Business CommentaryTA’s EBITDAR for the second quarter of 2013 decreased by approximately $7.5 million, or 8.0%, to $86.6 million, versus EBITDAR for the 2012 second quarter of $94.1 million. The decline is largely attributable to a decline in fuel gross margin per gallon, which averaged $0.17 during the 2013 second quarter versus $0.19 during the 2012 second quarter. The impact of the decline in margin per gallon was only partially offset by a 1.9% increase in fuel sales volume, nonfuel activities and EBITDAR attributable to new sites. Net income for the second quarter of 2013 decreased approximately $13.9 million, or 46.5%, to $16.0 million ($0.54 per share), versus net income for the 2012 second quarter of $29.9 million ($1.04 per share). The decline is largely attributable to the decline in EBITDAR noted above and increases in depreciation and amortization and the cost of financing attributable largely to the capital projects and acquisitions made by TA during 2012 and 2013; the operations at many of the 20 sites acquired during those periods have not yet reached fully-stabilized levels currently expected by TA. Thomas M. O’Brien, TA’s CEO, made the following statement regarding the 2013 second quarter results: “The 2013 second quarter results are reflective of softer industry conditions than experienced in the 2012 second quarter. Despite that softness, I remain excited about the future opportunities I expect our leadership position in our industry and our capital investments will provide.” Investment Activity During the six months ended June 30, 2013, TA purchased six locations (two of which were previously franchisee operated locations) for an aggregate of $27.9 million and made capital investments of $84.7 million, including $21.9 million to improve locations TA purchased during 2011 through 2013. Capital Activity On January 15, 2013, TA sold $110 million of 8.25% Senior Notes due 2028 in a public offering for net proceeds of approximately $105.1 million. During the 2013 first half, TA sold to Hospitality Properties Trust, or HPT, $45.2 million of improvements to sites leased from HPT for increased rent, pursuant to the terms of the lease agreements.