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Leases and Management Agreements (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Number of Travel Centers, the Terms and Annual Minimum Rents owed by TA and Contractual Minimum Rents to be Paid

As of December 31, 2025, the number of travel centers, the terms and the annual minimum rents owed to us by TA under our TA leases was as follows:


	Number of Travel Centers	Initial Term End (1)	Annual Minimum Rent (2)
TA No. 1 Lease	34	May 14, 2033	$	54,065
TA No. 2 Lease	36	May 14, 2033	47,974
TA No. 3 Lease	34	May 14, 2033	46,195
TA No. 4 Lease	36	May 14, 2033	48,923
TA No. 5 Lease	35	May 14, 2033	67,105
	175		$	264,262

(1)TA has five renewal options of ten years each under each of our TA leases.

(2)Annual minimum rent increases by 2% each year through the initial term of ten years and any of the five ten-year extension options that may be exercised. There is no percentage rent due under our TA leases.

As of December 31, 2025, our leases with parties other than our TRSs, provide for contractual minimum rents to be paid to us during the remaining current terms as follows:


Year	Amount
2026	$	390,338
2027	387,894
2028	383,010
2029	379,542
2030	376,840
Thereafter	1,239,620
Total	$	3,157,244

Schedule of Contractual Minimum Rent Payments to Third Parties

As of December 31, 2025, our operating leases provide for contractual minimum rent payments to third parties during the remaining lease terms, as follows:


Year	Amount
2026	$	14,352
2027	14,363
2028	14,082
2029	14,574
2030	14,833
Thereafter	189,946
Total lease payments	262,150
Less: imputed interest	(114,952)
Present value of lease liabilities (1)	$	147,198

(1) The weighted average discount rate used to calculate the lease liability and the weighted average remaining term for our ground leases (assuming all extension options) and our hotel operating leases are approximately 5.4% and 19 years (range of 8 months to 62 years) and 6.6% and 10 years (range of 20 months to 41 years), respectively.