UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): May 18, 2009
EASTGROUP PROPERTIES, INC.
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(Exact Name of Registrant as Specified in its Charter)
Maryland 1-07094 13-2711135
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(State or Other Jurisdiction (Commission File Number) (IRS Employer
of Incorporation) Identification No.)
190 East Capitol Street, Suite 400, Jackson, MS 39201
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(Address of Principal Executive Offices, including zip code)
(601) 354-3555
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Page 1 of 3 Pages
Item 8.01 Other Events
The Company expects to file an automatic shelf registration statement on
Form S-3 to register securities during May 2009. In connection with the expected
filing, the Company is filing on this Form 8-K revisions to certain items
included in its Annual Report on Form 10-K for the year ended December 31, 2008
(the "2008 Annual Report on Form 10-K"). The consolidated financial statements
and notes to consolidated financial statements have been revised to reflect the
Company's January 1, 2009, adoption of Financial Accounting Standards Board
(FASB) Statement of Financial Accounting Standards (SFAS) No. 160,
Noncontrolling Interests in Consolidated Financial Statements, which is an
amendment of Accounting Research Bulletin No. 51. SFAS No. 160 provides guidance
for entities that prepare consolidated financial statements that have an
outstanding noncontrolling interest in one or more subsidiaries or that
deconsolidate a subsidiary and contains disclosure provisions which are required
to be applied retrospectively. SFAS No. 160 was effective for fiscal years, and
interim periods within those fiscal years, beginning on or after December 15,
2008. The adoption of Statement 160 in 2009 had an immaterial impact on the
Company's overall financial position and results of operations.
The purpose of this Current Report on Form 8-K is to set forth audited
consolidated financial statements and notes to consolidated financial statements
of EastGroup Properties, Inc. for the years ended December 31, 2008, 2007 and
2006, which reflect the impact of the adoption of SFAS No. 160.
Management does not believe that the reclassifications in accordance with
SFAS No. 160 have a material effect on the Company's selected consolidated
financial data or management's discussion and analysis of financial condition
and results of operations for the years ended December 31, 2008, 2007 and 2006
as previously reported in the Company's 2008 Annual Report on Form 10-K. The
Company is not revising management's discussion and analysis included in our
2008 Annual Report on Form 10-K given the insignificance of the reclassified
amounts.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
23 Consent of KPMG LLP
99.1 Report of Independent Registered Public Accounting Firm
99.2 Consolidated Financial Statements and Notes to Consolidated Financial
Statements - Years Ended December 31, 2008, 2007 and 2006
Page 2 of 3 Pages
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Date: May 18, 2009
EASTGROUP PROPERTIES, INC.
By:/s/ N. KEITH MCKEY
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N. Keith McKey
Executive Vice President, Chief Financial
Officer and Secretary
Page 3 of 3 Pages