Equibles

8-K

EASTGROUP PROPERTIES INC (EGP)

8-K 2021-04-27 For: 2021-04-27
View Original
Added on April 09, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

__________________________

FORM 8-K

CURRENT REPORT

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

Date of Report (date of earliest event reported): April 27, 2021

EASTGROUP PROPERTIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland 1-07094 13-2711135
(State or Other Jurisdiction<br>of Incorporation) (Commission File Number) (IRS Employer<br>Identification No.)

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

(Address of Principal Executive Offices, including zip code)

(601) 354-3555

(Registrant’s telephone number, including area code)

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

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

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

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

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

Emerging growth company ☐

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

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ITEM 2.02.                      Results of Operations and Financial Condition

On April 27, 2021, EastGroup Properties, Inc. (the "Company") furnished the following documents: (i) a press release relating to its results of operations for the quarter ended March 31, 2021 and related matters; and (ii) quarterly supplemental financial information for the fiscal quarter ended March 31, 2021. A copy of the press release as well as a copy of the supplemental financial information are made available on the Company's website and are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated by reference herein.

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

ITEM 9.01.                      Financial Statements and Exhibits

(d)  Exhibits.

Exhibit No. Description
99.1 Press Release dated April 27, 2021.
99.2 Quarterly Supplemental Information for the Quarter Ended March 31, 2021.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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

Date:         April 27, 2021

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

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Document

Exhibit 99.1
Contact:
--- --- ---
Marshall Loeb, President and CEO
Brent Wood, CFO
EastGroup Properties Announces (601) 354-3555
First Quarter 2021 Results

First Quarter 2021 Results

•Net Income Attributable to Common Stockholders of $0.69 Per Diluted Share for First Quarter 2021 Compared to $0.60 Per Diluted Share for First Quarter 2020

•Funds from Operations of $1.45 Per Share for First Quarter 2021 Compared to $1.31 Per Share for First Quarter 2020, an Increase of 10.7%

•Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations Increased 5.9% on a Cash Basis and 6.3% on a Straight-Line Basis for First Quarter 2021 Compared to the Same Period in 2020

•98.3% Leased and 97.2% Occupied as of March 31, 2021; Average Occupancy of 97.0% for First Quarter 2021

•Rental Rates on New and Renewal Leases Increased an Average of 25.8% on a Straight-Line Basis

•Acquired 235,000 Square Feet of Value-Add Properties for $17 Million

•Started Construction of Two Development Projects Containing 346,000 Square Feet with Projected Total Costs of $29 Million

•Transferred Five 100% Leased Development and Value-Add Projects (619,000 Square Feet) to the Real Estate Portfolio

•Development and Value-Add Program Consisted of 15 Projects in 12 Cities (2.7 Million Square Feet) at March 31, 2021 with a Projected Total Investment of $260 Million

•Closed a $50 Million Senior Unsecured Term Loan with a Four-Year Term and a Total Effective Fixed Interest Rate of 1.55%

•Agreed to Terms on $125 Million of Senior Unsecured Notes With a Fixed Interest Rate of 2.74%

•Repaid a Mortgage with a Principal Balance of $41 Million During the Quarter with a Fixed Interest Rate of 4.75%

•Remaining Available Capacity of $303 Million on the $395 Million Lines of Credit as of March 31, 2021

•Declared 165th Consecutive Quarterly Cash Dividend: $0.79 Per Share

•Issued 317,538 Shares of Common Stock Pursuant to the Company’s Continuous Common Equity Offering Program at an Average Price of $141.72 Per Share for Aggregate Net Proceeds of $44 Million

JACKSON, MISSISSIPPI, April 27, 2021 - EastGroup Properties, Inc. (NYSE: EGP) (the “Company”, “we”, “us” or “EastGroup”) announced today the results of its operations for the three months ended March 31, 2021.

Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “Our team and portfolio solidly exceeded our expectations. The metrics produced made it one of the best quarters in the Company’s history. We are continuing to experience this momentum as we exit the pandemic. Our shallow bay last mile Sunbelt market portfolio is well suited for long term growth.”

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

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EARNINGS PER SHARE

On a diluted per share basis, earnings per common share (“EPS”) were $0.69 for the three months ended March 31, 2021, compared to $0.60 for the same period of 2020. The Company’s property net operating income (“PNOI”) increased by $7,368,000 ($0.19 per share) for the three months ended March 31, 2021, as compared to the same period of 2020. Depreciation and amortization expense increased by $2,421,000 ($0.06 per share) during the three months ended March 31, 2021, as compared to the same period of 2020.

FUNDS FROM OPERATIONS AND PROPERTY NET OPERATING INCOME

For the three months ended March 31, 2021, funds from operations attributable to common stockholders (“FFO”) were $1.45 per share compared to $1.31 per share during the same period of 2020, an increase of 10.7%.

PNOI increased by $7,368,000, or 11.7%, during the three months ended March 31, 2021, compared to the same period of 2020. PNOI increased $3,914,000 from same property operations (based on the same property pool), $3,057,000 from newly developed and value-add properties, and $643,000 from 2020 acquisitions; PNOI decreased $234,000 from operating properties sold in 2020.

The same property pool PNOI Excluding Income from Lease Terminations increased 6.3% on a straight-line basis for the three months ended March 31, 2021, compared to the same period of 2020; on a cash basis (excluding straight-line rent adjustments and amortization of above/below market rent intangibles), Same PNOI increased 5.9%.

On a straight-line basis, rental rates on new and renewal leases (5.9% of total square footage) increased an average of 25.8% during the three months ended March 31, 2021.

The same property pool for the three months ended March 31, 2021 includes properties which were included in the operating portfolio for the entire period from January 1, 2020 through March 31, 2021; this pool is comprised of properties containing 41,305,000 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.”

As of April 26, 2021, the Company had collected 99.7% of its 2020 rental income and 99.5% of its first quarter 2021 rental income, which includes annual true-ups for 2020 tenant expense reimbursements. Also as of April 26, 2021, the Company had collected 97.8% of amounts due through March 31, 2021 pursuant to deferral agreements with tenants.

ACQUISITIONS

In January, EastGroup purchased Access Point 1, a recently constructed 156,000 square foot building, for $10.5 million. The property, which was 70% leased as of April 26, 2021, is located in the I-385 South submarket in Greenville, South Carolina, near the Company’s 385 Business Park building, which is 100% leased.

Also in January, EastGroup purchased Northpoint 200, another recently constructed distribution facility which contains 79,000 square feet, for $6.5 million. The 100% leased property is located within the Northwest submarket of Atlanta, where the Company’s recently acquired Cherokee 75 property is located.

DEVELOPMENT AND VALUE-ADD PROPERTIES

During the first quarter of 2021, EastGroup began construction of two new development projects in two different cities. The buildings will contain a total of 346,000 square feet and have projected total costs of $29.4 million.

