|   |   | MARYLAND                                                       | 13-2711135          |   |
|--------|--------|----------------------------------------------------------------|---------------------|--------|
|   |   | (State or other jurisdiction                                   | (I.R.S. Employer    |   |
|   |   | of incorporation or organization)                              | Identification No.) |   |
|   |   |                                                           |                |   |
|   |   | 190 EAST CAPITOL STREET                                        |                |   |
|   |   | SUITE 400                                                      |                |   |
|   |   | JACKSON, MISSISSIPPI                                           | 39201               |   |
|   |   | (Address of principal executive offices)                       | (Zip code)          |   |
|   |   |                                                           |                |   |
|   |   | Registrant’s telephone number:  (601) 354-3555 |                |   |

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| ·   | population and demographic trends; |
|--------------------|------------------------------------|

| ·   | employment and personal income trends; |
|--------------------|----------------------------------------|

| ·   | income tax laws; |
|--------------------|------------------|

| ·   | changes in interest rates and availability and costs of financing; |
|--------------------|--------------------------------------------------------------------|

| ·   | increased operating costs, including insurance premiums, utilities and real estate taxes, due to inflation and other factors which may not necessarily be offset by increased rents; and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | construction costs. |
|--------------------|---------------------|

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| ·   | the availability of favorable financing alternatives; |
|--------------------|-------------------------------------------------------|

| ·   | the risk that we may not be able to obtain land on which to develop or that due to the increased cost of land, our activities may not be as profitable; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | construction costs exceeding original estimates due to rising interest rates and increases in the costs of materials and labor; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------|

| ·   | construction and lease-up delays resulting in increased debt service, fixed expenses and construction costs; |
|--------------------|--------------------------------------------------------------------------------------------------------------|

| ·   | expenditure of funds and devotion of management's time to projects that we do not complete; |
|--------------------|---------------------------------------------------------------------------------------------|

| ·   | fluctuations of occupancy rates and rents at newly completed properties, which depend on a number of factors, including market and economic conditions, resulting in lower than projected rental rates and a corresponding lower return on our investment; and |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | complications (including building moratoriums and anti-growth legislation) in obtaining necessary zoning, occupancy and other governmental permits. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | when we are able to locate a desired property, competition from other real estate investors may significantly increase the purchase price; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | acquired properties may fail to perform as expected; |
|--------------------|------------------------------------------------------|

| ·   | the actual costs of repositioning or redeveloping acquired properties may be higher than our estimates; |
|--------------------|---------------------------------------------------------------------------------------------------------|

| ·   | acquired properties may be located in new markets where we face risks associated with an incomplete knowledge or understanding of the local market, a limited number of established business relationships in the area and a relative unfamiliarity with local governmental and permitting procedures; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | we may be unable to quickly and efficiently integrate new acquisitions, particularly acquisitions of portfolios of properties, into our existing operations, and as a result, our results of operations and financial condition could be adversely affected; and |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | we may acquire properties subject to liabilities and without any recourse, or with only limited recourse, to the transferor with respect to unknown liabilities. As a result, if a claim were asserted against us based upon ownership of those properties, we might have to pay substantial sums to settle it, which could adversely affect our cash flow. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|    |   | Calendar Year 2010 |   |   | Calendar Year 2009 |   |
|---------|--------|--------------------|--------|--------|--------------------|--------|
| Quarter |   | High               |   |   | Low                |   |   | Distributions |   |   | High |   |   | Low |   |   | Distributions |   |
| First   |   | $                  | 39.09  |   |               |   | 33.65 |   |   | $ | .52 |   |   | $ | 34.93 |   |   |   | 21.14 |   |   | $ | .52 |   |
| Second  |   |               | 42.02  |   |               |   | 35.44 |   |   |   | .52 |   |   |   | 36.26 |   |   |   | 27.70 |   |   |   | .52 |   |
| Third   |   |               | 37.97  |   |               |   | 33.39 |   |   |   | .52 |   |   |   | 40.59 |   |   |   | 31.85 |   |   |   | .52 |   |
| Fourth  |   |               | 43.05  |   |               |   | 37.50 |   |   |   | .52 |   |   |   | 40.54 |   |   |   | 35.45 |   |   |   | .52 |   |
|    |   |               |   |   |               |   |   |   |   | $ | 2.08 |   |   |   |   |   |   |   |   |   |   | $ | 2.08 |   |

|                                      |   | Years Ended December 31, |   |
|-------------------------------------------|--------|--------------------------|--------|
|                                      |   | 2010                     |   |   | 2009 |   |
| Common Share Distributions:               |   |                     |   |   |   |   |
|     Ordinary income   |   | $                        | 1.4775 |   |   |   | 1.7534 |   |
|     Return of capital |   |                     | .6025  |   |   |   | .3266 |   |
| Total Common Distributions                |   | $                        | 2.0800 |   |   |   | 2.0800 |   |

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| Period                 |   | Total Numberof Shares Purchased |    |   | Average Price Paid Per Share |   |    | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |   |   | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs |   |
|------------------------|--------|---------------------------------|---------|--------|------------------------------|--------|---------|----------------------------------------------------------------------------------|--------|--------|--------------------------------------------------------------------------------|--------|
| 10/01/10 thru 10/31/10 |   |                            | – |   |                         | $      | – |                                                                             |   |   | –                                                                        |   |   |   | 672,300 |   |
| 11/01/10 thru 11/30/10 |   |                            | – |   |                         |   | – |                                                                             |   |   | –                                                                        |   |   |   | 672,300 |   |
| 12/01/10 thru 12/31/10 |   |                            | 10,174  | (1)    |                         |   | 42.59   |                                                                             |   |   | –                                                                        |   |   |   | 672,300 | (2) |
| Total                  |   |                            | 10,174  |   |                         | $      | 42.59   |                                                                             |   |   | –                                                                        |   |   |   |   |   |

| (1)   | As permitted under the Company's equity compensation plans, these shares were withheld by the Company to satisfy the tax withholding obligations for those employees who elected this option in connection with the vesting of shares of restricted stock. Shares withheld for tax withholding obligations do not affect the total number of remaining shares available for repurchase under the Company’s common stock repurchase plan. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | EastGroup's Board of Directors has authorized the repurchase of up to 1,500,000 shares of its outstanding common stock.  The shares may be purchased from time to time in the open market or in privately negotiated transactions.  Under the common stock repurchase plan, the Company has purchased a total of 827,700 shares for $14,170,000 (an average of $17.12 per share) with 672,300 shares still authorized for repurchase.  The Company has not repurchased any shares under this plan since 2000. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                |   | Fiscal years ended December 31, |   |
|---------------------|--------|---------------------------------|--------|
|                |   | 2005                            |   |   | 2006 |   |   | 2007 |   |   | 2008 |   |   | 2009 |   |   | 2010 |   |
|  EastGroup     |   | $                               | 100.00 |   |   |   | 123.39 |   |   |   | 100.76 |   |   |   | 89.90 |   |   |   | 101.97 |   |   |   | 119.01 |   |
|  NAREIT Equity |   |                            | 100.00 |   |   |   | 135.06 |   |   |   | 113.87 |   |   |   | 70.91 |   |   |   | 90.76 |   |   |   | 116.13 |   |
|  S&P 500   |   |                            | 100.00 |   |   |   | 115.79 |   |   |   | 122.15 |   |   |   | 76.95 |   |   |   | 97.31 |   |   |   | 111.96 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | Years Ended December 31,              |      |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|-----------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2010                                  |      | 2009 |   | 2008 |   |   | 2007 |   |   | 2006 |   |
| OPERATING DATA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | (In thousands, except per share data) |      |
| Revenues                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |
|   Income from real estate operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | $                                     | 173,002   |   |   |   | 172,273 |   |   |   | 168,255 |   |   |   | 150,038 |   |   |   | 132,394 |   |
|   Other income                                                                                                                                                          |   |                                  | 124       |   |   |   | 81 |   |   |   | 248 |   |   |   | 92 |   |   |   | 182 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                  | 173,126   |   |   |   | 172,354 |   |   |   | 168,503 |   |   |   | 150,130 |   |   |   | 132,576 |   |
| Expenses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Expenses from real estate operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                  | 51,142    |   |   |   | 50,259 |   |   |   | 47,259 |   |   |   | 40,837 |   |   |   | 36,909 |   |
|   Depreciation and amortization                                                                                                                                         |   |                                  | 58,350    |   |   |   | 53,953 |   |   |   | 51,144 |   |   |   | 47,644 |   |   |   | 41,108 |   |
|   General and administrative                                                                                                                                            |   |                                  | 10,332    |   |   |   | 9,071 |   |   |   | 8,547 |   |   |   | 8,295 |   |   |   | 7,401 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                  | 119,824   |   |   |   | 113,283 |   |   |   | 106,950 |   |   |   | 96,776 |   |   |   | 85,418 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                  | 53,302    |   |   |   | 59,071 |   |   |   | 61,553 |   |   |   | 53,354 |   |   |   | 47,158 |   |
| Other income (expense)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Equity in earnings of unconsolidated investment                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                  | 335       |   |   |   | 320 |   |   |   | 316 |   |   |   | 285 |   |   |   | 287 |   |
|   Gain on sales of non-operating real estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                  | 37        |   |   |   | 31 |   |   |   | 321 |   |   |   | 2,602 |   |   |   | 123 |   |
|   Gain on sales of securities                                                                                                                                           |   |                                  | –   |   |   |   | – |   |   |   | 435 |   |   |   | – |   |   |   | – |   |
|   Other expense                                                                                                                                                         |   |                                  | (84       | ) |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
|   Interest income                                                                                                                                                       |   |                                  | 336       |   |   |   | 302 |   |   |   | 293 |   |   |   | 306 |   |   |   | 142 |   |
|   Interest expense                                                                                                                                                      |   |                                  | (35,171   | ) |   |   | (32,520 | ) |   |   | (30,192 | ) |   |   | (27,314 | ) |   |   | (24,616 | ) |
| Income from continuing operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                  | 18,755    |   |   |   | 27,204 |   |   |   | 32,726 |   |   |   | 29,233 |   |   |   | 23,094 |   |
| Discontinued operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Income (loss) from real estate operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                  | –   |   |   |   | (139 | ) |   |   | 10 |   |   |   | 150 |   |   |   | 1,013 |   |
|   Gain on sales of real estate investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                  | –   |   |   |   | 29 |   |   |   | 2,032 |   |   |   | 960 |   |   |   | 5,727 |   |
| Income (loss) from discontinued operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                  | –   |   |   |   | (110 | ) |   |   | 2,042 |   |   |   | 1,110 |   |   |   | 6,740 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                                                                                                                                        |   |                                  | 18,755    |   |   |   | 27,094 |   |   |   | 34,768 |   |   |   | 30,343 |   |   |   | 29,834 |   |
|   Net income attributable to noncontrolling interest     in joint ventures                                                                     |   |                                  | (430      | ) |   |   | (435 | ) |   |   | (626 | ) |   |   | (609 | ) |   |   | (600 | ) |
| Net income attributable to EastGroup Properties, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                  | 18,325    |   |   |   | 26,659 |   |   |   | 34,142 |   |   |   | 29,734 |   |   |   | 29,234 |   |
|   Dividends on Series D preferred shares                                                                                                                                                                                                                                                                                      |   |                                  | –   |   |   |   | – |   |   |   | 1,326 |   |   |   | 2,624 |   |   |   | 2,624 |   |
|   Costs on redemption of Series D preferred shares                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                  | –   |   |   |   | – |   |   |   | 682 |   |   |   | – |   |   |   | – |   |
| Net income available to EastGroup Properties, Inc.  common stockholders                                                                                                 |   | $                                     | 18,325    |   |   |   | 26,659 |   |   |   | 32,134 |   |   |   | 27,110 |   |   |   | 26,610 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| BASIC PER COMMON SHARE DATA FOR INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Income from continuing operations                                                                                                                                                                             |   | $                                     | .68       |   |   |   | 1.04 |   |   |   | 1.23 |   |   |   | 1.10 |   |   |   | .89 |   |
|   Income (loss) from discontinued operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                  | .00       |   |   |   | .00 |   |   |   | .08 |   |   |   | .05 |   |   |   | .30 |   |
|   Net income available to common stockholders                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | $                                     | .68       |   |   |   | 1.04 |   |   |   | 1.31 |   |   |   | 1.15 |   |   |   | 1.19 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Weighted average shares outstanding                                                                                                                                                                                                                                       |   |                                  | 26,752    |   |   |   | 25,590 |   |   |   | 24,503 |   |   |   | 23,562 |   |   |   | 22,372 |   |
| DILUTED PER COMMON SHARE DATA FOR INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Income from continuing operations                                                                                                                                                                   |   | $                                     | .68       |   |   |   | 1.04 |   |   |   | 1.22 |   |   |   | 1.09 |   |   |   | .87 |   |
|   Income (loss) from discontinued operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                  | .00       |   |   |   | .00 |   |   |   | .08 |   |   |   | .05 |   |   |   | .30 |   |
|   Net income available to common stockholders                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | $                                     | .68       |   |   |   | 1.04 |   |   |   | 1.30 |   |   |   | 1.14 |   |   |   | 1.17 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Weighted average shares outstanding                                                                                                                                                                                               |   |                                  | 26,824    |   |   |   | 25,690 |   |   |   | 24,653 |   |   |   | 23,781 |   |   |   | 22,692 |   |
| AMOUNTS AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Income from continuing operations                                                                                                                                                                                  |   | $                                     | 18,325    |   |   |   | 26,769 |   |   |   | 30,092 |   |   |   | 26,000 |   |   |   | 19,870 |   |
|   Income (loss) from discontinued operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                  | –   |   |   |   | (110 | ) |   |   | 2,042 |   |   |   | 1,110 |   |   |   | 6,740 |   |
|   Net income available to common stockholders                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | $                                     | 18,325    |   |   |   | 26,659 |   |   |   | 32,134 |   |   |   | 27,110 |   |   |   | 26,610 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| OTHER PER SHARE DATA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Book value, at end of year                                                                                                                                            |   | $                                     | 15.16     |   |   |   | 16.57 |   |   |   | 16.39 |   |   |   | 15.51 |   |   |   | 16.28 |   |
|   Common distributions declared                                                                                                                                         |   |                                  | 2.08      |   |   |   | 2.08 |   |   |   | 2.08 |   |   |   | 2.00 |   |   |   | 1.96 |   |
|   Common distributions paid                                                                                                                                             |   |                                  | 2.08      |   |   |   | 2.08 |   |   |   | 2.08 |   |   |   | 2.00 |   |   |   | 1.96 |   |
| BALANCE SHEET DATA (AT END OF YEAR)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                  |      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Real estate investments, at cost(1)                                                                                                                                                  |   | $                                     | 1,528,048 |   |   |   | 1,475,062 |   |   |   | 1,409,476 |   |   |   | 1,270,691 |   |   |   | 1,091,653 |   |
|   Real estate investments, net of accumulated depreciation(1)                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                  | 1,124,861 |   |   |   | 1,120,317 |   |   |   | 1,099,125 |   |   |   | 1,001,559 |   |   |   | 860,547 |   |
|   Total assets                                                                                                                                                          |   |                                  | 1,183,276 |   |   |   | 1,178,518 |   |   |   | 1,156,205 |   |   |   | 1,055,833 |   |   |   | 911,787 |   |
|   Mortgage and bank loans payable                                                                                                                                                                |   |                                  | 735,718   |   |   |   | 692,105 |   |   |   | 695,692 |   |   |   | 600,804 |   |   |   | 446,506 |   |
|   Total liabilities                                                                                                                                                     |   |                                  | 771,770   |   |   |   | 731,422 |   |   |   | 742,829 |   |   |   | 651,136 |   |   |   | 490,842 |   |
|   Noncontrolling interest in joint ventures                                                                                                                                                                                                        |   |                                  | 2,650     |   |   |   | 2,577 |   |   |   | 2,536 |   |   |   | 2,312 |   |   |   | 2,148 |   |
|   Total stockholders’ equity                                                                                                                                      |   |                                  | 408,856   |   |   |   | 444,519 |   |   |   | 410,840 |   |   |   | 402,385 |   |   |   | 418,797 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
| (1) Includes mortgage loans receivable. See Notes 4 and 5 in the Notes to Consolidated Financial Statements.                                                                                                                                                                                                                                                                                                                                                                                                                     |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | Years Ended December 31, |    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 2010                     |    |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | (In thousands)           |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                     |    |   |   |   |   |   |   |
| Income from real estate operations                                                                                        |   | $                        | 173,002 |   |   |   | 172,273 |   |   |   | 168,255 |   |
| Expenses from real estate operations                                                                                      |   |                     | (51,142 | ) |   |   | (50,259 | ) |   |   | (47,259 | ) |
| PROPERTY NET OPERATING INCOME                                                                                             |   | $                        | 121,860 |   |   |   | 122,014 |   |   |   | 120,996 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | Years Ended December 31, |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 2010                     |    |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                     |    |   | (In thousands) |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                     |    |   |   |   |   |   |   |
| NET INCOME                                                                                                                           |   | $                        | 18,755  |   |   |   | 27,094 |   |   |   | 34,768 |   |
| Equity in earnings of unconsolidated investment                                                                                      |   |                     | (335    | ) |   |   | (320 | ) |   |   | (316 | ) |
| Interest income                                                                                                                      |   |                     | (336    | ) |   |   | (302 | ) |   |   | (293 | ) |
| Other income                                                                                                                         |   |                     | (124    | ) |   |   | (81 | ) |   |   | (248 | ) |
| Gain on sales of securities                                                                                                          |   |                     | – |   |   |   | – |   |   |   | (435 | ) |
| Gain on sales of non-operating real estate                                                                                           |   |                     | (37     | ) |   |   | (31 | ) |   |   | (321 | ) |
| (Income) loss from discontinued operations                                                                                           |   |                     | – |   |   |   | 110 |   |   |   | (2,042 | ) |
| Depreciation and amortization from continuing operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                     | 58,350  |   |   |   | 53,953 |   |   |   | 51,144 |   |
| Interest expense                                                                                                                     |   |                     | 35,171  |   |   |   | 32,520 |   |   |   | 30,192 |   |
| General and administrative expense                                                                                                   |   |                     | 10,332  |   |   |   | 9,071 |   |   |   | 8,547 |   |
| Other expense                                                                                                                        |   |                     | 84      |   |   |   | – |   |   |   | – |   |
| PROPERTY NET OPERATING INCOME                                                                                                        |   | $                        | 121,860 |   |   |   | 122,014 |   |   |   | 120,996 |   |

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|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | Years Ended December 31,              |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 2010                                  |    |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (In thousands, except per share data) |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                  |    |   |   |   |   |   |   |
| NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC.  COMMON STOCKHOLDERS                                                                                      |   | $                                     | 18,325  |   |   |   | 26,659 |   |   |   | 32,134 |   |
| Depreciation and amortization from continuing operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                  | 58,350  |   |   |   | 53,953 |   |   |   | 51,144 |   |
| Depreciation and amortization from discontinued operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                  | – |   |   |   | 51 |   |   |   | 148 |   |
| Depreciation from unconsolidated investment                                                                                                                            |   |                                  | 132     |   |   |   | 132 |   |   |   | 132 |   |
| Noncontrolling interest depreciation and amortization                                                                                                                  |   |                                  | (210    | ) |   |   | (206 | ) |   |   | (201 | ) |
| Gain on sales of depreciable real estate investments                                                                                                                   |   |                                  | – |   |   |   | (29 | ) |   |   | (2,032 | ) |
| FUNDS FROM OPERATIONS (FFO) AVAILABLE TO COMMON STOCKHOLDERS                                                                                                      |   | $                                     | 76,597  |   |   |   | 80,560 |   |   |   | 81,325 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                  |    |   |   |   |   |   |   |   |   |   |
| Net income available to common stockholders per diluted share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | $                                     | .68     |   |   |   | 1.04 |   |   |   | 1.30 |   |
| Funds from operations available to common stockholders per diluted share                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                  | 2.86    |   |   |   | 3.14 |   |   |   | 3.30 |   |
| Diluted shares for earnings per share and funds from operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                  | 26,824  |   |   |   | 25,690 |   |   |   | 24,653 |   |

| ·   | The FFO change per share represents the increase or decrease in FFO per share from the same quarter in the current year compared to the prior year.  FFO per share for the fourth quarter of 2010 was $.71 per share compared with $.75 per share for the same period of 2009, a decrease of 5.3% per share.  For the year 2010, FFO was $2.86 per share compared with $3.14 per share for 2009, a decrease of 8.9% per share. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Same property net operating income change represents the PNOI increase or decrease for the same operating properties owned during the entire current period and prior year reporting period.  PNOI from same properties decreased 2.0% for the three months ended December 31, 2010.  For the year 2010, PNOI from same properties decreased 4.2%. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Occupancy is the percentage of leased square footage for which the lease term has commenced as compared to the total leasable square footage as of the close of the reporting period.  Occupancy at December 31, 2010 was 89.8%.  Quarter-end occupancy ranged from 86.2% to 89.8% over the period from December 31, 2009 to December 31, 2010. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Rental rate change represents the rental rate increase or decrease on new and renewal leases compared to the prior leases on the same space.  Rental rate decreases on new and renewal leases (5.6% of total square footage) averaged 15.7% for the fourth quarter of 2010.  For the year, rental rate decreases on new and renewal leases (25.2% of total square footage) averaged 12.3%. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Termination fee income for the three months ended December 31, 2010, was $37,000 compared to $208,000 for the same period of 2009.  For the year 2010, termination fee income was $2,853,000 compared to $963,000 for 2009.  Bad debt expense for the three months ended December 31, 2010, was $202,000 compared to $473,000 for the same period of 2009.  For the year 2010, bad debt expense was $1,035,000 compared to $2,101,000 for the same period last year. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|  REAL ESTATE PROPERTIES ACQUIRED IN 2010    |   | Location      |   | Size          |    | DateAcquired |     | Cost (1)       |   |
|--------------------------------------------------|--------|---------------|--------|---------------|---------|--------------|----------|----------------|--------|
|                                             |   |          |   | (Square feet) |    |         |     | (In thousands) |   |
| Commerce Park 2 & 3                          |   | Charlotte, NC |   |          | 193,000 |         | 01/12/10 |           | $      | 4,722 |   |
| Ocean View Corporate Center                      |   | San Diego, CA |   |          | 274,000 |         | 01/28/10 |           |   | 13,681 |   |
| East University Distribution Center III          |   | Phoenix, AZ   |   |          | 32,000  |         | 06/01/10 |           |   | 1,142 |   |
|      Total Acquisitions |   |          |   |          | 499,000 |         |     |           | $      | 19,545 |   |

