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EASTGROUP PROPERTIES REPORTS RESULTS

 JACKSON, Miss., Nov. 12 /PRNewswire/ -- EastGroup Properties (AMEX: EGP) announced today the results for the three months and nine months ended Sept. 30.
 Funds from operations increased $231,000 or 21 percent from $1,088,000 in the quarter ended Sept. 30, 1992, to $1,319,000 in the quarter ended Sept. 30. Funds from operations increased $917,000 or 31 percent from $2,929,000 in the nine months ended Sept. 30, 1992, to $3,846,000 in the nine months ended Sept. 30.
 The trust's net income for the third quarter ended Sept. 30 was $3,651,000 ($1.48 per share). Of this amount $146,000 ($.06 per share) represents income from operations and $3,505,000 ($1.42 per share) represents gains on investments. These figures compare with net income for the quarter ended Sept. 30, 1992, of $402,000 ($.16 per share), which represents income from operations. For the nine months ended Sept. 30, the trust reported net income of $4,894,000 ($1.99 per share). Of this amount, $1,364,000 ($.56 per share) represents income from operations and $3,530,000 ($1.43 per share) represents gains on investments. These figures compare with net income for the nine months ended Sept. 30, 1992, of $1,170,000 ($.48 per share), which represents income from operations. Gains on investments for the three months and nine months ended Sept. 30 include a gain of $3,408,000 on the sale of the trust's Kings Gate West land purchase-leaseback investment. The trust received $4,300,000 cash proceeds from the sale, which were used to acquire, through a tax deferred exchange transaction, a 75 percent ownership interest in 56th Street and JetPort Commerce Parks which are located in Tampa, Fla. JetPort contains 124,200 square feet of office/warehouse space and was 92 percent leased as of Nov. 8. The 56th Street property comprises 155,800 square feet of office/warehouse/service center space and was 82 percent leased as of Nov. 8.
 On Oct. 25, the trust acquired the Lake Pointe Business Park, located in Jacksonville, Fla., for a price of $9,995,000. Lake Pointe is a warehouse/service center facility containing a total of 376,454 square feet in nine buildings which were constructed in 1986 and 1987. At Oct. 31, Lake Pointe was 79 percent leased.
 On Oct. 27, the trust acquired the 265-unit Sutton House Apartments in San Antonio, Texas, for a price of $8,570,000. Sutton House, which was completed in 1985, contains a mix of one bedroom, one bedroom with den and two bedroom units with an average unit size of 779 square feet. The complex, which is the trust's second apartment investment in San Antonio, was 99 percent leased at Oct. 31.
 EASTGROUP PROPERTIES
 Qtr. ended Sept. 30 1993 1992
 (In thousands, except per share data)
 Revenue $ 3,845 $ 3,452
 Funds from operations 1,319 1,088
 Depreciation and amortization (713) (587)
 Stock appreciation rights adjustment (458) (180)
 Recovery of possible losses --- ---
 Other (2) 81
 Income from operations 146 402
 Gains on investments 3,505 ---
 Net income $ 3,651 $ 402
 Per share information:
 Income from operations $ .06 $ .16
 Gains on investments 1.42 ---
 Net income $ 1.48 $ .16
 Wtd. avg. shares outstanding 2,461 2,448
 9 mos. ended Sept. 30 1993 1992
 (In thousands, except per share data)
 Revenue $ 11,445 $ 10,020
 Funds from operations 3,846 2,929
 Depreciation and amortization (2,068) (1,730)
 Stock appreciation rights adjustment (564) (116)
 Recovery of possible losses 144 ---
 Other 6 87
 Income from operations 1,364 1,170
 Gains on investments 3,530 ---
 Net income $ 4,894 $ 1,170
 Per share information:
 Income from operations $ .56 $ .48
 Gains on investments 1.43 ---
 Net income $ 1.99 $ .48
 Wtd. avg. shares outstanding 2,460 2,460
 -0- 11/12/93
 /CONTACT: N. Keith McKey, executive vice president, chief financial officer and secretary, EastGroup Properties, 601-948-4091/
 (EGP)


CO: EastGroup Properties ST: Mississippi IN: SU: ERN

BN-BR -- AT006 -- 3811 11/12/93 15:42 EST
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Date:Nov 12, 1993
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