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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                         to                   

 

Commission File No. 001-35711

 

CROSSAMERICA PARTNERS LP

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

45-4165414

(State or Other Jurisdiction of
Incorporation or Organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

 

600 Hamilton Street, Suite 500

Allentown, PA

 

18101

(Zip Code)

(610) 625-8000

(Address of Principal Executive Offices)

 

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Units

CAPL

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

 

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 5, 2021, the registrant had outstanding 37,891,701 common units.

TABLE OF CONTENTS

 

 

 

PAGE

 

 

 

Commonly Used Defined Terms

 

i

 

 

 

PART I - FINANCIAL INFORMATION

 

1

Item 1. Financial Statements

 

1

Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020

 

1

Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020

 

2

Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020

 

3

Consolidated Statements of Equity and Comprehensive Income for the Three and Six Months Ended June 30, 2021 and 2020

 

4

Condensed Notes to Consolidated Financial Statements

 

5

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

19

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

35

Item 4. Controls and Procedures

 

35

 

 

 

PART II - OTHER INFORMATION

 

35

Item 1. Legal Proceedings

 

35

Item 1A. Risk Factors

 

35

Item 6. Exhibits

 

36

 

 

 

SIGNATURE

 

37

 

 

 


 

COMMONLY USED DEFINED TERMS

 

The following is a list of certain acronyms and terms generally used in the industry and throughout this document:

 

 

CrossAmerica Partners LP and subsidiaries:

 

CrossAmerica Partners LP

 

CrossAmerica, the Partnership, CAPL, we, us, our

 

 

 

CAPL JKM Wholesale

 

CAPL JKM Wholesale LLC

 

 

 

Joe’s Kwik Marts

 

Joe’s Kwik Marts LLC

 

 

 

LGW

 

Lehigh Gas Wholesale LLC

 

 

 

LGPR

 

LGP Realty Holdings LP

 

 

 

LGWS

 

Lehigh Gas Wholesale Services, Inc. and subsidiaries

 

 

 

CrossAmerica Partners LP related parties at any point during 2020 or 2021:

 

DMI

 

Dunne Manning Inc. (formerly Lehigh Gas Corporation), an entity affiliated with the Topper Group

 

 

 

DMP

 

Dunne Manning Partners LLC, an entity affiliated with the Topper Group and controlled by Joseph V. Topper, Jr. Since November 19, 2019, DMP has owned 100% of the membership interests in the sole member of the General Partner.

 

 

 

DMS

 

 

Dunne Manning Stores LLC (formerly known as Lehigh Gas-Ohio, LLC), an entity affiliated with the Topper Group. Through April 14, 2020, DMS was an operator of retail motor fuel stations. DMS leased retail sites from us in accordance with a master lease agreement and purchased a significant portion of its motor fuel for these sites from us on a wholesale basis under rack plus pricing. The financial results of DMS are not consolidated with ours.

 

 

 

General Partner

 

CrossAmerica GP LLC, the General Partner of CrossAmerica, a Delaware limited liability company, indirectly owned by the Topper Group.

 

 

 

Topper Group

 

Joseph V. Topper, Jr., collectively with his affiliates and family trusts that have ownership interests in the Partnership. Joseph V. Topper, Jr. is the founder of the Partnership and a member of the Board. The Topper Group is a related party and large holder of our common units

 

 

 

TopStar

 

TopStar Inc., an entity affiliated with a family member of Joseph V. Topper, Jr. TopStar is an operator of convenience stores that leases retail sites from us, and since April 14, 2020, also purchases fuel from us.

 

 

 

Other Defined Terms:

 

 

 

 

 

2020 Bonus Plan

 

The 2020 Performance-Based Bonus Compensation Policy is one of the key components of “at-risk” compensation. The 2020 Bonus Plan is utilized to reward short-term performance achievements and to motivate and reward employees for their contributions toward meeting financial and strategic goals.

 

 

 

ASC

 

Accounting Standards Codification

 

 

 

ASU

 

Accounting Standards Update

 

 

 

Board

 

Board of Directors of our General Partner

 

 

 

BP

 

BP p.l.c.

