TA became a public company on January 31, 2007. On May 30, 2007, TA acquired Petro Stopping Centers LP or Petro. Because of the significance of these transactions, TA's historical financial data may have only limited relevance to investors. Consequently, [image-nocss] in addition to the historical financial data presented in this press release, TA is furnishing supplemental data that it believes may help investors better understand TA's business. Included in this supplemental data is same site operating data that includes results of sites for periods prior to TA's operation of those sites. Also included is a presentation of earnings before interest, taxes, depreciation, amortization and rent, or EBITDAR, and EBITDAR excluding the impact of certain noncash items and certain items that TA considers to be nonrecurring as a result of the changes experienced on January 31 and May 30, 2007, and other items described, or Adjusted EBITDAR.
During the three months ended September 30, 2008, the slowing of the U.S. economy and historically high fuel prices presented TA with numerous operating challenges. TA experienced a 17.4% decline in fuel volumes for the 2008 third quarter versus the 2007 third quarter and a 15.3% decline in fuel volumes for the first nine months of 2008 versus the first nine months of 2007, each on a same site basis.
Despite these business conditions, TA believes it has made some progress toward adjusting its business to these challenges. TA's net income, EBITDAR and adjusted EBITDAR for the third quarter of 2008 improved over the same period of 2007 by $33.1 million, $35.8 million and $28.4 million, respectively. In addition to some seasonal effects, TA said believes that its operating initiatives undertaken during the past year have been significant contributors to these improved results; specifically, the staffing reorganization undertaken to realize Petro integration synergies, the personnel cost savings announced in March 2008, the termination of the fuel marketing arrangement with Simons Petroleum, Inc. and several fuel purchasing and pricing strategies which were designed to improve TA's operating margins.
TA's capital plan for the balance of 2008 remains essentially unchanged from that announced in May 2008. As of September 30, 2008, approximately $30 million of planned capital projects remain to be completed. Some of these projects may be funded by Hospitality Properties Trust, or Hospitality Trust, under the amended lease arrangements announced in May 2008.
Beginning in the third quarter of 2008, pursuant to our rent deferral arrangement with Hospitality Trust, we have the option to defer up to $5 million per month of rent through December 2010 under our lease arrangements with Hospitality Trust. Any amounts deferred would be due not later than July 1, 2011. As of September 30, 2008, we had deferred an aggregate of $15 million of rent pursuant to this rent deferral option.
At September 30, 2008, TA had approximately $144 million in cash and cash equivalents. In addition, a portion of TA's $100 million bank credit facility remains unused.
Westlake, Ohio-based TA's travel centers offer diesel and gasoline fueling services, restaurants, truck repair facilities, stores and other services. TA's nationwide business includes travel centers located in 41 U.S. states and in Canada.
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