EastGroup Properties, Inc. Announces Adoption of Sales Agency Financing Agreements

Mar 22, 2011, 09:11 ET from EastGroup Properties, Inc.

JACKSON, Miss., March 22, 2011 /PRNewswire/ -- EastGroup Properties, Inc.  (NYSE: EGP) today announced that it has entered into sales agency financing agreements (the "Agreements") with BNY Mellon Capital Markets, LLC ("BNYMCM") and Raymond, James & Associates, Inc. ("Raymond James") pursuant to which it will issue and sell shares of its common stock from time to time as provided in the Agreements.  Sales  of common stock under the Agreements, if any, will be made pursuant to a prospectus supplement, dated March 21, 2011, to the Company's prospectus, dated May 18, 2009, which was filed with the Securities and Exchange Commission (the "SEC") as part of the Company's automatic shelf registration statement on Form S-3 (File No. 333-159328).  As described in the Company's prospectus supplement referenced above, the Company may offer and sell up to an aggregate of 2,000,000 shares of its common stock from time to time under the Agreements.  Any shares of common stock sold under the Agreements will be offered at market prices prevailing at the time of sale. BNYMCM and Raymond James will act as agents in connection with any offerings of shares of common stock under the Agreements.  For further information, please read the prospectus supplement relating to the Agreements that has been filed with the SEC.

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This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.  Any offer, solicitation or sale will be made only by means of the prospectus supplement and the accompanying prospectus.

Copies of the prospectus supplement and the accompanying base prospectus may be obtained from:  BNY Mellon Capital Markets, LLC, 32 Old Slip, 15th Floor, New York, NY 10286, or by faxing requests to (212) 804-5832 or Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716 or by calling toll free at 1-800-248-8863.

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.  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 28.1 million square feet.

EastGroup Properties, Inc. press releases are available at www.eastgroup.net.

SOURCE EastGroup Properties, Inc.