EastGroup Properties Inc 2025年度报告

FELLOW SHAREHOLDERS, Company Overview EastGroup Properties, Inc. (NYSE: EGP) is aself-administered equity real estate investment trustfocused on the development, acquisition and operationof industrial properties in high-growth marketsthroughout the United States with an emphasis in Texas,Florida, California, Arizona and North Carolina. I’m pleased to share that 2025 was another record year for funds from operations (“FFO”) perdiluted share (up 7.7% excluding gains on involuntary conversions in each year), with net effectivereleasing spreads exceeding 40%. It was also a year that allowed us to continue improving ourbalance sheet, leaving us in a strong, flexible financial position. I’m proud that the team achieved these results in spite of economic uncertainty and volatility.It is during these periods of uncertainty that we rely on our straightforward, market-cycletested strategy. We develop, acquire and operate multi-tenant business distribution centers forcustomers who are location-sensitive. Whether we develop properties or acquire occupied orvacant properties varies based on where we are in the cycle and the risks/returns each alternativeoffers. Our geographic focus is on high-growth major U.S. metropolitan markets, our customersprimarily lease space in the 20,000-100,000 square foot range, and our properties are infill, nearour tenants’ customers, or ‘last mile’ submarkets. Portfolio of 65M+ SF Our tenants primarily distribute to the metropolitan area where they lease space instead ofdistributing more regionally or nationally. The economic vibrancy and growth within these metroareas are major determinants of our customers’ success and, in turn, our financial results. Wefocus on and fine tune our capital allocation within fast growing markets that benefit from strongmigration trends and consumers with increasing levels of disposable income. We maintain geographic and tenant diversity with the goal of stabilizing our future earningsregardless of the economic environment. Today, we have approximately 1,700 leases in place andthe most diversified rent roll in our sector. Our top 10 tenants represent approximately 6.8% ofEastGroup’s rents at year-end, down 40 basis points from a year ago and the lowest in our sector. Despite 2025’s economic uncertainties, we achieved high occupancy levels with strong rentgrowth while maintaining a strong balance sheet. We believe we are prepared to weathereconomic uncertainties and to move quickly when opportunities arise. Given this backdrop, I am optimistic as we move into 2026. Before looking forward, I want to thankKathy Sandstrom for her service on our Board of Directors. She is not standing for re-election atour 2026 Annual Meeting of Shareholders. We appreciate her years of sound advice, leadership,expertise, and dedicated service to the Company. Kathy will be greatly missed. In December, we announced several new promotions and positions to better equip us for futuregrowth. Those include Reid Dunbar becoming our President; Staci Tyler moving into the ChiefFinancial Officer role; Brent Wood becoming Chief Operating Officer and Michelle Rayner steppinginto the Chief Accounting Officer position. Together they have a combined EastGroup tenure ofnearly 70 years and well represent the exceptional talent we have at EastGroup. 2025 Leasing Statistics Our portfolio is benefiting from several long-term positive secular trends such as populationmigration, nearshoring and onshoring, and continued e-commerce growth. So while our demandhas strong roots, the industry-wide development pipeline is at a nine-year low, positioning us wellfor near-term supply and demand. 96.5%Occupied as of 12/31 97.0%Leased as of 12/31 40.1%Rental ChangeStraight-Line Basis 25.3%Rental ChangeCash Basis In closing, with our experienced team, consistently improving portfolio, and strong balance sheet,I believe we are well positioned to continue our positive momentum and create shareholder valuenow and in the years to come. 2025 Financial Statistics M A R S H A L L A. LO E B|Chief Executive Officer and Director 6.7%Same PNOI Growth:Cash Basis 7.7%FFO per Share Growthexcluding gain on involuntaryconversion and businessinterruption claims $11.1BTotal Market Capitalizationas of 12/31 Improved Balance SheetDebt-to-EBITDAre Ratio UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549 __________________________ FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDEDDecember 31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ COMMISSION FILE NUMBER1-07094 EASTGROUP PROPERTIES, INC. (Exact Name of Registrant as Specified in its Charter) Maryland13-2711135(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) Securities registered pursuant to Section 12(b) of the Act: