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JAECKLE FLEISCHMANN & MUGEL, LLP
ATTORNEYS AT LAW
FLEET BANK BUILDING TWELVE FOUNTAIN PLAZA BUFFALO, NEW YORK 14202-2292
TEL (716) 856-0600 FAX (716) 856-0432
EXHIBIT 5
December 11, 2000
EastGroup Properties, Inc.
300 One Jackson Place
188 East Capitol Street
Jackson, Mississippi 39201
Ladies and Gentlemen:
Re: Registration Statement on Form S-8 on Form S-3 under the
Securities Act of 1933, covering the registration of 150,000
shares of common stock issued or reserved for issuance under
EastGroup Properties, Inc. 2000 Directors Stock Option Plan
(the "Plan")
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As your counsel we have examined the above-referenced
Registration Statement and we are familiar with the documents referred to
therein, as well as your Charter, as amended, Bylaws, as amended, and other
relevant documents, and we have made such investigation with respect to your
corporate affairs as we deemed necessary in order for us to render the opinion
herein set forth.
We have examined the proceedings heretofore taken and we are
informed as to the procedures proposed to be followed by EastGroup Properties,
Inc. in connection with the authorization, issuance and sale of the above
described shares of common stock (the "Common Stock"). In our opinion the Common
Stock issued or to be issued by EastGroup Properties, Inc. under and in
accordance with the Plan will be, when issued and paid for pursuant to the Plan
and the Registration Statement and the exhibits thereto, legally issued, fully
paid and nonassessable.
We consent to the filing of this opinion letter as an exhibit
to the Registration Statement and reference to us under the heading "Legal
Matters" in the Prospectus that is a part of the Registration Statement.
Very truly yours,
JAECKLE FLEISCHMANN & MUGEL, LLP
Buffalo, New York - Rochester, New York
