At a glance
EastGroup Properties Inc is worth $10.49B, about 40 times its fiscal 2025 earnings. Revenue grew 12.7% to $721.3M in fiscal 2025, with 35.7% kept as profit; over 5 years it has grown 14.7% a year. It pays a 3.28% dividend yield, raised every year for at least 9 years, and returned $1.11B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +13.9% over the past year with dividends reinvested and +2.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.1% in the 2020 crash (S&P 500: 33.7%) and 37.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 42 months after the lows.
The business in plain English
EastGroup Properties is a real estate investment trust (REIT), a company that owns income-producing property and pays out most of its taxable income as dividends. First organized in 1969 and based in Ridgeland, Mississippi, it develops, acquires and runs industrial buildings. Its focus is business distribution space, mostly 20,000 to 100,000 square feet, for tenants that depend on location. Buildings are clustered near major transport links in submarkets where new supply is limited.
EastGroup makes its money from rent. Revenue was $721.3 million in 2025, up 12.7% from 2024, and net income was $257.4 million. As of December 31, 2025, it owned 550 industrial properties in 12 states, about 65 million square feet. That included 510 business distribution properties (59.3 million square feet), 19 larger bulk distribution buildings (4.9 million) and 21 business service properties (0.8 million). The operating portfolio was 97.0% leased across about 1,700 leases, and no single tenant paid more than about 1.5% of annualized base rent in 2025.
Its core markets are Texas, Florida, California, Arizona and North Carolina. It grows through development and acquisitions: in 2025 it started six development projects and a redevelopment totaling 1.4 million square feet, and spent $261.7 million acquiring existing buildings and 300.4 acres of land. It has a small staff of 103 full-time employees.
Price history
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EGP +13.9% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $199.4M, up 9.5% from a year earlier, and net income was $78.4M (+17.1%).
- For fiscal 2025, revenue was $721.3M (+12.7% year over year; +14.7% a year from FY2020 to FY2025) with a 35.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.7% good |
|---|---|
| Free cash flow margin | 56.1% good |
| Return on equity (FY2025) | 7.4% weak |
| Return on assets (FY2025) | 4.7% watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $363.0M | $108.4M | $163.2M |
| FY2021 | $409.5M | $157.6M | $219.8M |
| FY2022 | $487.0M | $186.2M | $275.6M |
| FY2023 | $570.6M | $200.5M | $287.1M |
| FY2024 | $640.2M | $227.8M | $357.3M |
| FY2025 | $721.3M | $257.4M | $404.9M |
Valuation snapshot
| Market value | $10.49B |
|---|---|
| P/E ratio | 40.1 |
| Dividend yield | 3.28% |
Rank among 1514 US companies
Market value at each year end
EastGroup Properties’s market value went from $2.43B at the end of 2016 to $10.49B on Oct 28, 2026, about 4.3 times as much; since the end of 2025 it is up 10%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $10.49B | +10.4% |
| 2025 | $9.50B | +19.6% |
| 2024 | $7.95B | -6.6% |
| 2023 | $8.50B | +31.8% |
| 2022 | $6.45B | -30.4% |
| 2021 | $9.27B | +69.7% |
| 2020 | $5.46B | +7.2% |
| 2019 | $5.10B | +54.1% |
| 2018 | $3.31B | +8.7% |
| 2017 | $3.04B | +25.2% |
| 2016 | $2.43B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| EGP price data to Oct 28, 2026 | +12.2% | +13.9% | +10.9% | +2.5% | +14.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.2% |
| 2025 | +14.8% |
| 2024 | -9.8% |
| 2023 | +27.7% |
| 2022 | -33.1% |
| 2021 | +68.4% |
| 2020 | +6.7% |
| 2019 | +48.2% |
| 2018 | +7.0% |
| 2017 | +23.3% |
| 2016 | +37.8% |
| 2015 | -7.6% |
| 2014 | +13.2% |
| 2013 | +11.7% |
| 2012 | +28.9% |
| 2011 | +8.1% |
| 2010 | +16.6% |
| 2009 | +14.3% |
| 2008 | -10.7% |
| 2007 | -18.4% |
| 2006 | +23.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 53.4% over that stretch · deepest drop along the way 56.6%, back to its old high 22.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.9% over that stretch · deepest drop along the way 38.1%, back to its old high 6.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.4% over that stretch · deepest drop along the way 37.2%, back to its old high 42.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 2 sales ($421K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 23, 2026 | Staci H. Tyler Executive Vice President, CFO | sell | $323K |
| Jun 4, 2026 | David Michael Fields Director | sell | $99K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 12.4% | Sep 30, 2026 |
| Vanguard Portfolio Management | 8.6% | Mar 31, 2026 |
| Cohen & Steers, Inc. | 6.88% | Mar 31, 2026 |
| Vanguard Capital Management | 5.33% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5% | Dec 31, 2025 |
| COHEN & STEERS, INC. | 4.95% | Jul 31, 2025 |
ETFs with the most weight in EGP
| DTRE First Trust Alerian Disruptive Technology Real Estate ETF | 4.13% |
| INDS Pacer Industrial Real Estate ETF | 4.11% |
| SPRE SP Funds S&P Global REIT Sharia ETF | 3.44% |
| PSR Invesco Active U.S. Real Estate Fund | 3.34% |
| JPRE JPMorgan Realty Income ETF | 2.82% |
| BYRE Principal Real Estate Active Opportunities ETF | 2.3% |
| WTRE WisdomTree New Economy Real Estate Fund | 2.08% |
| DESK VanEck Office and Commercial REIT ETF | 1.48% |
What could go wrong
- Narrow focus: one property type, five core states. EastGroup owns only industrial buildings, and its core markets are Texas, Florida, California, Arizona and North Carolina. A regional slowdown or local glut of new warehouses would hurt it more than a diversified landlord.
