Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 280

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 280
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 into account, our effective interest rate on our CAPL Credit Facility at December 31, 2024 was 6.2% (our applicable margin was 2.25% as of December 31, 2024).Letters of credit outstanding at December 31, 2024 and December 31, 2023 totaled $5.3 million and $4.5 million, respectively.As of December 31, 2024, we were in compliance with our financial covenants under the CAPL Credit Facility. The amount of availability under the CAPL Credit Facility at December 31, 2024, after taking into consideration debt covenant restrictions, was $68.9 million.Finance Lease ObligationsIn May 2012, the Predecessor Entity entered into a 15-year master lease agreement with renewal options of up to an additional 20 years with Getty Realty Corporation. Since then, the agreement has been amended from time to time to add or remove sites. As of December 31, 2024, we lease 107 sites under this lease with a weighted-average remaining lease term of 2.3 years. We pay fixed rent, which increases 1.5% per year. In addition, the lease requires variable lease payments based on gallons of motor fuel sold.Because the fair value of the land at lease inception was estimated to represent more than 25% of the total fair value of the real property subject to the lease, the land element of the lease was analyzed for operating or capital treatment separately from the rest of the property subject to the lease. The land element of the lease was classified as an operating lease and all of the other property was classified as a capital lease. This assessment was not required to be reassessed upon adoption of ASC 842–Leases. As such, future minimum rental payments are included in both the finance lease obligations table above as well as the operating lease table in Note 13.The weighted-average discount rate for this finance lease obligation at December 31, 2024 and 2023 was 3.5%. Interest on this finance lease obligation amounted to $0.3 million, $0.4 million and $0.5 million for 2024, 2023 and 2022, respectively.

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CROSSAMERICA PARTNERS LPNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Note 12. INTEREST RATE SWAP CONTRACTSDuring 2024, we held the following interest rate swap contracts (