Form 8-K - Current report

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): July 25, 2023

EASTGROUP PROPERTIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland

1-07094

13-2711135

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
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. ☐

1 of 2 Pages

ITEM 2.02 Results of Operations and Financial Condition

On July 25, 2023, EastGroup Properties, Inc. (the "Company") furnished the following documents: (i) a press release relating to its results of operations for the quarter ended June 30, 2023 and related matters; and (ii) quarterly supplemental financial information for the fiscal quarter ended June 30, 2023. 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 July 25, 2023.
99.2						Quarterly Supplemental Information for the Quarter Ended June 30, 2023.
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: July 25, 2023


			EASTGROUP PROPERTIES, INC.

			By: /s/ BRENT W. WOOD
			Brent W. Wood Executive Vice President, Chief Financial Officer and Treasurer

2 of 2 Pages


			Exhibit 99.1





			Contact:
			Marshall Loeb, President and CEO
			Brent Wood, CFO
EastGroup Properties Announces			(601) 354-3555

Second Quarter 2023 Results

Second Quarter 2023 Results

•Net Income Attributable to Common Stockholders of $0.97 Per Diluted Share for Second Quarter 2023 Compared to $1.09 Per Diluted Share for Second Quarter 2022 (There Were No Sales of Real Estate Investments in Second Quarter 2023; Gains on Sales of Real Estate Investments Were $11 Million, or $0.25 Per Diluted Share, in Second Quarter 2022)

•Funds from Operations (“FFO”) of $1.91 Per Share for Second Quarter 2023 Compared to $1.72 Per Share for Second Quarter 2022, an Increase of 11.0%

•FFO Excluding Gain on Casualties and Involuntary Conversion ($0.02 Per Share in Second Quarter 2023) of $1.89 Per Share Compared to $1.72 Per Share for the Same Quarter Last Year, an Increase of 9.9%

•Same Property Net Operating Income for the Same Property Pool Excluding Income From Lease Terminations Increased 5.9% on a Straight-Line Basis and 6.4% on a Cash Basis for Second Quarter 2023 Compared to the Same Period in 2022

•Operating Portfolio was 98.5% Leased and 98.2% Occupied as of June 30, 2023; Average Occupancy of Operating Portfolio was 98.1% in Each of the Second Quarters of 2023 and 2022

•Rental Rates on New and Renewal Leases Increased an Average of 52.8% on a Straight-Line Basis

•Acquired an Operating Property Containing 156,000 Square Feet for Approximately $34 Million

•Acquired 116.7 Acres of Development Land for Approximately $18 Million

•Started Construction of Three Development Projects Containing 365,000 Square Feet with Projected Total Costs of Approximately $53 Million

•Transferred Three Development and Value-Add Projects Totaling 391,000 Square Feet to the Operating Portfolio, Which Are Collectively 88% Leased

•Development and Value-Add Program Consisted of 21 Projects in 12 Cities (4.3 Million Square Feet) at June 30, 2023 with a Projected Total Investment of Approximately $537 Million

•Declared 174th Consecutive Quarterly Cash Dividend: $1.25 Per Share

•Sold 972,569 Shares of Common Stock Pursuant to the Company’s Continuous Common Equity Offering Program at a Weighted Average Price of $169.72 Per Share for Aggregate Net Proceeds of Approximately $163 Million

JACKSON, MISSISSIPPI, July 25, 2023 - EastGroup Properties, Inc. (NYSE: EGP) (the “Company”, “we”, “us” or “EastGroup”) announced today the results of its operations for the three and six months ended June 30, 2023.

Commenting on EastGroup’s performance, Marshall Loeb, CEO, stated, “Our team’s strong performance continues as evidenced by second quarter growth in FFO per share of 11%. The day-to-day industrial market remains solid producing a number of strong metrics, such as our percent leased, percent occupied, quarterly releasing spreads and same store net operating income growth. We’re pleased with our operational results, especially given continued global economic unease and capital markets dislocation. We remain judicious with capital allocation and incremental risk, particularly in this uncertain economic climate, which is one of the primary reasons we continually work to strengthen our balance sheet and maintain dry powder. Longer term, I remain bullish on the continued growth prospects for our shallow bay, last mile Sunbelt market portfolio.”

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

Page 1

EARNINGS PER SHARE

Three Months Ended June 30, 2023

On a diluted per share basis, earnings per common share (“EPS”) were $0.97 for the three months ended June 30, 2023, compared to $1.09 for the same period of 2022. The Company’s property net operating income (“PNOI”) increased by $15,109,000 ($0.34 per share) for the three months ended June 30, 2023, as compared to the same period of 2022. The increase in PNOI was offset by the following:

•EastGroup recognized no gains on sales of real estate investments during the three months ended June 30, 2023, as compared to $10,647,000 ($0.25 per share) during the same period of 2022.

•Depreciation and amortization expense increased by $4,834,000 ($0.11 per share) during the three months ended June 30, 2023, as compared to the same period of 2022.

•Interest expense increased by $3,605,000 ($0.08 per share) during the three months ended June 30, 2023, as compared to the same period of 2022.

Six Months Ended June 30, 2023

Diluted EPS for the six months ended June 30, 2023 was $1.99 compared to $2.62 for the same period of 2022. PNOI increased by $31,003,000 ($0.70 per share) for the six months ended June 30, 2023, as compared to the same period of 2022. The increase in PNOI was offset by the following:

•EastGroup recognized gains on sales of real estate investments of $4,809,000 ($0.11 per share) during the six months ended June 30, 2023, compared to $40,999,000 ($0.98 per share) for the six months ended June 30, 2022.

•Depreciation and amortization expense increased by $9,507,000 ($0.21 per share) during the six months ended June 30, 2023, as compared to the same period of 2022.

•Interest expense increased by $8,520,000 ($0.19 per share) during the six months ended June 30, 2023, as compared to the same period of 2022.

FUNDS FROM OPERATIONS AND PROPERTY NET OPERATING INCOME

Three Months Ended June 30, 2023

For the three months ended June 30, 2023, funds from operations attributable to common stockholders (“FFO”) were $1.91 per share compared to $1.72 per share during the same period of 2022, an increase of 11.0%.

FFO Excluding Gain on Casualties and Involuntary Conversion was $1.89 per share for the three months ended June 30, 2023; no Gain on Casualties and Involuntary Conversion was recognized in the same period of 2022.

PNOI increased by $15,109,000, or 17.5%, during the three months ended June 30, 2023, compared to the same period of 2022. PNOI increased $7,735,000 from newly developed and value-add properties, $3,975,000 from same property operations (based on the same property pool), $3,277,000 from 2022 and 2023 acquisitions, and $108,000 from operating properties sold in 2022 and 2023.

Same PNOI Excluding Income from Lease Terminations increased 5.9% on a straight-line basis for the three months ended June 30, 2023, compared to the same period of 2022; on a cash basis (excluding straight-line rent adjustments and amortization of above/below market rent intangibles), Same PNOI increased 6.4%.

On a straight-line basis, rental rates on new and renewal leases (4.1% of total square footage) increased an average of 52.8% during the three months ended June 30, 2023.

Six Months Ended June 30, 2023

FFO for the six months ended June 30, 2023, was $3.75 per share compared to $3.41 per share during the same period of 2022, an increase of 10.0%.

FFO Excluding Gain on Casualties and Involuntary Conversion was $3.71 per share for the six months ended June 30, 2023; no Gain on Casualties and Involuntary Conversion was recognized in the same period of 2022.

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

Page 2

PNOI increased by $31,003,000, or 18.4%, during the six months ended June 30, 2023, compared to the same period of 2022. PNOI increased $15,430,000 from newly developed and value-add properties, $8,603,000 from same property operations (based on the same property pool), and $7,316,000 from 2022 and 2023 acquisitions; PNOI decreased $260,000 from operating properties sold in 2022 and 2023.

Same PNOI Excluding Income from Lease Terminations increased 6.8% on a straight-line basis for the six months ended June 30, 2023, compared to the same period of 2022; 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 (7.2% of total square footage) increased an average of 51.0% during the six months ended June 30, 2023.

The same property pool for the six months ended June 30, 2023 includes properties which were included in the operating portfolio for the entire period from January 1, 2022 through June 30, 2023; this pool is comprised of properties containing 46,514,000 square feet.

