EastGroup Properties Announces Third Quarter 2010 Results; EPS $.15

EastGroup Properties, Inc. EGP announced today the results of its operations for the three and nine months ended September 30, 2010.

• Funds from Operations of $18.7 Million or $.70 Per Share Compared to $.76 Per Share for the Same Quarter Last Year
• Net Income Attributable to Common Stockholders of $4.0 Million or $.15 Per Share
• Same Property Net Operating Income Decline of 4.8%; 6.5% Decline Without Straight-Line Rent Adjustments
• 90.0% Leased, 88.3% Occupied
• Customer Retention Rate of 90% for the Third Quarter
• Paid 123rd Consecutive Quarterly Cash Dividend – $.52 Per Share
• Interest and Fixed Charge Coverages of 3.1x
• Executed an Application for a $74 Million, 10-Year Mortgage Loan at 4.39% Fixed Interest Rate
• One Development/Expansion Project With Estimated Costs to Complete of $1.2 Million as of September 30, 2010