<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>srz9425304v1.txt
<DESCRIPTION>4
<TEXT>
--------                                        -----------------------------
 FORM 4                                                  OMB APPROVAL
--------                                        -----------------------------
----- Check this box if no longer               OMB Number:       3235-0287
      subject to Section 16. Form 4             Expires: January 31, 2005
----- or Form 5 obligations may                 Estimated average burden
      continue. SEE Instruction 1(b).           hours per response .... 0.5
                                                -----------------------------

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

     Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
       Section 17(a) of the Public Utility Holding Company Act of 1935 or
               Section 30(f) of the Investment Company Act of 1940

(Print or Type Responses)

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1. Name and Address of Reporting Person*

   Five Arrows Realty Securities II L.L.C.
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   (Last)        (First)           (Middle)

   c/o Rothschild Realty Inc., 1251 Avenue of the Americas

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                   (Street)

   New York,          NY                  10020
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   (City)           (State)               (Zip)

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2. Issuer Name and Ticker or Trading Symbol

   Eastgroup Properties, Inc. (EGP)
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3. IRS or Social Security Number of Reporting Person (Voluntary)

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4. Statement for Month/Day/Year

   04/28/03
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5. If Amendment, Date of Original (Month/Day/Year)

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                                                                     Page 1 of 5



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6. Relationship of Reporting Person(s) to Issuer (Check all applicable)

   [ ] Director
   [X] 10% Owner
   [ ] Officer (give title below)
   [ ] Other (specify below)

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7. Individual or Joint/Group Filing (Check Applicable Line)

   [X] Form filed by One Reporting Person
   [ ] Form filed by More than One Reporting Person

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TABLE I--NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY
OWNED

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1. Title of 2. Trans- 2A. Deemed    3. Trans-   4. Securities Acquired
   Security    action     Execution    action      (A) or Disposed of (D)
   (Instr. 3)  Date       Date, if     Code        (Instr. 3, 4 and 5)
               (Month/    any (Month/  (Instr. 8)  ---------------------
               Day/       Day/         ----------  Amount  (A) or  Price
               Year)      Year)         Code   V             (D)


-----------------------------------------------------------------------------

-----------------------------------------------------------------------------
Eastgroup Properties, Inc.
Common Stock, $.0001
par value per share
("Common Stock")  04/28/03             C      227,280        A       (1)
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                                                                     Page 2 of 5


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5. Amount of                6. Ownership           7. Nature of
   Securities                  Form: Direct           Indirect
   Beneficially                (D) or Indirect        Beneficial
   Owned following             (I) (Instr. 4)         Ownership
   Reported
   (Instr. 4)
   Transactions
   (Instr. 3
   and 4)

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   227,280                       D
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, SEE Instruction
4(b)(v).


TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
           (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
----------------------------------------------------------------------------
1. Title of Derivative 2. Conver- 3. Transac- 4. Transac-   5. Number of
   Security (Instr. 3)    sion or    tion Date   tion Code     Derivative
                          Exercise   (Month/     (Instr. 8)    Securities
                          Price of    Day/     ------------    Acquired (A)
                          Deriv-      Year)      Code  V       or Disposed
                          ative                                of (D) (Instr.
                          Security                             3, 4, and 5)
                                                               -------------
                                                               (A) (D)
-----------------------------------------------------------------------------

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    Series B               (2)      04/28/03      C                200,000
    Cumulative Convertible
    Preferred Stock

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6. Date Exer-          7. Title and Amount    8. Price of
   cisable and            of Underlying          Derivative
   Expiration Date        Securities             Security
   (Month/Day/            (Instr. 3 and 4)       (Instr. 5)
   Year)                  -------------------
-----------------                 Amount or
Date     Expira-         Title    Number of
Exer-    tion                     Shares
cisable  Date
----------------------------------------------------------------------------

----------------------------------------------------------------------------
 (2)     N/A            Common Stock 227,280        N/A

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                                                                     Page 3 of 5


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9. Number of        10. Ownership        11. Nature of
   Derivative           Form of              Indirect
   Securities           Derivative           Beneficial
   Beneficially         Security:            Ownership
   Owned at             Direct (D) or        (Instr. 4)
   End of Month         Indirect (I)
   (Instr. 4)           (Instr. 4)
----------------------------------------------------------------------------

----------------------------------------------------------------------------
    2,600,000           D
----------------------------------------------------------------------------


Explanation of Responses

(1) Five Arrows Realty Securities II L.L.C. acquired 227,280 shares of Common
Stock upon conversion of 200,000 shares of Series B Cumulative Convertible
Preferred Stock on 04/28/03.

(2) Each share of Series B Cumulative  Convertible  Preferred  Stock is
convertible, at any time, into 1.1364 shares of Common Stock.



                                                                     Page 4 of 5



<PAGE>


* If the form is filed by more than one reporting person, SEE Instruction
4(b)(v).

**Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.  SEE 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this form, one of which must be manually signed.
If space is insufficient, SEE Instruction 6 for procedure.


                        FIVE ARROWS REALTY SECURITIES II L.L.C.


                        /s/ James Quigley 3rd                          04/29/03
                        --------------------------------               --------
                        Name: James Quigley 3rd                        Date
                        Title: Manager on behalf of
                        Five Arrows Realty Securities II L.L.C.

                        **Signature of Reporting Person

                                                                     Page 5 of 5


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