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

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The development projects started during 2021 are detailed in the table below:

Development Projects Started in 2021 Location Size Anticipated Conversion Date Projected Total Costs
(Square feet) (In thousands)
Horizon West 2 & 3 Orlando, FL 210,000 07/2022 $ 18,200
Grand Oaks 75 3 Tampa, FL 136,000 07/2022 11,200
Total Development Projects Started 346,000 $ 29,400

At March 31, 2021, EastGroup’s development and value-add program consisted of 15 projects (2,703,000 square feet) in 12 cities. The projects, which were collectively 34% leased as of April 26, 2021, have a projected total cost of $260.3 million, of which $62.2 million remained to be spent as of March 31, 2021.

During the first quarter of 2021, EastGroup transferred five projects to the real estate portfolio (at the earlier of 90% occupancy or one year after completion/value-add acquisition date). The projects, which are located in Phoenix, Dallas, Atlanta and Los Angeles contain 619,000 square feet and were 100% leased as of April 26, 2021.

The development and value-add properties transferred to the real estate portfolio during the first three months of 2021 are detailed in the table below:

Development and Value-Add Properties Transferred to the Real Estate Properties Portfolio in 2021 Location Size Conversion Date Cumulative Cost as of 3/31/21 Percent Leased as of 4/26/21
(Square feet) (In thousands)
Gilbert Crossroads A & B Phoenix, AZ 140,000 01/2021 $ 16,982 100%
CreekView 121 7 & 8 Dallas, TX 137,000 03/2021 17,657 100%
Hurricane Shoals 3 Atlanta, GA 101,000 03/2021 9,770 100%
Northpoint 200 (1)(2) Atlanta, GA 79,000 03/2021 6,861 100%
Rancho Distribution Center (1) Los Angeles, CA 162,000 03/2021 27,367 100%
Total Projects Transferred 619,000 $ 78,637 100%
Projected Stabilized Yield (3) 6.5%

(1) These value-add projects were acquired by EastGroup.

(2) This value-add project was acquired by EastGroup on 1/21/21. During the first quarter, the project became 100% occupied and therefore,

transferred to Real estate properties.

(3) Weighted average yield based on estimated annual property net operating income on a straight-line basis at 100% occupancy divided by

projected total costs.

Subsequent to quarter-end, EastGroup began construction of buildings 9 and 10 in its CreekView 121 park in Dallas. The two buildings will contain 145,000 square feet and have a projected total cost of $17.2 million. This project will increase the total size of the Company’s CreekView 121 park, which is currently 97% leased, to 772,000 square feet.

DIVIDENDS

EastGroup declared a cash dividend of $0.79 per share in the first quarter of 2021. The first quarter dividend, which was paid on April 15, 2021, was the Company’s 165th consecutive quarterly cash distribution to shareholders.  The Company has increased or maintained its dividend for 28 consecutive years and has increased it 25 years over that period, including increases in each of the last nine years.  The annualized dividend rate of $3.16 per share yielded 2.0% on the closing stock price of $156.42 on April 26, 2021.

FINANCIAL STRENGTH AND FLEXIBILITY

EastGroup continues to maintain a strong and flexible balance sheet.  Debt-to-total market capitalization was 18.4% at March 31, 2021.  For the first quarter of 2021, the Company’s interest and fixed charge coverage ratio was 7.97x

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

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and its ratio of debt to earnings before interest, taxes, depreciation and amortization for real estate (“EBITDAre”) was 4.87x. EBITDAre is a non-GAAP financial measure defined under Definitions later in this release. A reconciliation of Net Income to EBITDAre is presented in the attached schedule “Reconciliations of GAAP to Non-GAAP Measures.”

During the first quarter, EastGroup issued and sold 317,538 shares of common stock under its continuous common equity offering program at an average price of $141.72 per share, providing aggregate net proceeds to the Company of approximately $44 million.

In March 2021, the Company closed a $50 million senior unsecured term loan with a four-year term and interest only payments, which bears interest at the annual rate of LIBOR plus an applicable margin based on the Company’s senior unsecured long-term debt rating. The Company also entered into an interest rate swap agreement to convert the loan’s LIBOR rate component to a fixed interest rate for the entire term of the loan, providing a total effective fixed interest rate of 1.55%.

During the first quarter, the Company and a group of lenders agreed to terms on the private placement of $125 million of senior unsecured notes with a fixed interest rate of 2.74% and a 10-year term. The notes dated April 8, 2021, are intended to be issued and sold in June 2021 and require interest-only payments. 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.

In March 2021, EastGroup repaid (with no penalty) a mortgage loan with a balance of approximately $41 million, an interest rate of 4.75% and an original maturity date of June 5, 2021.

OUTLOOK FOR 2021

EPS for 2021 is now estimated to be in the range of $2.53 to $2.63.  Estimated FFO per share attributable to common stockholders for 2021 is now estimated to be in the range of $5.74 to $5.84. 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. The Company assumes no obligation to update publicly any forward-looking statements, including its outlook for 2021, 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.

Low Range High Range
Q2 2021 Y/E 2021 Q2 2021 Y/E 2021
(In thousands, except per share data)
Net income attributable to common stockholders $ 25,027 101,712 26,629 105,728
Depreciation and amortization 31,681 128,917 31,681 128,917
Funds from operations attributable to common stockholders $ 56,708 230,629 58,310 234,645
Diluted shares 40,074 40,163 40,074 40,163
Per share data (diluted):
Net income attributable to common stockholders $ 0.62 2.53 0.66 2.63
Funds from operations attributable to common stockholders 1.42 5.74 1.46 5.84

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

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The following assumptions were used for the mid-point:

Metrics Revised Guidance for Year 2021 Initial Guidance for Year 2021 Actual for Year 2020
FFO per share $5.74 - $5.84 $5.63 - $5.73 $5.38
FFO per share increase over prior year 7.6% 5.6% 8.0%
Same PNOI growth: cash basis(1) 3.9% - 4.9%(2) 3.5% - 4.5%(2) 3.2%
Average month-end occupancy 96.1% - 97.1% 95.9% - 96.9% 96.7%
Lease termination fee income $800,000 $585,000 $709,000
Reserves for uncollectible rent (No identified bad debts for Q2-Q4) $1.1 million $1.8 million $2.8 million
Development starts:
Square feet 2.1 million 2.0 million 851,000
Projected total investment $210 million $205 million $91 million
Value-add property acquisitions (Projected total investment) $35 million $35 million $29 million
Operating property acquisitions $10 million $30 million $49 million
Operating property dispositions<br><br>(Potential gains on dispositions are not included in the projections) $60 million $60 million $21 million
Unsecured debt closing in period $250 million at 2.58% weighted<br>average interest rate $250 million at 2.70% weighted<br>average interest rate $275 million at 2.56% weighted average interest rate
Common stock issuances $140 million $140 million $94 million
General and administrative expense $17.8 million $16.2 million $14.4 million

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

(2) Includes properties which have been in the operating portfolio since 1/1/20 and are projected to be in the operating portfolio through 12/31/21; includes 40,832,000 square feet.

