Exhibit (3)(e)

                           EASTGROUP PROPERTIES, INC.

                             ARTICLES SUPPLEMENTARY


     EASTGROUP PROPERTIES,  INC., a Maryland  corporation,  having its principal
office in  Baltimore  City,  Maryland  (hereinafter  called the  "Corporation"),
hereby certifies to the State Department of Assessments and Taxation of Maryland
that:

     FIRST: Pursuant to the authority expressly vested in the Board of Directors
of the Corporation by Article V Section 3 of the Articles of  Incorporation,  as
amended,  of the  Corporation,  the  Board of  Directors  has duly  reclassified
2,800,000 shares of Series B Cumulative  Convertible  Preferred Stock, par value
$.0001 per share, of the Corporation  into 2,800,000 shares of Common Stock, par
value $.0001 per share, of the Corporation.

     SECOND: The  reclassification  increases the number of shares classified as
Common Stock from 65,280,000 shares immediately prior to the reclassification to
68,080,000 shares immediately after the  reclassification.  The reclassification
decreases  the number of shares  classified  as Series B Cumulative  Convertible
Preferred Stock from 2,800,000 shares immediately prior to the  reclassification
to no shares immediately after the reclassification.

     THIRD:  The terms of the  Common  Stock as set by the  Board of  Directors,
including preferences,  conversion or other rights, voting powers, restrictions,
limitations  as  to  dividends,   qualifications   or  terms  or  conditions  of
redemption,  are the same, in all  respects,  as those terms of the Common Stock
set forth in the Corporation's Articles of Incorporation, as amended.

     IN WITNESS WHEREOF, EASTGROUP PROPERTIES, INC. has caused these presents to
be signed in its name and on its behalf by its  President  and  witnessed by its
Secretary on December 4, 2003.

WITNESS:                                 EASTGROUP PROPERTIES, INC.

/s/ N. KEITH MCKEY                       By: /s/ DAVID H. HOSTER II
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N. Keith McKey, Secretary                David H. Hoster II, President

     THE UNDERSIGNED,  President of EASTGROUP PROPERTIES,  INC., who executed on
behalf of the Corporation the Articles  Supplementary  of which this certificate
is  made  a  part,  hereby  acknowledges  in the  name  and on  behalf  of  said
Corporation the foregoing Articles Supplementary to be the corporate act of said
Corporation  and hereby  certifies  that the matters and facts set forth  herein
with respect to the  authorization and approval thereof are true in all material
respects under the penalties of perjury.

                                         /s/ DAVID H. HOSTER II
                                         ---------------------------------------
                                         David H. Hoster II