EX-12.1

Exhibit 12.1

EastGroup Properties, Inc.
Ratio of earnings to combined fixed charges and preferred stock dividends (dollars in thousands)


	Three Months
	Ended			Years Ended December 31,
	March 31, 2009			2008			2007			2006			2005			2004

Income from continuing operations	$	7,841			32,606			29,095			22,922			19,007			20,505
Equity in earnings of unconsolidated investment		(81	)		(316	)		(285	)		(287	)		(450	)		(69	)

Income from continuing operations before adjustments		7,760			32,290			28,810			22,635			18,557			20,436
Fixed charges (from below)		9,289			38,980			36,525			32,368			29,259			25,075
Distributed income of equity investee		60			280			250			310			430			—
Capitalized interest		(1,651	)		(6,946	)		(6,086	)		(4,336	)		(2,485	)		(1,715	)
Preferred stock dividends		—			(1,326	)		(2,624	)		(2,624	)		(2,624	)		(2,624	)


Earnings	$	15,458			63,278			56,875			48,353			43,137			41,172


Interest expense	$	7,501			30,192			27,314			24,616			23,444			20,349
Capitalized interest		1,651			6,946			6,086			4,336			2,485			1,715
Amortization of mortgage premiums		30			120			117			403			333			24
Interest component of rental expense		107			396			384			389			373			363
Preferred stock dividends		—			1,326			2,624			2,624			2,624			2,624


Combined fixed charges and preferred stock dividends	$	9,289			38,980			36,525			32,368			29,259			25,075


Ratio of earnings to combined fixed charges and preferred stock dividends		1.66			1.62			1.56			1.49			1.47			1.64