 

 

 

CDC

 

The Centers for Disease Control and Prevention

 

 

 

Circle K

 

Circle K Stores Inc., a Texas corporation, and a wholly owned subsidiary of Alimentation Couche-Tard Inc. (TSX: ATD.A ATD.B)

 

 

 


 

Circle K Omnibus Agreement

 

The Amended and Restated Omnibus Agreement, dated October 1, 2014, as amended effective January 1, 2016, February 1, 2018 and April 29, 2019 by and among CrossAmerica, the General Partner, DMI, DMS, CST Services and Joseph V. Topper, Jr., which amends and restates the original omnibus agreement that was executed in connection with CrossAmerica’s IPO on October 30, 2012. The terms of the Circle K Omnibus Agreement were approved by the independent conflicts committee of the Board. Pursuant to the Circle K Omnibus Agreement, CST Services agreed, among other things, to provide, or cause to be provided, to the Partnership certain management services.

 

 

 

COVID-19 Pandemic

 

In December 2019, a novel strain of coronavirus was reported to have surfaced in Wuhan, China. In March 2020, the World Health Organization declared the outbreak a pandemic.

 

 

 

CST

 

CST Brands LLC, which merged into Circle K Stores. Inc. on February 28, 2020, and subsidiaries, indirectly owned by Circle K.

 

 

 

CST Fuel Supply

 

CST Fuel Supply LP is indirectly owned by Circle K and is the parent of CST Marketing and Supply, LLC, CST’s wholesale motor fuel supply business, which provides wholesale fuel distribution to the majority of CST’s legacy U.S. retail convenience stores on a fixed markup per gallon. From July 1, 2015 through March 25, 2020, we owned a 17.5% limited partner interest in CST Fuel Supply.

 

 

 

CST Fuel Supply Exchange

 

Exchange Agreement, dated November 19, 2019, between the Partnership and Circle K, which closed effective March 25, 2020. Pursuant to the Exchange Agreement, Circle K transferred to the Partnership certain owned and leased convenience store properties and related assets (including fuel supply agreements) and wholesale fuel supply contracts covering additional sites, and, in exchange, the Partnership transferred to Circle K 100% of the limited partnership units it held in CST Fuel Supply.

 

 

 

CST Services

 

CST Services LLC, a wholly owned subsidiary of Circle K

 

 

 

DTW

 

Dealer tank wagon contracts, which are variable cent per gallon priced wholesale motor fuel distribution or supply contracts. DTW also refers to the pricing methodology under such contracts

 

 

 

EBITDA

 

Earnings before interest, taxes, depreciation, amortization and accretion, a non-GAAP financial measure

 

 

 

EMV

 

Payment method based upon a technical standard for smart payment cards, also referred to as chip cards

 

 

 

Equity Restructuring Agreement

 

On January 15, 2020, the Partnership entered into an Equity Restructuring Agreement with the General Partner and Dunne Manning CAP Holdings II LLC (“DM CAP Holdings”), a wholly owned subsidiary of DMP. Pursuant to the Equity Restructuring Agreement, all of the outstanding IDRs of the Partnership, all of which were held by DM CAP Holdings, were cancelled and converted into 2,528,673 newly-issued common units representing limited partner interests in the Partnership based on a value of $45 million and calculated using the 20 business day volume weighted average trading price of our common units ended five business days prior to the execution of the Equity Restructuring Agreement. This transaction closed on February 6, 2020.

 

 

 

Exchange Act

 

Securities Exchange Act of 1934, as amended

 

 

 

ExxonMobil

 

ExxonMobil Corporation

 

 

 

FASB

 

Financial Accounting Standards Board

 

 

 

Form 10-K

 

CrossAmerica’s Annual Report on Form 10-K for the year ended December 31, 2020

 

 

 

GP Purchase

 

Purchase by DMP from subsidiaries of Circle K of: 1) 100% of the membership interests in the sole member of the General Partner; 2) 100% of the Incentive Distribution Rights issued by the Partnership; and 3) an aggregate of 7,486,131 common units of the Partnership. These transactions closed on November 19, 2019.

 

 

 

i


 

IDRs

 

Incentive Distribution Rights represented the right to receive an increasing percentage of quarterly distributions after the target distribution levels were achieved. As a result of the GP Purchase, DMP owned 100% of the outstanding IDRs from November 19, 2019 through February 6, 2020.

