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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Texas Pacific Land Corporation | NYSE:TPL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.41 | 0.07% | 608.43 | 614.55 | 604.23 | 614.47 | 43,804 | 22:30:00 |
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[X]
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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For the quarterly period ended June 30, 2018
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OR
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[ ]
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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For the transition period from ______ to ______
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NOT APPLICABLE
(State or Other Jurisdiction of Incorporation
or Organization)
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75-0279735
(I.R.S. Employer
Identification No.)
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1700 Pacific Avenue, Suite 2770, Dallas, Texas
(Address of Principal Executive Offices)
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75201
(Zip Code)
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Large accelerated filer
þ
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Accelerated filer
¨
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Non-accelerated filer
¨
(Do not check if a smaller reporting company)
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Smaller reporting company
¨
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Emerging growth company
o
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Page
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Item 1.
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Financial Statements
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June 30,
2018 |
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December 31,
2017 |
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(Unaudited)
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A
SSETS
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Cash and cash equivalents
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$
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85,895
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$
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79,580
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Accrued receivables
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35,664
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17,773
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Other assets
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1,061
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849
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Prepaid income taxes
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—
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1,202
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Property, plant and equipment, net of accumulated depreciation of $1,270 and $463 as of June 30, 2018 and December 31, 2017, respectively
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50,273
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19,516
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Real estate acquired
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3,778
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1,115
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Real estate and royalty interests assigned through the 1888 Declaration of Trust, no value assigned:
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Land (surface rights) situated in eighteen counties in Texas – 877,514 acres and 877,633 acres as of June 30, 2018 and December 31, 2017, respectively
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—
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—
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1/16th nonparticipating perpetual royalty interest in 373,777 acres
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—
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—
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1/128th nonparticipating perpetual royalty interest in 85,414 acres
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—
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—
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Total assets
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$
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176,671
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$
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120,035
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L
IABILITIES
A
ND
C
APITAL
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||||
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Accounts payable and accrued expenses
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$
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9,590
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$
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5,608
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Income taxes payable
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2,922
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|
851
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Deferred taxes payable
|
114
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114
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Unearned revenue
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11,313
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8,364
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Total liabilities
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23,939
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14,937
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Commitments and contingencies
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—
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—
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Capital:
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Certificates of Proprietary Interest, par value $100 each; none outstanding
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—
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—
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Sub-share Certificates in Certificates of Proprietary Interest, par value $.03 1/3 each; outstanding 7,792,537 and 7,821,599 Sub-share Certificates as of June 30, 2018 and December 31, 2017, respectively
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—
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—
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Accumulated other comprehensive loss
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(778
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)
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(804
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)
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Net proceeds from all sources
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153,510
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105,902
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Total capital
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152,732
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105,098
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Total liabilities and capital
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$
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176,671
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$
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120,035
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Three Months Ended
June 30, |
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Six Months Ended
June 30, |
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2018
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2017
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2018
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2017
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Income:
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||||||||
Oil and gas royalties
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$
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30,278
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$
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12,183
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$
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56,825
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$
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22,771
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Easements and sundry income
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27,799
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12,926
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44,777
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27,793
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Water sales and royalties
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15,643
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6,839
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29,250
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11,667
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Land sales
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—
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220
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2,750
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220
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Other operating income
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124
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125
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249
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249
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Total income
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73,844
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32,293
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133,851
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62,700
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Expenses:
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Salaries and related employee benefits
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3,556
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580
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5,845
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966
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Water service-related expenses
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2,588
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10
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3,894
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10
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General and administrative expenses
