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Starting Amount
$
After
years
Dividend yield
%
Dividends reinvested
$
Texas Pacific Land Trust

The Texas Pacific Land Trust (NYSE: TPL) is a publicly traded land trust with its administrative office in Dallas, Texas. Owning well over 900,000 acres (3,600 km) in 20 West Texas counties, TPL is among the largest private landowners in the state of Texas.

TPL was created in February 1888 in the wake of the Texas and Pacific Railway bankruptcy, as a means to dispose of the T&P's vast land holdings. TPL received over 3.5 million acres (14,000 km²), and certain T&P bondholders were allowed to exchange their (now worthless) bonds for trust certificates. The certificates were later divided into "sub-share" certificates (3,000 sub-share certificates is the equivalent of one trust certificate), and the sub-share certificates have been traded on the NYSE since January 1927.

Over 100 years later, even having sold 75 percent of its original landholdings, TPL is still among the largest private landowners in the State of Texas. As of December 31, 2008, TPL owned 963,248.33 acres (3,898.1277 km) of land in 20 West Texas counties, of which around 70 percent is located in Culberson (315,640.09 acres), Reeves (194,750.28 acres), and Hudspeth (160,467.44 acres) counties. In addition, TPL owns a 1/128 nonparticipating perpetual royalty interest in 85,413.60 acres (over half of which is in Ector and Midland counties, and a 1/16 nonparticipating perpetual royalty interest in 386,987.70 acres (over 60 percent of which is in Culberson and Reeves counties).

Trust income is derived from land sales, oil and gas royalties, grazing and sundry leases, interest on notes receivable, and interest on investments. The trust does not actively seek to sell its landholdings, and on rare occasions actually purchases land. (It last did so in 2008, acquiring 640 acres (2.6 km) from the State of Texas in a parcel adjacent to existing holdings.)

TPL has a long-standing policy to repurchase sub-shares with excess cash. As noted in the 2015 annual report, "As provided in Article Seventh of the Declaration of Trust, dated February 1, 1888, establishing the Trust, it will continue to be the practice of the Trustees to purchase and cancel outstanding certificates and sub-shares. These purchases are generally made in the open market and there is no arrangement, contractual or otherwise, with any person for any such purchase."

In 2015, the Trust purchased and retired 204,335 sub-shares at a cost of $28,771,073, representing an average cost of $140.80 per sub-share. The number of sub-shares purchased and retired in 2015 amounted to 2.5% of the total number of sub-shares outstanding as of December 31, 2014.

The policy of buy backs has reduced the sub-share count by 26% between 2004 and 2015 (from 10,971,375 at the end of 2004 to 8,118,064 at the end of 2015.)

Investment goal date:
Dividends reinvested
Texas Pacific Land Trust TPL report Q3 2017
Period
Date
Adjusted Actuals EPS
GAAP EPS
Q3 2017
2017-10-30
0.0000
3.3600
Q2 2017
2017-07-31
0.0000
2.1200
Q1 2017
2017-04-27
0.0000
1.8800
Q4 2016
2017-01-31
0.0000
1.3700
Q3 2016
2016-10-27
0.0000
1.1200
Q2 2016
2016-07-28
0.0000
1.2600
Q1 2016
2016-04-28
0.0000
0.9000
Q4 2015
2016-01-28
0.0000
1.1000
Q3 2015
2015-10-29
0.0000
1.4000
Q2 2015
2015-07-30
0.0000
0.9000
There is presents forecasts or rating agencies and recommendation for investors about this ticker
Funds
Fund Name
Ticker shares
Arbiter Partners Capital Management LLC
85394
CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM
19800
First Dallas Securities Inc.
35890
FIRST MANHATTAN CO
160406
Hodges Capital Management Inc.
230319
Horizon Kinetics LLC
1738586
KEY GROUP HOLDINGS (CAYMAN), LTD.
25053
LAWSON KROEKER INVESTMENT MANAGEMENT INC/NE
75032
MAD RIVER INVESTORS
41675
MORGAN STANLEY
28708
PACIFIC HEIGHTS ASSET MANAGEMENT LLC
125000
SCHWARTZ INVESTMENT COUNSEL INC
24150
UBS Group AG
212661
US BANCORP \DE\
20950
WELLS FARGO & CO/MN
40027
Major Shareholders
Name Relationship
Total Shares
Holding stocks
Meyer Maurice III
0.8600% (72225)
TPL /
Norwood James K
0.0200% (1600)
TPL /
% ()