DEFINITIONS

The Company’s chief decision makers use two primary measures of operating results in making decisions: (1) funds from operations attributable to common stockholders (“FFO”) 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

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

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

FFO and PNOI are supplemental industry reporting measurements used to evaluate the performance of the Company’s investments in real estate assets and its operating results. The Company believes that the exclusion of depreciation and amortization in the industry’s calculations of PNOI and FFO provides supplemental indicators of the properties’ performance since real estate values have historically risen or fallen with market conditions.  PNOI and FFO as calculated by the Company may not be comparable to similarly titled but differently calculated measures for other REITs.  Investors should be aware that items excluded from or added back to FFO are significant components in understanding and assessing the Company’s financial performance.

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

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

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

CONFERENCE CALL

EastGroup will host a conference call and webcast to discuss the results of its first quarter and review the Company’s current operations on Wednesday, April 28, 2021, at 11:00 a.m. Eastern Time.  A live broadcast of the conference call is available by dialing 1-877-240-5772 (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, May 5, 2021.  The telephone replay can be accessed by dialing 1-877-344-7529 (access code 10153710), and the webcast replay can be accessed through a link on the Company’s website at www.eastgroup.net.

SUPPLEMENTAL INFORMATION

Supplemental financial information is available under Quarterly Results in the Investor Relations section of the Company’s website at www.eastgroup.net 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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COMPANY INFORMATION

EastGroup Properties, Inc. (NYSE: EGP), an S&P MidCap 400 company, 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 15,000 to 70,000 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.  EastGroup’s portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 47 million square feet.  EastGroup Properties, Inc. press releases are available on the Company’s website at www.eastgroup.net.

FORWARD-LOOKING STATEMENTS

The statements and certain other information contained in this press release, which can be identified by the use of forward-looking terminology such as “may,” “will,” “seek,” “expects,” “anticipates,” “believes,” “targets,” “intends,” “should,” “estimates,” “could,” “continue,” “assume,” “projects” 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:

•international, national, regional and local economic conditions;

•the duration and extent of the impact of the coronavirus (“COVID-19”) pandemic and any related orders or other formal recommendations for social distancing on our business operations or the business operations of our tenants (including their ability to timely make rent payments) and the economy generally;

•disruption in supply and delivery chains;

•the general level of 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;

•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 significant uncertainty as to when and the conditions under which current or potential tenants will be able to operate physical locations in the future;

•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 outbreak of COVID-19;

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

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•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;

•lack of or insufficient amounts of insurance;

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

•our ability to retain key personnel;

•the consequences of future terrorist attacks or civil unrest; and

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

All forward-looking statements should be read in light of the risks identified in Part I, Item 1A. Risk Factors within the Company’s most recent Annual Report on Form 10-K 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
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended
March 31,
2021 2020
REVENUES
Income from real estate operations $ 97,917 88,577
Other revenue 14 51
97,931 88,628
EXPENSES
Expenses from real estate operations 27,820 25,829
Depreciation and amortization 30,313 27,892
General and administrative 4,036 3,281
Indirect leasing costs 330 108
62,499 57,110
OTHER INCOME (EXPENSE)
Interest expense (8,276) (8,457)
Other 201 237
NET INCOME 27,357 23,298
Net income attributable to noncontrolling interest in joint ventures (18) (1)
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS 27,339 23,297
Other comprehensive income (loss) - interest rate swaps 8,214 (15,790)
TOTAL COMPREHENSIVE INCOME $ 35,553 7,507
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders $ 0.69 0.60
Weighted average shares outstanding 39,673 38,882
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders $ 0.69 0.60
Weighted average shares outstanding 39,765 38,961
EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
---
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
2021 2020
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS $ 27,339 23,297
Depreciation and amortization 30,313 27,892
Company’s share of depreciation from unconsolidated investment 34 35
Depreciation and amortization from noncontrolling interest — (42)
FUNDS FROM OPERATIONS (“FFO”) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 57,686 51,182
NET INCOME $ 27,357 23,298
Interest expense (1) 8,276 8,457
Depreciation and amortization 30,313 27,892
Company’s share of depreciation from unconsolidated investment 34 35
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (“EBITDA”) 65,980 59,682
Gain on sales of real estate investments and non-operating real estate — —
EBITDA FOR REAL ESTATE (“EBITDAre”) $ 65,980 59,682
Debt $ 1,286,063 1,250,403
Debt-to-EBITDAre ratio 4.87 5.24
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders $ 0.69 0.60
FFO attributable to common stockholders $ 1.45 1.31
Weighted average shares outstanding for EPS and FFO purposes 39,765 38,961
(1)  Net of capitalized interest of 2,237 and 2,561 for the three months ended March 31, 2021 and 2020, respectively.

All values are in US Dollars.

EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (Continued)
(IN THOUSANDS)
(UNAUDITED)
2021 2020
NET INCOME $ 27,357 23,298
Interest income (1) (29)
Other revenue (14) (51)
Indirect leasing costs 330 108
Depreciation and amortization 30,313 27,892
Company’s share of depreciation from unconsolidated investment 34 35
Interest expense (1) 8,276 8,457
General and administrative expense (2) 4,036 3,281
Noncontrolling interest in PNOI of consolidated joint ventures (15) (43)
PROPERTY NET OPERATING INCOME (“PNOI”) 70,316 62,948
PNOI from 2020 acquisitions (684) (41)
PNOI from 2020 and 2021 development and value-add properties (5,068) (2,011)
PNOI from 2020 operating property dispositions — (234)
Other PNOI 59 47
SAME PNOI (Straight-Line Basis) 64,623 60,709
Net lease termination fee income from same properties (576) (444)
SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Straight-Line Basis) 64,047 60,265
Straight-line rent adjustments for same properties (791) (325)
Acquired leases - market rent adjustment amortization for same properties (188) (368)
SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Cash Basis) $ 63,068 59,572
(1) Net of capitalized interest of 2,237 and 2,561 for the three months ended March 31, 2021 and 2020, respectively.
(2) Net of capitalized development costs of 1,689 and 1,844 for the three months ended March 31, 2021 and 2020, respectively.

All values are in US Dollars.

supplementalinformation_

2021  FIRST QUARTER Conference Call 877-240-5772 | ID – EastGroup April 28, 2021 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 March 31, 2021

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 2021 ........................................................................................................ 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” 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: international, national, regional and local economic conditions; the duration and extent of the impact of the coronavirus (“COVID-19”) pandemic and any related orders or other formal recommendations for social distancing on our business operations or the business operations of our tenants (including their ability to timely make rent payments) and the economy generally; disruption in supply and delivery chains; the general level of 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; 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 significant uncertainty as to when and the conditions under which current or potential tenants will be able to operate physical locations in the future; 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 outbreak of COVID-19; 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; lack of or insufficient amounts of insurance; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; our ability to retain key personnel; the consequences of future terrorist attacks or civil unrest; and environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us. All forward-looking statements should be read in light of the risks identified in Part I, Item 1A. Risk Factors within the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, 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 2021, whether as a result of new information, future events or otherwise.

Page 3 of 24 Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) March 31, 2021 December 31, 2020 ASSETS Real estate properties 3,230,418$ 3,159,497 Development and value-add properties 346,245 359,588 3,576,663 3,519,085 Less accumulated depreciation (979,709) (955,328) 2,596,954 2,563,757 Unconsolidated investment 7,646 7,446 Cash 68 21 Other assets 152,253 149,579 TOTAL ASSETS 2,756,921$ 2,720,803 LIABILITIES AND EQUITY LIABILITIES Unsecured bank credit facilities 91,638$ 124,194 Unsecured debt 1,157,642 1,107,708 Secured debt 36,783 78,993 Accounts payable and accrued expenses 88,232 69,573 Other liabilities 65,828 69,817 Total Liabilities 1,440,123 1,450,285 EQUITY Stockholders' Equity: Common shares; $0.0001 par value; 70,000,000 shares authorized; 40,021,537 shares issued and outstanding at March 31, 2021 and 39,676,828 at December 31, 2020 4 4 Excess shares; $0.0001 par value; 30,000,000 shares authorized; no shares issued - - Additional paid-in capital 1,652,445 1,610,053 Distributions in excess of earnings (334,000) (329,667) Accumulated other comprehensive loss (2,538) (10,752) Total Stockholders' Equity 1,315,911 1,269,638 Noncontrolling interest in joint ventures 887 880 Total Equity 1,316,798 1,270,518 TOTAL LIABILITIES AND EQUITY 2,756,921$ 2,720,803

Page 4 of 24 Consolidated Statements of Income and Comprehensive Income (In thousands, except per share data) (Unaudited) 2021 2020 REVENUES Income from real estate operations 97,917$ 88,577 Other revenue 14 51 97,931 88,628 EXPENSES Expenses from real estate operations 27,820 25,829 Depreciation and amortization 30,313 27,892 General and administrative 4,036 3,281 Indirect leasing costs 330 108 62,499 57,110 OTHER INCOME (EXPENSE) Interest expense (8,276) (8,457) Other 201 237 NET INCOME 27,357 23,298 Net income attributable to noncontrolling interest in joint ventures (18) (1) NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS 27,339 23,297 Other comprehensive income (loss) - interest rate swaps 8,214 (15,790) TOTAL COMPREHENSIVE INCOME 35,553$ 7,507 BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 0.69$ 0.60 Weighted average shares outstanding 39,673 38,882 DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 0.69$ 0.60 Weighted average shares outstanding 39,765 38,961 March 31, Three Months Ended

Page 5 of 24 Reconciliations of GAAP to Non-GAAP Measures (In thousands, except per share data) (Unaudited) 2021 2020 NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS 27,339$ 23,297 Depreciation and amortization 30,313 27,892 Company's share of depreciation from unconsolidated investment 34 35 Depreciation and amortization from noncontrolling interest - (42) FUNDS FROM OPERATIONS ("FFO") ATTRIBUTABLE TO COMMON STOCKHOLDERS 57,686$ 51,182 NET INCOME 27,357$ 23,298 Interest expense (1) 8,276 8,457 Depreciation and amortization 30,313 27,892 Company's share of depreciation from unconsolidated investment 34 35 EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA") 65,980 59,682 Gain on sales of real estate investments and non-operating real estate - - EBITDA FOR REAL ESTATE ("EBITDAre") 65,980$ 59,682 DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 0.69$ 0.60 FFO attributable to common stockholders 1.45$ 1.31 Weighted average shares outstanding for EPS and FFO purposes 39,765 38,961 (1) Net of capitalized interest of $2,237 and $2,561 for the three months ended March 31, 2021 and 2020, respectively. Three Months Ended March 31,

Page 6 of 24 Reconciliations of GAAP to Non-GAAP Measures (Continued) (In thousands) (Unaudited) 2021 2020 NET INCOME 27,357$ 23,298 Interest income (1) (29) Other revenue (14) (51) Indirect leasing costs 330 108 Depreciation and amortization 30,313 27,892 Company's share of depreciation from unconsolidated investment 34 35 Interest expense (1) 8,276 8,457 General and administrative expense (2) 4,036 3,281 Noncontrolling interest in PNOI of consolidated joint ventures (15) (43) PROPERTY NET OPERATING INCOME ("PNOI") 70,316 62,948 PNOI from 2020 acquisitions (684) (41) PNOI from 2020 and 2021 development and value-add properties (5,068) (2,011) PNOI from 2020 operating property dispositions - (234) Other PNOI 59 47 SAME PNOI (Straight-Line Basis) 64,623 60,709 Net lease termination fee income from same properties (576) (444) SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Straight-Line Basis) 64,047 60,265 Straight-line rent adjustments for same properties (791) (325) Acquired leases — market rent adjustment amortization for same properties (188) (368) SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Cash Basis) 63,068$ 59,572 March 31, (1) Net of capitalized interest of $2,237 and $2,561 for the three months ended March 31, 2021 and 2020, respectively. (2) Net of capitalized development costs of $1,689 and $1,844 for the three months ended March 31, 2021 and 2020, respectively. Three Months Ended

