Acquisitions

3 Months Ended

Mar. 31, 2015

Acquisitions

Acquisitions

3.Acquisitions

During the three months ended March 31, 2015, we acquired one travel center and 26 gasoline stations/convenience stores for an aggregate of $41,736, and we accounted for these transactions as business combinations, which requires, among other things, that the assets acquired and liabilities assumed be recognized at their respective fair values as of the acquisition date.  We have included the results of these acquisitions in our condensed consolidated financial statements from their date of acquisition.  The pro forma impact of including the results of operations of these acquisitions from the beginning of the period are not material to our condensed consolidated financial statements.  Additionally, we acquired a travel center property that we formerly managed for a third party and a vacant parcel of land for an aggregate of $8,791, and we accounted for these transactions as asset purchases.

We expect that all of the goodwill acquired to date will be deductible for tax purposes.  The following table summarizes the amounts assigned, based on their fair values, to the assets we acquired and liabilities we assumed in the business combinations described above.

Inventories	$	3,159
Property and equipment	36,651
Goodwill	3,062
Other liabilities	(1,136		)
Total purchase price	$	41,736

As of March 31, 2015, we had entered agreements to acquire one travel center property and 52 gasoline station/convenience store properties for an aggregate of $103,800.  We expect to complete these acquisitions during the first half of 2015, but these purchases are subject to conditions and may not occur, may be delayed or the terms may change.  From March 31, 2015, to the date of this Quarterly Report on Form 10-Q, or this Quarterly Report, we completed the purchase of 19 gasoline stations/convenience stores for an aggregate of $27,000 and we entered an agreement to acquire one travel center and two gasoline stations/convenience stores for an aggregate of $8,200.

During the three months ended March 31, 2015 and 2014, we incurred acquisition related costs totaling $414 and $610, respectively, for legal, due diligence and related activities associated with acquisitions considered or completed, which amounts are included in our condensed consolidated statements of income and comprehensive income.