Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 152

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 1B
Chunk 152
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VENTORIESInventories consisted of the following (in thousands): 

        December 31,

        2024

        2023

        Merchandise
         
        $
        35,424

        $
        26,081

        Motor fuel

        27,745

        26,263

        Inventories
         
        $
        63,169

        $
        52,344

       See Note 3 and 22 for information regarding the Applegreen Acquisition and other conversions of lessee dealer sites to company operated and commission sites, which caused a significant portion of the increase in inventory.

Note 7. PROPERTY AND EQUIPMENTProperty 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