a group of banks agreed to expand the capacity on its unsecured bank credit facilities from $475 million to $675 million effective January 2023. In conjunction with the amendment, LIBOR was replaced by SOFR as the benchmark interest rate. The maturity date remains July 30, 2025.

During the twelve months ended December 31, 2022, the Company closed a total of $525,000,000 in unsecured debt with a weighted average interest rate of 3.82%. Also during 2022, EastGroup repaid a maturing $75,000,000 senior unsecured term loan with an effective fixed interest rate of 3.03%. The Company also refinanced a $100,000,000 senior unsecured term loan with five years remaining and reduced the effective fixed interest rate by 60 basis points to 1.80% during 2022.

**<u>COMPANY UPDATES</u>**

David H. Hoster II, Chairman of the Company's Board of Directors (the "Board"), and Hayden C. Eaves III, a member of the Board, will not be standing for re-election at the Company's upcoming 2023 Annual Meeting of Shareholders. Mr. Hoster has served as Chairman of the Board since 2016 and as a director since 1993. He also served as the Company's Chief Executive Officer from 1997 to 2015 and President from 1993 to 2015. Mr. Eaves has served as a director since 2002, and he currently serves on the Board's Compensation Committee.

Mr. Loeb stated, "I would like to thank David and Hayden for their leadership, guidance and service to the Company over the years. As CEO and later as Chairman, David led the Company through various economic cycles

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

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and periods of growth, while helping build the positive culture we enjoy today. His leadership and industrial real estate knowledge and expertise have been valuable to the Company and the Board. Hayden has made significant contributions to the Board through his years of experience in the real estate market, including real estate development and operations. Both David and Hayden have played important roles in the success of the Company, and we thank them both for their contributions."

**<u>OUTLOOK FOR 2023</u>**

EPS for 2023 is estimated to be in the range of $3.22 to $3.42. FFO per share attributable to common stockholders for 2023 is estimated to be in the range of $7.30 to $7.50. 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 2023, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Low Range** | **Low Range** | **High Range** | **High Range** |
| | **Q1 2023** | **Y/E 2023** | **Q1 2023** | **Y/E 2023** |
|  | *(In thousands, except per share data)* | *(In thousands, except per share data)* | *(In thousands, except per share data)* | *(In thousands, except per share data)* |
| Net income attributable to common stockholders | $33789 | 141496 | 37279 | 150276 |
| Depreciation and amortization | 42466 | 179162 | 42466 | 179162 |
| Funds from operations attributable to common stockholders\* | $76255 | 320658 | 79745 | 329438 |
| Diluted shares | 43628 | 43902 | 43628 | 43902 |
| Per share data (diluted): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to common stockholders | $0.77 | 3.22 | 0.85 | 3.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds from operations attributable to common stockholders | 1.75 | 7.30 | 1.83 | 7.50 |

---

\*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:**

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| | | |
|:---|:---|:---|
| **Metrics** | **Initial Guidance for Year 2023** | **Actual for Year 2022** |
| FFO per share | $7.30 - $7.50 | $7.00 |
| FFO per share increase over prior year | 5.7% | 14.9% |
| Same PNOI growth: cash basis<sup>(1)</sup> | 5.5% - 6.5%<sup>(2)</sup> | 8.9% |
| Average month-end occupancy - operating portfolio | 96.7% - 97.7% | 98.0% |
| Lease termination fee income | $1.0 million | $2.7 million |
| Reserves of uncollectible rent <br>&nbsp;&nbsp;&nbsp;&nbsp;(Currently no identified bad debt for 2023) | $2.0 million | $138000 |
| Development starts: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Square feet | 2.7 million | 2.7 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Projected total investment | $330 million | $329 million |
| Value-add property acquisitions (Projected total investment) |  | $135 million |
| Operating property acquisitions | $50 million | $378 million |
| Operating property dispositions <br>&nbsp;&nbsp;&nbsp;&nbsp; (Potential gains on dispositions are not included in the projections)  | $70 million | $52 million |
| Unsecured debt closing in period | $350 million at 5.00% weighted<br>average interest rate | $525 million at 3.82% weighted<br>average interest rate |
| Common stock issuances | $100 million | $75 million |
| General and administrative expense | $17.4 million | $16.4 million |

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

<sup>(2)</sup> *Includes properties which have been in the operating portfolio since 1/1/22 and are projected to be in the operating portfolio through 12/31/23; includes 46,583,000 square feet.*

**<u>DEFINITIONS</u>**

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") 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.

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 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

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

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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.

**<u>CONFERENCE CALL</u>**

EastGroup will host a conference call and webcast to discuss the results of its fourth quarter, review the Company's current operations, and present its earnings outlook for 2023 on Wednesday, February 8, 2023, at 11:00 a.m. Eastern Time. A live broadcast of the conference call is available by dialing 1-888-346-0688 (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, February 15, 2023. The telephone replay can be accessed by dialing 1-877-344-7529 (access code 5810289), and the webcast replay can be accessed through a link on the Company's website at www.eastgroup.net.

**<u>SUPPLEMENTAL INFORMATION</u>**

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.

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

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**<u>COMPANY INFORMATION</u>**

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 56.6 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), Twitter (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.

**<u>FORWARD-LOOKING STATEMENTS</u>**

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," or "plans" and variations of such words or 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. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• international, national, regional and local economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruption in supply and delivery chains;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to retain our credit agency ratings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to comply with applicable financial covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the competitive environment in which the Company operates;

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations of occupancy or rental rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 impacts of inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential changes in the law or governmental regulations and interpretations of those laws and regulations, including changes in real estate laws or REIT or corporate income tax laws, and potential increases in real property tax rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain our qualification as a REIT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisition and development risks, including failure of such acquisitions and development projects to perform in accordance with projections;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the terms of governmental regulations that affect us and interpretations of those regulations, including the costs of compliance with those regulations, changes in real estate and zoning laws and increases in real property tax rates;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the discontinuation of London Interbank Offered Rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lack of or insufficient amounts of insurance;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract and retain key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks related to the failure, inadequacy or interruption of our data security systems and processes;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 and in its subsequent Quarterly Reports on Form 10-Q.

The Company assumes no obligation to update publicly any forward-looking statements, 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

