JACKSON, MS (REIT Media) May 29, 2008 - EastGroup Properties (NYSE: EGP) announced today that its Board of Directors declared a quarterly dividend of $.52 per share payable on June 30, 2008 to shareholders of record of Common Stock on June 20, 2008. This dividend is the 114th consecutive quarterly distribution to EastGroup's shareholders and represents an annualized dividend rate of $2.08 per share.

EastGroup also announced that its Board of Directors declared a quarterly dividend of $.4969 per share payable on July 15, 2008 to shareholders of record of Series D Preferred Stock on June 30, 2008.

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 www.eastgroup.net.