FFO, FFO Excluding Gain on Casualties and Involuntary Conversion, PNOI and Same PNOI are non-GAAP financial measures, which are defined under Definitions later in this release. Reconciliations of Net Income to PNOI and Same PNOI, and Net Income Attributable to EastGroup Properties, Inc. Common Stockholders to FFO and FFO Excluding Gain on Casualties and Involuntary Conversion are presented in the attached schedule “Reconciliations of GAAP to Non-GAAP Measures.”

ACQUISITIONS AND DISPOSITIONS

In April, EastGroup acquired Craig Corporate Center, a 156,000 square foot building, for $34,400,000. The property is located in the North submarket of Las Vegas and is 100% leased. This acquisition increased the Company’s ownership in Las Vegas to approximately 910,000 square feet.

During the three months ended June 30, 2023, the Company closed on the acquisition of development land in three different markets:

•Lakeside Station Land - 58.8 acres of development land in the East submarket of Tampa for $6,800,000. This site will accommodate the future development of two buildings containing approximately 450,000 square feet. This development will expand the Company’s 4,348,000 square feet of operating properties in this market which are currently 99.5% leased.

•Northeast Trade Center Land - 49.0 acres of development land in San Antonio’s Northeast Submarket for $6,200,000. This site will accommodate the future development of five buildings containing approximately 675,000 square feet. This development will expand the Company’s 1,444,000 square feet of operating properties in this submarket which are currently 100% leased.

•Gateway Interchange Phase 3 Land - 8.9 acres of development land in Phoenix for $4,700,000. This site, which will accommodate the future development of a 125,000 square foot building, is located next to 50.2 acres acquired by the Company in the first quarter of 2022, known as Gateway Interchange Land.

Subsequent to quarter-end, the Company closed on the acquisition of 20.3 acres of development land in the Northwest Dallas submarket for approximately $5,500,000. The site will accommodate the future development of two buildings containing approximately 245,000 square feet.

In June, the Company sold a 9.9 acre parcel of land in Houston, Texas for $3,200,000. A gain of $365,000 was recognized and is included in Other on the Consolidated Statements of Income and Comprehensive Income; this gain is excluded from FFO.

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

Page 3

DEVELOPMENT AND VALUE-ADD PROPERTIES

During the second quarter of 2023, EastGroup began construction of three new development projects in two cities, which will contain a total of 365,000 square feet and have projected total costs of $52,700,000.

The development projects started during the first six months of 2023 are detailed in the table below:

Development Projects Started in 2023

Location

Size

Anticipated Conversion Date

Projected Total Costs

(Square feet)

(In thousands)

Horizon West 10

Orlando, FL

357,000

10/2024

44,600

Riverside 1 & 2

Atlanta, GA

284,000

12/2024

33,700

Eisenhauer Point 10-12

San Antonio, TX

223,000

01/2025

29,400

SunCoast 9

Fort Myers, FL

111,000

01/2025

16,200

Gateway South Dade 1 & 2

Miami, FL

169,000

02/2025

33,400

Horizon West 6

Orlando, FL

87,000

02/2025

12,300

MCO Logistics Center

Orlando, FL

167,000

02/2025

24,200

Total Development Projects Started

1,398,000

193,800

At June 30, 2023, EastGroup’s development and value-add program consisted of 21 projects (4,272,000 square feet) in 12 cities. The projects, which were collectively 38% leased as of July 24, 2023, have a projected total cost of $536,600,000, of which $190,771,000 remained to be funded as of June 30, 2023.

During the second quarter of 2023, EastGroup transferred three 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 San Francisco, Dallas, and Orlando, contain 391,000 square feet and were collectively 88% leased as of July 24, 2023.

The development and value-add properties transferred to the operating portfolio during the first six months of 2023 are detailed in the table below:


Development and Value-Add Properties Transferred to the Operating Portfolio in 2023	Location	Size	Conversion Date	Cumulative Cost as of 6/30/23		Percent Leased as of 7/24/23
		(Square feet)		(In thousands)

Grand West Crossing 1	Houston, TX	121,000	02/2023	$	13,597	100%
SunCoast 11	Fort Myers, FL	79,000	02/2023	9,664		100%
Cypress Preserve 1 & 2(1)	Houston, TX	516,000	03/2023	54,809		100%
Zephyr(1)	San Francisco, CA	82,000	04/2023	29,044		42%
McKinney 3 & 4	Dallas, TX	212,000	05/2023	26,911		100%
Horizon West 1	Orlando, FL	97,000	06/2023	12,374		100%














Total Projects Transferred		1,107,000		$	146,399	96%

Projected Stabilized Yields(2)	Yield
Development	7.3%
Value-Add	5.1%
Combined	6.1%

(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.

Subsequent to quarter-end, EastGroup began construction of Braselton 3 in Atlanta, which will contain 115,000 square feet and has a projected total cost of approximately $14,000,000.

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

Page 4

DIVIDENDS

EastGroup declared a cash dividend of $1.25 per share in the second quarter of 2023. The second quarter dividend, which was paid on July 14, 2023, was the Company’s 174th 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 2.7% on the closing stock price of $186.04 on July 24, 2023.

FINANCIAL STRENGTH AND FLEXIBILITY

EastGroup continues to maintain a strong and flexible balance sheet. Debt-to-total market capitalization was 18.0% at June 30, 2023. The Company’s interest and fixed charge coverage ratio was 7.79x and 7.50x for the three and six months ended June 30, 2023, respectively. The Company’s ratio of debt to earnings before interest, taxes, depreciation and amortization for real estate (“EBITDAre”) was 4.40x and 4.50x for the three and six months ended June 30, 2023, respectively. EBITDAre and the Company’s interest and fixed charge coverage ratio are non-GAAP financial measures defined under Definitions later in this release. Refer to the schedule “Reconciliations of GAAP to Non-GAAP Measures” attached for the calculation of the Company’s interest and fixed charge coverage ratio, the debt to EBITDAre ratio, and the reconciliation of Net Income to EBITDAre.

During the second quarter, EastGroup sold 972,569 shares of common stock under its continuous common equity offering program at a weighted average price of $169.72 per share, providing aggregate net proceeds to the Company of approximately $163,367,000. During the six months ended June 30, 2023, EastGroup sold 1,793,603 shares of common stock under its continuous common equity offering program at a weighted average price of $166.88 per share, providing aggregate net proceeds to the Company of approximately $295,876,000. Included in the second quarter activity are 75,016 shares sold on June 29 and June 30, 2023, at a weighted average price of $172.42, which were deemed to be issued and outstanding upon settlement in July 2023.

Subsequent to quarter-end, the Company began negotiating terms with a bank to refinance a $100,000,000 senior unsecured term loan with five years remaining. The Company expects to agree to an amendment that would be effective in September 2023. The maturity date of the unsecured term loan is expected to remain September 29, 2028, which is unchanged from the loan’s original terms. The amended term loan is expected to provide for interest-only payments at an interest rate of SOFR plus, based on the Company’s current credit ratings and consolidated leverage ratio, 85 basis points, which would be a 45 basis point reduction in the credit spread compared to the original term loan. The Company has an interest rate swap agreement which converts the loan’s SOFR rate component to a fixed interest rate for the entire term of the loan, which is expected to provide a total effectively fixed interest rate of 2.61%.

OUTLOOK FOR 2023

EPS for 2023 is now estimated to be in the range of $3.84 to $3.94. FFO per share attributable to common stockholders for 2023 is now estimated to be in the range of $7.58 to $7.68. 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.

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

Page 5


	Low Range			High Range
	Q3 2023		Y/E 2023	Q3 2023	Y/E 2023
	(In thousands, except per share data)

Net income attributable to common stockholders	$	40,821	173,103	43,557	177,611
Depreciation and amortization	44,536		173,857	44,536	173,857
Gain on sales of real estate investments and non-operating real estate	—		(5,255)	—	(5,255)
Funds from operations attributable to common stockholders*	$	85,357	341,705	88,093	346,213

Weighted average shares outstanding - Diluted	45,589		45,079	45,589	45,079
Per share data (diluted):
Net income attributable to common stockholders	$	0.90	3.84	0.96	3.94
Funds from operations attributable to common stockholders	1.87		7.58	1.93	7.68

*This is a non-GAAP financial measure. Please refer to Definitions.