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| | | | | |
|:---|:---|:---|:---|:---|
| **EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES** | **EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES** | **EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES** | **EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES** | **EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES** |
| **CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME** | **CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME** | **CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME** | **CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME** | **CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME** |
| **(IN THOUSANDS, EXCEPT PER SHARE DATA)** | **(IN THOUSANDS, EXCEPT PER SHARE DATA)** | **(IN THOUSANDS, EXCEPT PER SHARE DATA)** | **(IN THOUSANDS, EXCEPT PER SHARE DATA)** | **(IN THOUSANDS, EXCEPT PER SHARE DATA)** |
| **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** |
| | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **REVENUES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income from real estate operations | $129797 | 107349 | 486817 | 409412 |
| &nbsp;&nbsp;&nbsp;Other revenue | 43 | 23 | 208 | 63 |
|  | 129840 | 107372 | 487025 | 409475 |
| **EXPENSES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses from real estate operations | 35272 | 29557 | 133915 | 115078 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 40559 | 33174 | 153638 | 127099 |
| &nbsp;&nbsp;&nbsp;General and administrative | 3859 | 3623 | 16362 | 15704 |
| &nbsp;&nbsp;&nbsp;Indirect leasing costs | 136 | 103 | 546 | 700 |
|  | 79826 | 66457 | 304461 | 258581 |
| **OTHER INCOME (EXPENSE)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (11648) | (8072) | (38499) | (32945) |
| &nbsp;&nbsp;&nbsp;Gain on sales of real estate investments |  | 38859 | 40999 | 38859 |
| &nbsp;&nbsp;&nbsp;Other | 322 | 209 | 1210 | 830 |
| **NET INCOME** | 38688 | 71911 | 186274 | 157638 |
| &nbsp;&nbsp;&nbsp;Net income attributable to noncontrolling interest in joint ventures | (17) | (22) | (92) | (81) |
| **NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS** | 38671 | 71889 | 186182 | 157557 |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) - interest rate swaps | (4757) | 3778 | 35069 | 12054 |
| **TOTAL COMPREHENSIVE INCOME** | $33914 | 75667 | 221251 | 169611 |
| **BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income attributable to common stockholders | $0.89 | 1.76 | 4.37 | 3.91 |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 43472 | 40844 | 42599 | 40255 |
| **DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income attributable to common stockholders | $0.89 | 1.75 | 4.36 | 3.90 |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 43593 | 41011 | 42712 | 40377 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES** | **EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES** | **EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES** | **EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES** | **EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES** |
| **RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES** | **RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES** | **RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES** | **RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES** | **RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES** |
| **(IN THOUSANDS, EXCEPT PER SHARE DATA)** | **(IN THOUSANDS, EXCEPT PER SHARE DATA)** | **(IN THOUSANDS, EXCEPT PER SHARE DATA)** | **(IN THOUSANDS, EXCEPT PER SHARE DATA)** | **(IN THOUSANDS, EXCEPT PER SHARE DATA)** |
| **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** |
| | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS** | $38671 | 71889 | 186182 | 157557 |
| Depreciation and amortization | 40559 | 33174 | 153638 | 127099 |
| Company's share of depreciation from unconsolidated investment | 31 | 34 | 124 | 136 |
| Depreciation and amortization from noncontrolling interest | (3) |  | (17) |  |
| Gain on sales of real estate investments |  | (38859) | (40999) | (38859) |
| **FUNDS FROM OPERATIONS ("FFO") ATTRIBUTABLE TO COMMON STOCKHOLDERS** | $79258 | 66238 | 298928 | 245933 |
| **NET INCOME** | $38688 | 71911 | 186274 | 157638 |
| Interest expense <sup>(1)</sup> | 11648 | 8072 | 38499 | 32945 |
| Depreciation and amortization | 40559 | 33174 | 153638 | 127099 |
| Company's share of depreciation from unconsolidated investment | 31 | 34 | 124 | 136 |
| **EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA")** | 90926 | 113191 | 378535 | 317818 |
| Gain on sales of real estate investments |  | (38859) | (40999) | (38859) |
| **EBITDA FOR REAL ESTATE ("EBITDAre")** | $90926 | 74332 | 337536 | 278959 |
| Debt | $1861744 | 1451778 | 1861744 | 1451778 |
| **Debt-to-EBITDAre ratio** | 5.12 | 4.88 | 5.52 | 5.20 |
| **DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS** |  |  |  |  |
| Net income attributable to common stockholders | $0.89 | 1.75 | 4.36 | 3.90 |
| FFO attributable to common stockholders | $1.82 | 1.62 | 7.00 | 6.09 |
| Weighted average shares outstanding for EPS and FFO purposes | 43593 | 41011 | 42712 | 40377 |
| <sup>(1)</sup> Net of capitalized interest of $3,878 and $2,342 for the three months ended December 31, 2022 and 2021, respectively; and $12,393 and $9,028 for the twelve months ended December 31, 2022 and 2021, respectively. | <sup>(1)</sup> Net of capitalized interest of $3,878 and $2,342 for the three months ended December 31, 2022 and 2021, respectively; and $12,393 and $9,028 for the twelve months ended December 31, 2022 and 2021, respectively. | <sup>(1)</sup> Net of capitalized interest of $3,878 and $2,342 for the three months ended December 31, 2022 and 2021, respectively; and $12,393 and $9,028 for the twelve months ended December 31, 2022 and 2021, respectively. | <sup>(1)</sup> Net of capitalized interest of $3,878 and $2,342 for the three months ended December 31, 2022 and 2021, respectively; and $12,393 and $9,028 for the twelve months ended December 31, 2022 and 2021, respectively. | <sup>(1)</sup> Net of capitalized interest of $3,878 and $2,342 for the three months ended December 31, 2022 and 2021, respectively; and $12,393 and $9,028 for the twelve months ended December 31, 2022 and 2021, respectively. |

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| | | | | |
|:---|:---|:---|:---|:---|
| **EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES** | **EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES** | **EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES** | **EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES** | **EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES** |
| **RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (Continued)** | **RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (Continued)** | **RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (Continued)** | **RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (Continued)** | **RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (Continued)** |
| **(IN THOUSANDS)** | **(IN THOUSANDS)** | **(IN THOUSANDS)** | **(IN THOUSANDS)** | **(IN THOUSANDS)** |
| **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** | **(UNAUDITED)** |
| | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31,** | **December 31,** | **December 31,** | **December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| **NET INCOME** | $38688 | 71911 | 186274 | 157638 |
| Gain on sales of real estate investments |  | (38859) | (40999) | (38859) |
| Interest income | (58) |  | (100) | (6) |
| Other revenue | (43) | (23) | (208) | (63) |
| Indirect leasing costs | 136 | 103 | 546 | 700 |
| Depreciation and amortization | 40559 | 33174 | 153638 | 127099 |
| Company's share of depreciation from unconsolidated investment | 31 | 34 | 124 | 136 |
| Interest expense <sup>(1)</sup> | 11648 | 8072 | 38499 | 32945 |
| General and administrative expense <sup>(2)</sup> | 3859 | 3623 | 16362 | 15704 |
| Noncontrolling interest in PNOI of consolidated joint ventures | (21) | (15) | (105) | (61) |
| **PROPERTY NET OPERATING INCOME ("PNOI")** | 94799 | 78020 | 354031 | 295233 |
| PNOI from 2021 and 2022 acquisitions | (5712) | (1514) | (17146) | (2252) |
| PNOI from 2021 and 2022 development and value-add properties | (12306) | (3830) | (37329) | (9937) |
| PNOI from 2021 and 2022 operating property dispositions |  | (678) | (237) | (3263) |
| Other PNOI | 102 | (57) | 323 | (223) |
| **SAME PNOI (Straight-Line Basis)** | 76883 | 71941 | 299642 | 279558 |
| Net lease termination fee income from same properties | (311) | (464) | (1426) | (1411) |
| **SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Straight-Line Basis)** | 76572 | 71477 | 298216 | 278147 |
| Straight-line rent adjustments for same properties | (362) | (1331) | (1926) | (5744) |
| Acquired leases - market rent adjustment amortization for same properties | (106) | (121) | (437) | (662) |
| **SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Cash Basis)** | $76104 | 70025 | 295853 | 271741 |
| <sup>(1)</sup> Net of capitalized interest of $3,878 and $2,342 for the three months ended December 31, 2022 and 2021, respectively; and $12,393 and $9,028 for the twelve months ended December 31, 2022 and 2021, respectively. | <sup>(1)</sup> Net of capitalized interest of $3,878 and $2,342 for the three months ended December 31, 2022 and 2021, respectively; and $12,393 and $9,028 for the twelve months ended December 31, 2022 and 2021, respectively. | <sup>(1)</sup> Net of capitalized interest of $3,878 and $2,342 for the three months ended December 31, 2022 and 2021, respectively; and $12,393 and $9,028 for the twelve months ended December 31, 2022 and 2021, respectively. | <sup>(1)</sup> Net of capitalized interest of $3,878 and $2,342 for the three months ended December 31, 2022 and 2021, respectively; and $12,393 and $9,028 for the twelve months ended December 31, 2022 and 2021, respectively. | <sup>(1)</sup> Net of capitalized interest of $3,878 and $2,342 for the three months ended December 31, 2022 and 2021, respectively; and $12,393 and $9,028 for the twelve months ended December 31, 2022 and 2021, respectively. |
| <sup>(2)</sup> Net of capitalized development costs of $2,511 and $2,402 for the three months ended December 31, 2022 and 2021, respectively; and $9,985 and $7,713 for the twelve months ended December 31, 2022 and 2021, respectively. | <sup>(2)</sup> Net of capitalized development costs of $2,511 and $2,402 for the three months ended December 31, 2022 and 2021, respectively; and $9,985 and $7,713 for the twelve months ended December 31, 2022 and 2021, respectively. | <sup>(2)</sup> Net of capitalized development costs of $2,511 and $2,402 for the three months ended December 31, 2022 and 2021, respectively; and $9,985 and $7,713 for the twelve months ended December 31, 2022 and 2021, respectively. | <sup>(2)</sup> Net of capitalized development costs of $2,511 and $2,402 for the three months ended December 31, 2022 and 2021, respectively; and $9,985 and $7,713 for the twelve months ended December 31, 2022 and 2021, respectively. | <sup>(2)</sup> Net of capitalized development costs of $2,511 and $2,402 for the three months ended December 31, 2022 and 2021, respectively; and $9,985 and $7,713 for the twelve months ended December 31, 2022 and 2021, respectively. |