| (1)   | Total cost of the properties acquired was $23,555,000, of which $19,545,000 was allocated to real estate properties as indicated above.  Intangibles associated with the purchases of real estate were allocated as follows:  $3,118,000 to in-place lease intangibles, $923,000 to above market leases (both included in Other Assets on the Consolidated Balance Sheets) and $31,000 to below market leases (included in Other Liabilities on the Consolidated Balance Sheets).  All of these costs are amortized over the remaining lives of the associated leases in place at the time of acquisition.  During 2010, the Company expensed acquisition-related costs of $72,000 in connection with the Commerce Park, Ocean View, and East University III acquisitions.  During the fourth quarter of 2009, the Company expensed acquisition-related costs of $62,000 in connection with the Commerce Park and Ocean View acquisitions.  These costs are included in General and Administrative Expenses on the Consolidated Statements of Income. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                         |   |          |      |   | Costs Incurred               |   |    |                       |   |
|------------------------------------------------------------------------------|--------|---------------|-----------|--------|------------------------------|--------|---------|----------------------------|--------|
| DEVELOPMENT                                                                  |   |  Size    |      |   | Costs Transferred in 2010(1) |   |    | For theYear Ended 12/31/10 |   |   | Cumulative as of 12/31/10 |   |   | EstimatedTotal Costs(2) |   |
|                                                                         |   | (Square feet) |      |   | (In thousands)               |   |
| UNDER CONSTRUCTION                                                           |   |          |      |   |                         |   |    |                       |   |   |   |   |   |   |   |
|   Arion 8 Expansion, San Antonio, TX                               |   |          | 20,000    |   |                         | $      | – |                       |   |   | 1,356 |   |   |   | 1,407 |   |   |   | 1,900 |   |
|   World Houston 31, Houston, TX                                    |   |          | 44,000    |   |                         |   | 973     |                       |   |   | 82 |   |   |   | 1,055 |   |   |   | 4,600 |   |
| Total Under Construction                                                     |   |          | 64,000    |   |                         |   | 973     |                       |   |   | 1,438 |   |   |   | 2,462 |   |   |   | 6,500 |   |
| PROSPECTIVE DEVELOPMENT (PRIMARILY LAND)                                     |   |          |      |   |                         |   |    |                       |   |   |   |   |   |   |   |   |   |   |   |   |
|   Tucson, AZ                                                       |   |          | 70,000    |   |                         |   | – |                       |   |   | – |   |   |   | 417 |   |   |   | 4,900 |   |
|   Tampa, FL                                                        |   |          | 249,000   |   |                         |   | – |                       |   |   | 281 |   |   |   | 4,200 |   |   |   | 14,600 |   |
|   Orlando, FL                                                      |   |          | 1,584,000 |   |                         |   | – |                       |   |   | 2,006 |   |   |   | 23,032 |   |   |   | 101,700 |   |
|   Fort Myers, FL                                                   |   |          | 659,000   |   |                         |   | – |                       |   |   | 631 |   |   |   | 16,554 |   |   |   | 48,100 |   |
|   Dallas, TX                                                       |   |          | 70,000    |   |                         |   | – |                       |   |   | 61 |   |   |   | 702 |   |   |   | 4,100 |   |
|   El Paso, TX                                                      |   |          | 251,000   |   |                         |   | – |                       |   |   | – |   |   |   | 2,444 |   |   |   | 9,600 |   |
|   Houston, TX                                                      |   |          | 1,020,000 |   |                         |   | (973    | )                          |   |   | 1,099 |   |   |   | 15,398 |   |   |   | 63,500 |   |
|   San Antonio, TX                                                  |   |          | 595,000   |   |                         |   | – |                       |   |   | 485 |   |   |   | 6,632 |   |   |   | 37,500 |   |
|   Charlotte, NC                                                    |   |          | 95,000    |   |                         |   | – |                       |   |   | 80 |   |   |   | 1,175 |   |   |   | 7,100 |   |
|   Jackson, MS                                                      |   |          | 28,000    |   |                         |   | – |                       |   |   | – |   |   |   | 706 |   |   |   | 2,000 |   |
| Total Prospective Development                                                |   |          | 4,621,000 |   |                         |   | (973    | )                          |   |   | 4,643 |   |   |   | 71,260 |   |   |   | 293,100 |   |
|                                                                         |   |          | 4,685,000 |   |                         | $      | – |                       |   |   | 6,081 |   |   |   | 73,722 |   |   |   | 299,600 |   |
| DEVELOPMENTS COMPLETED AND TRANSFERRED TO REAL ESTATE PROPERTIES DURING 2010 |   |          |      |   |                         |   |    |                       |   |   |   |   |   |   |   |   |   |   |   |   |
|   Beltway Crossing VII, Houston, TX                                |   |          | 95,000    |   |                         | $      | – |                       |   |   | 6 |   |   |   | 5,651 |   |   |   |   |   |
|   Country Club III & IV, Tucson, AZ                            |   |          | 138,000   |   |                         |   | – |                       |   |   | 57 |   |   |   | 10,784 |   |   |   |   |   |
|   Oak Creek IX,  Tampa, FL                               |   |          | 85,000    |   |                         |   | – |                       |   |   | 29 |   |   |   | 5,180 |   |   |   |   |   |
|   Blue Heron III,  West Palm Beach, FL                   |   |          | 20,000    |   |                         |   | – |                       |   |   | 62 |   |   |   | 2,612 |   |   |   |   |   |
|   World Houston 30, Houston, TX                                    |   |          | 88,000    |   |                         |   | – |                       |   |   | 347 |   |   |   | 6,227 |   |   |   |   |   |
| Total Transferred to Real Estate Properties                                  |   |          | 426,000   |   |                         | $      | – |                       |   |   | 501 |   |   |   | 30,454 |  (3) |   |   |   |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Years Ended December 31,                 |    |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|---------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 2010                                     |    |   | 2009   |   |   | Increase |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | (In thousands, except rates of interest) |    |
| Average bank borrowings                                                                                               |   | $                                        | 122,942 |   |   |   | 107,341 |   |   |   | 15,601 |   |
| Weighted average variable interest rates (excluding loan cost amortization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                     | 1.42    | %      |   |   | 1.48 | % |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                     |    |   |   |   |   |   |   |   |   |   |
| VARIABLE RATE INTEREST EXPENSE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                     |    |   |   |   |   |   |   |   |   |   |
| Variable rate interest (excluding loan cost amortization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                     | 1,750   |   |   |   | 1,589 |   |   |   | 161 |   |
| Amortization of bank loan costs                                                                                       |   |                                     | 314     |   |   |   | 297 |   |   |   | 17 |   |
| Total variable rate interest expense                                                                                  |   |                                     | 2,064   |   |   |   | 1,886 |   |   |   | 178 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                     |    |   |   |   |   |   |   |   |   |   |
| FIXED RATE INTEREST EXPENSE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                     |    |   |   |   |   |   |   |   |   |   |
| Fixed rate interest (excluding loan cost amortization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                     | 35,978  |   |   |   | 35,755 |   |   |   | 223 |   |
| Amortization of mortgage loan costs                                                                                   |   |                                     | 742     |   |   |   | 735 |   |   |   | 7 |   |
| Total fixed rate interest expense                                                                                     |   |                                     | 36,720  |   |   |   | 36,490 |   |   |   | 230 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                     |    |   |   |   |   |   |   |   |   |   |
| Total interest                                                                                                        |   |                                     | 38,784  |   |   |   | 38,376 |   |   |   | 408 |   |
| Less capitalized interest                                                                                             |   |                                     | (3,613  | )      |   |   | (5,856 | ) |   |   | 2,243 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                     |    |   |   |   |   |   |   |   |   |   |
| TOTAL INTEREST EXPENSE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $                                        | 35,171  |   |   |   | 32,520 |   |   |   | 2,651 |   |

|  MORTGAGE DEBT AS OF: |   | Weighted Average Interest Rate |   |
|----------------------------|--------|--------------------------------|--------|
| December 31, 2006     |   |                           | 6.21   | % |
| December 31, 2007     |   |                           | 6.06   | % |
| December 31, 2008     |   |                           | 5.96   | % |
| December 31, 2009     |   |                           | 6.09   | % |
| December 31, 2010     |   |                           | 5.90   | % |

----

| NEW MORTGAGES IN 2009 AND 2010                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | Interest Rate |   | Date   |     | Maturity Date |     | Amount |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|----------|---------------|----------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |          |   |   |     |          |     |   |   |
| Tower Automotive Center (1)                                                                                                                           |   |          | 6.030  | %      | 01/02/09 |          | 01/15/11 |   | $      | 9,365,000 |   |
| Dominguez, Kingsview, Walnut, Washington,   Industry I & III and Shaw                                                              |   |          | 7.500  | %      | 05/05/09 |          | 05/05/19 |   |   | 67,000,000 |   |
| 40th Avenue, Centennial Park, Executive Airport,   Beltway V, Techway Southwest IV, Wetmore V-VIII,   Ocean View and World Houston 26, 28, 29 & 30                                                                                                                                                                                                                                                                                   |   |          | 4.390  | %      | 12/28/10 |          | 01/05/21 |   |   | 74,000,000 |   |
|   Weighted Average/Total Amount                                                                                                             |   |          | 5.878  | %      |     |          |     |   | $      | 150,365,000 |   |

| (1)   | The Company repaid the previous mortgage note on the Tower Automotive Center and replaced it with this new mortgage note for the same amount.  See the table below for details on the previous mortgage.  The new mortgage obtained on January 2, 2009 was repaid on October 1, 2010. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| MORTGAGE LOANS REPAID IN 2009 AND 2010                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | Interest Rate |   | Date Repaid |     | Payoff Amount |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|-------------|----------|---------------|--------|
| Tower Automotive Center (1)                                                                                                                                     |   |          | 8.020  | %           | 01/02/09 |          | $      | 9,365,000 |   |
| Dominguez, Kingsview, Walnut, Washington, Industry   Distribution Center I and Shaw                                                              |   |          | 6.800  | %           | 02/13/09 |          |   | 31,357,000 |   |
| Oak Creek I                                                                                                                                                     |   |          | 8.875  | %           | 06/01/09 |          |   | 205,000 |   |
| Tower Automotive Center                                                                                                                                         |   |          | 6.030  | %           | 10/01/10 |          |   | 8,770,000 |   |
|   Weighted Average/Total Amount                                                                                                                       |   |          | 6.903  | %           |     |          | $      | 49,697,000 |   |

| (1)   | The Tower Automotive Center mortgage was repaid and replaced with another mortgage note payable for the same amount.  See the new mortgage detailed in the new mortgages table above.  The new mortgage obtained on January 2, 2009 was repaid on October 1, 2010. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                                                                                                                                                                                                                                                                                              |                 |   | Years Ended December 31, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|--------|--------------------------|--------|
|                                                                                                                                                                                                                                                                                                                              | EstimatedUseful Life |   | 2010                     |   |   | 2009 |   |
|                                                                                                                                                                                                                                                                                                                              |                 |   | (In thousands)           |   |
| Upgrade on Acquisitions                                                                | 40 yrs               |   | $                        | 40     |   |   |   | 68 |   |
| Tenant Improvements:                                                                                                                                                                                                                                                                                                              |                 |   |                     |   |   |   |   |   |   |
|    New Tenants                                                          | Lease Life           |   |                     | 12,166 |   |   |   | 7,591 |   |
|    New Tenants (first generation)(1)                                                                                                                                                                                                                                                                               | Lease Life           |   |                     | 1,022  |   |   |   | 760 |   |
|    Renewal Tenants                                                      | Lease Life           |   |                     | 2,023  |   |   |   | 1,099 |   |
| Other:                                                                                                                                                                                                                                                                                                                            |                 |   |                     |   |   |   |   |   |   |
|    Building Improvements                                                | 5-40 yrs             |   |                     | 4,351  |   |   |   | 2,726 |   |
|    Roofs                                                                | 5-15 yrs             |   |                     | 2,725  |   |   |   | 2,987 |   |
|    Parking Lots                                                         | 3-5 yrs              |   |                     | 1,045  |   |   |   | 603 |   |
|    Other                                                                | 5 yrs                |   |                     | 581    |   |   |   | 378 |   |
|       Total Capital Expenditures                                                                                                                                                                                                                                                                    |                 |   | $                        | 23,953 |   |   |   | 16,212 |   |

----

|                                                                                                                                                                                                                                                                                                      |                 |   | Years Ended December 31, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|--------|--------------------------|--------|
|                                                                                                                                                                                                                                                                                                      | EstimatedUseful Life |   | 2010                     |   |   | 2009 |   |
|                                                                                                                                                                                                                                                                                                      |                 |   | (In thousands)           |   |
| Development                                                    | Lease Life           |   | $                        | 350    |   |   |   | 1,675 |   |
| New Tenants                                                    | Lease Life           |   |                     | 3,701  |   |   |   | 2,620 |   |
| New Tenants (first generation)(1)                                                                                                                                                                                                                                                                         | Lease Life           |   |                     | 174    |   |   |   | 74 |   |
| Renewal Tenants                                                | Lease Life           |   |                     | 3,268  |   |   |   | 2,618 |   |
|       Total Capitalized Leasing Costs                                                                                                                                                                                                                                       |                 |   | $                        | 7,493  |   |   |   | 6,987 |   |
|                                                                                                                                                                                                                                                                                                      |                 |   |                     |   |   |   |   |   |   |
| Amortization of Leasing Costs (2)                                                                                                                                                                                                                                                                         |                 |   | $                        | 6,703  |   |   |   | 6,366 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Years Ended December 31, |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|
| Discontinued Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2010                     |    |   | 2009 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | (In thousands)           |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                     |    |   |   |   |
| Income from real estate operations                                                                                                           |   | $                        | – |   |   |   | – |   |
| Expenses from real estate operations                                                                                                         |   |                     | – |   |   |   | (88 | ) |
|     Property net operating loss from discontinued operations                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                     | – |   |   |   | (88 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                     |    |   |   |   |   |   |
| Depreciation and amortization                                                                                                                |   |                     | – |   |   |   | (51 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                     |    |   |   |   |   |   |
| Loss from real estate operations                                                                                                             |   |                     | – |   |   |   | (139 | ) |
|     Gain on sales of real estate investments                                                                             |   |                     | – |   |   |   | 29 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                     |    |   |   |   |   |   |
| Loss from discontinued operations                                                                                                            |   | $                        | – |   |   |   | (110 | ) |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | Years Ended December 31,                 |    |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------|---------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 2009                                     |    |   | 2008   |   |   | Increase(Decrease) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | (In thousands, except rates of interest) |    |
| Average bank borrowings                                                                                               |   | $                                        | 107,341 |   |   |   | 125,647 |   |   |   | (18,306 | ) |
| Weighted average variable interest rates (excluding loan cost amortization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                     | 1.48    | %      |   |   | 3.94 | % |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                     |    |   |   |   |   |   |   |   |   |   |
| VARIABLE RATE INTEREST EXPENSE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                     |    |   |   |   |   |   |   |   |   |   |
| Variable rate interest (excluding loan cost amortization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                     | 1,589   |   |   |   | 4,944 |   |   |   | (3,355 | ) |
| Amortization of bank loan costs                                                                                       |   |                                     | 297     |   |   |   | 295 |   |   |   | 2 |   |
| Total variable rate interest expense                                                                                  |   |                                     | 1,886   |   |   |   | 5,239 |   |   |   | (3,353 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                     |    |   |   |   |   |   |   |   |   |   |
| FIXED RATE INTEREST EXPENSE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                     |    |   |   |   |   |   |   |   |   |   |
| Fixed rate interest (excluding loan cost amortization)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                     | 35,755  |   |   |   | 31,219 |   |   |   | 4,536 |   |
| Amortization of mortgage loan costs                                                                                   |   |                                     | 735     |   |   |   | 680 |   |   |   | 55 |   |
| Total fixed rate interest expense                                                                                     |   |                                     | 36,490  |   |   |   | 31,899 |   |   |   | 4,591 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                     |    |   |   |   |   |   |   |   |   |   |
| Total interest                                                                                                        |   |                                     | 38,376  |   |   |   | 37,138 |   |   |   | 1,238 |   |
| Less capitalized interest                                                                                             |   |                                     | (5,856  | )      |   |   | (6,946 | ) |   |   | 1,090 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                     |    |   |   |   |   |   |   |   |   |   |
| TOTAL INTEREST EXPENSE                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | $                                        | 32,520  |   |   |   | 30,192 |   |   |   | 2,328 |   |

|  MORTGAGE DEBT AS OF: |   | Weighted Average Interest Rate |   |
|----------------------------|--------|--------------------------------|--------|
| December 31, 2005     |   |                           | 6.31   | % |
| December 31, 2006     |   |                           | 6.21   | % |
| December 31, 2007     |   |                           | 6.06   | % |
| December 31, 2008     |   |                           | 5.96   | % |
| December 31, 2009     |   |                           | 6.09   | % |

| NEW MORTGAGES IN 2008 AND 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | Interest Rate |   | Date   |     | Maturity Date |     | Amount |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|--------|----------|---------------|----------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |          |   |   |     |          |     |   |   |
| Beltway II, III & IV, Commerce Park 1, Eastlake,  Fairgrounds I-IV, Nations Ford I-IV, Techway  Southwest III,  Wetmore I-IV and  World Houston 15 & 22                                                              |   |          | 5.500  | %      | 03/19/08 |          | 04/05/15 |   | $      | 78,000,000 |   |
| Southridge XII, Airport Commerce Center I & II,   Interchange Park, Ridge Creek Distribution Center,   World Houston 24, 25 & 27 and   Waterford Distribution Center                                                                                                                                                                                                                                                                                                                                                             |   |          | 5.750  | %      | 12/09/08 |          | 01/05/14 |   |   | 59,000,000 |   |
| Tower Automotive Center (1)                                                                                                                                                                                                                                          |   |          | 6.030  | %      | 01/02/09 |          | 01/15/11 |   |   | 9,365,000 |   |
| Dominguez, Kingsview, Walnut, Washington,   Industry I & III and Shaw                                                                                                                                                                             |   |          | 7.500  | %      | 05/05/09 |          | 05/05/19 |   |   | 67,000,000 |   |
|   Weighted Average/Total Amount                                                                                                                                                                                                                            |   |          | 6.220  | %      |     |          |     |   | $      | 213,365,000 |   |

----

| MORTGAGE LOANS REPAID IN 2009                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | Interest Rate |   | Date Repaid |     | Payoff Amount |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------|-------------|----------|---------------|--------|
| Tower Automotive Center (1)                                                                                                                                     |   |          | 8.020  | %           | 01/02/09 |          | $      | 9,365,000 |   |
| Dominguez, Kingsview, Walnut, Washington, Industry   Distribution Center I and Shaw                                                              |   |          | 6.800  | %           | 02/13/09 |          |   | 31,357,000 |   |
| Oak Creek I                                                                                                                                                     |   |          | 8.875  | %           | 06/01/09 |          |   | 205,000 |   |
|   Weighted Average/Total Amount                                                                                                                       |   |          | 7.090  | %           |     |          | $      | 40,927,000 |   |

|                                                                                                                                                                                                                                                                                                                              |                 |   | Years Ended December 31, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|--------|--------------------------|--------|
|                                                                                                                                                                                                                                                                                                                              | EstimatedUseful Life |   | 2009                     |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                              |                 |   | (In thousands)           |   |
| Upgrade on Acquisitions                                                                | 40 yrs               |   | $                        | 68     |   |   |   | 63 |   |
| Tenant Improvements:                                                                                                                                                                                                                                                                                                              |                 |   |                     |   |   |   |   |   |   |
|    New Tenants                                                          | Lease Life           |   |                     | 7,591  |   |   |   | 7,554 |   |
|    New Tenants (first generation)(1)                                                                                                                                                                                                                                                                               | Lease Life           |   |                     | 760    |   |   |   | 244 |   |
|    Renewal Tenants                                                      | Lease Life           |   |                     | 1,099  |   |   |   | 1,504 |   |
| Other:                                                                                                                                                                                                                                                                                                                            |                 |   |                     |   |   |   |   |   |   |
|    Building Improvements                                                | 5-40 yrs             |   |                     | 2,726  |   |   |   | 2,685 |   |
|    Roofs                                                                | 5-15 yrs             |   |                     | 2,987  |   |   |   | 1,874 |   |
|    Parking Lots                                                         | 3-5 yrs              |   |                     | 603    |   |   |   | 907 |   |
|    Other                                                                | 5 yrs                |   |                     | 378    |   |   |   | 379 |   |
|       Total Capital Expenditures                                                                                                                                                                                                                                                                    |                 |   | $                        | 16,212 |   |   |   | 15,210 |   |

|                                                                                                                                                                                                                                                                                                      |                 |   | Years Ended December 31, |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|--------|--------------------------|--------|
|                                                                                                                                                                                                                                                                                                      | EstimatedUseful Life |   | 2009                     |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                      |                 |   | (In thousands)           |   |
| Development                                                    | Lease Life           |   | $                        | 1,675  |   |   |   | 3,115 |   |
| New Tenants                                                    | Lease Life           |   |                     | 2,620  |   |   |   | 2,370 |   |
| New Tenants (first generation)(1)                                                                                                                                                                                                                                                                         | Lease Life           |   |                     | 74     |   |   |   | 58 |   |
| Renewal Tenants                                                | Lease Life           |   |                     | 2,618  |   |   |   | 2,626 |   |
|       Total Capitalized Leasing Costs                                                                                                                                                                                                                                       |                 |   | $                        | 6,987  |   |   |   | 8,169 |   |
|                                                                                                                                                                                                                                                                                                      |                 |   |                     |   |   |   |   |   |   |
| Amortization of Leasing Costs (2)                                                                                                                                                                                                                                                                         |                 |   | $                        | 6,366  |   |   |   | 5,882 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | Years Ended December 31, |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|
| Discontinued Operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 2009                     |    |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | (In thousands)           |    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                     |    |   |   |   |
| Income from real estate operations                                                                                                           |   | $                        | – |   |   |   | 348 |   |
| Expenses from real estate operations                                                                                                         |   |                     | (88     | ) |   |   | (190 | ) |
|     Property net operating income (loss) from discontinued operations                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                     | (88     | ) |   |   | 158 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                     |    |   |   |   |   |   |
| Depreciation and amortization                                                                                                                |   |                     | (51     | ) |   |   | (148 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                     |    |   |   |   |   |   |
| Income (loss) from real estate operations                                                                                                    |   |                     | (139    | ) |   |   | 10 |   |
|     Gain on sales of real estate investments                                                                             |   |                     | 29      |   |   |   | 2,032 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                     |    |   |   |   |   |   |
| Income (loss) from discontinued operations                                                                                                   |   | $                        | (110    | ) |   |   | 2,042 |   |

|                                                                                                                                                                                                                                                                                                                                                             |   | December 31,   |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|---------|
|                                                                                                                                                                                                                                                                                                                                                             |   | 2010           |    |   | 2009 |   |
|                                                                                                                                                                                                                                                                                                                                                             |   | (In thousands) |    |
|                                                                                                                                                                                                                                                                                                                                                             |   |           |    |   |   |   |
| Mortgage notes payable – fixed rate                                                                                                                                                                                                                                                                                                                        |   | $              | 644,424 |   |   |   | 602,949 |   |
| Bank notes payable – floating rate                                                                                                                                                                                                                                                                                                                         |   |           | 91,294  |   |   |   | 89,156 |   |
|    Total debt                                                       |   | $              | 735,718 |   |   |   | 692,105 |   |

----

|                                                                                                                                                                                                                                                                      |   | Payments Due by Period |    |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|---------|
|                                                                                                                                                                                                                                                                      |   | Total                  |    |   | Less Than1 Year |   |   | 1-3 Years |   |   | 3-5 Years |   |   | More Than5 Years |   |
|                                                                                                                                                                                                                                                                      |   | (In thousands)         |    |
|                                                                                                                                                                                                                                                                      |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |
| Fixed Rate Debt Obligations (1)                                                                                                                                                                                                                                           |   | $                      | 644,424 |   |   |   | 80,258 |   |   |   | 124,660 |   |   |   | 192,668 |   |   |   | 246,838 |   |
| Interest on Fixed Rate Debt                                                                                                                                                                                                                                               |   |                   | 164,230 |   |   |   | 34,365 |   |   |   | 57,589 |   |   |   | 38,726 |   |   |   | 33,550 |   |
| Variable Rate Debt Obligations (2)                                                                                                                                                                                                                                        |   |                   | 91,294  |   |   |   | – |   |   |   | 91,294 |   |   |   | – |   |   |   | – |   |
| Interest on Variable Rate Debt (3)                                                                                                                                                                                                                                        |   |                   | 1,031   |   |   |   | 1,025 |   |   |   | 6 |   |   |   | – |   |   |   |  – |   |
| Operating Lease Obligations:                                                                                                                                                                                                                                              |   |                   |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Office Leases                                        |   |                   | 1,128   |   |   |   | 382 |   |   |   | 703 |   |   |   | 43 |   |   |   | – |   |
|    Ground Leases                                        |   |                   | 17,404  |   |   |   | 700 |   |   |   | 1,400 |   |   |   | 1,400 |   |   |   | 13,904 |   |
| Real Estate Property Obligations (4)                                                                                                                                                                                                                                      |   |                   | 590     |   |   |   | 590 |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Development Obligations (5)                                                                                                                                                                                                                                               |   |                   | 2,010   |   |   |   | 2,010 |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Tenant Improvements (6)                                                                                                                                                                                                                                                   |   |                   | 6,161   |   |   |   | 6,161 |   |   |   | – |   |   |   | – |   |   |   | – |   |
| Purchase Obligations (7)                                                                                                                                                                                                                                                  |   |                   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |   |   | – |   |
|    Total                                                |   | $                      | 928,272 |   |   |   | 125,491 |   |   |   | 275,652 |   |   |   | 232,837 |   |   |   | 294,292 |   |

| (1)   | These amounts are included on the Consolidated Balance Sheets. |
|-----------------|----------------------------------------------------------------|

| (2)   | The Company’s variable rate debt changes depending on the Company’s cash needs and, as such, both the principal amounts and the interest rates are subject to variability.  At December 31, 2010, the weighted average interest rate was 1.12% on the variable rate debt due in January 2012. |
|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Represents an estimate of interest due on variable rate debt based on the outstanding variable rate debt and interest rates on that debt as of  December 31, 2010. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | Represents commitments on real estate properties, except for tenant improvement obligations. |
|-----------------|----------------------------------------------------------------------------------------------|

| (5)   | Represents commitments on properties under development, except for tenant improvement obligations. |
|-----------------|----------------------------------------------------------------------------------------------------|

| (6)   | Represents tenant improvement allowance obligations. |
|-----------------|------------------------------------------------------|

| (7)   | EastGroup had no purchase obligations as of December 31, 2010. |
|-----------------|----------------------------------------------------------------|

----

|                                |   | 2011   |    |   | 2012   |   |   | 2013   |   |   | 2014    |   |   | 2015   |    |   | Thereafter |   |    | Total  |   |   | Fair Value |   |
|-------------------------------------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|---------|--------|--------|--------|---------|--------|------------|--------|---------|--------|--------|--------|------------|--------|
| Fixed rate debt (in thousands) |   | $      | 80,258  |   |   |   | 66,640 |   |   |   | 58,020  |   |   |   | 94,745  |   |       |   | 97,923  |   |   |   | 246,838    |   |   |   | 644,424 |   |   |   | 671,527 | (1) |
| Weighted average interest rate      |   |   | 7.04    | %      |   |   | 6.55   | %      |   |   | 5.12    | %      |   |   | 5.71    | %      |       |   | 5.40    | %      |   |   | 5.80       | %      |   |   | 5.90 | % |   |   |   |   |
| Variable rate debt (in thousands)   |   | $      | – |   |   |   | 91,294 | (2)    |   |   | – |   |   |   | – |   |       |   | – |   |   |   | –    |   |   |   | 91,294 |   |   |   | 89,818 | (3) |
| Weighted average interest rate      |   |   | – |   |   |   | 1.12   | %      |   |   | – |   |   |   | – |   |       |   | – |   |   |   | –    |   |   |   | 1.12 | % |   |   |   |   |

| (1)  | The fair value of the Company’s fixed rate debt is estimated based on the quoted market prices for similar issues or by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | The variable rate debt matures on January 3, 2012 and is comprised of two lines of credit with balances of $86,000,000 on the $200 million line of credit and $5,294,000 on the $25 million working capital line of credit as of December 31, 2010.  The $200 million line of credit has an option for a one-year extension on the same terms and conditions at the Company’s request. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | The fair value of the Company’s variable rate debt is estimated by discounting expected cash flows at current market rates. |
|-----------------|-----------------------------------------------------------------------------------------------------------------------------------|

|  Type of Hedge |   | Current Notional Amount |    |  Maturity Date |                |  Reference Rate |          | Fixed Interest Rate |   |   | Effective Interest Rate |   |   | Fair Valueat 12/31/10 |   |   | Fair Valueat 12/31/09 |    |
|---------------------|--------|-------------------------|---------|---------------------|---------------------|----------------------|---------------|---------------------|--------|--------|------------------------------|--------|--------|-----------------------|--------|--------|-----------------------|---------|
|                |   | (In thousands)          |    |                |                |                 |          |                |   |   |                         |   |   | (In thousands)        |   |
| Swap                |   | $                       | – |                | Settled on 10/01/10 |                 | 1 month LIBOR |                |   | 4.03   | %                            |   |   | 6.03                  | %      |   | $                     | – |   |   | $ | (318 | ) |

