GLP Global Partners LP

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): May 8, 2024

 

GLOBAL PARTNERS LP

(Exact name of registrant as specified in its charter)

 

Delaware	001-32593	74-3140887
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

 

P.O. Box 9161

800 South Street

Waltham, Massachusetts 02454-9161

(Address of Principal Executive Offices)

 

(781) 894-8800

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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 representing limited partner interests		GLP		New York Stock Exchange
9.50% Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests		GLP pr B		New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

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. ¨

 

 

Item 2.02.

Results of Operations and Financial Condition

 

On May 8, 2024, Global Partners LP (the “Partnership”) issued a press release announcing its first quarter 2024 financial results. The press release contains measures that may be deemed non-GAAP financial measures as defined in Item 10 of Regulation S-K under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The most directly comparable generally accepted accounting principles (“GAAP”) financial measures and information reconciling the GAAP and non-GAAP financial measures are also included in the press release. A copy of the Partnership’s press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

The information furnished pursuant to Item 2.02 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, unless the Partnership specifically states that the information is to be considered “filed” under the Exchange Act or incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.

 

Item 7.01.

Regulation FD Disclosure

 

The information set forth under Item 2.02 of this Current Report on Form 8-K is hereby incorporated in Item 7.01 by reference.

 

The information furnished pursuant to Item 7.01 in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, unless the Partnership specifically states that the information is to be considered “filed” under the Exchange Act or incorporates it by reference into a filing under the Securities Act of 1933, as amended, or the Exchange Act.

 

Item 9.01.

Financial Statements and Exhibits

 

(d)	Exhibits
99.1	Global Partners LP Press Release dated May 8, 2024
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

	GLOBAL PARTNERS LP
	By:	Global GP LLC
		its general partner
Dated:  May 8, 2024	By:	/s/ Sean T. Geary
		Sean T. Geary
		Chief Legal Officer and Secretary

 

 

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE

 

Contacts:
Gregory B. Hanson	Sean T. Geary
Chief Financial Officer	Chief Legal Officer and Secretary
Global Partners LP	Global Partners LP
(781) 894-8800	(781) 894-8800

 

Global Partners LP Reports First-Quarter 2024 Financial Results

 

Waltham, Mass., May 8, 2024 – Global Partners LP (NYSE: GLP) (“Global” or the “Partnership”) today reported financial results for the first quarter ended March 31, 2024.

 

CEO Commentary

 

Eric Slifka, the Partnership’s President and Chief Executive Officer, said, “Our Gasoline Distribution and Station Operations segment performed well in the first quarter, posting healthy margins that partly offset less favorable market conditions in our Wholesale and Commercial segments. Specific to our Wholesale segment, certain products were negatively impacted by the timing of mark-to-market valuations, which have largely recovered in the month of April. In the first quarter, we successfully completed the integration of liquid energy terminals acquired in December from Motiva Enterprises, and those assets performed in line with our expectations for the quarter.

 

“In April, we closed on the purchase of four liquid energy terminals in the Northeast from Gulf Oil Limited Partnership. This acquisition, which will be reflected in our results beginning in the second quarter of this year, further demonstrates our commitment to increasing the scale and strength of our growing energy distribution network,” Slifka said. “We are excited about the new opportunities the Gulf and Motiva transactions create to build on our strategic advantage and serve customers in these high-demand markets.”

 

First-Quarter 2024 Financial Highlights

 

Net loss was $5.6 million, or $0.37 per common limited partner unit, for the first quarter of 2024 compared with net income of $29.0 million, or $0.70 per diluted common limited partner unit, in the same period of 2023.

 

Earnings before interest, taxes, depreciation and amortization (EBITDA) was $56.9 million in the first quarter of 2024 compared with $78.1 million in the same period of 2023.

 

Adjusted EBITDA was $56.0 million in the first quarter of 2024 versus $76.0 million in the same period of 2023.

 

 

 

 

Distributable cash flow (DCF) was $15.8 million in the first quarter of 2024 compared with $46.3 million in the same period of 2023.

 

Adjusted DCF was $16.0 million in the first quarter of 2024 compared with $46.3 million in the same period of 2023.

 

Gross profit in the first quarter of 2024 was $215.1 million compared with $222.1 million in the same period of 2023.