The following assumptions were used for the mid-point:

Metrics

Revised Guidance for Year 2023

April Earnings Release Guidance for Year 2023

Actual for Year 2022

FFO per share

$7.58 - $7.68

$7.49 - $7.61

$7.00

FFO per share increase over prior year

9.0%

7.9%

14.9%

Same PNOI growth: cash basis(1)

6.8% - 7.8%(2)

6.5% - 7.5%(2)

8.9%

Average month-end occupancy - operating portfolio

97.3% - 98.3%

97.2% - 98.2%

98.0%

Lease termination fee income

$725,000

$425,000

$2.7 million

Reserves of uncollectible rent

(Currently no identified bad debt for Q3-Q4)

$1.8 million

$1.9 million

$138,000

Development starts:

Square feet

2.7 million

2.6 million

2.7 million

Projected total investment

$360 million

$340 million

$329 million

Value-add property acquisitions (Projected total investment)

none

$135 million

Operating property acquisitions

$60 million

$378 million

Operating property dispositions

(Potential gains on dispositions are not included in the projections)

$60 million

$75 million

$52 million

Unsecured debt closing in period

$100 million at 5.27% weighted
average interest rate

$200 million at 5.50% weighted
average interest rate

$525 million at 3.82% weighted
average interest rate

Common stock issuances

$475 million

$180 million

$75 million

General and administrative expense

$18.5 million

$17.8 million

$16.4 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 1/1/22 and are projected to be in the operating portfolio through 12/31/23; includes 46,514,000 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.

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

Page 6

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.

FFO Excluding Gain on Casualties and Involuntary Conversion is 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 across periods.

PNOI is defined as Income from real estate operations less Expenses from real estate operations (including market-based internal management fee expense) plus the Company’s share of income and property operating expenses from its less-than-wholly-owned real estate investments. EastGroup 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 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.

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

Page 7

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.

CONFERENCE CALL

EastGroup will host a conference call and webcast to discuss the results of its second quarter, review the Company’s current operations, and present its revised earnings outlook for 2023 on Wednesday, July 26, 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, August 2, 2023. The telephone replay can be accessed by dialing 1-877-344-7529 (access code 9872527), 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.

COMPANY INFORMATION

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 57.6 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.

FORWARD-LOOKING STATEMENTS

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

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

Page 8

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;

•disruption in supply and delivery chains;

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

•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, REIT or corporate income tax laws, potential changes in zoning laws, or increases in real property tax rates, and any related increased cost of compliance;

•our ability to maintain our qualification as a REIT;

•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;

•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;

•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 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; 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

Page 9


EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)

	Three Months Ended			Six Months Ended
	June 30,			June 30,
	2023		2022	2023	2022
REVENUES
Income from real estate operations	$	138,811	118,498	272,775	231,450
Other revenue	1,076		55	2,137	77
	139,887		118,553	274,912	231,527
EXPENSES
Expenses from real estate operations	37,767		32,546	73,953	63,610
Depreciation and amortization	42,295		37,461	83,309	73,802
General and administrative	4,384		4,226	9,588	8,536
Indirect leasing costs	149		116	289	291
	84,595		74,349	167,139	146,239

OTHER INCOME (EXPENSE)
Interest expense	(12,575)		(8,970)	(25,600)	(17,080)
Gain on sales of real estate investments	—		10,647	4,809	40,999
Other	748		284	1,187	562
NET INCOME	43,465		46,165	88,169	109,769
Net income attributable to noncontrolling interest in joint ventures	(15)		(26)	(29)	(50)
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS	43,450		46,139	88,140	109,719
Other comprehensive income (loss) - interest rate swaps	10,202		6,841	(60)	22,669
TOTAL COMPREHENSIVE INCOME	$	53,652	52,980	88,080	132,388

BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$	0.97	1.09	1.99	2.63
Weighted average shares outstanding - Basic	44,656		42,211	44,204	41,729
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$	0.97	1.09	1.99	2.62
Weighted average shares outstanding - Diluted	44,734		42,316	44,279	41,838


EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)

	Three Months Ended			Six Months Ended
	June 30,			June 30,
	2023		2022	2023	2022

NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS	$	43,450	46,139	88,140	109,719
Depreciation and amortization	42,295		37,461	83,309	73,802
Company’s share of depreciation from unconsolidated investment	31		31	62	62
Depreciation and amortization from noncontrolling interest	(1)		(6)	(2)	(9)
Gain on sales of real estate investments	—		(10,647)	(4,809)	(40,999)
Gain on sales of non-operating real estate	(365)		—	(446)	—


FUNDS FROM OPERATIONS (“FFO”) ATTRIBUTABLE TO COMMON STOCKHOLDERS*	85,410		72,978	166,254	142,575
Gain on casualties and involuntary conversion	(1,042)		—	(2,069)	—
FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS EXCLUDING GAIN ON CASUALTIES AND INVOLUNTARY CONVERSION*	$	84,368	72,978	164,185	142,575

NET INCOME	$	43,465	46,165	88,169	109,769
Interest expense (1)	12,575		8,970	25,600	17,080
Depreciation and amortization	42,295		37,461	83,309	73,802
Company’s share of depreciation from unconsolidated investment	31		31	62	62
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION (“EBITDA”)	98,366		92,627	197,140	200,713
Gain on sales of real estate investments	—		(10,647)	(4,809)	(40,999)
Gain on sales of non-operating real estate	(365)		—	(446)	—

EBITDA FOR REAL ESTATE (“EBITDAre”)*	$	98,001	81,980	191,885	159,714

Debt	$	1,725,996	1,623,536	1,725,996	1,623,536
Debt-to-EBITDAre ratio*	4.40		4.95	4.50	5.08

EBITDAre*	$	98,001	81,980	191,885	159,714
Interest expense (1)	12,575		8,970	25,600	17,080
Interest and fixed charge coverage ratio*	7.79		9.14	7.50	9.35

DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$	0.97	1.09	1.99	2.62
FFO attributable to common stockholders	$	1.91	1.72	3.75	3.41
FFO Excluding Gain on Casualties and Involuntary Conversion attributable to common stockholders	$	1.89	1.72	3.71	3.41
Weighted average shares outstanding for EPS and FFO purposes - Diluted	44,734		42,316	44,279	41,838


(1) Net of capitalized interest of $3,878 and $2,699 for the three months ended June 30, 2023 and 2022, respectively; and $7,613 and $4,943 for the six months ended June 30, 2023 and 2022, respectively.
*This is a non-GAAP financial measure. Please refer to Definitions.


EASTGROUP PROPERTIES, INC. AND SUBSIDIARIES
RECONCILIATIONS OF GAAP TO NON-GAAP MEASURES (Continued)
(IN THOUSANDS)
(UNAUDITED)

	Three Months Ended			Six Months Ended
	June 30,			June 30,
	2023		2022	2023	2022

NET INCOME	$	43,465	46,165	88,169	109,769
Gain on sales of real estate investments	—		(10,647)	(4,809)	(40,999)
Gain on sales of non-operating real estate	(365)		—	(446)	—


Interest income	(105)		(6)	(186)	(6)
Other revenue	(1,076)		(55)	(2,137)	(77)
Indirect leasing costs	149		116	289	291

Depreciation and amortization	42,295		37,461	83,309	73,802
Company’s share of depreciation from unconsolidated investment	31		31	62	62
Interest expense (1)	12,575		8,970	25,600	17,080
General and administrative expense (2)	4,384		4,226	9,588	8,536

Noncontrolling interest in PNOI of consolidated joint ventures	(15)		(32)	(31)	(53)
PROPERTY NET OPERATING INCOME (“PNOI”)*	101,338		86,229	199,408	168,405
PNOI from 2022 and 2023 acquisitions	(4,702)		(1,425)	(8,741)	(1,425)
PNOI from 2022 and 2023 development and value-add properties	(11,271)		(3,536)	(20,862)	(5,432)
PNOI from 2022 and 2023 operating property dispositions	—		108	95	(165)
Other PNOI	88		102	199	113
SAME PNOI (Straight-Line Basis)*	85,453		81,478	170,099	161,496
Lease termination fee income from same properties	(172)		(979)	(210)	(2,373)
SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Straight-Line Basis)*	85,281		80,499	169,889	159,123
Straight-line rent adjustments for same properties	(437)		(698)	(682)	(2,772)
Acquired leases - market rent adjustment amortization for same properties	(167)		(221)	(328)	(934)
SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Cash Basis)*	$	84,677	79,580	168,879	155,417


(1) Net of capitalized interest of $3,878 and $2,699 for the three months ended June 30, 2023 and 2022, respectively; and $7,613 and $4,943 for the six months ended June 30, 2023 and 2022, respectively.
(2) Net of capitalized development costs of $2,357 and $2,617 for the three months ended June 30, 2023 and 2022, respectively; and $4,812 and $5,086 for the six months ended June 30, 2023 and 2022, respectively.
*This is a non-GAAP financial measure. Please refer to Definitions.

