EXHIBIT 99.1

FOR MORE INFORMATION, CONTACT:
David H. Hoster II, President and Chief Executive Officer
N. Keith McKey, Chief Financial Officer
(601) 354-3555


                         EASTGROUP PROPERTIES ANNOUNCES
                           FIRST QUARTER 2009 RESULTS

o    Funds from Operations of $20.7 Million or $.83 Per Share, Same as the First
     Quarter of 2008
o    Net Income  Available  to Common  Stockholders  of $7.7 Million or $.31 Per
     Share
o    Same Property Net Operating  Income Decline of 2.6%; 1.1% Decrease  Without
     Straight-Line Rent Adjustments
o    93.4% Leased, 92.8% Occupied
o    Customer Retention Rate of 67% for the First Quarter
o    Paid 117th Consecutive Quarterly Dividend - $.52 Per Share
o    Interest and Fixed Charge Coverages of 3.8x for the First Quarter
o    Executed an  Application  on a $67 Million  Mortgage at 7.5% Fixed Interest
     Rate
o    15  Development  Projects with  Estimated  Costs to Complete of $15 Million
o    No Debt Maturities  Requiring Balloon Payments for the Remainder of 2009 or
     for 2010
o    Bank Line Capacity of $61 Million as of March 31, 2009


JACKSON,  MISSISSIPPI,  April 28, 2009 - EastGroup  Properties,  Inc. (NYSE-EGP)
announced  today the results of its  operations for the three months ended March
31, 2009.

David  H.  Hoster  II,  President  and CEO,  stated,  "We are  pleased  with our
operating results for the first quarter, which exceeded expectations.  They were
achieved in a  difficult  economic  environment  and  deteriorating  markets for
industrial real estate.  Although we are generally seeing an increased number of
prospects in almost all of our markets,  this activity has not yet translated to
more leasing or a bottom to declining occupancy and rents."

FUNDS FROM OPERATIONS

For the first quarter ended March 31, 2009, funds from operations (FFO) was $.83
per share,  the same as the first quarter of 2008.  Excluding  gains on sales of
securities  of $435,000 and a gain on an  involuntary  conversion of $175,000 in
the first quarter of 2008,  FFO increased by 2.5% over the first quarter of last
year.  Property net operating  income  (PNOI)  increased  5.1%  primarily due to
additional PNOI of $1,787,000 from newly developed  properties and $414,000 from
2008  acquisitions,  offset  by  a  decrease  of  $745,000  from  same  property
operations.

Same property  operating  results  decreased 2.6% for the quarter;  1.1% without
straight-line rent adjustments.  Rental rates on new and renewal leases (5.0% of
total square footage) decreased an average of 5.0% for the quarter; rental rates
decreased 9.3% without straight-line rent adjustments.

FFO  and  PNOI  are  non-GAAP  financial  measures,   which  are  defined  under
Definitions  later  in this  release.  Reconciliations  of FFO  and  PNOI to Net
Income, the most directly  comparable GAAP financial  measure,  are presented in
the  attached  schedule  "Reconciliations  of Other  Reporting  Measures  to Net
Income."

                                     -MORE-

       P.O. Box 22728-JACKSON, MS 39225-TEL. 601-354-3555-FAX 601-352-1441



EARNINGS PER SHARE

On a diluted per share  basis,  earnings per common share (EPS) was $.31 for the
three months ended March 31, 2009, the same as the first quarter of 2008.

DEVELOPMENT

At March 31, 2009,  EastGroup's  development  program consisted of 15 properties
containing  1,524,000  square feet with a projected total cost of  approximately
$109 million either in lease-up or under construction. As of March 31, 2009, the
Company  had  spent  $94  million  of the $109  million,  and a  portion  of the
remaining  costs  will  be  spent  only  when  leased.   These  properties  were
collectively 27% leased at March 31, 2009 and 35% leased at April 27, 2009.

During  the first  quarter,  EastGroup  completed  shell  construction  on three
properties  (319,000  square  feet),  which are located in Florida,  Texas,  and
Arizona.  These  properties are currently in lease-up and have  projected  total
costs of $22.6  million.  World Houston 28, 29, and 30 and Blue Heron III, which
contain  237,000  square  feet  and  are  collectively  54%  leased,  are  under
construction  and have  projected  total costs of $18 million.  No  construction
starts are planned for 2009.

