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, 2019

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



	March 31, 2019			December 31, 2018
	Number of Acres	Net Book Value		Number of Acres	Net Book Value
Land (surface rights)	856,211	$	—	877,462	$	—
Real estate acquired	36,416	57,682		24,715	10,492
Total real estate situated in 19 counties in Texas	892,627	$	57,682	902,177	$	10,492

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

Land Sales

For the three months ended March 31, 2019, the Trust sold approximately 21,251 acres (13,180 acres in Loving County, 5,598 acres in Culberson County, 1,651 acres in Hudspeth County and 822 acres in Reeves County) of the Trust’s Assigned land in Texas for an aggregate sales price of approximately $103.6 million, with an average of approximately $4,876 per acre.

For the three months ended March 31, 2018, the Trust sold approximately 120 acres (80 acres in Culberson County and 40 acres in Loving County) of the Trust’s Assigned land in Texas for an aggregate sales price of approximately $2.8 million, with an average of approximately $22,917 per acre.

Land Acquisitions

For the three months ended March 31, 2019, the Trust acquired approximately 11,702 acres (Culberson and Reeves Counties) of land in Texas for an aggregate purchase price of approximately $47.2 million, with an average of approximately $4,033 per acre.

For the three months ended March 31, 2018, the Trust acquired approximately 641 acres (all in Upton County) of land in Texas for an aggregate purchase price of approximately $0.8 million, with an average of approximately $1,171 per acre.