 

Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $244.1 million in the first quarter of 2024 compared with $244.8 million in the same period of 2023.

 

Combined product margin, EBITDA, adjusted EBITDA, DCF and adjusted DCF are non-GAAP (Generally Accepted Accounting Principles) financial measures, which are explained in greater detail below under “Use of Non-GAAP Financial Measures.” Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three months ended March 31, 2024, and 2023.

 

GDSO segment product margin was $187.7 million in the first quarter of 2024 compared with $183.5 million in the same period of 2023. Product margin from gasoline distribution increased to $121.6 million from $120.8 million in the year-earlier period, primarily due to higher fuel margins (cents per gallon). Product margin from station operations totaled $66.1 million compared with $62.7 million in the first quarter of 2023.

 

Wholesale segment product margin was $49.4 million in the first quarter of 2024 compared with $53.1 million in the same period of 2023. Gasoline and gasoline blendstocks product margin was $29.7 million compared with $20.4 million in the same period of 2023, largely due to the acquisition of 25 refined product terminals and related assets from Motiva Enterprises in December 2023, partially offset by less favorable market conditions in gasoline. Product margin from distillates and other oils was $19.7 million in the first quarter of 2024 compared with $32.7 million in the same period of 2023, primarily due to less favorable market conditions in residual oil.

 

Commercial segment product margin was $7.0 million in the first quarter of 2024 compared with $8.1 million in the same period of 2023, primarily due to less favorable market conditions.

 

Total sales were $4.1 billion in the first quarter of 2024 compared with $4.0 billion in the same period of 2023. Wholesale segment sales were $2.6 billion in the first quarter of 2024 compared with $2.5 billion in the same period of 2023. GDSO segment sales were $1.2 billion in the first quarter of 2024 versus $1.3 billion in the same period of 2023. Commercial segment sales were $278.6 million in the first quarter of 2024 compared with $257.9 million in the same period of 2023.

 

Total volume was 1.6 billion gallons in the first quarter of 2024 compared with 1.4 billion gallons in the same period of 2023. Wholesale segment volume was 1.1 billion gallons in the first quarter of 2024 compared with 928.6 million gallons in the same period of 2023. GDSO volume was 364.3 million gallons in the first quarter of 2024 compared with 379.2 million gallons in the same period of 2023. Commercial segment volume was 120.7 million gallons in the first quarter of 2024 compared with 99.7 million gallons in the same period of 2023. 

 

 

Recent Developments

 

·

Global completed its acquisition of four liquid energy terminals from Gulf Oil Limited Partnership for $212.3 million. The terminals, which are strategically located in Chelsea, MA, New Haven, CT, Linden, NJ, and Woodbury, NJ, further enhance Global’s position in the energy economy of the Northeast.

 

·

Global fully redeemed all of its 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 share, 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.

 

·

Global announced a cash distribution of $0.7100 per unit ($2.84 per unit on an annualized basis) on all of its outstanding common units from January 1, 2024 through March 31, 2024. The distribution will be paid on May 15, 2024 to unitholders of record as of the close of business on May 9, 2024.

 

Financial Results Conference Call

 

Management will review the Partnership’s first-quarter 2024 financial results in a teleconference call for analysts and investors today.

 

Time:	10:00 a.m. ET
Dial-in numbers:	(877) 709-8155 (U.S. and Canada)
	(201) 689-8881 (International)

 

Please plan to dial in to the call at least 10 minutes prior to the start time. The call also will be webcast live and archived on Global Partners’ website, https://ir.globalp.com

 

About Global Partners LP

 

Building on a legacy that began more than 90 years ago, Global Partners has evolved into a Fortune 500 company and industry-leading integrated owner, supplier, and operator of liquid energy terminals, fueling locations, and guest-focused retail experiences. Global operates or maintains dedicated storage at 53 liquid energy terminals—with connectivity to strategic rail, pipeline, and marine assets—spanning from Maine to Florida and into the U.S. Gulf States. Through this extensive network, the company distributes gasoline, distillates, residual oil, and renewable fuels to wholesalers, retailers, and commercial customers. In addition, Global owns, supplies, and operates more than 1,700 retail locations across 12 Northeast states, the Mid-Atlantic, and Texas, providing the fuels people need to keep them on the go at their unique guest-focused convenience destinations. Recognized as one of Fortune’s Most Admired Companies, Global Partners is embracing progress and diversifying to meet the needs of the energy transition. 