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1,177
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271
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1,985
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611
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Legal and professional fees
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420
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904
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1,067
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1,619
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Depreciation and amortization
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483
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85
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813
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104
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Taxes, other than income taxes
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113
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62
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257
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117
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Trustees’ compensation
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2
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2
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4
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4
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Total expenses
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8,339
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1,914
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13,865
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3,431
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Operating income
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65,505
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30,379
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119,986
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59,269
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Other income
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160
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6
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290
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13
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Income before income taxes
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65,665
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30,385
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120,276
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59,282
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Income taxes
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13,162
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10,035
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23,982
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19,673
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Net income
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$
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52,503
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$
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20,350
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$
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96,294
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$
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39,609
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Other comprehensive income — periodic pension costs, net of income taxes of $3, $9, $7, and $19, respectively
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13
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17
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26
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35
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Total comprehensive income
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$
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52,516
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$
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20,367
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$
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96,320
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$
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39,644
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||||||||
Weighted average number of Sub-share Certificates outstanding
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7,803,162
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7,882,184
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7,808,064
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7,894,542
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Net income per Sub-share Certificate — basic and diluted
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$
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6.73
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$
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2.58
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$
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12.33
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$
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5.02
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Cash dividends per Sub-share Certificate
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$
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—
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$
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—
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$
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4.05
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$
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1.35
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Six Months Ended
June 30, |
||||||
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2018
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|
2017
|
||||
Cash flows from operating activities:
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|
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Net income
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$
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96,294
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$
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39,609
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Adjustments to reconcile net income to net cash provided by operating activities:
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|
||||
Deferred taxes
|
—
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|
(259
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)
|
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Depreciation and amortization
|
813
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104
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Gain on disposal of fixed assets
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—
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(4
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)
|
||
Changes in operating assets and liabilities:
|
|
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|
||||
Accrued receivables and other assets
|
(18,109
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)
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(5,776
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)
|
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Prepaid income taxes
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1,202
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|
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—
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Accounts payable, accrued expenses and other liabilities
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6,958
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|
|
2,039
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|
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Income taxes payable
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2,071
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|
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(751
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)
|
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Cash provided by operating activities
|
89,229
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|
|
34,962
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|
||
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|
||||
Cash flows from investing activities:
|
|
|
|
||||
Proceeds from sale of fixed assets
|
—
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28
|
|
||
Acquisition of land
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(2,663
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)
|
|
—
|
|
||
Purchase of fixed assets
|
(31,564
|
)
|
|
(3,610
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)
|
||
Cash used in investing activities
|
(34,227
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)
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|
(3,582
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)
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||
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|
||||
Cash flows from financing activities:
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|
||||
Purchase of Sub-share Certificates in Certificates of Proprietary Interest
|
(17,035
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)
|
|
(20,014
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)
|
||
Dividends paid
|
(31,652
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)
|
|
(10,681
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)
|
||
Cash used in financing activities
|
(48,687
|
)
|
|
(30,695
|
)
|
||
|
|
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|
||||
Net increase in cash and cash equivalents
|
6,315
|
|
|
685
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|
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Cash and cash equivalents, beginning of period
|
79,580
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|
|
49,418
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|
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Cash and cash equivalents, end of period
|
$
|
85,895
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$
|
50,103
|
|
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|
||||
Supplemental disclosure of cash flow information:
|
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|
||||
Income taxes paid
|
$
|
21,951
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|
|
$
|
20,702
|
|
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1.
|
Organization and Description of Business Segments
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2.
