Great Northern Iron Ore Properties Trust has a market cap of $140.4 million; its shares were traded at around $93.62 with a P/E ratio of 15 and P/S ratio of 9.5. The dividend yield of Great Northern Iron Ore Properties Trust stocks is 11.8%.GNI is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:We have previously provided information in our various Securities and Exchange Commission filings, including our Annual Report, about the final distribution payable to the certificate holders upon the Trusts termination. The exact final distribution, though not determinable at this time, will generally consist of the sum of the Trusts net monies (essentially, total assets less liabilities and properties) and the balance in the Principal Charges account, less any and all expenses and obligations of the Trust upon termination. To offer a hypothetical example, without factoring in any expenses and obligations of the Trust upon its termination, and using the financial statement values as of December 31, 2009, the net monies were approximately $7,867,000 and the Principal Charges account balance was approximately $4,931,000, resulting in a final distribution payable of approximately $12,798,000, or about $8.53 per share. After payment of this final distribution, the certificates of beneficial interest (shares) would be cancelled and have no further value. It is important to note, however, that the actual net monies on hand and the Principal Charges account balance will most likely fluctuate during the ensuing years and will not be final until after the termination and wind-down of the Trust. The Trust offers this example to further inform investors about the conceptual nature of the final distribution and does not imply or guarantee a specific known final distribution amount.
Royalties decreased $415,141 during the six months ended June 30, 2010, as compared to the same period in 2009, due mainly to less mining from Trust lands during the early part of this year when some of the taconite facilities were just starting up again or increasing their production. However, Royalties increased $1,704,869 during the three months ended June 30, 2010, as compared to the same period in 2009, due mainly to more taconite production from Trust lands in the second quarter of this year, as well as improved royalty rates.
Interest and other income decreased $28,286 and $26,719 during the six months and three months ended June 30, 2010, respectively, as compared to the same periods in 2009, due mainly to reduced yields on the Trusts investments.
At their meeting held on June 7, 2010, the Trustees declared a distribution of $2.75 per share, amounting to $4,125,000 payable July 30, 2010, to certificate holders of record at the close of business on June 30, 2010. The Trustees have now declared two quarterly distributions in 2010. The first, in the amount of $2.00 per share, was paid on April 30, 2010, to certificate holders of record on March 31, 2010; and the second, that being the current distribution. The first and second quarter 2009 distributions were $1.80 and $1.80 per share, respectively. The Trustees intend to continue quarterly distributions and set the record date as of the last business day of each quarter. The next distribution will be paid in late October 2010 to certificate holders of record on September 30, 2010.
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