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, 2019

As of September 30, 2019 and December 31, 2018, the Trust owned the following land and real estate (in thousands, except number of acres):


	September 30, 2019				December 31, 2018
	Number of Acres	Net Book Value		Number of Acres	Net Book Value
Land (surface rights)	855,476	$	—	877,462	$	—
Real estate acquired	46,386	84,902		24,715	10,492
Total real estate situated in 19 counties in Texas	901,862	$	84,902	902,177	$	10,492

No valuation allowance was necessary at September 30, 2019 and December 31, 2018.

Land Sales

For the nine months ended September 30, 2019, the Trust sold approximately 21,986 acres (13,180 acres in Loving County, 5,675 acres in Culberson County, 1,651 acres in Hudspeth County, 843 acres in Reeves County, 636 acres in Midland County and approximately 1 acre in Glasscock County) of land in Texas for an aggregate sales price of approximately $113.0 million, with an average of approximately $5,141 per acre.

For the nine months ended September 30, 2018, the Trust sold approximately 167 acres (80 acres in Culberson County, 40 acres in Loving County, 32 in Reeves County and 15 in El Paso County) of land in Texas for an aggregate sales price of approximately $4.3 million, with an average of approximately $25,734 per acre.

Land Acquisitions

For the nine months ended September 30, 2019, the Trust acquired approximately 21,671 acres (Culberson, Glasscock, Loving and Reeves Counties) of land in Texas for an aggregate purchase price of approximately $74.4 million, with an average of approximately $3,434 per acre.

For the nine months ended September 30, 2018, the Trust acquired approximately 2,884 acres (Mitchell and Upton Counties) of land in Texas for an aggregate purchase price of approximately $2.7 million, with an average of approximately $924 per acre.