 

 

 

Internal Revenue Code

 

Internal Revenue Code of 1986, as amended

 

 

 

IPO

 

Initial public offering of CrossAmerica Partners LP on October 30, 2012

 

 

 

LIBOR

 

London Interbank Offered Rate

 

 

 

MD&A

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

 

 

Marathon

 

Marathon Petroleum Company LP

 

 

 

Motiva

 

Motiva Enterprises LLC

 

 

 

Partnership Agreement

 

Second Amended and Restated Agreement of Limited Partnership of CrossAmerica Partners LP, dated as of February 6, 2020

 

 

 

Predecessor Entity

 

Wholesale distribution contracts and real property and leasehold interests contributed to the Partnership in connection with the IPO

 

 

 

SEC

 

U.S. Securities and Exchange Commission

 

 

 

Terms Discounts

 

Discounts for prompt payment and other rebates and incentives from our suppliers for a majority of the gallons of motor fuel purchased by us, which are recorded within cost of sales. Prompt payment discounts are based on a percentage of the purchase price of motor fuel.

 

 

 

Topper Group Omnibus

Agreement

 

The Topper Group Omnibus Agreement, effective January 1, 2020, by and among the Partnership, the General Partner and DMI. The terms of the Topper Group 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 Topper Group Omnibus Agreement, DMI agrees, among other things, to provide, or cause to be provided, to the Partnership certain management services at cost without markup.

 

 

 

U.S. GAAP

 

U.S. Generally Accepted Accounting Principles

 

 

 

Valero

 

Valero Energy Corporation and, where appropriate in context, one or more of its subsidiaries, or all of them taken as a whole

 

 

 

WTI

 

West Texas Intermediate crude oil

 

 

ii


 

 

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CROSSAMERICA PARTNERS LP

CONSOLIDATED BALANCE SHEETS

(Thousands of Dollars, except unit data)

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

621

 

 

$

513

 

Accounts receivable, net of allowances of $282 and $429, respectively

 

 

35,037

 

 

 

28,519

 

Accounts receivable from related parties

 

 

1,147

 

 

 

931

 

Inventory

 

 

24,414

 

 

 

23,253

 

Assets held for sale

 

 

5,553

 

 

 

9,898

 

Other current assets

 

 

14,856

 

 

 

11,707

 

Total current assets

 

 

81,628

 

 

 

74,821

 

Property and equipment, net

 

 

562,849

 

 

 

570,856

 

Right-of-use assets, net

 

 

164,240

 

 

 

167,860

 

Intangible assets, net

 

 

85,570

 

 

 

92,912

 

Goodwill

 

 

88,764

 

 

 

88,764

 

Other assets

 

 

21,500

 

 

 

19,129

 

Total assets

 

$

1,004,551

 

 

$

1,014,342

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Current portion of debt and finance lease obligations

 

$

2,679

 

 

$

2,631

 

Current portion of operating lease obligations

 

 

32,557

 

 

 

31,958

 

Accounts payable

 

 

71,230

 

 

 

63,978

 

Accounts payable to related parties

 

 

6,400

 

 

 

5,379

 

Accrued expenses and other current liabilities

 

 

21,649

 

 

 

23,267

 

Motor fuel and sales taxes payable

 

 

22,320

 

 

 

19,735

 

Total current liabilities

 

 

156,835

 

 

 

146,948

 

Debt and finance lease obligations, less current portion

 

 

546,759

 

 

 

527,299

 

Operating lease obligations, less current portion

 

 

137,559

 

 

 

141,380

 

Deferred tax liabilities, net

 

 

15,183

 

 

 

15,022

 

Asset retirement obligations

 

 

41,877

 

 

 

41,450

 

Other long-term liabilities

 

 

34,199

 

 

 

32,575

 

Total liabilities

 

 

932,412

 

 

 

904,674

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common units—37,874,868 and 37,868,046 units issued and

   outstanding at June 30, 2021 and December 31, 2020, respectively

 

 

72,162

 

 

 

112,124

 

Accumulated other comprehensive loss

 

 

(23

)

 

 

(2,456

)

Total equity

 

 

72,139

 

 

 

109,668

 

Total liabilities and equity

 

$

1,004,551

 

 

$

1,014,342

 

