EASTGROUP PROPERTIES INC — Director's Dealing 2007

May 7, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EASTGROUP PROPERTIES INC (EGP)
CIK: 0000049600
Period of Report: 2007-05-04

Reporting Person: BAILEY H C JR (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-04	Common Stock	M	2250	$19.375	Acquired	9193	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-04	Stock Options	$19.375	M	2250	Disposed	2007-06-04	Common Stock (2250)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	5248	Indirect
Common Stock	3736	Indirect
Common Stock	2116	Indirect
Common Stock	2116	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$20.625	2008-06-03	Common Stock (2250)	2250	Direct
Stock Options	$20.25	2009-06-01	Common Stock (2250)	2250	Direct
Stock Options	$21.75	2010-05-31	Common Stock (2250)	2250	Direct
Stock Options	$21.40	2011-06-03	Common Stock (2250)	2250	Direct
Stock Options	$24.02	2012-05-28	Common Stock (2250)	2250	Direct
Stock Options	$26.60	2013-05-28	Common Stock (2250)	2250	Direct

Footnotes

F1: Owned by a company of which the reporting person is Chairman and President.

F2: Owned by a limited partnership of which the reporting person is a limited partner.

F3: Owned by a limited partnership of which the reporting person is President.

F4: Owned by a limited partnership of which the reporting person is Vice President.