EastGroup Properties Announces 117th Consecutive Quarterly Dividend

JACKSON, MI, Mar. 5, 2009– EastGroup Properties (NYSE-EGP) announced today that its Board of Directors declared a quarterly dividend of $.52 per share payable on March 31, 2009 to shareholders of record of Common Stock on March 20, 2009.

This dividend is the 117th 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 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.

CONTACTS:

David H. Hoster II, (top right photo), President and Chief Executive Officer

N. Keith McKey, Chief Financial Officer, (601) 354-3555