We have two leases with HPT, the TA Lease for 145 travel centers, which became effective on January 31, 2007, and the Petro Lease for 40 Petro travel centers, which became effective on May 30, 2007. Two of our subsidiaries are the tenants under the leases, and we, and in the case of our TA Lease certain of our subsidiaries, guarantee the tenants' obligations under the leases.
Term. The TA Lease expires on December 31, 2022. The Petro Lease expires on June 30, 2024, and may be extended by us for up to two additional periods of 15 years each.
I think that qualifies as long term leases! What is your point? If the leases are long term and triple net, the rent does one increase unless it is stated in lease or based on percentage rent. In which case the rent could conceivebly go down if taxes are appealed. We already know HPT has decreased rent based on a previous lawsuit. I think the pop today, may settle back a little. But overall we should move up toward $10 in short order.