Quoted from the recent conf call on TA: Focusing first on our travel center investments. This morning TA reported strong quarterly results with third quarter 2011 net income of $20.7 million. This compares to net income of $4.5 million in the 2010 third quarter. TA's third quarter performance included a modest increase in fuel volume, continued strong per gallon fuel margins and significant increases in nonfuel sales and gross margin.
Property level rent coverage for HPT's TravelCenters was nearly 2x for the quarter. In addition to its strong results, TA's financial position remains sound with approximately $130 million of cash on hand at quarter end.