Real Estate Activity |
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Dec. 31, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Real Estate Activity |
As of December 31, 2018 and 2017, the Trust owned the following land and real estate (in thousands, except number of acres):
No valuation allowance was necessary at December 31, 2018 and 2017.
Land Sales
The Assigned land held by the Trust was recorded with no value at the time of acquisition. See Note 2, “Summary of Significant Accounting Policies” for further information regarding the Assigned land. Real estate acquired includes land parcels which have either been acquired through foreclosure or purchased from a third party seller.
For the year ended December 31, 2018, the Trust sold approximately 171.5 acres of the Trust’s Assigned land in Texas for an aggregate sales price of approximately $4.4 million, an average of approximately $25,464 per acre.
For the year ended December 31, 2017, the Trust sold approximately 11.0 acres of the Trust’s Assigned land in Texas for an aggregate sales price of approximately $0.2 million, an average of approximately $20,000 per acre.
For the year ended December 31, 2016, the Trust sold approximately 774.6 acres of the Trust’s Assigned land in Texas for an aggregate sales price of approximately $2.9 million, an average of approximately $3,803 per acre.
Land Acquisitions
For the year ended December 31, 2018, the Trust acquired approximately 14,650 acres of land in Texas for an aggregate purchase price of approximately $9.4 million, an average of approximately $640 per acre.
There were no land acquisitions for the years ended December 31, 2017 and December 31, 2016.
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