During the nine months ended September 30, 2012, TA made capital investments of $94.2 million for improvements to existing travel centers and $17.4 million to improve the travel centers TA acquired during 2011 and 2012. During the nine months ended September 30, 2012, TA purchased nine travel centers and acquired the business of a sublease tenant franchisee for an aggregate of $41.2 million. During the nine months ended September 30, 2012, TA sold to Hospitality Properties Trust, or HPT, $48.3 million of improvements at sites leased from HPT, which resulted in increased rent due to HPT under the lease terms.
In addition to the historical financial results prepared in accordance with GAAP, TA furnishes 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 operating data for the travel centers that were operated by TA continuously since the beginning of the earliest applicable periods presented. A presentation of EBITDAR, and a reconciliation that shows the calculation of EBITDAR from net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, also appears in the supplemental data.Conference Call: Later today, at 10:00 a.m. Eastern Time, TA will host a conference call to discuss its financial results and other activities for the three months ended September 30, 2012. Following management’s remarks, there will be a question and answer period. The conference call telephone number is (800) 230-1059. Participants calling from outside the United States and Canada should dial (612) 234-9960. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available for about a week after the call. To hear the replay, dial (320) 365-3844. The replay pass code is 260116.
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