EASTGROUP PROPERTIES INC — Director's Dealing 2009

Jan 6, 2009

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: EASTGROUP PROPERTIES INC (EGP)
CIK: 0000049600
Period of Report: 2008-12-31

Reporting Person: CORKERN BRUCE (Senior Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-12-31	Common Stock	F	1739	$35.58	Disposed	28483	Direct
2009-01-01	Common Stock	F	397	$35.58	Disposed	28086	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	1000	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$20.00	2010-02-28	Common Stock (2000)	2000	Direct

Footnotes

F1: 5,529 restricted shares vested on December 31, 2008 and an additional 1,382 restricted shares vested on January 1, 2009. In connection with each respective vesting date, the Reporting Person elected to have the Company withhold shares to satisfy the Company's tax withholding obligation as permitted under the Company's 1994 Management Incentive Plan, as amended and the Company's 2004 Equity Incentive Plan, as amended.

F2: As of the date hereof, the Reporting Person's direct beneficial ownership includes 2,000 restricted shares granted under the Company's 1994 Management Incentive Plan, as amended, and 3,419 restricted shares granted under the Company's 2004 Equity Incentive Plan, as amended, that have not yet vested.

F3: All of the options are currently exercisable.