Real Estate Central

JACKSON, Miss., June 2 /PRNewswire-FirstCall/ — 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

5.00 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

5.011 per Series D
Preferred Share, without interest.

(Logo: http://www.newscom.com/cgi-bin/prnh/20030519/EGPLOGO )

The Company previously announced that a quarterly dividend of $0.4969
per share will be paid on July 15, 2008, to shareholders of record of
Series D Preferred Shares on June 30, 2008.

On and after the Redemption Date, all shares of Series D Preferred
Stock will be deemed no longer outstanding, dividends shall cease to accrue
and all rights of the holders will cease, except the right to receive the
redemption price, without interest, and if a holder of record on June 30,
2008, the right to receive the quarterly dividend payable on July 15, 2008,
upon presentation and surrender of the Series D Cumulative Redeemable
Preferred Stock to Well Fargo Bank, N.A., the redemption agent, during its
usual business hours at the address specified in the Letter of Transmittal
accompanying the Notice of Redemption.

The Notice of Redemption and related materials will be mailed to
holders of record of the Series D Cumulative Redeemable Preferred Stock on
or about June 2, 2008. Questions relating to the Notice of Redemption and
related materials should be directed to Wells Fargo Bank, N.A., the
redemption agent at 1-800-468-9716.

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 25.0
million square feet with an additional 1.9 million square feet of
properties under development.

EastGroup Properties, Inc. press releases are available at
http://www.eastgroup.net .



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Source: Real Estate Newswire