----

----

| Name                | Position                                                                                                                                                |
|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
| D. Pike Aloian      | Director since 1999; Partner in Rothschild Realty Managers LLC (real estate advisory and investment management services)                                |
| H.C. Bailey, Jr.    | Director since 1980; Chairman and President of H.C. Bailey Company (real estate development and investment)                                             |
| Hayden C. Eaves III | Director since 2002; President of Hayden Holdings, Inc. (real estate investment)                                                                        |
| Fredric H. Gould    | Director since 1998; Chairman of the General Partner of Gould Investors L.P., Chairman of BRT Realty Trust and Chairman of One Liberty Properties, Inc. |
| Mary E. McCormick   | Director since 2005; Senior Advisor with Rothschild Realty Managers LLC (real estate advisory and investment management services)                       |
| David M. Osnos      | Director since 1993; Of Counsel to the law firm of Arent Fox LLP                                                                                        |
| Leland R. Speed     | Director since 1978; Chairman of the Board of the Company                                                                                               |
| David H. Hoster II  | Director since 1993; President and Chief Executive Officer of the Company                                                                               |
| N. Keith McKey      | Executive Vice President, Chief Financial Officer, Secretary and Treasurer of the Company                                                               |
| John F. Coleman     | Senior Vice President of the Company                                                                                                                    |
| Bruce Corkern       | Senior Vice President, Chief Accounting Officer and Controller of the Company                                                                           |
| William D. Petsas   | Senior Vice President of the Company                                                                                                                    |
| Brent W. Wood       | Senior Vice President of the Company                                                                                                                    |

----

| Equity Compensation Plan Information                                                                     |   |
|----------------------------------------------------------------------------------------------------------|--------|
|                                                                                                     |   | (a) |   |   | (b) |   |   | (c) |   |
| Plan category                                                                                            |   | Number of securities to be issued upon exercise of outstanding options, warrants and rights |   |   | Weighted-average exercise price of outstanding options, warrants and rights |   |   | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |   |
| Equity compensation    plans approved by    security holders     |   |   |   18,250 |   |   | $ | 24.35 |   |   |   |   1,504,921 |   |
| Equity compensation    plans not approved    by security holders |   |   |    – |   |   |   |    – |   |   |   |    – |   |
| Total                                                                                                    |   |   | 18,250 |   |   | $ | 24.35 |   |   |   | 1,504,921 |   |

----

----

|   |   |                                                                                              | Page   |
|--------|--------|---------------------------------------------------------------------------------------------------|--------|
| (a)    | (1)    | Consolidated Financial Statements:                                                                |   |
|   |   | Report of Independent Registered Public Accounting Firm                                           | 32     |
|   |   | Management Report on Internal Control Over Financial Reporting                                    | 33     |
|   |   | Report of Independent Registered Public Accounting Firm                                           | 33     |
|   |   | Consolidated Balance Sheets – December 31, 2010 and 2009                                    | 34     |
|   |   | Consolidated Statements of Income – Years ended December 31, 2010, 2009 and 2008            | 35     |
|   |   | Consolidated Statements of Changes in Equity – Years ended December 31, 2010, 2009 and 2008 | 36     |
|   |   | Consolidated Statements of Cash Flows – Years ended December 31, 2010, 2009 and 2008        | 37     |
|   |   | Notes to Consolidated Financial Statements                                                        | 38     |
|   |   |                                                                                              |   |
|   | (2)    | Consolidated Financial Statement Schedules:                                                       |   |
|   |   | Schedule III – Real Estate Properties and Accumulated Depreciation                          | 55     |
|   |   | Schedule IV – Mortgage Loans on Real Estate                                                 | 63     |

----

----

|                 | /s/ KPMG LLP |
|----------------------|--------------|
| Jackson, Mississippi |         |
| February 25, 2011    |         |

----

|                 | /s/ EASTGROUP PROPERTIES, INC.  |
|----------------------|--------------------------------------|
| Jackson, Mississippi |                                 |
| February 25, 2011    |                                 |

|                 | /s/ KPMG LLP |
|----------------------|--------------|
| Jackson, Mississippi |         |
| February 25, 2011    |         |

----

|                                                                                                                                                                                                                             |   | December 31,                                        |      |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|-----------|
|                                                                                                                                                                                                                             |   | 2010                                                |      |   | 2009 |   |
|                                                                                                                                                                                                                             |   | (In thousands, except for share and per share data) |      |
| ASSETS                                                                                                                                                                                                                           |   |                                                |      |   |   |   |
|   Real estate properties                                                                                                                                                                                          |   | $                                                   | 1,447,455 |   |   |   | 1,370,588 |   |
|   Development                                                                                                                                                                                                     |   |                                                | 73,722    |   |   |   | 97,594 |   |
|                                                                                                                                                                                                                             |   |                                                | 1,521,177 |   |   |   | 1,468,182 |   |
|       Less accumulated depreciation                                                                                                                                                           |   |                                                | (403,187  | ) |   |   | (354,745 | ) |
|                                                                                                                                                                                                                             |   |                                                | 1,117,990 |   |   |   | 1,113,437 |   |
|                                                                                                                                                                                                                             |   |                                                |      |   |   |   |   |   |
|   Unconsolidated investment                                                                                                                                                                                       |   |                                                | 2,740     |   |   |   | 2,725 |   |
|   Cash                                                                                                                                                                                                            |   |                                                | 137       |   |   |   | 1,062 |   |
|   Other assets                                                                                                                                                                                                    |   |                                                | 62,409    |   |   |   | 61,294 |   |
|       TOTAL ASSETS                                                                                                                                                                            |   | $                                                   | 1,183,276 |   |   |   | 1,178,518 |   |
|                                                                                                                                                                                                                             |   |                                                |      |   |   |   |   |   |
| LIABILITIES AND EQUITY                                                                                                                                                                                                           |   |                                                |      |   |   |   |   |   |
|                                                                                                                                                                                                                             |   |                                                |      |   |   |   |   |   |
| LIABILITIES                                                                                                                                                                                                                      |   |                                                |      |   |   |   |   |   |
|   Mortgage notes payable                                                                                                                                                                                          |   | $                                                   | 644,424   |   |   |   | 602,949 |   |
|   Notes payable to banks                                                                                                                                                                                          |   |                                                | 91,294    |   |   |   | 89,156 |   |
|   Accounts payable and accrued expenses                                                                                                                                                                           |   |                                                | 20,969    |   |   |   | 23,602 |   |
|   Other liabilities                                                                                                                                                                                               |   |                                                | 15,083    |   |   |   | 15,715 |   |
|      Total Liabilities                                                                                                                                                                                  |   |                                                | 771,770   |   |   |   | 731,422 |   |
|                                                                                                                                                                                                                             |   |                                                |      |   |   |   |   |   |
| EQUITY                                                                                                                                                                                                                           |   |                                                |      |   |   |   |   |   |
| Stockholders’ Equity:                                                                                                                                                                                                      |   |                                                |      |   |   |   |   |   |
|   Common shares; $.0001 par value; 70,000,000 shares authorized;    26,973,531 shares issued and outstanding at December 31, 2010 and    26,826,100 at December 31, 2009  |   |                                                | 3         |   |   |   | 3 |   |
|   Excess shares; $.0001 par value; 30,000,000 shares authorized;    no shares issued                                                                                                               |   |                                                | –   |   |   |   | – |   |
|   Additional paid-in capital on common shares                                                                                                                                                                     |   |                                                | 591,106   |   |   |   | 589,197 |   |
|   Distributions in excess of earnings                                                                                                                                                                             |   |                                                | (182,253  | ) |   |   | (144,363 | ) |
|   Accumulated other comprehensive loss                                                                                                                                                                            |   |                                                | –   |   |   |   | (318 | ) |
|      Total Stockholders’ Equity                                                                                                                                                                   |   |                                                | 408,856   |   |   |   | 444,519 |   |
| Noncontrolling interest in joint ventures                                                                                                                                                                                        |   |                                                | 2,650     |   |   |   | 2,577 |   |
|      Total Equity                                                                                                                                                                                       |   |                                                | 411,506   |   |   |   | 447,096 |   |
|       TOTAL LIABILITIES AND EQUITY                                                                                                                                                            |   | $                                                   | 1,183,276 |   |   |   | 1,178,518 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | Years Ended December 31,              |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 2010                                  |    |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | (In thousands, except per share data) |    |
| REVENUES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                  |    |   |   |   |   |   |   |
|   Income from real estate operations                                                                                                               |   | $                                     | 173,002 |   |   |   | 172,273 |   |   |   | 168,255 |   |
|   Other income                                                                                                                                     |   |                                  | 124     |   |   |   | 81 |   |   |   | 248 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                  | 173,126 |   |   |   | 172,354 |   |   |   | 168,503 |   |
| EXPENSES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                  |    |   |   |   |   |   |   |   |   |   |
|   Expenses from real estate operations                                                                                                             |   |                                  | 51,142  |   |   |   | 50,259 |   |   |   | 47,259 |   |
|   Depreciation and amortization                                                                                                                    |   |                                  | 58,350  |   |   |   | 53,953 |   |   |   | 51,144 |   |
|   General and administrative                                                                                                                       |   |                                  | 10,332  |   |   |   | 9,071 |   |   |   | 8,547 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                  | 119,824 |   |   |   | 113,283 |   |   |   | 106,950 |   |
| OPERATING INCOME                                                                                                                                             |   |                                  | 53,302  |   |   |   | 59,071 |   |   |   | 61,553 |   |
| OTHER INCOME (EXPENSE)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                  |    |   |   |   |   |   |   |   |   |   |
|   Equity in earnings of unconsolidated investment                                                                                                  |   |                                  | 335     |   |   |   | 320 |   |   |   | 316 |   |
|   Gain on sales of non-operating real estate                                                                                                       |   |                                  | 37      |   |   |   | 31 |   |   |   | 321 |   |
|   Gain on sales of securities                                                                                                                      |   |                                  | – |   |   |   | – |   |   |   | 435 |   |
|   Other expense                                                                                                                                    |   |                                  | (84     | ) |   |   | – |   |   |   | – |   |
|   Interest income                                                                                                                                  |   |                                  | 336     |   |   |   | 302 |   |   |   | 293 |   |
|   Interest expense                                                                                                                                 |   |                                  | (35,171 | ) |   |   | (32,520 | ) |   |   | (30,192 | ) |
| INCOME FROM CONTINUING OPERATIONS                                                                                                                            |   |                                  | 18,755  |   |   |   | 27,204 |   |   |   | 32,726 |   |
| DISCONTINUED OPERATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                  |    |   |   |   |   |   |   |   |   |   |
|   Income (loss) from real estate operations                                                                                                        |   |                                  | – |   |   |   | (139 | ) |   |   | 10 |   |
|   Gain on sales of real estate investments                                                                                                         |   |                                  | – |   |   |   | 29 |   |   |   | 2,032 |   |
| INCOME (LOSS) FROM DISCONTINUED OPERATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                  | – |   |   |   | (110 | ) |   |   | 2,042 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                  |    |   |   |   |   |   |   |   |   |   |
| NET INCOME                                                                                                                                                   |   |                                  | 18,755  |   |   |   | 27,094 |   |   |   | 34,768 |   |
|   Net income attributable to noncontrolling interest in joint ventures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                  | (430    | ) |   |   | (435 | ) |   |   | (626 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                  |    |   |   |   |   |   |   |   |   |   |
| NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                  | 18,325  |   |   |   | 26,659 |   |   |   | 34,142 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                  |    |   |   |   |   |   |   |   |   |   |
|   Dividends on Series D preferred shares                                                                                                           |   |                                  | – |   |   |   | – |   |   |   | 1,326 |   |
|   Costs on redemption of Series D preferred shares                                                                                                 |   |                                  | – |   |   |   | – |   |   |   | 682 |   |
| NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC.COMMON STOCKHOLDERS                                                                                        |   | $                                     | 18,325  |   |   |   | 26,659 |   |   |   | 32,134 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                  |    |   |   |   |   |   |   |   |   |   |
| BASIC PER COMMON SHARE DATA FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                  |    |   |   |   |   |   |   |   |   |   |
|   Income from continuing operations                                                                                                                |   | $                                     | .68     |   |   |   | 1.04 |   |   |   | 1.23 |   |
|   Income (loss) from discontinued operations                                                                                                       |   |                                  | .00     |   |   |   | .00 |   |   |   | .08 |   |
|   Net income available to common stockholders                                                                                                      |   | $                                     | .68     |   |   |   | 1.04 |   |   |   | 1.31 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                  |    |   |   |   |   |   |   |   |   |   |
|   Weighted average shares outstanding                                                                                                              |   |                                  | 26,752  |   |   |   | 25,590 |   |   |   | 24,503 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                  |    |   |   |   |   |   |   |   |   |   |
| DILUTED PER COMMON SHARE DATA FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                  |    |   |   |   |   |   |   |   |   |   |
|   Income from continuing operations                                                                                                                |   | $                                     | .68     |   |   |   | 1.04 |   |   |   | 1.22 |   |
|   Income (loss) from discontinued operations                                                                                                       |   |                                  | .00     |   |   |   | .00 |   |   |   | .08 |   |
|   Net income available to common stockholders                                                                                                      |   | $                                     | .68     |   |   |   | 1.04 |   |   |   | 1.30 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                  |    |   |   |   |   |   |   |   |   |   |
|   Weighted average shares outstanding                                                                                                              |   |                                  | 26,824  |   |   |   | 25,690 |   |   |   | 24,653 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                  |    |   |   |   |   |   |   |   |   |   |
| AMOUNTS AVAILABLE TO EASTGROUP PROPERTIES, INC.COMMON STOCKHOLDERS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                  |    |   |   |   |   |   |   |   |   |   |
|   Income from continuing operations                                                                                                                |   | $                                     | 18,325  |   |   |   | 26,769 |   |   |   | 30,092 |   |
|   Income (loss) from discontinued operations                                                                                                       |   |                                  | – |   |   |   | (110 | ) |   |   | 2,042 |   |
|   Net income available to common stockholders                                                                                                      |   | $                                     | 18,325  |   |   |   | 26,659 |   |   |   | 32,134 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                  |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                  |    |   |   |   |   |   |   |   |   |   |
| See accompanying Notes to Consolidated Financial Statements                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                  |    |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                                                                                                                                                                          |   |                                                |    |   |   |   |    |       |   |   |          |   |   | Accumulated   |     |   |           |   |    |   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------|---------|--------|--------|--------|---------|------------|--------|--------|---------------|--------|--------|---------------|----------|--------|----------------|--------|---------|--------|--------|
|                                                                                                                                                                                                                                                                          |   |                                                |    |   |   |   |    | Additional |   |   | Distributions |   |   | Other         |     |   | Noncontrolling |   |    |   |   |
|                                                                                                                                                                                                                                                                          |   | Preferred                                           |    |   | Common |   |    | Paid-In    |   |   | In Excess     |   |   | Comprehensive |     |   | Interest in    |   |    |   |   |
|                                                                                                                                                                                                                                                                          |   | Stock                                               |    |   | Stock  |   |    | Capital    |   |   | Of Earnings   |   |   | Loss          |     |   | Joint Ventures |   |    | Total  |   |
|                                                                                                                                                                                                                                                                          |   | (In thousands, except for share and per share data) |    |
|                                                                                                                                                                                                                                                                          |   |                                                |    |   |   |   |
| BALANCE, DECEMBER 31, 2007                                                                                                                                                                                                                                                    |   | $                                                   | 32,326  |   |   |   | 2       |       |   |   | 467,573       |   |   |          | (97,460  | )      |           |   | (56     | )      |   |   | 2,312 |   |   |   | 404,697 |   |
|   Comprehensive income                                                                                                                                                                                                                                              |   |                                                |    |   |   |   |    |       |   |   |          |   |   |          |     |   |           |   |    |   |   |   |   |   |   |   |   |   |
|     Net income                                                   |   |                                                | – |   |   |   | – |       |   |   | –       |   |   |          | 34,142   |   |           |   | – |   |   |   | 626 |   |   |   | 34,768 |   |
|     Net unrealized change in fair value of interest         rate swap                                                                                                                                             |   |                                                | – |   |   |   | – |       |   |   | –       |   |   |          | –  |   |           |   | (466    | )      |   |   | – |   |   |   | (466 | ) |
|        Total comprehensive income                                                                                                                                                   |   |                                                |    |   |   |   |    |       |   |   |          |   |   |          |     |   |           |   |    |   |   |   |   |   |   |   | 34,302 |   |
|   Common dividends declared – $2.08 per share                                                                                                                                                                                                                 |   |                                                | – |   |   |   | – |       |   |   | –       |   |   |          | (51,767  | )      |           |   | – |   |   |   | – |   |   |   | (51,767 | ) |
|   Preferred dividends declared – $1.0048 per share                                                                                                                                                                                                            |   |                                                | – |   |   |   | – |       |   |   | –       |   |   |          | (1,326   | )      |           |   | – |   |   |   | – |   |   |   | (1,326 | ) |
|   Redemption of 1,320,000 shares of Series D       preferred stock                                                                                                                                                                    |   |                                                | (32,326 | )      |   |   | – |       |   |   | –       |   |   |          | (682     | )      |           |   | – |   |   |   | – |   |   |   | (33,008 | ) |
|   Stock-based compensation, net of forfeitures                                                                                                                                                                                                                      |   |                                                | – |   |   |   | – |       |   |   | 3,176         |   |   |          | –  |   |           |   | – |   |   |   | – |   |   |   | 3,176 |   |
|   Issuance of 1,198,700 shares of common stock,       common stock offering, net of expenses                                                                                                                                     |   |                                                | – |   |   |   | 1       |       |   |   | 57,178        |   |   |          | –  |   |           |   | – |   |   |   | – |   |   |   | 57,179 |   |
|   Issuance of 25,720 shares of common stock,       options exercised                                                                                                                                                                  |   |                                                | – |   |   |   | – |       |   |   | 526           |   |   |          | –  |   |           |   | – |   |   |   | – |   |   |   | 526 |   |
|   Issuance of 6,627 shares of common stock,       dividend reinvestment plan                                                                |   |                                                | – |   |   |   | – |       |   |   | 281           |   |   |          | –  |   |           |   | – |   |   |   | – |   |   |   | 281 |   |
|   Withheld 7,150 shares of common stock to satisfy       tax withholding obligations in connection with       the vesting of restricted stock                                                 |   |                                                | – |   |   |   | – |       |   |   | (282          | )      |   |          | –  |   |           |   | – |   |   |   | – |   |   |   | (282 | ) |
|   Distributions to noncontrolling interest                                                                                                                                                                                                                          |   |                                                | – |   |   |   | – |       |   |   | –       |   |   |          | –  |   |           |   | – |   |   |   | (402 | ) |   |   | (402 | ) |
| BALANCE, DECEMBER 31, 2008                                                                                                                                                                                                                                                    |   |                                                | – |   |   |   | 3       |       |   |   | 528,452       |   |   |          | (117,093 | )      |           |   | (522    | )      |   |   | 2,536 |   |   |   | 413,376 |   |
|   Comprehensive income                                                                                                                                                                                                                                              |   |                                                |    |   |   |   |    |       |   |   |          |   |   |          |     |   |           |   |    |   |   |   |   |   |   |   |   |   |
|     Net income                                                                                                                    |   |                                                | – |   |   |   | – |       |   |   | –       |   |   |          | 26,659   |   |           |   | – |   |   |   | 435 |   |   |   | 27,094 |   |
|     Net unrealized change in fair value of interest         rate swap                                                                                                                                             |   |                                                | – |   |   |   | – |       |   |   | –       |   |   |          | –  |   |           |   | 204     |   |   |   | – |   |   |   | 204 |   |
|        Total comprehensive income                                                                                                                                                   |   |                                                |    |   |   |   |    |       |   |   |          |   |   |          |     |   |           |   |    |   |   |   |   |   |   |   | 27,298 |   |
|   Common dividends declared – $2.08 per share                                                                                                                                                                                                                 |   |                                                | – |   |   |   | – |       |   |   | –       |   |   |          | (53,929  | )      |           |   | – |   |   |   | – |   |   |   | (53,929 | ) |
|   Stock-based compensation, net of forfeitures                                                                                                                                                                                                                      |   |                                                | – |   |   |   | – |       |   |   | 2,060         |   |   |          | –  |   |           |   | – |   |   |   | – |   |   |   | 2,060 |   |
|   Issuance of 1,600,000 shares of common stock,       common stock offering, net of expenses                                                                    |   |                                                | – |   |   |   | – |       |   |   | 57,553        |   |   |          | –  |   |           |   | – |   |   |   | – |   |   |   | 57,553 |   |
|   Issuance of 57,436 shares of common stock,       options exercised                                          |   |                                                | – |   |   |   | – |       |   |   | 1,180         |   |   |          | –  |   |           |   | – |   |   |   | – |   |   |   | 1,180 |   |
|   Issuance of 7,938 shares of common stock,       dividend reinvestment plan                                                                                                        |   |                                                | – |   |   |   | – |       |   |   | 268           |   |   |          | –  |   |           |   | – |   |   |   | – |   |   |   | 268 |   |
|   Withheld 8,514 shares of common stock to satisfy       tax withholding obligations in connection with       the vesting of restricted stock         |   |                                                | – |   |   |   | – |       |   |   | (316          | )      |   |          | –  |   |           |   | – |   |   |   | – |   |   |   | (316 | ) |
|   Distributions to noncontrolling interest                                                                                                                                                                                                                          |   |                                                | – |   |   |   | – |       |   |   | –       |   |   |          | –  |   |           |   | – |   |   |   | (394 | ) |   |   | (394 | ) |
| BALANCE, DECEMBER 31, 2009                                                                                                                                                                                                                                                    |   |                                                | – |   |   |   | 3       |       |   |   | 589,197       |   |   |          | (144,363 | )      |           |   | (318    | )      |   |   | 2,577 |   |   |   | 447,096 |   |
|   Comprehensive income                                                                                                                                                                                                                                              |   |                                                |    |   |   |   |    |       |   |   |          |   |   |          |     |   |           |   |    |   |   |   |   |   |   |   |   |   |
|     Net income                                         |   |                                                | – |   |   |   | – |       |   |   | –       |   |   |          | 18,325   |   |           |   | – |   |   |   | 430 |   |   |   | 18,755 |   |
|     Net unrealized change in fair value of interest         rate swap                                                                                                                                             |   |                                                | – |   |   |   | – |       |   |   | –       |   |   |          | –  |   |           |   | 318     |   |   |   | – |   |   |   | 318 |   |
|        Total comprehensive income                                                                                                                          |   |                                                |    |   |   |   |    |       |   |   |          |   |   |          |     |   |           |   |    |   |   |   |   |   |   |   | 19,073 |   |
|   Common dividends declared – $2.08 per share                                                                                                                                                                                                                 |   |                                                | – |   |   |   | – |       |   |   | –       |   |   |          | (56,215  | )      |           |   | – |   |   |   | – |   |   |   | (56,215 | ) |
|   Stock-based compensation, net of forfeitures                                                                                                                                                                                                                      |   |                                                | – |   |   |   | – |       |   |   | 2,042         |   |   |          | –  |   |           |   | – |   |   |   | – |   |   |   | 2,042 |   |
|   Issuance of 18,000 shares of common stock,       options exercised                                                                                                                                                                  |   |                                                | – |   |   |   | – |       |   |   | 404           |   |   |          | –  |   |           |   | – |   |   |   | – |   |   |   | 404 |   |
|   Issuance of 6,705 shares of common stock,       dividend reinvestment plan                                                                                              |   |                                                | – |   |   |   | – |       |   |   | 257           |   |   |          | –  |   |           |   | – |   |   |   | – |   |   |   | 257 |   |
|   Withheld 19,668 shares of common stock to       satisfy tax withholding obligations in       connection with the vesting of restricted stock                                                |   |                                                | – |   |   |   | – |       |   |   | (794          | )      |   |          | –  |   |           |   | – |   |   |   | – |   |   |   | (794 | ) |
|   Distributions to noncontrolling interest                                                                                                                                                                                                                          |   |                                                | – |   |   |   | – |       |   |   | –       |   |   |          | –  |   |           |   | – |   |   |   | (357 | ) |   |   | (357 | ) |
| BALANCE, DECEMBER 31, 2010                                                                                                                                                                                                                                                    |   | $                                                   | – |   |   |   | 3       |       |   |   | 591,106       |   |   |          | (182,253 | )      |           |   | – |   |   |   | 2,650 |   |   |   | 411,506 |   |
|                                                                                                                                                                                                                                                                          |   |                                                |    |   |   |   |    |       |   |   |          |   |   |          |     |   |           |   |    |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | Years Ended December 31, |     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|----------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2010                     |     |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | (In thousands)           |     |
| OPERATING ACTIVITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                     |     |   |   |   |   |   |   |
|     Net income                                                                                                                                                                            |   | $                        | 18,755   |   |   |   | 27,094 |   |   |   | 34,768 |   |
|     Adjustments to reconcile net income to net cash provided by operating activities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                     |     |   |   |   |   |   |   |   |   |   |
|        Depreciation and amortization from continuing operations                                                                                                                      |   |                     | 58,350   |   |   |   | 53,953 |   |   |   | 51,144 |   |
|        Depreciation and amortization from discontinued operations                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                     | –  |   |   |   | 51 |   |   |   | 148 |   |
|        Amortization of mortgage loan premiums                                                                                                                              |   |                     | (124     | ) |   |   | (122 | ) |   |   | (120 | ) |
|        Gain on sales of land and real estate investments                                                                                                                   |   |                     | (37      | ) |   |   | (60 | ) |   |   | (2,353 | ) |
|        Gain on sales of securities                                                                                                                                         |   |                     | –  |   |   |   | – |   |   |   | (435 | ) |
|        Amortization of discount on mortgage loan receivable                                                                                                                |   |                     | (13      | ) |   |   | (12 | ) |   |   | (117 | ) |
|        Stock-based compensation expense                                                                                                                                    |   |                     | 1,998    |   |   |   | 1,827 |   |   |   | 2,265 |   |
|        Equity in earnings of unconsolidated investment, net of distributions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                     | (15      | ) |   |   | (60 | ) |   |   | (36 | ) |
|        Changes in operating assets and liabilities:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     |     |   |   |   |   |   |   |   |   |   |
|          Accrued income and other assets                                                                                                                         |   |                     | 212      |   |   |   | 1,258 |   |   |   | (814 | ) |
|          Accounts payable, accrued expenses and prepaid rent                                                                                                     |   |                     | (2,268   | ) |   |   | (3,345 | ) |   |   | 3,673 |   |
| NET CASH PROVIDED BY OPERATING ACTIVITIES                                                                                                                                                                     |   |                     | 76,858   |   |   |   | 80,584 |   |   |   | 88,123 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                     |     |   |   |   |   |   |   |   |   |   |
| INVESTING ACTIVITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                     |     |   |   |   |   |   |   |   |   |   |
|     Real estate development                                                                                                                                                               |   |                     | (9,145   | ) |   |   | (35,057 | ) |   |   | (85,441 | ) |
|     Purchases of real estate                                                                                                                                                              |   |                     | (23,906  | ) |   |   | (17,725 | ) |   |   | (46,282 | ) |
|     Real estate improvements                                                                                                                                                              |   |                     | (23,720  | ) |   |   | (14,474 | ) |   |   | (15,210 | ) |
|     Proceeds from sales of land and real estate investments                                                                                                                               |   |                     | –  |   |   |   | 908 |   |   |   | 11,728 |   |
|     Advances on mortgage loans receivable                                                                                                                                                 |   |                     | –  |   |   |   | – |   |   |   | (4,994 | ) |
|     Repayments on mortgage loans receivable                                                                                                                                               |   |                     | 37       |   |   |   | 31 |   |   |   | 871 |   |
|     Purchases of securities                                                                                                                                                               |   |                     | –  |   |   |   | – |   |   |   | (7,534 | ) |
|     Proceeds from sales of securities                                                                                                                                                     |   |                     | –  |   |   |   | – |   |   |   | 7,969 |   |
|     Changes in accrued development costs                                                                                                                                                  |   |                     | 8        |   |   |   | (6,462 | ) |   |   | (5,894 | ) |
|     Changes in other assets and other liabilities                                                                                                                                         |   |                     | (6,775   | ) |   |   | (7,545 | ) |   |   | (7,395 | ) |
| NET CASH USED IN INVESTING ACTIVITIES                                                                                                                                                                         |   |                     | (63,501  | ) |   |   | (80,324 | ) |   |   | (152,182 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                     |     |   |   |   |   |   |   |   |   |   |
| FINANCING ACTIVITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                     |     |   |   |   |   |   |   |   |   |   |
|     Proceeds from bank borrowings                                                                                                                                                         |   |                     | 211,041  |   |   |   | 225,314 |   |   |   | 331,644 |   |
|     Repayments on bank borrowings                                                                                                                                                         |   |                     | (208,903 | ) |   |   | (246,044 | ) |   |   | (357,202 | ) |
|     Proceeds from mortgage notes payable                                                                                                                                                  |   |                     | 74,000   |   |   |   | 76,365 |   |   |   | 137,000 |   |
|     Principal payments on mortgage notes payable                                                                                                                                          |   |                     | (32,401  | ) |   |   | (59,100 | ) |   |   | (16,434 | ) |
|     Debt issuance costs                                                                                                                                                                   |   |                     | (709     | ) |   |   | (492 | ) |   |   | (2,372 | ) |
|     Distributions paid to stockholders                                                                                                                                                    |   |                     | (56,294  | ) |   |   | (54,316 | ) |   |   | (54,174 | ) |
|     Redemption of Series D preferred shares                                                                                                                                               |   |                     | –  |   |   |   | – |   |   |   | (33,008 | ) |
|     Proceeds from common stock offerings                                                                                                                                                  |   |                     | 303      |   |   |   | 57,181 |   |   |   | 57,179 |   |
|     Proceeds from exercise of stock options                                                                                                                                               |   |                     | 404      |   |   |   | 1,180 |   |   |   | 526 |   |
|     Proceeds from dividend reinvestment plan                                                                                                                                              |   |                     | 262      |   |   |   | 268 |   |   |   | 281 |   |
|     Other                                                                                                                                                                                 |   |                     | (1,985   | ) |   |   | 153 |   |   |   | 188 |   |
| NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                     | (14,282  | ) |   |   | 509 |   |   |   | 63,628 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                     |     |   |   |   |   |   |   |   |   |   |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                     | (925     | ) |   |   | 769 |   |   |   | (431 | ) |
|     CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     | 1,062    |   |   |   | 293 |   |   |   | 724 |   |
|     CASH AND CASH EQUIVALENTS AT END OF YEAR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | $                        | 137      |   |   |   | 1,062 |   |   |   | 293 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                     |     |   |   |   |   |   |   |   |   |   |
| SUPPLEMENTAL CASH FLOW INFORMATION                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                     |     |   |   |   |   |   |   |   |   |   |
|     Cash paid for interest, net of amount capitalized of $3,613, $5,856 and $6,946                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                     |     |   |   |   |   |   |   |   |   |   |
|       for 2010, 2009 and 2008, respectively                                                                                                                                     |   | $                        | 34,380   |   |   |   | 31,297 |   |   |   | 29,573 |   |
|     Fair value of common stock awards issued to employees and directors, net of forfeitures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                     | 5,174    |   |   |   | 2,444 |   |   |   | 1,255 |   |

