Property and Equipment

3 Months Ended

Mar. 31, 2015

Property and Equipment

Property and Equipment

Note 10.Property and Equipment

Property and equipment consisted of the following (in thousands):

	March 31,			December 31,
	2015			2014
Buildings and improvements	$	930,169		$	667,172
Land	384,078			288,929
Fixtures and equipment	32,985			26,577
Construction in process	72,213			66,119
Capitalized internal use software	7,530			7,530
Total property and equipment	1,426,975			1,056,327
Less accumulated depreciation	(252,892		)	(231,276		)
Total	$	1,174,083		$	825,051

At March 31, 2015 and December 31, 2014, construction in process included $30.5 million related to the Partnership’s ethanol plant acquired from Cascade Kelly.  Due to the nature of certain assets acquired from Cascade Kelly which are currently idle, the Partnership intends to make the capital improvements necessary to place the ethanol plant into service and expects the plant to be operational in 2016; therefore, as of March 31, 2015 and December 31, 2014, the recorded value of the ethanol plant is included in construction in process. After the plant has been successfully placed into service, depreciation will commence.

As part of continuing operations, the Partnership may periodically divest certain gasoline stations.  The gain (loss) on the sale, representing cash proceeds less net book value of assets at disposition, is recorded in loss on asset sales in the accompanying consolidated statements of income and amounted to $0.4 million and $0.7 million for the three months ended March 31, 2015 and 2014, respectively.

The Partnership evaluates its assets for impairment on a quarterly basis.  No impairments were required for the three months ended March 31, 2015 and 2014.