CrossAmerica Partners LP: Announces the Closing of Sale-Leaseback Transaction with Leading Institutional Real Estate Investor
(Thomson Reuters ONE) -
CrossAmerica Announces the Closing of Sale-Leaseback Transaction with Leading
Institutional Real Estate Investor
* Includes the sale and leaseback of 17 properties in the Chicago market
ALLENTOWN, PA, December 22, 2016 - CrossAmerica Partners LP (NYSE: CAPL)
("CrossAmerica" or "the Partnership") announced today that it has completed the
previously announced transaction with a leading institutional real estate
investor for the sale and leaseback of properties acquired as part of the State
Oil acquisition for net proceeds of approximately $25 million. CrossAmerica
acquired the State Oil assets on September 27, 2016 for $41.8 million, which
included a total of 56 fee properties and 60 million gallons of annual fuel
supply.
In connection with the sale, CrossAmerica entered into a lease agreement with a
6.5% capitalization rate under which it will lease 17 properties in the Chicago
market for an initial period of 15 years with an additional 15 years of renewal
options. The proceeds from the transaction will be used to reduce debt under
the Partnership''s revolving credit agreement.
About CrossAmerica Partners LP
CrossAmerica Partners is a leading wholesale distributor of motor fuels and
owner and lessor of real estate used in the retail distribution of motor
fuels. Its general partner, CrossAmerica GP LLC, is a wholly owned subsidiary of
CST Brands, Inc., one of the largest independent retailers of motor fuels and
convenience merchandise in North America. Formed in 2012, CrossAmerica Partners
LP is a distributor of branded and unbranded petroleum for motor vehicles in the
United States and distributes fuel to approximately 1,190 locations and owns or
leases more than 880 sites. With a geographic footprint covering 29 states, the
Partnership has well-established relationships with several major oil brands,
including ExxonMobil, BP, Shell, Chevron, Sunoco, Valero, Gulf, Citgo, Marathon
and Phillips 66. CrossAmerica Partners ranks as one of ExxonMobil''s largest
distributors by fuel volume in the United States and in the top 10 for
additional brands. For additional information, please visit
www.crossamericapartners.com.
Contacts
Investors:
Randy Palmer, 210-692-2160
Karen Yeakel, 610-625-8005
Media:
Lisa Koenig, 210-692-2659
Forward-Looking Statements
This press release and any oral statements made regarding the subjects of this
release may contain forward-looking statements of CrossAmerica Partners, which
may include, but are not limited to, statements regarding CrossAmerica Partners''
plans, objectives, expectations and intentions and other statements that are not
historical facts, including statements identified by words such as "outlook,"
"intends," "plans," "estimates," "believes," "expects," "potential,"
"continues," "may," "will," "should," "seeks," "approximately," "predicts,"
"anticipates," "foresees," or the negative version of these words or other
comparable expressions. All statements addressing operating performance, events,
or developments that CrossAmerica Partners expects or anticipates will occur in
the future, including statements relating to the acquisitions, consideration
that may be subject to adjustment, and closing conditions, revenue growth and
earnings or earnings per unit growth, as well as statements expressing optimism
or pessimism about future operating results, are forward-looking statements.
The forward-looking statements are based upon CrossAmerica Partners'' current
views and assumptions regarding future events and operating performance and are
inherently subject to significant business, economic and competitive
uncertainties and contingencies and changes in circumstances, many of which are
beyond each of the company''s control. The statements in this press release are
made as of the date of this press release, even if subsequently made available
by CrossAmerica Partners on its website or otherwise. CrossAmerica Partners
does not undertake any obligation to update or revise these statements to
reflect events or circumstances occurring after the date of this press release.
Although CrossAmerica Partners does not make forward-looking statements unless
it believes it has a reasonable basis for doing so, the companies cannot
guarantee their accuracy. Achieving the results described in these statements
involves a number of risks, uncertainties and other factors that could cause
actual results to differ materially, including the factors discussed in this
report and those described in the "Risk Factors" section of the CrossAmerica
Partners'' Form 10-K or 10-Qs filed with the Securities and Exchange Commission
as well as in CrossAmerica Partners'' other filings with the Securities and
Exchange Commission. No undue reliance should be placed on any forward-looking
statements.
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: CrossAmerica Partners LP via GlobeNewswire
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Datum: 22.12.2016 - 06:50 Uhr
Sprache: Deutsch
News-ID 1477354
Anzahl Zeichen: 2063
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