 

See Condensed Notes to Consolidated Financial Statements.

iii


CROSSAMERICA PARTNERS LP

CONSOLIDATED STATEMENTS OF OPERATIONS

(Thousands of Dollars, except unit and per unit amounts)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating revenues (a)

 

$

859,334

 

 

$

398,402

 

 

$

1,516,618

 

 

$

790,097

 

Costs of sales (b)

 

 

794,240

 

 

 

340,754

 

 

 

1,396,656

 

 

 

696,720

 

Gross profit

 

 

65,094

 

 

 

57,648

 

 

 

119,962

 

 

 

93,377

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from CST Fuel Supply equity interests

 

 

 

 

 

 

 

 

 

 

 

3,202

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses (c)

 

 

31,070

 

 

 

25,097

 

 

 

60,473

 

 

 

35,820

 

General and administrative expenses

 

 

6,876

 

 

 

5,597

 

 

 

14,526

 

 

 

10,077

 

Depreciation, amortization and accretion expense

 

 

19,583

 

 

 

16,050

 

 

 

37,614

 

 

 

33,277

 

Total operating expenses

 

 

57,529

 

 

 

46,744

 

 

 

112,613

 

 

 

79,174

 

Gain (loss) on dispositions and lease terminations, net

 

 

597

 

 

 

(4,575

)

 

 

(51

)

 

 

66,356

 

Operating income

 

 

8,162

 

 

 

6,329

 

 

 

7,298

 

 

 

83,761

 

Other income, net

 

 

204

 

 

 

78

 

 

 

292

 

 

 

215

 

Interest expense

 

 

(3,870

)

 

 

(4,121

)

 

 

(7,367

)

 

 

(9,661

)

Income before income taxes

 

 

4,496

 

 

 

2,286

 

 

 

223

 

 

 

74,315

 

Income tax benefit

 

 

(293

)

 

 

(2,944

)

 

 

(599

)

 

 

(2,976

)

Net income

 

 

4,789

 

 

 

5,230

 

 

 

822

 

 

 

77,291

 

IDR distributions

 

 

 

 

 

 

 

 

 

 

 

(133

)

Net income available to limited partners

 

$

4,789

 

 

$

5,230

 

 

$

822

 

 

$

77,158

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted earnings per common unit

 

$

0.13

 

 

$

0.14

 

 

$

0.02

 

 

$

2.09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average limited partner units:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic common units

 

 

37,874,868

 

 

 

37,736,329

 

 

 

37,872,079

 

 

 

36,865,651

 

Diluted common units

 

 

37,905,010

 

 

 

37,738,150

 

 

 

37,902,225

 

 

 

36,867,495

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) includes excise taxes of:

 

$

50,047

 

 

$

33,770

 

 

$

93,753

 

 

$

48,707

 

(a) includes rent income of:

 

 

20,862

 

 

 

20,424

 

 

 

41,334

 

 

 

43,112

 

(b) excludes depreciation, amortization and accretion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) includes rent expense of:

 

 

6,031

 

 

 

6,132

 

 

 

11,944

 

 

 

13,052

 

(c) includes rent expense of:

 

 

3,265

 

 

 

2,522

 

 

 

6,461

 

 

 

2,522

 

 

See Condensed Notes to Consolidated Financial Statements.

 

 

1


 

CROSSAMERICA PARTNERS LP

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Thousands of Dollars)

(Unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

822

 

 

$

77,291

 

Adjustments to reconcile net income to net cash provided by

   operating activities:

 

 

 

 

 

 

 

 

Depreciation, amortization and accretion expense

 

 

37,614

 

 

 

33,277

 

Amortization of deferred financing costs

 

 

521

 

 

 

521

 

Credit loss expense

 

 

32

 

 

 

627

 

Deferred income tax benefit

 

 

(921

)

 

 

(3,063

)

Equity-based employee and director compensation expense

 

 

754

 

 

 

48

 

Loss (gain) on dispositions and lease terminations, net

 

 

51

 

 

 

(74,189

)

Changes in operating assets and liabilities, net of acquisitions

 

 

2,141

 

 

 

27,131

 

Net cash provided by operating activities

 

 

41,014

 

 

 

61,643

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Principal payments received on notes receivable

