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Great Northern Iron Ore Properties 10-Q 2013

Documents found in this filing:

  1. 10-Q
  2. Ex-31.1
  3. Ex-31.2
  4. Ex-32
  5. Ex-32

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 


FORM 10-Q 


 

(Mark One)

 

      Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 - For the Quarterly Period Ended September 30, 2013

 

Or

 

      Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 - For the Transition Period From ______________ to ______________

 

Commission file number 1-701

 


GREAT NORTHERN IRON ORE PROPERTIES

(Exact name of registrant as specified in its charter)

 

Minnesota 41-0788355
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)

 

W-1290 First National Bank Building

332 Minnesota Street

Saint Paul, Minnesota

55101-1361
(Address of principal executive office) (Zip Code)

 

(651) 224-2385

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes    No

 

Indicate by check mark whether the registrant has submitted electronically and posted to its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes    No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company (as defined in Rule 12b-2 of the Act).

 

Large accelerated filer  Accelerated filer
Non-accelerated filer Smaller reporting company 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes    No

 

Number of shares of beneficial interest outstanding on September 30, 2013:             1,500,000

 

 

 
 

PART I. FINANCIAL INFORMATION

 

Item 1.   Financial Statements

 

GREAT NORTHERN IRON ORE PROPERTIES

 

CONDENSED BALANCE SHEETS

 

    September 30,     December 31,  
    2013     2012  
ASSETS   (Unaudited)     (Note)  
CURRENT ASSETS                
Cash and cash equivalents   $ 743,693     $ 643,431  
United States Treasury securities     4,946,408       8,427,807  
Royalties receivable     4,130,844       4,070,111  
Prepaid expenses     31,162       2,110  
TOTAL CURRENT ASSETS     9,852,107       13,143,459  
                 
NONCURRENT ASSETS                
United States Treasury securities     3,584,682       4,295,457  
                 
PROPERTIES                
Mineral and surface lands     39,479,708       39,479,708  
Accumulated depletion and amortization     (38,418,877 )     (37,897,777 )
      1,060,831       1,581,931  
                 
Building and equipment     335,767       334,538  
Accumulated depreciation     (250,203 )     (236,671 )
      85,564       97,867  
TOTAL PROPERTIES     1,146,395       1,679,798  
TOTAL ASSETS   $ 14,583,184     $ 19,118,714  
                 
LIABILITIES AND BENEFICIARIES’ EQUITY                
CURRENT LIABILITIES                
Accounts payable and accrued expenses   $ 188,982     $ 104,256  
Distributions     3,900,000       7,875,000  
TOTAL CURRENT LIABILITIES     4,088,982       7,979,256  
                 
NONCURRENT LIABILITIES                
Deferred compensation     229,100       229,100  
Liability for pension benefits     268,124       1,511,694  
TOTAL NONCURRENT LIABILITIES     497,224       1,740,794  
TOTAL LIABILITIES     4,586,206       9,720,050  
                 
BENEFICIARIES’ EQUITY                
Certificate holders’ equity, represented by 1,500,000
     certificates (shares or units) of beneficial interest
     authorized and outstanding, and the reversionary interest
    11,908,333       11,820,773  
Accumulated other comprehensive loss     (1,911,355 )     (2,422,109 )
TOTAL BENEFICIARIES’ EQUITY     9,996,978       9,398,664  
TOTAL LIABILITIES AND BENEFICIARIES’ EQUITY   $ 14,583,184     $ 19,118,714  

 

Note:The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

 

See notes to condensed financial statements.

 

-1-
 

GREAT NORTHERN IRON ORE PROPERTIES

 

CONDENSED STATEMENTS OF INCOME

(Unaudited)

 

    Three Months Ended     Nine Months Ended  
    September 30     September 30  
    2013     2012     2013     2012  
REVENUES                                
Royalties   $ 4,403,655     $ 5,178,144     $ 14,120,880     $ 19,483,824  
Interest and other income     35,443       45,251       81,309       98,962  
      4,439,098       5,223,395       14,202,189       19,582,786  
Costs and expenses     (1,035,095 )     (956,143 )     (3,089,629 )     (3,067,840 )
NET INCOME   $ 3,404,003     $ 4,267,252     $ 11,112,560     $ 16,514,946  
                                 
Weighted-average shares outstanding     1,500,000       1,500,000       1,500,000       1,500,000  
                                 
BASIC & DILUTED EARNINGS PER SHARE   $ 2.27     $ 2.84     $ 7.41     $ 11.01  
                                 
Distributions declared per share   $ 2.60  (1)   $ 3.50  (2)   $ 7.35  (3)   $ 8.75  (4)

 

 

 

         
         
(1) $  2.60 declared 9/13/2013
      payable 10/31/2013
         
(2) $  3.50 declared 9/7/2012
      paid 10/31/2012
         
(3) $  2.25 declared 3/8/2013
      paid 4/30/2013
plus $  2.50 declared 6/17/2013
      paid 7/31/2013
plus $  2.60 declared 9/13/2013
      payable 10/31/2013
         
(4) $  2.25 declared 3/9/2012
      paid 4/30/2012
plus $  3.00 declared 6/6/2012
      paid 7/31/2012
plus $  3.50 declared 9/7/2012
      paid 10/31/2012

 

See notes to condensed financial statements.

