CrossAmerica Sells 60 C-Stores in Q2, Exits Colorado and Kansas

CrossAmerica Partners sold 60 convenience retail properties across several states in Q2, including locations in Colorado and Kansas, marking the company's exit from those states. The divestitures are part of CrossAmerica's ongoing real estate rationalization efforts, which include beefing up its c-store footprint by converting dealer sites to company-owned locations. The company plans to continue this strategy and expects to add meaningfully to the total dollar value of sites divested by the end of the year.

CrossAmerica Partners LP, a leading convenience retail operator, reported significant progress in its Q2 2025 financial results, highlighting a strong focus on asset sales and real estate rationalization. The company sold 60 convenience retail properties across various states, including Colorado and Kansas, marking its exit from these states [1]. This divestment strategy is part of the company's ongoing efforts to optimize its real estate portfolio and strengthen its financial position.

The sale of 60 stores, valued at approximately $64 million, resulted in a net gain of nearly $30 million for CrossAmerica Partners. The company's Chief Executive Officer, Charles Nifeng, emphasized that these divestitures were primarily lower-performing sites and markets that were no longer strategic for the company. The company maintained fuel supply agreements with the majority of the sold locations, indicating a commitment to continuity of service for customers [1].

CrossAmerica Partners' company-operated site count decreased from 372 last year to 361 at the end of Q2 2025, largely due to these sales. The company's Q2 2025 earnings report showed an impressive performance, with earnings per share (EPS) of $0.64, significantly surpassing the forecasted $0.20. Revenue reached $961.93 million, up from the anticipated $793.52 million, reflecting strong operational execution and the ability to navigate challenging market conditions [2].

Despite the strong earnings, the company faced a decline in adjusted EBITDA and distributable cash flow, which could impact future earnings and distributions. However, the company remains focused on strategic initiatives such as asset sales and debt reduction to optimize its financial structure and maintain a manageable debt-to-capital ratio of 0.54 [2].

CrossAmerica Partners aims to continue its asset sales strategy and expects to add meaningfully to the total dollar value of sites divested by the end of the year. The company's Chief Financial Officer, Mara Topper, noted that the company will maintain a leverage ratio of approximately 4x and continues to strategically convert and divest sites to improve operational efficiency [2].

References:
[1] https://www.cstoredive.com/news/crossamerica-sells-60-c-stores-in-q2-exits-colorado-and-kansas/757112/
[2] https://au.investing.com/news/transcripts/earnings-call-transcript-crossamerica-partners-lp-q2-2025-beats-earnings-expectations-93CH-3966318