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Summary of Significant Accounting Policies
|
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As reported in prior year
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Retrospective Adjustment
|
|
As reported in current year
|
||||||
Condensed Consolidated Statements of Income:
|
|
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|||||||
For the three months ended June 30, 2017
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|||||||
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Revenue
|
|
$
|
27,349
|
|
|
$
|
4,944
|
|
|
$
|
32,293
|
|
|
Taxes, other than income taxes
|
|
762
|
|
|
(700
|
)
|
|
62
|
|
|||
|
Income taxes
|
|
8,030
|
|
|
2,005
|
|
|
10,035
|
|
|||
|
Net income
|
|
16,711
|
|
|
3,639
|
|
|
20,350
|
|
|||
|
Net income per Sub-share Certificate
|
|
$
|
2.12
|
|
|
$
|
0.46
|
|
|
$
|
2.58
|
|
|
|
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||||||
For the six months ended June 30, 2017
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|||||||
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Revenue
|
|
$
|
51,577
|
|
|
$
|
11,123
|
|
|
$
|
62,700
|
|
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Taxes, other than income taxes
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|
1,422
|
|
|
(1,305
|
)
|
|
117
|
|
|||
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Income taxes
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|
15,258
|
|
|
4,415
|
|
|
19,673
|
|
|||
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Net income
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|
31,597
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|
|
8,012
|
|
|
39,609
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|||
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Net income per Sub-share Certificate
|
|
$
|
4.00
|
|
|
$
|
1.02
|
|
|
$
|
5.02
|
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|
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|
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|
||||||
Condensed Consolidated Balance Sheets:
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|||||||
As of December 31, 2017
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|||||||
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Assets:
|
|
|
|
|
|
|
||||||
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Accrued receivables
|
|
$
|
18,206
|
|
|
$
|
(433
|
)
|
|
$
|
17,773
|
|
|
Deferred tax asset (liability)
|
|
6,992
|
|
|
(7,106
|
)
|
|
(114
|
)
|
|||
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||||||
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Liabilities and Capital:
|
|
|
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|
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||||||
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Unearned revenue
|
|
$
|
41,375
|
|
|
$
|
(33,011
|
)
|
|
$
|
8,364
|
|
|
Other taxes payable
|
|
433
|
|
|
(433
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)
|
|
—
|
|
|||
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Net proceeds from all sources
|
|
79,997
|
|
|
25,905
|
|
|
105,902
|
|
|||
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|
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|
|
|
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|
|
|
As reported in prior year
|
|
Retrospective Adjustment
|
|
As reported in current year
|
||||||
Condensed Consolidated Statements of Income:
|
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|
|
|
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|||||||
For the three months ended June 30, 2017
|
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|
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|
|
|
|||||||
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Operating income
(1)
|
|
$
|
24,732
|
|
|
$
|
5,647
|
|
|
$
|
30,379
|
|
|
Other income
|
|
10
|
|
|
(4
|
)
|
|
6
|
|
|||
|
|
|
|
|
|
|
|
||||||
For the six months ended June 30, 2017
|
|
|
|
|
|
|
|||||||
|
Operating income
(1)
|
|
$
|
46,836
|
|
|
$
|
12,433
|
|
|
$
|
59,269
|
|
|
Other income
|
|
19
|
|
|
(6
|
)
|
|
13
|
|
|||
|
|
|
|
|
|
|
|
|
(1)
|
The retrospective adjustment amount includes approximately
$5.6 million
and
$12.4 million
for the
three and six
months ended
June 30, 2017
, respectively, related to the adoption of the new revenue recognition guidance as discussed above. The retrospective adjustment amount related to the adoption of the presentation of net periodic pension cost had a minimal impact.
|
|
|
|
|
|
3.
|
Recent Accounting Pronouncements
|
4.
|
Property, Plant and Equipment
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Property, plant and equipment:
|
|
|
|
|
||||
Water service-related assets
(1)
|
|
$
|
47,988
|
|
|
$
|
18,193
|
|
Furniture, fixtures and equipment
|
|
3,555
|
|
|
1,786
|
|
||
Property, plant and equipment at cost
|
|
51,543
|
|
|
19,979
|
|
||
Less: accumulated depreciation
|
|
(1,270
|
)
|
|
(463
|
)
|
||
Property, plant and equipment, net
|
|
$
|
50,273
|
|
|
$
|
19,516
|
|
|
|
|
|
|
(1)
|
Water service-related assets reflect assets related to brackish water sourcing and water re-use projects.
|
5.
|
Real Estate Activity
|
|
|
Six Months Ended
June 30, 2018 |
|
Six Months Ended
June 30, 2017 |
||||||||||
|
|
Acres
|
|
Book Value
|
|
Acres
|
|
Book Value
|
||||||
Balance at January 1,
|
|
10,064.78
|
|
|
$
|
1,115
|
|
|
10,064.78
|
|
|
$
|
1,115
|
|
Acquisitions
|
|
2,883.68
|
|
|
2,663
|
|
|
—
|
|
|
—
|
|
||
Sales
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Balance at June 30,
|
|
12,948.46
|
|
|
$
|
3,778
|
|
|
10,064.78
|
|
|
$
|
1,115
|
|
|
|
|
|
|
|
|
|
|
6.