----

|                                                                                                                                                                                                                                                                                                                                                                                            |   | Years Ended December 31, |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                            |   | 2010                     |    |   | 2009 |   |   | 2008 |   |
| Common Share Distributions:                                                                                                                                                                                                                                                                                                                                                                     |   |                     |    |   |   |   |   |   |   |
|     Ordinary income                                                            |   | $                        | 1.4775  |   |   |   | 1.7534 |   |   |   | 2.0758 |   |
|     Return of capital                                                          |   |                     | .6025   |   |   |   | .3266 |   |   |   | – |   |
|     Unrecaptured Section 1250 long-term capital gain                                                                                                                                                                                                                                                                                                                        |   |                     | – |   |   |   | – |   |   |   | .0042 |   |
| Total Common Distributions                                                                         |   | $                        | 2.0800  |   |   |   | 2.0800 |   |   |   | 2.0800 |   |
|                                                                                                                                                                                                                                                                                                                                                                                            |   |                     |    |   |   |   |   |   |   |   |   |   |
| Series D Preferred Share Distributions:                                                                                                                                                                                                                                                                                                                                                         |   |                     |    |   |   |   |   |   |   |   |   |   |
|     Ordinary income                                                            |   | $                        | – |   |   |   | – |   |   |   | 1.0024 |   |
|     Unrecaptured Section 1250 long-term capital gain                                                                                                                                                                                                                                                                                                                        |   |                     | – |   |   |   | – |   |   |   | .0024 |   |
| Total Preferred D Distributions                                                                    |   | $                        | – |   |   |   | – |   |   |   | 1.0048 |   |

----

----

| Years Ending December 31,                                                                                                                                                                                                                                                                                        |   | (In thousands) |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|
|                                                                                                                                                                                                                                                                                                             |   |           |   |
| 2011                                                   |   | $              | 1,735  |   |
| 2012                                                   |   |           | 832    |   |
| 2013                                                   |   |           | 266    |   |
| 2014                                                   |   |           | 134    |   |
| 2015                                                   |   |           | 56     |   |

----

----

|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | December 31,   |      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|-----------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2010           |      |   | 2009 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | (In thousands) |      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |           |      |   |   |   |
| Real estate properties:                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |           |      |   |   |   |
|    Land                                                                                                  |   | $              | 221,523   |   |   |   | 208,630 |   |
|    Buildings and building improvements                                                                   |   |           | 985,798   |   |   |   | 944,085 |   |
|    Tenant and other improvements                                                                         |   |           | 240,134   |   |   |   | 217,873 |   |
| Development                                                                                                             |   |           | 73,722    |   |   |   | 97,594 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |           | 1,521,177 |   |   |   | 1,468,182 |   |
|    Less accumulated depreciation                                                                         |   |           | (403,187  | ) |   |   | (354,745 | ) |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | $              | 1,117,990 |   |   |   | 1,113,437 |   |

|                                           |   |          |      |   | Costs Incurred               |   |    |                       |   |
|------------------------------------------------|--------|---------------|-----------|--------|------------------------------|--------|---------|----------------------------|--------|
|                                           |   |  Size    |      |   | Costs Transferred in 2010(1) |   |    | For theYear Ended 12/31/10 |   |   | Cumulative as of 12/31/10 |   |   | EstimatedTotal Costs(2) |   |
| DEVELOPMENT                                    |   | (Unaudited)   |      |   |                         |   |    |                       |   |   |   |   |   | (Unaudited) |   |
|                                           |   | (Square feet) |      |   | (In thousands)               |   |
|                                           |   |          |      |   |                         |   |    |                       |   |   |   |   |   |   |   |
| UNDER CONSTRUCTION                             |   |          |      |   |                         |   |    |                       |   |   |   |   |   |   |   |
|   Arion 8 Expansion, San Antonio, TX |   |          | 20,000    |   |                         | $      | – |                       |   |   | 1,356 |   |   |   | 1,407 |   |   |   | 1,900 |   |
|   World Houston 31, Houston, TX      |   |          | 44,000    |   |                         |   | 973     |                       |   |   | 82 |   |   |   | 1,055 |   |   |   | 4,600 |   |
| Total Under Construction                       |   |          | 64,000    |   |                         |   | 973     |                       |   |   | 1,438 |   |   |   | 2,462 |   |   |   | 6,500 |   |
| PROSPECTIVE DEVELOPMENT (PRIMARILY LAND)       |   |          |      |   |                         |   |    |                       |   |   |   |   |   |   |   |   |   |   |   |   |
|   Tucson, AZ                         |   |          | 70,000    |   |                         |   | – |                       |   |   | – |   |   |   | 417 |   |   |   | 4,900 |   |
|   Tampa, FL                          |   |          | 249,000   |   |                         |   | – |                       |   |   | 281 |   |   |   | 4,200 |   |   |   | 14,600 |   |
|   Orlando, FL                        |   |          | 1,584,000 |   |                         |   | – |                       |   |   | 2,006 |   |   |   | 23,032 |   |   |   | 101,700 |   |
|   Fort Myers, FL                     |   |          | 659,000   |   |                         |   | – |                       |   |   | 631 |   |   |   | 16,554 |   |   |   | 48,100 |   |
|   Dallas, TX                         |   |          | 70,000    |   |                         |   | – |                       |   |   | 61 |   |   |   | 702 |   |   |   | 4,100 |   |
|   El Paso, TX                        |   |          | 251,000   |   |                         |   | – |                       |   |   | – |   |   |   | 2,444 |   |   |   | 9,600 |   |
|   Houston, TX                        |   |          | 1,020,000 |   |                         |   | (973    | )                          |   |   | 1,099 |   |   |   | 15,398 |   |   |   | 63,500 |   |
|   San Antonio, TX                    |   |          | 595,000   |   |                         |   | – |                       |   |   | 485 |   |   |   | 6,632 |   |   |   | 37,500 |   |
|   Charlotte, NC                      |   |          | 95,000    |   |                         |   | – |                       |   |   | 80 |   |   |   | 1,175 |   |   |   | 7,100 |   |
|   Jackson, MS                        |   |          | 28,000    |   |                         |   | – |                       |   |   | – |   |   |   | 706 |   |   |   | 2,000 |   |
| Total Prospective Development                  |   |          | 4,621,000 |   |                         |   | (973    | )                          |   |   | 4,643 |   |   |   | 71,260 |   |   |   | 293,100 |   |
|                                           |   |          | 4,685,000 |   |                         | $      | – |                       |   |   | 6,081 |   |   |   | 73,722 |   |   |   | 299,600 |   |
|                                           |   |          |      |   |                         |   |    |                       |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                                                                                                    |   |          |         |   | Costs Incurred                                                                                                                                                                                                                                            |   |    |                       |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|---------------|--------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------|----------------------------|--------|
|                                                                                                                                    |   |  Size    |         |   | Costs Transferred in 2010(1)                                                                                                                                                                                                                              |   |    | For theYear Ended 12/31/10 |   |   | Cumulative as of 12/31/10 |   |   |   |   |
|                                                                                                           |   | (Unaudited)   |         |   |                                                                                                                                                                                                                                                      |   |    |                       |   |   |   |   |   |   |   |
|                                                                                                                                    |   | (Square feet) |         |   |                                         (In thousands) |   |
|                                                                                                                                    |   |          |         |   |                                                                                                                                                                                                                                                      |   |    |                       |   |   |   |   |   |   |   |
| DEVELOPMENTS COMPLETED AND TRANSFERREDTO REAL ESTATE PROPERTIES DURING 2010                                                             |   |          |         |   |                                                                                                                                                                                                                                                      |   |    |                       |   |   |   |   |   |   |   |
|   Beltway Crossing VII, Houston, TX                |   |          | 95,000       |   |                                                                                                                                                                                                                                                      | $      | – |                       |   |   | 6 |   |   |   | 5,651 |   |   |   |   |   |
|   Country Club III & IV, Tucson, AZ                                                                                       |   |          | 138,000      |   |                                                                                                                                                                                                                                                      |   | – |                       |   |   | 57 |   |   |   | 10,784 |   |   |   |   |   |
|   Oak Creek IX, Tampa, FL                                                                                                          |   |          | 85,000       |   |                                                                                                                                                                                                                                                      |   | – |                       |   |   | 29 |   |   |   | 5,180 |   |   |   |   |   |
|   Blue Heron III, West Palm Beach, FL                                                                                              |   |          |  20,000 |   |                                                                                                                                                                                                                                                      |   | – |                       |   |   | 62 |   |   |   | 2,612 |   |   |   |   |   |
|   World Houston 30, Houston, TX                                                                                               |   |          | 88,000       |   |                                                                                                                                                                                                                                                      |   | – |                       |   |   | 347 |   |   |   | 6,227 |   |   |   |   |   |
| Total Transferred to Real Estate Properties                                                                                             |   |          | 426,000      |   |                                                                                                                                                                                                                                                      | $      | – |                       |   |   | 501 |   |   |   | 30,454 |  (3) |   |   |   |   |

|  Real Estate Properties                                                                                                       |   |  Location  |   |  Size             |   | DateSold |   | NetSales Price |    |   | Basis  |   |    | Discount on Note Receivable |   |   | DeferredGain |   |   | RecognizedGain |    |
|------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|--------|------------------------|--------|----------|--------|----------------|---------|--------|--------|--------|---------|-----------------------------|--------|--------|--------------|--------|--------|----------------|---------|
|                                                                                                                               |   |            |   |                   |   |     |   | (In thousands) |    |
| 2010                                                                                                                               |   |            |   |                   |   |     |   |           |    |   |   |   |    |                        |   |   |         |   |   |           |    |
| Deferred gain recognized from    previous sales                                                                |   |            |   |                   |   |     |   | $              | – |   |   |   | – |                        |   |   | –      |   |   |           | – |   |   |   | 37 |   |
| 2009                                                                                                                               |   |            |   |                   |   |     |   |           |    |   |   |   |    |                        |   |   |         |   |   |           |    |   |   |   |   |   |
| Butterfield Trail (Building G)                                                                                                     |   | El Paso, TX     |   | 62,000 SF              |   | 11/20/09 |   | $              | 908     |   |   |   | 879     |                        |   |   | –      |   |   |           | – |   |   |   | 29 |   |
| Deferred gain recognized from    previous sales                                                                |   |            |   |                   |   |     |   |           | – |   |   |   | – |                        |   |   | –      |   |   |           | – |   |   |   | 31 |   |
|                                                                                                                               |   |            |   |                   |   |     |   | $              | 908     |   |   |   | 879     |                        |   |   | –      |   |   |           | – |   |   |   | 60 |   |
| 2008                                                                                                                               |   |            |   |                   |   |     |   |           |    |   |   |   |    |                        |   |   |         |   |   |           |    |   |   |   |   |   |
| North Stemmons I                    |   | Dallas, TX      |   | 123,000 SF             |   | 05/12/08 |   | $              | 4,633   |   |   |   | 2,684   |                        |   |   | –      |   |   |           | – |   |   |   | 1,949 |   |
| United Stationers Tampa Building                                                                                                   |   | Tampa, FL       |   |   128,000 SF |   | 08/08/08 |   |           | 5,717   |   |   |   | 5,225   |                        |   |   | 198          |   |   |           | – |   |   |   | 294 |   |
| Delp Distribution Center III                                                                                                       |   | Memphis, TN     |   |   20,000 SF  |   | 08/20/08 |   |           | 589     |   |   |   | 506     |                        |   |   | –      |   |   |           | – |   |   |   | 83 |   |
| Alamo Ridge residential land                                                                                                       |   | San Antonio, TX |   | 41.0 Acres             |   | 09/08/08 |   |           | 762     |   |   |   | 762     |                        |   |   | –      |   |   |           | – |   |   |   | – |   |
| Deferred gain recognized from    previous sales                             |   |            |   |                   |   |     |   |           | – |   |   |   | – |                        |   |   | –      |   |   |           | – |   |   |   | 27 |   |
|                                                                                                                               |   |            |   |                   |   |     |   | $              | 11,701  |   |   |   | 9,177   |                        |   |   | 198          |   |   |           | – |   |   |   | 2,353 |   |

----

| Years Ending December 31,                                                                                                                                                                                                                                                                                                                            |   | (In thousands) |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|---------|
|                                                                                                                                                                                                                                                                                                                                                 |   |           |    |
| 2011                                                                                       |   | $              | 125,773 |   |
| 2012                                                                                       |   |           | 103,191 |   |
| 2013                                                                                       |   |           | 75,423  |   |
| 2014                                                                                       |   |           | 54,315  |   |
| 2015                                                                                       |   |           | 36,697  |   |
| Thereafter                                                                                 |   |           | 53,311  |   |
|    Total minimum receipts                                                   |   | $              | 448,710 |   |

| Years Ending December 31,                                                                                                                                                                                                                                                                                                                            |   | (In thousands) |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|
|                                                                                                                                                                                                                                                                                                                                                 |   |           |   |
| 2011                                                                                       |   | $              | 700    |   |
| 2012                                                                                       |   |           | 700    |   |
| 2013                                                                                       |   |           | 700    |   |
| 2014                                                                                       |   |           | 700    |   |
| 2015                                                                                       |   |           | 700    |   |
| Thereafter                                                                                 |   |           | 13,904 |   |
|    Total minimum payments                                                   |   | $              | 17,404 |   |

----

|                                                                                                                                        |   | December 31,   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|
|                                                                                                                                        |   | 2010           |   |   | 2009 |   |
|                                                                                                                                        |   | (In thousands) |   |
|                                                                                                                                        |   |           |   |   |   |   |
| Leasing costs (principally commissions), net of accumulated amortization                                                                    |   | $              | 22,274 |   |   |   | 21,483 |   |
| Straight-line rent receivable, net of allowance for doubtful accounts                                                                       |   |           | 18,694 |   |   |   | 16,520 |   |
| Accounts receivable, net of allowance for doubtful accounts                                                                                 |   |           | 2,460  |   |   |   | 2,947 |   |
| Acquired in-place lease intangibles, net of accumulated amortization    of $6,443 and $5,568 for 2010 and 2009, respectively |   |           | 3,046  |   |   |   | 3,134  |   |
| Mortgage loans receivable, net of discount of $56 and $69 for 2010 and    2009, respectively                            |   |           | 4,131  |   |   |   | 4,155 |   |
| Loan costs, net of accumulated amortization                                                                                                 |   |           | 3,358  |   |   |   | 3,705 |   |
| Goodwill                                                                                                                                    |   |           | 990    |   |   |   | 990 |   |
| Prepaid expenses and other assets                                                                                                      |   |           | 7,456  |   |   |   | 8,360 |   |
|                                                                                                                                        |   | $              | 62,409 |   |   |   | 61,294 |   |

|  Type of Hedge |   | Current Notional Amount |    |  Maturity Date |                |  Reference Rate |          | Fixed Interest Rate |   |   | Effective Interest Rate |   |   | Fair Valueat 12/31/10 |   |   | Fair Valueat 12/31/09 |    |
|---------------------|--------|-------------------------|---------|---------------------|---------------------|----------------------|---------------|---------------------|--------|--------|------------------------------|--------|--------|-----------------------|--------|--------|-----------------------|---------|
|                |   | (In thousands)          |    |                |                |                 |          |                |   |   |                         |   |   | (In thousands)        |   |
| Swap                |   | $                       | – |                | Settled on 10/01/10 |                 | 1 month LIBOR |                |   | 4.03   | %                            |   |   | 6.03                  | %      |   | $                     | – |   |   | $ | (318 | ) |

----

| Property | Interest Rate | MonthlyP&IPayment | MaturityDate | Carrying Amountof SecuringReal Estate atDecember 31, 2010 | Balance at December 31, |
|----------|---------------|-----------------------|--------------|-----------------------------------------------------------|-------------------------|
| 2010     | 2009          |
|     |          |                  |         | (In thousands)                                            |

| Tower Automotive Center (recourse) (1)                                                                                                                                                                                                               |   |   | 6.030  | %      |   | Semiannual |    | Repaid |     | $      | – |    |   |   | – |    |   |   | 9,175  |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------|--------|------------|---------|--------|----------|--------|---------|---------|--------|--------|---------|---------|--------|--------|--------|---------|
| Butterfield Trail, Glenmont I & II, Interstate I, II & III,   Rojas, Stemmons Circle, Venture and   West Loop I & II (2)                                                                              |   |   | 7.250  | %      |   | $          | 325,263 |   | 05/01/11 |   |    | 37,653  |   |   |    | 36,171  |   |   |   | 37,403  |   |
| America Plaza, Central Green and World Houston 3-9                                                                                                                                                                                                   |   |   | 7.920  | %      |   |       | 191,519 |   | 05/10/11 |   |    | 23,613  |   |   |    | 22,993  |   |   |   | 23,451  |   |
| University Business Center (120 & 130 Cremona)                                                                                                                                                                                                   |   |   | 6.430  | %      |   |       | 81,856  |   | 05/15/12 |   |    | 8,820   |   |   |    | 3,006   |   |   |   | 3,768   |   |
| University Business Center (125 & 175 Cremona)                                                                                                                                                                                                   |   |   | 7.980  | %      |   |       | 88,607  |   | 06/01/12 |   |    | 12,106  |   |   |    | 9,119   |   |   |   | 9,441   |   |
| Oak Creek Distribution Center IV                                                                                                                                                                                                                     |   |   | 5.680  | %      |   |       | 31,253  |   | 06/01/12 |   |    | 5,954   |   |   |    | 3,676   |   |   |   | 3,838   |   |
| 51st Avenue, Airport Distribution, Broadway I, III & IV,   Chestnut, Interchange Business Park, Main Street,   North Stemmons I land, Southpark, Southpointe,   and World Houston 12 & 13  |   |   | 6.860  | %      |   |       | 279,149 |   | 09/01/12 |   |    | 37,326  |   |   |    | 33,304  |   |   |   | 34,330  |   |
| Interstate Distribution Center - Jacksonville                                                                                                                                                                                                        |   |   | 5.640  | %      |   |       | 31,645  |   | 01/01/13 |   |    | 6,248   |   |   |    | 4,367   |   |   |   | 4,493   |   |
| 35th Avenue, Beltway I, Broadway V, Lockwood,   Northwest Point, Sunbelt, Techway Southwest I   and World Houston 10, 11 & 14                                                                                 |   |   | 4.750  | %      |   |       | 259,403 |   | 09/05/13 |   |    | 39,913  |   |   |    | 37,283  |   |   |   | 38,591  |   |
| Airport Commerce Center I & II, Interchange Park,   Ridge Creek Distribution Center, Southridge XII,   Waterford Distribution Center and World Houston    24, 25 & 27 (3)                       |   |   | 5.750  | %      |   |       | 414,229 |   | 01/05/14 |   |    | 68,526  |   |   |    | 55,810  |   |   |   | 57,518  |   |
| Kyrene Distribution Center I                                                                                                                                                                                                                    |   |   | 9.000  | %      |   |       | 11,246  |   | 07/01/14 |   |    | 2,110   |   |   |    | 412     |   |   |   | 505     |   |
| Americas Ten I, Kirby, Palm River North I, II & III,   Shady Trail, Westlake I & II and World Houston 17                                                                                                                      |   |   | 5.680  | %      |   |       | 175,479 |   | 10/10/14 |   |    | 26,448  |   |   |    | 28,496  |   |   |   | 28,969  |   |
| Beltway II, III & IV, Commerce Park 1, Eastlake,   Fairgrounds I-IV, Nations Ford I-IV, Techway   Southwest III, Wetmore I-IV and   World Houston 15 & 22                                  |   |   | 5.500  | %      |   |       | 536,552 |   | 04/05/15 |   |    | 71,911  |   |   |    | 69,844  |   |   |   | 74,259  |   |
| Country Club I, Lake Pointe, Techway Southwest II and   World Houston 19 & 20                                                                                                                                                |   |   | 4.980  | %      |   |       | 256,952 |   | 12/05/15 |   |    | 21,058  |   |   |    | 32,536  |   |   |   | 33,960  |   |
| Huntwood and Wiegman Distribution Centers                                                                                                                                                                                                            |   |   | 5.680  | %      |   |       | 265,275 |   | 09/05/16 |   |    | 22,678  |   |   |    | 33,087  |   |   |   | 34,351  |   |
| Alamo Downs, Arion 1-15 & 17, Rampart I, II & III,   Santan 10 and World Houston 16                                                                                                                                           |   |   | 5.970  | %      |   |       | 557,467 |   | 11/05/16 |   |    | 58,628  |   |   |    | 68,626  |   |   |   | 71,136  |   |
| Arion 16, Broadway VI, Chino, East University I & II,   Northpark I-IV, Santan 10 II, South 55th Avenue and   World Houston 1 & 2, 21 & 23                                                                 |   |   | 5.570  | %      |   |       | 518,885 |   | 09/05/17 |   |    | 58,129  |   |   |    | 65,718  |   |   |   | 70,100  |   |
| Dominguez, Industry I & III, Kingsview, Shaw, Walnut   and Washington (4)                                                                                                                                                    |   |   | 7.500  | %      |   |       | 539,747 |   | 05/05/19 |   |    | 50,672  |   |   |    | 64,567  |   |   |   | 66,137  |   |
| Blue Heron Distribution Center II                                                                                                                                                                                                               |   |   | 5.390  | %      |   |       | 16,176  |   | 02/29/20 |   |    | 4,838   |   |   |    | 1,409   |   |   |   | 1,524   |   |
| 40th Avenue, Beltway V, Centennial Park, Executive   Airport, Ocean View, Techway Southwest IV,   Wetmore V-VIII and World Houston 26, 28, 29 & 30                                                                 |   |   | 4.390  | %      |   |       | 463,778 |   | 01/05/21 |   |    | 80,753  |   |   |    | 74,000  |   |   |   | – |   |
|                                                                                                                                                                                                                                                 |   |   |   |   |   |       |    |   |     |   | $       | 637,384 |   |   |    | 644,424 |   |   |   | 602,949 |   |