Supplemental Information 2023 400 W. Parkway Place, Suite 100, Ridgeland, MS 39157 | TEL: 601-354-3555 | FAX: 601-352-1441 SECOND QUARTER Conference Call 888-346-0688 | ID – EastGroup July 26, 2023 11:00 a.m. Eastern Time webcast available at EastGroup.net June 30, 2023

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, strategies, and 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; 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, Real Estate Investment Trust (“REIT”) or corporate income tax laws, or potential changes in zoning laws, or increases in real property tax rates, and any related increased cost of compliance; our ability to maintain our qualification as a REIT; 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; 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; 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 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; 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, 2022, 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.

Page 3 of 24 Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) June 30, 2023 December 31, 2022 ASSETS Real estate properties 4,594,477$ 4,395,972 Development and value-add properties 559,108 538,449 5,153,585 4,934,421 Less accumulated depreciation (1,212,857) (1,150,814) 3,940,728 3,783,607 Unconsolidated investment 7,785 7,230 Cash and cash equivalents 1,082 56 Other assets 254,533 244,944 TOTAL ASSETS 4,204,128$ 4,035,837 LIABILITIES AND EQUITY LIABILITIES Unsecured bank credit facilities, net of debt issuance costs (2,002)$ 168,454 Unsecured debt, net of debt issuance costs 1,726,024 1,691,259 Secured debt, net of debt issuance costs 1,974 2,031 Accounts payable and accrued expenses 178,567 136,988 Other liabilities 85,844 83,666 Total Liabilities 1,990,407 2,082,398 EQUITY Stockholders' Equity: Common shares; $0.0001 par value; 70,000,000 shares authorized; 45,323,836 shares issued and outstanding at June 30, 2023 and 43,575,539 at December 31, 2022 4 4 Excess shares; $0.0001 par value; 30,000,000 shares authorized; zero shares issued - - Additional paid-in capital 2,535,996 2,251,521 Distributions in excess of earnings (358,934) (334,898) Accumulated other comprehensive income 36,311 36,371 Total Stockholders' Equity 2,213,377 1,952,998 Noncontrolling interest in joint ventures 344 441 Total Equity 2,213,721 1,953,439 TOTAL LIABILITIES AND EQUITY 4,204,128$ 4,035,837

Page 4 of 24 Consolidated Statements of Income and Comprehensive Income (In thousands, except per share data) (Unaudited) 2023 2022 2023 2022 REVENUES Income from real estate operations 138,811$ 118,498 272,775 231,450 Other revenue 1,076 55 2,137 77 139,887 118,553 274,912 231,527 EXPENSES Expenses from real estate operations 37,767 32,546 73,953 63,610 Depreciation and amortization 42,295 37,461 83,309 73,802 General and administrative 4,384 4,226 9,588 8,536 Indirect leasing costs 149 116 289 291 84,595 74,349 167,139 146,239 OTHER INCOME (EXPENSE) Interest expense (12,575) (8,970) (25,600) (17,080) Gain on sales of real estate investments - 10,647 4,809 40,999 Other 748 284 1,187 562 NET INCOME 43,465 46,165 88,169 109,769 Net income attributable to noncontrolling interest in joint ventures (15) (26) (29) (50) NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS 43,450 46,139 88,140 109,719 Other comprehensive income (loss) - interest rate swaps 10,202 6,841 (60) 22,669 TOTAL COMPREHENSIVE INCOME 53,652$ 52,980 88,080 132,388 BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 0.97$ 1.09 1.99 2.63 Weighted average shares outstanding - Basic 44,656 42,211 44,204 41,729 DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 0.97$ 1.09 1.99 2.62 Weighted average shares outstanding - Diluted 44,734 42,316 44,279 41,838 Six Months Ended June 30,June 30, Three Months Ended

Page 5 of 24 Reconciliations of GAAP to Non-GAAP Measures (In thousands, except per share data) (Unaudited) 2023 2022 2023 2022 NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS 43,450$ 46,139 88,140 109,719 Depreciation and amortization 42,295 37,461 83,309 73,802 Company's share of depreciation from unconsolidated investment 31 31 62 62 Depreciation and amortization from noncontrolling interest (1) (6) (2) (9) Gain on sales of real estate investments - (10,647) (4,809) (40,999) Gain on sales of non-operating real estate (365) - (446) - FUNDS FROM OPERATIONS ("FFO") ATTRIBUTABLE TO COMMON STOCKHOLDERS* 85,410 72,978 166,254 142,575 Gain on casualties and involuntary conversion (1,042) - (2,069) - FFO ATTRIBUTABLE TO COMMON STOCKHOLDERS - EXCLUDING GAIN ON CASUALTIES AND INVOLUNTARY CONVERSION* 84,368$ 72,978 164,185 142,575 NET INCOME 43,465$ 46,165 88,169 109,769 Interest expense (1) 12,575 8,970 25,600 17,080 Depreciation and amortization 42,295 37,461 83,309 73,802 Company's share of depreciation from unconsolidated investment 31 31 62 62 EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION ("EBITDA") 98,366 92,627 197,140 200,713 Gain on sales of real estate investments - (10,647) (4,809) (40,999) Gain on sales of non-operating real estate (365) - (446) - EBITDA FOR REAL ESTATE ("EBITDAre")* 98,001$ 81,980 191,885 159,714 DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Net income attributable to common stockholders 0.97$ 1.09 1.99 2.62 FFO attributable to common stockholders* 1.91$ 1.72 3.75 3.41 FFO Excluding Gain on Casualties and Involuntary Conversion attributable to common stockholders* 1.89$ 1.72 3.71 3.41 Weighted average shares outstanding for EPS and FFO purposes - Diluted 44,734 42,316 44,279 41,838 June 30, * This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. Three Months Ended June 30, Six Months Ended (1) Net of capitalized interest of $3,878 and $2,699 for the three months ended June 30, 2023 and 2022, respectively; and $7,613 and $4,943 for the six months ended June 30, 2023 and 2022, respectively.

Page 6 of 24 Reconciliations of GAAP to Non-GAAP Measures (Continued) (In thousands) (Unaudited) 2023 2022 2023 2022 NET INCOME 43,465$ 46,165 88,169 109,769 Gain on sales of real estate investments - (10,647) (4,809) (40,999) Gain on sales of non-operating real estate (365) - (446) - Interest income (105) (6) (186) (6) Other revenue (1,076) (55) (2,137) (77) Indirect leasing costs 149 116 289 291 Depreciation and amortization 42,295 37,461 83,309 73,802 Company's share of depreciation from unconsolidated investment 31 31 62 62 Interest expense (1) 12,575 8,970 25,600 17,080 General and administrative expense (2) 4,384 4,226 9,588 8,536 Noncontrolling interest in PNOI of consolidated joint ventures (15) (32) (31) (53) PROPERTY NET OPERATING INCOME ("PNOI")* 101,338 86,229 199,408 168,405 PNOI from 2022 and 2023 acquisitions (4,702) (1,425) (8,741) (1,425) PNOI from 2022 and 2023 development and value-add properties (11,271) (3,536) (20,862) (5,432) PNOI from 2022 and 2023 operating property dispositions - 108 95 (165) Other PNOI 88 102 199 113 SAME PNOI (Straight-Line Basis)* 85,453 81,478 170,099 161,496 Lease termination fee income from same properties (172) (979) (210) (2,373) SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Straight-Line Basis)* 85,281 80,499 169,889 159,123 Straight-line rent adjustments for same properties (437) (698) (682) (2,772) Acquired leases — market rent adjustment amortization for same properties (167) (221) (328) (934) SAME PNOI EXCLUDING INCOME FROM LEASE TERMINATIONS (Cash Basis)* 84,677$ 79,580 168,879 155,417 * This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. Six Months Ended June 30, June 30, (1) Net of capitalized interest of $3,878 and $2,699 for the three months ended June 30, 2023 and 2022, respectively; and $7,613 and $4,943 for the six months ended June 30, 2023 and 2022, respectively. (2) Net of capitalized development costs of $2,357 and $2,617 for the three months ended June 30, 2023 and 2022, respectively; and $4,812 and $5,086 for the six months ended June 30, 2023 and 2022, respectively. Three Months Ended