|
Income Taxes
|
7.
|
Capital
|
8.
|
Business Segment Reporting
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||||
Land and resource management
|
|
$
|
52,376
|
|
|
$
|
25,286
|
|
|
$
|
95,129
|
|
|
$
|
50,865
|
|
Water service and operations
|
|
21,468
|
|
|
7,007
|
|
|
38,722
|
|
|
11,835
|
|
||||
Total consolidated revenues
|
|
$
|
73,844
|
|
|
$
|
32,293
|
|
|
$
|
133,851
|
|
|
$
|
62,700
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income:
|
|
|
|
|
|
|
|
|
||||||||
Land and resource management
|
|
$
|
40,505
|
|
|
$
|
17,665
|
|
|
$
|
73,315
|
|
|
$
|
32,111
|
|
Water service and operations
|
|
11,998
|
|
|
2,685
|
|
|
22,979
|
|
|
7,498
|
|
||||
Total consolidated net income
|
|
$
|
52,503
|
|
|
$
|
20,350
|
|
|
$
|
96,294
|
|
|
$
|
39,609
|
|
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures
|
|
|
|
|
|
|
|
|
||||||||
Land and resource management
|
|
$
|
303
|
|
|
$
|
332
|
|
|
$
|
1,555
|
|
|
$
|
506
|
|
Water service and operations
|
|
19,420
|
|
|
1,366
|
|
|
30,009
|
|
|
3,104
|
|
||||
Total capital expenditures
|
|
$
|
19,723
|
|
|
$
|
1,698
|
|
|
$
|
31,564
|
|
|
$
|
3,610
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization:
|
|
|
|
|
|
|
|
|
||||||||
Land and resource management
|
|
$
|
100
|
|
|
$
|
14
|
|
|
$
|
170
|
|
|
$
|
19
|
|
Water service and operations
|
|
383
|
|
|
71
|
|
|
643
|
|
|
85
|
|
||||
Total depreciation and amortization
|
|
$
|
483
|
|
|
$
|
85
|
|
|
$
|
813
|
|
|
$
|
104
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Assets:
|
|
|
|
|
||||
Land and resource management
|
|
$
|
108,616
|
|
|
$
|
97,549
|
|
Water service and operations
|
|
68,055
|
|
|
22,486
|
|
||
Total consolidated assets
|
|
$
|
176,671
|
|
|
$
|
120,035
|
|
|
|
|
|
|
||||
Property, plant and equipment, net
|
|
|
|
|
||||
Land and resource management
|
|
$
|
2,839
|
|
|
$
|
1,449
|
|
Water service and operations
|
|
47,434
|
|
|
18,067
|
|
||
Total consolidated property, plant and equipment, net
|
|
$
|
50,273
|
|
|
$
|
19,516
|
|
|
|
|
|
|
10.
|
Subsequent Events
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
|
Three months ended June 30,
|
||||||||||||
|
|
2018
|
|
2017
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||
Land and resource management:
|
|
|
|
|
|
|
|
|
||||||
Oil and gas royalties
|
|
$
|
30,278
|
|
|
41
|
%
|
|
$
|
12,183
|
|
|
38
|
%
|
Easements and sundry income
|
|
21,974
|
|
|
30
|
%
|
|
12,758
|
|
|
40
|
%
|
||
Land sales and other income
|
|
124
|
|
|
—
|
%
|
|
345
|
|
|
1
|
%
|
||
|
|
52,376
|
|
|
71
|
%
|
|
25,286
|
|
|
79
|
%
|
||
Water service and operations:
|
|
|
|
|
|
|
|
|
||||||
Water sales and royalties
|
|
15,643
|
|
|
21
|
%
|
|
6,839
|
|
|
21
|
%
|
||
Easements and sundry income
|
|
5,825
|
|
|
8
|
%
|
|
168
|
|
|
—
|
%
|
||
|
|
21,468
|
|
|
29
|
%
|
|
7,007
|
|
|
21
|
%
|
||
Total consolidated revenues
|
|
$
|
73,844
|
|
|
100
|
%
|
|
$
|
32,293
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
||||||
Net income:
|
|
|
|
|
|
|
|
|
||||||
Land and resource management
|
|
$
|