 

 

Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.

 

Use of Non-GAAP Financial Measures

 

Product Margin

 

Global Partners views product margin as an important performance measure of the core profitability of its operations. The Partnership reviews product margin monthly for consistency and trend analysis. Global Partners defines product margin as product sales minus product costs. Product sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels and crude oil, as well as convenience store and prepared food sales, gasoline station rental income and revenue generated from logistics activities when the Partnership engages in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring products and all associated costs including shipping and handling costs to bring such products to the point of sale as well as product costs related to convenience store items and costs associated with logistics activities. The Partnership also looks at product margin on a per unit basis (product margin divided by volume). Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. Product margin should not be considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, product margin may not be comparable to product margin or a similarly titled measure of other companies.

 

EBITDA and Adjusted EBITDA

 

EBITDA and adjusted EBITDA are non-GAAP financial measures used as supplemental financial measures by management and may be used by external users of Global Partners’ consolidated financial statements, such as investors, commercial banks and research analysts, to assess the Partnership’s:

 

·

compliance with certain financial covenants included in its debt agreements;

 

·

financial performance without regard to financing methods, capital structure, income taxes or historical cost basis;

 

·

ability to generate cash sufficient to pay interest on its indebtedness and to make distributions to its partners;

 

·

operating performance and return on invested capital as compared to those of other companies in the wholesale, marketing, storing and distribution of refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane, and in the gasoline stations and convenience stores business, without regard to financing methods and capital structure; and

 

 

·

viability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities.

 

Adjusted EBITDA is EBITDA further adjusted for gains or losses on the sale and disposition of assets, goodwill and long-lived asset impairment charges and Global’s proportionate share of EBITDA related to its joint ventures, which are accounted for using the equity method. EBITDA and adjusted EBITDA should not be considered as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and adjusted EBITDA exclude some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, EBITDA and adjusted EBITDA may not be comparable to similarly titled measures of other companies.

 

Distributable Cash Flow and Adjusted Distributable Cash Flow

 

Distributable cash flow is an important non-GAAP financial measure for the Partnership’s limited partners since it serves as an indicator of Global’s success in providing a cash return on their investment. Distributable cash flow as defined by the Partnership’s partnership agreement (the “partnership agreement”) is net income plus depreciation and amortization minus maintenance capital expenditures, as well as adjustments to eliminate items approved by the audit committee of the board of directors of the Partnership’s general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash flow.

 

Distributable cash flow as used in the partnership agreement also determines Global’s ability to make cash distributions on its incentive distribution rights. The investment community also uses a distributable cash flow metric similar to the metric used in the partnership agreement with respect to publicly traded partnerships to indicate whether or not such partnerships have generated sufficient earnings on a current or historical level that can sustain distributions on preferred or common units or support an increase in quarterly cash distributions on common units. The partnership agreement does not permit adjustments for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges.

 

Adjusted distributable cash flow is a non-GAAP financial measure intended to provide management and investors with an enhanced perspective of the Partnership’s financial performance. Adjusted distributable cash flow is distributable cash flow (as defined in the partnership agreement) further adjusted for Global’s proportionate share of distributable cash flow related to its joint ventures, which are accounted for using the equity method. Adjusted distributable cash flow is not used in the partnership agreement to determine the Partnership’s ability to make cash distributions and may be higher or lower than distributable cash flow as calculated under the partnership agreement. 

 

  

Distributable cash flow and adjusted distributable cash flow should not be considered as alternatives to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, the Partnership’s distributable cash flow and adjusted distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies.

 

Forward-looking Statements

 

Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (SEC).

 

For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

 

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise. 

