Item 1.01. Entry into a Material Definitive Agreement.
As previously reported, we entered a Transaction Agreement with TA on June 1, 2015 to, among other things, purchase from TA five travel centers upon the completion of their development at a purchase price equal to their development costs, including the cost of the land, which costs were estimated to be not more than $118 million in the aggregate. We also agreed to leaseback these development properties to TA under our leases with TA. Also as previously reported, we completed the purchase and leaseback of the first of these development properties on March 31, 2016. The Transaction Agreement and related transactions are described further in Note 9 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2015, or our Annual Report, and Note 10 to the Condensed Consolidated Financial Statements included in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, or our Quarterly Report, which descriptions are incorporated herein by reference.
On June 22, 2016, we entered a First Amendment to Transaction Agreement, or the Amendment, with TA to, among other things, replace one of the remaining four development properties that we had agreed to purchase from and leaseback to TA with two alternative existing travel centers owned by TA; and on June 22, 2016, pursuant to development property agreements we entered into with TA, or the Development Property Agreements, we acquired from TA, for an aggregate of approximately $23.9 million, these two alternative travel centers and we have leased them back to TA.
In connection with the Amendment and the Development Property Agreements, we and TA entered into amendments to our TA No. 1 agreement, TA No. 2 agreement, TA No. 3 agreement, TA No. 4 agreement and TA No. 5 agreement to, among other things, add the travel centers that we acquired from TA on June 22, 2016 and to extend the term of our TA No. 5 agreement to 2032. Minimum annual rent under our TA No. 1 agreement and TA No. 3 agreement increased by approximately $1.1 million and $0.9 million, respectively. As a result of these amendments, minimum annual rent under our TA No. 1 agreement and TA No. 3 agreement is approximately $50.3 million and $51.5 million, respectively.
The foregoing descriptions of the Transaction Agreement, the Amendment, the Development Property Agreements, the TA agreements and the amendments thereto, and the other agreements entered into in connection with the Transaction Agreement and the Amendment are not complete and are qualified in their entirety by reference to the full text of the Amendment, the Development Property Agreements, the TA agreements and the amendments thereto and such other agreements, copies of which are filed as Exhibits 10.1 through 10.8 to this Current Report on Form 8-K, Exhibits 10.1 and 10.2 to our Current Report on Form 8-K dated March 31, 2016, Exhibits 10.1, 10.2 and 10.3 to our Current Report on Form 8-K dated September 23, 2015, Exhibits 10.1 and 10.2 to our Current Report on Form 8-K dated June 23, 2015, Exhibits 10.1 and 10.2 to our Current Report on Form 8-K dated June 16, 2015, Exhibits 10.1 through 10.10 to our Current Report on Form 8-K dated June 9, 2015 and Exhibit 10.1 to our Current Report on Form 8-K dated June 1, 2015 and are incorporated by reference herein.
Information Regarding Certain Relationships and Related Person Transactions
TA was our 100% owned subsidiary until we distributed its common shares to our shareholders in 2007. We are TAs largest shareholder owning, as of March 31, 2016, approximately 8.8% of TAs outstanding common shares. Mr. Barry Portnoy, who is one of our Managing Trustees, is a managing director of TA. Mr. Thomas OBrien, the other managing director and the President and Chief Executive Officer of TA, was an executive officer of ours until 2007. One of TAs current independent directors, Mr. Arthur Koumantzelis, was one of our Independent Trustees prior to the spin off of TA. We have significant continuing relationships with TA, including the lease arrangements referred to in this Current Report on Form 8-K. Mr. Barry Portnoy, and his son, Mr. Adam Portnoy, who is our other Managing Trustee, together own a controlling interest in, and are officers and employees of, The RMR Group LLC, or RMR LLC, our manager, and are directors and officers of The RMR Group Inc., or RMR Inc., the managing member of RMR LLC. We own shares of class A common stock of RMR Inc. Each of our executive officers is also an officer of RMR LLC, including Mr. Ethan
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