EastGroup Properties Announces 116th Consecutive Quarterly Dividend

JACKSON, MS-– EastGroup Properties'(NYSE-EGP) Board of Directors has declared a quarterly dividend of $.52 per share payable on December 31, 2008 to shareholders of record of Common Stock on December 19, 2008.

This dividend is the 116th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.

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 Arizona, California, Florida and Texas.

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 25.4 million square feet with an additional 1.8 million square feet of properties under development.

For more information, please contact: David H. Hoster II, (top right photo) President and Chief Executive Officer; N. Keith McKey, Chief Financial Officer (601) 354-3555