 

 

GLOBAL PARTNERS LP

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per unit data)

(Unaudited)

 

		Three Months Ended
		March 31,
		2024				2023
Sales		$	4,145,392			$	4,030,327
Cost of sales			3,930,257				3,808,263
Gross profit			215,135				222,064
Costs and operating expenses:
Selling, general and administrative expenses			69,781				62,256
Operating expenses			120,150				108,353
Amortization expense			1,869				2,084
Net gain on sale and disposition of assets			(2,501	)			(2,128	)
Total costs and operating expenses			189,299				170,565
Operating income			25,836				51,499
Other (loss) (expense):
Loss from equity method investments			(1,379	)			-
Interest expense			(29,696	)			(22,068	)
(Loss) income before income tax expense			(5,239	)			29,431
Income tax expense			(363	)			(400	)
Net (loss) income			(5,602	)			29,031
Less: General partner's interest in net (loss) income, including incentive distribution rights			3,136				1,782
Less: Preferred limited partner interest in net income			3,916				3,463
Net (loss) income attributable to common limited partners		$	(12,654	)		$	23,786
Basic net (loss) income per common limited partner unit (1)		$	(0.37	)		$	0.70
Diluted net (loss) income per common limited partner unit (1)		$	(0.37	)		$	0.70
Basic weighted average common limited partner units outstanding			33,963				33,986
Diluted weighted average common limited partner units outstanding			33,963				34,001

 

(1)   Under the Partnership's partnership agreement, for any quarterly period, the incentive distribution rights ("IDRs") participate in net income only to the extent of the amount of cash distributions actually declared, thereby excluding the IDRs from participating in the Partnership's undistributed net income or losses.  Accordingly, the Partnership's undistributed net income or losses is assumed to be allocated to the common unitholders and to the General Partner's general partner interest.  Net income attributable to common limited partners is divided by the weighted average common units outstanding in computing the net income per limited partner unit.

 

 

GLOBAL PARTNERS LP

CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

 

		March 31,				December 31,
		2024				2023
Assets
Current assets:
Cash and cash equivalents		$	72,822			$	19,642
Accounts receivable, net			561,934				551,764
Accounts receivable - affiliates			5,642				8,142
Inventories			403,955				397,314
Brokerage margin deposits			13,444				12,779
Derivative assets			9,108				17,656
Prepaid expenses and other current assets			88,012				90,531
Total current assets			1,154,917				1,097,828
Property and equipment, net			1,490,217				1,513,545
Right of use assets, net			247,465				252,849
Intangible assets, net			18,849				20,718
Goodwill			426,768				429,215
Equity method investments			88,128				94,354
Other assets			39,288				37,502
Total assets		$	3,465,632			$	3,446,011
Liabilities and partners' equity
Current liabilities:
Accounts payable		$	475,452			$	648,717
Working capital revolving credit facility - current portion			226,000				16,800
Lease liability - current portion			55,546				59,944
Environmental liabilities - current portion			5,493				5,057
Trustee taxes payable			67,919				67,398
Accrued expenses and other current liabilities			148,029				179,887
Derivative liabilities			7,592				4,987
Total current liabilities			986,031				982,790
Working capital revolving credit facility - less current portion			-				-
Revolving credit facility			-				380,000
Senior notes			1,184,628				742,720
Lease liability - less current portion			198,848				200,195
Environmental liabilities - less current portion			68,800				71,092
Financing obligations			137,554				138,485
Deferred tax liabilities			68,300				68,909
Other long-term liabilities			57,467				61,160
Total liabilities			2,701,628				2,645,351
Partners' equity			764,004				800,660
Total liabilities and partners' equity		$	3,465,632			$	3,446,011

  

  

GLOBAL PARTNERS LP

FINANCIAL RECONCILIATIONS

(In thousands)

(Unaudited)

 