| (1)   | The Tower Automotive mortgage loan had a variable interest rate based on the one-month LIBOR.  EastGroup had an interest rate swap agreement that fixed the rate at 4.03%.  Interest and related fees resulted in an effective interest rate of 6.03%.  Semiannual principal payments were made on this note; interest was paid monthly. The principal amounts of these payments increased incrementally as the loan approached maturity. (See Note 6) |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | This mortgage loan was repaid in full on January 31, 2011. |
|-----------------|------------------------------------------------------------|

| (3)   | This mortgage loan has a recourse liability of $5 million which will be released based on the secured properties generating certain base rent amounts.   |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4)   | This mortgage loan has a recourse liability of $5 million which will be released based on the secured properties generating certain base rent amounts. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Years Ending December 31,                                                                                                                                                                                                                                                                                        |   | (In thousands) |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|
|                                                                                                                                                                                                                                                                                                             |   |           |   |
| 2011                                                   |   | $              | 80,258 |   |
| 2012                                                   |   |           | 66,640 |   |
| 2013                                                   |   |           | 58,020 |   |
| 2014                                                   |   |           | 94,745 |   |
| 2015                                                   |   |           | 97,923 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                        |   | December 31,   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                        |   | 2010           |   |   | 2009 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                        |   | (In thousands) |   |
|                                                                                                                                                                                                                                                                                                                                                                                                        |   |           |   |   |   |   |
| Property taxes payable                                                                          |   | $              | 9,776  |   |   |   | 12,098 |   |
| Interest payable                                                                                |   |           | 2,625  |   |   |   | 2,766 |   |
| Development costs payable                                                                       |   |           | 673    |   |   |   | 665 |   |
| Dividends payable on nonvested restricted stock                                                                                                                                                                                                                                                                                                                                                             |   |           | 791    |   |   |   | 870 |   |
| Other payables and accrued expenses                                                             |   |           | 7,104  |   |   |   | 7,203 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                        |   | $              | 20,969 |   |   |   | 23,602 |   |

|                                                                                                                                                                                                                                                                                                                                                                                      |   | December 31,   |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                      |   | 2010           |   |   | 2009 |   |
|                                                                                                                                                                                                                                                                                                                                                                                      |   | (In thousands) |   |
|                                                                                                                                                                                                                                                                                                                                                                                      |   |           |   |   |   |   |
| Security deposits                                                             |   | $              | 8,299  |   |   |   | 7,453 |   |
| Prepaid rent and other deferred income                                                                                                                                                                                                                                                                                                                                                    |   |           | 6,440  |   |   |   | 7,428 |   |
| Other liabilities                                                             |   |           | 344    |   |   |   | 834 |   |
|                                                                                                                                                                                                                                                                                                                                                                                      |   | $              | 15,083 |   |   |   | 15,715 |   |

|                                                                                                                                                                                                                                                                                                                                                                                                         |   | Years Ended December 31, |       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------|------------|
|                                                                                                                                                                                                                                                                                                                                                                                                         |   | 2010                     |       |   | 2009 |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                         |   | Common Shares            |       |
| Shares outstanding at beginning of year                                                                                                                                                                                                                                                                                                                                                                      |   |                     | 26,826,100 |   |   |   | 25,070,401 |   |   |   | 23,808,768 |   |
| Common stock offerings                                                                           |   |                     | –    |   |   |   | 1,600,000 |   |   |   | 1,198,700 |   |
| Stock options exercised                                                                          |   |                     | 18,000     |   |   |   | 57,436 |   |   |   | 25,720 |   |
| Dividend reinvestment plan                                                                       |   |                     | 6,705      |   |   |   | 7,938 |   |   |   | 6,627 |   |
| Incentive restricted stock granted                                                               |   |                     | 135,704    |   |   |   | 92,555 |   |   |   | 35,222 |   |
| Incentive restricted stock forfeited                                                             |   |                     | –    |   |   |   | (790 | ) |   |   | (2,520 | ) |
| Director common stock awarded                                                                    |   |                     | 6,690      |   |   |   | 7,074 |   |   |   | 5,034 |   |
| Restricted stock withheld for tax obligations                                                                                                                                                                                                                                                                                                                                                                |   |                     | (19,668    | ) |   |   | (8,514 | ) |   |   | (7,150 | ) |
| Shares outstanding at end of year                                                                |   |                     | 26,973,531 |   |   |   | 26,826,100 |   |   |   | 25,070,401 |   |

----

----

|                           |   | Years Ended December 31, |    |
|--------------------------------|--------|--------------------------|---------|
| Restricted Stock Activity:     |   | 2010                     |    |   | 2009 |   |   | 2008 |   |
|                           |   |  Shares             |    |   | Weighted Average Grant Date Fair Value |   |   |  Shares |   |   | Weighted Average Grant Date Fair Value |   |   |  Shares |   |   | Weighted Average Grant Date Fair Value |   |
| Nonvested at beginning of year |   |                     | 124,080 |   |   | $ | 36.93 |   |   |   | 87,685 |   |   | $ | 36.95 |   |   |   | 144,089 |   |   | $ | 31.65 |   |
| Granted (1)               |   |                     | 135,704 |   |   |   | 36.86 |   |   |   | 92,555 |   |   |   | 33.66 |   |   |   | 35,222 |   |   |   | 48.83 |   |
| Forfeited                 |   |                     | – |   |   |   | – |   |   |   | (790 | ) |   |   | 23.67 |   |   |   | (2,520 | ) |   |   | 26.51 |   |
| Vested                    |   |                     | (89,209 | ) |   |   | 38.05 |   |   |   | (55,370 | ) |   |   | 31.68 |   |   |   | (89,106 | ) |   |   | 33.37 |   |
| Nonvested at end of year  |   |                     | 170,575 |   |   |   | 36.29 |   |   |   | 124,080 |   |   |   | 36.93 |   |   |   | 87,685 |   |   |   | 36.95 |   |

----

| Nonvested Shares Vesting Schedule                                                                                                                                                                                                                                                                                                  |   | Number of Shares |    |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------|---------|
| 2011                                                                     |   |             | 4,955   |   |
| 2012                                                                     |   |             | 40,862  |   |
| 2013                                                                     |   |             | 48,191  |   |
| 2014                                                                     |   |             | 8,671   |   |
| 2015                                                                     |   |             | 3,948   |   |
| 2016                                                                     |   |             | 8,148   |   |
| 2017                                                                     |   |             | 7,800   |   |
| 2018                                                                     |   |             | 12,000  |   |
| 2019                                                                     |   |             | 16,200  |   |
| 2020                                                                     |   |             | 19,800  |   |
| Total Nonvested Shares                                                   |   |             | 170,575 |   |

|                             |   | Years Ended December 31, |   |
|----------------------------------|--------|--------------------------|--------|
| Stock Option Activity:           |   | 2010                     |   |   | 2009 |   |   | 2008 |   |
|                             |   |  Shares             |   |   | Weighted Average Exercise Price |   |   |  Shares |   |   | Weighted Average Exercise Price |   |   |  Shares |   |   | Weighted Average Exercise Price |   |
| Outstanding at beginning of year |   |                     | 4,750  |   |   | $ | 21.80 |   |   |   | 55,436 |   |   | $ | 20.51 |   |   |   | 76,656 |   |   | $ | 20.49 |   |
| Exercised                   |   |                     | (4,500 | ) |   |   | 21.61 |   |   |   | (50,686 | ) |   |   | 20.39 |   |   |   | (21,220 | ) |   |   | 20.43 |   |
| Outstanding at end of year       |   |                     | 250    |   |   |   | 25.30 |   |   |   | 4,750 |   |   |   | 21.80 |   |   |   | 55,436 |   |   |   | 20.51 |   |
|                             |   |                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exercisable at end of year  |   |                     | 250    |   |   | $ | 25.30 |   |   |   | 4,750 |   |   | $ | 21.80 |   |   |   | 55,436 |   |   | $ | 20.51 |   |

|  Employee outstanding stock options at December 31, 2010, all exercisable: |   |
|---------------------------------------------------------------------------------|--------|
| Exercise Price                                                                  |   |   | Number |   | Weighted Average RemainingContractual Life |   | Weighted Average Exercise Price |   |   | IntrinsicValue |   |
| $                                                                               | 25.30  |   |   |   | 250 |   | 1.3 years |   | $ | 25.30 |   |   | $ | 4,000 |   |

----

|                             |   | Years Ended December 31, |    |
|----------------------------------|--------|--------------------------|---------|
| Stock Option Activity:           |   | 2010                     |    |   | 2009 |   |   | 2008 |   |
|                             |   |  Shares             |    |   | Weighted Average Exercise Price |   |   |  Shares |   |   | Weighted Average Exercise Price |   |   |  Shares |   |   | Weighted Average Exercise Price |   |
| Outstanding at beginning of year |   |                     | 31,500  |   |   | $ | 23.65 |   |   |   | 38,250 |   |   | $ | 23.29 |   |   |   | 42,750 |   |   | $ | 23.01 |   |
| Exercised                   |   |                     | (13,500 | ) |   |   | 22.74 |   |   |   | (6,750 | ) |   |   | 21.64 |   |   |   | (4,500 | ) |   |   | 20.63 |   |
| Outstanding at end of year       |   |                     | 18,000  |   |   |   | 24.33 |   |   |   | 31,500 |   |   |   | 23.65 |   |   |   | 38,250 |   |   |   | 23.29 |   |
|                             |   |                     |    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Exercisable at end of year  |   |                     | 18,000  |   |   | $ | 24.33 |   |   |   | 31,500 |   |   | $ | 23.65 |   |   |   | 38,250 |   |   | $ | 23.29 |   |

| Director outstanding stock options at December 31, 2010, all exercisable: |          |
|---------------------------------------------------------------------------|---------------|
| Exercise Price Range                                                      |          |   | Number |   | Weighted Average RemainingContractual Life |   | Weighted Average Exercise Price |   |   | IntrinsicValue |   |
| $                                                                         | 21.40 - 26.60 |   |   |   | 18,000 |   | 1.5 years |   | $ | 24.33 |   |   | $ | 324,000 |   |

|                                                                     |   | 2010           |    |   | 2009   |   |   | 2008   |   |
|--------------------------------------------------------------------------|--------|----------------|---------|--------|--------|--------|--------|--------|--------|
| ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS):                           |   | (In thousands) |    |
| Balance at beginning of year                                        |   | $              | (318    | )      |   |   | (522   | )      |   |   | (56 | ) |
|     Change in fair value of interest rate swap  |   |           | 318     |   |   |   | 204    |   |   |   | (466 | ) |
| Balance at end of year                                              |   | $              | – |   |   |   | (318   | )      |   |   | (522 | ) |

|                                                                                               |   | 2010           |   |   | 2009   |   |   | 2008   |   |
|----------------------------------------------------------------------------------------------------|--------|----------------|--------|--------|--------|--------|--------|--------|--------|
|                                                                                               |   | (In thousands) |   |
| BASIC EPS COMPUTATION FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS   |   |           |   |   |   |   |   |   |   |
|   Numerator – net income available to common stockholders                          |   | $              | 18,325 |   |   |   | 26,659 |   |   |   | 32,134 |   |
|   Denominator – weighted average shares outstanding                                |   |           | 26,752 |   |   |   | 25,590 |   |   |   | 24,503 |   |
| DILUTED EPS COMPUTATION FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS |   |           |   |   |   |   |   |   |   |   |   |   |
|   Numerator – net income available to common stockholders                          |   | $              | 18,325 |   |   |   | 26,659 |   |   |   | 32,134 |   |
|   Denominator:                                                                           |   |           |   |   |   |   |   |   |   |   |   |   |
|     Weighted average shares outstanding                                   |   |           | 26,752 |   |   |   | 25,590 |   |   |   | 24,503 |   |
|     Common stock options                                                  |   |           | 11     |   |   |   | 19     |   |   |   | 54 |   |
|     Nonvested restricted stock                                            |   |           | 61     |   |   |   | 81     |   |   |   | 96 |   |
|        Total Shares                                        |   |           | 26,824 |   |   |   | 25,690 |   |   |   | 24,653 |   |

----

|                                                                                                                                                                                                                                                                                                                                 |   | 2010 Quarter Ended                    |    |   | 2009 Quarter Ended |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|---------|--------|--------------------|--------|
|                                                                                                                                                                                                                                                                                                                                 |   | Mar 31                                |    |   | Jun 30             |   |   | Sep 30 |   |   | Dec 31 |   |   | Mar 31 |   |   | Jun 30 |   |   | Sep 30 |   |   | Dec 31 |   |
|                                                                                                                                                                                                                                                                                                                                 |   | (In thousands, except per share data) |    |
| Revenues                                                                                                 |   | $                                     | 44,635  |   |               |   | 43,765 |   |   |   | 43,316 |   |   |   | 42,118 |   |   |   | 43,538 |   |   |   | 43,189 |   |   |   | 43,349 |   |   |   | 42,931 |   |
| Expenses                                                                                                 |   |                                  | (39,629 | )      |               |   | (39,187 | ) |   |   | (39,190 | ) |   |   | (37,073 | ) |   |   | (35,659 | ) |   |   | (35,925 | ) |   |   | (37,067 | ) |   |   | (37,152 | ) |
| Income from continuing operations                                                                                                                                                                                                                                                                                                    |   |                                  | 5,006   |   |               |   | 4,578 |   |   |   | 4,126 |   |   |   | 5,045 |   |   |   | 7,879 |   |   |   | 7,264 |   |   |   | 6,282 |   |   |   | 5,779 |   |
| Income (loss) from discontinued   operations                                                                                                                                                                                                                                                                          |   |                                  | – |   |               |   | – |   |   |   | – |   |   |   | – |   |   |   | (38 | ) |   |   | (38 | ) |   |   | (38 | ) |   |   | 4 |   |
| Net income                                                                                               |   |                                  | 5,006   |   |               |   | 4,578 |   |   |   | 4,126 |   |   |   | 5,045 |   |   |   | 7,841 |   |   |   | 7,226 |   |   |   | 6,244 |   |   |   | 5,783 |   |
| Net income attributable to noncontrolling  interest in joint ventures                                                                                                     |   |                                  | (103    | )      |               |   | (101 | ) |   |   | (103 | ) |   |   | (123 | ) |   |   | (163 | ) |   |   | (70 | ) |   |   | (97 | ) |   |   | (105 | ) |
| Net income available to EastGroup   Properties, Inc. common stockholders                                                                                                                                                                                                                                              |   | $                                     | 4,903   |   |               |   | 4,477 |   |   |   | 4,023 |   |   |   | 4,922 |   |   |   | 7,678 |   |   |   | 7,156 |   |   |   | 6,147 |   |   |   | 5,678 |   |
| BASIC PER SHARE DATA FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1)                                                                                                                                                                                                                                  |   |                                  |    |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income available to common   stockholders                                             |   | $                                     | .18     |   |               |   | .17 |   |   |   | .15 |   |   |   | .18 |   |   |   | .31 |   |   |   | .28 |   |   |   | .24 |   |   |   | .22 |   |
| Weighted average shares outstanding                                                                                                                                                                                                                                                                                                  |   |                                  | 26,735  |   |               |   | 26,748 |   |   |   | 26,758 |   |   |   | 26,769 |   |   |   | 24,999 |   |   |   | 25,326 |   |   |   | 25,811 |   |   |   | 26,208 |   |
| DILUTED PER SHARE DATA FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS (1)                                                                                                                                                                                                                                |   |                                  |    |   |               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income available to common   stockholders                                             |   | $                                     | .18     |   |               |   | .17 |   |   |   | .15 |   |   |   | .18 |   |   |   | .31 |   |   |   | .28 |   |   |   | .24 |   |   |   | .22 |   |
| Weighted average shares outstanding                                                                                                                                                                                                                                                                                                  |   |                                  | 26,794  |   |               |   | 26,815 |   |   |   | 26,828 |   |   |   | 26,864 |   |   |   | 25,070 |   |   |   | 25,413 |   |   |   | 25,916 |   |   |   | 26,327 |   |

| (1)   | The above quarterly earnings per share calculations are based on the weighted average number of common shares outstanding during each quarter for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each quarter for diluted earnings per share.  The annual earnings per share calculations in the Consolidated Statements of Income are based on the weighted average number of common shares outstanding during each year for basic earnings per share and the weighted average number of outstanding common shares and common share equivalents during each year for diluted earnings per share.  The sum of quarterly financial data may vary from the annual data due to rounding. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                                                                                                                                                                                                                                                                                                        |   | December 31,   |    |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------|---------|
|                                                                                                                                                                                                                                                                                                                                                        |   | 2010           |    |   | 2009 |   |
|                                                                                                                                                                                                                                                                                                                                                        |   | CarryingAmount |    |   | FairValue |   |   | CarryingAmount |   |   | FairValue |   |
|                                                                                                                                                                                                                                                                                                                                                        |   | (In thousands) |    |
| Financial Assets                                                                                                                                                                                                                                                                                                                                            |   |           |    |   |   |   |   |   |   |   |   |   |
|    Cash and cash equivalents                                                                                                                                                                                                                                                                                                                 |   | $              | 137     |   |   |   | 137 |   |   |   | 1,062 |   |   |   | 1,062 |   |
|    Mortgage loans receivable,       net of discount                                          |   |           | 4,131   |   |   |   | 4,199 |   |   |   | 4,155 |   |   |   | 4,289 |   |
| Financial Liabilities                                                                                                                                                                                                                                                                                                                                       |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|    Mortgage notes payable                                                                                                                                                                                                                                                                                                                    |   |           | 644,424 |   |   |   | 671,527 |   |   |   | 602,949 |   |   |   | 610,252 |   |
|    Notes payable to banks                                                                                                       |   |           | 91,294  |   |   |   | 89,818 |   |   |   | 89,156 |   |   |   | 84,627 |   |

----

|                 | /s/ KPMG LLP |
|----------------------|--------------|
| Jackson, Mississippi |         |
| February 25, 2011    |         |

