And, you know, lastly, what I'd say is there's about 5,000 what we call in our profile travel centers in the United States. The top three operators own about 30% of those units. So it's still a very highly fragmented industry, which typically is good for sale leaseback or those type of aggregators and consolidators use sale leaseback to help grow that business.

Oct 23, 2025 / receipt, needs a key / Mark, other | earnings call 2025-10-23 | transcript d104f4c7-9bcf-4767-ba37-267a50327002 | chars 23160-23523 | segment 23

We've evaluated several travel center opportunities in 2025, and including the Now and Forever property, have acquired three assets year-to-date at an average purchase price of $11 million at yields consistent with our overall investment activity.

Oct 23, 2025 / receipt, needs a key / Christopher Constant, CEO | earnings call 2025-10-23 | transcript d104f4c7-9bcf-4767-ba37-267a50327002 | chars 6286-6533 | segment 6

Yeah, as far as continued source travel centers, there's a number of opportunities. One is many of our current relationships and tenants that operate traditional convenience stores are branching out into the travel center sector and exploring ways to grow their business. So we have that kind of built-in relationship to kind of grow that relationship. Secondly, you know, there's the old-fashioned business development, the trade shows, dedicated brokerage networks, deal advisors that are dedicated to the space.

Oct 23, 2025 / receipt, needs a key / Mark, other | earnings call 2025-10-23 | transcript d104f4c7-9bcf-4767-ba37-267a50327002 | chars 22645-23159 | segment 22

On December 16, 2022, the United States filed an action in the New Jersey District Court against the Settling Defendants which included lodging of the proposed CD to resolve claims against the Settling Parties for costs associated with cleaning up the LPRSA (the “CD Action”).

filing / Jul 23, 2026 / receipt

On December 22, 2022, the EPA published a notice of lodging of the proposed CD in the Federal Register, opening a 45-day public comment period, which was subsequently extended to 90-days.

filing / Jul 23, 2026 / receipt

On December 16, 2022, the United States filed an action in the New Jersey District Court against the Settling Defendants which included lodging of the proposed CD to resolve claims against the Settling Parties for costs associated with cleaning up the LPRSA (the “CD Action”).

filing / Apr 23, 2026 / receipt

On December 22, 2022, the EPA published a notice of lodging of the proposed CD in the Federal Register, opening a 45-day public comment period, which was subsequently extended to 90-days.

filing / Apr 23, 2026 / receipt

+ Car Wash in 2019 + Drive Thru QSR in 2023 + Auto Service in 2021

ir_statement / Sep 15, 2026 / receipt

Added 66 new tenants

ir_statement / Sep 15, 2026 / receipt

Entered 13 new states

ir_statement / Sep 15, 2026 / receipt