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, 2019

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



	June 30, 2019			December 31, 2018
	Number of Acres	Net Book Value		Number of Acres	Net Book Value
Land (surface rights)	855,553	$	—	877,462	$	—
Real estate acquired	46,386	84,902		24,715	10,492
Total real estate situated in 19 counties in Texas	901,939	$	84,902	902,177	$	10,492

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

Land Sales

For the six months ended June 30, 2019, the Trust sold approximately 21,909 acres (13,180 acres in Loving County, 5,598 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 $108.4 million, with an average of approximately $4,948 per acre.

For the six months ended June 30, 2018, the Trust sold approximately 120 acres (80 acres in Culberson County and 40 acres in Loving County) of 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 six months ended June 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 six months ended June 30, 2018, the Trust acquired approximately 2,884 acres (Mitchell and Upton County) of land in Texas for an aggregate purchase price of approximately $2.7 million, with an average of approximately $924 per acre.