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## Exhibit 99.2

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 FOURTH QUARTER Conference Call 888-346-0688 \| ID – EastGroup February 8, 2023 11:00 a.m. Eastern Time webcast available at EastGroup.net Supplemental Information 400 W. Parkway Place, Suite 100, Ridgeland, MS 39157 \| TEL: 601-354-3555 \| FAX: 601-352-1441 \| EastGroup.net December 31, 2022

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&nbsp;&nbsp;&nbsp;&nbsp;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 2023 .................................................................................................... 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" or "plans" and variations of such words or 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. 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; disruption in supply and delivery chains; construction costs could increase as a result of inflation impacting the costs to develop properties; 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; 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; potential changes in the law or governmental regulations and interpretations of those laws and regulations, including changes in real estate laws or REIT or corporate income tax laws, and potential increases in real property tax rates; our ability to maintain our qualification as a REIT; acquisition and development risks, including failure of such acquisitions and development projects to perform in accordance with projections; natural disasters such as fires, floods, tornadoes, hurricanes and earthquakes; pandemics, epidemics or other public health emergencies, such as the coronavirus pandemic; the terms of governmental regulations that affect us and interpretations of those regulations, including the costs of compliance with those regulations, changes in real estate and zoning laws and increases in real property tax rates; credit risk in the event of non-performance by the counterparties to our interest rate swaps; the discontinuation of London Interbank Offered Rate; 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; potentially catastrophic events such as acts of war, civil unrest and terrorism; 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 Annual Report on Form 10-K for the year ended December 31, 2021, and in its subsequent Quarterly Reports on Form 10-Q. The Company assumes no obligation to update publicly any forward-looking statements, including its Outlook for 2023, whether as a result of new information, future events or otherwise.

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&nbsp;&nbsp;&nbsp;&nbsp;Page 3 of 24 Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) December 31, 2022 December 31, 2021 ASSETS Real estate properties 4,395,972$3,546,711 Development and value-add properties 538,449 504,614 4,934,421 4,051,325 Less accumulated depreciation (1,150,814) (1,035,617) 3,783,607 3,015,708 Real estate assets held for sale - 5,695 Unconsolidated investment 7,230 7,320 Cash 56 4,393 Other assets 244,944 182,220 TOTAL ASSETS 4,035,837$3,215,336 LIABILITIES AND EQUITY LIABILITIES Unsecured bank credit facilities, net of debt issuance costs 168,454$207,066 Unsecured debt, net of debt issuance costs 1,691,259 1,242,570 Secured debt, net of debt issuance costs 2,031 2,142 Accounts payable and accrued expenses 136,988 109,760 Other liabilities 83,666 82,338 Total Liabilities 2,082,398 1,643,876 EQUITY Stockholders' Equity: Common shares; $0.0001 par value; 70,000,000 shares authorized; 43,575,539 shares issued and outstanding at December 31, 2022 and 41,268,846 at December 31, 2021 4 4 Excess shares; $0.0001 par value; 30,000,000 shares authorized; zero shares issued - - Additional paid-in capital 2,251,521 1,886,820 Distributions in excess of earnings (334,898) (318,056) Accumulated other comprehensive income 36,371 1,302 Total Stockholders' Equity 1,952,998 1,570,070 Noncontrolling interest in joint ventures 441 1,390 Total Equity 1,953,439 1,571,460 TOTAL LIABILITIES AND EQUITY 4,035,837$3,215,336

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&nbsp;&nbsp;&nbsp;&nbsp;Page 4 of 24 Consolidated Statements of Income and Comprehensive Income (In thousands, except per share data) (Unaudited) 2022 2021 2022 2021 REVENUES Income from real estate operations 129,797$107,349 486,817 409,412 Other revenue 43 23 208 63 129,840 107,372 487,025 409,475 EXPENSES Expenses from real estate operations 35,272 29,557 133,915 115,078 Depreciation and amortization 40,559 33,174 153,638 127,099 General and administrative 3,859 3,623 16,362 15,704 Indirect leasing costs 136 103 546 700 79,826 66,457 304,461 258,581 OTHER INCOME (EXPENSE) Interest expense (11,648) (8,072) (38,499) (32,945) Gain on sales of real estate investments - 38,859 40,999 38,859 Other 322 209 1,210 830 NET INCOME 38,688 71,911 186,274 157,638 Net income attributable to noncontrolling interest in joint ventures (17) (22) (92) (81) NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS 38,671 71,889 186,182 157,557 Other comprehensive income (loss) - interest rate swaps (4,757) 3,778 35,069 12,054 TOTAL COMPREHENSIVE INCOME 33,914$75,667 221,251 169,611 BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 0.89$1.76 4.37 3.91 Weighted average shares outstanding 43,472 40,844 42,599 40,255 DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 0.89$1.75 4.36 3.90 Weighted average shares outstanding 43,593 41,011 42,712 40,377 Twelve Months Ended December 31,December 31, Three Months Ended

