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Shareholder urges TravelCenters of America to sell real estate


New York - RDG Capital Fund Management, a shareholder of TravelCenters of America, has engaged in what it calls “constructive dialogue” with TravelCenters CEO Tom O'Brien and other board members. RDG said the TravelCenters board has indicated a willingness to consider selling some company-owned real estate as a source of liquidity.

In addition, RDG has held discussions with what it calls a “leading national real estate firm” that has expressed interest in TA's properties. According to its independent assessment, this firm estimates the property value of TravelCenters’ company-owned travel center sites alone to be worth in excess of $400 million.

This amount confirms RDG's estimate and excludes any property value attributed to TravelAmerica's company-owned convenience stores and undeveloped acreage, which RDG believes are worth at least another $75 million. As a result, RDG believes TravelCenters can realize $475 million in real estate value through leaseback transactions.

In recent weeks, RDG said it has also spoken with “long-term and significant” TravelCenters shareholders who have expressed support for the monetization of the company's real estate.

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