EastGroup Properties, Inc. (NYSE: EGP) (the “Company”, “we”, “our”, “us” or “EastGroup”) announced today its recent business activity and participation in upcoming conference.
As of November 30, 2025, EastGroup’s portfolio was 97.0% leased and 96.2% occupied. During the fourth quarter of 2025 to date, 1,057,000 square feet of new and renewal leases were signed with rental rate increases averaging 31.1% on a straight-line basis and 17.1% on a cash basis.
Also, during the fourth quarter of 2025 to date, the Company executed development leases in six markets totaling approximately 454,000 square feet, as compared to approximately 115,000 square feet of development leases signed in the third quarter of 2025.
During the fourth quarter of 2025 to date, EastGroup began construction of one development project in Orlando. The 100% pre-leased building will contain approximately 113,000 square feet and has projected total costs of approximately $16,000,000.
Commenting on the Company’s activity, Marshall Loeb, CEO, stated, “We are pleased with portfolio performance quarter to date in line to slightly ahead of our expectations. The industrial market continues to incrementally improve. Outside of operations, the debt we placed this quarter allows us to further fuel growth opportunities such as adding new high-quality investments in Las Vegas and Jacksonville to the portfolio. Looking ahead, we are excited to see the operating environment being created by the rapid decline in the industrial construction pipeline along with rising demand.”
During November, the Company closed $250,000,000 senior unsecured term loans separated into two tranches with a weighted average effectively fixed interest rate of 4.13%. Tranche A provides a $100,000,000 unsecured term loan with a maturity date of April 30, 2030. Tranche B provides a $150,000,000 unsecured term loan with a maturity date of March 14, 2031. The loans require interest only payments, bearing interest at the annual rate of Daily SOFR plus an applicable margin (0.85% as of December 8, 2025) based on the Company’s senior unsecured long-term debt rating. The Company entered into interest rate swap agreements to convert the floating interest rate component to a fixed interest rate for the entire term of the loans.
In mid-December, EastGroup is scheduled to close on two recently developed properties containing a total of three industrial buildings, which are currently 100% leased. A property in Jacksonville, located in the Southside industrial submarket, includes two buildings totaling 177,000 square feet. The second property, situated in the North Las Vegas submarket, consists of a single building with 101,000 square feet.
As previously announced, in October, the Company closed on the acquisition of 16 acres of development land for approximately $10,000,000 in the Northeast submarket of Dallas. This land, known as Frisco Park 121 East Land, is expected to accommodate the future development of two buildings containing approximately 180,000 square feet.
Also previously announced, in October, EastGroup closed on the acquisition of the McKinney Airport Trade Center Land for approximately $15,000,000, which is 34 acres in the Northeast Dallas submarket adjacent to the three industrial buildings acquired by the Company during the third quarter of 2025. This site is expected to accommodate the future development of five buildings totaling approximately 385,000 square feet.
During November, the Company acquired 78 acres of development land, known as Schertz Station 3009 Land, in the Northeast San Antonio submarket for approximately $9,000,000. The site is expected to accommodate the future development of eight buildings totaling approximately 900,000 square feet.
Management is scheduled to participate in Nareit’s REITworld: 2025 Annual Conference in Dallas, December 9-10, 2025. Conference registration is available at www.reit.com. During the conference, EastGroup executives may discuss the Company’s transaction activity, leasing environment, market trends and conditions, financial matters and other business that may be affecting the Company. Presentation materials that may be referenced during the EastGroup presentations are available on the “Investor Relations” page of the Company’s website.
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