EXHIBIT 99.1
NEWS RELEASE
FOR MORE INFORMATION, CONTACT:
David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
(601) 354-3555
- --------------------------------------------------------------------------------
EASTGROUP PROPERTIES APPOINTS MARY BETH SHANAHAN TO BOARD
- --------------------------------------------------------------------------------
JACKSON, MISSISSIPPI, June 2, 2005 -- EastGroup Properties, Inc. (NYSE-EGP)
announced today that it has appointed Mary Beth Shanahan, who recently retired
from the Ohio Public Employees Retirement System (OPERS), to the Company's Board
of Directors and as a member of the Board's Audit Committee.
At OPERS, Ms. Shanahan was most recently responsible for directing the $64
billion fund's real estate investments including large-scale initiatives in a
variety of property types and transaction structures as well as oversight of a
$1.3 billion internally managed REIT portfolio. Ms. Shanahan's career at OPERS
spanned 16 years during which time her responsibilities included portfolio and
asset management, property and portfolio level budgeting, systems design and
financial reporting.
In addition to her role at OPERS, Ms. Shanahan has served in leadership
positions on a variety of national and regional real estate associations
including Pension Real Estate Association (Chair), Urban Land Institute (Council
Vice-Chair), National Association of Real Estate Investment Trusts (Board of
Governors), National Council of Real Estate Investment Fiduciaries
(Chair-Portfolio Management Committee) and Columbus Commercial Real Estate Women
(President). Ms. Shanahan received both Master of Business Administration and
Bachelor of Science degrees from Ohio State University. She is a resident of
Columbus, Ohio.
In commenting on the appointment, D. Pike Aloian, chairman of EastGroup's
Nominating and Corporate Governance Committee stated, "The Directors of
EastGroup are very pleased to welcome Mary Beth Shanahan to the Company's Board.
Mary Beth's candor, broad real estate experience and institutional investment
perspective are expected to add further dimension to the Company's
decision-making and governance in the years ahead."
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
special emphasis in the states of Arizona, California, Florida and Texas. 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 21.3 million square feet with
an additional 636,000 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
TEL: 601-354-3555 FAX: 601-352-1441