EastGroup Properties Announces Fourth Quarter and Year 2009 Results

 Funds from Operations of $19.7 Million or $.75 Per Share, a Decrease of 11.8% Compared
to the Same Quarter Last Year
 Net Income Available to Common Stockholders of $5.7 Million or $.22 Per Share
 Same Property Net Operating Income Decline of 5.6% With and Without Straight-Line Rent
Adjustments
 90.0% Leased, 89.4% Occupied
 Paid 120th Consecutive Quarterly Cash Dividend – $.52 Per Share
 Interest and Fixed Charge Coverages of 3.3x

YEAR 2009 RESULTS

 Funds from Operations of $80.6 Million or $3.14 Per Share, a Decrease of 4.8% Compared
to 2008
 Net Income Available to Common Stockholders of $26.7 Million or $1.04 Per Share
 Same Property Net Operating Income Decline of 4.3%; 4.0% Decrease Without Straight-
Line Rent Adjustments
 $53 Million Invested in Development and Acquisitions
 Six Development Projects With Estimated Costs to Complete of $5.5 Million at Year-End
 Paid Annual Cash Dividends of $2.08 Per Share

 Total Capital Raised of $125.6 million
 Issued 1,600,000 Shares of Common Stock With Net Proceeds of $57.6 Million
 Completed a $67 Million Mortgage at 7.5% Fixed Interest Rate With a 10-Year Term
 Sold a Property for $1 Million
 Reduced Floating Rate Bank Debt by $20.7 Million
 Interest and Fixed Charge Coverages of 3.5x
 No Debt Maturities in 2010
 Bank Line Capacity of $133 Million as of December 31, 2009

JACKSON, MS-- EastGroup Properties, Inc. (NYSE-EGP) announced  the results of its operations for the three months and year ended December 31, 2009.

David H. Hoster II, (top right photo) President and CEO, stated, “We are pleased to report that funds from operations for the fourth quarter met the mid-point of guidance and that occupancy increased 50 basis points to 89.4% at December 31 as compared to the end of the third quarter.

"We expect occupancy to decline in the first quarter of 2010 due to several large move-outs and lease terminations but to then improve in each subsequent quarter of the year.”
 
For more informaltion, please contact: David H. Hoster II, President and Chief Executive Officer or

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