Item 2.01. Completion of Acquisition or Disposition of Assets.
As previously reported, we entered a Transaction Agreement with our principal landlord, HPT, on June 1, 2015, as amended on June 22, 2016, to, among other things, sell to HPT two travel centers we then owned and four travel centers upon completion of their development by us and lease back from HPT these properties under our leases with HPT. Also as previously reported, we completed the sale and leaseback of one of the development properties on March 31, 2016 and the sale and leaseback of the two travel centers we then owned on June 22, 2016. The Transaction Agreement, as amended, and related transactions are described further in Note 12 to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2015, or our Annual Report, Note 4 to the Consolidated Financial Statements included in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, or our Quarterly Report, and our Current Report on Form 8-K dated June 22, 2016, which descriptions are incorporated herein by reference.
On June 30, 2016, in connection with the Transaction Agreement, as amended, we entered into a development property agreement with HPT, or the Development Property Agreement. That same day, pursuant to the Development Property Agreement, we sold to HPT, for approximately $22.3 million, one travel center and HPT has leased back that travel center to us.
In connection with the Development Property Agreement, we and HPT entered into a fifth amendment to our TA Lease No. 2, to add the travel center that we sold to HPT on June 30, 2016. Pursuant to the amendment, minimum annual rent under the TA Lease No. 2 increased by approximately $1.9 million. As a result of this amendment, minimum annual rent under the TA Lease No. 2 is currently approximately $49.3 million in the aggregate, subject to future adjustments if HPT purchases capital improvements made to the leased travel centers and pursuant to the contractual rent adjustment formula set forth in the lease.
The foregoing descriptions of the Transaction Agreement, as amended, the Development Property Agreement, the TA Lease No. 2 and the amendments thereto, and the other agreements entered into in connection with the Transaction Agreement, as amended, are not complete and are qualified in their entirety by reference to the full text of the Transaction Agreement, as amended, the Development Property Agreement, the TA Lease No. 2 and the amendments thereto and such other agreements, copies of which are filed as Exhibits 10.1 and 10.2 to this Current Report, Exhibits 10.1 through 10.8 to our Current Report on Form 8-K dated June 22, 2016, Exhibits 10.1 and 10.2 to our Current Report on Form 8-K dated March 31, 2016, Exhibits 10.1 through 10.6 to our Current Report on Form 8-K dated September 23, 2015, Exhibits 10.1 through 10.4 to our Current Report on Form 8-K dated June 23, 2015, Exhibits 10.1 through 10.4 to our Current Report on Form 8-K dated June 16, 2015, Exhibits 10.1 through 10.10 to our Current Report on Form 8-K dated June 9, 2015 and Exhibit 10.1 to our Current Report on Form 8-K dated June 1, 2015 and are incorporated by reference herein.
Information Regarding Certain Relationships and Related Person Transactions
HPT is our principal landlord and largest shareholder and as of March 31, 2016, owned 3,420,000 of our common shares, representing approximately 8.8% of our outstanding common shares. One of our Managing Directors, Mr. Barry Portnoy, is a managing trustee of HPT. Mr. Barry Portnoys son, Mr. Adam Portnoy, is also a managing trustee of HPT, and Mr. Barry Portnoys son-in-law, Mr. Ethan Bornstein, is an executive officer of HPT. Our other Managing Director, Mr. Thomas OBrien, who is also our President and Chief Executive Officer, was an executive officer of HPT until 2007. Our former Independent Director, Mr. Arthur Koumantzelis, who resigned as our Independent Director effective June 30, 2016, was an independent trustee
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