UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549

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# FORM 10-Q

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(Mark One)

|x |  | Quarterly Report Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 
|- |  | -----------------------------------------------------------------------------------------

For the Period Ended September 30, 2005

Or

|o | 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

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|GREAT NORTHERNIRON ORE PROPERTIES                                                  | 
|---------------------------------------------------------------------------------- | 
|(Exact name of registrant as specified in its charter)                             | 
|                                                                                  
|Minnesota                                                                          | 
|(State or other jurisdiction of                                                    | 
|incorporation or organization)                                                     | 
|                                                                                  
|W-1290 First National Bank Building                                                | 
|332 Minnesota Street                                                               | 
|Saint Paul, Minnesota                                                              | 
|(Address of principal executive office)                                            | 
|                                                                                  
|(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) | 

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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 periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for
the past 90 days.    Yesx
Noo

Indicate by check mark whether the registrant is an accelerated filer (as
defined in Rule 12b-2 of the Act).   Yesx
Noo

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

Number of shares of beneficial interest outstanding on September 30,
2005:   1,500,000







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PART I. FINANCIAL INFORMATIONItem 1. Financial Statements
GREAT NORTHERN IRON ORE PROPERTIES

CONDENSED BALANCE SHEETS

|                                                                                       | September 30
2005 |  | December 31
2004
|-------------------------------------------------------------------------------------- | ----------------- |  | ----------------
|                                                                                       |                   |  |                 
|
|ASSETS                                                                                 |                   |  |                 
|                                                                                      
|CURRENT ASSETS                                                                         |                   | 
|Cash and cash equivalents                                                              |                   |  | $               
|United States Treasury securities                                                      |                   |  |                 
|Royalties receivable                                                                   |                   |  |                 
|Prepaid expenses                                                                       |                   |  |                 
|                                                                                       |                   |  |                 
|TOTAL CURRENT ASSETS                                                                   |                   |  |                 
|                                                                                      
|NONCURRENT ASSETS                                                                      |                   | 
|United States Treasury securities                                                      |                   |  |                 
|Prepaid pension expense                                                                |                   |  |                 
|                                                                                       |                   |  |                 
|                                                                                       |                   |  |                 
|                                                                                      
|PROPERTIES                                                                             |                   | 
|Mineral and surface lands                                                              |                   |  |                 
|Less allowances for depletion and amortization                                         |                   |  |                 
|                                                                                       |                   |  |                 
|                                                                                       |                   |  |                 
|Building and equipmentat cost, less allowances for accumulated depreciation           |                   | 
|(9/30/05 - $217,071; 12/31/04 - $214,287)                                              |                   |  |                 
|                                                                                       |                   |  |                 
|                                                                                       |                   |  |                 
|                                                                                       |                   |  |                 
|                                                                                       |                   |  | $               
|                                                                                       |                   |  |                 
|LIABILITIES AND BENEFICIARIES EQUITY                                                  |                   | 
|                                                                                      
|CURRENT LIABILITIES                                                                    |                   | 
|Accounts payable and accrued expenses                                                  |                   |  | $               
|Distributions                                                                          |                   |  |                 
|                                                                                       |                   |  |                 
|TOTAL CURRENT LIABILITIES                                                              |                   |  |                 
|                                                                                      
|NONCURRENT LIABILITIES                                                                 |                   |  |                 
|                                                                                      
|BENEFICIARIES EQUITY, including certificate holders equity, represented by 1,500,000 |                   | 
|shares of beneficial interest authorized and outstanding, and reversionary interest    |                   |  |                 
|                                                                                       |                   |  |                 
|                                                                                       |                   |  | $               
|                                                                                       |                   |  |                 

Note:  The balance sheet at December
31, 2004, 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.

-2-

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GREAT NORTHERN IRON ORE PROPERTIES

CONDENSED STATEMENTS OF INCOME
(Unaudited)

|                                    | Three Months Ended
September 30 |  | Nine Months Ended
September 30
|----------------------------------- | ------------------------------- |  | ------------------------------
|                                    |                                 |  |                               
|
|                                    |                                 |  |                               
|Revenues:                           |                                 |  |                               
|Royalties                           |                                 |  | $                             
|Interest and other income           |                                 |  |                               
|                                    |                                 |  |                               
|                                    |                                 |  |                               
|Costs and expenses                  |                                 |  |                               
|                                    |                                 |  |                               
|                                   
|NET INCOME                          |                                 |  | $                             
|                                    |                                 |  |                               
|                                   
|Weighted-average shares outstanding |                                 |  |                               
|                                   
|BASIC & DILUTED EARNINGS PER SHARE  |                                 |  | $                             
|                                    |                                 |  |                               
|                                   
|Distributions declared per share    |                                 |  | $                             
|Distributions paid per share        |                                 |  | $                             

