EastGroup Properties Announces Dividend Increase

JACKSON, MS, March 6, 2008– EastGroup Properties (NYSE-EGP) announced today that its Board of Directors approved a 4.0% increase in its quarterly dividend, raising it to $.52 per share from $.50 per share.

This is the sixteenth consecutive year of dividend increases. The dividend is payable on March 31, 2008 to shareholders of record of Common Stock on March 21, 2008. This dividend is the 113th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.

EastGroup also announced that its Board of Directors declared a quarterly dividend of $.4969 per share payable on April 15, 2008 to shareholders of record of Series D Preferred Stock on March 31, 2008.

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 a special emphasis in the states of Florida, Texas, California and Arizona.

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 23.8 million square feet with an additional 2.2 million square feet of properties under development.

FOR MORE INFORMATION, CONTACT:
David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
(601) 354-3555

EastGroup Properties, Inc. press releases are available at http://www.eastgroup.net/.
P.O. Box 22728, Jackson, MS 39225-2728
Telephone: 601/354-3555 Fax: 601/352-1441