EASTGROUP PROPERTIES INC — Director's Dealing 2003

May 8, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EASTGROUP PROPERTIES INC (EGP)
CIK: 0000049600
Period of Report: 2003-05-06

Reporting Person: FIVE ARROWS REALTY SECURITIES L L C (10% Owner)

Footnotes

F1: $.0001 par value per share ("Common Stock")

F2: Does not include 2,600,000 shares of Series B Cumulative Convertible Preferred Stock owned indirectly which have previously been disclosed and in relation to which there are no transactions to be reported.

F3: The Reporting Person is the sole managing member of Five Arrows, which was the direct owner of Series B Cumulative Convertible Preferred Stock of the Issuer.