|(1) | $2.80 | declared | 9/9/2005   |      |       |          |           |      |       |          |           
|--- | ----- | -------- | ---------- | ---- | ----- | -------- | --------- | ---- | ----- | -------- | ----------
|    |       | payable  | 10/31/2005 |      |       |          |           |      |       |          |           
|   
|(2) | $2.10 | declared | 9/17/2004  |      |       |          |           |      |       |          |           
|    |       | paid     | 10/29/2004 |      |       |          |           |      |       |          |           
|   
|(3) | $2.20 | declared | 3/18/2005  | plus | $2.40 | declared | 6/16/2005 | plus | $2.80 | declared | 9/9/2005  
|    |       | paid     | 4/29/2005  |      |       | paid     | 7/29/2005 |      |       | payable  | 10/31/2005
|   
|(4) | $1.80 | declared | 3/15/2004  | plus | $1.90 | declared | 6/14/2004 | plus | $2.10 | declared | 9/17/2004 
|    |       | paid     | 4/30/2004  |      |       | paid     | 7/30/2004 |      |       | paid     | 10/29/2004
|   
|(5) | $2.40 | declared | 6/16/2005  |      |       |          |           |      |       |          |           
|    |       | paid     | 7/29/2005  |      |       |          |           |      |       |          |           
|   
|(6) | $1.90 | declared | 6/14/2004  |      |       |          |           |      |       |          |           
|    |       | paid     | 7/30/2004  |      |       |          |           |      |       |          |           
|   
|(7) | $2.40 | declared | 12/20/2004 | plus | $2.20 | declared | 3/18/2005 | plus | $2.40 | declared | 6/16/2005 
|    |       | paid     | 1/31/2005  |      |       | paid     | 4/29/2005 |      |       | paid     | 7/29/2005 
|   
|(8) | $1.70 | declared | 12/19/2003 | plus | $1.80 | declared | 3/15/2004 | plus | $1.90 | declared | 6/14/2004 
|    |       | paid     | 1/30/2004  |      |       | paid     | 4/30/2004 |      |       | paid     | 7/30/2004 

See notes to condensed financial
statements.

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GREAT NORTHERN IRON ORE PROPERTIES

CONDENSED STATEMENTS OF CASH FLOWS
                                                         (Unaudited)

|                                                    | Nine Months Ended
September 30
|--------------------------------------------------- | ------------------------------
|                                                    |                               
|
|                                                    |                               
|Cash flows from operating activities:               |                               
|Cash received from royalties and rents              |                               
|Cash paid to suppliers and employees                |                               
|Interest received                                   |                               
|                                                    |                               
|NET CASH PROVIDED BY OPERATING ACTIVITIES           |                               
|                                                   
|Cash flows from investing activities:               |                               
|U.S. Treasury securities purchased                  |                               
|U.S. Treasury securities matured                    |                               
|Net expenditures for equipment                      |                               
|                                                    |                               
|NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES |                               
|                                                   
|Cash flows from financing activities:               |                               
|Distributions paid                                  |                               
|                                                    |                               
|NET CASH USED IN FINANCING ACTIVITIES               |                               
|                                                    |                               
|                                                   
|Net increase in cash and cash equivalents           |                               
|                                                   
|Cash and cash equivalents at beginning of year      |                               
|                                                    |                               
|                                                   
|CASH AND CASH EQUIVALENTS AT SEPTEMBER 30           |                               
|                                                    |                               

See notes to condensed financial
statements.

-4-

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GREAT NORTHERN IRON ORE PROPERTIES

NOTES TO CONDENSED FINANCIAL STATEMENTS(Unaudited)

Periods of Three and Nine Months ended September 30, 2005 and September 30, 2004

Note A  BASIS OF PRESENTATION

The accompanying unaudited condensed financial statements have been prepared
in accordance with 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 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
(Trust) Annual Report on Form 10-K for the year ended December 31, 2004.

Note B  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 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
Instrument and the cost of surface lands acquired in accordance with provisions of a lease with United States 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 as of September 30, 2005:

|Attorneys fees and expenses |  |  | $ | 1,024,834  | 
|---------------------------- |  |  | - | ---------- | 
|Cost of surface lands        |  |  |   | 5,817,965  | 
|Cumulative shipment credits  |  |  |   | -1,421,561 | 
|Asset disposition credits    |  |  |   | -57,950    | 
|                             |  | 
|Principal  Charges  account  |  |  | $ | 5,363,288  | 
|                             |  | 

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.

