Kristen Hagen, Vice President, Asset Manager, EastGroup Properties Inc

July 2026 — Invest: spoke with Kristen Hagen, vice president, asset manager of EastGroup Properties, about the resilience of Tampa Bay’s industrial market, the operational discipline required to support growth, and the company’s long-term commitment to tenants. “Even with some of the headwinds that other markets have experienced, Tampa Bay has remained active and resilient,” Hagen said.

What external changes over the past year have most impacted EastGroup in Tampa Bay, and in what ways?

Tampa Bay has remained a very strong market over the past year. While there has been some slowdown across the country, driven in part by uncertainty around government policy, tariffs and broader macroeconomic conditions, this region has continued to perform well. We have seen that strength reflected in our leasing activity and in the overall health of our portfolio.

We ended 2025 at roughly 95% to 96% leased, which is a strong outcome in any environment and above the broader vacancy level in the market. That performance speaks not only to the quality of the Tampa Bay region, but also to the continued demand for well-located industrial product. Even with some of the headwinds that other markets have experienced, Tampa Bay has remained active and resilient.

We have also been very active from a development standpoint. We purchased land at the corner of I-75 and I-4 for our Crossroads project, completed development on Crossroads 1, and have already started work on Crossroads 2. On top of that, we acquired another 66 acres just south of that site. We reference the site as Bell Creek Logistics Center Land, which previously was an office complex. That property is being repositioned for industrial use. So even though the market has seen some moderation, we have continued to move forward aggressively because we believe in the long-term strength of Tampa Bay.

How are you approaching talent attraction and workforce development, particularly as demand grows for expertise in industrial and logistics real estate?

Being a publicly traded REIT helps from a recruitment standpoint because people in the commercial real estate industry know the EastGroup name. Investors know us, brokers know us, and many professionals who work in the sector already understand our platform and our product type. That visibility makes it easier to attract interest.

That said, a lot of our approach is internal. We always look first at our current team and whether there are opportunities for people to grow into new responsibilities. We also place a great deal of value on referrals. Our employees know the industry, they know the market, and they know who is good at what they do. If we need to hire, those referrals are often the most effective source because they come with an understanding of whether that person would be the right fit for our team.

If referrals do not produce the right candidate, we will work with recruiters, and we have done that successfully in the past. But internally generated referrals tend to be the strongest path for us.

We are also a relatively small company from an employee standpoint, which shapes how we think about staffing. In Tampa, we manage about 4.6 million square feet of industrial space, with even more planned or under construction, and we do that with a lean local team. That means everyone wears a lot of hats. It also means we need people who are highly capable, collaborative and able to manage a wide range of responsibilities. Fortunately, I work with an excellent team, and that makes a big difference.

What key trends are you seeing in the industrial real estate sector right now?

One of the biggest trends continues to be the expectation of speed. Everybody wants it as soon as possible, and that mindset has transformed how occupiers think about location. Consumers expect same-day or next-day delivery. That expectation has moved far beyond retail and e-commerce and is now influencing how businesses across industries plan their supply chains and facility footprints.

That trend plays directly to EastGroup’s strengths because we focus on shallow-bay industrial product in infill locations. Our strategy is to be as close to the consumer as possible, and that is exactly where demand continues to grow. Many of our tenants, including third-party logistics providers, want to be in locations that allow them to serve customers quickly and efficiently.

It is not just about consumer packages arriving quickly at someone’s front door. Contractors need materials faster, businesses need inventory closer to their end markets and distributors need flexibility in how they move goods. The need for proximity has become a defining characteristic of the sector, and our product is well positioned to meet that demand.

What are some of the primary challenges facing your business and the sector?

The biggest challenges we’re seeing in Tampa are increasing land, construction, and material costs. An increase in costs can affect development yields, tenant improvements and the pace at which projects can be delivered. Higher costs are something everyone in the industry is navigating. As a public company, we have a strong balance sheet and the capital to execute. I am proud of our team for being patient and acting on the right, accretive opportunities when they present themselves.

We also respond to rising cost challenges by having long-standing relationships with the general contractors we use. Those relationships matter because they bring consistency, trust and better planning. Our contractors understand our standards, how we like to work and what we need to deliver for our tenants. That makes the process smoother, especially when there are external pressures that none of us can fully control.

Lead times can also still be an issue. HVAC equipment is a good example. Some items can take weeks or months longer than expected, so planning ahead becomes critical. We work closely with our contractors upfront to identify those needs early and place orders as soon as possible. Strong partnerships do not eliminate the challenges, but they do help us manage them much more effectively.

How does EastGroup approach community engagement in Tampa Bay?

This is actually one of my favorite topics because it is something our company takes seriously, even if it is not always what people immediately associate with industrial real estate. EastGroup encourages community involvement in a very direct way. Employees are given time outside of PTO and sick leave to volunteer, and as an office we try to participate in initiatives that support the local community.

We have also found practical ways to give back through the nature of our business. As a landlord, there are times when tenants move out and leave behind office furniture or other usable items. Rather than sending those materials to a landfill, we reach out to local organizations, such as school districts, police departments, and sheriff’s offices, to see if they can use them. We have donated desks, chairs, and other furnishings, and in one instance a local school district was able to refurnish an office space with what we provided.

We did something similar with the office complex we acquired. Before those buildings were demolished, we offered them to local law enforcement, SWAT teams, and other agencies to use for training exercises. They are often looking for spaces where they can conduct realistic drills, and we were able to provide that at no cost.

Now that those buildings are down, we have also made portions of the site available as a staging area for emergency vehicles ahead of hurricane season. In Florida, that kind of preparedness matters. If our land can support emergency response efforts, then we want to make it available. We try to look at what we have and ask how it can be useful to the community, not just to our business.

What are your key goals and priorities for EastGroup in Tampa Bay over the next two to three years?

As a publicly traded company, I cannot get into detailed numbers or budget specifics, but the priorities are clear. Occupancy remains a major focus. We ended 2025 at about 96% leased, and maintaining that level is important. We want to keep our current tenants, support them well and continue providing the kind of experience that drives retention.

That starts with strong property management. We are fortunate to have a very good team, and our property managers play a major role in keeping tenants satisfied and engaged. Retention is not just about lease terms. It is also about responsiveness, consistency and making sure tenants know they are supported.

Beyond occupancy, we want to continue growing our portfolio. We are always looking for additional land, new opportunities and value-add acquisitions that make sense for our long-term strategy. We also want to continue delivering and maintaining a class-A product.

What really differentiates EastGroup is that we are a long-term holder. We are not looking to buy an asset, hold it for a few years and then sell it. We take pride in our properties, we invest in them and we invest in our tenant relationships. When a company becomes our tenant, they know they are not likely to face a landlord change a few years later. They know we are going to be there, that we are willing to spend capital where needed and that we are focused on the long-term performance of the property. That stability matters, and it is a big part of how we approach the market in Tampa Bay.