Net income of the Partnership was $1,552,000 or $0.17 per partnership unit ("Unit") (based on 9,040,181 Units) for the three months ended December 31, 2008 compared to $2,209,000 or $0.25 per Unit (based on 8,804,350 Units) for the same period in 2007. The decreases in net income and net income per unit were due primarily to a slowdown in rental activity, the dilutive impact in connection with the lease-up of newly developed self-storage facilities whereby operating costs exceed rental income, additional amortization expense of the new facilities placed in service, and higher administrative expenses and income tax expense in connection with the new SIFT legislation.
Net income of the Partnership was $7,267,000 or $0.80 per Unit (based on 9,040,181 Units) for the year ended December 31, 2008 compared to $8,484,000 or $1.11 per Unit (based on 7,628,427) for the same period in 2007.
