EastGroup Properties reports 96.5% portfolio lease rate, starts new developments

EastGroup Properties Inc. (NYSE: EGP) reported its portfolio was 96.5% leased and 95.7% occupied as of May 27, 2026, according to a company press release.

The industrial real estate investment trust signed 1,361,000 square feet of new and renewal leases during the second quarter of 2026 to date, with rental rate increases averaging 33.6% on a straight-line basis and 18.1% on a cash basis.

Since its April 22, 2026 earnings release, the company executed two leases on active development and first generation development properties totaling approximately 72,000 square feet. During the second quarter to date, EastGroup executed six leases on such properties totaling approximately 470,000 square feet.

The company entered into forward equity sale agreements for 706,038 shares of common stock with an initial weighted average forward price of $202.82 per share and approximate gross sales proceeds of $143.2 million during the second quarter to date. EastGroup has 958,174 shares of forward equity sales agreements available for settlement between March 2027 and May 2027, for approximate gross sales proceeds of $192.6 million based on an initial weighted average forward price of $201.01 per share.

EastGroup began construction of a 156,000 square foot development project in Charlotte in April with projected total costs of approximately $20.4 million. The company will begin construction of a 191,000 square foot development project in Houston during the second quarter of 2026, with projected total costs of approximately $18.8 million.

Management is scheduled to present at Nareit's REITweek: 2026 Investor Conference on June 3, 2026 at 1:15 p.m. Eastern Time.

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