ACQUISITIONS

3 Months Ended

Mar. 31, 2020

Business Combinations [Abstract]

ACQUISITIONS

ACQUISITIONS

2020 Activity

During the three months ended March 31, 2020, the Partnership acquired, from unrelated third-party sellers, mineral and royalty interests representing 4,948 gross (410 net royalty) acres in the Permian Basin for an aggregate purchase price of approximately $63.4 million, subject to post-closing adjustments and, as of March 31, 2020, had mineral and royalty interests representing 24,714 net royalty acres. The Partnership funded these acquisitions with cash on hand and borrowings under the Operating Company’s revolving credit facility.

2019 Activity

During the three months ended March 31, 2019, the Partnership acquired, from unrelated third-party sellers, mineral and royalty interests representing 627 net royalty acres for an aggregate purchase price of approximately $82.7 million and, as of March 31, 2019, had mineral and royalty interests representing 15,469 net royalty acres. The Partnership funded these acquisitions with cash on hand, a portion of the net proceeds from its February 2019 offering of common units and borrowings under the Operating Company’s revolving credit facility.