Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Note 7. PROPERTY AND EQUIPMENT

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


	December 31,
	2024			2023
Land	$	313,030		$	326,571
Buildings and site improvements		360,473			365,528
Leasehold improvements		18,890			16,434
Equipment		363,767			356,160
Construction in progress		6,794			4,462
Property and equipment, at cost		1,062,954			1,069,155
Accumulated depreciation and amortization		(406,654	)		(363,938	)
Property and equipment, net	$	656,300		$	705,217

Approximately $320 million of property and equipment, net was held for leasing purposes at December 31, 2024.

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 $3.8 million and $5.4 million at December 31, 2024 and 2023, 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 $1.6 million, $1.7 million and $2.0 million in 2024, 2023 and 2022, respectively.

Depreciation expense, including amortization of assets recorded under finance lease obligations, was approximately $57.1 million, $54.5 million and $58.3 million for 2024, 2023 and 2022, respectively. Included in these amounts are impairment charges primarily related to sites classified within assets held for sale totaling $4.4 million, $0.8 million and $2.8 million during 2024, 2023 and 2022, respectively.