Assets Held for Sale

12 Months Ended

Dec. 31, 2023

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

Note 4. ASSETS HELD FOR SALE

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


	December 31,
	2023			2022
Land	$	240		$	758
Buildings and site improvements		380			457
Equipment		418			333
Total		1,038			1,548
Less accumulated depreciation		(638	)		(565	)
Assets held for sale	$	400		$	983

The Partnership has continued to focus on divesting lower performing assets. During 2023, we sold 10 properties for $9.2 million in proceeds, resulting in a net gain of $6.5 million. The proceeds for 2023 include $3.8 million of proceeds that were initially placed in a Section 1031 exchange escrow account and used to purchase replacement properties. As such, these proceeds and capital expenditures were excluded from the statement of cash flows. During 2022, we sold 27 properties for $12.9 million in proceeds, resulting in a net gain of $3.5 million. During 2021, we sold 32 properties for $14.0 million in proceeds, resulting in a net gain of $4.1 million.

See Note 7 for information regarding impairment charges primarily recorded upon classifying sites within assets held for sale.