Also during the first quarter of 2009,  EastGroup  transferred  two  development
properties to the portfolio as detailed below:


                                                                                                          Percent        Projected
      Real Estate Properties Transferred                                Date                              Leased        Stabilized
           from Development in 2009                    Size          Transferred           Cost         at 4/27/09       Yield (1)
- ------------------------------------------------------------------------------------------------------------------------------------
                                                  (Square feet)                       (In thousands)
                                                                                                             

40th Avenue, Phoenix, AZ......................          90,000        01/01/09        $      6,645          100%           7.1%
Wetmore II, Building B, San Antonio, TX.......          55,000        02/01/09               3,659           55%           9.0%
                                                   ------------                       -------------
   Total Developments Transferred.............         145,000                        $     10,304
                                                   ============                       =============


(1)  Based on 100% occupancy and rents computed with straight-line adjustments.

PROPERTY ACQUISITIONS AND SALES

There have been no acquisitions or sales in 2009.

DIVIDENDS

EastGroup  paid cash  dividends  of $.52 per share of common  stock in the first
quarter of 2009, which was the 117th consecutive  quarterly  distribution to the
Company's common shareholders. The Company's dividend payout ratio to funds from
operations was 63% for the quarter.  The  annualized  dividend rate of $2.08 per
share yields 6.4% on the closing stock price of $32.57 on April 27, 2009.

STRONG FINANCIAL POSITION

EastGroup's  balance sheet  continues to be strong and  flexible.  Debt-to-total
market  capitalization  was 50.3% at March 31, 2009. For the quarter,  EastGroup
had interest and fixed charge coverage  ratios of 3.8x.  Total debt at March 31,
2009 was $714.2 million  comprised of $550.0 million of fixed rate mortgage debt
and $164.2 million of floating rate bank debt.

On January  2, 2009,  as  previously  reported,  the  mortgage  note  payable of
$9,365,000 on the Tower  Automotive  Center was repaid and replaced with another
mortgage note payable for the same amount.  The previous recourse mortgage was a
variable rate demand note,  and  EastGroup had entered into a swap  agreement to
fix the LIBOR rate.  In the fourth  quarter of 2008,  the bond spread over LIBOR
required to re-market  the notes  increased  from a historical  range of 3 to 25
basis points to a range of 100 to 500 basis points. Due to the volatility of the
bond spread costs,  EastGroup  redeemed the note and replaced it with a recourse
mortgage with a bank on the same payment terms except for the interest rate. The
effective  interest rate on the previous note was 5.30% until the fourth quarter
of 2008 when the weighted  average rate was 8.02%. The effective rate on the new
note, including the swap, is 6.03%.

                                     -MORE-

       P.O. Box 22728-JACKSON, MS 39225-TEL. 601-354-3555-FAX 601-352-1441



On February 13, 2009,  EastGroup  repaid a $31.4  million  mortgage note payable
with an interest rate of 6.8%. The Company has no debt  maturities  that require
balloon payments for the remainder of 2009 or for 2010.

EastGroup has revolving credit facilities of $200 million and $25 million,  both
maturing in 2012.

In March,  EastGroup executed an application on a $67 million,  limited recourse
first  mortgage loan secured by properties  containing  1.7 million square feet.
The loan is  expected  to close in May and will  have a fixed  interest  rate of
7.5%, a 10-year term and a 20-year amortization  schedule.  The Company plans to
use the proceeds of this mortgage loan to reduce variable rate bank borrowings.

OUTLOOK FOR 2009

EastGroup  confirms  its  previous  FFO per share  guidance for 2009 of $3.09 to
$3.21.  Diluted EPS for 2009 is  estimated  to be in the range of $.91 to $1.03.
The table below reconciles projected net income to projected FFO.