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&nbsp;&nbsp;&nbsp;&nbsp;Page 5 of 24 Reconciliations of GAAP to Non-GAAP Measures (In thousands, except per share data) (Unaudited) 2022 2021 2022 2021 NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS 38,671$71,889 186,182 157,557 Depreciation and amortization 40,559 33,174 153,638 127,099 Company's share of depreciation from unconsolidated investment 31 34 124 136 Depreciation and amortization from noncontrolling interest (3) - (17) - Gain on sales of real estate investments - (38,859) (40,999) (38,859) FUNDS FROM OPERATIONS ("FFO") ATTRIBUTABLE TO COMMON STOCKHOLDERS\* 79,258$66,238 298,928 245,933 NET INCOME 38,688$71,911 186,274 157,638 Interest expense (1) 11,648 8,072 38,499 32,945 Depreciation and amortization 40,559 33,174 153,638 127,099 Company's share of depreciation from unconsolidated investment 31 34 124 136 EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA") 90,926 113,191 378,535 317,818 Gain on sales of real estate investments - (38,859) (40,999) (38,859) EBITDA FOR REAL ESTATE ("EBITDAre")\* 90,926$74,332 337,536 278,959 DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 0.89$1.75 4.36 3.90 FFO attributable to common stockholders\* 1.82$1.62 7.00 6.09 Weighted average shares outstanding for EPS and FFO purposes 43,593 41,011 42,712 40,377 December 31, \* This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. Three Months Ended December 31, Twelve Months Ended (1) Net of capitalized interest of $3,878 and $2,342 for the three months ended December 31, 2022 and 2021, respectively; and $12,393 and $9,028 for the twelve months ended December 31, 2022 and 2021, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;Page 6 of 24 Reconciliations of GAAP to Non-GAAP Measures (Continued) (In thousands) (Unaudited) 2022 2021 2022 2021 NET INCOME 38,688$71,911 186,274 157,638 Gain on sales of real estate investments - (38,859) (40,999) (38,859) Interest income (58) - (100) (6) Other revenue (43) (23) (208) (63) Indirect leasing costs 136 103 546 700 Depreciation and amortization 40,559 33,174 153,638 127,099 Company's share of depreciation from unconsolidated investment 31 34 124 136 Interest expense (1) 11,648 8,072 38,499 32,945 General and administrative expense (2) 3,859 3,623 16,362 15,704 Noncontrolling interest in PNOI of consolidated joint ventures (21) (15) (105) (61) PROPERTY NET OPERATING INCOME ("PNOI")\* 94,799 78,020 354,031 295,233 PNOI from 2021 and 2022 acquisitions (5,712) (1,514) (17,146) (2,252) PNOI from 2021 and 2022 development and value-add properties (12,306) (3,830) (37,329) (9,937) PNOI from 2021 and 2022 operating property dispositions - (678) (237) (3,263) Other PNOI 102 (57) 323 (223) SAME PNOI (Straight-Line Basis)\* 76,883 71,941 299,642 279,558 Net lease termination fee income from same properties (311) (464) (1,426) (1,411) SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Straight-Line Basis)\* 76,572 71,477 298,216 278,147 Straight-line rent adjustments for same properties (362) (1,331) (1,926) (5,744) Acquired leases — market rent adjustment amortization for same properties (106) (121) (437) (662) SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Cash Basis)\* 76,104$70,025 295,853 271,741 \* This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. Twelve Months Ended December 31, December 31, (1) Net of capitalized interest of $3,878 and $2,342 for the three months ended December 31, 2022 and 2021, respectively; and $12,393 and $9,028 for the twelve months ended December 31, 2022 and 2021, respectively. (2) Net of capitalized development costs of $2,511 and $2,402 for the three months ended December 31, 2022 and 2021, respectively; and $9,985 and $7,713 for the twelve months ended December 31, 2022 and 2021, respectively. Three Months Ended

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&nbsp;&nbsp;&nbsp;&nbsp;Page 7 of 24 Consolidated Statements of Cash Flows (In thousands) (Unaudited) 2022 2021 OPERATING ACTIVITIES Net income 186,274$157,638 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 153,638 127,099 Stock-based compensation expense 8,292 7,511 Gain on sales of real estate investments (40,999) (38,859) Changes in operating assets and liabilities: Accrued income and other assets (9,291) (11,572) Accounts payable, accrued expenses and prepaid rent 17,176 13,298 Other 1,411 1,377 NET CASH PROVIDED BY OPERATING ACTIVITIES 316,501 256,492 INVESTING ACTIVITIES Development and value-add properties (494,073) (418,855) Purchases of real estate (2,049) (108,149) Real estate improvements (40,851) (36,665) Net proceeds from sales of real estate investments 51,006 44,260 Leasing commissions (37,272) (33,301) Changes in accrued development costs 4,211 21,678 Changes in other assets and other liabilities (2,120) 1,769 NET CASH USED IN INVESTING ACTIVITIES (521,148) (529,263) FINANCING ACTIVITIES Proceeds from unsecured bank credit facilities 942,173 625,520 Repayments on unsecured bank credit facilities (981,383) (541,310) Proceeds from unsecured debt 525,000 175,000 Repayments on unsecured debt (75,000) (40,000) Repayments on secured debt (60,096) (76,920) Debt issuance costs (2,067) (2,678) Distributions paid to stockholders (not including dividends accrued) (193,936) (131,759) Proceeds from common stock offerings 75,622 273,409 Common stock offering related costs (247) (312) Other (29,756) (3,807) NET CASH PROVIDED BY FINANCING ACTIVITIES 200,310 277,143 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (4,337) 4,372 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 4,393 21 CASH AND CASH EQUIVALENTS AT END OF YEAR 56$4,393 SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest, net of amounts capitalized of $12,393 and $9,028 for 2022 and 2021, respectively 34,110$31,658 Cash paid for operating lease liabilities 1,793 1,707 Common stock issued in the purchase of real estate 303,682 - Debt assumed in the purchase of real estate 60,000 - NON-CASH OPERATING ACTIVITY Operating lease liabilities arising from obtaining right of use assets 559$13,056 Twelve Months Ended December 31,

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&nbsp;&nbsp;&nbsp;&nbsp;Page 8 of 24 Same Property Portfolio Analysis (In thousands) (Unaudited) 2022 2021 % Change 2022 2021 % Change Same Property Portfolio (1) Square feet as of period end 43,349 43,349 43,349 43,349 Average occupancy 98.5% 98.1% 0.4% 98.2% 97.5% 0.7% Occupancy as of period end 98.4% 98.3% 0.1% 98.4% 98.3% 0.1% Same Property Portfolio Analysis (Straight-Line Basis) (1) \* Income from real estate operations 105,830$99,166 6.7% 414,129$388,253 6.7% Less cash received for lease terminations (311) (544) (1,426) (1,631) Add straight-line rent write-offs for lease terminations - 80 - 220 Income excluding lease termination income 105,519 98,702 6.9% 412,703 386,842 6.7% Expenses from real estate operations (28,947) (27,225) 6.3% (114,487) (108,695) 5.3% PNOI excluding income from lease terminations 76,572$71,477 7.1% 298,216$278,147 7.2% Same Property Portfolio Analysis (Cash Basis) (1) \* Income from real estate operations 105,362$97,794 7.7% 411,766$382,067 7.8% Less cash received for lease terminations (311) (544) (1,426) (1,631) Income excluding lease termination income 105,051 97,250 8.0% 410,340 380,436 7.9% Expenses from real estate operations (28,947) (27,225) 6.3% (114,487) (108,695) 5.3% PNOI excluding income from lease terminations 76,104$70,025 8.7% 295,853$271,741 8.9% (1) Includes properties which were included in the operating portfolio for the entire period of 1/1/21 through 12/31/22. \* This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. December 31, December 31, Three Months Ended Twelve Months Ended

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&nbsp;&nbsp;&nbsp;&nbsp;Page 9 of 24 Additional Financial Information (In thousands) (Unaudited) 2022 2021 2022 2021 Straight-line rent income adjustment 3,337$2,187 9,991 8,698 Recoveries (reserves) of uncollectible straight-line rent (17) 73 (170) 518 Net straight-line rent adjustment 3,320 2,260 9,821 9,216 Cash received for lease terminations 311 544 2,708 1,631 Less straight-line rent write-offs - (80) - (220) Net lease termination fee income 311 464 2,708 1,411 Recoveries (reserves) of uncollectible cash rent 7 56 32 (43) Stock-based compensation expense (1,762) (1,671) (8,292) (7,511) Debt issuance costs amortization (380) (334) (1,358) (1,296) Indirect leasing costs (136) (103) (546) (700) Acquired leases - market rent adjustment amortization 608 344 2,565 1,048 2022 2021 2022 2021 WEIGHTED AVERAGE COMMON SHARES Weighted average common shares 43,472 40,844 42,599 40,255 BASIC SHARES FOR EARNINGS PER SHARE ("EPS") 43,472 40,844 42,599 40,255 Potential common shares: Unvested restricted stock 121 167 113 122 DILUTED SHARES FOR EPS AND FFO 43,593 41,011 42,712 40,377 December 31, Three Months Ended Three Months Ended December 31, Twelve Months Ended December 31, Twelve Months Ended December 31, SELECTED INCOME STATEMENT INFORMATION (Items below represent increases or (decreases) in FFO)

