FOR MORE INFORMATION, CONTACT:
David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
(601) 354-3555
Jackson, Mississippi, September 17, 2008– EastGroup Properties (NYSE-EGP) announced today that a preliminary assessment of its buildings in the Houston metro area revealed widespread minor damage but no significant or readily identifiable structural or roof damage. EastGroup's Houston portfolio currently entails 3.9 million square feet including a regional office located within its World Houston International Business Center. The regional office is currently without power and urgent tenant needs are being assisted by the corporate office in Jackson.
The information in this press release is based upon preliminary reports available to management at this time and there can be no assurance that future developments with respect to damage caused by Hurricane Ike will not be more adverse than indicated by such preliminary reports.
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 25.3 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