 

 

85

 

 

 

172

 

Proceeds from Circle K in connection with CST Fuel Supply Exchange

 

 

 

 

 

16,396

 

Proceeds from sale of assets

 

 

5,600

 

 

 

9,954

 

Capital expenditures

 

 

(21,911

)

 

 

(10,760

)

Cash paid in connection with acquisitions, net of cash acquired

 

 

(4,166

)

 

 

(22,342

)

Net cash used in investing activities

 

 

(20,392

)

 

 

(6,580

)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Borrowings under the CAPL Credit Facility

 

 

57,000

 

 

 

63,201

 

Repayments on the CAPL Credit Facility

 

 

(36,399

)

 

 

(78,527

)

Payments of long-term debt and finance lease obligations

 

 

(1,287

)

 

 

(1,207

)

Distributions paid on distribution equivalent rights

 

 

(63

)

 

 

(2

)

Distributions paid to holders of the IDRs

 

 

 

 

 

(133

)

Distributions paid on common units

 

 

(39,765

)

 

 

(37,990

)

Net cash used in financing activities

 

 

(20,514

)

 

 

(54,658

)

Net increase in cash and cash equivalents

 

 

108

 

 

 

405

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

 

513

 

 

 

1,780

 

Cash and cash equivalents at end of period

 

$

621

 

 

$

2,185

 

 

See Condensed Notes to Consolidated Financial Statements.

 

 

2


 

CROSSAMERICA PARTNERS LP

CONSOLIDATED STATEMENTS OF EQUITY AND COMPREHENSIVE INCOME

(Thousands of Dollars, except unit amounts)

(Unaudited) 

 

 

Limited Partners’ Interest

 

 

Incentive

 

 

 

 

 

 

 

 

 

 

 

Common

Unitholders

 

 

Distribution

Rights

 

 

Accumulated other

comprehensive loss

 

 

Total Equity

 

 

 

Units

 

 

Dollars

 

 

Dollars

 

 

Dollars

 

 

Dollars

 

Balance at December 31, 2020

 

 

37,868,046

 

 

$

112,124

 

 

$

 

 

$

(2,456

)

 

$

109,668

 

Net loss

 

 

 

 

 

(3,967

)

 

 

 

 

 

 

 

 

(3,967

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Unrealized gain on interest rate swap contracts

 

 

 

 

 

 

 

 

 

 

 

2,017

 

 

 

2,017

 

   Realized loss on interest rate swap contracts

      reclassified from AOCI into interest expense

 

 

 

 

 

 

 

 

 

 

 

231

 

 

 

231

 

Total other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

2,248

 

 

 

2,248

 

Comprehensive (loss) income

 

 

 

 

 

(3,967

)

 

 

 

 

 

2,248

 

 

 

(1,719

)

Issuance of units related to 2020 Bonus Plan

 

 

6,822

 

 

 

126

 

 

 

 

 

 

 

 

 

126

 

Tax effect from intra-entity transfer of assets

 

 

 

 

 

(757

)

 

 

 

 

 

 

 

 

(757

)

Distributions paid

 

 

 

 

 

(19,912

)

 

 

 

 

 

 

 

 

(19,912

)

Balance at March 31, 2021

 

 

37,874,868

 

 

$

87,614

 

 

$

 

 

$

(208

)

 

$

87,406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

 

 

 

4,789

 

 

 

 

 

 

 

 

 

4,789

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Unrealized loss on interest rate swap contracts

 

 

 

 

 

 

 

 

 

 

 

(68

)

 

 

(68

)

   Realized loss on interest rate swap contracts

      reclassified from AOCI into interest expense

 

 

 

 

 

 

 

 

 

 

 

253

 

 

 

253

 

Total other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

185

 

 

 

185

 

Comprehensive income

 

 

 

 

 

4,789

 

 

 

 

 

 

185

 

 

 

4,974

 

Tax effect from intra-entity transfer of assets

 

 

 

 

 

(325

)

 

 

 

 

 

 

 

 

(325

)

Distributions paid

 

 

 

 

 

(19,916

)

 

 

 

 

 

 

 

 

(19,916

)

Balance at June 30, 2021

 

 

37,874,868

 

 

$

72,162

 

 

$

 

 

$

(23