Assets Held for Sale

9 Months Ended

Sep. 30, 2024

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

Note 3. ASSETS HELD FOR SALE

We have classified 12 sites and two sites as held for sale at September 30, 2024 and December 31, 2023, 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,
	2024			2023
Land	$	6,322		$	240
Buildings and site improvements		4,327			380
Equipment		4,312			418
Total		14,961			1,038
Less accumulated depreciation		(3,301	)		(638	)
Assets held for sale	$	11,660		$	400

The Partnership has continued to focus on optimizing the class of trade for its assets, which has included divesting certain assets, often lower performing, while seeking to maintain a wholesale fuel supply relationship whenever possible. During the three and nine months ended September 30, 2024, we sold nine and 19 sites for $7.2 million and $19.0 million in proceeds, resulting in net gains of $5.3 million and $11.8 million, respectively. The proceeds for the nine months ended September 30, 2024 include $1.3 million of proceeds initially placed in a Section 1031 exchange escrow account. 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 include $3.6 million of proceeds initially placed in a Section 1031 exchange escrow account.

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