Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 150

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 150
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2024 and ending in April 2024 and resulted in the transition of these lessee dealer sites to company operated sites. The Partnership also acquired for cash the inventory at the locations. The terms of the Partnership’s leases with Applegreen Midwest, LLC and Applegreen Florida, LLC could have been extended to 2049 and 2048, respectively, including all renewal options. The Applegreen Purchase Agreement contains customary representations and warranties of the parties as well as indemnification obligations by the Sellers and the Partnership, respectively, to each other.

66 

CROSSAMERICA PARTNERS LPNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

During the first half of 2024, we paid $25.5 million of cash as consideration and for the purchase of inventory and recorded a non-cash write-off of deferred rent income of $1.5 million. We recorded these transactions as follows (in thousands): 

        Cash consideration

        Lease termination payments
         
        $
        16,983

        Inventory purchases

        8,534

        Total cash paid

        25,517

        Inventory

        8,534

        Equipment

        2,530

        Loss on lease termination

        14,453

        Non-cash write-off of deferred rent income

        1,515

        Total loss on lease termination
         
        $
        15,968

       Acquisition of Assets from CSSOn November 9, 2022, we closed on the acquisition of assets from CSS for a purchase price of $27.5 million plus working capital. The assets consisted of wholesale fuel supply contracts to 38 dealer owned locations, 35 sub-wholesaler accounts and two commission locations (1 fee based and 1 lease). We funded this acquisition through borrowings on the CAPL Credit Facility and cash on hand.

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