Therefore, the Company will not realize the fullbenefit of these new leases until the end of the year. As of March 31, 2009, financial occupancy for the Company`s same store portfoliowas 92.5 percent, compared to 93.2 percent as of December 31, 2008, and 94.3percent as of March 31, 2008. Same store net operating income (excluding the impact of straight-line andintangible lease rent) for the quarter was $29.4 million, a decrease of 3.0percent compared to $30.3 million in the first quarter of 2008. The decline insame store net operating income was primarily due to decreased rental and tenantrecovery income related to certain big-box tenant bankruptcies, partially offsetby an increase in other property income including lease termination fees.
TheCompany has had success in re-tenanting certain vacancies, including four offive vacancies created by the Wickes Furniture bankruptcy; however certain ofthese new tenants will not start paying rent or reimbursing operating expensesuntil the second half of 2009. A total of 122 of the Company`s investmentproperties satisfied this criterion during these periods and are referred to as"same store" properties. Revenues decreased due to lower rental and tenant recovery income relatedto certain big-box tenant bankruptcies, as well as a decrease in rental incomefrom properties acquired through the joint venture with Inland Real EstateExchange Corporation (IREX) that were subsequently sold to 1031 exchangeinvestors. Rental income from properties acquired through the IREX joint ventureis recorded as consolidated income until those properties become unconsolidatedwith the first sales of interests to 1031 exchange investors.
The Company evaluates its overall portfolio by analyzing the operatingperformance of properties that have been owned and operated for the samethree-month period during each year. In addition, we reported solid leaseexecution and positive leasing spreads that demonstrate the relative resiliencyof our value and necessity-based platform within a tough marketplace." Portfolio PerformanceFor the quarter, the Company generated total revenues of $46.9 million, adecrease of 4.9 percent from $49.4 million recorded in the first quarter of2008. "Utilizing both time-tested andresourceful leasing strategies, we have made progress toward mitigating theeconomic impact of certain tenant bankruptcies and expect to see the benefit ofour efforts in the second half of the year. Reconciliations of FFO to net income and FFO per share to net income per shareare provided at the end of this press release.