The company executed leases for approximately 1.4 million sfduring the quarter, which included 96 new leases and 177 renewals.Base rent rates for new leases jumped 28.4%, while rates onrenewals rose 11.3%. This took the average annualized base rent peroccupied sf in the DDR portfolio to $11.50 per sf as of March 31this year, versus an average of $11.27 per sf at the same time ayear ago.

By the end of this year's opening quarter, the portfolio,including properties owned through JVs, was 96.1% leased. Thisincludes tenants that have signed leases but have not yet takenoccupancy. Based on tenants in place and paying rent as of March31, the portfolio was 95.2% occupied.

Two expansions and redevelopments were completed during thequarter at an aggregate cost of $6.1 million, and the pace ofexpansion, redevelopment and new construction quickens throughoutthe year. According to DDR's first-quarter financial report, thecompany is currently expanding and redeveloping eight centers at aprojected cost of approximately $40.5 million.