Additionally, revenues increased, moving up from $40 millionduring Q1 2008 to $43.3 million in the quarter just ended. NOI wasalso slightly up at $30 million from last year's $29 million. Butwith the customer retention rate at 67%, same property netoperating income declined 2.6%.

President and CEO David H. Hoster II said no new developmentswere launched during the previous quarter, nor were any likely tobegin this year. He did indicate, however, that EastGroup has a140,000-square-foot property under contract in Las Vegas, NV, whichis scheduled for a May 2009 closing.

"That will be a new market for us, one in which we've beeninterested for a long while, but haven't been able to afford," hesaid. Also, he hinted, the Las Vegas acquisition could be the startof a few more. "With no new developments, acquisitions or sales,and a strong balance sheet, we expect to be able to take advantageof acquisition opportunities over the next 12-18 months," hecommented.

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