EastGroup Properties, Inc. reported a significant increase in financial performance for the second quarter of 2026, with net income attributable to common stockholders reaching $75.5 million, or $1.40 per diluted share, compared to $63.3 million, or $1.20 per diluted share, in the same period of 2025. For the first half of 2026, net income totaled $170.1 million, or $3.17 per diluted share, up from $122.7 million, or $2.35 per diluted share, in the prior year. The company’s revenue from real estate operations also saw a notable rise, totaling $193.3 million for the quarter and $383.5 million for the six months, reflecting increases of 9.5% and 9.6%, respectively, compared to the same periods in 2025.
The company’s total assets increased to $5.52 billion as of June 30, 2026, up from $5.43 billion at the end of 2025. This growth was primarily driven by an increase in real estate properties, which rose to $6.14 billion, largely due to the transfer of development projects to operational status and the acquisition of new properties. EastGroup acquired an operating property in Jacksonville for $38.1 million during the first half of 2026 and sold two properties, generating a gain of $30.1 million. The company’s development and value-add properties decreased slightly to $691.5 million, reflecting the transfer of projects to real estate properties.
Operationally, EastGroup maintained a strong leasing performance, with its portfolio 96.8% leased and 95.6% occupied as of June 30, 2026. The company executed new and renewal leases on 4.9 million square feet, achieving an average rental rate increase of 35.2% compared to previous leases. The company’s focus on high-growth markets in Texas, Florida, California, Arizona, and North Carolina continues to support its strategic objectives. As of July 21, 2026, occupancy rates remained stable, with 96.9% leased and 95.6% occupied.
EastGroup's financial strategy includes a robust liquidity position, with approximately $917.6 million available from cash, credit facilities, and forward equity sale agreements. The company’s unsecured bank credit facilities, totaling $675 million, provide additional financial flexibility. In February 2026, EastGroup received a credit rating upgrade from Moody’s to Baa1, reflecting its strong financial position. The company plans to continue leveraging its liquidity for future acquisitions and development projects while managing interest rate risks through fixed-rate debt and interest rate swaps.
Looking ahead, EastGroup remains optimistic about its growth prospects, despite ongoing economic uncertainties. The company is committed to maximizing shareholder value through strategic acquisitions and development initiatives, while also monitoring market conditions and operational performance closely. The management anticipates that its current cash flow and credit facilities will adequately support its operational and capital needs in the near term.
About EASTGROUP PROPERTIES INC
EastGroup Properties, Inc. is a Maryland-based REIT specializing in the development, acquisition, and operation of industrial properties in major Sunbelt markets across the U.S. It focuses on high-quality distribution facilities near transportation hubs, serving tenants in supply-constrained submarkets. The company emphasizes sustainable building practices, long-term investments, and strategic growth through property management, development, and capital markets activities.
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