Page 7 of 24 Consolidated Statements of Cash Flows (In thousands) (Unaudited) 2021 2020 OPERATING ACTIVITIES Net income 27,357$ 23,298 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 30,313 27,892 Stock-based compensation expense 1,597 1,226 Changes in operating assets and liabilities: Accrued income and other assets 577 1,090 Accounts payable, accrued expenses and prepaid rent 18,842 (2,572) Other 136 505 NET CASH PROVIDED BY OPERATING ACTIVITIES 78,822 51,439 INVESTING ACTIVITIES Development and value-add properties (47,539) (69,687) Purchases of real estate - (6,231) Real estate improvements (9,128) (9,396) Repayments on mortgage loans receivable - 7 Changes in accrued development costs 870 1,437 Changes in other assets and other liabilities (8,122) (14,754) NET CASH USED IN INVESTING ACTIVITIES (63,919) (98,624) FINANCING ACTIVITIES Proceeds from unsecured bank credit facilities 96,798 221,777 Repayments on unsecured bank credit facilities (129,480) (251,524) Proceeds from unsecured debt 50,000 100,000 Repayments on secured debt (42,263) (2,220) Debt issuance costs (223) (564) Distributions paid to stockholders (not including dividends accrued) (31,863) (29,947) Proceeds from common stock offerings 46,427 14,734 Other (4,252) (4,624) NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (14,856) 47,632 INCREASE IN CASH AND CASH EQUIVALENTS 47 447 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 21 224 CASH AND CASH EQUIVALENTS AT END OF PERIOD 68$ 671 SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest, net of amounts capitalized of $2,237 and $2,561 for 2021 and 2020, respectively 6,503$ 8,181 Cash paid for operating lease liabilities 375 361 NON-CASH OPERATING ACTIVITY Operating lease liabilities arising from obtaining right of use assets 348$ 495 Three Months Ended March 31,

Page 8 of 24 Same Property Portfolio Analysis (In thousands) (Unaudited) 2021 2020 % Change Same Property Portfolio (1) Square feet as of period end 41,305 41,305 Average occupancy 97.5% 96.8% 0.7% Occupancy as of period end 97.6% 96.8% 0.8% Same Property Portfolio Analysis (Cash Basis) (1) Income from real estate operations 89,354$ 84,969 5.2% Less cash received for lease terminations (673) (456) Income excluding lease termination income 88,681 84,513 4.9% Expenses from real estate operations (25,613) (24,941) 2.7% PNOI excluding income from lease terminations 63,068$ 59,572 5.9% Same Property Portfolio Analysis (Straight-Line Basis) (1) Income from real estate operations 90,236$ 85,650 5.4% Less cash received for lease terminations (673) (456) Add straight-line rent write-offs for lease terminations 97 12 Income excluding lease termination income 89,660 85,206 5.2% Expenses from real estate operations (25,613) (24,941) 2.7% PNOI excluding income from lease terminations 64,047$ 60,265 6.3% (1) Includes properties which were included in the operating portfolio for the entire period of 1/1/20 through 3/31/21. March 31, Three Months Ended

Page 9 of 24 Additional Financial Information (In thousands) (Unaudited) 2021 2020 SELECTED INCOME STATEMENT INFORMATION Straight-line rent income adjustment 1,867$ 1,290 Recoveries (reserves) for uncollectible straight-line rent 200 (367) Net straight-line rent adjustment 2,067 923 Cash received for lease terminations 673 456 Less straight-line rent write-offs (97) (12) Net lease termination fee income 576 444 (Reserves) for uncollectible cash rent (122) (128) Stock-based compensation expense (1,597) (1,226) Debt issuance costs amortization (341) (336) Indirect leasing costs (330) (108) Acquired leases - market rent adjustment amortization 229 374 2021 2020 WEIGHTED AVERAGE COMMON SHARES Weighted average common shares 39,673 38,882 BASIC SHARES FOR EARNINGS PER SHARE ("EPS") 39,673 38,882 Potential common shares: Unvested restricted stock 92 79 DILUTED SHARES FOR EPS AND FFO 39,765 38,961 March 31, Three Months Ended Three Months Ended March 31, (Items below represent increases or (decreases) in FFO)

Page 10 of 24 Financial Statistics ($ in thousands, except per share data) (Unaudited) Quarter Ended 3/31/2021 2020 2019 2018 2017 ASSETS/MARKET CAPITALIZATION Assets 2,756,921$ 2,720,803 2,546,078 2,131,705 1,953,221 Equity Market Capitalization 5,734,286 5,477,783 5,164,306 3,348,269 3,071,927 Total Market Capitalization (Debt and Equity) (1) 7,023,432 6,791,879 6,350,438 4,458,037 4,183,620 Shares Outstanding - Common 40,021,537 39,676,828 38,925,953 36,501,356 34,758,167 Price per share 143.28$ 138.06 132.67 91.73 88.38 FFO CHANGE FFO per diluted share (2) 1.45$ 5.38 4.98 4.66 4.25 Change compared to same period prior year 10.7% 8.0% 6.9% 9.6% 6.3% COMMON DIVIDEND PAYOUT RATIO Dividend distribution 0.79$ 3.08 2.94 2.72 2.52 FFO per diluted share (2) 1.45 5.38 4.98 4.66 4.25 Dividend payout ratio 54% 57% 59% 58% 59% COMMON DIVIDEND YIELD Dividend distribution 0.79$ 3.08 2.94 2.72 2.52 Price per share 143.28 138.06 132.67 91.73 88.38 Dividend yield 2.21% 2.23% 2.22% 2.97% 2.85% FFO MULTIPLE FFO per diluted share (2) 1.45$ 5.38 4.98 4.66 4.25 Price per share 143.28 138.06 132.67 91.73 88.38 Multiple 24.70 25.66 26.64 19.68 20.80 INTEREST & FIXED CHARGE COVERAGE RATIO EBITDAre 65,980$ 245,669 221,517 200,788 180,214 Interest expense 8,276 33,927 34,463 35,106 34,775 Interest and fixed charge coverage ratio 7.97 7.24 6.43 5.72 5.18 DEBT-TO-EBITDAre RATIO Debt 1,286,063$ 1,310,895 1,182,602 1,105,787 1,108,282 EBITDAre 65,980 245,669 221,517 200,788 180,214 Debt-to-EBITDAre ratio 4.87 5.34 5.34 5.51 6.15 Adjusted debt-to-pro forma EBITDAre ratio 4.17 4.43 3.92 4.73 5.45 DEBT-TO-TOTAL MARKET CAPITALIZATION (1) 18.4% 19.3% 18.7% 24.9% 26.6% 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. Years Ended (2) In connection with the Company's adoption of the Nareit Funds from Operations White Paper - 2018 Restatement, the Company now 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.