- Building warehouses before tenants sign up. EastGroup routinely builds without tenants signed up in advance. Its development pipeline was 18.8% leased as of December 31, 2025. Rising costs from tariffs, materials or labor, or slow leasing, could hurt returns.
- Debt, refinancing and interest rate pressure. Growth is funded first with $675 million of bank credit lines, then refinanced. Debt was about $1.8 billion as of September 30, 2026. Higher rates or a credit downgrade would raise interest costs.
- Storms, climate events and insurance gaps. Many properties sit in Florida, Texas and California, exposed to weather and climate events. Insurance may not cover every loss or may become unavailable, and rising premiums may not be offset by rents.
- New share sales can dilute owners. As a REIT, EastGroup pays out most income and leans on outside capital. Its share count grew 32.2% between October 2021 and October 2026, spreading profits across more shares.
- Tenant departures, defaults and lower renewal rents. When leases end, tenants may leave, and re-leasing can require concessions or lower rent. A weaker economy can bring late payments or tenant bankruptcies, though no tenant exceeded about 1.5% of base rent in 2025.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Other company announcement
- Major agreement signed; New debt or financial obligation; Other company announcement
For income and retirement investors
EastGroup has raised its dividend for at least nine straight years through 2025. Dividends per share grew from $3.08 in 2020 to $5.90 in 2025, about 13.9% a year, and the yield was 3.28% as of October 28, 2026. The 2025 dividend equaled 117.5% of net income. That looks high, but REIT profits are reduced by depreciation, a non-cash charge; against free cash flow (cash the business generates) the payout was 74.7%. It did not repurchase shares from 2021 through 2025; its share count rose 32.2% in the five years to October 2026.
In the 2008 financial crisis the shares fell 56.6% and took about 22.6 months from the low to recover. In the 2020 COVID crash they fell 38.1% and recovered within 6.7 months. In the 2022 bear market they fell 37.2% and did not regain their peak until April 17, 2026, 42.3 months after the low. A single stock carries more risk than a diversified fund.
Questions investors ask
How does EastGroup Properties make money?
EastGroup makes money by renting out industrial buildings. It develops, acquires and manages distribution warehouses, mostly for tenants needing 20,000 to 100,000 square feet in fast-growing markets such as Texas, Florida, California, Arizona and North Carolina. As of December 31, 2025, it owned 550 properties in 12 states, and its operating buildings were 97.0% leased under about 1,700 leases. Revenue was $721.3 million in 2025, up 12.7% from 2024.
Does EastGroup Properties raise its dividend every year?
Yes, for at least nine straight years through 2025, and the streak may be longer. Dividends per share rose from $3.08 in 2020 to $5.90 in 2025, an average gain of about 13.9% a year. The yield was 3.28% as of October 28, 2026. Past increases do not guarantee future ones: the board decides each payment, and weaker leasing or higher interest costs could slow growth.
Why is EastGroup's dividend higher than its earnings?
Largely because of how REIT accounting works. In 2025 EastGroup paid dividends equal to 117.5% of net income. But net income is reduced by depreciation, a non-cash charge that spreads the cost of buildings over many years. Measured against free cash flow, the payout was 74.7%. The same effect makes the price-to-earnings ratio look high: it was 40.1 as of October 28, 2026, based on 2025 earnings. Many REIT investors focus on cash-based measures instead.
How has EGP stock performed over the long run?
Strongly over 10 years, weakly over five. As of October 28, 2026, the stock returned about 14.6% a year over 10 years, a 290% gain in total, but only about 2.5% a year over five years. The five-year figure reflects a 33.1% loss in 2022 and a 9.8% loss in 2024. The stock was up 12.2% year to date as of October 28, 2026, and its deepest decline over about 21 years of history was 59.5%.
How much debt does EastGroup Properties have?
About $1.81 billion as of September 30, 2026, against total assets of $5.78 billion and shareholders' equity of $3.57 billion. EastGroup typically funds new buildings and purchases with $675 million of unsecured bank credit lines (loans not backed by specific properties), then replaces that borrowing with fixed-rate debt or new shares. In May 2025, Moody's affirmed its Baa2 investment-grade rating and changed its outlook from stable to positive. Higher interest rates would raise its borrowing costs.