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&nbsp;&nbsp;&nbsp;&nbsp;Page 10 of 24 Financial Statistics ($ in thousands, except per share data) (Unaudited) 2022 2021 2020 2019 2018 ASSETS/MARKET CAPITALIZATION Assets 4,035,837$3,215,336 2,720,803 2,546,078 2,131,705 Equity Market Capitalization 6,451,794 9,403,107 5,477,783 5,164,306 3,348,269 Total Market Capitalization (Debt and Equity) (1) 8,318,835 10,859,473 6,791,879 6,350,438 4,458,037 Shares Outstanding - Common 43,575,539 41,268,846 39,676,828 38,925,953 36,501,356 Price per share 148.06$227.85 138.06 132.67 91.73 FFO CHANGE\* FFO per diluted share (2) 7.00$6.09 5.38 4.98 4.66 Change compared to same period prior year 14.9% 13.2% 8.0% 6.9% 9.6% COMMON DIVIDEND PAYOUT RATIO\* Dividend distribution 4.70$3.58 3.08 2.94 2.72 FFO per diluted share (2) 7.00 6.09 5.38 4.98 4.66 Dividend payout ratio 67% 59% 57% 59% 58% COMMON DIVIDEND YIELD Dividend distribution 4.70$3.58 3.08 2.94 2.72 Price per share 148.06 227.85 138.06 132.67 91.73 Dividend yield 3.17% 1.57% 2.23% 2.22% 2.97% FFO MULTIPLE\* FFO per diluted share (2) 7.00$6.09 5.38 4.98 4.66 Price per share 148.06 227.85 138.06 132.67 91.73 Multiple 21.15 37.41 25.66 26.64 19.68 INTEREST & FIXED CHARGE COVERAGE RATIO\* EBITDAre 337,536$278,959 245,669 221,517 200,788 Interest expense 38,499 32,945 33,927 34,463 35,106 Interest and fixed charge coverage ratio 8.77 8.47 7.24 6.43 5.72 DEBT-TO-EBITDAre RATIO\* Debt 1,861,744$1,451,778 1,310,895 1,182,602 1,105,787 EBITDAre 337,536 278,959 245,669 221,517 200,788 Debt-To-EBITDAre ratio 5.52 5.20 5.34 5.34 5.51 Adjusted debt-to-pro forma EBITDAre ratio 4.48 3.83 4.43 3.92 4.73 DEBT-TO-TOTAL MARKET CAPITALIZATION (1) 22.4% 13.4% 19.3% 18.7% 24.9% ISSUER RATINGS (3) Issuer Rating Outlook Moody's Investors Service Baa2 Stable (1) Before deducting unamortized debt issuance costs. (3) 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. (2) In connection with the Company's adoption of the Nareit Funds from Operations White Paper - 2018 Restatement, the Company excludes from FFO the gains and losses on sales of non-operating real estate and assets incidental to the Company's business and therefore, adjusted the prior years' results to conform to the updated definition of FFO. Years Ended

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&nbsp;&nbsp;&nbsp;&nbsp;Page 11 of 24 Development and Value-Add Properties Summary ($ in thousands) (Unaudited) Cumulative Anticipated Costs at Projected Conversion % Leased Square Feet (SF) 12/31/22 Total Costs Date (1) 2/6/23 Lease-Up Cypress Preserve 1 & 2 (2) Houston, TX 516,000 54,081$57,800 03/23 50% Grand West Crossing 1 Houston, TX 121,000 13,037 15,700 04/23 100% Zephyr (2) San Francisco, CA 82,000 29,028 29,800 04/23 42% Access Point 3 (2) Greenville, SC 299,000 22,632 25,400 07/23 72% McKinney 3 & 4 Dallas, TX 212,000 24,152 27,000 07/23 100% Grand Oaks 75 4 Tampa, FL 185,000 16,015 17,900 09/23 0% Total Lease-up 1,415,000 158,945 173,600 60% Wgt Avg % Under Construction SunCoast 11 Fort Myers, FL 79,000 9,175 9,900 04/23 100% Arlington Tech 3 Fort Worth, TX 77,000 8,400 10,300 02/24 0% Gateway 2 Miami, FL 133,000 18,188 23,700 02/24 36% Hillside 1 Greenville, SC 122,000 9,478 11,600 02/24 0% I-20 West Business Center Atlanta, GA 155,000 13,139 15,500 02/24 68% LakePort 4 & 5 Dallas, TX 177,000 18,705 24,000 02/24 89% Horizon West 1 Orlando, FL 97,000 9,569 13,200 03/24 0% Steele Creek 11 & 12 Charlotte, NC 241,000 16,780 25,900 04/24 87% Springwood 1 & 2 Houston, TX 292,000 22,973 33,300 05/24 0% Stonefield 35 1-3 Austin, TX 274,000 16,319 35,300 06/24 19% SunCoast 10 Fort Myers, FL 100,000 2,968 13,600 06/24 0% Baswood 3-5 Fort Worth, TX 351,000 8,362 45,000 08/24 0% McKinney 1 & 2 Dallas, TX 172,000 6,501 27,300 08/24 0% Cass White 1 & 2 Atlanta, GA 296,000 5,329 31,900 10/24 0% Total Under Construction 2,566,000 165,886 320,500 25% Wgt Avg % Total Lease-Up and Under Construction 3,981,000 324,831$494,100 38% Wgt Avg % Projected Stabilized Yields (3) Yield Lease-Up 5.8% Under Construction 6.5% Development 6.5% Value-Add 5.2% Prospective Development Acres Projected SF Phoenix, AZ 50 655,000 15,395$ Sacramento, CA 7 82,000 3,130 San Francisco, CA 4 65,000 3,561 Fort Myers, FL 28 364,000 7,843 Miami, FL 36 510,000 24,317 Orlando, FL 86 1,053,000 24,670 Tampa, FL 2 32,000 825 Atlanta, GA 143 1,490,000 14,713 Jackson, MS 3 28,000 706 Charlotte, NC 158 1,146,000 13,722 Greenville, SC 71 476,000 6,457 Austin, TX 132 1,557,000 46,851 Dallas, TX 12 - 4,594 Fort Worth, TX 18 313,000 7,247 Houston, TX 108 1,536,000 30,696 San Antonio, TX 35 423,000 8,891 Total Prospective Development 893 9,730,000 213,618 Total Development and Value-Add Properties 893 13,711,000 538,449$(1) Development properties will transfer to the operating portfolio at the earlier of 90% occupancy or one year after shell completion. Value-add properties will transfer at the earlier of 90% occupancy or one year after acquisition. (2) Represents value-add acquisitions. (3) 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.

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&nbsp;&nbsp;&nbsp;&nbsp;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) 12/31/22 Date 2/6/23 1st Quarter Access Point 1 (1) Greenville, SC 156,000 13,046$01/22 100% Speed Distribution Center San Diego, CA 519,000 72,428 03/22 100% 675,000 85,474 2nd Quarter Access Point 2 (1) Greenville, SC 159,000 12,336 05/22 100% Grand Oaks 75 3 Tampa, FL 136,000 11,644 06/22 100% Siempre Viva 3-6 (1) San Diego, CA 547,000 133,246 06/22 100% 842,000 157,226 3rd Quarter Steele Creek 8 Charlotte, NC 72,000 8,291 07/22 100% CreekView 9 & 10 Dallas, TX 145,000 16,176 08/22 100% Gateway 3 Miami, FL 133,000 18,456 08/22 100% Ridgeview 3 San Antonio, TX 88,000 9,400 08/22 100% Americas Ten 2 El Paso, TX 169,000 14,403 09/22 100% Horizon West 2 & 3 Orlando, FL 210,000 18,860 09/22 83% 817,000 85,586 4th Quarter Mesa Gateway (1) Phoenix, AZ 147,000 18,946 11/22 100% World Houston 47 Houston, TX 139,000 17,263 11/22 100% 45 Crossing Austin, TX 177,000 25,302 12/22 100% Basswood 1 & 2 Fort Worth, TX 237,000 23,980 12/22 100% Horizon West 4 Orlando, FL 295,000 25,308 12/22 100% SunCoast 12 Fort Myers, FL 79,000 8,335 12/22 100% Tri-County Crossing 5 San Antonio, TX 106,000 11,151 12/22 100% Tri-County Crossing 6 San Antonio, TX 124,000 10,373 12/22 100% 1,304,000 140,658 Total Transferred to Real Estate Properties 3,638,000 468,944$ Projected Stabilized Yield (2) 7.1% 99% Wgt Avg % (1) Represents value-add acquisitions. (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.