Page 11 of 24 Development and Value-Add Properties Summary ($ in thousands) (Unaudited) Anticipated 1st Qtr Cumulative Projected Conversion % Leased Square Feet (SF) 2021 at 3/31/21 Total Costs Date (1) 4/26/21 Lease-up World Houston 44 Houston, TX 134,000 242$ 8,368 9,700 05/21 50% Gateway 4 Miami, FL 197,000 429 22,476 26,700 06/21 28% Interstate Commons 2 (2) Phoenix, AZ 142,000 31 12,272 12,500 06/21 89% Tri-County Crossing 3 & 4 San Antonio, TX 203,000 811 15,220 16,500 06/21 48% Settlers Crossing 3 & 4 Austin, TX 173,000 1,628 19,132 21,000 07/21 100% Northwest Crossing 1-3 Houston, TX 278,000 681 23,003 25,900 09/21 53% Ridgeview 1 & 2 San Antonio, TX 226,000 550 17,643 19,000 10/21 39% SunCoast 7 Fort Myers, FL 77,000 121 7,494 9,000 11/21 50% LakePort 1-3 Dallas, TX 194,000 231 20,012 22,500 12/21 10% Access Point 1 (2) Greenville, SC 156,000 10,706 10,706 12,000 01/22 70% Total Lease-up 1,780,000 15,430 156,326 174,800 52% Wgt Avg % Lease-Up: Projected Stabilized Yield (3) 7.1% Under Construction Gilbert Crossroads C & D Phoenix, AZ 178,000 4,373 10,990 21,400 06/22 0% Horizon West 2 & 3 Orlando, FL 210,000 9,915 9,915 18,200 07/22 0% Grand Oaks 75 3 Tampa. FL 136,000 4,914 4,914 11,200 07/22 0% Steele Creek X Charlotte, NC 162,000 4,369 8,603 12,600 07/22 0% Basswood 1 & 2 Fort Worth, TX 237,000 2,569 7,323 22,100 10/22 0% Total Under Construction 923,000 26,140 41,745 85,500 0% Wgt Avg % Under Construction: Projected Stabilized Yield (3) 7.2% 34% Wgt Avg % Development: Projected Stabilized Yield (3) 7.2% Value-Add: Projected Stabilized Yield (3) 6.8% Prospective Development Acres Projected SF San Diego, CA (4) 42 519,000 19,541 19,541 Fort Myers, FL 49 622,000 139 8,005 Miami, FL 34 376,000 249 20,545 Orlando, FL (5) 106 1,278,000 (4,673) 23,005 Tampa, FL (5) 17 213,000 (2,139) 3,584 Atlanta, GA 11 140,000 13 1,405 Jackson, MS 3 28,000 - 706 Charlotte, NC 30 313,000 45 4,370 Dallas, TX 62 701,000 529 23,407 El Paso, TX 13 168,000 232 2,819 Fort Worth, TX 50 652,000 256 14,806 Houston, TX 84 1,223,000 298 21,056 San Antonio, TX 24 366,000 60 4,925 Total Prospective Development 525 6,599,000 14,550 148,174 Total Development and Value-Add Properties 525 9,302,000 56,120$ 346,245 (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) These value-add projects were acquired by EastGroup. (3) Weighted average yield based on estimated annual property net operating income on a straight-line basis at 100% occupancy divided by projected total costs. (4) A portion of these costs were transferred from Real estate properties . (5) Negative amounts represent land inventory costs transferred to Under Construction. Costs Incurred

Page 12 of 24 Development and Value-Add Properties Transferred to Real Estate Properties ($ in thousands) (Unaudited) 1st Qtr Cumulative Conversion % Leased Square Feet (SF) 2021 at 3/31/21 Date 4/26/21 1st Quarter Gilbert Crossroads A & B Phoenix, AZ 140,000 214$ 16,982 01/21 100% CreekView 121 7 & 8 Dallas, TX 137,000 1,098 17,657 03/21 100% Hurricane Shoals 3 Atlanta, GA 101,000 959 9,770 03/21 100% Northpoint 200 (1)(2) Atlanta, GA 79,000 6,861 6,861 03/21 100% Rancho Distribution Center (1) Los Angeles, CA 162,000 42 27,367 03/21 100% Total Transferred to Real Estate Properties 619,000 9,174$ 78,637 Projected Stabilized Yield (3) 6.5% 100.0% Wgt Avg % (1) These value-add projects were acquired by EastGroup. (2) This value-add project was acquired by EastGroup on 1/21/21. During the first quarter, the project became 100% occupied and therefore, transferred to Real estate properties . (3) Weighted average yield based on estimated annual property net operating income on a straight-line basis at 100% occupancy divided by projected total costs. Costs Incurred

Page 13 of 24 Acquisitions and Dispositions Through March 31, 2021 ($ in thousands) (Unaudited) Date Property Name Location Size Purchase Price (1) 1 st Quarter 01/15/21 Access Point 1 Greenville, SC 156,000 SF 10,501$ (2) 01/21/21 Northpoint 200 Atlanta, GA 79,000 SF 6,516 (3) Total Acquisitions 235,000 SF 17,017$ Date Property Name Location Size Gross Sales Price 1st Quarter None (3) Value-add property acquisition at date of purchase. During the first quarter, the property became 100% occupied and therefore, transferred to Real estate properties . DISPOSITIONS ACQUISITIONS (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

Page 14 of 24 Real Estate Improvements and Leasing Costs (In thousands) (Unaudited) REAL ESTATE IMPROVEMENTS 2021 2020 Upgrade on Acquisitions 45$ 24 Tenant Improvements: New Tenants 2,642 3,044 Renewal Tenants 677 1,329 Other: Building Improvements 1,783 1,218 Roofs 3,015 937 Parking Lots 262 36 Other 161 347 TOTAL REAL ESTATE IMPROVEMENTS (2) 8,585$ 6,935 CAPITALIZED LEASING COSTS (Principally Commissions) (1) Development and Value-Add 2,828$ 1,763 New Tenants 4,347 1,027 Renewal Tenants 1,954 2,933 TOTAL CAPITALIZED LEASING COSTS 9,129$ 5,723 (1) Included in Other Assets . (2) Reconciliation of Total Real Estate Improvements to Real Estate Improvements on the Consolidated Statements of Cash Flows: 2021 2020 Total Real Estate Improvements 8,585$ 6,935 Change in Real Estate Property Payables 292 337 Change in Construction in Progress 251 2,124 9,128$ 9,396 March 31, Real Estate Improvements on the Consolidated Statements of Cash Flows March 31, Three Months Ended Three Months Ended

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 March 31, 2021 Leases Signed Signed Average Term Straight-Line Basis Cash Basis Improvement (1) Commission (1) Leasing Cost (1) (In Thousands) (In Years) New Leases (2) 47 1,288 6.3 32.2% 22.8% 4.62$ 3.61$ 8.23$ Renewal Leases 50 1,343 4.2 19.3% 9.5% 1.06 1.40 2.46 Total/Weighted Average 97 2,631 5.2 25.8% 16.1% 2.81$ 2.48$ 5.29$ Per Year 0.54$ 0.48$ 1.02$ Weighted Average Retention (3) 59.3% 03/31/21 12/31/20 09/30/20 06/30/20 03/31/20 Percentage Leased 98.3% 98.0% 97.8% 97.5% 97.3% Percentage Occupied 97.2% 97.3% 96.4% 97.0% 96.7% (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 on properties acquired or developed by EastGroup. (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).