----

| SCHEDULE III                                        |   |
|-----------------------------------------------------|--------|
| REAL ESTATE PROPERTIES AND ACCUMULATED DEPRECIATION |   |
| DECEMBER 31, 2010 (In thousands, except footnotes)  |   |
|                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                |   |   |   |   | Initial Cost to the Company |   |   |   |   |   | Gross Amount at which Carried at Close of Period |   |   |   |   |   |   |   |   |   |   |
| Description                                         |   | Encumbrances |   |   | Land |   |   | Buildings and Improvements |   |   | Costs Capitalized Subsequent to Acquisition |   |   | Land |   |   | Buildings and Improvements |   |   | Total |   |   | Accumulated Depreciation Dec. 31, 2010 |   |   | Year Acquired |   |   | Year Constructed |   |
| Real Estate Properties (c):                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Industrial:                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| FLORIDA                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Tampa                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| 56th Street Commerce Park                           |   | $ | - |   |   |   | 843 |   |   |   | 3,567 |   |   |   | 3,218 |   |   |   | 843 |   |   |   | 6,785 |   |   |   | 7,628 |   |   |   | 4,022 |   |   |   | 1993 |   |   | 1981/86/97 |   |
| Jetport Commerce Park                               |   |   | - |   |   |   | 1,575 |   |   |   | 6,591 |   |   |   | 3,503 |   |   |   | 1,575 |   |   |   | 10,094 |   |   |   | 11,669 |   |   |   | 5,626 |   |   |   | 1993-99 |   |   |   | 1974-85 |   |
| Westport Commerce Center                            |   |   | - |   |   |   | 980 |   |   |   | 3,800 |   |   |   | 2,257 |   |   |   | 980 |   |   |   | 6,057 |   |   |   | 7,037 |   |   |   | 3,343 |   |   |   | 1994 |   |   |   | 1983/87 |   |
| Benjamin Distribution Center I & II             |   |   | - |   |   |   | 843 |   |   |   | 3,963 |   |   |   | 936 |   |   |   | 883 |   |   |   | 4,859 |   |   |   | 5,742 |   |   |   | 2,439 |   |   |   | 1997 |   |   |   | 1996 |   |
| Benjamin Distribution Center III                    |   |   | - |   |   |   | 407 |   |   |   | 1,503 |   |   |   | 411 |   |   |   | 407 |   |   |   | 1,914 |   |   |   | 2,321 |   |   |   | 1,222 |   |   |   | 1999 |   |   |   | 1988 |   |
| Palm River Center                                   |   |   | - |   |   |   | 1,190 |   |   |   | 4,625 |   |   |   | 1,533 |   |   |   | 1,190 |   |   |   | 6,158 |   |   |   | 7,348 |   |   |   | 3,129 |   |   |   | 1997/98 |   |   | 1990/97/98 |   |
| Palm River North I & III (k)                    |   |   | 5,315 |   |   |   | 1,005 |   |   |   | 4,688 |   |   |   | 2,109 |   |   |   | 1,005 |   |   |   | 6,797 |   |   |   | 7,802 |   |   |   | 2,764 |   |   |   | 1998 |   |   |   | 2000 |   |
| Palm River North II (k)                             |   |   | 4,878 |   |   |   | 634 |   |   |   | 4,418 |   |   |   | 339 |   |   |   | 634 |   |   |   | 4,757 |   |   |   | 5,391 |   |   |   | 2,201 |   |   |   | 1997/98 |   |   |   | 1999 |   |
| Palm River South I                                  |   |   | - |   |   |   | 655 |   |   |   | 3,187 |   |   |   | 352 |   |   |   | 655 |   |   |   | 3,539 |   |   |   | 4,194 |   |   |   | 1,121 |   |   |   | 2000 |   |   |   | 2005 |   |
| Palm River South II                                 |   |   | - |   |   |   | 655 |   |   |   | - |   |   |   | 4,264 |   |   |   | 655 |   |   |   | 4,264 |   |   |   | 4,919 |   |   |   | 1,357 |   |   |   | 2000 |   |   |   | 2006 |   |
| Walden Distribution Center I                        |   |   | - |   |   |   | 337 |   |   |   | 3,318 |   |   |   | 329 |   |   |   | 337 |   |   |   | 3,647 |   |   |   | 3,984 |   |   |   | 1,412 |   |   |   | 1997/98 |   |   |   | 2001 |   |
| Walden Distribution Center II                       |   |   | - |   |   |   | 465 |   |   |   | 3,738 |   |   |   | 571 |   |   |   | 465 |   |   |   | 4,309 |   |   |   | 4,774 |   |   |   | 1,852 |   |   |   | 1998 |   |   |   | 1998 |   |
| Oak Creek Distribution Center I                     |   |   | - |   |   |   | 1,109 |   |   |   | 6,126 |   |   |   | 452 |   |   |   | 1,109 |   |   |   | 6,578 |   |   |   | 7,687 |   |   |   | 2,307 |   |   |   | 1998 |   |   |   | 1998 |   |
| Oak Creek Distribution Center II                    |   |   | - |   |   |   | 647 |   |   |   | 3,603 |   |   |   | 570 |   |   |   | 647 |   |   |   | 4,173 |   |   |   | 4,820 |   |   |   | 1,331 |   |   |   | 2003 |   |   |   | 2001 |   |
| Oak Creek Distribution Center III                   |   |   | - |   |   |   | 439 |   |   |   | - |   |   |   | 3,151 |   |   |   | 556 |   |   |   | 3,034 |   |   |   | 3,590 |   |   |   | 598 |   |   |   | 2005 |   |   |   | 2007 |   |
| Oak Creek Distribution Center IV                    |   |   | 3,676 |   |   |   | 805 |   |   |   | 6,472 |   |   |   | (2 | ) |   |   | 805 |   |   |   | 6,470 |   |   |   | 7,275 |   |   |   | 1,321 |   |   |   | 2005 |   |   |   | 2001 |   |
| Oak Creek Distribution Center V                     |   |   | - |   |   |   | 724 |   |   |   | - |   |   |   | 5,683 |   |   |   | 916 |   |   |   | 5,491 |   |   |   | 6,407 |   |   |   | 832 |   |   |   | 2005 |   |   |   | 2007 |   |
| Oak Creek Distribution Center VI                    |   |   | - |   |   |   | 642 |   |   |   | - |   |   |   | 5,024 |   |   |   | 812 |   |   |   | 4,854 |   |   |   | 5,666 |   |   |   | 416 |   |   |   | 2005 |   |   |   | 2008 |   |
| Oak Creek Distribution Center IX                    |   |   | - |   |   |   | 618 |   |   |   | - |   |   |   | 4,728 |   |   |   | 781 |   |   |   | 4,565 |   |   |   | 5,346 |   |   |   | 112 |   |   |   | 2005 |   |   |   | 2009 |   |
| Oak Creek Distribution Center A                     |   |   | - |   |   |   | 185 |   |   |   | - |   |   |   | 1,428 |   |   |   | 185 |   |   |   | 1,428 |   |   |   | 1,613 |   |   |   | 83 |   |   |   | 2005 |   |   |   | 2008 |   |
| Oak Creek Distribution Center B                     |   |   | - |   |   |   | 227 |   |   |   | - |   |   |   | 1,485 |   |   |   | 227 |   |   |   | 1,485 |   |   |   | 1,712 |   |   |   | 106 |   |   |   | 2005 |   |   |   | 2008 |   |
| Airport Commerce Center                             |   |   | - |   |   |   | 1,257 |   |   |   | 4,012 |   |   |   | 745 |   |   |   | 1,257 |   |   |   | 4,757 |   |   |   | 6,014 |   |   |   | 1,840 |   |   |   | 1998 |   |   |   | 1998 |   |
| Westlake Distribution Center (k)                    |   |   | 6,771 |   |   |   | 1,333 |   |   |   | 6,998 |   |   |   | 1,215 |   |   |   | 1,333 |   |   |   | 8,213 |   |   |   | 9,546 |   |   |   | 3,590 |   |   |   | 1998 |   |   |   | 1998/99 |   |
| Expressway Commerce Center I                        |   |   | - |   |   |   | 915 |   |   |   | 5,346 |   |   |   | 719 |   |   |   | 915 |   |   |   | 6,065 |   |   |   | 6,980 |   |   |   | 1,762 |   |   |   | 2002 |   |   |   | 2004 |   |
| Expressway Commerce Center II                       |   |   | - |   |   |   | 1,013 |   |   |   | 3,247 |   |   |   | 301 |   |   |   | 1,013 |   |   |   | 3,548 |   |   |   | 4,561 |   |   |   | 1,209 |   |   |   | 2003 |   |   |   | 2001 |   |
| Orlando                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Chancellor Center                                   |   |   | - |   |   |   | 291 |   |   |   | 1,711 |   |   |   | 147 |   |   |   | 291 |   |   |   | 1,858 |   |   |   | 2,149 |   |   |   | 837 |   |   |   | 1996/97 |   |   |   | 1996/97 |   |
| Exchange Distribution Center I                      |   |   | - |   |   |   | 603 |   |   |   | 2,414 |   |   |   | 1,638 |   |   |   | 603 |   |   |   | 4,052 |   |   |   | 4,655 |   |   |   | 2,450 |   |   |   | 1994 |   |   |   | 1975 |   |
| Exchange Distribution Center II                     |   |   | - |   |   |   | 300 |   |   |   | 945 |   |   |   | 79 |   |   |   | 300 |   |   |   | 1,024 |   |   |   | 1,324 |   |   |   | 443 |   |   |   | 2002 |   |   |   | 1976 |   |
| Exchange Distribution Center III                    |   |   | - |   |   |   | 320 |   |   |   | 997 |   |   |   | 315 |   |   |   | 320 |   |   |   | 1,312 |   |   |   | 1,632 |   |   |   | 438 |   |   |   | 2002 |   |   |   | 1980 |   |
| Sunbelt Distribution Center (j)                     |   |   | 7,067 |   |   |   | 1,474 |   |   |   | 5,745 |   |   |   | 4,916 |   |   |   | 1,474 |   |   |   | 10,661 |   |   |   | 12,135 |   |   |   | 5,746 |   |   | 1989/97/98 |   |   | 1974/87/97/98 |   |
| John Young Commerce Center I                        |   |   | - |   |   |   | 497 |   |   |   | 2,444 |   |   |   | 639 |   |   |   | 497 |   |   |   | 3,083 |   |   |   | 3,580 |   |   |   | 1,303 |   |   |   | 1997/98 |   |   |   | 1997/98 |   |
| John Young Commerce Center II                       |   |   | - |   |   |   | 512 |   |   |   | 3,613 |   |   |   | 145 |   |   |   | 512 |   |   |   | 3,758 |   |   |   | 4,270 |   |   |   | 1,820 |   |   |   | 1998 |   |   |   | 1999 |   |
| Altamonte Commerce Center I                         |   |   | - |   |   |   | 1,518 |   |   |   | 2,661 |   |   |   | 1,783 |   |   |   | 1,518 |   |   |   | 4,444 |   |   |   | 5,962 |   |   |   | 2,327 |   |   |   | 1999 |   |   |   | 1980/82 |   |
| Altamonte Commerce Center II                        |   |   | - |   |   |   | 745 |   |   |   | 2,618 |   |   |   | 783 |   |   |   | 745 |   |   |   | 3,401 |   |   |   | 4,146 |   |   |   | 1,180 |   |   |   | 2003 |   |   |   | 1975 |   |
| Sunport Center I                                    |   |   | - |   |   |   | 555 |   |   |   | 1,977 |   |   |   | 610 |   |   |   | 555 |   |   |   | 2,587 |   |   |   | 3,142 |   |   |   | 1,038 |   |   |   | 1999 |   |   |   | 1999 |   |
| Sunport Center II                                   |   |   | - |   |   |   | 597 |   |   |   | 3,271 |   |   |   | 1,323 |   |   |   | 597 |   |   |   | 4,594 |   |   |   | 5,191 |   |   |   | 2,520 |   |   |   | 1999 |   |   |   | 2001 |   |
| Sunport Center III                                  |   |   | - |   |   |   | 642 |   |   |   | 3,121 |   |   |   | 452 |   |   |   | 642 |   |   |   | 3,573 |   |   |   | 4,215 |   |   |   | 1,457 |   |   |   | 1999 |   |   |   | 2002 |   |
| Sunport Center IV                                   |   |   | - |   |   |   | 642 |   |   |   | 2,917 |   |   |   | 670 |   |   |   | 642 |   |   |   | 3,587 |   |   |   | 4,229 |   |   |   | 1,111 |   |   |   | 1999 |   |   |   | 2004 |   |
| Sunport Center V                                    |   |   | - |   |   |   | 750 |   |   |   | 2,509 |   |   |   | 1,888 |   |   |   | 750 |   |   |   | 4,397 |   |   |   | 5,147 |   |   |   | 1,661 |   |   |   | 1999 |   |   |   | 2005 |   |
| Sunport Center VI                                   |   |   | - |   |   |   | 672 |   |   |   | - |   |   |   | 3,337 |   |   |   | 672 |   |   |   | 3,337 |   |   |   | 4,009 |   |   |   | 704 |   |   |   | 1999 |   |   |   | 2006 |   |
| Southridge I                                        |   |   | - |   |   |   | 373 |   |   |   | - |   |   |   | 4,453 |   |   |   | 373 |   |   |   | 4,453 |   |   |   | 4,826 |   |   |   | 1,618 |   |   |   | 2003 |   |   |   | 2006 |   |
| Southridge II                                       |   |   | - |   |   |   | 342 |   |   |   | - |   |   |   | 4,284 |   |   |   | 342 |   |   |   | 4,284 |   |   |   | 4,626 |   |   |   | 1,114 |   |   |   | 2003 |   |   |   | 2007 |   |
| Southridge III                                      |   |   | - |   |   |   | 547 |   |   |   | - |   |   |   | 5,249 |   |   |   | 547 |   |   |   | 5,249 |   |   |   | 5,796 |   |   |   | 697 |   |   |   | 2003 |   |   |   | 2007 |   |
| Southridge IV                                       |   |   | - |   |   |   | 506 |   |   |   | - |   |   |   | 4,433 |   |   |   | 506 |   |   |   | 4,433 |   |   |   | 4,939 |   |   |   | 856 |   |   |   | 2003 |   |   |   | 2006 |   |
| Southridge V                                        |   |   | - |   |   |   | 382 |   |   |   | - |   |   |   | 4,169 |   |   |   | 382 |   |   |   | 4,169 |   |   |   | 4,551 |   |   |   | 1,102 |   |   |   | 2003 |   |   |   | 2006 |   |
| Southridge VI                                       |   |   | - |   |   |   | 571 |   |   |   | - |   |   |   | 4,759 |   |   |   | 571 |   |   |   | 4,759 |   |   |   | 5,330 |   |   |   | 668 |   |   |   | 2003 |   |   |   | 2007 |   |
| Southridge VII                                      |   |   | - |   |   |   | 520 |   |   |   | - |   |   |   | 6,152 |   |   |   | 520 |   |   |   | 6,152 |   |   |   | 6,672 |   |   |   | 776 |   |   |   | 2003 |   |   |   | 2008 |   |
| Southridge VIII                                     |   |   | - |   |   |   | 531 |   |   |   | - |   |   |   | 6,248 |   |   |   | 531 |   |   |   | 6,248 |   |   |   | 6,779 |   |   |   | 405 |   |   |   | 2003 |   |   |   | 2008 |   |
| Southridge XII (p)                                  |   |   | 14,008 |   |   |   | 2,025 |   |   |   | - |   |   |   | 16,816 |   |   |   | 2,025 |   |   |   | 16,816 |   |   |   | 18,841 |   |   |   | 1,323 |   |   |   | 2005 |   |   |   | 2008 |   |

----

| Jacksonville                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|----------------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Deerwood Distribution Center                             |   |   | -      |   |   |   | 1,147  |   |   |   | 1,799  |   |   |   | 1,472  |   |   |   | 1,147  |   |   |   | 3,271  |   |   |   | 4,418  |   |   |   | 1,746 |   |   |   | 1989 |   |   |   | 1978 |   |
| Phillips Distribution Center                             |   |   | -      |   |   |   | 1,375  |   |   |   | 2,961  |   |   |   | 3,678  |   |   |   | 1,375  |   |   |   | 6,639  |   |   |   | 8,014  |   |   |   | 3,591 |   |   |   | 1994 |   |   |   | 1984/95 |   |
| Lake Pointe Business Park (l)                            |   |   | 15,064 |   |   |   | 3,442  |   |   |   | 6,450  |   |   |   | 5,669  |   |   |   | 3,442  |   |   |   | 12,119 |   |   |   | 15,561 |   |   |   | 7,030 |   |   |   | 1993 |   |   |   | 1986/87 |   |
| Ellis Distribution Center                                |   |   | -      |   |   |   | 540    |   |   |   | 7,513  |   |   |   | 925    |   |   |   | 540    |   |   |   | 8,438  |   |   |   | 8,978  |   |   |   | 3,090 |   |   |   | 1997 |   |   |   | 1977 |   |
| Westside Distribution Center                             |   |   | -      |   |   |   | 1,170  |   |   |   | 12,400 |   |   |   | 4,032  |   |   |   | 1,170  |   |   |   | 16,432 |   |   |   | 17,602 |   |   |   | 7,060 |   |   |   | 1997 |   |   |   | 1984 |   |
| 12th Street Distribution Center                          |   |   | -      |   |   |   | 841    |   |   |   | 2,974  |   |   |   | 1,368  |   |   |   | 841    |   |   |   | 4,342  |   |   |   | 5,183  |   |   |   | 310 |   |   |   | 2008 |   |   |   | 1985 |   |
| Beach Commerce Center                                    |   |   | -      |   |   |   | 476    |   |   |   | 1,899  |   |   |   | 559    |   |   |   | 476    |   |   |   | 2,458  |   |   |   | 2,934  |   |   |   | 921 |   |   |   | 2000 |   |   |   | 2000 |   |
| Interstate Distribution Center                           |   |   | 4,367  |   |   |   | 1,879  |   |   |   | 5,700  |   |   |   | 830    |   |   |   | 1,879  |   |   |   | 6,530  |   |   |   | 8,409  |   |   |   | 2,161 |   |   |   | 2005 |   |   |   | 1990 |   |
| Fort Lauderdale/Palm Beach area                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Linpro Commerce Center                                   |   |   | -      |   |   |   | 613    |   |   |   | 2,243  |   |   |   | 1,462  |   |   |   | 616    |   |   |   | 3,702  |   |   |   | 4,318  |   |   |   | 2,232 |   |   |   | 1996 |   |   |   | 1986 |   |
| Cypress Creek Business Park                              |   |   | -      |   |   |   | -      |   |   |   | 2,465  |   |   |   | 1,422  |   |   |   | -      |   |   |   | 3,887  |   |   |   | 3,887  |   |   |   | 1,972 |   |   |   | 1997 |   |   |   | 1986 |   |
| Lockhart Distribution Center                             |   |   | -      |   |   |   | -      |   |   |   | 3,489  |   |   |   | 2,228  |   |   |   | -      |   |   |   | 5,717  |   |   |   | 5,717  |   |   |   | 2,684 |   |   |   | 1997 |   |   |   | 1986 |   |
| Interstate Commerce Center                               |   |   | -      |   |   |   | 485    |   |   |   | 2,652  |   |   |   | 624    |   |   |   | 485    |   |   |   | 3,276  |   |   |   | 3,761  |   |   |   | 1,586 |   |   |   | 1998 |   |   |   | 1988 |   |
| Executive Airport Commerce Ctr (q)                       |   |   | 9,768  |   |   |   | 1,991  |   |   |   | 4,857  |   |   |   | 4,836  |   |   |   | 1,991  |   |   |   | 9,693  |   |   |   | 11,684 |   |   |   | 2,679 |   |   |   | 2001 |   |   |   | 2004/06 |   |
| Sample 95 Business Park                                  |   |   | -      |   |   |   | 2,202  |   |   |   | 8,785  |   |   |   | 2,298  |   |   |   | 2,202  |   |   |   | 11,083 |   |   |   | 13,285 |   |   |   | 5,196 |   |   |   | 1996/98 |   |   |   | 1990/99 |   |
| Blue Heron Distribution Center                           |   |   | -      |   |   |   | 975    |   |   |   | 3,626  |   |   |   | 1,629  |   |   |   | 975    |   |   |   | 5,255  |   |   |   | 6,230  |   |   |   | 2,315 |   |   |   | 1999 |   |   |   | 1986 |   |
| Blue Heron Distribution Center II                        |   |   | 1,409  |   |   |   | 1,385  |   |   |   | 4,222  |   |   |   | 804    |   |   |   | 1,385  |   |   |   | 5,026  |   |   |   | 6,411  |   |   |   | 1,573 |   |   |   | 2004 |   |   |   | 1988 |   |
| Blue Heron III                                           |   |   | -      |   |   |   | 450    |   |   |   | -      |   |   |   | 2,402  |   |   |   | 450    |   |   |   | 2,402  |   |   |   | 2,852  |   |   |   | 61 |   |   |   | 2004 |   |   |   | 2009 |   |
| Fort Myers                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| SunCoast I                                               |   |   | -      |   |   |   | 911    |   |   |   | -      |   |   |   | 4,660  |   |   |   | 928    |   |   |   | 4,643  |   |   |   | 5,571  |   |   |   | 580 |   |   |   | 2005 |   |   |   | 2008 |   |
| SunCoast II                                              |   |   | -      |   |   |   | 911    |   |   |   | -      |   |   |   | 4,731  |   |   |   | 928    |   |   |   | 4,714  |   |   |   | 5,642  |   |   |   | 784 |   |   |   | 2005 |   |   |   | 2007 |   |
| SunCoast III                                             |   |   | -      |   |   |   | 1,720  |   |   |   | -      |   |   |   | 5,502  |   |   |   | 1,763  |   |   |   | 5,459  |   |   |   | 7,222  |   |   |   | 219 |   |   |   | 2006 |   |   |   | 2008 |   |
| CALIFORNIA                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| San Francisco area                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Wiegman Distribution Center (m)                          |   |   | 12,441 |   |   |   | 2,197  |   |   |   | 8,788  |   |   |   | 1,623  |   |   |   | 2,308  |   |   |   | 10,300 |   |   |   | 12,608 |   |   |   | 3,919 |   |   |   | 1996 |   |   |   | 1986/87 |   |
| Huntwood Distribution Center (m)                         |   |   | 20,646 |   |   |   | 3,842  |   |   |   | 15,368 |   |   |   | 1,717  |   |   |   | 3,842  |   |   |   | 17,085 |   |   |   | 20,927 |   |   |   | 6,938 |   |   |   | 1996 |   |   |   | 1988 |   |
| San Clemente Distribution Center                         |   |   | -      |   |   |   | 893    |   |   |   | 2,004  |   |   |   | 845    |   |   |   | 893    |   |   |   | 2,849  |   |   |   | 3,742  |   |   |   | 898 |   |   |   | 1997 |   |   |   | 1978 |   |
| Yosemite Distribution Center                             |   |   | -      |   |   |   | 259    |   |   |   | 7,058  |   |   |   | 992    |   |   |   | 259    |   |   |   | 8,050  |   |   |   | 8,309  |   |   |   | 3,052 |   |   |   | 1999 |   |   |   | 1974/87 |   |
| Los Angeles area                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Kingsview Industrial Center (e)                          |   |   | 2,987  |   |   |   | 643    |   |   |   | 2,573  |   |   |   | 263    |   |   |   | 643    |   |   |   | 2,836  |   |   |   | 3,479  |   |   |   | 1,001 |   |   |   | 1996 |   |   |   | 1980 |   |
| Dominguez Distribution Center (e)                        |   |   | 9,618  |   |   |   | 2,006  |   |   |   | 8,025  |   |   |   | 1,170  |   |   |   | 2,006  |   |   |   | 9,195  |   |   |   | 11,201 |   |   |   | 4,109 |   |   |   | 1996 |   |   |   | 1977 |   |
| Main Street Distribution Center (i)                      |   |   | 3,621  |   |   |   | 1,606  |   |   |   | 4,103  |   |   |   | 569    |   |   |   | 1,606  |   |   |   | 4,672  |   |   |   | 6,278  |   |   |   | 1,940 |   |   |   | 1999 |   |   |   | 1999 |   |
| Walnut Business Center (e)                               |   |   | 7,481  |   |   |   | 2,885  |   |   |   | 5,274  |   |   |   | 553    |   |   |   | 2,885  |   |   |   | 5,827  |   |   |   | 8,712  |   |   |   | 2,454 |   |   |   | 1996 |   |   |   | 1966/90 |   |
| Washington Distribution Center (e)                       |   |   | 6,104  |   |   |   | 1,636  |   |   |   | 4,900  |   |   |   | 572    |   |   |   | 1,636  |   |   |   | 5,472  |   |   |   | 7,108  |   |   |   | 2,115 |   |   |   | 1997 |   |   |   | 1996/97 |   |
| Chino Distribution Center (f)                            |   |   | 11,921 |   |   |   | 2,544  |   |   |   | 10,175 |   |   |   | 1,394  |   |   |   | 2,544  |   |   |   | 11,569 |   |   |   | 14,113 |   |   |   | 4,413 |   |   |   | 1998 |   |   |   | 1980 |   |
| Industry Distribution Center I (e)                       |   |   | 20,582 |   |   |   | 10,230 |   |   |   | 12,373 |   |   |   | 1,365  |   |   |   | 10,230 |   |   |   | 13,738 |   |   |   | 23,968 |   |   |   | 5,373 |   |   |   | 1998 |   |   |   | 1959 |   |
| Industry Distribution Center III (e)                     |   |   | 2,403  |   |   |   | -      |   |   |   | 3,012  |   |   |   | (214   | )      |   |   | -      |   |   |   | 2,798  |   |   |   | 2,798  |   |   |   | 2,798 |   |   |   | 2007 |   |   |   | 1992 |   |
| Chestnut Business Center (i)                             |   |   | 3,054  |   |   |   | 1,674  |   |   |   | 3,465  |   |   |   | 156    |   |   |   | 1,674  |   |   |   | 3,621  |   |   |   | 5,295  |   |   |   | 1,272 |   |   |   | 1998 |   |   |   | 1999 |   |
| Los Angeles Corporate Center                             |   |   | -      |   |   |   | 1,363  |   |   |   | 5,453  |   |   |   | 2,011  |   |   |   | 1,363  |   |   |   | 7,464  |   |   |   | 8,827  |   |   |   | 3,460 |   |   |   | 1996 |   |   |   | 1986 |   |
| Santa Barbara                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| University Business Center                               |   |   | 12,125 |   |   |   | 5,517  |   |   |   | 22,067 |   |   |   | 4,126  |   |   |   | 5,520  |   |   |   | 26,190 |   |   |   | 31,710 |   |   |   | 10,784 |   |   |   | 1996 |   |   |   | 1987/88 |   |
| Castilian Research Center                                |   |   | -      |   |   |   | 2,719  |   |   |   | 1,410  |   |   |   | 4,834  |   |   |   | 2,719  |   |   |   | 6,244  |   |   |   | 8,963  |   |   |   | 606 |   |   |   | 2005 |   |   |   | 2007 |   |
| Fresno                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Shaw Commerce Center (e)                                 |   |   | 15,392 |   |   |   | 2,465  |   |   |   | 11,627 |   |   |   | 3,832  |   |   |   | 2,465  |   |   |   | 15,459 |   |   |   | 17,924 |   |   |   | 6,668 |   |   |   | 1998 |   |   | 1978/81/87 |   |
| San Diego                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Eastlake Distribution Center (o)                         |   |   | 8,736  |   |   |   | 3,046  |   |   |   | 6,888  |   |   |   | 1,485  |   |   |   | 3,046  |   |   |   | 8,373  |   |   |   | 11,419 |   |   |   | 3,509 |   |   |   | 1997 |   |   |   | 1989 |   |
| Ocean View Corporate Center (q)                          |   |   | 11,470 |   |   |   | 6,577  |   |   |   | 7,105  |   |   |   | 24     |   |   |   | 6,577  |   |   |   | 7,129  |   |   |   | 13,706 |   |   |   | 454 |   |   |   | 2010 |   |   |   | 2005 |   |
| TEXAS                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Dallas                                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interstate Distribution Center  I & II (h) |   |   | 4,248  |   |   |   | 1,746  |   |   |   | 4,941  |   |   |   | 1,879  |   |   |   | 1,746  |   |   |   | 6,820  |   |   |   | 8,566  |   |   |   | 4,534 |   |   |   | 1988 |   |   |   | 1978 |   |
| Interstate Distribution Center III (h)                   |   |   | 1,590  |   |   |   | 519    |   |   |   | 2,008  |   |   |   | 680    |   |   |   | 519    |   |   |   | 2,688  |   |   |   | 3,207  |   |   |   | 1,210 |   |   |   | 2000 |   |   |   | 1979 |   |
| Interstate Distribution Center IV                        |   |   | -      |   |   |   | 416    |   |   |   | 2,481  |   |   |   | 234    |   |   |   | 416    |   |   |   | 2,715  |   |   |   | 3,131  |   |   |   | 826 |   |   |   | 2004 |   |   |   | 2002 |   |
| Interstate Distribution Center V, VI, & VII          |   |   | -      |   |   |   | 1,824  |   |   |   | 4,106  |   |   |   | 503    |   |   |   | 1,824  |   |   |   | 4,609  |   |   |   | 6,433  |   |   |   | 753 |   |   |   | 2009 |   |   | 1979/80/81 |   |
| Venture Warehouses (h)                                   |   |   | 3,449  |   |   |   | 1,452  |   |   |   | 3,762  |   |   |   | 1,740  |   |   |   | 1,452  |   |   |   | 5,502  |   |   |   | 6,954  |   |   |   | 3,496 |   |   |   | 1988 |   |   |   | 1979 |   |
| Stemmons Circle (h)                                      |   |   | 1,420  |   |   |   | 363    |   |   |   | 2,014  |   |   |   | 483    |   |   |   | 363    |   |   |   | 2,497  |   |   |   | 2,860  |   |   |   | 1,245 |   |   |   | 1998 |   |   |   | 1977 |   |

