Assets Held for Sale

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment Assets Held-for-Sale Disclosure [Abstract]

Note 3. ASSETS HELD FOR SALE

We have classified four sites and three sites as held for sale at September 30, 2023 and December 31, 2022, respectively, which are expected to be sold within one year of such classification. Assets held for sale were as follows (in thousands):


	September 30,			December 31,
	2023			2022
Land	$	798		$	758
Buildings and site improvements		713			457
Equipment		1,077			333
Total		2,588			1,548
Less accumulated depreciation		(1,453	)		(565	)
Assets held for sale	$	1,135		$	983

The Partnership has continued to focus on divesting lower performing assets. During the three and nine months ended September 30, 2023, we sold one and eight properties for $0.1 million and $8.3 million in proceeds, resulting in net gains of an insignificant amount and $6.3 million, respectively. The proceeds for the nine months ended September 30, 2023 includes $3.6 million of proceeds that were initially placed in a Section 1031 exchange escrow account. During the three and nine months ended September 30, 2022, we sold one and ten properties for $0.2 million and $4.0 million in proceeds, resulting in net gains of an insignificant amount and $0.9 million, respectively.

See Note 5 for information regarding impairment charges primarily recorded upon classifying sites within assets held for sale.