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JACKSON, Miss., Jan. 30 /PRNewswire-FirstCall/ -- EastGroup Properties, Inc. (NYSE: EGP) and Parkway Properties, Inc. (NYSE: PKY) announced today that Leland R. Speed, the Chairman of the Board of Directors of both companies, was presented the 2008 Industry Leadership Award by the National Association of Real Estate Investment Trusts(R) (NAREIT(R)). The Leadership Award was created in 1992 to honor a REIT executive who has made a significant and lasting contribution to the growth and betterment of the real estate industry and to the programs of the association. Mr. Speed is a pioneer in the REIT industry, beginning his career in 1978 when the industry was constituted primarily of mortgage REITs. "Leland built an enterprise through the acquisition of a series of mortgage REITs through the 1980s," explained NAREIT President and CEO Steven A. Wechsler. "In the 1990s, he was one of the first to see the potential for the publicly traded equity REIT." It was with that vision that Mr. Speed established EastGroup Properties, an industrial REIT, and Parkway Properties, an office REIT, as NYSE companies headquartered in Jackson, Mississippi. EastGroup and Parkway employ approximately 68 and 285 people, respectively, with combined assets in excess of $3.1 billion across the United States.

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EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California. Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 27.2 million square feet. EastGroup Properties, Inc. press releases are available at http://www.eastgroup.net.

Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the operation, leasing, acquisition, and ownership of office properties. The Company is geographically focused on the Southeastern and Southwestern United States and Chicago. Parkway owns or has an interest in 67 office properties located in 11 states with an aggregate of approximately 13.5 million square feet of leasable space as of January 30, 2009. Included in the portfolio are 21 properties totaling 3.8 million square feet that are owned jointly with other investors, representing 28% of the portfolio. Fee-based real estate services are offered through the Company's wholly owned subsidiary, Parkway Realty Services, which also manages and/or leases approximately 1.8 million square feet for third-party owners as of January 30, 2009. Parkway Properties, Inc.'s press releases and additional information about the Company are available on the World Wide Web at http://www.pky.com.

    CONTACT:  DAVID H. HOSTER II
                CHIEF EXECUTIVE OFFICER
                EASTGROUP PROPERTIES, INC.
                (601) 354-3555
              STEVEN G. ROGERS
                CHIEF EXECUTIVE OFFICER
                PARKWAY PROPERTIES, INC.
                (601) 948-4091