Acquisition of Assets From 7-Eleven (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Buyer Consummated Closing Under Asset Purchase Agreement

Starting in late June 2021, Buyer closed on the acquisition of the Properties on a rolling basis of generally ten sites per week. Through December 31, 2021, Buyer consummated the closing under the Asset Purchase Agreement of 103 Properties for a purchase price of $273.0 million, including inventory and other working capital, as summarized in the table below (in thousands).

Inventories	$	12,654
Other current assets		1,527
Property and equipment		210,693
Right-of-use assets		10,380
Goodwill		11,700
Intangible assets		40,998
Total assets	$	287,952

Current portion of operating lease obligations		1,802
Accrued expenses and other current liabilities		773
Operating lease obligations, less current portion		8,579
Asset retirement obligations		3,815
Total liabilities	$	14,969
Total consideration, net of cash acquired	$	272,983

Summary of Pro forma Results (Unaudited)

Our pro forma results (unaudited), giving effect to the acquisition and assuming an acquisition date of January 1, 2020, would have been (in thousands):

	For the Year Ended December 31,
	2021		2020
Revenues	$	3,954,444	$	2,381,663
Net income		32,189		140,564