Texas Pacific Land Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Real Estate Activity

Real Estate Activity

9 Months Ended

Sep. 30, 2018

Land Sales

No value has been assigned to the land held by the Trust other than parcels which have been acquired through foreclosure and a limited number of parcels which have been acquired. Consequently, no allowance for depletion is computed, and no charge to income is made, with respect thereto, and no cost is deducted from the proceeds of the land sales in computing gain or loss thereon.

During the nine months ended September 30, 2018 and 2017, we completed the following sales of land parcels (in thousands, except number of acres):



Date of sale	Location	Approximate number of acres sold	Contract sale price
For the nine months ended September 30, 2018
February 2018	Loving County	40.0	$	1,150
March 2018	Culberson County	80.0	1,600
August 2018	El Paso County	15.0	270
September 2018	Reeves County	31.8	1,273
Total		166.8	$	4,293

For the nine months ended September 30, 2017
May 2017	Loving County	11.02	$	220
Total		11.02	$	220

Real Estate Acquired

Real estate acquired included the following activity for the nine months ended September 30, 2018 and 2017 (in thousands, except number of acres):



	Nine Months Ended September 30, 2018			Nine Months Ended September 30, 2017
	Acres	Book Value		Acres	Book Value
Balance at January 1,	10,064.78	$	1,115	10,064.78	$	1,115
Acquisitions	2,883.68	2,663		—	—
Sales	—	—		—	—
Balance at September 30,	12,948.46	$	3,778	10,064.78	$	1,115