                                                                       Low Range                High Range
                                                                  Q2 2009     Y/E 2009     Q2 2009     Y/E 2009
                                                                --------------------------------------------------
                                                                      (In thousands, except per share data)
                                                                                               
Net income available to common stockholders                     $   5,654       22,874       6,156       25,884
Depreciation and amortization                                      13,365       54,497      13,365       54,497
                                                                --------------------------------------------------
Funds from operations available to common stockholders          $  19,019       77,371      19,521       80,381
                                                                ==================================================

Diluted shares                                                     25,074       25,076      25,074       25,076

Per share data (diluted):
Net income available to common stockholders                     $    0.23         0.91        0.25         1.03
Funds from operations available to common stockholders          $    0.76         3.09        0.78         3.21


The following assumptions were used:

o    Average occupancy of 90.5% to 92.5% for the year.
o    No operating property acquisitions or dispositions during 2009.
o    No development construction starts during the year.
o    Bad debt, net of  termination  fees, of $.04 per share for the remainder of
     the year.
o    Floating rate bank debt at an average rate of 2.0% for 2009.
o    New fixed rate debt of $67 million on May 5, 2009 at 7.5%.

DEFINITIONS

The  Company's  chief  decision  makers use two primary  measures  of  operating
results in making  decisions:  property net operating income (PNOI),  defined as
income from real estate  operations  less property  operating  expenses  (before
interest expense and depreciation and  amortization),  and funds from operations
available to common  stockholders  (FFO).  EastGroup defines FFO consistent with
the National  Association of Real Estate Investment Trusts'  definition,  as net
income (loss) computed in accordance

                                     -MORE-

       P.O. Box 22728-JACKSON, MS 39225-TEL. 601-354-3555-FAX 601-352-1441



with U.S. generally accepted  accounting  principles (GAAP),  excluding gains or
losses from sales of depreciable real estate property,  plus real estate related
depreciation  and  amortization,   and  after  adjustments  for   unconsolidated
partnerships  and joint  ventures.  FFO as defined by the Company  refers to FFO
available to common stockholders as it excludes dividends on preferred stock.

PNOI and FFO are supplemental  industry reporting  measurements used to evaluate
the  performance  of the  Company's  investments  in real estate  assets and its
operating  results.  The Company believes that the exclusion of depreciation and
amortization   in  the  industry's   calculations   of  PNOI  and  FFO  provides
supplemental  indicators of the properties' performance since real estate values
have  historically  risen or  fallen  with  market  conditions.  PNOI and FFO as
calculated  by the  Company  may  not be  comparable  to  similarly  titled  but
differently  calculated measures for other REITs. Investors should be aware that
items  excluded  from  or  added  back  to FFO  are  significant  components  in
understanding and assessing the Company's financial performance.

CONFERENCE CALL

EastGroup will host a conference  call and webcast to discuss the results of its
first quarter and review the Company's  current  operations on Wednesday,  April
29, 2009, at 11:00 a.m. Eastern Time. A live broadcast of the conference call is
available by dialing  1-800-862-9098  (conference  ID  EastGroup)  or by webcast
through a link on the Company's website at www.eastgroup.net.  If you are unable
to listen to the live  conference  call, a telephone and webcast  replay will be
available on Wednesday,  April 29, 2009. The telephone  replay will be available
until  Wednesday,  May 6, 2009,  and can be accessed by dialing  1-800-283-8486.
Also, the replay of the webcast can be accessed  through a link on the Company's
website at www.eastgroup.net and will be available until Wednesday, May 6, 2009.

SUPPLEMENTAL INFORMATION

Supplemental  financial  information  is  available  by request  by calling  the
Company at  601-354-3555,  or by accessing the report in the Reports  section of
the Company's website at www.eastgroup.net.

COMPANY INFORMATION

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.  The Company's
goal is to  maximize  shareholder  value by being the  leading  provider  in its
markets of functional,  flexible,  and quality business  distribution  space for
location sensitive customers primarily in the 5,000 to 50,000 square foot range.
The Company's strategy for growth is based on ownership of premier  distribution
facilities   generally   clustered   near  major   transportation   features  in
supply-constrained  submarkets.  EastGroup's  portfolio  currently  includes  27
million square feet. EastGroup Properties,  Inc. press releases are available on
the Company's website.

