Texas Pacific Land Trust (NYSE:TPL) announced today that its Board of Trustees has declared a cash dividend of $1.75 per sub-share, a $0.70 increase over the prior year, payable March 15, 2019, to sub-shareholders of record at the close of business on March 8, 2019. This is the sixteenth consecutive year that the declared dividend has increased. Additionally, the Trustees declared a special dividend of $4.25 per sub-share payable March 15, 2019, to sub-share holders of record at the close of business on March 8, 2019.
$6 all in takes approx $47MM off the balance sheet. You’ll recall that there was about $110MM on the sheet as of Q3. I view this as a signal that TPL wants to play it down the middle of the fairway. Dividend is certainly up but not to a point where it is boxing out repurchases, water CAPEX, and land dealings.
$6 all in gets you to a 0.92% div yield. Certainly not a high flyer in the dividend income world.