Property and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Note 7. PROPERTY AND EQUIPMENT

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2023			2022
Land	$	326,571		$	323,882
Buildings and site improvements		365,528			360,542
Leasehold improvements		16,434			15,312
Equipment		356,160			334,324
Construction in progress		4,462			6,514
Property and equipment, at cost		1,069,155			1,040,574
Accumulated depreciation and amortization		(363,938	)		(312,195	)
Property and equipment, net	$	705,217		$	728,379

Approximately $394 million of property and equipment, net was held for leasing purposes at December 31, 2023.

As discussed in Note 13, we lease sites under a lease with Getty Realty Corporation, for which the building and equipment components are classified as a finance lease. The right-of-use asset associated with this finance lease is included in the table above and totaled $5.4 million and $7.1 million at December 31, 2023 and 2022, respectively, net of accumulated amortization. Amortization of this right-of-use asset is included in depreciation, amortization and accretion expense on the consolidated statements of income and amounted to $1.7 million, $2.0 million and $2.1 million in 2023, 2022 and 2021, respectively.

Depreciation expense, including amortization of assets recorded under finance lease obligations, was approximately $54.5 million, $58.3 million and $56.1 million for 2023, 2022 and 2021, respectively. Included in these amounts are impairment charges primarily related to sites classified within assets held for sale totaling $0.8 million, $2.8 million and $7.7 million during 2023, 2022 and 2021, respectively.