Page 16 of 24 Core Market Operating Statistics March 31, 2021 (Unaudited) Total Square Feet % Annualized % % Straight-Line Cash Straight-Line Cash of Properties of Total Base Rent (1) Leased Occupied 2021 (2) 2022 Basis Basis (4) Basis Basis (4) Florida Tampa 4,496,000 10.1% 9.6% 97.7% 97.6% 632,000 673,000 7.0% 6.2% 28.1% 17.7% Orlando 3,685,000 8.3% 8.6% 97.9% 97.2% 253,000 735,000 1.8% 1.6% 21.9% 12.4% Jacksonville 2,273,000 5.1% 4.2% 99.8% 99.7% 477,000 595,000 8.9% 7.6% 0.2% -4.0% Miami/Fort Lauderdale 1,459,000 3.3% 4.0% 96.3% 95.2% 88,000 124,000 -0.3% 1.5% 24.6% 15.0% Fort Myers 549,000 1.2% 1.6% 100.0% 100.0% - 74,000 1.5% 7.7% 18.2% 6.3% 12,462,000 28.0% 28.0% 98.1% 97.7% 1,450,000 2,201,000 4.4% 4.4% 23.7% 13.8% Texas Houston 5,795,000 13.0% 12.8% 96.9% 94.5% 505,000 1,040,000 1.8% 6.0% -10.5% -15.4% Dallas 3,912,000 8.8% 8.1% 100.0% 99.6% 208,000 758,000 4.1% 2.9% 13.4% 3.2% San Antonio 3,664,000 8.2% 8.8% 97.0% 95.9% 302,000 441,000 0.9% 1.0% 9.3% 2.2% El Paso 957,000 2.2% 1.6% 99.4% 99.4% 108,000 118,000 10.3% 9.5% 36.9% 27.1% Austin 953,000 2.1% 2.9% 100.0% 100.0% 92,000 164,000 15.6% 21.7% N/A N/A Fort Worth 794,000 1.8% 1.4% 87.2% 85.2% - 41,000 11.5% 4.0% N/A N/A 16,075,000 36.1% 35.6% 97.5% 96.2% 1,215,000 2,562,000 3.7% 5.3% 3.1% -4.3% California Los Angeles  (5) 2,484,000 5.6% 7.0% 100.0% 100.0% 311,000 550,000 36.7% 14.6% 53.4% 43.8% San Francisco 1,045,000 2.4% 2.9% 100.0% 100.0% 113,000 202,000 36.4% 25.8% N/A N/A San Diego 867,000 1.9% 2.3% 100.0% 90.5% 67,000 22,000 -12.0% -1.6% 52.5% 39.0% Fresno 398,000 0.9% 0.7% 99.0% 94.7% 106,000 78,000 -1.9% 4.7% 6.8% 0.7% 4,794,000 10.8% 12.9% 99.9% 97.8% 597,000 852,000 23.0% 13.0% 52.7% 42.1% Arizona Phoenix 2,642,000 5.9% 6.2% 99.0% 99.0% 372,000 419,000 16.0% 18.8% 23.9% 11.4% Tucson 848,000 1.9% 1.6% 100.0% 100.0% 10,000 16,000 -4.1% -16.4% 1.2% -4.3% 3,490,000 7.8% 7.8% 99.3% 99.3% 382,000 435,000 10.2% 9.2% 16.2% 6.2% Other Core Charlotte 3,407,000 7.7% 6.7% 97.9% 97.1% 300,000 894,000 -1.0% -0.4% 17.2% 9.5% Atlanta 1,156,000 2.6% 1.9% 100.0% 100.0% 45,000 91,000 -0.9% -4.9% 7.6% 3.0% Denver 886,000 2.0% 2.5% 97.6% 97.6% 119,000 211,000 -0.3% 6.4% 54.0% 28.9% Las Vegas 754,000 1.7% 1.9% 100.0% 91.6% 221,000 115,000 -1.8% 1.1% 1.4% -1.2% 6,203,000 14.0% 13.0% 98.5% 97.0% 685,000 1,311,000 -0.9% 0.5% 21.0% 11.4% Total Core Markets 43,024,000 96.7% 97.3% 98.2% 97.2% 4,329,000 7,361,000 6.3% 5.7% 26.3% 16.9% Total Other Markets 1,448,000 3.3% 2.7% 98.6% 98.6% 64,000 174,000 6.3% 12.6% 15.9% 2.4% Total Operating Properties 44,472,000 100.0% 100.0% 98.3% 97.2% 4,393,000 7,535,000 6.3% 5.9% 25.8% 16.1% (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 on properties acquired or developed by EastGroup. (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. in Square Feet QTR QTRLease Expirations Rental Change (excluding income from lease terminations) New and Renewal Leases (3) Same Property PNOI Change

Page 17 of 24 Lease Expiration Summary Total Square Feet of Operating Properties Based On Leases Signed Through March 31, 2021 ($ 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 773,000 1.7% -$ 0.0% 2021 - remainder of year (1) 4,393,000 9.9% 30,136 10.8% 2022 7,535,000 16.9% 47,748 17.2% 2023 6,674,000 15.0% 42,580 15.3% 2024 7,275,000 16.4% 46,268 16.6% 2025 5,729,000 12.9% 38,849 14.0% 2026 4,903,000 11.0% 29,193 10.5% 2027 2,560,000 5.8% 17,388 6.2% 2028 1,763,000 4.0% 8,837 3.2% 2029 1,027,000 2.3% 6,694 2.4% 2030 and beyond 1,840,000 4.1% 10,610 3.8% TOTAL 44,472,000 100.0% 278,303$ 100.0% (1) Includes month-to-month leases.

Page 18 of 24 Top 10 Customers by Annualized Base Rent As of March 31, 2021 (Unaudited) % of Total # of % of Total Annualized Customer Leases Location Portfolio Base Rent (1) 1 Starship Logistics LLC 1 Los Angeles, CA 262,000 0.6% 1.1% 2 The Chamberlain Group 2 Tucson, AZ 350,000 1 Charlotte, NC 11,000 0.8% 0.9% 3 Amazon 1 San Diego, CA 191,000 1 San Antonio, TX 57,000 1 Tucson, AZ 10,000 0.6% 0.8% 4 Novolex Holdings LLC (2) 1 Los Angeles, CA 286,000 0.6% 0.8% 5 FedEx Corp. 1 Dallas, TX 157,000 1 Fort Myers, FL 63,000 1 Fort Lauderdale, FL 50,000 1 San Diego, CA 22,000 1 Jackson, MS 6,000 0.7% 0.8% 6 Essendant Co. 1 Orlando, FL 404,000 0.9% 0.8% 7 Mattress Firm 1 Houston, TX 202,000 1 Tampa, FL 109,000 1 Jacksonville, FL 49,000 1 Fort Myers, FL 25,000 0.9% 0.8% 8 Oceaneering International, Inc. 3 Orlando, FL 259,000 0.6% 0.7% 9 Agility 2 Houston, TX 246,000 0.6% 0.6% 10 Kuehne & Nagel, Inc. 2 Houston, TX 172,000 1 Charlotte, NC 71,000 0.5% 0.6% 26 3,002,000 6.8% 7.9% (1) Calculation: Customer Annualized Base Rent as of 03/31/21 (without S/L Rent) / Total Annualized Base Rent (without S/L Rent). (2) Formerly WNA Comet West, Inc. Leased Total SF

