EastGroup Properties (EGP) S-3ASR Automatic shelf registration

Exhibit 12.1

EastGroup Properties, Inc.

Ratio of earnings to combined fixed charges and preferred stock dividends (dollars in thousands)

	Three Months Ended March 31, 2012				Years Ended December 31,
					2011			2010			2009			2008			2007
Income from continuing operations	$	5,363				22,834			18,755			27,204			32,726			29,233
Equity in earnings of unconsolidated investment		(89	)			(347	)		(335	)		(320	)		(316	)		(285	)
Income from continuing operations before adjustments		5,274				22,487			18,420			26,884			32,410			28,948
Fixed charges (from below)		10,631				39,031			39,327			38,916			38,968			36,512
Distributed income of equity investee		—				330			320			260			280			250
Capitalized interest		(1,042	)			(3,771	)		(3,613	)		(5,856	)		(6,946	)		(6,086	)
Preferred stock dividends		—				—			—			—			(1,326	)		(2,624	)
Earnings	$	14,863				58,077			54,454			60,204			63,386			57,000
Interest expense	$	9,441				34,709			35,171			32,520			30,192			27,314
Capitalized interest		1,042				3,771			3,613			5,856			6,946			6,086
Amortization of mortgage premiums		41				126			124			122			120			117
Interest component of rental expense		107				425			419			418			384			371
Preferred stock dividends		—				—			—			—			1,326			2,624
Combined fixed charges and preferred stock dividends	$	10,631				39,031			39,327			38,916			38,968			36,512
Ratio of earnings to combined fixed charges and preferred stock dividends		1.40		��		1.49			1.38			1.55			1.63			1.56