FOR MORE INFORMATION, CONTACT:
David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
(601) 354-3555
Jackson, Mississippi, May 19, 2009– EastGroup Properties (NYSE-EGP) today announced that it has entered into a sales agency financing agreement (the "Agreement") with BNY Mellon Capital Markets, LLC ("BNYMCM") pursuant to which it will issue and sell shares of its common stock from time to time as provided in the Agreement. The Agreement and a prospectus supplement describing the Agreement have been filed today with the Securities and Exchange Commission (the "SEC"). Shares of common stock that may be sold under the Agreement have previously been registered on the Company's automatic shelf registration statement on Form S-3 (File No. 333-159328) which was filed with the SEC on May 18, 2009. As described in the Company's prospectus supplement referenced above, the Company may offer and sell up to an aggregate of 1,600,000 shares of its common stock from time to time under the Agreement. Any shares of common stock sold under the Agreement will be offered at market prices prevailing at the time of sale. BNYMCM will act as agent in connection with any offerings of shares of common stock under the Agreement. For further information, please read the prospectus supplement relating to the Agreement that has been filed with the SEC.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. Any offer, solicitation or sale will be made only by means of the prospectus supplement and the accompanying prospectus.
Copies of the prospectus supplement and the accompanying base prospectus may be obtained from: BNY Mellon Capital Markets, LLC, One Wall Street, New York, NY 10286, or by faxing requests to (212) 635-6536.
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 27 million square feet.
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