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EASTGROUP PROPERTIES REPORTS RESULTS

 EASTGROUP PROPERTIES REPORTS RESULTS
 JACKSON, Miss., Nov. 6 /PRNewswire/ -- EastGroup Properties


(AMEX: EGP) announced today its results for the three months and nine months ended Sept. 30.
 Funds from operations were $.44 per share for the three months ended Sept. 30 and $1.19 per share for the nine months ended Sept. 30. This compares to funds from operations of $.42 per share for the three months ended Sept. 30, 1991 and $1.36 per share for the nine months ended Sept. 30, 1991. Funds from operations is defined as income from operations before depreciation and the stock appreciation rights accrual and adjusted for dividends in place of equity in earnings recognized from the trust's investment in LNH REIT, Inc. (NYSE: LHC).
 The trust's net income for the third quarter ended Sept. 30 was $402,000 ($.16 per share) which represents income from operations. These figures compare with net income for the third quarter ended Sept. 30, 1991 of $622,000 ($.25 per share) and income from operations of $631,000 ($.25 per share).
 For the nine months ended Sept. 30, 1992 and 1991, the trust reported net income of $1,170,000 ($.48 per share) and $1,754,000 ($.70 per share), respectively. Of these amounts, $1,170,000 ($.48 per share) and $1,771,000 ($.70 per share), respectively, were income from operations. There was a loss of $17,000 from the sale of investments for the period ended Sept. 30, 1991.
 On Oct. 29, the company acquired the Doral Club Apartments in San Antonio for a price of $6,575,100. The 296-unit complex, which was completed in 1985, has an even mix of one- and two-bedroom apartments (776-square-foot average) and is located in the northwest quadrant of the city. As part of the transaction, EastGroup obtained a first mortgage of $4,885,000 from General Electric Capital Corporation and plans to make approximately $200,000 in improvements to the property during the next 12 months. The first mortgage is interest only (prime plus 2 percent) with a six-year term.
 David H. Hoster II, executive vice-president of the trust, stated that the acquisition of the Doral Club Apartments is anticipated to make a positive contribution to EastGroup's operating cash flow available for distribution, and fits the trust's investment strategy of acquiring well-located properties in recovering markets at prices below replacement cost. He added that Doral Club is the trust's third apartment complex in Texas and increases EastGroup's ownership of apartments to five properties containing a total of 1,048 units plus six land purchase-leaseback investments involving another 1,390 apartment units. The trust's apartment complexes are continuing to achieve improved results from 1991 and were 97 percent leased at Sept. 30.
 EASTGROUP PROPERTIES
 Qtr. ended Sept. 30 1992 1991
 (In thousands, except per share data)
 Revenue $ 3,452 $ 3,341
 Income from operations before
 depreciation and amortization and
 stock appreciation rights accrual 1,169 1,069
 Depreciation and amortization (587) (509)
 Stock appreciation rights adjustment (180) 71
 Income from operations 402 631
 Losses from investments --- (9)
 Net income $ 402 $ 622
 Share earnings:
 Income from operations $ .16 $ .25
 Losses from investments --- ---
 Net income $ .16 $ .25
 Wtd. avg. shares outstanding 2,448 2,505
 9 mos. ended Sept. 30 1992 1991
 (In thousands, except per share data)
 Revenue $ 10,020 $ 10,122
 Income from operations before
 depreciation and amortization and
 stock appreciation rights accrual 3,016 3,414
 Depreciation and amortization (1,730) (1,501)
 Stock appreciation rights adjustment (116) (142)
 Income from operations 1,170 1,771
 Losses from investments --- (17)
 Net income $ 1,170 $ 1,754
 Share earnings:
 Income from operations $ .48 $ .70
 Losses from investments --- ---
 Net income $ .48 $ .70
 Wtd. avg. shares outstanding 2,460 2,505
 -0- 11/6/92
 /CONTACT: N. Keith McKey, senior vice president, treasurer and assistant secretary of EastGroup Properties, 601-948-4091/
 (EGP) CO: EastGroup Properties ST: Mississippi IN: SU: ERN


EA-BR -- AT012 -- 8302 11/06/92 16:21 EST
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Date:Nov 6, 1992
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