FORWARD-LOOKING STATEMENTS

The Company's  assumptions  and financial  projections in this release are based
upon  "forward-looking"  information  and are being  made  pursuant  to the safe
harbor  provisions  of the  Private  Securities  Litigation  Reform Act of 1995.
Forward-looking  statements  are not in the  present  or past  tense  and can be
identified by the words "will,"  "anticipates,"  "expects," "believes," or other
words or phrases that indicate  future  trends or events.  All  statements  that
address operating  performance,  events or developments that the Company expects
or anticipates will occur in the future,  including  statements relating to rent
and  occupancy  growth,   development  activity,  the  acquisition  or  sale  of
properties,  general  conditions  in the  geographic  areas  where  the  Company
operates  and the  availability  of  capital,  are  forward-looking  statements.
Forward-looking statements are inherently subject to known and unknown risks and
uncertainties,  many of which the Company  cannot  predict,  including,  without
limitation:

                                     -MORE-

       P.O. Box 22728-JACKSON, MS 39225-TEL. 601-354-3555-FAX 601-352-1441



o    changes in general economic conditions;
o    the extent of tenant defaults or of any early lease terminations;
o    the Company's  ability to lease or re-lease space at current or anticipated
     rents;
o    the availability of financing;
o    changes in the supply of and demand for industrial/warehouse properties;
o    increases in interest rate levels;
o    increases in operating costs;
o    natural  disasters,  terrorism,  riots and acts of war,  and the  Company's
     ability to obtain adequate insurance;
o    changes in governmental regulation, tax rates and similar matters; and
o    other risks  associated with the development and acquisition of properties,
     including risks that development projects may not be completed on schedule,
     development  or  operating  costs  may  be  greater  than   anticipated  or
     acquisitions may not close as scheduled.

Although  the  Company   believes  that  the   expectations   reflected  in  the
forward-looking  statements  are based upon  reasonable  assumptions at the time
made, the Company can give no assurance that such expectations will be achieved.
The Company  assumes no obligation  whatsoever to publicly  update or revise any
forward-looking  statements.  See also  disclosures  contained in the  Company's
reports filed or to be filed from time to time with the  Securities and Exchange
Commission pursuant to the Securities Exchange Act of 1934.

                                    -MORE-

       P.O. Box 22728-JACKSON, MS 39225-TEL. 601-354-3555-FAX 601-352-1441



                           EASTGROUP PROPERTIES, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                   (UNAUDITED)


                                                                                        Three Months Ended
                                                                                             March 31,
                                                                                -------------------------------
                                                                                     2009                2008
                                                                                -------------------------------
                                                                                                    
REVENUES
Income from real estate operations                                              $    43,310             40,079
Other income                                                                             15                195
                                                                                -------------------------------
                                                                                     43,325             40,274
                                                                                -------------------------------
EXPENSES
Expenses from real estate operations                                                 12,591             10,839
Depreciation and amortization                                                        13,044             12,375
General and administrative                                                            2,561              2,081
                                                                                -------------------------------
                                                                                     28,196             25,295
                                                                                -------------------------------

OPERATING INCOME                                                                     15,129             14,979

OTHER INCOME (EXPENSE)
  Equity in earnings of unconsolidated investment                                        81                 80
  Gain on sale of non-operating real estate                                               8                  7
  Gain on sales of securities                                                             -                435
  Interest income                                                                       124                 37
  Interest expense                                                                   (7,501)            (7,373)
                                                                                -------------------------------
INCOME FROM CONTINUING OPERATIONS                                                     7,841              8,165
                                                                                -------------------------------

DISCONTINUED OPERATIONS
  Income from real estate operations                                                      -                 82
                                                                                -------------------------------
INCOME FROM DISCONTINUED OPERATIONS                                                       -                 82
                                                                                -------------------------------

NET INCOME                                                                            7,841              8,247
  Net income attributable to noncontrolling interest in joint ventures                 (163)              (156)
                                                                                -------------------------------
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC.                                 7,678              8,091
                                                                                -------------------------------


Dividends on Series D preferred shares                                                    -                656
                                                                                -------------------------------

NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC.
  COMMON STOCKHOLDERS                                                           $     7,678              7,435
                                                                                ===============================

