Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 262

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 8
Chunk 262
---
    22,453

    2,196

    24,649

    Issuance of units related to 2023 Bonus Plan

    17,136

    381

    —

    381

    Vesting of equity awards, net of units withheld for tax

    59,412

    1,272

    —

    1,272

    Accretion of preferred membership interests

    —

    (2,561
    )

    —

    (2,561
    )

    Tax effect from intra-entity transfer of assets

    —

    (410
    )

    —

    (410
    )

    Distributions paid

    —

    (80,114
    )

    —

    (80,114
    )

    Balance at December 31, 2024

    38,059,702

    $
    (61,371
    )
     
    $
    7,595

    $
    (53,776
    )

The accompanying notes are an integral part of these consolidated financial statements.

59 

CROSSAMERICA PARTNERS LPNOTES TO CONSOLIDATED FINANCIAL STATEMENTS 

Note 1. DESCRIPTION OF BUSINESSThe Topper Group controls the sole member of our General Partner and has the ability to appoint all of the members of the Board and to control and manage the operations and activities of the Partnership. As of February 21, 2025, the Topper Group has beneficial ownership of a 38.6% limited partner interest in the Partnership. Description of BusinessOur business consists of:•the wholesale distribution of motor fuels;•the owning or leasing of sites used in the retail distribution of motor fuels and, in turn, generating rental income from the lease or sublease of the sites;•the retail sale of motor fuels to end customers at retail sites operated by commission agents and ourselves; and•the operation of retail sites, including the sale of convenience merchandise to end customers.The consolidated financial statements reflect the consolidated results of the Partnership and its wholly owned subsidiaries. Our primary operations are conducted by the following consolidated wholly owned subsidiaries:•LGW and CAPL JKM Wholesale, which distribute motor fuels on a wholesale basis and generate Qualifying Income under Section 7704(d) of the Internal Revenue Code;•LGPR, which functions as our real estate holding company and holds assets that generate Qualifying Income under Section 7704(d) of the Internal Revenue Code; •