JACKSON, MS, May 6, 2009– EastGroup Properties (NYSE-EGP) today announced the closing of a $67 million limited recourse mortgage loan discussed in the first quarter earnings press release. The note has a fixed interest rate of 7.5%, 20-year amortization schedule, a 10-year term and is secured by properties containing 1.7 million square feet.
The proceeds were used to reduce variable rate bank borrowings to approximately $98 million as of May 6, 2009.
EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California.
Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 27 million square feet. 
Contact: David H. Hoster II, (top left photo) President and Chief Executive Officer or N. Keith McKey, Chief Financial Officer(601) 354-3555
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