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We consider a receive antenna selection multiple-input-multiple-output (MIMO) system, where only one out of N r receive antennas is selected. Spatial channel correlation will be considered at the receiver side only. Our goal is to investigate the capacity performance of this system. In particular, we will derive a closed-form expression for the outage probability and an upper bound for the ergodic (average) capacity. These quantities will be expressed using an infinite series representation. To do so, we will first derive the joint cumulative distribution function and the joint probability density function of the squared row norms of the channel matrix. This is enabled by taking advantage of the statistical properties of multivariate chi-squared random variables. Using the outage expression derived, we demonstrate that the considered antenna selection system achieves a full diversity order that is similar to a MIMO system without antenna selection. Next, we derive the probability density function of the maximum of the squared row norms of the channel matrix and its moments, which is straightly related to the system ergodic capacity. We also analyze the error rate performance of the aforementioned receive antenna selection MIMO system while using orthogonal space-time block codes (OSTBCs) at the transmitter. Our simulation results are shown to validate our analytical findings.