 

 

 

-2-
 

GREAT NORTHERN IRON ORE PROPERTIES

 

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

 

    Three Months Ended     Nine Months Ended  
    September 30     September 30  
    2013     2012     2013     2012  
NET INCOME   $ 3,404,003     $ 4,267,252     $ 11,112,560     $ 16,514,946  
Other comprehensive income:                                
Defined benefit pension plan:                                
Amortization of prior service
     cost included in net periodic
     pension cost
    4,367       4,367       13,102       13,102  
Amortization of net loss included
     in net periodic pension cost
    165,884       123,098       497,652       369,293  
Total other comprehensive income     170,251       127,465       510,754       382,395  
TOTAL COMPREHENSIVE INCOME   $ 3,574,254     $ 4,394,717     $ 11,623,314     $ 16,897,341  

 

See notes to condensed financial statements.

 

 

 

 

 

 

 

 

 

 

 

-3-
 

GREAT NORTHERN IRON ORE PROPERTIES

 

CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

    Nine Months Ended  
    September 30  
    2013     2012  
Cash flows from operating activities:                
Cash received from royalties and rents   $ 14,124,615     $ 22,559,309  
Cash paid to suppliers and employees     (3,210,162 )     (2,739,685 )
Interest received     59,015       38,048  
NET CASH PROVIDED BY OPERATING ACTIVITIES     10,973,468       19,857,672  
                 
Cash flows from investing activities:                
United States Treasury securities purchased     (3,525,000 )     (6,900,000 )
United States Treasury securities matured     7,675,000       3,650,000  
Expenditures for building and equipment     (23,206 )      
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES     4,126,794       (3,250,000 )
                 
Cash flows from financing activities:                
Distributions paid     (15,000,000 )     (16,500,000 )
NET CASH USED IN FINANCING ACTIVITIES     (15,000,000 )     (16,500,000 )
                 
Net increase in cash and cash equivalents     100,262       107,672  
                 
Cash and cash equivalents at beginning of year     643,431       750,947  
                 
CASH AND CASH EQUIVALENTS AT END OF PERIOD   $ 743,693     $ 858,619  

 

See notes to condensed financial statements.

 

 

 

 

 

 

 

 

 

-4-
 

GREAT NORTHERN IRON ORE PROPERTIES

 

NOTES TO CONDENSED FINANCIAL STATEMENTS

(Unaudited)

 

Periods of Three and Nine Months ended September 30, 2013 and September 30, 2012

 

Note 1 – BASIS OF PRESENTATION

 

The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the periods stated above are not necessarily indicative of the results that may be expected for each respective full year. For further information, refer to the financial statements and footnotes included in the Great Northern Iron Ore Properties (the “Trust”) Annual Report on Form 10-K for the year ended December 31, 2012.

 

 

Note 2 – SECURITIES

 

United States Treasury securities are classified as “held-to-maturity” securities and are carried at cost, adjusted for accrued interest and amortization of premium or discount. The aggregate fair values listed in the table below are based on quoted prices in active markets for identical assets (Level 1). Securities classified as current assets will mature within one year of the respective period ending date stated below. Securities classified as noncurrent assets will mature one to three years from the respective period ending date stated below. Following is an analysis of the securities as of the periods stated:

 

    Current     Noncurrent  
    Sept. 30, 2013     Dec. 31, 2012     Sept. 30, 2013     Dec. 31, 2012  
Aggregate fair value   $ 4,939,011     $ 8,416,447     $ 3,583,047     $ 4,282,664  
Gross unrealized holding gains     (2,457 )     (3,707 )     (1,377 )     (698 )
Gross unrealized holding losses                 319       1,405  
Amortized cost basis     4,936,554       8,412,740       3,581,989       4,283,371  
Accrued interest     9,854       15,067       2,693       12,086  
Amounts shown on balance sheets   $ 4,946,408     $ 8,427,807     $ 3,584,682     $ 4,295,457  

 

 

Note 3 – PENSION PLAN

 