----

| Ambassador Row Warehouses                         |   |   | -      |   |   |   | 1,156  |   |   |   | 4,625  |   |   |   | 1,589  |   |   |   | 1,156  |   |   |   | 6,214  |   |   |   | 7,370  |   |   |   | 3,484  |   |   |   | 1998      |   |   |   | 1958/65   |   |
|---------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|
| North Stemmons II                                 |   |   | -      |   |   |   | 150    |   |   |   | 583    |   |   |   | 190    |   |   |   | 150    |   |   |   | 773    |   |   |   | 923    |   |   |   | 304    |   |   |   | 2002      |   |   |   | 1971      |   |
| North Stemmons III                                |   |   | -      |   |   |   | 380    |   |   |   | 2,066  |   |   |   | 2      |   |   |   | 380    |   |   |   | 2,068  |   |   |   | 2,448  |   |   |   | 254    |   |   |   | 2007      |   |   |   | 1974      |   |
| Shady Trail Distribution Center (k)               |   |   | 3,019  |   |   |   | 635    |   |   |   | 3,621  |   |   |   | 670    |   |   |   | 635    |   |   |   | 4,291  |   |   |   | 4,926  |   |   |   | 1,103  |   |   |   | 2003      |   |   |   | 1998      |   |
| Houston                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |      |   |   |   |      |   |
| Northwest Point Business Park (j)                 |   |   | 5,798  |   |   |   | 1,243  |   |   |   | 5,640  |   |   |   | 3,072  |   |   |   | 1,243  |   |   |   | 8,712  |   |   |   | 9,955  |   |   |   | 4,874  |   |   |   | 1994      |   |   |   | 1984/85   |   |
| Lockwood Distribution Center (j)                  |   |   | 4,746  |   |   |   | 749    |   |   |   | 5,444  |   |   |   | 1,957  |   |   |   | 749    |   |   |   | 7,401  |   |   |   | 8,150  |   |   |   | 2,952  |   |   |   | 1997      |   |   |   | 1968/69   |   |
| West Loop Distribution Center (h)                 |   |   | 3,581  |   |   |   | 905    |   |   |   | 4,383  |   |   |   | 1,933  |   |   |   | 905    |   |   |   | 6,316  |   |   |   | 7,221  |   |   |   | 2,980  |   |   |   | 1997/2000 |   |   |   | 1980      |   |
| World Houston Int'l Business Ctr 1 & 2 (f)    |   |   | 6,443  |   |   |   | 660    |   |   |   | 5,893  |   |   |   | 1,075  |   |   |   | 660    |   |   |   | 6,968  |   |   |   | 7,628  |   |   |   | 3,251  |   |   |   | 1998      |   |   |   | 1996      |   |
| World Houston Int'l Business Ctr 3, 4 & 5 (g) |   |   | 4,633  |   |   |   | 1,025  |   |   |   | 6,413  |   |   |   | 418    |   |   |   | 1,025  |   |   |   | 6,831  |   |   |   | 7,856  |   |   |   | 3,072  |   |   |   | 1998      |   |   |   | 1998      |   |
| World Houston Int'l Business Ctr 6 (g)            |   |   | 2,098  |   |   |   | 425    |   |   |   | 2,423  |   |   |   | 483    |   |   |   | 425    |   |   |   | 2,906  |   |   |   | 3,331  |   |   |   | 1,183  |   |   |   | 1998      |   |   |   | 1998      |   |
| World Houston Int'l Business Ctr 7 & 8 (g)    |   |   | 5,333  |   |   |   | 680    |   |   |   | 4,584  |   |   |   | 3,442  |   |   |   | 680    |   |   |   | 8,026  |   |   |   | 8,706  |   |   |   | 3,532  |   |   |   | 1998      |   |   |   | 1998      |   |
| World Houston Int'l Business Ctr 9 (g)            |   |   | 4,634  |   |   |   | 800    |   |   |   | 4,355  |   |   |   | 1,460  |   |   |   | 800    |   |   |   | 5,815  |   |   |   | 6,615  |   |   |   | 1,786  |   |   |   | 1998      |   |   |   | 1998      |   |
| World Houston Int'l Business Ctr 10 (j)           |   |   | 3,495  |   |   |   | 933    |   |   |   | 4,779  |   |   |   | 289    |   |   |   | 933    |   |   |   | 5,068  |   |   |   | 6,001  |   |   |   | 1,545  |   |   |   | 2001      |   |   |   | 1999      |   |
| World Houston Int'l Business Ctr 11 (j)           |   |   | 3,207  |   |   |   | 638    |   |   |   | 3,764  |   |   |   | 1,104  |   |   |   | 638    |   |   |   | 4,868  |   |   |   | 5,506  |   |   |   | 1,658  |   |   |   | 1999      |   |   |   | 1999      |   |
| World Houston Int'l Business Ctr 12 (i)           |   |   | 1,705  |   |   |   | 340    |   |   |   | 2,419  |   |   |   | 198    |   |   |   | 340    |   |   |   | 2,617  |   |   |   | 2,957  |   |   |   | 1,095  |   |   |   | 2000      |   |   |   | 2002      |   |
| World Houston Int'l Business Ctr 13 (i)           |   |   | 1,813  |   |   |   | 282    |   |   |   | 2,569  |   |   |   | 293    |   |   |   | 282    |   |   |   | 2,862  |   |   |   | 3,144  |   |   |   | 1,502  |   |   |   | 2000      |   |   |   | 2002      |   |
| World Houston Int'l Business Ctr 14 (j)           |   |   | 2,238  |   |   |   | 722    |   |   |   | 2,629  |   |   |   | 493    |   |   |   | 722    |   |   |   | 3,122  |   |   |   | 3,844  |   |   |   | 1,249  |   |   |   | 2000      |   |   |   | 2003      |   |
| World Houston Int'l Business Ctr 15 (o)           |   |   | 4,904  |   |   |   | 731    |   |   |   | -      |   |   |   | 5,680  |   |   |   | 731    |   |   |   | 5,680  |   |   |   | 6,411  |   |   |   | 1,569  |   |   |   | 2000      |   |   |   | 2007      |   |
| World Houston Int'l Business Ctr 16 (n)           |   |   | 4,629  |   |   |   | 519    |   |   |   | 4,248  |   |   |   | 802    |   |   |   | 519    |   |   |   | 5,050  |   |   |   | 5,569  |   |   |   | 1,484  |   |   |   | 2000      |   |   |   | 2005      |   |
| World Houston Int'l Business Ctr 17 (k)           |   |   | 2,638  |   |   |   | 373    |   |   |   | 1,945  |   |   |   | 785    |   |   |   | 373    |   |   |   | 2,730  |   |   |   | 3,103  |   |   |   | 654    |   |   |   | 2000      |   |   |   | 2004      |   |
| World Houston Int'l Business Ctr 18               |   |   | -      |   |   |   | 323    |   |   |   | 1,512  |   |   |   | 29     |   |   |   | 323    |   |   |   | 1,541  |   |   |   | 1,864  |   |   |   | 446    |   |   |   | 2005      |   |   |   | 1995      |   |
| World Houston Int'l Business Ctr 19 (l)           |   |   | 3,351  |   |   |   | 373    |   |   |   | 2,256  |   |   |   | 834    |   |   |   | 373    |   |   |   | 3,090  |   |   |   | 3,463  |   |   |   | 1,367  |   |   |   | 2000      |   |   |   | 2004      |   |
| World Houston Int'l Business Ctr 20 (l)           |   |   | 3,960  |   |   |   | 1,008  |   |   |   | 1,948  |   |   |   | 1,136  |   |   |   | 1,008  |   |   |   | 3,084  |   |   |   | 4,092  |   |   |   | 1,238  |   |   |   | 2000      |   |   |   | 2004      |   |
| World Houston Int'l Business Ctr 21 (f)           |   |   | 3,303  |   |   |   | 436    |   |   |   | -      |   |   |   | 3,474  |   |   |   | 436    |   |   |   | 3,474  |   |   |   | 3,910  |   |   |   | 549    |   |   |   | 2000/03   |   |   |   | 2006      |   |
| World Houston Int'l Business Ctr 22 (o)           |   |   | 3,554  |   |   |   | 436    |   |   |   | -      |   |   |   | 4,210  |   |   |   | 436    |   |   |   | 4,210  |   |   |   | 4,646  |   |   |   | 719    |   |   |   | 2000      |   |   |   | 2007      |   |
| World Houston Int'l Business Ctr 23 (f)           |   |   | 6,703  |   |   |   | 910    |   |   |   | -      |   |   |   | 7,026  |   |   |   | 910    |   |   |   | 7,026  |   |   |   | 7,936  |   |   |   | 1,043  |   |   |   | 2000      |   |   |   | 2007      |   |
| World Houston Int'l Business Ctr 24 (p)           |   |   | 4,632  |   |   |   | 837    |   |   |   | -      |   |   |   | 5,406  |   |   |   | 837    |   |   |   | 5,406  |   |   |   | 6,243  |   |   |   | 814    |   |   |   | 2005      |   |   |   | 2008      |   |
| World Houston Int'l Business Ctr 25 (p)           |   |   | 3,070  |   |   |   | 508    |   |   |   | -      |   |   |   | 3,620  |   |   |   | 508    |   |   |   | 3,620  |   |   |   | 4,128  |   |   |   | 382    |   |   |   | 2005      |   |   |   | 2008      |   |
| World Houston Int'l Business Ctr 26 (q)           |   |   | 2,960  |   |   |   | 445    |   |   |   | -      |   |   |   | 3,146  |   |   |   | 445    |   |   |   | 3,146  |   |   |   | 3,591  |   |   |   | 264    |   |   |   | 2005      |   |   |   | 2008      |   |
| World Houston Int'l Business Ctr 27 (p)           |   |   | 4,297  |   |   |   | 837    |   |   |   | -      |   |   |   | 4,964  |   |   |   | 837    |   |   |   | 4,964  |   |   |   | 5,801  |   |   |   | 405    |   |   |   | 2005      |   |   |   | 2008      |   |
| World Houston Int'l Business Ctr 28 (q)           |   |   | 3,848  |   |   |   | 550    |   |   |   | -      |   |   |   | 4,043  |   |   |   | 550    |   |   |   | 4,043  |   |   |   | 4,593  |   |   |   | 282    |   |   |   | 2005      |   |   |   | 2009      |   |
| World Houston Int'l Business Ctr 29 (q)           |   |   | 4,070  |   |   |   | 782    |   |   |   | -      |   |   |   | 4,130  |   |   |   | 974    |   |   |   | 3,938  |   |   |   | 4,912  |   |   |   | 242    |   |   |   | 2007      |   |   |   | 2009      |   |
| World Houston Int'l Business Ctr 30 (q)           |   |   | 5,328  |   |   |   | 981    |   |   |   | -      |   |   |   | 5,446  |   |   |   | 1,222  |   |   |   | 5,205  |   |   |   | 6,427  |   |   |   | 248    |   |   |   | 2007      |   |   |   | 2009      |   |
| America Plaza (g)                                 |   |   | 3,322  |   |   |   | 662    |   |   |   | 4,660  |   |   |   | 653    |   |   |   | 662    |   |   |   | 5,313  |   |   |   | 5,975  |   |   |   | 2,320  |   |   |   | 1998      |   |   |   | 1996      |   |
| Central Green Distribution Center (g)             |   |   | 2,973  |   |   |   | 566    |   |   |   | 4,031  |   |   |   | 122    |   |   |   | 566    |   |   |   | 4,153  |   |   |   | 4,719  |   |   |   | 1,696  |   |   |   | 1999      |   |   |   | 1998      |   |
| Glenmont Business Park (h)                        |   |   | 4,661  |   |   |   | 936    |   |   |   | 6,161  |   |   |   | 2,300  |   |   |   | 936    |   |   |   | 8,461  |   |   |   | 9,397  |   |   |   | 3,260  |   |   |   | 1998      |   |   |   | 1999/2000 |   |
| Techway Southwest I (j)                           |   |   | 3,703  |   |   |   | 729    |   |   |   | 3,765  |   |   |   | 1,864  |   |   |   | 729    |   |   |   | 5,629  |   |   |   | 6,358  |   |   |   | 2,094  |   |   |   | 2000      |   |   |   | 2001      |   |
| Techway Southwest II (l)                          |   |   | 4,431  |   |   |   | 550    |   |   |   | 3,689  |   |   |   | 338    |   |   |   | 550    |   |   |   | 4,027  |   |   |   | 4,577  |   |   |   | 1,351  |   |   |   | 2000      |   |   |   | 2004      |   |
| Techway Southwest III (o)                         |   |   | 4,652  |   |   |   | 597    |   |   |   | -      |   |   |   | 5,484  |   |   |   | 751    |   |   |   | 5,330  |   |   |   | 6,081  |   |   |   | 1,197  |   |   |   | 1999      |   |   |   | 2006      |   |
| Techway Southwest IV (q)                          |   |   | 5,180  |   |   |   | 535    |   |   |   | -      |   |   |   | 5,639  |   |   |   | 674    |   |   |   | 5,500  |   |   |   | 6,174  |   |   |   | 442    |   |   |   | 1999      |   |   |   | 2008      |   |
| Beltway Crossing I (j)                            |   |   | 4,293  |   |   |   | 458    |   |   |   | 5,712  |   |   |   | 1,202  |   |   |   | 458    |   |   |   | 6,914  |   |   |   | 7,372  |   |   |   | 2,499  |   |   |   | 2002      |   |   |   | 2001      |   |
| Beltway Crossing II (o)                           |   |   | 2,421  |   |   |   | 415    |   |   |   | -      |   |   |   | 2,750  |   |   |   | 415    |   |   |   | 2,750  |   |   |   | 3,165  |   |   |   | 511    |   |   |   | 2005      |   |   |   | 2007      |   |
| Beltway Crossing III (o)                     |   |   | 2,651  |   |   |   | 460    |   |   |   | -      |   |   |   | 3,005  |   |   |   | 460    |   |   |   | 3,005  |   |   |   | 3,465  |   |   |   | 556    |   |   |   | 2005      |   |   |   | 2008      |   |
| Beltway Crossing IV (o)                      |   |   | 2,635  |   |   |   | 460    |   |   |   | -      |   |   |   | 2,985  |   |   |   | 460    |   |   |   | 2,985  |   |   |   | 3,445  |   |   |   | 654    |   |   |   | 2005      |   |   |   | 2008      |   |
| Beltway Crossing V (q)                            |   |   | 4,514  |   |   |   | 701    |   |   |   | -      |   |   |   | 4,712  |   |   |   | 701    |   |   |   | 4,712  |   |   |   | 5,413  |   |   |   | 584    |   |   |   | 2005      |   |   |   | 2008      |   |
| Beltway Crossing VI                               |   |   | -      |   |   |   | 618    |   |   |   | -      |   |   |   | 5,811  |   |   |   | 618    |   |   |   | 5,811  |   |   |   | 6,429  |   |   |   | 349    |   |   |   | 2005      |   |   |   | 2008      |   |
| Beltway Crossing VII                              |   |   | -      |   |   |   | 765    |   |   |   | -      |   |   |   | 5,594  |   |   |   | 765    |   |   |   | 5,594  |   |   |   | 6,359  |   |   |   | 282    |   |   |   | 2005      |   |   |   | 2009      |   |
| Kirby Business Center (k)                         |   |   | 2,962  |   |   |   | 530    |   |   |   | 3,153  |   |   |   | 321    |   |   |   | 530    |   |   |   | 3,474  |   |   |   | 4,004  |   |   |   | 821    |   |   |   | 2004      |   |   |   | 1980      |   |
| Clay Campbell Distribution Center                 |   |   | -      |   |   |   | 742    |   |   |   | 2,998  |   |   |   | 370    |   |   |   | 742    |   |   |   | 3,368  |   |   |   | 4,110  |   |   |   | 1,049  |   |   |   | 2005      |   |   |   | 1982      |   |
| El Paso                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |      |   |   |   |      |   |
| Butterfield Trail (h)                             |   |   | 12,751 |   |   |   | -      |   |   |   | 20,725 |   |   |   | 4,986  |   |   |   | -      |   |   |   | 25,711 |   |   |   | 25,711 |   |   |   | 12,791 |   |   |   | 1997/2000 |   |   |   | 1987/95   |   |
| Rojas Commerce Park (h)                           |   |   | 3,455  |   |   |   | 900    |   |   |   | 3,659  |   |   |   | 2,407  |   |   |   | 900    |   |   |   | 6,066  |   |   |   | 6,966  |   |   |   | 3,713  |   |   |   | 1999      |   |   |   | 1986      |   |
| Americas Ten Business Center I (k)                |   |   | 2,913  |   |   |   | 526    |   |   |   | 2,778  |   |   |   | 1,107  |   |   |   | 526    |   |   |   | 3,885  |   |   |   | 4,411  |   |   |   | 1,602  |   |   |   | 2001      |   |   |   | 2003      |   |

----

| San Antonio                                      |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|--------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Alamo Downs Distribution Center (n)              |   |   | 7,051  |   |   |   | 1,342  |   |   |   | 6,338  |   |   |   | 803    |   |   |   | 1,342  |   |   |   | 7,141  |   |   |   | 8,483  |   |   |   | 2,641 |   |   |   | 2004 |   |   |   | 1986/2002 |   |
| Arion Business Park (n)                          |   |   | 32,155 |   |   |   | 4,143  |   |   |   | 31,432 |   |   |   | 3,112  |   |   |   | 4,143  |   |   |   | 34,544 |   |   |   | 38,687 |   |   |   | 10,257 |   |   |   | 2005 |   |   |   | 1988-2000/06 |   |
| Arion 14 (n)                                     |   |   | 3,078  |   |   |   | 423    |   |   |   | -      |   |   |   | 3,280  |   |   |   | 423    |   |   |   | 3,280  |   |   |   | 3,703  |   |   |   | 629 |   |   |   | 2005 |   |   |   | 2006 |   |
| Arion 16 (f)                                     |   |   | 3,304  |   |   |   | 427    |   |   |   | -      |   |   |   | 3,485  |   |   |   | 427    |   |   |   | 3,485  |   |   |   | 3,912  |   |   |   | 453 |   |   |   | 2005 |   |   |   | 2007 |   |
| Arion 17 (n)                                     |   |   | 3,607  |   |   |   | 616    |   |   |   | -      |   |   |   | 3,724  |   |   |   | 616    |   |   |   | 3,724  |   |   |   | 4,340  |   |   |   | 764 |   |   |   | 2005 |   |   |   | 2007 |   |
| Arion 18                                         |   |   | -      |   |   |   | 418    |   |   |   | -      |   |   |   | 2,316  |   |   |   | 418    |   |   |   | 2,316  |   |   |   | 2,734  |   |   |   | 383 |   |   |   | 2005 |   |   |   | 2008 |   |
| Wetmore Business Center (o)                      |   |   | 11,198 |   |   |   | 1,494  |   |   |   | 10,804 |   |   |   | 2,340  |   |   |   | 1,494  |   |   |   | 13,144 |   |   |   | 14,638 |   |   |   | 3,791 |   |   |   | 2005 |   |   |   | 1998/99 |   |
| Wetmore Phase II, Building A (q)                 |   |   | 2,960  |   |   |   | 412    |   |   |   | -      |   |   |   | 3,134  |   |   |   | 412    |   |   |   | 3,134  |   |   |   | 3,546  |   |   |   | 495 |   |   |   | 2006 |   |   |   | 2008 |   |
| Wetmore Phase II, Building B (q)                 |   |   | 3,404  |   |   |   | 505    |   |   |   | -      |   |   |   | 3,548  |   |   |   | 505    |   |   |   | 3,548  |   |   |   | 4,053  |   |   |   | 333 |   |   |   | 2006 |   |   |   | 2008 |   |
| Wetmore Phase II, Building C (q)                 |   |   | 3,108  |   |   |   | 546    |   |   |   | -      |   |   |   | 3,180  |   |   |   | 546    |   |   |   | 3,180  |   |   |   | 3,726  |   |   |   | 207 |   |   |   | 2006 |   |   |   | 2008 |   |
| Wetmore Phase II, Building D (q)                 |   |   | 6,956  |   |   |   | 1,056  |   |   |   | -      |   |   |   | 7,291  |   |   |   | 1,056  |   |   |   | 7,291  |   |   |   | 8,347  |   |   |   | 654 |   |   |   | 2006 |   |   |   | 2008 |   |
| Fairgrounds Business Park (o)                    |   |   | 8,504  |   |   |   | 1,644  |   |   |   | 8,209  |   |   |   | 1,263  |   |   |   | 1,644  |   |   |   | 9,472  |   |   |   | 11,116 |   |   |   | 1,903 |   |   |   | 2007 |   |   |   | 1985/86 |   |
| ARIZONA                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Phoenix area                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Broadway Industrial Park I (i)                   |   |   | 2,844  |   |   |   | 837    |   |   |   | 3,349  |   |   |   | 746    |   |   |   | 837    |   |   |   | 4,095  |   |   |   | 4,932  |   |   |   | 1,880 |   |   |   | 1996 |   |   |   | 1971 |   |
| Broadway Industrial Park II                      |   |   | -      |   |   |   | 455    |   |   |   | 482    |   |   |   | 161    |   |   |   | 455    |   |   |   | 643    |   |   |   | 1,098  |   |   |   | 331 |   |   |   | 1999 |   |   |   | 1971 |   |
| Broadway Industrial Park III (i)                 |   |   | 1,565  |   |   |   | 775    |   |   |   | 1,742  |   |   |   | 197    |   |   |   | 775    |   |   |   | 1,939  |   |   |   | 2,714  |   |   |   | 875 |   |   |   | 2000 |   |   |   | 1983 |   |
| Broadway Industrial Park IV (i)                  |   |   | 1,621  |   |   |   | 380    |   |   |   | 1,652  |   |   |   | 778    |   |   |   | 380    |   |   |   | 2,430  |   |   |   | 2,810  |   |   |   | 880 |   |   |   | 2000 |   |   |   | 1986 |   |
| Broadway Industrial Park V (j)                   |   |   | 902    |   |   |   | 353    |   |   |   | 1,090  |   |   |   | 106    |   |   |   | 353    |   |   |   | 1,196  |   |   |   | 1,549  |   |   |   | 484 |   |   |   | 2002 |   |   |   | 1980 |   |
| Broadway Industrial Park VI (f)                  |   |   | 2,414  |   |   |   | 599    |   |   |   | 1,855  |   |   |   | 404    |   |   |   | 599    |   |   |   | 2,259  |   |   |   | 2,858  |   |   |   | 928 |   |   |   | 2002 |   |   |   | 1979 |   |
| Kyrene Distribution Center                       |   |   | 412    |   |   |   | 850    |   |   |   | 2,044  |   |   |   | 430    |   |   |   | 850    |   |   |   | 2,474  |   |   |   | 3,324  |   |   |   | 1,214 |   |   |   | 1999 |   |   |   | 1981 |   |
| Kyrene Distribution Center II                    |   |   | -      |   |   |   | 640    |   |   |   | 2,409  |   |   |   | 683    |   |   |   | 640    |   |   |   | 3,092  |   |   |   | 3,732  |   |   |   | 1,348 |   |   |   | 1999 |   |   |   | 2001 |   |
| Southpark Distribution Center (i)                |   |   | 2,438  |   |   |   | 918    |   |   |   | 2,738  |   |   |   | 570    |   |   |   | 918    |   |   |   | 3,308  |   |   |   | 4,226  |   |   |   | 1,082 |   |   |   | 2001 |   |   |   | 2000 |   |
| Santan 10 Distribution Center I (n)              |   |   | 3,102  |   |   |   | 846    |   |   |   | 2,647  |   |   |   | 239    |   |   |   | 846    |   |   |   | 2,886  |   |   |   | 3,732  |   |   |   | 993 |   |   |   | 2001 |   |   |   | 2005 |   |
| Santan 10 Distribution Center II (f)             |   |   | 5,083  |   |   |   | 1,088  |   |   |   | -      |   |   |   | 4,929  |   |   |   | 1,088  |   |   |   | 4,929  |   |   |   | 6,017  |   |   |   | 873 |   |   |   | 2004 |   |   |   | 2007 |   |
| Metro Business Park                              |   |   | -      |   |   |   | 1,927  |   |   |   | 7,708  |   |   |   | 5,134  |   |   |   | 1,927  |   |   |   | 12,842 |   |   |   | 14,769 |   |   |   | 6,162 |   |   |   | 1996 |   |   |   | 1977/79 |   |
| 35th Avenue Distribution Center (j)              |   |   | 1,834  |   |   |   | 418    |   |   |   | 2,381  |   |   |   | 350    |   |   |   | 418    |   |   |   | 2,731  |   |   |   | 3,149  |   |   |   | 1,005 |   |   |   | 1997 |   |   |   | 1967 |   |
| Estrella Distribution Center                     |   |   | -      |   |   |   | 628    |   |   |   | 4,694  |   |   |   | 1,040  |   |   |   | 628    |   |   |   | 5,734  |   |   |   | 6,362  |   |   |   | 1,940 |   |   |   | 1998 |   |   |   | 1988 |   |
| 51st Avenue Distribution Center (i)              |   |   | 1,772  |   |   |   | 300    |   |   |   | 2,029  |   |   |   | 743    |   |   |   | 300    |   |   |   | 2,772  |   |   |   | 3,072  |   |   |   | 1,121 |   |   |   | 1998 |   |   |   | 1987 |   |
| East University Distribution Center I and II (f) |   |   | 5,167  |   |   |   | 1,120  |   |   |   | 4,482  |   |   |   | 515    |   |   |   | 1,120  |   |   |   | 4,997  |   |   |   | 6,117  |   |   |   | 2,288 |   |   |   | 1998 |   |   |   | 1987/89 |   |
| East University Distribution Center III          |   |   | -      |   |   |   | 444    |   |   |   | 698    |   |   |   | 18     |   |   |   | 444    |   |   |   | 716    |   |   |   | 1,160  |   |   |   | 19 |   |   |   | 2010 |   |   |   | 1981 |   |
| 55th Avenue Distribution Center (f)              |   |   | 4,515  |   |   |   | 912    |   |   |   | 3,717  |   |   |   | 717    |   |   |   | 917    |   |   |   | 4,429  |   |   |   | 5,346  |   |   |   | 1,975 |   |   |   | 1998 |   |   |   | 1987 |   |
| Interstate Commons Dist Ctr I                    |   |   | -      |   |   |   | 798    |   |   |   | 3,632  |   |   |   | 820    |   |   |   | 798    |   |   |   | 4,452  |   |   |   | 5,250  |   |   |   | 1,775 |   |   |   | 1999 |   |   |   | 1988 |   |
| Interstate Commons Dist Ctr II                   |   |   | -      |   |   |   | 320    |   |   |   | 2,448  |   |   |   | 344    |   |   |   | 320    |   |   |   | 2,792  |   |   |   | 3,112  |   |   |   | 981 |   |   |   | 1999 |   |   |   | 2000 |   |
| Interstate Commons Dist Ctr III                  |   |   | -      |   |   |   | 242    |   |   |   | -      |   |   |   | 2,882  |   |   |   | 242    |   |   |   | 2,882  |   |   |   | 3,124  |   |   |   | 339 |   |   |   | 2000 |   |   |   | 2008 |   |
| Airport Commons                                  |   |   | -      |   |   |   | 1,000  |   |   |   | 1,510  |   |   |   | 774    |   |   |   | 1,000  |   |   |   | 2,284  |   |   |   | 3,284  |   |   |   | 747 |   |   |   | 2003 |   |   |   | 1971 |   |
| 40th Avenue Distribution Center (q)              |   |   | 5,624  |   |   |   | 703    |   |   |   | -      |   |   |   | 6,028  |   |   |   | 703    |   |   |   | 6,028  |   |   |   | 6,731  |   |   |   | 510 |   |   |   | 2004 |   |   |   | 2008 |   |
| Sky Harbor Business Park                         |   |   | -      |   |   |   | 5,839  |   |   |   | -      |   |   |   | 19,956 |   |   |   | 5,839  |   |   |   | 19,956 |   |   |   | 25,795 |   |   |   | 1,011 |   |   |   | 2006 |   |   |   | 2008 |   |
| Tucson                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Country Club I (l)                               |   |   | 5,730  |   |   |   | 506    |   |   |   | 3,564  |   |   |   | 1,849  |   |   |   | 693    |   |   |   | 5,226  |   |   |   | 5,919  |   |   |   | 1,568 |   |   |   | 1997/2003 |   |   |   | 1994/2003 |   |
| Country Club II                                  |   |   | -      |   |   |   | 442    |   |   |   | 3,381  |   |   |   | 36     |   |   |   | 442    |   |   |   | 3,417  |   |   |   | 3,859  |   |   |   | 465 |   |   |   | 2007 |   |   |   | 2000 |   |
| Country Club III & IV                        |   |   | -      |   |   |   | 1,407  |   |   |   | -      |   |   |   | 10,522 |   |   |   | 1,575  |   |   |   | 10,354 |   |   |   | 11,929 |   |   |   | 425 |   |   |   | 2007 |   |   |   | 2009 |   |
| Airport Distribution Center (i)                  |   |   | 4,233  |   |   |   | 1,103  |   |   |   | 4,672  |   |   |   | 1,564  |   |   |   | 1,103  |   |   |   | 6,236  |   |   |   | 7,339  |   |   |   | 2,603 |   |   |   | 1998 |   |   |   | 1995 |   |
| Southpointe Distribution Center (i)              |   |   | 3,998  |   |   |   | -      |   |   |   | 3,982  |   |   |   | 2,950  |   |   |   | -      |   |   |   | 6,932  |   |   |   | 6,932  |   |   |   | 2,740 |   |   |   | 1999 |   |   |   | 1989 |   |
| Benan Distribution Center                        |   |   | -      |   |   |   | 707    |   |   |   | 1,842  |   |   |   | 567    |   |   |   | 707    |   |   |   | 2,409  |   |   |   | 3,116  |   |   |   | 879 |   |   |   | 2005 |   |   |   | 2001 |   |
| NORTH CAROLINA                                   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Charlotte                                        |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| NorthPark Business Park (f)                      |   |   | 16,865 |   |   |   | 2,758  |   |   |   | 15,932 |   |   |   | 1,276  |   |   |   | 2,758  |   |   |   | 17,208 |   |   |   | 19,966 |   |   |   | 3,901 |   |   |   | 2006 |   |   |   | 1987-89 |   |
| Lindbergh Business Park                          |   |   | -      |   |   |   | 470    |   |   |   | 3,401  |   |   |   | 244    |   |   |   | 470    |   |   |   | 3,645  |   |   |   | 4,115  |   |   |   | 737 |   |   |   | 2007 |   |   |   | 2001/03 |   |
| Commerce Park I (o)                              |   |   | 4,338  |   |   |   | 765    |   |   |   | 4,303  |   |   |   | 603    |   |   |   | 765    |   |   |   | 4,906  |   |   |   | 5,671  |   |   |   | 846 |   |   |   | 2007 |   |   |   | 1983 |   |
| Commerce Park II                                 |   |   | -      |   |   |   | 335    |   |   |   | 1,603  |   |   |   | 93     |   |   |   | 335    |   |   |   | 1,696  |   |   |   | 2,031  |   |   |   | 96 |   |   |   | 2010 |   |   |   | 1987 |   |
| Commerce Park III                                |   |   | -      |   |   |   | 558    |   |   |   | 2,225  |   |   |   | 95     |   |   |   | 558    |   |   |   | 2,320  |   |   |   | 2,878  |   |   |   | 153 |   |   |   | 2010 |   |   |   | 1981 |   |
| Nations Ford Business Park (o)                   |   |   | 16,251 |   |   |   | 3,924  |   |   |   | 16,171 |   |   |   | 1,147  |   |   |   | 3,924  |   |   |   | 17,318 |   |   |   | 21,242 |   |   |   | 4,133 |   |   |   | 2007 |   |   |   | 1989/94 |   |

