egp-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 1-07094

EASTGROUP PROPERTIES, INC.

(Exact Name of Registrant as Specified in its Charter)


Maryland		13-2711135
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

400 W Parkway Place
Suite 100
Ridgeland,	Mississippi	39157
(Address of principal executive offices)		(Zip code)

Registrant’s telephone number, including area code: (601) 354-3555

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-accelerated Filer

☐

Smaller Reporting Company

☐

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. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

The number of shares of common stock, $0.0001 par value, outstanding as of April 21, 2026 was 53,755,229.

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES

FORM 10-Q

TABLE OF CONTENTS

FOR THE QUARTER ENDED MARCH 31, 2026


		Page
PART I.	FINANCIAL INFORMATION

Item 1.	Financial Statements

	Consolidated Balance Sheets, March 31, 2026 (unaudited) and December 31, 2025	4

	Consolidated Statements of Income and Comprehensive Income for the three months ended March 31, 2026 and 2025 (unaudited)	5

	Consolidated Statements of Changes in Equity for the three months ended March 31, 2026 and 2025 (unaudited)	6

	Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)	7

	Notes to Consolidated Financial Statements (unaudited)	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	36

Item 4.	Controls and Procedures	37

PART II.	OTHER INFORMATION

Item 1.	Legal Proceedings	38

Item 1A.	Risk Factors	38

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38

Item 3.	Defaults Upon Senior Securities	38

Item 4.	Mine Safety Disclosures	38

Item 5.	Other Information	38

Item 6.	Exhibits	39

SIGNATURES

Authorized signatures		40

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PART I. FINANCIAL INFORMATION.

ITEM 1. FINANCIAL STATEMENTS.

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS


	March 31, 2026		December 31, 2025
	(unaudited)
	(In thousands, except share and per share data)
ASSETS
Real estate properties	$	6,063,923	5,989,788
Development and value-add properties	698,412		710,200

	6,762,335		6,699,988
Accumulated depreciation	(1,608,368)		(1,583,532)
	5,153,967		5,116,456

Real estate assets held for sale	1,352		—
Unconsolidated investment	6,885		7,007
Cash and cash equivalents	31,358		1,007
Other assets, net	296,702		307,337
TOTAL ASSETS	$	5,490,264	5,431,807

LIABILITIES AND EQUITY

LIABILITIES
Unsecured bank credit facilities, net of debt issuance costs	$	(2,347)	16,249
Unsecured debt, net of debt issuance costs	1,611,303		1,611,026
Accounts payable and accrued expenses	169,414		169,945
Other liabilities	134,914		137,999
Total Liabilities	1,913,284		1,935,219

EQUITY
Stockholders’ Equity:
Common shares; $0.0001 par value; 70,000,000 shares authorized; 53,755,161 shares issued and outstanding at March 31, 2026 and 53,348,800 at December 31, 2025	5		5
Excess shares; $0.0001 par value; 30,000,000 shares authorized; no shares issued	—		—
Additional paid-in capital	4,014,198		3,946,792
Distributions in excess of earnings	(447,946)		(458,953)
Accumulated other comprehensive income	10,336		8,357
Total Stockholders’ Equity	3,576,593		3,496,201
Noncontrolling interest in joint ventures	387		387
Total Equity	3,576,980		3,496,588
TOTAL LIABILITIES AND EQUITY	$	5,490,264	5,431,807

See accompanying Notes to Consolidated Financial Statements (unaudited).

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(UNAUDITED)


	Three Months Ended
	March 31,
		2026		2025
		(In thousands, except per share data)
REVENUES
Income from real estate operations		$	190,234	172,644
Other revenue		22		1,805
		190,256		174,449
EXPENSES
Expenses from real estate operations		50,523		46,760
Depreciation and amortization		55,497		52,520
General and administrative		7,616		7,954
Indirect leasing costs		225		263
		113,861		107,497

OTHER INCOME (EXPENSE)
Interest expense		(9,079)		(8,025)
Gain on sales of real estate investments		24,885		—
Other income		2,423		510






NET INCOME		94,624		59,437
Net income attributable to noncontrolling interest in joint ventures		—		(14)
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS		94,624		59,423
Other comprehensive income (loss) — Interest rate swaps		1,979		(6,927)
TOTAL COMPREHENSIVE INCOME		$	96,603	52,496
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS


Net income attributable to common stockholders		$	1.77	1.14
Weighted average shares outstanding — Basic		53,451		51,965
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS


Net income attributable to common stockholders		$	1.77	1.14
Weighted average shares outstanding — Diluted		53,546		52,028

See accompanying Notes to Consolidated Financial Statements (unaudited).

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EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(UNAUDITED)

For the three months ended March 31, 2026:


	Common Shares		Additional Paid-In Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income	Noncontrolling Interest in Joint Ventures	Total
	(In thousands, except share and per share data)
BALANCE, DECEMBER 31, 2025	$	5	3,946,792	(458,953)	8,357	387	3,496,588
Net income	—		—	94,624	—	—	94,624
Net unrealized change in fair value of interest rate swaps	—		—	—	1,979	—	1,979
Common dividends declared — $1.55 per share	—		—	(83,617)	—	—	(83,617)
Stock-based compensation, net of forfeitures	—		4,658	—	—	—	4,658
Issuance of 365,620 shares of common stock, common stock offering, net of expenses	—		68,889	—	—	—	68,889
Withheld 33,101 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock	—		(6,133)	—	—	—	(6,133)
Withheld 40 shares of common stock to satisfy tax withholding obligations in connection with the issuance of common stock	—		(8)	—	—	—	(8)


BALANCE, MARCH 31, 2026	$	5	4,014,198	(447,946)	10,336	387	3,576,980

For the three months ended March 31, 2025:


	Common Shares		Additional Paid-In Capital	Distributions in Excess of Earnings	Accumulated Other Comprehensive Income	Noncontrolling Interest in Joint Ventures	Total
	(In thousands, except share and per share data)
BALANCE, DECEMBER 31, 2024	$	5	3,673,393	(403,172)	21,953	365	3,292,544
Net income	—		—	59,423	—	14	59,437
Net unrealized change in fair value of interest rate swaps	—		—	—	(6,927)	—	(6,927)
Common dividends declared — $1.40 per share	—		—	(73,309)	—	—	(73,309)
Stock-based compensation, net of forfeitures	—		4,791

SEC Form 10-Q filed by EastGroup Properties Inc.