A summary of the components of net periodic pension cost is as follows:

 

    Three Months Ended September 30     Nine Months Ended September 30  
    2013     2012     2013     2012  
Service cost   $ 81,424     $ 76,699     $ 244,270     $ 230,099  
Interest cost     76,967       80,549       230,903       241,648  
Expected return on assets     (134,480 )     (112,117 )     (403,442 )     (336,352 )
Amortization of net loss     165,884       123,098       497,652       369,293  
Amortization of prior service cost     4,367       4,367       13,102       13,102  
Net periodic pension cost   $ 194,162     $ 172,596     $ 582,485     $ 517,790  

 

The plan’s annual actuarial valuation was performed as of the plan’s fiscal year-end March 31. The actuarial recommended contribution to the pension plan for the year 2013 was $1,315,301, which contribution was made in August 2013.

 

 

 

-5-
 

 

Note 4 – BENEFICIARIES’ EQUITY

 

Pursuant to the Court Order of November 29, 1982, the Trustees were directed to create and maintain an account designated as “Principal Charges.” This account constitutes a first and prior lien of certificate holders on any property transferable to the reversioner and reflects an allocation of beneficiaries’ equity between the certificate holders and the reversioner. This account is neither an asset nor a liability of the Trust. Rather, this account maintains and represents a balance which will be payable to the certificate holders of record from the reversioner at the end of the Trust. The balance in this account consists of attorneys’ fees and expenses of counsel for adverse parties pursuant to the Court Order in connection with litigation commenced in 1972 relating to the Trustees’ powers and duties under the Trust Agreement and the costs of homes and surface lands acquired in accordance with provisions of a lease with U.S. Steel Corporation, net of an allowance to amortize the cost of the land based on actual shipments of taconite and net of a credit for disposition of tangible assets.

 

Following is an analysis of this account for the period ended as of:

 

 

    Sept. 30, 2013  
Attorneys’ fees and expenses   $ 1,024,834  
Costs of surface lands     6,606,815  
Cumulative shipment credits     (2,453,772 )
Cumulative asset disposition credits     (372,124 )
Principal Charges account balance   $ 4,805,753  

 

Upon termination of the Trust, the Trustees shall either sell tangible assets or obtain a loan with tangible assets as security to provide monies for distribution to the certificate holders in the amount of the Principal Charges account balance.

 

 

Note 5 – ACCUMULATED OTHER COMPREHENSIVE LOSS

 

A summary of the component items (all affecting the “Costs and expenses” line item within the Condensed Statements of Income) showing the reclassifications out of Accumulated other comprehensive loss (“AOCL”) is as follows:

 

    Amounts reclassified from AOCL  
    Three Months Ended Sept. 30  
Component item   2013     2012  
Amortization of defined benefit pension items:                
Prior service cost   $ 4,367     $ 4,367  
Net loss     165,884       123,098  
Total   $ 170,251     $ 127,465  
                 

 

    Amounts reclassified from AOCL  
    Nine Months Ended Sept. 30  
Component item   2013     2012  
Amortization of defined benefit pension items:                
Prior service cost   $ 13,102     $ 13,102  
Net loss     497,652       369,293  
Total   $ 510,754     $ 382,395  

 

 

-6-
 

 

Note 5 – ACCUMULATED OTHER COMPREHENSIVE LOSS (Continued)

 

A summary of the changes in Accumulated other comprehensive loss (“AOCL”) by component item is as follows:

 

    Three Months Ended September 30, 2013  
Defined benefit pension items:   Prior Service Cost     Net Loss     Total  
Balance at beginning of period   $ (26,201 )   $ (2,055,405 )   $ (2,081,606 )
Amounts reclassified from AOCL     4,367       165,884       170,251  
Balance at end of period   $ (21,834 )   $ (1,889,521 )   $ (1,911,355 )

 

    Three Months Ended September 30, 2012  
Defined benefit pension items:   Prior Service Cost     Net Loss     Total  
Balance at beginning of period   $ (43,670 )   $ (2,144,397 )   $ (2,188,067 )
Amounts reclassified from AOCL     4,367       123,098       127,465  
Balance at end of period   $ (39,303 )   $ (2,021,299 )   $ (2,060,602 )

 

    Nine Months Ended September 30, 2013  
Defined benefit pension items:   Prior Service Cost     Net Loss     Total  
Balance at beginning of period   $ (34,936 )   $ (2,387,173 )   $ (2,422,109 )
Amounts reclassified from AOCL     13,102       497,652       510,754  
Balance at end of period   $ (21,834 )   $ (1,889,521 )   $ (1,911,355 )

 

