JACKSON, Miss., July 15, 2011 /PRNewswire/ -- EastGroup Properties (NYSE: [ EGP ]) announced today that it has begun the development of new business distribution buildings in Orlando and San Antonio. Southridge IX, located in EastGroup's Southridge Commerce Park, will contain 76,000 square feet and has a projected total cost of $5,350,000. The building is scheduled to be completed in the first quarter of next year. To-date, EastGroup has developed 970,000 square feet in its Southridge Park which is currently 100% leased.

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In San Antonio, Thousand Oaks I and II will together offer 109,000 square feet of multi-tenant space with a combined total projected cost of $9,622,000. Thousand Oaks, which also is scheduled to be completed in the first quarter of 2012, is located in the north central submarket where EastGroup owns 1.2 million square feet that is currently 97% leased.

David H. Hoster II, President and CEO, stated, "We are pleased to add these new buildings to our development program reflecting the strength of the submarkets where we are building and the success of our existing assets in these submarkets. Our development program now contains five buildings with 411,000 square feet and a projected total investment of $31.7 million."

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 28.5 million square feet.

Certain statements in this release are forward-looking and as such are based upon the Company's current belief as to the outcome and timing of future events. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve risks and uncertainties (some of which are beyond the control of the Company) and are subject to change based upon various factors, including but not limited to the following risks and uncertainties: changes in the real estate industry and in performance of the financial markets; the demand for and market acceptance of the Company's properties for rental purposes; the amount and growth of the Company's expenses; tenant financial difficulties; and general economic conditions, including interest rates, as well as economic conditions in those areas where the Company owns properties, the risks associated with the development of real property including construction delays and cost overruns and other risks and uncertainties detailed from time to time in the Company's SEC filings. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Company's results could differ materially from those expressed in the forward-looking statements.

EastGroup Properties, Inc. press releases are available on the Company's website at [ www.eastgroup.net ].

SOURCE EastGroup Properties, Inc.

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EastGroup Announces New Developments in Orlando and San Antonio

EastGroup Announces New Developments in Orlando and San Antonio