ADDED
As of February 25, 2026, 33,995,563 common units were outstanding.
Tariffs and other controls on imports and exports could significantly impact our operations and costs, adversely affecting our business.
The impact on the global economy and commodity prices resulting from geopolitical events, including the conflict in Ukraine, hostilities in the Middle East and the evolving situation in Venezuela, may have a negative impact on our financial condition and results of operations.
In addition, changing consumer preferences or driving habits could lead to new forms of fueling destinations or potentially fewer customer visits to our sites, resulting in a decrease in gasoline sales and/or sales of food, sundries and other on-site services.
As of December 31, 2025, we had a portfolio of 1,524 owned, leased and/or supplied gasoline stations, including 290 directly operated convenience stores, primarily in the Northeast, as well as 67 gasoline stations located in Texas that are operated or supplied by our joint venture, Spring Partners Retail LLC ( SPR ).
2025 Events Expansion of Marine Fuel Supply Operations In October 2025, we expanded our marine fuel supply operations into the Gulf Coast with throughput and barge time-charter arrangements that enable operations in the Port of Houston and adjacent Gulf Coast ports, including Freeport, Beaumont and Lake Charles.
2033 Notes Offering and 2027 Notes Tender Offer and Redemption On June 23, 2025, we and GLP Finance Corp.
(the Issuers ) issued $450.0 million aggregate principal amount of 7.125% senior notes due 2033 (the 2033 Notes ) in a private placement exempt from the registration requirements under the Securities Act of 1933, as amended (the Securities Act ).
We used the net proceeds from the offering to fund the purchase of a portion of our 7.00% senior notes due 2027 (the 2027 Notes ) in a cash tender offer and to repay a portion of the borrowings outstanding under our credit agreement.
On August 1, 2025, the Issuers redeemed the remaining 2027 Notes not purchased in the tender offer.
REMOVED
As of February 26, 2025, 33,995,563 common units were outstanding.
Tariffs could significantly impact our operations and costs, adversely affecting our business.
The impact on the global economy and commodity prices resulting from the conflicts in Ukraine and the Middle East may have a negative impact on our financial condition and results of operations.
Our motor fuel sales could be significantly reduced by a reduction in demand due to higher prices and new technologies and alternative fuel sources, such as electric, hybrid, battery powered, hydrogen or other alternative powered motor vehicles.
As of December 31, 2024, we had a portfolio of 1,584 owned, leased and/or supplied gasoline stations, including 300 directly operated convenience stores, primarily in the Northeast, as well as 64 gasoline stations located in Texas that are operated by our joint venture, Spring Partners Retail LLC ( SPR ).
2024 Events Redemption of Series A Preferred Units On April 15, 2024, we redeemed all of our outstanding Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (the Series A Preferred Units ) at a redemption price of $25.00 per unit, plus a $0.514275 per unit cash distribution for the period from February 15, 2024 through April 14, 2024 .
Effective April 15, 2024, the Series A Preferred Units are no longer outstanding.
See Note 20 of Notes to Consolidated Financial Statements for additional information.
Acquisitions of Terminals from Gulf Oil and ExxonMobil Oil Corporation On April 9, 2024, we acquired four refined-product terminals from Gulf Oil Limited Partnership ( Gulf Oil ) which are located in Chelsea, MA, New Haven, CT, Linden, NJ and Woodbury, NJ, pursuant to a purchase agreement initially entered into on December 15, 2022 and subsequently amended and restated on February 23, 2024.
On November 1, 2024,we acquired one liquid energy terminal in East Providence, Rhode Island from ExxonMobil Oil Corporation ( ExxonMobil ).