FOR MORE INFORMATION, CONTACT:
David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
(601) 354-3555
Jackson, Mississippi, June 2, 2008– 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 $25.00 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 $25.011 per Series D Preferred Share, without interest.
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 www.eastgroup.net.
P.O. Box 22728, Jackson, MS 39225-2728
Telephone: 601/354-3555 Fax: 601/352-1441