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

3 Months Ended

Mar. 31, 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 because they were offered for sale and were contiguous to parcels already owned by the Trust. 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 three months ended March 31, 2018, 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
February 2018	Loving County	40.0	$	1,150
March 2018	Culberson County	80.0	1,600
Total sales in 2018		120.0	$	2,750

There were no land sales during the three months ended March 31, 2017.

Real Estate Acquired

Real estate acquired included the following activity for the three months ended March 31, 2018 and 2017 (in thousands, except number of acres):



	Three Months Ended March 31, 2018			Three Months Ended March 31, 2017
	Acres	Book Value		Acres	Book Value
Balance at January 1,	10,064.78	$	1,115	10,064.78	$	1,115
Additions	640.60	751		—	—
Sales	—	—		—	—
Balance at March 31,	10,705.38	$	1,866	10,064.78	$	1,115