----

| Airport Commerce Center (p)                    |   |   | 9,097   |   |   |   | 1,454   |   |   |   | 10,136  |   |   |   | 650     |   |   |   | 1,454   |   |   |   | 10,786    |   |   |   | 12,240    |   |   |   | 1,240   |   |   |          | 2008    |   |   |   | 2001/02 |   |
|------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|---------|--------|--------|---------------|---------|--------|--------|--------|---------|--------|
| Interchange Park (p)                           |   |   | 6,697   |   |   |   | 986     |   |   |   | 7,949   |   |   |   | 71      |   |   |   | 986     |   |   |   | 8,020     |   |   |   | 9,006     |   |   |   | 924     |   |   |          | 2008    |   |   |   | 1989    |   |
| Ridge Creek Distribution Center (p)            |   |   | 10,995  |   |   |   | 1,284   |   |   |   | 13,163  |   |   |   | 371     |   |   |   | 1,284   |   |   |   | 13,534    |   |   |   | 14,818    |   |   |   | 1,246   |   |   |          | 2008    |   |   |   | 2006    |   |
| Waterford Distribution Center (p)              |   |   | 3,014   |   |   |   | 654     |   |   |   | 3,392   |   |   |   | 12      |   |   |   | 654     |   |   |   | 3,404     |   |   |   | 4,058     |   |   |   | 275     |   |   |          | 2008    |   |   |   | 2000    |   |
| LOUISIANA                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| New Orleans                                    |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| Elmwood Business Park                          |   |   | -       |   |   |   | 2,861   |   |   |   | 6,337   |   |   |   | 3,082   |   |   |   | 2,861   |   |   |   | 9,419     |   |   |   | 12,280    |   |   |   | 5,450   |   |   |          | 1997    |   |   |   | 1979    |   |
| Riverbend Business Park                        |   |   | -       |   |   |   | 2,592   |   |   |   | 17,623  |   |   |   | 2,604   |   |   |   | 2,592   |   |   |   | 20,227    |   |   |   | 22,819    |   |   |   | 8,977   |   |   |          | 1997    |   |   |   | 1984    |   |
| COLORADO                                       |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| Denver                                         |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| Rampart Distribution Center I (n)              |   |   | 5,189   |   |   |   | 1,023   |   |   |   | 3,861   |   |   |   | 1,359   |   |   |   | 1,023   |   |   |   | 5,220     |   |   |   | 6,243     |   |   |   | 2,878   |   |   |          | 1988    |   |   |   | 1987    |   |
| Rampart Distribution Center II (n)             |   |   | 3,411   |   |   |   | 230     |   |   |   | 2,977   |   |   |   | 897     |   |   |   | 230     |   |   |   | 3,874     |   |   |   | 4,104     |   |   |   | 2,185   |   |   |          | 1996/97 |   |   |   | 1996/97 |   |
| Rampart Distribution Center III (n)            |   |   | 5,235   |   |   |   | 1,098   |   |   |   | 3,884   |   |   |   | 1,316   |   |   |   | 1,098   |   |   |   | 5,200     |   |   |   | 6,298     |   |   |   | 2,107   |   |   |          | 1997/98 |   |   |   | 1999    |   |
| Concord Distribution Center                    |   |   | -       |   |   |   | 1,051   |   |   |   | 4,773   |   |   |   | 373     |   |   |   | 1,051   |   |   |   | 5,146     |   |   |   | 6,197     |   |   |   | 875     |   |   |          | 2007    |   |   |   | 2000    |   |
| Centennial Park (q)                            |   |   | 4,810   |   |   |   | 750     |   |   |   | 3,319   |   |   |   | 1,697   |   |   |   | 750     |   |   |   | 5,016     |   |   |   | 5,766     |   |   |   | 522     |   |   |          | 2007    |   |   |   | 1990    |   |
| NEVADA                                         |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| Las Vegas                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| Arville Distribution Center                    |   |   | -       |   |   |   | 4,933   |   |   |   | 5,094   |   |   |   | 102     |   |   |   | 4,933   |   |   |   | 5,196     |   |   |   | 10,129    |   |   |   | 643     |   |   |          | 2009    |   |   |   | 1997    |   |
| MISSISSIPPI                                    |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| Interchange Business Park (i)                  |   |   | 4,235   |   |   |   | 343     |   |   |   | 5,007   |   |   |   | 1,993   |   |   |   | 343     |   |   |   | 7,000     |   |   |   | 7,343     |   |   |   | 3,428   |   |   |          | 1997    |   |   |   | 1981    |   |
| Tower Automotive                               |   |   | -       |   |   |   | -       |   |   |   | 9,958   |   |   |   | 1,190   |   |   |   | 17      |   |   |   | 11,131    |   |   |   | 11,148    |   |   |   | 2,865   |   |   |          | 2001    |   |   |   | 2002    |   |
| Metro Airport Commerce Center I                |   |   | -       |   |   |   | 303     |   |   |   | 1,479   |   |   |   | 955     |   |   |   | 303     |   |   |   | 2,434     |   |   |   | 2,737     |   |   |   | 1,022   |   |   |          | 2001    |   |   |   | 2003    |   |
| TENNESSEE                                      |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| Memphis                                        |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| Air Park Distribution Center I                 |   |   | -       |   |   |   | 250     |   |   |   | 1,916   |   |   |   | 840     |   |   |   | 250     |   |   |   | 2,756     |   |   |   | 3,006     |   |   |   | 1,109   |   |   |          | 1998    |   |   |   | 1975    |   |
| OKLAHOMA                                       |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| Oklahoma City                                  |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| Northpointe Commerce Center                    |   |   | -       |   |   |   | 777     |   |   |   | 3,113   |   |   |   | 734     |   |   |   | 998     |   |   |   | 3,626     |   |   |   | 4,624     |   |   |   | 1,370   |   |   |          | 1998    |   |   |   | 1996/97 |   |
| Tulsa                                          |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| Braniff Park West                              |   |   | -       |   |   |   | 1,066   |   |   |   | 4,641   |   |   |   | 2,897   |   |   |   | 1,066   |   |   |   | 7,538     |   |   |   | 8,604     |   |   |   | 3,747   |   |   |          | 1996    |   |   |   | 1974    |   |
|                                           |   |   | 641,834 |   |   |   | 219,323 |   |   |   | 770,378 |   |   |   | 457,754 |   |   |   | 221,523 |   |   |   | 1,225,932 |   |   |   | 1,447,455 |   |   |   | 403,187 |   |   |          |    |   |   |   |    |   |
| Industrial Development (d):                    |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| FLORIDA                                        |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| Oak Creek land                                 |   |   | -       |   |   |   | 1,946   |   |   |   | -       |   |   |   | 2,254   |   |   |   | 2,374   |   |   |   | 1,826     |   |   |   | 4,200     |   |   |   | -       |   |   |          | 2005    |   |   |   | n/a     |   |
| Southridge land                                |   |   | -       |   |   |   | 1,395   |   |   |   | -       |   |   |   | 4,225   |   |   |   | 1,395   |   |   |   | 4,225     |   |   |   | 5,620     |   |   |   | -       |   |   |          | 2003    |   |   |   | n/a     |   |
| Sand Lake land                                 |   |   | -       |   |   |   | 14,072  |   |   |   | -       |   |   |   | 3,340   |   |   |   | 14,036  |   |   |   | 3,376     |   |   |   | 17,412    |   |   |   | -       |   |   |          | 2008/09 |   |   |   | n/a     |   |
| SunCoast land                                  |   |   | -       |   |   |   | 10,926  |   |   |   | -       |   |   |   | 5,628   |   |   |   | 11,106  |   |   |   | 5,448     |   |   |   | 16,554    |   |   |   | -       |   |   |          | 2006    |   |   |   | n/a     |   |
| TEXAS                                          |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| North Stemmons land (i)                        |   |   | 405     |   |   |   | 537     |   |   |   | -       |   |   |   | 165     |   |   |   | 537     |   |   |   | 165       |   |   |   | 702       |   |   |   | -       |   |   |          | 2001    |   |   |   | n/a     |   |
| World Houston Int'l Business Ctr 31            |   |   | -       |   |   |   | 684     |   |   |   | -       |   |   |   | 371     |   |   |   | 684     |   |   |   | 371       |   |   |   | 1,055     |   |   |   | -       |   |   |          | 2008    |   |   |   | n/a     |   |
| World Houston Int'l Business Ctr land          |   |   | -       |   |   |   | 2,952   |   |   |   | -       |   |   |   | 1,810   |   |   |   | 2,952   |   |   |   | 1,810     |   |   |   | 4,762     |   |   |   | -       |   |   | 2000/05/06/08 |    |   |   | n/a    |    |
| Beltway Crossing land                          |   |   | -       |   |   |   | 721     |   |   |   | -       |   |   |   | 525     |   |   |   | 721     |   |   |   | 525       |   |   |   | 1,246     |   |   |   | -       |   |   |          | 2005    |   |   |   | n/a     |   |
| Beltway Crossing Phase II land                 |   |   | -       |   |   |   | 1,841   |   |   |   | -       |   |   |   | 865     |   |   |   | 1,841   |   |   |   | 865       |   |   |   | 2,706     |   |   |   | -       |   |   |          | 2007    |   |   |   | n/a     |   |
| Lee Road land                                  |   |   | -       |   |   |   | 4,214   |   |   |   | -       |   |   |   | 2,470   |   |   |   | 5,249   |   |   |   | 1,435     |   |   |   | 6,684     |   |   |   | -       |   |   |          | 2007    |   |   |   | n/a     |   |
| Americas Ten Business Center II & III land |   |   | -       |   |   |   | 1,365   |   |   |   | -       |   |   |   | 1,079   |   |   |   | 1,365   |   |   |   | 1,079     |   |   |   | 2,444     |   |   |   | -       |   |   |          | 2001    |   |   |   | n/a     |   |
| Arion 8 expansion (n)                          |   |   | 1,169   |   |   |   | -       |   |   |   | -       |   |   |   | 1,407   |   |   |   | -       |   |   |   | 1,407     |   |   |   | 1,407     |   |   |   | -       |   |   |          | 2005    |   |   |   | n/a     |   |
| Alamo Ridge land                               |   |   | -       |   |   |   | 2,288   |   |   |   | -       |   |   |   | 1,398   |   |   |   | 2,288   |   |   |   | 1,398     |   |   |   | 3,686     |   |   |   | -       |   |   |          | 2007    |   |   |   | n/a     |   |
| Thousand Oaks land                             |   |   | -       |   |   |   | 2,173   |   |   |   | -       |   |   |   | 773     |   |   |   | 2,173   |   |   |   | 773       |   |   |   | 2,946     |   |   |   | -       |   |   |          | 2008    |   |   |   | n/a     |   |
| ARIZONA                                        |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |    |   |   |          |    |   |   |   |    |   |
| Airport Distribution Center II land            |   |   | -       |   |   |   | 300     |   |   |   | -       |   |   |   | 117     |   |   |   | 300     |   |   |   | 117       |   |   |   | 417       |   |   |   | -       |   |   |          | 2000    |   |   |   | n/a     |   |

----

| NORTH CAROLINA                                                                                             |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |
|------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|--------|
| Airport Commerce Center III land                                                                           |   |   | -       |   |   |   | 855     |   |   |   | -       |   |   |   | 320     |   |   |   | 855     |   |   |   | 320       |   |   |   | 1,175     |   |   |   | - |   |   |   | 2008 |   |   |   | n/a |   |
| MISSISSIPPI                                                                                                |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Metro Airport Commerce Center II land                                                                      |   |   | -       |   |   |   | 307     |   |   |   | -       |   |   |   | 399     |   |   |   | 307     |   |   |   | 399       |   |   |   | 706       |   |   |   | - |   |   |   | 2001 |   |   |   | n/a |   |
|                                                                                                       |   |   | 1,574   |   |   |   | 46,576  |   |   |   | -       |   |   |   | 27,146  |   |   |   | 48,183  |   |   |   | 25,539    |   |   |   | 73,722    |   |   |   | - |   |   |   |   |   |   |   |   |   |
|                                                                                                       |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Letter of credit collateralizing mortgage (h)                                                              |   |   | 1,016   |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                       |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|   Total real estate owned (a)(b)                                                                 |   | $      | 644,424 |   |   |   | 265,899 |   |   |   | 770,378 |   |   |   | 484,900 |   |   |   | 269,706 |   |   |   | 1,251,471 |   |   |   | 1,521,177 |   |   |   | 403,187 |   |   |   |   |   |   |   |   |   |
|                                                                                                       |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |   |      |   |   |   |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                       |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |
|                                                                                                       |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |
| See accompanying Report of Independent Registered Public Accounting Firm on Financial Statement Schedules. |   |   |    |   |   |   |    |   |   |   |    |   |   |   |    |   |   |

----

|   | Years Ended December 31, |   |
|--------|--------------------------|--------|
|   | 2010                     | 2009   | 2008 |   |

|                                      |   |   |      |   |   |   |      |   |   |
|-------------------------------------------|--------|--------|-----------|--------|--------|--------|-----------|--------|--------|
| Balance at beginning of year         |   | $      | 1,468,182 |   |   |   | 1,402,636 |   |   |   | 1,267,929 |   |
| Purchase of real estate properties   |   |   | 19,897    |   |   |   | 15,957    |   |   |   | 44,030 |   |
| Development of real estate properties     |   |   | 9,145     |   |   |   | 35,057    |   |   |   | 85,441 |   |
| Improvements to real estate properties    |   |   | 23,953    |   |   |   | 16,212    |   |   |   | 15,210 |   |
| Carrying amount of investments sold  |   |   | –   |   |   |   | (1,680    | )      |   |   | (10,385 | ) |
| Write-off of improvements            |   |   | –   |   |   |   | –   |   |   |   | 411 |   |
| Balance at end of year (1)           |   | $      | 1,521,177 |   |   |   | 1,468,182 |   |   |   | 1,402,636 |   |

| (1)   | Includes 20% noncontrolling interests in Castilian Research Center of $1,793,000 at December 31, 2010 and $1,791,000 at December 31, 2009 and in University Business Center of $6,342,000 and $6,302,000, respectively. |
|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Years Ended December 31, |   |
|--------|--------------------------|--------|
|   | 2010                     | 2009   | 2008 |   |

|                                          |   |   |    |   |   |   |    |   |   |
|-----------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|
| Balance at beginning of year             |   | $      | 354,745 |   |   |   | 310,351 |   |   |   | 269,132 |   |
| Depreciation expense                     |   |   | 48,442  |   |   |   | 45,195  |   |   |   | 42,166 |   |
| Accumulated depreciation on assets sold  |   |   | – |   |   |   | (801    | )      |   |   | (1,358 | ) |
| Other                                    |   |   | – |   |   |   | – |   |   |   | 411 |   |
| Balance at end of year                   |   | $      | 403,187 |   |   |   | 354,745 |   |   |   | 310,351 |   |

----

----

|                                                                                                  |   | Number of Loans |   |   | InterestRate |   |   | Maturity Date |      | PeriodicPayment Terms |
|-------------------------------------------------------------------------------------------------------|--------|-----------------|--------|--------|--------------|--------|--------|---------------|-----------|-----------------------|
|   First mortgage loan:                                                                           |   |            |   |   |         |   |   |          |      |                  |
|    United Stationers Tampa Building,        Florida |   |            | 1      |   |         |   | 6.0    | %             | (a)  |                  | 08/2013 |   | Interest accrued and due monthly (beginning 01/01/09); balloon payment of $4,150,000 due at maturity |
| Second mortgage loan:                                                                                 |   |            |   |   |         |   |   |          |      |                  |   |   |   |
|    Madisonville land, Kentucky                                                         |   |            | 1      |   |         |   | 7.0    | %             |      |                  | 01/2012 |   | Principal and interest due monthly |
| Total mortgage loans (b)                                                                              |   |            | 2      |   |         |   |   |          |      |                  |   |   |   |

|                                                                                                       |   | Face Amountof MortgagesDec. 31, 2010 |   |   | CarryingAmount ofMortgages |   |   |          | PrincipalAmount of LoansSubject to DelinquentPrincipal or Interest (c) |   |
|------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|--------|--------|----------------------------|--------|--------|---------------|------------------------------------------------------------------------|--------|
|                                                                                                       |   | (In thousands)                       |   |
| First mortgage loan:                                                                                       |   |                                 |   |   |                       |   |   |          |                                                                   |   |
|    United Stationers Tampa Building,        Florida |   | $                                    | 4,150  |   |                       |   | 4,094  |          |                                                                   |   |   | – |   |
| Second mortgage loan:                                                                                      |   |                                 |   |   |                       |   |   |          |                                                                   |   |   |   |   |
|    Madisonville land, Kentucky                                                              |   |                                 | 37     |   |                       |   | 37     |          |                                                                   |   |   | – |   |
| Total mortgage loans                                                                                       |   | $                                    | 4,187  |   |                       |   | 4,131  |   (d)(e) |                                                                   |   |   | – |   |

| (a)   | This mortgage loan has a stated interest rate of 6.0% and an effective interest rate of 6.5%.  A discount on mortgage loan receivable of $198,000 was recognized at the inception of the loan and is shown in the table in footnote (d) below. |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b)   | Reference is made to allowance for possible losses on mortgage loans receivable in the Notes to Consolidated Financial Statements. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------|

| (c)   | Interest in arrears for three months or less is disregarded in computing principal amount of loans subject to delinquent interest. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------|

| (d)  | Changes in mortgage loans follow: |
|-----------|-----------------------------------|

|                                                 |   | Years Ended December 31, |    |
|------------------------------------------------------|--------|--------------------------|---------|
|                                                 |   | 2010                     |    |   | 2009 |   |   | 2008 |   |
|                                                 |   | (In thousands)           |    |
|                                                 |   |                     |    |   |   |   |   |   |   |
| Balance at beginning of year                         |   | $                        | 4,155   |   |   |   | 4,174 |   |   |   | 132 |   |
| Advances on mortgage loans receivable                |   |                     | – |   |   |   | – |   |   |   | 4,994 |   |
| Payments on mortgage loans receivable                |   |                     | (37     | ) |   |   | (31 | ) |   |   | (871 | ) |
| Discount on mortgage loan receivable            |   |                     | – |   |   |   | – |   |   |   | (198 | ) |
| Amortization of discount on mortgage loan receivable |   |                     | 13      |   |   |   | 12 |   |   |   | 117 |   |
| Balance at end of year                               |   | $                        | 4,131   |   |   |   | 4,155 |   |   |   | 4,174 |   |

----

|   | EASTGROUP PROPERTIES, INC.                                            |
|--------|-----------------------------------------------------------------------|
|   |                                                                  |
|   | By: /s/ DAVID H. HOSTER II                                       |
|   | David H. Hoster II, Chief Executive Officer, President & Director |
|   | February 25, 2011                                                     |

| *                                 |   | *                                |   |
|----------------------------------------|--------|---------------------------------------|--------|
| D. Pike Aloian, Director               |   | H. C. Bailey, Jr., Director           |   |
| February 25, 2011                      |   | February 25, 2011                     |   |
|                                   |   |                                  |   |
| *                                 |   | *                                |   |
| Hayden C. Eaves III, Director          |   | Fredric H. Gould, Director            |   |
| February 25, 2011                      |   | February 25, 2011                     |   |
|                                   |   |                                  |   |
| *                                 |   | *                                |   |
| Mary Elizabeth McCormick, Director     |   | David M. Osnos, Director              |   |
| February 25, 2011                      |   | February 25, 2011                     |   |
|                                   |   |                                  |   |
| *                                 |   | /s/ N. KEITH MCKEY               |   |
| Leland R. Speed, Chairman of the Board |   | * By N. Keith McKey, Attorney-in-fact |   |
| (Principal Executive Officer)          |   | February 25, 2011                     |   |
| February 25, 2011                      |   |                                  |   |

| /s/ BRUCE CORKERN                            |   |   |   |
|---------------------------------------------------|--------|--------|--------|
| Bruce Corkern, Sr. Vice-President, Controller and |   |   |   |
| Chief Accounting Officer                          |   |   |   |
| (Principal Accounting Officer)                    |   |   |   |
| February 25, 2011                                 |   |   |   |
|                                              |   |   |   |
| /s/ N. KEITH MCKEY                           |   |   |   |
| N. Keith McKey, Executive Vice-President,         |   |   |   |
| Chief Financial Officer, Treasurer and Secretary  |   |   |   |
| (Principal Financial Officer)                     |   |   |   |
| February 25, 2011                                 |   |   |   |

----

----