Development has already begun at two large projects inTrexlertown and Harrisburg, PA among others, and their progress is"moving along very effectively," said Leo Ullman, president,chairman and CEO, during a third-quarter conference call. Heexpects the locally based REIT to begin to realize benefits frompipeline openings in late 2008, extending into 2009 and beyond.

By Sept. 30, the company had completed or nearly completed itsacquisitions for the year at a total cost of $290 million,including land to expand on next to the trusts' Brickyard Plazashopping center in Berlin, CT. The firm increased its penetrationin the southern New England and Mid-Atlantic coastal markets.Stabilized properties were 96% leased at the end of thirdquarter.

In respect to both "the currently challenging real estate andcredit markets" and "constraints on consumer spending anddisposable income," Ullman said, "we're well positioned to ride outthe storm. We're bread and butter properties," he said, "which haveproven historically to survive challenging economic cycles."