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&nbsp;&nbsp;&nbsp;&nbsp;Page 13 of 24 Acquisitions and Dispositions Through December 31, 2022 ($ in thousands) (Unaudited) Date Property Name Location Size Purchase Price (1) 1st Quarter 02/14/22 Gateway Interchange Land Phoenix, AZ 50.2 Acres 13,588$03/28/22 Cypress Preserve 1 & 2 Houston, TX 516,000 SF 54,462 (2) 2nd Quarter Various (3) Cypress Preserve Land Houston, TX 45.7 Acres 14,724 04/08/22 Zephyr Distribution Center San Francisco, CA 82,000 SF 29,017 (2) 04/15/22 Mesa Gateway Commerce Center Phoenix, AZ 147,000 SF 18,315 (2) 04/29/22 Homestead Commerce Park Land Miami, FL 28.1 Acres 15,790 Cebrian Distribution Center and Reed (4) Distribution Center 6th Street Business Center, Benicia Distribution Center 1-5, (4) Ettie Business Center, Laura Alice Business Center, Preston Distribution Center, Sinclair Distribution Center, Transit Distribution Center and Whipple Business Center 06/01/22 Reed Land Sacramento, CA 6.6 Acres 3,040 (4) 06/01/22 Hercules Land San Francisco, CA 3.9 Acres 3,561 (4) 06/30/22 Braselton 1 & 2 Land Atlanta, GA 43.0 Acres 4,048 3rd Quarter 07/12/22 Access Point 3 Greenville, SC 299,000 SF 21,127 (2) 07/20/22 Eisenhauer Point 10-12 Land San Antonio, TX 17.8 Acres 4,894 07/22/22 Hillside 4 Land Greenville, SC 33.2 Acres 1,280 08/04/22 Braselton 3 Land Atlanta, GA 13.1 Acres 1,425 08/24/22 Heritage Grove Land Austin, TX 44.4 Acres 15,295 4th Quarter 10/14/22 Greenway Land Atlanta, GA 60.9 Acres 5,785 10/26/22 Cameron Land Austin, TX 87.5 Acres 30,776 10/27/22 Speed Distribution Center San Diego, CA N/A 18,599 (5) 12/09/22 Eisenhauer Point 13-14 Land San Antonio, TX 11.2 Acres 2,742 12/09/22 MCO Logistics Center Land Orlando, FL 10.7 Acres 6,769 2,750,000 SF Total Acquisitions 456.3 Acres 624,367$ Date Property Name Location Size Gross Sales Price 1st Quarter 01/06/22 Metro Business Park Phoenix, AZ 189,000 SF 33,510$26,971 (6) 03/31/22 Cypress Creek Business Park Fort Lauderdale, FL 56,000 SF 5,600 3,381 (6) 2nd Quarter 05/11/22 World Houston 15 East Houston, TX 42,000 SF 13,300 10,647 (6) 3rd Quarter None 4th Quarter None Total Dispositions 287,000 SF 52,410$40,999 (3) The Cypress Preserve Land was acquired in three separate transactions on various dates in second quarter 2022. (6) Included in Gain on sales of real estate investments on the Consolidated Statements of Income and Comprehensive Income; not included in FFO. 06/01/22 Sacramento, CA 329,000 SF 49,726 06/01/22 (5) Represents the Company's acquisition of the 1% noncontrolling interest in the property; EastGroup now owns 100%. (2) Value-add property acquisition; included in Development and value-add properties on the Consolidated Balance Sheets. (1) Represents acquisition price plus closing costs. Realized Gain DISPOSITIONS ACQUISITIONS San Francisco, CA 1,377,000 SF 309,404 (4) The Company acquired these properties in connection with its acquisition of Tulloch Corporation on June 1, 2022.

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&nbsp;&nbsp;&nbsp;&nbsp;Page 14 of 24 Real Estate Improvements and Leasing Costs (In thousands) (Unaudited) REAL ESTATE IMPROVEMENTS 2022 2021 2022 2021 Upgrade on acquisitions 160$969 618 1,337 Tenant improvements: New tenants 3,449 5,087 13,224 13,603 Renewal tenants 1,210 1,142 3,687 3,935 Other: Building improvements 1,927 3,119 9,853 8,044 Roofs 946 263 6,611 8,007 Parking lots 1,884 700 3,482 1,570 Other 571 546 1,969 1,399 TOTAL REAL ESTATE IMPROVEMENTS (1) 10,147$11,826 39,444 37,895 CAPITALIZED LEASING COSTS (Principally Commissions) Development and value-add 3,944$3,352 14,366 12,280 New tenants 1,838 1,762 10,392 10,990 Renewal tenants 2,316 3,615 12,095 10,111 TOTAL CAPITALIZED LEASING COSTS (2)(3) 8,098$8,729 36,853 33,381 (1) Reconciliation of Total Real Estate Improvements to Real Estate Improvements on the Consolidated Statements of Cash Flows: 2022 2021 Total Real Estate Improvements 39,444$37,895 Change in real estate property payables 197 (26) Change in construction in progress 1,210 (1,204) 40,851$36,665 (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: 2022 2021 Total Capitalized Leasing Costs 36,853$33,381 Change in leasing commissions payables 419 (80) 37,272$33,301 Twelve Months Ended December 31, Twelve Months EndedThree Months Ended December 31, Twelve Months Ended December 31, Leasing Commissions on the Consolidated Statements of Cash Flows December 31, Real Estate Improvements on the Consolidated Statements of Cash Flows

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&nbsp;&nbsp;&nbsp;&nbsp;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 December 31, 2022 Leases Signed Signed Average Term Straight-Line Basis Cash Basis Improvement (1) Commission (1) Leasing Cost (1) (In Thousands) (In Years) New Leases (2) 29 509 4.6 56.1% 39.6% 2.98$3.62$6.60$ Renewal Leases 55 1,407 4.3 46.2% 31.9% 1.26 1.65 2.91 Total/Weighted Average 84 1,916 4.4 49.2% 34.3% 1.71$2.17$3.88$ Per Year 0.39$0.49$0.88$ Weighted Average Retention (3) 75.8% Twelve Months Ended Number of Square Feet Weighted Rental Change Rental Change PSF Tenant PSF Leasing PSF Total December 31, 2022 Leases Signed Signed Average Term Straight-Line Basis Cash Basis Improvement (1) Commission (1) Leasing Cost (1) (In Thousands) (In Years) New Leases (2) 139 2,903 5.5 41.4% 28.5% 4.78$3.59$8.37$ Renewal Leases 233 6,317 4.6 37.7% 22.7% 0.85 1.82 2.67 Total/Weighted Average 372 9,220 4.9 39.0% 24.7% 2.09$2.38$4.47$ Per Year 0.42$0.49$0.91$ Weighted Average Retention (3) 73.8% 12/31/22 09/30/22 06/30/22 03/31/22 12/31/21 Percentage Leased 98.7% 99.0% 99.1% 98.8% 98.7% Percentage Occupied 98.3% 98.5% 98.5% 97.9% 97.4% (1) Per square foot (PSF) amounts represent total amounts for the life of the lease, except as noted for the Per Year amounts. (2) Does not include leases with terms less than 12 months and leases for first generation space. (3) 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).

