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

6 Months Ended

Jun. 30, 2020

As of June 30, 2020 and December 31, 2019, the Trust owned the following land and real estate (in thousands, except number of acres):


	June 30, 2020				December 31, 2019
	Number of Acres	Net Book Value		Number of Acres	Net Book Value
Land (surface rights)	849,784	$	—	849,856	$	—
Real estate acquired	52,232	108,296		51,931	107,075
Total real estate situated in 19 counties in Texas	902,016	$	108,296	901,787	$	107,075

No valuation allowance was necessary at June 30, 2020 and December 31, 2019.

Land Sales

For the six months ended June 30, 2020, the Trust sold approximately 527 acres of land in Texas (Loving, Pecos and Reeves Counties) for an aggregate sales price of approximately $4.4 million, an average of approximately $8,305 per acre. The aggregate sales price excludes a reduction of $2.7 million in land basis.

For the six months ended June 30, 2019, the Trust sold approximately 21,909 acres of land in Texas (Culberson, Glasscock, Hudspeth, Loving, Midland and Reeves Counties) for an aggregate sales price of approximately $108.4 million, an average of approximately $4,948 per acre. There was no land basis associated with land sales for the six months ended June 30, 2019.

Land Acquisitions

For the six months ended June 30, 2020, the Trust acquired approximately 756 acres of land in Texas (Culberson and Reeves Counties) for an aggregate purchase price of approximately $3.9 million, an average of approximately $5,134 per acre.

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