		Three Months Ended
		March 31,
		2024				2023
Reconciliation of gross profit to product margin:
Wholesale segment:
Gasoline and gasoline blendstocks		$	29,761			$	20,386
Distillates and other oils			19,659				32,747
Total			49,420				53,133
Gasoline Distribution and Station Operations segment:
Gasoline distribution			121,630				120,816
Station operations			66,087				62,730
Total			187,717				183,546
Commercial segment			6,968				8,127
Combined product margin			244,105				244,806
Depreciation allocated to cost of sales			(28,970	)			(22,742	)
Gross profit		$	215,135			$	222,064
Reconciliation of net (loss) income to EBITDA and adjusted EBITDA:
Net (loss) income		$	(5,602	)		$	29,031
Depreciation and amortization			32,486				26,648
Interest expense			29,696				22,068
Income tax expense			363				400
EBITDA			56,943				78,147
Net gain on sale and disposition of assets			(2,501	)			(2,128	)
Loss from equity method investments (1)			1,379				-
EBITDA related to equity method investments (1)			187				-
Adjusted EBITDA		$	56,008			$	76,019
Reconciliation of net cash used in operating activities to EBITDA and adjusted EBITDA:
Net cash used in operating activities		$	(182,702	)		$	(19,325	)
Net changes in operating assets and liabilities and certain non-cash items			209,586				75,004
Interest expense			29,696				22,068
Income tax expense			363				400
EBITDA			56,943				78,147
Net gain on sale and disposition of assets			(2,501	)			(2,128	)
Loss from equity method investments (1)			1,379				-
EBITDA related to equity method investments (1)			187				-
Adjusted EBITDA		$	56,008			$	76,019
Reconciliation of net (loss) income to distributable cash flow and adjusted distributable cash flow:
Net (loss) income		$	(5,602	)		$	29,031
Depreciation and amortization			32,486				26,648
Amortization of deferred financing fees			1,831				1,347
Amortization of routine bank refinancing fees			(1,193	)			(1,138	)
Maintenance capital expenditures			(11,737	)			(9,560	)
Distributable cash flow (2)(3)			15,785				46,328
Loss from equity method investments (1)			1,379				-
Distributable cash flow from equity method investments (1)			(1,143	)			-
Adjusted distributable cash flow			16,021				46,328
Distributions to preferred unitholders (4)			(3,916	)			(3,463	)
Adjusted distributable cash flow after distributions to preferred unitholders		$	12,105			$	42,865
Reconciliation of net cash used in operating activities to distributable cash flow and adjusted distributable cash flow:
Net cash used in operating activities		$	(182,702	)		$	(19,325	)
Net changes in operating assets and liabilities and certain non-cash items			209,586				75,004
Amortization of deferred financing fees			1,831				1,347
Amortization of routine bank refinancing fees			(1,193	)			(1,138	)
Maintenance capital expenditures			(11,737	)			(9,560	)
Distributable cash flow (2)(3)			15,785				46,328
Loss from equity method investments (1)			1,379				-
Distributable cash flow from equity method investments (1)			(1,143	)			-
Adjusted distributable cash flow			16,021				46,328
Distributions to preferred unitholders (4)			(3,916	)			(3,463	)
Adjusted distributable cash flow after distributions to preferred unitholders		$	12,105			$	42,865

 

(1)  Represents the Partnership's proportionate share of net loss, EBITDA and distributable cash flow, as applicable, related to the Partnership's interests in its equity method investments.

(2)  As defined by the Partnership's partnership agreement, distributable cash flow is not adjusted for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges.

(3)  Distributable cash flow includes a net gain on sale and disposition of assets of $2.5 million and $2.1 million for the three months ended March 31, 2024 and 2023, respectively.  Distributable cash flow for the three months ended March 31, 2024 includes a $1.4 million loss from the Partnership's equity method investments.

(4)  Distributions to preferred unitholders represent the distributions payable to the Series A preferred unitholders and the Series B preferred unitholders earned during the period. Distributions on the Series A preferred units and the Series B preferred units are cumulative and payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year.  On April 15, 2024, all of the Partnership's Series A preferred units were redeemed and are no longer outstanding.

 

 

v3.24.1.u1

Cover	May 08, 2024
Document Information [Line Items]
Document Type	8-K
Amendment Flag	false
Document Period End Date	May 08, 2024
Entity File Number	001-32593
Entity Registrant Name	GLOBAL PARTNERS LP
Entity Central Index Key	0001323468
Entity Tax Identification Number	74-3140887
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	P.O. Box 9161
Entity Address, Address Line Two	800 South Street
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02454-9161
City Area Code	781
Local Phone Number	894-8800
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Units Representing Limited Partner Interests [Member]
Document Information [Line Items]
Title of 12(b) Security	Common Units representing limited partner interests
Trading Symbol	GLP
Security Exchange Name	NYSE
Series B Preferred Stock [Member]
Document Information [Line Items]
Title of 12(b) Security	9.50% Series B Fixed Rate Cumulative Redeemable Perpetual Preferred Units representing limited partner interests
Trading Symbol	GLP pr B
Security Exchange Name	NYSE

---