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&nbsp;&nbsp;&nbsp;&nbsp;Page 16 of 24 Core Market Operating Statistics December 31, 2022 (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 Occupied 2023 (2) 2024 Basis Basis (4) Basis Basis (4) Basis Basis (4) Basis Basis (4) Florida Tampa 4,348,000 7.8% 99.7% 99.4% 454,000 688,000 8.6% 9.2% 4.9% 5.1% 53.3% 37.3% 51.6% 33.6% Orlando 4,191,000 7.4% 99.1% 98.8% 517,000 676,000 10.0% 2.2% 4.8% 2.9% 27.8% 23.8% 38.0% 21.9% Jacksonville 2,273,000 3.2% 100.0% 100.0% 166,000 530,000 12.8% 10.0% 8.8% 7.9% 57.9% 38.2% 48.7% 31.3% Miami/Fort Lauderdale 1,733,000 3.8% 92.2% 92.2% 250,000 349,000 -7.0% -4.8% 1.6% 5.4% N/A N/A 47.1% 32.4% Fort Myers 705,000 1.4% 100.0% 100.0% 130,000 102,000 -1.3% 0.2% -0.5% 1.2% 24.8% 8.5% 22.3% 8.2% 13,250,000 23.6% 98.6% 98.4% 1,517,000 2,345,000 6.9% 4.5% 4.7% 4.6% 51.0% 34.7% 44.7% 27.8% Texas Houston 6,231,000 10.7% 97.1% 96.3% 654,000 946,000 2.8% 7.7% 1.9% 3.9% 26.7% 11.8% 22.8% 7.4% Dallas 4,862,000 8.9% 100.0% 99.4% 586,000 777,000 3.1% 7.4% 5.0% 9.0% 47.5% 48.2% 33.7% 39.4% San Antonio 4,411,000 8.4% 97.9% 97.6% 455,000 632,000 3.5% 3.9% 5.3% 5.4% 25.3% 15.9% 24.8% 14.8% Austin 1,322,000 2.8% 97.8% 95.7% 109,000 275,000 1.5% 4.5% 1.2% 2.9% N/A N/A 53.2% 33.6% El Paso 1,126,000 1.7% 100.0% 100.0% 120,000 194,000 4.1% 5.7% 4.7% 5.9% 64.1% 45.6% 60.7% 42.9% Fort Worth 1,031,000 1.6% 100.0% 100.0% 109,000 81,000 -8.5% 0.2% 12.8% 23.7% 47.2% 22.0% 49.7% 26.2% 18,983,000 34.1% 98.4% 97.8% 2,033,000 2,905,000 2.4% 5.9% 4.0% 6.3% 34.0% 23.4% 30.5% 19.6% California Los Angeles (5) 2,484,000 7.2% 100.0% 100.0% 149,000 141,000 17.8% 15.6% 19.4% 21.7% 273.4% 192.6% 61.6% 41.9% San Francisco 2,421,000 6.5% 94.1% 92.3% 164,000 360,000 18.2% 19.2% 17.9% 17.2% 41.2% 30.0% 81.0% 56.0% San Diego (5) 1,933,000 5.7% 100.0% 100.0% 123,000 59,000 4.4% 42.6% 23.9% 53.9% N/A N/A 27.3% 21.6% Fresno 398,000 0.6% 100.0% 98.5% 124,000 42,000 14.6% 12.8% 16.1% 15.3% 27.6% 11.7% 22.1% 12.7% Sacramento 329,000 0.7% 100.0% 100.0% - 10,000 N/A N/A N/A N/A N/A N/A N/A N/A 7,565,000 20.7% 98.1% 97.5% 560,000 612,000 14.8% 21.0% 19.8% 25.6% 109.5% 81.6% 61.0% 42.6% Arizona Phoenix 3,000,000 5.6% 100.0% 100.0% 359,000 294,000 6.6% 8.4% 6.8% 9.3% 122.2% 91.7% 43.2% 28.8% Tucson 848,000 1.5% 100.0% 100.0% 16,000 101,000 0.2% 2.3% 1.9% 7.8% 38.1% 23.9% 44.6% 29.1% 3,848,000 7.1% 100.0% 100.0% 375,000 395,000 5.0% 6.9% 5.6% 8.9% 92.4% 68.3% 43.6% 28.9% Other Core Charlotte 3,642,000 5.8% 100.0% 99.0% 423,000 679,000 8.2% 5.8% 6.1% 2.4% 58.3% 38.3% 34.6% 17.0% Atlanta 1,312,000 2.2% 100.0% 100.0% 30,000 376,000 4.7% 6.2% 4.1% 11.8% 47.9% 34.8% 33.0% 26.4% Denver 886,000 2.0% 99.0% 99.0% 25,000 62,000 17.3% 17.1% 10.4% 10.2% 37.7% 22.7% 21.6% 12.1% Las Vegas 754,000 1.9% 98.4% 98.4% 182,000 66,000 13.9% 20.5% 16.8% 20.0% N/A N/A 66.3% 45.6% 6,594,000 11.9% 99.7% 99.1% 660,000 1,183,000 10.2% 10.0% 8.3% 7.9% 52.3% 34.2% 35.7% 20.3% Total Core Markets 50,240,000 97.4% 98.7% 98.3% 5,145,000 7,440,000 6.8% 8.4% 7.2% 8.9% 50.0% 35.0% 39.3% 25.0% Total Other Markets 1,763,000 2.6% 100.0% 100.0% 154,000 465,000 21.0% 21.8% 6.7% 8.3% 17.1% 4.9% 22.1% 11.1% Total Operating Properties 52,003,000 100.0% 98.7% 98.3% 5,299,000 7,905,000 7.1% 8.7% 7.2% 8.9% 49.2% 34.3% 39.0% 24.7% (1) Based on the Annualized Base Rent as of the reporting period for occupied square feet (without S/L Rent). (2) Includes month-to-month leases. (3) Does not include leases with terms less than 12 months and leases for first generation space. (4) Excludes straight-line rent adjustments and amortization of above/below market rent intangibles. (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. YTD Same PNOI Change\* Rental Change (excluding income from lease terminations) New and Renewal Leases (3) in Square Feet Lease Expirations QTR YTD QTR

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&nbsp;&nbsp;&nbsp;&nbsp;Page 17 of 24 Lease Expiration Summary - Total Square Feet of Operating Properties Based on Leases Signed Through December 31, 2022 ($ in thousands) (Unaudited) Annualized Current % of Total Base Rent of Base Rent of Square Footage of % of Leases Expiring Leases Expiring LEASE EXPIRATION Leases Expiring Total SF (without S/L Rent) (without S/L Rent) Vacancy 657,000 1.3% -$0.0% 2023 (1) 5,299,000 10.2% 38,289 10.3% 2024 7,905,000 15.2% 55,420 14.9% 2025 8,073,000 15.5% 60,176 16.2% 2026 8,800,000 16.9% 67,607 18.2% 2027 8,461,000 16.3% 66,376 17.9% 2028 3,728,000 7.2% 25,752 6.9% 2029 2,695,000 5.2% 19,518 5.3% 2030 1,592,000 3.0% 8,779 2.4% 2031 934,000 1.8% 8,559 2.3% 2032 and beyond 3,859,000 7.4% 20,602 5.6% TOTAL 52,003,000 100.0% 371,078$100.0% (1) Includes month-to-month leases.

