Management Agreements and Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of minimum rents to be received

As of December 31, 2019, our leases with parties other than our TRSs provide for contractual minimum rents to be paid to us during the remaining current terms as follows:

2019	$	406,518
2020	402,000
2021	390,585
2022	372,440
2023	364,541
Thereafter	2,718,281
Total	$	4,654,365

The number of travel centers, the terms, the annual minimum rent and the deferred rent balances owed to us by TA under our TA leases as of December 31, 2019, were as follows:

	Number of Travel Centers	Initial Term End (1)	Annual Minimum Rent		Deferred Rent (2) (3)
TA No. 1 Lease	36	December 31, 2032	$	49,707	$	15,148
TA No. 2 Lease	36	December 31, 2031	44,077		14,068
TA No. 3 Lease	35	December 31, 2029	42,409		13,870
TA No. 4 Lease	37	December 31, 2033	48,241		14,161
TA No. 5 Lease	35	June 30, 2035	61,654		—
	179		$	246,088	$	57,247

(1) TA has two renewal options of 15 years each under each of our TA leases.

(2) Commencing April 1, 2019, TA is required to pay us $70,458 in 16 quarterly installments of $4,404 each for deferred rent TA owes us.

(3)

Represents the balance as of December 31, 2019.

Schedule of minimum rent payments

As of December 31, 2019, our operating leases provide for contractual minimum rent payments to third parties during the remaining lease terms, as follows:

2020	$	7,052
2021	6,424
2022	5,877
2023	5,761
2024	5,762
Thereafter	150,826
Total lease payments	181,702
Less: imputed interest	(106,662		)
Present value of lease liabilities (1)	$	75,040

(1)

The weighted average discount rate used to calculate the lease liability and the weighted average remaining term for our ground leases (assuming all extension options) and our hotel operating leases are approximately 5.50% and 31 years (range of 12 years to 68 years) and 5.53% and 31 years (range of 1 month to 54 years), respectively.