    Nine Months Ended September 30, 2012  
Defined benefit pension items:   Prior Service Cost     Net Loss     Total  
Balance at beginning of period   $ (52,405 )   $ (2,390,592 )   $ (2,442,997 )
Amounts reclassified from AOCL     13,102       369,293       382,395  
Balance at end of period   $ (39,303 )   $ (2,021,299 )   $ (2,060,602 )

 

 

Note 6 – NEW ACCOUNTING PRONOUNCEMENTS

 

In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2013-02, “Comprehensive Income (Topic 220) – Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” This ASU amends Accounting Standards Codification Topic 220 for the purpose of requiring the reporting of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amounts being reclassified are required under U.S. generally accepted accounting principles to be reclassified in their entirety to net income. This amendment does not change the current requirements for reporting net income or other comprehensive income in the financial statements. Rather, this amendment requires more information about the amounts reclassified out of accumulated other comprehensive income by component, with this additional information either shown on the face of the income statement or within the notes to the financial statements. For public companies, this ASU is effective for periods beginning after December 15, 2012. The Trust adopted this amendment required by ASU No. 2013-02 beginning with its first quarter in 2013, and has elected to present the required information within the notes to the financial statements.

 

 

-7-
 

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Periods of Three and Nine Months ended September 30, 2013 and September 30, 2012

 

The Trust owns interest in 12,033 acres on the Mesabi Iron Range Formation in northeastern Minnesota, most of which are under lease to major iron ore producing companies. The Trust and matters affecting the Trust are under the jurisdiction of the Ramsey County District Court (the “Court”) in Saint Paul, Minnesota. Due to the Trustees’ election pursuant to Section 646 of the Tax Reform Act of 1986, as amended, commencing with year 1989 the Trust is not subject to federal and Minnesota corporate income taxes. The Trust is now a grantor trust. Shares of beneficial interest in the Trust are traded on the New York Stock Exchange under the ticker symbol “GNI” (CUSIP No. 391064102).

 

The terms of the Great Northern Iron Ore Properties Trust Agreement, created December 7, 1906, state that the Trust shall continue for twenty years after the death of the last survivor of eighteen persons named in the Trust Agreement. The last survivor of these eighteen persons died on April 6, 1995. Accordingly, the Trust terminates twenty years from April 6, 1995, that being April 6, 2015.

 

At the end of the Trust on April 6, 2015, the certificates of beneficial interest (shares) in the Trust will cease to trade on the New York Stock Exchange and thereafter will represent only the right to receive certain distributions payable to the certificate holders of record at the time of the termination of the Trust. Upon termination, the Trust is obligated to distribute ratably to these certificate holders the net monies remaining in the hands of the Trustees (after paying and providing for all expenses and obligations of the Trust), plus the balance in the Principal Charges account (this account is explained in the Trust’s Annual Report sent to all certificate holders every year). All other Trust property (most notably the Trust’s mineral properties and the active leases) must be conveyed and transferred to the reversioner (currently Glacier Park Company, a wholly owned subsidiary of ConocoPhillips Company) under the terms of the Trust Agreement.

 

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 Trust’s termination. The exact final distribution, though not determinable at this time, will generally consist of the sum of the Trust’s 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, 2012, the net monies were approximately $7,719,000 and the Principal Charges account balance was approximately $4,871,000, resulting in a final distribution payable of approximately $12,590,000, or about $8.39 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.

 

Results of Operations:

Royalties decreased $774,489 during the three month period ended September 30, 2013, as compared to the same period in 2012, due mainly to a lower overall average earned royalty rate caused by lower producer price indices. Royalties decreased $5,362,944 during the nine month period ended September 30, 2013, as compared to the same period in 2012, due mainly to reduced taconite shipments from our Trust lands and a lower overall average earned royalty rate caused by lower producer price indices.

 

Interest and other income decreased $9,808 and $17,653 during the three and nine month periods ended September 30, 2013, respectively, as compared to the same periods in 2012, due mainly to reduced yields on the Trust’s investments.

 

Costs and expenses increased $78,952 for the three month period ended September 30, 2013, as compared to the same period in 2012, due mainly to the timing of the accrued bonus for the President of the Trustees per the Court-approved compensation arrangement, and an increase in pension expense pertaining to the defined benefit pension plan. Costs and expenses increased $21,789 during the nine month period ended September 30, 2013, as compared to the same period in 2012, due mainly to an increase in pension expense pertaining to the defined benefit pension plan, offset in part by reduced legal expenses incurred in the prior year pertaining to lease administration, which were not required in the current year.

