EastGroup Properties is an internally managed equity REIT that develops, acquires, and operates multi-tenant industrial properties in Sun Belt markets across the U.S., with concentration in Texas, Florida, Arizona, and North Carolina. EastGroup's core product is shallow bay, multi-tenant industrial buildings — typically 20,000 to 100,000 sq ft — located in infill submarkets close to population centers and major transportation corridors, serving as last-mile and regional distribution hubs. Tenants include 3PLs, e-commerce operators, light manufacturers, and local and regional businesses. As of year-end 2025, EastGroup owned 550 industrial properties totaling ~65M sq ft across 12 states, with an operating portfolio ~97% leased and no single tenant exceeding ~1.5% of annualized base rent. EastGroup grows by developing new properties through phased industrial parks — acquiring land, building in phases, and breaking ground on the next phase as the prior phase leases up — and selectively acquiring buildings in existing submarkets. Development is the preferred capital deployment vehicle given development yields run materially above acquisition cap rates. EastGroup also benefits from a mark-to-market dynamic, as in-place rents remain below current market rates, creating built-in NOI growth as leases roll. EastGroup continuously upgrades portfolio quality by exiting slower-growth markets and redeploying into higher-growth Sun Belt metros.