Exhibit 5

                                November 18, 2003


EastGroup Properties, Inc.
300 One Jackson Place
188 East Capitol Street
Jackson, Mississippi 39201

     Re:  Issuance  and sale of 847,458  shares of common  stock (the  "Shares")
          pursuant to a Placement Agency Agreement between EastGroup Properties,
          Inc. (the "Company") and A.G. Edwards & Sons, Inc.

Ladies and Gentlemen:

     As your counsel we have  examined the Company's  Registration  Statement on
Form S-3 (File No. 333-109769) (the "Registration  Statement") and the Company's
Prospectus  Supplement dated November 14, 2003 with respect to the Shares and we
are familiar with the documents referred to therein and incorporated  therein by
reference.  We have also examined the Company's  Articles of  Incorporation,  as
amended,  and Bylaws, as amended,  such records of proceedings of the Company as
we deemed  material,  and such  other  proceedings  of the  Company as we deemed
necessary for the purpose of this opinion.

     We have examined the proceedings heretofore taken and we are informed as to
the  procedures  proposed to be followed by the Company in  connection  with the
authorization,  issuance and sale of the Shares. In our opinion the Shares to be
issued  by the  Company  will be,  when  issued  and paid  for  pursuant  to the
Registration  Statement  and the  Prospectus  Supplement,  duly  authorized  for
issuance by all necessary  corporate  action and,  upon the issuance  thereof in
accordance with their terms,  the Shares will be legally issued,  fully paid and
non-assessable.

     We  consent to the  filing of this  opinion as an exhibit to the  Company's
Current  Report on Form 8-K and to all  references to our firm in the Prospectus
Supplement.

                                Very truly yours,

                                /s/ JAECKLE FLEISCHMANN & MUGEL, LLP