BASIC PER COMMON SHARE DATA FOR INCOME
  ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC.
  Income from continuing operations                                             $      0.31               0.31
  Income from discontinued operations                                                  0.00               0.00
                                                                                -------------------------------
  Net income available to common stockholders                                   $      0.31               0.31
                                                                                ===============================

  Weighted average shares outstanding                                                24,999             23,684
                                                                                ===============================

DILUTED PER COMMON SHARE DATA FOR INCOME
  ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC.
  Income from continuing operations                                             $      0.31               0.31
  Income from discontinued operations                                                  0.00               0.00
                                                                                -------------------------------
  Net income available to common stockholders                                   $      0.31               0.31
                                                                                ===============================

  Weighted average shares outstanding                                                25,070             23,829
                                                                                ===============================

AMOUNTS ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC.
  COMMON STOCKHOLDERS
  Income from continuing operations                                             $     7,678              7,353
  Income from discontinued operations                                                     -                 82
                                                                                -------------------------------
  Net income available to common stockholders                                   $     7,678              7,435
                                                                                ===============================

Dividends declared per common share                                             $      0.52               0.52




                           EASTGROUP PROPERTIES, INC.
            RECONCILIATIONS OF OTHER REPORTING MEASURES TO NET INCOME
                      (IN THOUSANDS, EXCEPT PER SHARE DATA)
                                   (UNAUDITED)


                                                                                        Three Months Ended
                                                                                             March 31,
                                                                                --------------------------------
                                                                                     2009                2008
                                                                                --------------------------------
                                                                                                    
RECONCILIATIONS OF OTHER REPORTING MEASURES TO NET INCOME:

Income from real estate operations                                              $    43,310              40,079
Expenses from real estate operations                                                (12,591)            (10,839)
                                                                                --------------------------------

PROPERTY NET OPERATING INCOME (PNOI)                                                 30,719              29,240

Gain on sales of securities                                                               -                 435
Equity in earnings of unconsolidated investment
   (before interest and depreciation)                                                   197                 198
Interest income                                                                         124                  37
Other income                                                                             15                 195
General and administrative expense (1)                                               (2,561)             (2,081)
                                                                                --------------------------------

EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND
    AMORTIZATION (EBITDA)                                                            28,494              28,024

Income from discontinued operations (before depreciation and amortization)                -                 125
Interest expense (2)                                                                 (7,501)             (7,373)
Interest expense from unconsolidated investment                                         (83)                (85)
Noncontrolling interest in earnings (before depreciation and amortization)             (214)               (205)
Gain on sale of non-operating real estate                                                 8                   7
Dividends on Series D preferred shares                                                    -                (656)
                                                                                --------------------------------

FUNDS FROM OPERATIONS (FFO) AVAILABLE TO COMMON STOCKHOLDERS                         20,704              19,837

Depreciation and amortization from continuing operations                            (13,044)            (12,375)
Depreciation and amortization from discontinued operations                                -                 (43)
Depreciation from unconsolidated investment                                             (33)                (33)
Noncontrolling interest depreciation and amortization                                    51                  49
                                                                                --------------------------------

NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS                7,678               7,435

Dividends on Series D preferred shares                                                    -                 656
                                                                                --------------------------------

NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC.                           $     7,678               8,091
                                                                                ================================

DILUTED PER COMMON SHARE DATA FOR INCOME ATTRIBUTABLE
  TO EASTGROUP PROPERTIES, INC.:
Income from continuing operations                                               $      0.31                0.31
Income from discontinued operations                                                    0.00                0.00
                                                                                --------------------------------
Net income available to common stockholders                                     $      0.31                0.31
                                                                                ================================

Funds from operations available to common stockholders                          $      0.83                0.83
                                                                                ================================

Weighted average shares outstanding for EPS and FFO purposes                         25,070              23,829
                                                                                ================================


(1)  Net of  capitalized  development  costs of $346 and  $1,040  for the  three
     months ended March 31, 2009 and 2008, respectively.
(2)  Net of capitalized interest of $1,651 and $1,705 for the three months ended
     March 31, 2009 and 2008, respectively.