Royalty Interests

3 Months Ended

Mar. 31, 2020

Real Estate [Abstract]

Royalty Interests

Royalty Interests

As of March 31, 2020 and December 31, 2019, the Trust owned the following oil and gas royalty interests (in thousands, except number of interests):

	Net Book Value
	March 31, 2020		December 31, 2019
1/16th nonparticipating perpetual royalty interests	$	—	$	—
1/128th nonparticipating perpetual royalty interests	—		—
Royalty interests acquired	46,256		29,320
Total royalty interests, gross	46,256		29,320
Less: accumulated depletion	(318)		(260)
Total royalty interests, net	$	45,938	$	29,060

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

For the three months ended March 31, 2020, the Trust acquired oil and gas royalty interests in approximately 1,017 net royalty acres (normalized to 1/8th) for an aggregate purchase price of $16.9 million, an average price of approximately $16,659 per net royalty acre.

For the three months ended March 31, 2019, the Trust acquired oil and gas royalty interests in approximately 301 net royalty acres (normalized to 1/8th) for an aggregate purchase price of $3.2 million, an average price of approximately $10,500 per net royalty acre.