EastGroup Properties Announces Second Quarter Results

 Funds from Operations of $19.2 Million or $.71 Per Share Compared to $.80 Per Share for the Same Quarter Last Year
 Net Income Attributable to Common Stockholders of $4.5 Million or $.17 Per Share
 Same Property Net Operating Income Decline of 3.8%; 4.7% Decline Without Straight-Line Rent Adjustments
 89.1% Leased, 87.2% Occupied
 Paid 122nd Consecutive Quarterly Cash Dividend – $.52 Per Share
 Interest and Fixed Charge Coverages of 3.2x
 Acquired One Building in Phoenix for $1.3 Million
 Two Development Projects With Estimated Costs to Complete of $2.1 Million as of
 No Debt Maturities for the Remainder of 2010

JACKSON, MS, July 27, 2010 - EastGroup Properties, Inc. (NYSE-EGP) announced today the results of its operations for the three and six months ended June 30, 2010.

Commenting on EastGroup’s performance for the quarter, David H. Hoster II, President and CEO, stated, “We are pleased to report that during the second quarter we increased occupancy by 100 basis points to 87.2% by signing a record number of leases.
 

"This improvement exceeded our expectations and was primarily achieved in the month of June. In addition, funds from operations for the quarter again exceeded the mid-point of our guidance.”
 
Contact:
David H. Hoster II,  (top right photo)President and Chief Executive Officer, (601) 354-3555
N. Keith McKey,(lower left photo)  Chief Financial Officer,