During the fourth quarter of 2015 to date, TravelCenters of America (TA) completed the purchase of eight convenience stores located in Wisconsin, for an aggregate of $23.0 million, according to its latest quarterly earnings report on Nov. 9.
TA currently has agreements to acquire an additional 36 convenience stores for an aggregate of $6 0.5 million. These 36 sites are located in Wisconsin (17), Ohio (10), Illinois (5), Kansas (2) and Missouri (2). TA currently intends to continue to selectively acquire additional travel centers and convenience stores and to otherwise expand its business.
As of September 30, 2015, TA had begun construction of three travel centers and has plans to develop an additional two travel centers. These five development properties, which TA expects to sell to, and lease back from, HPT, upon their completion, are on land parcels TA owns. Through September 30, 2015, TA has spent $33.4 million (including land costs) on the five travel center sites under construction or where construction is planned.
TA estimates that the remaining development costs of these five travel centers as of September 30, 2015, was $75.4 million. TA currently expects development of three of these travel centers to be completed during the first half of 2016 and development of the other two travel centers to be completed during the second half of 2016, or early 2017.