EastGroup Properties To Redeem Series D Preferred Stock

JACKSON, MS, June 2, 2008– EastGroup Properties (NYSE-EGP) today announced that it will redeem all of its 1,320,000 shares of 7.95% Series D Cumulative Redeemable Preferred Stock (NYSE: EGP PrD, CUSIP: 277 276 408).

The redemption will take place on July 2, 2008 at a redemption price of $25.00 per share plus accrued and unpaid dividends for the period from July 1, 2008 through and including the redemption date of $0.011 per share, for an aggregate redemption price of $25.011 per Series D Preferred Share, without interest.

For more information, please contact David H. Hoster II, President and Chief Executive Officer or N. Keith McKey, Chief Financial Officer at(601) 354-3555.

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