Based on info garnered from a previous post by granicus007, we now have 243 stores, 24 (10% and rising?) of which are wholly owned (include the real estate). TA has been quoting it's mysterious 'EBITDAR' number for a couple of years now, which was precipitated by the fact that our stores were partially owned (exclude the real estate).
Does anyone have any thoughts on how much EBITDA might be created, by the wholly owned stores. How is TA going to compare EBITDA vs.EBITDAR? The fact that we are now generating EBITDA, may have something to do with TA's share price finally moving above $5.00, today.
I think TA owned outright 25 sites now as of end of Dec, 2012.
You ask good questions on the difference and I did the calculations now but cant remember but back of the envelope math, if you just take the amount of rent they pay HPT annually divided by # HPT sites, then applied those rent savings to TA's wholly owned sites it is an impressive number.
People are underestimating the cash flow these wholly owned sites will start generating. I do belive TA management is buying these at very good prices and once commercial real estate valuations revert (up) to the mean, they should far exceed the present book value.
Speaking of present BV, I believe with commercial property recovering, it is woefully understated on TA's books.