FOR MORE INFORMATION, CONTACT:
David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
(601) 354-3555
Jackson, Mississippi, August 15, 2007– EastGroup Properties (NYSE-EGP) today announced the closing of a $75 million non-recourse mortgage loan discussed in the second quarter earnings press release. The note has a fixed interest rate of 5.57%, 20-year amortization and a 10-year maturity. The proceeds were used to reduce floating rate bank borrowings to approximately $76 million.
David H. Hoster II, President and CEO, stated, "We are pleased to decrease our exposure to fluctuating interest rates by replacing $75 million of floating rate debt to fixed rate debt at this attractive interest rate."
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 23.5 million square feet with an additional 2.1 million square feet of properties under development
EastGroup Properties, Inc. press releases are available at www.eastgroup.net.
P.O. Box 22728, Jackson, MS 39225-2728
Telephone: 601/354-3555 Fax: 601/352-1441