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&nbsp;&nbsp;&nbsp;&nbsp;Page 18 of 24 Top 10 Customers by Annualized Base Rent As of December 31, 2022 (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 1.5% 2.1% 2 REPET, Inc. 1 Los Angeles, CA 300,000 0.6% 0.9% 3 Starship Logistics LLC 1 Los Angeles, CA 262,000 0.5% 0.9% 4 Consolidated Electrical Distributors 2 San Antonio, TX 145,000 2 Orlando, FL 91,000 1 San Francisco, CA 84,000 1 Charlotte, NC 28,000 0.7% 0.8% 5 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 1 Jackson, MS 6,000 0.6% 0.8% 6 The Chamberlain Group 2 Tucson, AZ 350,000 1 Charlotte, NC 11,000 0.7% 0.7% 7 Novolex Holdings, LLC 1 Los Angeles, CA 286,000 0.5% 0.6% 8 Essendant Co. 1 Orlando, FL 404,000 0.8% 0.6% 9 Kuehne & Nagel, Inc. 2 Houston, TX 172,000 1 Charlotte, NC 71,000 1 San Diego, CA 42,000 0.5% 0.6% 10 Lowes Home Centers LLC 1 Miami, FL 97,000 1 Tampa, FL 75,000 1 Orlando, FL 70,000 1 Pheonix, AZ 59,000 0.6% 0.6% 30 3,651,000 7.0% 8.6% (1) Calculation: Customer Annualized Base Rent as of 12/31/22 (without S/L Rent) / Total Annualized Base Rent (without S/L Rent). Leased Total SF

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&nbsp;&nbsp;&nbsp;&nbsp;Page 19 of 24 Debt and Equity Market Capitalization December 31, 2022 ($ in thousands, except per share data) (Unaudited) 2023 2024 2025 2026 2027 2028 and Beyond Total Average Years to Maturity Unsecured debt (fixed rate) (1) 115,000$170,000 145,000 140,000 175,000 950,000 1,695,000 5.8 Weighted average interest rate 2.96% 3.65% 3.12% 2.57% 2.74% 3.44% 3.26% Secured debt (fixed rate) 119 122 128 1,672 - - 2,041 3.4 Weighted average interest rate 3.85% 3.85% 3.85% 3.85% - - 3.85% Total unsecured debt and secured debt 115,119$170,122 145,128 141,672 175,000 950,000 1,697,041 5.8 Weighted average interest rate 2.96% 3.65% 3.12% 2.58% 2.74% 3.44% 3.26% Unsecured debt and secured debt (fixed rate) 1,697,041$ Unsecured bank credit facilities (variable rate) $50MM Line - 5.167% - matures 7/30/2025 - $425MM Line - 5.146% - matures 7/30/2025 (2) 170,000 Total carrying amount of debt 1,867,041$ Total unamortized debt issuance costs (5,297) Total debt, net of unamortized debt issuance costs 1,861,744$ Equity market capitalization Shares outstanding - common 43,575,539 Price per share at quarter end 148.06$ Total equity market capitalization 6,451,794$ Total market capitalization (debt and equity) (3) 8,318,835$ Total debt / total market capitalization (3) 22.4% (1) These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps. (2) In January 2023, subsequent to year-end, the Company entered into the First Amendment to Fifth Amended And Restated Credit Agreement, which increased the capacity from $425 million to $625 million. (3) Before deducting unamortized debt issuance costs.

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&nbsp;&nbsp;&nbsp;&nbsp;Page 20 of 24 Continuous Common Equity Program Through December 31, 2022 ($ in thousands, except per share data) (Unaudited) Shares Issued and Sold (1) Average Sales Price (Per Share) Gross Proceeds Offering-Related Fees and Expenses Net Proceeds 1st Quarter 385,538 194.53$75,000$(821)$74,179$2nd Quarter - - - - - 3rd Quarter 6,368 179.18 1,141 (131) 1,010 4th Quarter 1,500 163.33 245 (59) 186 TOTAL 2022 393,406 194.17$76,386$(1,011)$75,375$(1) On December 16, 2022, the Company filed with the Securities and Exchange Commission a prospectus supplement in connection with the establishment of a new continuous equity offering program pursuant to which the Company may sell shares of its common stock having an aggregate offering price of up to $750.0 million from time to time in at-the-market offerings or certain other transactions. This new program is intended to replace the Company's former continuous equity offering progam under which the shares in the table above were issued and sold.

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&nbsp;&nbsp;&nbsp;&nbsp;Page 21 of 24 Debt-to-EBITDAre Ratios ($ in thousands) (Unaudited) Quarter Ended December 31, 2022 (1) 2022 2021 2020 2019 2018 Debt 1,861,744$1,861,744$1,451,778 1,310,895 1,182,602 1,105,787 EBITDAre\* 90,926 337,536 278,959 245,669 221,517 200,788 DEBT-TO-EBITDAre RATIO\* 5.12 5.52 5.20 5.34 5.34 5.51 Debt 1,861,744$1,861,744$1,451,778 1,310,895 1,182,602 1,105,787 Subtract development and value-add properties in lease-up or under construction (324,831) (324,831) (376,611) (225,964) (315,794) (149,860) Adjusted Debt\* 1,536,913$1,536,913$1,075,167 1,084,931 866,808 955,927 EBITDAre\* 90,926$337,536$278,959 245,669 221,517 200,788 Adjust for acquisitions as if owned for entire period 5 6,900 4,213 1,906 5,590 1,909 Adjust for development and value-add properties in lease-up or under construction (438) (857) (700) (1,327) (2,072) (304) Adjust for properties sold during the period - (235) (1,517) (1,081) (3,812) (474) Pro Forma EBITDAre\* 90,493$343,344$280,955 245,167 221,223 201,919 ADJUSTED DEBT-TO-PRO FORMA EBITDAre RATIO\* 4.25 4.48 3.83 4.43 3.92 4.73 (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)

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&nbsp;&nbsp;&nbsp;&nbsp;Page 22 of 24 Outlook for 2023 (Unaudited) Q1 2023 Y/E 2023 Q1 2023 Y/E 2023 Net income attributable to common stockholders 33,789$141,496 37,279 150,276 Depreciation and amortization 42,466 179,162 42,466 179,162 Funds from operations attributable to common stockholders\* 76,255$320,658 79,745 329,438 Diluted shares 43,628 43,902 43,628 43,902 Per share data (diluted): Net income attributable to common stockholders 0.77$3.22 0.85 3.42 Funds from operations attributable to common stockholders 1.75 7.30 1.83 7.50 \*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 $7.30 - $7.50 $7.00 FFO per share increase over prior year 5.7% 14.9% Same PNOI growth: cash basis (1) 5.5% - 6.5%(2) 8.9% Average month-end occupancy - operating portfolio 96.7% - 97.7% 98.0% Lease termination fee income $1.0 million $2.7 million Reserves of uncollectible rent (Currently no identified bad debt for 2023) $2.0 million $138,000 Development starts: Square feet 2.7 million 2.7 million Projected total investment $330 million $329 million Value-add property acquisitions (Projected total investment) none $135 million Operating property acquisitions $50 million $378 million Operating property dispositions (Potential gains on dispositions are not included in the projections) $70 million $52 million Unsecured debt closing in period $350 million at 5.00% weighted average interest rate $525 million at 3.82% weighted average interest rate Common stock issuances $100 million $75 million General and administrative expense $17.4 million $16.4 million Low Range High Range (In thousands, except per share data) Initial Guidance for Year 2023 Actual for Year 2022 (2) Includes properties which have been in the operating portfolio since 1/1/22 and are projected to be in the operating portfolio through 12/31/23; includes 46,583,000 square feet. (1) Excludes straight-line rent adjustments, amortization of market rent intangibles for acquired leases, and income from lease terminations.

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&nbsp;&nbsp;&nbsp;&nbsp;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 Casualties and Involuntary Conversion: A reporting measure calculated as FFO (as defined above), adjusted to exclude gain on casualties and involuntary conversion. The Company believes that the exclusion of gain on casualties and involuntary conversion 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.

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&nbsp;&nbsp;&nbsp;&nbsp;Page 24 of 24 Glossary of REIT Terms (Continued) 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. 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. 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, 2021 through December 31, 2022. 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% occupied 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.

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