7) TERMINAL ACQUISITIONS On January 1, 2015, the Partnership acquired a terminal facility in Greensboro, North Carolina which has a total shell capacity of 684,000 barrels for the storage of gasoline, distillate, ethanol and jet fuel. The terminal is served by truck and connection to the Colonial Pipeline. The Partnership entered into a contribution agreement with a subsidiary of Apex Oil Company, Inc. ( Apex ) whereby the Partnership issued 1,550,000 common units to Apex in exchange for the terminal. Based on the closing price of the Partnership s common units on December 31, 2014, the value of the units issued represented approximately $31,186 in total consideration. The acquisition of the Greensboro terminal qualifies as a business under the Business Combinations topic of the ASC. The allocation of the contribution consideration to the assets acquired and liabilities assumed was accounted for under the purchase method of accounting. Assets acquired and liabilities assumed in the transaction were recorded at their estimated acquisition date fair values, while transaction costs associated with the acquisition were expensed as incurred, other than $48 in closing costs which were recorded as property, plant and equipment. The Partnership has made a preliminary allocation, which may be subject to revision, of the contribution consideration to the assets acquired as follows: Contribution consideration Property, plant and equipment $ 18,951 Goodwill 5,695 Acquired customer contracts 6,540 Total consideration 31,186 Closing costs 48 Total terminal cost $ 31,234 In June 2014, the Partnership acquired two terminals in Mobile, Alabama that will have a total shell capacity of 1,826,000 barrels once necessary repairs and upgrades are made to the tanks. The Chickasaw terminal has a total storage capacity of 644,000 barrels for the storage of asphalt, crude oil, and residual fuels. The terminal is served by ship, barge, truck and rail. The acquisition of the Chickasaw terminal qualifies as a business under the Business Combi