Sale and Disposition of Assets

12 Months Ended

Dec. 31, 2024

Sale and Disposition of Assets

Sale and Dispositions of Assets

Note 8. Sale and Disposition of Assets

The following table provides the Partnership’s (gain) loss on sale and dispositions of assets for the years ended December 31 (in thousands):

	2024		2023		2022
Sale of Revere Terminal	$	2,720	$	—	$	(76,817)
Divestiture of retail gasoline stations		(14,401)	$	(3,303)	$	(4,578)
Loss on assets held for sale		2,275		826		1,617
Other		(88)		(149)		(95)
Total	$	(9,494)	$	(2,626)	$	(79,873)

Sale of Revere Terminal

On June 28, 2022, the Partnership completed the sale of its terminal located on Boston Harbor in Revere, Massachusetts for a purchase price of $150.0 million in cash. In connection with the sale of the Revere Terminal, the Partnership recognized a net gain of approximately $76.8 million for the year ended December 31, 2022, which is included in net gain on sale and disposition of assets in the accompanying consolidated statement of operations for the year ended December 31, 2022. See Note 18 for additional information.

Divestiture of Retail Gasoline Stations

The Partnership may divest certain retail gasoline stations in periodic sale transactions or coordinated divesture programs. The gain or loss on the sales of these assets, representing cash proceeds less net book value of assets and recognized liabilities at disposition, net of settlement and dispositions costs, is recorded in net gain on sale and disposition of assets in the accompanying consolidated statements of operations.

The Partnership sold 34 sites during 2024 and recognized a gain of $14.4 million on the sales of these sites for the year ended December 31, 2024, including the derecognition of $7.3 million of GDSO goodwill.

The Partnership recognized a gain of $3.3 million and $4.6 million on the sales of sites for the years ended December 31, 2023 and 2022, respectively, including the derecognition of $0.1 million and $5.5 million of GDSO goodwill for these respective periods.

Loss on Assets Held for Sale

In conjunction with the divestiture of retail gasoline stations and terminal assets, the Partnership may classify certain gasoline station and terminal assets as held for sale. Impairment charges related to assets held for sale are included in net gain on sale and disposition of assets in the accompanying consolidated statements of operations.

The Partnership classified 5 sites associated with the divestiture of retail gasoline stations discussed above as

held for sale at December 31, 2024. The Partnership recorded impairment charges related to these assets held for sale in the amount of $2.3 million for the year ended December 31, 2024.

The Partnership recorded impairment charges related to assets held for sale associated with the divestiture of retail gasoline stations in the amount of $0.8 million and $1.6 million for the years ended December 31, 2023 and 2022, respectively.

Retail gasoline station assets held for sale of $5.2 million and $20.3 million at December 31, 2024 and 2023, respectively, are included in property and equipment in the accompanying consolidated balance sheets. Assets held for sale at December 31, 2024 are expected to be sold within the next 12 months.

Other

The Partnership recognizes gains and losses on the sale and disposition of other assets, including vehicles, fixtures and equipment, and the gain or loss on such other assets are included in other in the aforementioned table.