Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 284

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 284
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 The future minimum rental payments presented above do not include contingent rent based on future inflation, future revenues or volumes of the lessee, or non-lease components for amounts that may be received as tenant reimbursements for certain operating costs. Deferred rent income from straight-line rent relates to the cumulative amount by which straight-line rental income recorded to date exceeds cash rents billed to date under the lease agreement and totaled $2.6 million and $5.0 million at December 31, 2024 and 2023, respectively.

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CROSSAMERICA PARTNERS LPNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Note 14. RELATED PARTY TRANSACTIONSTransactions with Affiliates of Members of the BoardWholesale Motor Fuel Sales and Real Estate RentalsRevenues from TopStar, an entity affiliated with the Topper Group, were $43.1 million, $50.7 million and $74.2 million for 2024, 2023 and 2022, respectively. Accounts receivable from TopStar were $0.6 million and $0.4 million at December 31, 2024 and 2023, respectively. We lease real estate from the Topper Group. Rent expense under these lease agreements was $10.2 million, $10.3 million and $10.0 million for 2024, 2023 and 2022, respectively. Generally, rent payable under these leases increases by 1.5% per year through the 10-year term expiring in April 2030. Generally, there are four five-year renewal options under these leases.Sale of PropertyIn 2024, we sold one property to a related party affiliated with the Topper Group for $2.5 million, resulting in a net gain of $1.8 million.Omnibus AgreementOn January 15, 2020, the Partnership entered into an Omnibus Agreement, effective as of January 1, 2020 (the “Omnibus Agreement”), among the Partnership, the General Partner and DMI. The terms of the Omnibus Agreement were approved by the independent conflicts committee of the Board, which is composed of the independent directors of the Board.Pursuant to the Omnibus Agreement, DMI agreed, among other things, to provide, or cause to be provided, to the General Partner for the benefit of the Partnership, at cost without markup, certain management, administrative and operating services.The Omnibus Agreement will continue in effect until terminated in accordance