 

At their meeting held on September 13, 2013, the Trustees declared a distribution of $2.60 per share, amounting to $3,900,000 payable October 31, 2013, to certificate holders of record at the close of business on September 30, 2013. The Trustees have now declared three quarterly distributions in 2013. The first, in the amount of $2.25 per share, was paid on April 30, 2013, to certificate holders of record on March 28, 2013; the second, in the amount of $2.50 per share, was paid on July 31, 2013, to certificate holders of record on June 28, 2013; and the third, that being the current distribution. The first, second and third quarter 2012 distributions were $2.25, $3.00 and $3.50 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 January 31, 2014 to certificate holders of record on December 31, 2013.

 

-8-
 

 

A mining agreement dated January 1, 1959, with U.S. Steel Corporation provides that one-half of annual earned royalty income, after satisfaction of minimum royalty payments, shall be applied, in lieu of royalty payments, to reimburse the lessee for a portion of its cost of acquisition of surface lands overlying the leased mineral deposits, which surface lands are then conveyed to the Trustees. There are surface lands yet to be purchased, the costs of which are yet unknown and will not be known until the actual purchases are made.

 

Liquidity:

In the interest of preservation of principal of Court-approved reserves and guided by the restrictive provisions of Section 646 of the Tax Reform Act of 1986, as amended, monies are invested primarily in United States Treasury securities with maturity dates not to exceed three years and, along with cash flows from operations, are deemed adequate to meet currently foreseeable liquidity needs.

 

Item 3.   Quantitative and Qualitative Disclosures About Market Risk

- None

 

Item 4.   Controls and Procedures

As of the end of the period covered by this report, the Trust conducted an evaluation, under the supervision and with the participation of the Chief Executive Officer and Chief Financial Officer, of the Trust’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934 (the “Exchange Act”)). Based on this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Trust’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Trust in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms. There was no change in the Trust’s internal control over financial reporting during the Trust’s most recently completed fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.

 

 

PART II. OTHER INFORMATION

 

Item 1.   Legal Proceedings

- None

 

Item 1A. Risk Factors

There are no material changes from the risk factors previously disclosed in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2012.

 

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

- None

 

Item 3.  Defaults Upon Senior Securities

- None

 

Item 4.  Mine Safety Disclosures

- Not applicable

 

Item 5.  Other Information

- None

 

Item 6.  Exhibits

Exhibit No.   Document
- 31.1   Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002
     
- 31.2   Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002
     
- 32   Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished but not filed)

 

 

 

-9-
 

 

Item 6.  Exhibits (Continued)

Exhibit No.   Document
- 101.INS   XBRL Instance Document (Interactive Data File)
     
- 101.SCH   XBRL Taxonomy Extension Schema Document (Interactive Data File)
     
- 101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document (Interactive Data File)
     
- 101.DEF   XBRL Taxonomy Extension Definition Linkbase Document (Interactive Data File)
     
- 101.LAB   XBRL Taxonomy Extension Label Linkbase Document (Interactive Data File)
     
- 101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document (Interactive Data File)

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

      GREAT NORTHERN IRON ORE PROPERTIES  
      (Registrant)  

 

Date:  October 24, 2013   By:   /s/  Joseph S. Micallef  
      Joseph S. Micallef, Chief Executive Officer,  
      Trustee and President of the Trustees  
      (principal executive officer)  

 

Date:  October 24, 2013   By:   /s/  Thomas A. Janochoski  
      Thomas A. Janochoski, Chief Financial Officer,  
      Vice President & Secretary  
      (principal financial and accounting officer)  

 

 

 

 

 

 

 

-10-
 

 

QUARTERLY REPORT ON FORM 10-Q

 

EXHIBIT INDEX

 

QUARTER ENDED:    SEPTEMBER 30, 2013

 

GREAT NORTHERN IRON ORE PROPERTIES

 

W-1290 First National Bank Building

332 Minnesota Street

Saint Paul, Minnesota 55101-1361

 

Exhibit No.   Document
31.1   Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002
     
31.2   Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act, as amended, and Section 302 of the Sarbanes-Oxley Act of 2002
     
32   Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished but not filed)
     
101.INS   XBRL Instance Document (Interactive Data File)
     
101.SCH   XBRL Taxonomy Extension Schema Document (Interactive Data File)
     
101.CAL   XBRL Taxonomy Extension Calculation Linkbase Document (Interactive Data File)
     
101.DEF   XBRL Taxonomy Extension Definition Linkbase Document (Interactive Data File)
     
101.LAB   XBRL Taxonomy Extension Label Linkbase Document (Interactive Data File)
     
101.PRE   XBRL Taxonomy Extension Presentation Linkbase Document (Interactive Data File)

 

 

 

 

 

 

 
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