EastGroup Properties Reports 17.5% Increase in Net Income for Q3 2026

EastGroup Properties, Inc. reported significant financial performance improvements in its latest quarterly filing for the period ending September 30, 2026. The company achieved a net income of $78.4 million, or $1.46 per share, marking a 17.5% increase from $66.9 million, or $1.26 per share, in the same quarter of the previous year. For the nine months ended September 30, 2026, net income rose to $248.5 million, up from $189.7 million in the prior year, reflecting a 30.9% increase. Total revenues for the nine-month period reached $583.0 million, compared to $533.9 million in 2025, driven primarily by increased rental income from real estate operations.

The company’s total assets increased to $5.8 billion as of September 30, 2026, up from $5.4 billion at the end of 2025. This growth was largely attributed to the acquisition of new properties and the transfer of development projects into operational status. EastGroup acquired three operating properties during the nine months, totaling 708,000 square feet for $148.1 million, and also purchased 107.3 acres of development land for $54.1 million. The company’s development and value-add properties now total approximately $779.5 million, reflecting a strategic focus on expanding its portfolio in high-demand markets.

Operationally, EastGroup reported a portfolio occupancy rate of 96.5% as of September 30, 2026, an increase from 95.9% a year earlier. The company executed new and renewal leases on 7.8 million square feet, with average rental rates increasing by 35.6% compared to previous leases. The Property Net Operating Income (PNOI) for the nine months rose to $430.8 million, a 10.5% increase from $389.7 million in the same period last year, indicating strong operational performance across its properties.

In terms of financial strategy, EastGroup has increased its unsecured bank credit facilities, with total liabilities rising to $2.2 billion from $1.9 billion at the end of 2025. The company’s equity also grew, with total stockholders’ equity reaching $3.6 billion, up from $3.5 billion. The increase in equity was supported by the issuance of common stock under its at-the-market program, which generated $69.3 million in net proceeds during the nine months. The company’s liquidity position remains strong, with approximately $1.2 billion available from cash, credit facilities, and forward equity sale agreements.

Looking ahead, EastGroup remains optimistic about its growth trajectory, citing its ability to navigate economic uncertainties and capitalize on market opportunities. The company plans to continue leveraging its operational cash flow and credit facilities to fund acquisitions and development projects, while also monitoring market conditions to optimize its financing strategies. The recent upgrade of its credit rating by Moody’s to Baa1 reflects the company’s solid financial standing and operational resilience.