EQUITY OFFERINGS

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Equity

EQUITY OFFERINGS

Underwriting commissions and offering costs incurred in connection with common stock offerings and at-the-market (“ATM”) equity offering programs have been reflected as a reduction of Additional paid-in capital.

Under relevant accounting guidance, sales of common stock under forward equity sale agreements are not deemed to be liabilities, and furthermore, meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices other than those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.

On December 5, 2025, we established an ATM common stock offering program pursuant to which we are able to sell from time to time shares of our common stock having an aggregate gross sales price of up to $1,000,000,000 (the “Current ATM Program”). The Current ATM Program replaced our previous $1,000,000,000 ATM program, which was established on October 25, 2024, under which we had sold shares of our common stock having an aggregate gross sales price of $479,899,000 through December 5, 2025.

In connection with the Current ATM Program, we may sell shares of our common stock directly through sales agents or through certain financial institutions acting as forward counterparties whereby, at our discretion, the forward counterparties, or their agents or affiliates, may borrow from third parties and subsequently sell shares of our common stock. The use of a forward equity sale agreement allows us to lock in a share price on the sale of shares of our common stock but defer settling and

receiving the proceeds from the sale of shares until a later date. Additionally, the forward price that we expect to receive upon settlement of an agreement will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchaser’s stock borrowing costs and (iii) scheduled dividends during the term of the agreement.

Direct Common Stock Issuance Activity

The following table presents the Company’s common stock issuance activity sold directly through sales agents pursuant to the Company's ATM programs during the three months ended March 31, 2026 and the year ended December 31, 2025:

	Common Stock (1)	Weighted Average Price		Gross Proceeds		Net Proceeds
	(In shares)	(Per share)		(In thousands)
Three months ended March 31, 2026	365,620	$	191.46	$	70,000	69,300
Year ended December 31, 2025	33,120	$	183.15	$	6,066	6,005

(1)Excludes shares of common stock sold on a forward basis as described below.

Forward Equity Offering Activity

The following table presents the Company’s forward equity offering activity during the three months ended March 31, 2026 and the year ended December 31, 2025:

	Common Stock	Weighted Average Price		Gross Proceeds
	(In shares)	(Per share)		(In thousands)
Forward Sale Agreements Outstanding at December 31, 2024	385,253	$	175.07	$	67,446
New forward sale agreements (1)	1,063,825	181.89		193,498
Forward sale agreements settled — Shares issued and proceeds received (2)	(1,449,078)	180.08		(260,944)
Forward Sale Agreements Outstanding at December 31, 2025	—	N/A		—
New forward sale agreements (1)	252,136	196.16		49,459
Forward sale agreements settled — Shares issued and proceeds received	—	N/A		—
Forward Sale Agreements Outstanding at March 31, 2026	252,136	$	196.16	$	49,459

(1)The Company did not receive any proceeds from the sale of common shares by the forward counterparties at the time it entered into forward sale agreements.

(2)EastGroup settled outstanding forward equity sale agreements by issuing 1,449,078 shares of common stock in exchange for net proceeds of approximately $258,066,000.