Page 19 of 24 Debt and Equity Market Capitalization March 31, 2021 ($ in thousands, except per share data) (Unaudited) Remainder of  2021 2022 2023 2024 2025 2026 and  Beyond Total Average  Years to  Maturity Unsecured debt (fixed rate)  (1) 40,000$          75,000        115,000      120,000      145,000      665,000        1,160,000            5.7                  Weighted average interest rate 2.34% 3.03% 2.96% 3.47% 3.12% 3.14% 3.12% Secured debt (fixed rate) Balloon payments ‐                  32,655 ‐              ‐              ‐              1,549 34,204 Amortization 2,016 115 119 122 128 124 2,624 2,016 32,770 119 122 128 1,673 36,828 1.0                  Weighted average interest rate 4.08% 4.09% 3.85% 3.85% 3.85% 3.85% 4.08% Total unsecured debt and secured debt 42,016$         107,770 115,119 120,122 145,128 666,673 1,196,828 5.6                  Weighted average interest rate 2.42% 3.35% 2.96% 3.47% 3.12% 3.14% 3.15% Unsecured debt and secured debt  (fixed rate) 1,196,828$          Unsecured bank credit facilities (variable rate) $45MM Line ‐ 1.111% ‐ matures 7/30/2022  7,318 $350MM Line ‐ 1.108% ‐ matures 7/30/2022 85,000 Total carrying amount of debt 1,289,146$          Total unamortized debt issuance costs (3,083) Total debt net of unamortized debt issuance costs 1,286,063$          Equity market capitalization Shares outstanding ‐ common 40,021,537 Price per share at quarter end 143.28$                Total equity market capitalization 5,734,286$          Total market capitalization (debt and equity)  (2) 7,023,432$          Total debt / total market capitalization  (2) 18.4% (1)  These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps (2)  Before deducting unamortized debt issuance costs

Page 20 of 24 Continuous Common Equity Program Through March 31, 2021 ($ 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 317,538 141.72$ 45,000$ (515)$ 44,485$ (1) As of April 27, 2021, the Company had common shares with an aggregate gross sales price of $611.1 million authorized and remaining for issuance under its continuous common equity program.

Page 21 of 24 Debt-to-EBITDAre Ratios ($ in thousands) (Unaudited) Quarter Ended Years Ended December 31, March 31, 2021 2020 2019 2018 2017 EBITDAre 65,980$ 245,669$ 221,517 200,788 180,214 Debt 1,286,063 1,310,895 1,182,602 1,105,787 1,108,282 DEBT-TO-EBITDAre RATIO 4.87 5.34 5.34 5.51 6.15 EBITDAre 65,980$ 245,669$ 221,517 200,788 180,214 Adjust for acquisitions as if owned for entire period - 1,906 5,590 1,909 859 Adjust for development and value-add properties in lease-up or under construction (705) (1,327) (2,072) (304) (679) Adjust for properties sold during the period - (1,081) (3,812) (474) (1,031) Pro Forma EBITDAre 65,275$ 245,167$ 221,223 201,919 179,363 Debt 1,286,063$ 1,310,895$ 1,182,602 1,105,787 1,108,282 Subtract development and value-add properties in lease-up or under construction (198,071) (225,964) (315,794) (149,860) (130,505) Adjusted Debt 1,087,992$ 1,084,931$ 866,808 955,927 977,777 ADJUSTED DEBT-TO-PRO FORMA EBITDAre RATIO 4.17 4.43 3.92 4.73 5.45

Page 22 of 24 Outlook for 2021 (Unaudited) Q2 2021 Y/E 2021 Q2 2021 Y/E 2021 Net income attributable to common stockholders 25,027$ 101,712 26,629 105,728 Depreciation and amortization 31,681 128,917 31,681 128,917 Funds from operations attributable to common stockholders 56,708$ 230,629 58,310 234,645 Diluted shares 40,074 40,163 40,074 40,163 Per share data (diluted): Net income attributable to common stockholders 0.62$ 2.53 0.66 2.63 Funds from operations attributable to common stockholders 1.42 5.74 1.46 5.84 The following assumptions were used for the mid-point: Metrics FFO per share $5.74 - $5.84 $5.63 - $5.73 $5.38 FFO per share increase over prior year 7.6% 5.6% 8.0% Same PNOI growth: cash basis (1) 3.9% - 4.9% (2) 3.5% - 4.5% (2) 3.2% Average month-end occupancy 96.1% - 97.1% 95.9% - 96.9% 96.7% Lease termination fee income $800,000 $585,000 $709,000 Reserves for uncollectible rent (No identified bad debts for Q2-Q4) $1.1 million $1.8 million $2.8 million Development starts: Square feet 2.1 million 2.0 million 851,000 Projected total investment $210 million $205 million $91 million Value-add property acquisitions (Projected total investment) $35 million $35 million $29 million Operating property acquisitions $10 million $30 million $49 million Operating property dispositions (Potential gains on dispositions are not included in the projections) $60 million $60 million $21 million Unsecured debt closing in period $250 million at 2.58% weighted average interest rate $250 million at 2.70% weighted average interest rate $275 million at 2.56% weighted average interest rate Common stock issuances $140 million $140 million $94 million General and administrative expense $17.8 million $16.2 million $14.4 million Low Range High Range (In thousands, except per share data) Revised Guidance for Year 2021 Initial Guidance for Year 2021 Actual for Year 2020 (2) Includes properties which have been in the operating portfolio since 1/1/20 and are projected to be in the operating portfolio through 12/31/21; includes 40,832,000 square feet. (1) Excludes straight-line rent adjustments, amortization of market rent intangibles for acquired leases, and income from lease terminations.

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

Page 24 of 24 Glossary of REIT Terms (Continued) Percentage Occupied: The percentage of total leasable square footage for which the lease term has commenced as of the close of the reporting period. Property Net Operating Income (“PNOI”): Income from real estate operations less Expenses from real estate operations (including market-based internal management fee expense) plus the Company’s share of income and property operating expenses from its less-than-wholly-owned real estate investments. PNOI is a non-GAAP, property-level supplemental measure of performance used to evaluate the performance of the Company’s investments in real estate assets and its operating results. Real Estate Investment Trust: 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, 2020 through March 31, 2021. 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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