EastGroup Properties, Inc. Announces Adoption of Sales Agency Financing Agreement

EastGroup Properties, Inc. Announces Adoption of Sales Agency Financing
Agreement

JACKSON, Miss., May 19 /PRNewswire-FirstCall/ -- EastGroup Properties, Inc.
(NYSE: EGP) today announced that it has entered into a sales agency financing
agreement (the "Agreement") with BNY Mellon Capital Markets, LLC ("BNYMCM")
pursuant to which it will issue and sell shares of its common stock from time
to time as provided in the Agreement. The Agreement and a prospectus
supplement describing the Agreement have been filed today with the Securities
and Exchange Commission (the "SEC"). Shares of common stock that may be sold
under the Agreement have previously been registered on the Company's automatic
shelf registration statement on Form S-3 (File No. 333-159328) which was filed
with the SEC on May 18, 2009. As described in the Company's prospectus
supplement referenced above, the Company may offer and sell up to an aggregate
of 1,600,000 shares of its common stock from time to time under the Agreement.
Any shares of common stock sold under the Agreement will be offered at market
prices prevailing at the time of sale. BNYMCM will act as agent in connection
with any offerings of shares of common stock under the Agreement. For further
information, please read the prospectus supplement relating to the Agreement
that has been filed with the SEC.

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This press release shall not constitute an offer to sell or a solicitation of
an offer to buy, nor shall there be any sale of these securities in any state
in which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such state.
Any offer, solicitation or sale will be made only by means of the prospectus
supplement and the accompanying prospectus.

Copies of the prospectus supplement and the accompanying base prospectus may
be obtained from: BNY Mellon Capital Markets, LLC, One Wall Street, New York,
NY 10286, or by faxing requests to (212) 635-6536.

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.

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

SOURCE EastGroup Properties, Inc.

David H. Hoster II, President and Chief Executive Officer, or N. Keith McKey,
Chief Financial Officer, +1-601-354-3555, both of EastGroup Properties, Inc.