40,505
|
|
|
77
|
%
|
|
$
|
17,665
|
|
|
87
|
%
|
Water service and operations
|
|
11,998
|
|
|
23
|
%
|
|
2,685
|
|
|
13
|
%
|
||
Total consolidated net income
|
|
$
|
52,503
|
|
|
100
|
%
|
|
$
|
20,350
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2018
|
|
2017
|
||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
||||||
Land and resource management:
|
|
|
|
|
|
|
|
|
||||||
Oil and gas royalties
|
|
$
|
56,825
|
|
|
43
|
%
|
|
$
|
22,771
|
|
|
36
|
%
|
Easements and sundry income
|
|
35,305
|
|
|
26
|
%
|
|
27,625
|
|
|
44
|
%
|
||
Land sales and other income
|
|
2,999
|
|
|
2
|
%
|
|
469
|
|
|
1
|
%
|
||
|
|
95,129
|
|
|
71
|
%
|
|
50,865
|
|
|
81
|
%
|
||
Water service and operations:
|
|
|
|
|
|
|
|
|
||||||
Water sales and royalties
|
|
29,250
|
|
|
22
|
%
|
|
11,667
|
|
|
19
|
%
|
||
Easements and sundry income
|
|
9,472
|
|
|
7
|
%
|
|
168
|
|
|
—
|
%
|
||
|
|
38,722
|
|
|
29
|
%
|
|
11,835
|
|
|
19
|
%
|
||
Total consolidated revenues
|
|
$
|
133,851
|
|
|
100
|
%
|
|
$
|
62,700
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
||||||
Net income:
|
|
|
|
|
|
|
|
|
||||||
Land and resource management
|
|
$
|
73,315
|
|
|
76
|
%
|
|
$
|
32,111
|
|
|
81
|
%
|
Water service and operations
|
|
22,979
|
|
|
24
|
%
|
|
7,498
|
|
|
19
|
%
|
||
Total consolidated net income
|
|
$
|
96,294
|
|
|
100
|
%
|
|
$
|
39,609
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
Period
|
|
Total
Number of
Sub-shares
Purchased
|
|
Average
Price Paid
per
Sub-share
|
|
Total Number
of Sub-shares
Purchased as
Part of Publicly
Announced Plans
or Programs
|
|
Maximum
Number (or
Approximate
Dollar Value) of
Sub-shares that
May Yet Be
Purchased Under
the Plans or
Programs
|
|||||
April 1 through April 30, 2018
|
|
2,955
|
|
|
$
|
532.60
|
|
|
—
|
|
|
—
|
|
May 1 through May 31, 2018
|
|
5,657
|
|
|
648.53
|
|
|
—
|
|
|
—
|
|
|
June 1 through June 30, 2018
|
|
7,304
|
|
|
695.99
|
|
|
—
|
|
|
—
|
|
|
Total
|
|
15,916
|
|
|
$
|
648.79
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The Trust purchased and retired
15,916
Sub-shares in the open market during the
three months ended June 30, 2018
.
|
EXHIBIT
NUMBER
|
|
DESCRIPTION
|
|
|
|
31.1*
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
32.1*
|
|
|
|
|
|
32.2*
|
|
|
|
|
|
101*
|
|
The following information from the Trust’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Income and Total Comprehensive Income, (iii) Condensed Consolidated Statements of Cash Flows and (iv) Notes to Condensed Consolidated Financial Statements.
|
|
|
|
*
|
Filed or furnished herewith.
|
|
|
|
TEXAS PACIFIC LAND TRUST
|
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
Date:
|
August 7, 2018
|
|
By:
|
/s/ Tyler Glover
|
|
|
|
|
Tyler Glover, General Agent and
|
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Date:
|
August 7, 2018
|
|
By:
|
/s/ Robert J. Packer
|
|
|
|
|
Robert J. Packer, General Agent and
|
|
|
|
|
Chief Financial Officer
|
1 Year Texas Pacific Land Chart |
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