Assets Held for Sale

12 Months Ended

Dec. 31, 2024

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

Note 4. ASSETS HELD FOR SALE

We have classified ten and two sites as held for sale at December 31, 2024 and 2023, respectively, which are expected to be sold within one year of such classification. Assets held for sale were as follows (in thousands):


	December 31,
	2024			2023
Land	$	4,483		$	240
Buildings and site improvements		3,866			380
Equipment		3,752			418
Total		12,101			1,038
Less accumulated depreciation		(3,107	)		(638	)
Assets held for sale	$	8,994		$	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 2024, we sold 30 sites for $36.3 million in proceeds, resulting in a net gain of $23.3 million. During 2023, we sold 10 properties for $9.2 million in proceeds, resulting in a net gain of $6.5 million. The proceeds for 2024 and 2023, respectively, include $1.2 million and $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 consolidated statements of cash flows. During 2022, we sold 27 properties for $12.9 million in proceeds, resulting in a net gain of $3.5 million.

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