Page 7 of 24 Consolidated Statements of Cash Flows (In thousands) (Unaudited) 2023 2022 OPERATING ACTIVITIES Net income 88,169$ 109,769 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 83,309 73,802 Stock-based compensation expense 4,954 4,320 Gain on sales of real estate investments (4,809) (40,999) Gain on sales of non-operating real estate (446) - Gain on casualties and involuntary conversion on real estate assets (2,069) - Changes in operating assets and liabilities: Accrued income and other assets (13,004) 598 Accounts payable, accrued expenses and prepaid rent 22,291 28,104 Other 384 558 NET CASH PROVIDED BY OPERATING ACTIVITIES 178,779 176,152 INVESTING ACTIVITIES Development and value-add properties (172,940) (283,451) Purchases of real estate (34,365) (2,049) Real estate improvements (28,733) (21,723) Net proceeds from sales of real estate investments and non-operating real estate 13,821 51,006 Leasing commissions (16,548) (18,362) Proceeds from casualties and involuntary conversion on real estate assets 1,339 - Changes in accrued development costs 20,614 16,062 Changes in other assets and other liabilities 8,009 (2,621) NET CASH USED IN INVESTING ACTIVITIES (208,803) (261,138) FINANCING ACTIVITIES Proceeds from unsecured bank credit facilities 275,080 501,523 Repayments on unsecured bank credit facilities (445,080) (504,314) Proceeds from unsecured debt 100,000 250,000 Repayments on unsecured debt (65,000) (75,000) Repayments on secured debt (49) (60,047) Debt issuance costs (1,649) (1,030) Distributions paid to stockholders (not including dividends accrued) (110,411) (91,787) Proceeds from common stock offerings 283,511 74,249 Common stock offering related costs (441) (70) Other (4,911) (7,376) NET CASH PROVIDED BY FINANCING ACTIVITIES 31,050 86,148 INCREASE IN CASH AND CASH EQUIVALENTS 1,026 1,162 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 56 4,393 CASH AND CASH EQUIVALENTS AT END OF PERIOD 1,082$ 5,555 SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest, net of amounts capitalized of $7,613 and $4,943 for 2023 and 2022, respectively 25,019$ 15,382 Cash paid for operating lease liabilities 1,134 962 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 -$ 398 Six Months Ended June 30,

Page 8 of 24 Same Property Portfolio Analysis (In thousands) (Unaudited) 2023 2022 % Change 2023 2022 % Change Same Property Portfolio (1) Square feet as of period end 46,514 46,514 46,514 46,514 Average occupancy 98.4% 98.4% 0.0% 98.6% 97.9% 0.7% Occupancy as of period end 98.5% 98.9% -0.4% 98.5% 98.9% -0.4% Same Property Portfolio Analysis (Straight-Line Basis) (1) * Income from real estate operations 117,852$ 111,832 5.4% 233,618$ 221,758 5.3% Less cash received for lease terminations (172) (979) (210) (2,373) Income excluding lease termination income 117,680 110,853 6.2% 233,408 219,385 6.4% Expenses from real estate operations (32,399) (30,354) 6.7% (63,519) (60,262) 5.4% PNOI excluding income from lease terminations 85,281$ 80,499 5.9% 169,889$ 159,123 6.8% Same Property Portfolio Analysis (Cash Basis) (1) * Income from real estate operations 117,248$ 110,913 5.7% 232,608$ 218,052 6.7% Less cash received for lease terminations (172) (979) (210) (2,373) Income excluding lease termination income 117,076 109,934 6.5% 232,398 215,679 7.8% Expenses from real estate operations (32,399) (30,354) 6.7% (63,519) (60,262) 5.4% PNOI excluding income from lease terminations 84,677$ 79,580 6.4% 168,879$ 155,417 8.7% (1) Includes properties which were included in the operating portfolio for the entire period of 1/1/22 through 6/30/23. * This is a non-GAAP financial measure. Please refer to Glossary of REIT Terms. June 30, June 30, Three Months Ended Six Months Ended

Page 9 of 24 Additional Financial Information (In thousands) (Unaudited) 2023 2022 2023 2022 Straight-line rent income adjustment 2,963$ 1,450 6,444 3,890 Recoveries (reserves) of uncollectible straight-line rent (206) 6 (456) 35 Net straight-line rent adjustment 2,757 1,456 5,988 3,925 Lease termination fee income 256 979 311 2,373 Recoveries (reserves) of uncollectible cash rent (180) (42) (299) 35 Stock-based compensation expense (2,170) (2,417) (4,954) (4,320) Debt issuance costs amortization (476) (326) (960) (636) Indirect leasing costs (149) (116) (289) (291) Gain on casualties and involuntary conversion (1) 1,042 - 2,069 - Acquired leases - market rent adjustment amortization 696 507 1,295 1,352 2023 2022 2023 2022 WEIGHTED AVERAGE COMMON SHARES Weighted average common shares - Basic 44,656 42,211 44,204 41,729 BASIC SHARES FOR EARNINGS PER SHARE ("EPS") 44,656 42,211 44,204 41,729 Potential common shares: Unvested restricted stock 78 105 75 109 DILUTED SHARES FOR EPS AND FFO 44,734 42,316 44,279 41,838 (1) Included in Other revenue on the Consolidated Statements of Income and Comprehensive Income; included in FFO. June 30, Three Months Ended Three Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, SELECTED INCOME STATEMENT INFORMATION (Items below represent increases or (decreases) in FFO)

Page 10 of 24 Financial Statistics ($ in thousands, except per share data) (Unaudited) Quarter Ended 6/30/23 2022 2021 2020 2019 ASSETS/MARKET CAPITALIZATION Assets 4,204,128$ 4,035,837 3,215,336 2,720,803 2,546,078 Equity Market Capitalization 7,868,218 6,451,794 9,403,107 5,477,783 5,164,306 Total Market Capitalization (Debt and Equity) (1) 9,600,201 8,318,835 10,859,473 6,791,879 6,350,438 Shares Outstanding - Common 45,323,836 43,575,539 41,268,846 39,676,828 38,925,953 Price per share 173.60$ 148.06 227.85 138.06 132.67 FFO CHANGE* FFO per diluted share 1.91$ 7.00 6.09 5.38 4.98 Change compared to same period prior year 11.0% 14.9% 13.2% 8.0% 6.9% COMMON DIVIDEND PAYOUT RATIO* Dividend distribution 1.25$ 4.70 3.58 3.08 2.94 FFO per diluted share 1.91 7.00 6.09 5.38 4.98 Dividend payout ratio 65% 67% 59% 57% 59% COMMON DIVIDEND YIELD (2) Dividend distribution 1.25$ 4.70 3.58 3.08 2.94 Price per share 173.60 148.06 227.85 138.06 132.67 Dividend yield 2.88% 3.17% 1.57% 2.23% 2.22% FFO MULTIPLE (3) * FFO per diluted share 1.91$ 7.00 6.09 5.38 4.98 Price per share 173.60 148.06 227.85 138.06 132.67 Multiple 22.72 21.15 37.41 25.66 26.64 INTEREST & FIXED CHARGE COVERAGE RATIO* EBITDAre 98,001$ 337,536 278,959 245,669 221,517 Interest expense 12,575 38,499 32,945 33,927 34,463 Interest and fixed charge coverage ratio 7.79 8.77 8.47 7.24 6.43 DEBT-TO-EBITDAre RATIO (4) * Debt 1,725,996$ 1,861,744 1,451,778 1,310,895 1,182,602 EBITDAre 98,001 337,536 278,959 245,669 221,517 Debt-To-EBITDAre ratio (4) 4.40 5.52 5.20 5.34 5.34 Adjusted debt-to-pro forma EBITDAre ratio (4) 3.55 4.48 3.83 4.43 3.92 DEBT-TO-TOTAL MARKET CAPITALIZATION (1) 18.0% 22.4% 13.4% 19.3% 18.7% ISSUER RATINGS (5) Issuer Rating Outlook Moody's Investors Service Baa2 Stable (1) Before deducting unamortized debt issuance costs. (2) Quarterly calculation: (Dividend distributions for the quarter x 4)/price per share. Yearly calculation: Dividend for the 12-month period/price per share. (3) Quarterly calculation: (FFO per diluted share for the quarter x 4)/price per share. Yearly calculation: FFO per diluted share for the 12-month period/price per share. (4) Quarterly calculation: Debt/(EBITDAre for the quarter x 4). Yearly calculation: Debt/EBITDAre for the 12-month period. (5) 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. Years Ended