-5-

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Note C  PENSION PLAN

A summary of the components of net periodic pension cost, a noncash item, is
as follows:

|                          | Three Months Ended
September 30 |  | Nine Months Ended
September 30
|------------------------- | ------------------------------- |  | ------------------------------
|                          |                                 |  |                               
|
|                          |                                 |  |                               
|Service cost              |                                 |  | $                             
|Interest cost             |                                 |  |                               
|Expected return on assets |                                 |  |                               
|Net amortization          |                                 |  |                               
|                          |                                 |  |                               
|Net periodic pension cost |                                 |  | $                             
|                          |                                 |  |                               

The plans annual actuarial valuation was performed as of the
plans fiscal year-end March 31. The recommended contribution to the plan for 2005 was $257,706, which contribution was made
in August, 2005.

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

Periods of Three and Nine Months ended September 30, 2005 and September 30, 2004

The Trust owns interest in 12,033 acres on the Mesabi Iron Range Formation in
northern Minnesota, most of which are under lease to major iron ore producing companies. 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 surviving of eighteen persons
named in the Trust Agreement. The last survivor of these eighteen named in the Trust Agreement died April 6, 1995. Accordingly,
the Trust terminates twenty years from April 6, 1995.

At the end of the Trust, that being 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) must be conveyed and transferred to the
reversioner under the terms of the Trust Agreement.

-6-

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We have previously provided information in our various Securities &
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, 2004, the net monies were approximately $10.2 million and the Principal Charges account balance was approximately
$5.4 million, resulting in a final distribution payable of approximately $15.6 million, or about $10.40 per share. After payment
of this final distribution, the certificates of beneficial interest (shares) would be cancelled and will 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. We
offer this example to further inform investors about the conceptual nature of the final distribution and do not imply or guarantee
a specific known final distribution amount.

Results of Operations:

Royalties increased $2,788,955 and $688,049 during the nine months and three
months ended September 30, 2005, respectively, as compared to the same periods in 2004, due mainly to an increase in minimum
royalties and earned royalty rates because of escalation, offset in part by a decrease in tonnage mined from Trust lands.

Interest and other income increased $21,518 during the nine months ended
September 30, 2005, as compared to the same period in 2004, due mainly to an improved yield on our funds held for investment,
offset in part by reduced timber receipts. Interest and other income decreased $18,391 during the three months ended September 30,
2005, as compared to the same period last year, due mainly to reduced timber receipts, offset in part by an improved yield on our
funds held for investment.

Costs and expenses increased $262,066 and $95,707 during the nine months and
three months ended September 30, 2005, respectively, as compared to the same periods in 2004, due mainly to higher pension costs
associated with funding the plan and expensing these costs by the Trusts termination date.

At their meeting held on September 9, 2005, the Trustees declared a third
quarter distribution of $2.80 per share, amounting to $4,200,000 payable October 31, 2005 to certificate holders of record at the
close of business on September 30, 2005. The Trustees have now declared three quarterly distributions in 2005. The first, in the
amount of $2.20 per share, was paid on April 29, 2005 to certificate holders of record on March 31, 2005; the second, in the
amount of $2.40 per share, was paid on July 29, 2005 to certificate holders of record on June 30, 2005; and the third, that being
the current distribution. The first, second and third quarter 2004 distributions were $1.80, $1.90 and $2.10 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 in late January 2006 to certificate holders of record on December 30, 2005.

-7-

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A mining agreement dated January 1, 1959 with United States Steel Corporation
provides that one-half of annual earned royalty income, after satisfaction of minimum royalty payments, shall be applied 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
U.S. 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

By a letter dated September 1, 2005, certificate holders of record as of June
30, 2005, and the reversioner were notified of a Hearing on October 19, 2005, in Ramsey County Courthouse, Saint Paul, Minnesota,
for the purpose of requesting increases in Trustee compensation. By Court Order signed and dated October 20, 2005, the Court
granted the requested fee increase of $10,000 per annum for each Trustee (including the President), effective July 1, 2005, and,
further, granted the requested potential bonus increase of $10,000 per annum for the President of the Trustees, effective for the
year 2005.

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

 None

-8-

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Item 3.   Defaults Upon Senior Securities

 None

Item 4.   Submission of Matters to a Vote of Certificate Holders

 None

Item 5.   Other Information

 None

Item 6.   Exhibits

Exhibit 31.1  Certification of Chief Executive Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002
Exhibit 31.2  Certification of Chief Financial Officer pursuant to Section 302 of Sarbanes-Oxley Act of 2002
Exhibit 32  Certifications of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of Sarbanes-Oxley Act of 2002 (Furnished but not filed)

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, 2005                                                                 |  | By |  | /s/   Joseph S. Micallef   | 
|     |                                                                                  |  |   
|     | Joseph S. Micallef, President of the Trustees and     Chief Executive Officer    | 
|Date | October 24, 2005                                                                 |  | By |  | /s/   Thomas A. Janochoski | 
|     |                                                                                  |  |   
|     | Thomas A. Janochoski, Vice President &     Secretary and Chief Financial Officer | 

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