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Shareholders' Equity
6 Months Ended
Jun. 30, 2013
Shareholders' Equity  
Shareholders' Equity

Note 5.  Shareholders’ Equity

 

Distributions

 

On each of January 15, 2013, April 15, 2013 and July 15, 2013, we paid a $0.4453125 per share distribution to our Series D preferred shareholders with respect to periods ended January 14, 2013, April 14, 2013 and July 14, 2013, respectively.

 

On each of February 15, 2013 and May 15, 2013, we paid a $0.4375 per share distribution to our Series C preferred shareholders with respect to the periods ended February 14, 2013 and May 14, 2013, respectively.

 

On each of February 22, 2013 and May 24, 2013, we paid a $0.47 per share distribution to our common shareholders.  On July 10, 2013, we declared a $0.47 per share distribution to our common shareholders of record on July 26, 2013. We expect to pay this amount on or about August 23, 2013.

 

Common Share Issuances

 

On March 22, 2013, we sold 16,100,000 of our common shares at a price of $25.55 per share in a public offering for net proceeds of $393,474 after underwriting discounts and other offering expenses.

 

On May 15, 2013, we granted 2,000 of our common shares valued at $30.69 per share, the closing price of our common shares on the New York Stock Exchange, or NYSE, on that day, to each of our five Trustees as part of their annual compensation.

 

Preferred Share Redemption

 

On July 1, 2013, we redeemed our 6,700,000 outstanding 7.00% Series C cumulative redeemable preferred shares at the standard liquidation preference of $25 per share plus accrued and unpaid distributions to the date of redemption.  We expect to recognize a loss in the 2013 third quarter of $5,627 on the excess of the liquidation preference of the redeemed shares over their carrying amount.

 

Other Comprehensive Income

 

Other comprehensive income represents the unrealized gain on the TravelCenters of America LLC, or TA, shares we own and our share of the comprehensive income of Affiliates Insurance Company, or AIC.  See Note 10 for further information regarding these investments.