Page 11 of 24 Development and Value-Add Properties Summary ($ in thousands) (Unaudited) Cumulative Anticipated Costs at Projected Conversion % Leased Square Feet (SF) 6/30/23 Total Costs Date (1) 7/24/23 Lease-Up Access Point 3 (2) Greenville, SC 299,000 24,382$ 25,400 07/23 72% Arlington Tech 3 Fort Worth, TX 77,000 9,866 10,300 08/23 100% I-20 West Business Center Atlanta, GA 155,000 14,738 15,500 08/23 100% Grand Oaks 75 4 Tampa, FL 185,000 16,942 19,000 09/23 100% Steele Creek 11 & 12 Charlotte, NC 241,000 24,829 25,900 09/23 100% LakePort 4 & 5 Dallas, TX 177,000 22,785 25,000 10/23 100% Gateway 2 Miami, FL 133,000 21,045 23,700 02/24 36% Hillside 1 Greenville, SC 122,000 10,710 11,600 04/24 33% Total Lease-up 1,389,000 145,297 156,400 82% Wgt Avg % Under Construction SunCoast 10 Fort Myers, FL 100,000 9,476 13,600 11/23 100% McKinney 1 & 2 Dallas, TX 172,000 18,951 27,300 08/24 0% Springwood 1 & 2 Houston, TX 292,000 29,224 33,300 08/24 9% Stonefield 35 1-3 Austin, TX 274,000 29,081 35,300 08/24 19% Horizon West 10 Orlando, FL 357,000 25,746 44,600 10/24 82% Baswood 3-5 Fort Worth, TX 351,000 25,436 45,000 11/24 0% Cass White 1 & 2 Atlanta, GA 296,000 12,984 31,900 12/24 0% Riverside 1 & 2 Atlanta, GA 284,000 9,369 33,700 12/24 0% Eisenhauer Point 10-12 San Antonio, TX 223,000 8,938 29,400 01/25 0% SunCoast 9 Fort Myers, FL 111,000 7,047 16,200 01/25 0% Gateway South Dade 1 & 2 Miami, FL 169,000 14,057 33,400 02/25 0% Horizon West 6 Orlando, FL 87,000 2,259 12,300 02/25 0% MCO Logistics Center Orlando, FL 167,000 7,964 24,200 02/25 0% Total Under Construction 2,883,000 200,532 380,200 16% Wgt Avg % Total Lease-Up and Under Construction 4,272,000 345,829$ 536,600 38% Wgt Avg % Projected Stabilized Yields (3) Yield Lease-Up 7.4% Under Construction 6.6% Development 6.9% Value-Add 6.7% Prospective Development Acres Projected SF Phoenix, AZ 59 780,000 20,884$ Sacramento, CA 7 82,000 3,246 San Francisco, CA 4 65,000 3,561 Fort Myers, FL 20 252,000 4,270 Miami, FL 25 341,000 21,899 Orlando, FL 40 442,000 11,071 Tampa, FL 61 476,000 7,949 Atlanta, GA 117 1,207,000 13,012 Jackson, MS 3 28,000 706 Charlotte, NC 158 1,146,000 15,192 Greenville, SC 71 476,000 6,787 Austin, TX 141 1,681,000 53,264 Dallas, TX 12 - 4,593 Fort Worth, TX 16 313,000 6,936 Houston, TX 98 1,377,000 28,935 San Antonio, TX 66 876,000 10,974 Total Prospective Development 898 9,542,000 213,279 Total Development and Value-Add Properties 898 13,814,000 559,108$ (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 acquisition. (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.

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) 6/30/23 Date 7/24/23 1st Quarter Grand West Crossing 1 Houston, TX 121,000 13,597$ 02/23 100% SunCoast 11 Fort Myers, FL 79,000 9,664 02/23 100% Cypress Preserve 1 & 2 (1) Houston, TX 516,000 54,809 03/23 100% 716,000 78,070 2nd Quarter Zephyr (1) San Francisco, CA 82,000 29,044 04/23 42% McKinney 3 & 4 Dallas, TX 212,000 26,911 05/23 100% Horizon West 1 Orlando, FL 97,000 12,374 06/23 100% 391,000 68,329 Total Transferred to Real Estate Properties 1,107,000 146,399$ 96% Wgt Avg % Projected Stabilized Yields (2) Yield Development 7.3% Value-Add 5.1% Combined 6.1% (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.

Page 13 of 24 Acquisitions and Dispositions Through June 30, 2023 ($ in thousands) (Unaudited) Date Property Name Location Size Purchase Price (1) 1st Quarter None 2nd Quarter 04/04/23 Lakeside Station Land Tampa, FL 58.8 Acres 6,847$ 04/18/23 Craig Corporate Center Las Vegas, NV 156,000 SF 34,365 04/24/23 Northeast Trade Center Land San Antonio, TX 49.0 Acres 6,177 06/29/23 Gateway Interchange Phase 3 Land Phoenix, AZ 8.9 Acres 4,730 156,000 SF Total Acquisitions 116.7 Acres 52,119$ Date Property Name Location Size Gross Sales Price 1st Quarter 03/02/23 Basswood Land Fort Worth, TX 2.0 Acres 1,550$ 81 (2) 03/31/23 World Houston 23 Houston, TX 125,000 SF 9,600 4,809 (3) 2nd Quarter 06/14/23 Lee Road Land Houston, TX 9.9 Acres 3,200 365 (2) 125,000 SF Total Dispositions 11.9 Acres 14,350$ 5,255 (3) Included in Gain on sales of real estate investments on the Consolidated Statements of Income and Comprehensive Income; not included in FFO. DISPOSITIONS ACQUISITIONS Realized Gain (2) Included in Other on the Consolidated Statements of Income and Comprehensive Income; not included in FFO. (1) Represents acquisition price plus closing costs.

Page 14 of 24 Real Estate Improvements and Leasing Costs (In thousands) (Unaudited) REAL ESTATE IMPROVEMENTS 2023 2022 2023 2022 Upgrade on acquisitions 224$ 54 494 332 Tenant improvements: New tenants 3,860 2,882 9,301 6,338 Renewal tenants 653 1,161 1,564 1,871 Other: Building improvements 2,234 2,848 4,437 5,417 Roofs 3,805 1,781 10,875 2,932 Parking lots 952 989 1,794 1,225 Other 309 414 459 740 TOTAL REAL ESTATE IMPROVEMENTS (1) 12,037$ 10,129 28,924 18,855 CAPITALIZED LEASING COSTS (Principally Commissions) Development and value-add 1,467$ 2,482 6,017 6,768 New tenants 2,958 2,554 5,095 6,140 Renewal tenants 2,928 3,497 5,291 6,898 TOTAL CAPITALIZED LEASING COSTS (2)(3) 7,353$ 8,533 16,403 19,806 (1) Reconciliation of Total Real Estate Improvements to Real Estate Improvements on the Consolidated Statements of Cash Flows: 2023 2022 Total Real Estate Improvements 28,924$ 18,855 Change in real estate property payables (870) (387) Change in construction in progress 679 3,255 28,733$ 21,723 (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: 2023 2022 Total Capitalized Leasing Costs 16,403$ 19,806 Change in leasing commissions payables 145 (1,444) 16,548$ 18,362 Six Months Ended June 30, Six Months EndedThree Months Ended June 30, Six Months Ended June 30, Leasing Commissions on the Consolidated Statements of Cash Flows June 30, Real Estate Improvements on the Consolidated Statements of Cash Flows

