Great Northern Iron Ore Properties Trust Reports Operating Results (10-Q)
Great Northern Iron Ore Properties Trust has a market cap of $141.1 million; its shares were traded at around $94.0501 with a P/E ratio of 12.3 and P/S ratio of 9.5. The dividend yield of Great Northern Iron Ore Properties Trust stocks is 8.5%. Great Northern Iron Ore Properties Trust had an annual average earning growth of 5.9% over the past 10 years. GuruFocus rated Great Northern Iron Ore Properties Trust the business predictability rank of 2-star.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.
At their meeting held on March 22, 2010, the Trustees declared a distribution of $2.00 per share, amounting to $3,000,000 payable April 30, 2010, to certificate holders of record at the close of business on March 31, 2010. At their meeting held on March 10, 2009, the Trustees declared a distribution of $1.80 per share, amounting to $2,700,000 paid on April 30, 2009, to certificate holders of record at the close of business on March 31, 2009. 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 July 2010 to certificate holders of record on June 30, 2010.
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