Real Estate Activity |
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| Real Estate Activity | Real Estate Activity
As of December 31, 2022 and 2021, TPL owned the following land and real estate (in thousands, except number of acres):
(1)Real estate assigned through the 1888 Declaration of Trust.
The Assigned land held by TPL was recorded with no value at the time of acquisition. See Note 2, “Summary of Significant Accounting Policies — Real Estate and Royalty Interests Assigned Through the 1888 Declaration of Trust” for further information regarding the Assigned land. Real estate acquired includes land parcels which have either been acquired through foreclosure or transactions with third parties.
Land Sales
For the year ended December 31, 2022, we sold 6,392 acres of land in Texas for an aggregate sales price of $9.7 million, an average of approximately $1,515 per acre.
For the year ended December 31, 2021, we sold 30 acres of land in Texas for an aggregate sales price of approximately $0.7 million, an average of approximately $25,000 per acre.
For the year ended December 31, 2020, we sold 22,160 acres of land in Texas for an aggregate sales price of approximately $16.0 million, an average of approximately $721 per acre. Additionally, we recognized land sales revenue of $1.4 million for the year ended December 31, 2020 related to land exchanges where we had no cost basis in the land conveyed.
Land Acquisitions
For the year ended December 31, 2022, we acquired 177 acres of land in Texas for an aggregate purchase price of $0.6 million, an average of approximately $3,585 per acre.
For the year ended December 31, 2021, we acquired 88 acres of land in Texas for an aggregate purchase price of approximately $0.5 million, an average of approximately $6,086 per acre.
For the year ended December 31, 2020, we acquired 756 acres of land in Texas for an aggregate purchase price of approximately $3.9 million, an average of approximately $5,134 per acre (excludes land acquired through the land exchange as discussed above).
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