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 June 30, 2023 Leases Signed Signed Average Term Straight-Line Basis Cash Basis Improvement (1) Commission (1) Leasing Cost (1) (In Thousands) (In Years) New Leases (2) 36 721 4.8 55.8% 46.3% 3.69$ 3.25$ 6.94$ Renewal Leases 55 1,462 5.7 51.2% 33.4% 0.82 2.13 2.95 Total/Weighted Average 91 2,183 5.4 52.8% 37.8% 1.77$ 2.50$ 4.27$ Per Year 0.33$ 0.46$ 0.79$ Weighted Average Retention (3) 68.6% Six Months Ended Number of Square Feet Weighted Rental Change Rental Change PSF Tenant PSF Leasing PSF Total June 30, 2023 Leases Signed Signed Average Term Straight-Line Basis Cash Basis Improvement (1) Commission (1) Leasing Cost (1) (In Thousands) (In Years) New Leases (2) 54 1,179 5.5 50.3% 38.7% 3.45$ 3.71$ 7.16$ Renewal Leases 118 2,663 4.8 51.4% 33.9% 0.75 2.01 2.76 Total/Weighted Average 172 3,842 5.0 51.0% 35.4% 1.58$ 2.53$ 4.11$ Per Year 0.32$ 0.50$ 0.82$ Weighted Average Retention (3) 70.5% 06/30/23 03/31/23 12/31/22 09/30/22 06/30/22 Percentage Leased 98.5% 98.7% 98.7% 99.0% 99.1% Percentage Occupied 98.2% 97.9% 98.3% 98.5% 98.5% (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).

Page 16 of 24 Core Market Operating Statistics June 30, 2023 (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 7.5% 99.5% 99.5% 315,000 592,000 5.3% 8.7% 9.8% 10.8% 63.1% 49.2% 54.3% 40.4% Orlando 4,288,000 8.3% 100.0% 100.0% 271,000 684,000 14.0% 12.1% 13.3% 11.0% 64.2% 45.7% 56.0% 43.7% Jacksonville 2,273,000 3.5% 100.0% 100.0% 146,000 521,000 15.9% 14.4% 14.4% 14.0% 71.9% 43.7% 43.8% 28.9% Miami/Fort Lauderdale 1,733,000 3.7% 100.0% 100.0% 157,000 340,000 -1.1% -0.1% -5.4% 1.3% 27.4% 30.9% 32.8% 33.1% Fort Myers 784,000 1.7% 100.0% 100.0% 90,000 102,000 3.1% 1.0% 2.9% 1.5% N/A N/A 45.8% 27.7% 13,426,000 24.7% 99.8% 99.8% 979,000 2,239,000 8.4% 8.8% 8.7% 9.3% 44.9% 38.8% 46.4% 37.6% Texas Houston 6,816,000 10.4% 97.0% 97.0% 189,000 791,000 6.1% 4.1% 10.4% 10.3% 33.4% 14.1% 30.3% 11.7% Dallas 5,074,000 9.1% 99.4% 98.0% 273,000 777,000 5.9% 7.6% 4.7% 10.5% 74.3% 60.2% 74.3% 57.8% San Antonio 4,411,000 8.3% 98.8% 98.6% 128,000 605,000 3.9% 3.6% 4.7% 6.2% 30.7% 17.4% 29.9% 16.8% Austin 1,302,000 3.0% 97.7% 97.7% 77,000 275,000 8.5% 6.8% 6.2% 5.9% N/A N/A 23.3% 15.4% El Paso 1,126,000 1.6% 100.0% 100.0% 25,000 194,000 5.0% 6.1% 5.1% 6.0% 114.0% 86.7% 105.7% 79.9% Fort Worth 1,031,000 1.7% 90.2% 90.2% - 23,000 -12.9% -15.3% -9.6% -11.5% 83.2% 53.4% 75.4% 49.7% 19,760,000 34.1% 97.9% 97.5% 692,000 2,665,000 4.9% 4.4% 6.0% 7.8% 52.1% 34.6% 43.9% 26.8% California Los Angeles (5) 2,484,000 6.9% 100.0% 99.5% 90,000 130,000 2.2% 4.3% 5.1% 8.0% 95.8% 75.7% 95.8% 75.7% San Francisco 2,503,000 6.4% 92.0% 92.0% 155,000 385,000 14.6% 20.4% 12.8% 13.2% 29.1% 21.0% 29.1% 21.0% San Diego (5) 1,933,000 5.4% 100.0% 100.0% 98,000 59,000 1.9% 4.2% 1.5% 11.9% 99.1% 64.1% 99.1% 64.1% Fresno 398,000 0.5% 91.8% 91.8% 35,000 44,000 -7.5% -11.8% -1.4% -3.9% 42.9% 30.9% 35.4% 23.8% Sacramento 329,000 0.6% 100.0% 100.0% - 10,000 N/A N/A N/A N/A N/A N/A N/A N/A 7,647,000 19.8% 97.0% 96.8% 378,000 628,000 4.5% 7.1% 5.8% 9.4% 60.6% 46.2% 59.2% 44.9% Arizona Phoenix 3,000,000 5.9% 100.0% 99.6% 150,000 336,000 6.7% 7.8% 4.5% 9.6% 110.9% 88.8% 104.3% 81.0% Tucson 848,000 1.4% 100.0% 100.0% - 101,000 0.9% 3.2% 0.8% 3.1% N/A N/A 50.6% 30.4% 3,848,000 7.3% 100.0% 99.7% 150,000 437,000 5.5% 6.8% 3.7% 8.2% 110.9% 88.8% 100.4% 77.3% Other Core Charlotte 3,642,000 5.6% 99.1% 96.9% 44,000 348,000 8.6% 8.5% 11.5% 12.1% 35.7% 19.3% 45.5% 26.8% Atlanta 1,312,000 2.0% 100.0% 100.0% 30,000 369,000 1.2% 2.3% 1.6% 3.0% 59.4% 49.1% 59.4% 49.1% Denver 886,000 1.9% 99.0% 99.0% 19,000 61,000 4.9% 6.4% 6.0% 8.2% 35.0% 18.5% 35.0% 18.5% Las Vegas 910,000 2.1% 92.9% 92.9% - 66,000 6.4% 6.1% 8.9% 10.8% 106.7% 69.3% 105.5% 74.1% Greenville 470,000 0.7% 100.0% 100.0% - - -9.7% -7.4% -7.7% -5.5% N/A N/A N/A N/A 7,220,000 12.3% 98.5% 97.4% 93,000 844,000 5.8% 6.2% 7.8% 9.1% 46.8% 27.4% 59.1% 37.8% Total Core Markets 51,901,000 98.2% 98.5% 98.1% 2,292,000 6,813,000 5.9% 6.4% 6.7% 8.7% 53.6% 38.5% 51.8% 36.0% Total Other Markets 1,293,000 1.8% 99.4% 99.4% 59,000 438,000 9.3% 7.8% 9.1% 8.4% 26.0% 15.0% 26.6% 14.3% Total Operating Properties 53,194,000 100.0% 98.5% 98.2% 2,351,000 7,251,000 5.9% 6.4% 6.8% 8.7% 52.8% 37.8% 51.0% 35.4% (1) Based on the Annualized Base Rent as of the reporting period for occupied square feet (without S/L Rent). (2) Square Feet expiring during the remainder of the year, including 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. (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

Page 17 of 24 Lease Expiration Summary - Total Square Feet of Operating Properties Based on Leases Signed Through June 30, 2023 ($ in thousands) (Unaudited) Annualized Current % of Total Base Rent of Base Rent of Square Footage of Leases Expiring Leases Expiring LEASE EXPIRATION Leases Expiring (without S/L Rent) (without S/L Rent) Vacancy 793,000 -$ 0.0% 2023 - remainder of year (1) 2,351,000 18,566 4.6% 2024 7,251,000 52,612 13.0% 2025 8,185,000 65,199 16.1% 2026 9,642,000 74,234 18.4% 2027 8,667,000 71,049 17.6% 2028 5,475,000 41,843 10.4% 2029 3,342,000 23,711 5.9% 2030 1,960,000 12,809 3.2% 2031 998,000 9,146 2.3% 2032 and beyond 4,530,000 34,168 8.5% TOTAL 53,194,000 403,337$ 100.0% (1) Includes month-to-month leases.

Page 18 of 24 Top 10 Customers by Annualized Base Rent As of June 30, 2023 (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% 2.0% 2 REPET, Inc. 1 Los Angeles, CA 300,000 0.6% 0.8% 3 Starship Logistics LLC 1 Los Angeles, CA 262,000 0.5% 0.8% 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% 0.7% 6 The Chamberlain Group 2 Tucson, AZ 350,000 1 Charlotte, NC 11,000 0.7% 0.7% 7 Trane U.S. Inc. 1 Fort Worth, TX 147,000 1 Jacksonville, FL 81,000 1 Dallas, TX 58,000 1 Greenville, SC 55,000 1 Denver, CO 18,000 1 New Orleans, LA 11,000 1 Orlando, FL 7,000 0.7% 0.7% 8 Infinite Electronics Inc. 4 Dallas, TX 320,000 0.6% 0.6% 9 Novolex Holdings, LLC 1 Los Angeles, CA 286,000 0.5% 0.6% 10 Mattress Firm 1 Houston, TX 202,000 1 Tampa, FL 109,000 1 Jacksonville, FL 49,000 1 Fort Myers, FL 25,000 0.7% 0.6% 36 3,743,000 7.1% 8.3% (1) Calculation: Customer Annualized Base Rent as of 06/30/23 (without S/L Rent) / Total Annualized Base Rent (without S/L Rent). Leased Total SF

Page 19 of 24 Debt and Equity Market Capitalization June 30, 2023 ($ in thousands, except per share data) (Unaudited) Remainder of 2023 2024 2025 2026 2027 2028 and Beyond Total Average Years to Maturity Unsecured debt (fixed rate) (1) 50,000$ 170,000 145,000 140,000 175,000 1,050,000 1,730,000 5.6 Weighted average interest rate 3.80% 3.65% 3.12% 2.57% 2.74% 3.61% 3.41% Secured debt (fixed rate) 61 122 128 1,672 - - 1,983 3.0 Weighted average interest rate 3.85% 3.85% 3.85% 3.85% - - 3.85% Total unsecured debt and secured debt 50,061$ 170,122 145,128 141,672 175,000 1,050,000 1,731,983 5.6 Weighted average interest rate 3.80% 3.65% 3.12% 2.58% 2.74% 3.61% 3.41% Unsecured debt and secured debt (fixed rate) 1,731,983$ Unsecured bank credit facilities (variable rate) $50MM Line - 5.955% - matures 7/30/2025 - $625MM Line - 6.006% - matures 7/30/2025 - Total carrying amount of debt 1,731,983$ Total unamortized debt issuance costs (5,987) Total debt, net of unamortized debt issuance costs 1,725,996$ Equity market capitalization Shares outstanding - common 45,323,836 Price per share at quarter end 173.60$ Total equity market capitalization 7,868,218$ Total market capitalization (debt and equity) (2) 9,600,201$ Total debt / total market capitalization (2) 18.0% (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 June 30, 2023 ($ in thousands, except per share data) (Unaudited) Shares Sold (1) Weighted Average Sales Price (Per Share) Gross Proceeds Offering-Related Fees and Expenses Net Proceeds 1st Quarter 821,034 163.51$ 134,245$ (1,736)$ 132,509$ 2nd Quarter (2) 972,569 169.72 165,064 (1,697) 163,367 TOTAL 2023 1,793,603 166.88$ 299,309$ (3,433)$ 295,876$ (1) As of July 25, 2023, the Company had common shares with an aggregate gross sales price of $450.7 million authorized and remaining for issuance under its continuous common equity program. (2) On June 29 and 30, 2023, the Company sold 75,016 shares of common stock under its continuous common equity offering program at a weighted average price of $172.42. These shares, which are included in the 2nd Quarter sales activity, were deemed to be issued and outstanding upon settlement in July 2023.

Page 21 of 24 Debt-to-EBITDAre Ratios ($ in thousands) (Unaudited) Quarter Ended June 30, 2023 (1) 2022 2021 2020 2019 Debt 1,725,996$ 1,861,744$ 1,451,778 1,310,895 1,182,602 EBITDAre* 98,001 337,536 278,959 245,669 221,517 DEBT-TO-EBITDAre RATIO* 4.40 5.52 5.20 5.34 5.34 Debt 1,725,996$ 1,861,744$ 1,451,778 1,310,895 1,182,602 Subtract development and value-add properties in lease-up or under construction (345,829) (324,831) (376,611) (225,964) (315,794) Adjusted Debt* 1,380,167$ 1,536,913$ 1,075,167 1,084,931 866,808 EBITDAre* 98,001$ 337,536$ 278,959 245,669 221,517 Adjust for acquisitions as if owned for entire period 104 6,900 4,213 1,906 5,590 Adjust for development and value-add properties in lease-up or under construction (868) (857) (700) (1,327) (2,072) Adjust for properties sold during the period - (235) (1,517) (1,081) (3,812) Pro Forma EBITDAre* 97,237$ 343,344$ 280,955 245,167 221,223 ADJUSTED DEBT-TO-PRO FORMA EBITDAre RATIO* 3.55 4.48 3.83 4.43 3.92 (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)

Page 22 of 24 Outlook for 2023 (Unaudited) Q3 2023 Y/E 2023 Q3 2023 Y/E 2023 Net income attributable to common stockholders 40,821$ 173,103 43,557 177,611 Depreciation and amortization 44,536 173,857 44,536 173,857 Gain on sales of real estate investments and non-operating real estate - (5,255) - (5,255) Funds from operations attributable to common stockholders* 85,357$ 341,705 88,093 346,213 Weighted average shares outstanding - Diluted 45,589 45,079 45,589 45,079 Per share data (diluted): Net income attributable to common stockholders 0.90$ 3.84 0.96 3.94 Funds from operations attributable to common stockholders 1.87 7.58 1.93 7.68 *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 $7.58 - $7.68 $7.49 - $7.61 $7.00 FFO per share increase over prior year 9.0% 7.9% 14.9% Same PNOI growth: cash basis (1) 6.8% - 7.8%(2) 6.5% - 7.5%(2) 8.9% Average month-end occupancy - operating portfolio 97.3% - 98.3% 97.2% - 98.2% 98.0% Lease termination fee income $725,000 $425,000 $2.7 million Reserves of uncollectible rent (Currently no identified bad debt for Q3-Q4) $1.8 million $1.9 million $138,000 Development starts: Square feet 2.7 million 2.6 million 2.7 million Projected total investment $360 million $340 million $329 million Value-add property acquisitions (Projected total investment) none none $135 million Operating property acquisitions $60 million $60 million $378 million Operating property dispositions (Potential gains on dispositions are not included in the projections) $60 million $75 million $52 million Unsecured debt closing in period $100 million at 5.27% weighted average interest rate $200 million at 5.50% weighted average interest rate $525 million at 3.82% weighted average interest rate Common stock issuances $475 million $180 million $75 million General and administrative expense $18.5 million $17.8 million $16.4 million Low Range High Range (In thousands, except per share data) Revised Guidance for Year 2023 April Earnings Release 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 46,514,000 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. 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.

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, 2022 through June 30, 2023. 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.

Cover Page	Jul. 25, 2023
Cover [Abstract]
Document Period End Date	Jul. 25, 2023
Document Type	8-K
Entity Central Index Key	0000049600
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	EGP
Written Communications	false
Entity Incorporation, State or Country Code	MD
Entity Registrant Name	EASTGROUP PROPERTIES, INC
Entity Address, Address Line One	400 W. Parkway Place, Suite 100
Entity Address, City or Town	Ridgeland
Entity Address, State or Province	MS
Entity Address, Postal Zip Code	39157
City Area Code	601
Local Phone Number	354-3555
Entity File Number	1-07094
Entity Tax Identification Number	13-2711135
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Emerging Growth Company	false
Security Exchange Name	NYSE
Amendment Flag	false