Gyrodyne Declares $1.50 Per Share Special Dividend
August 29 2016 - 3:31PM
Gyrodyne, LLC (NASDAQ:GYRO), an owner and manager of a diversified
portfolio of real estate properties (“Gyrodyne”), announced today
that its Board of Directors has declared a special cash dividend in
the amount of $2,224,020 or $1.50 per share. The dividend
consists of the net proceeds from the recently consummated sales of
three additional buildings in the Port Jefferson Professional
Park. The dividend is payable on September 15, 2016 to
shareholders of record as of September 9, 2016.
Fred Braun III, President and CEO of Gyrodyne, said: “This cash
dividend permits us to distribute the net proceeds from the three
buildings in the Port Jefferson Professional Park that we sold
since our last cash dividend in May, consistent with our objective
of returning cash to our shareholders periodically as we sell
properties and implement our strategic plan to liquidate in due
course. Gyrodyne intends to continue making special dividends
as it executes on its strategic plan, and we look forward to
implementing and executing additional events that will provide
liquidity and value to our shareholders.”
Gyrodyne is currently exploring certain enhancements of its
Flowerfield and Cortlandt Manor properties in an effort to maximize
the value of those properties prior to their ultimate disposition.
There can be no assurance concerning the type, form, structure,
nature, results, timing or terms and conditions of any transaction
that may result from the Company’s enhancement efforts. The Company
does not expect to pay quarterly or annual dividends, but rather
special dividends as proceeds are generated from transactions
during the liquidation process.
About Gyrodyne, LLC
Gyrodyne, LLC owns and manages a diversified portfolio of real
estate properties comprising office, industrial and
service-oriented properties primarily in the New York metropolitan
area. Gyrodyne, LLC owns a 68 acre site approximately 50
miles east of New York City on the north shore of Long Island,
which includes industrial and office buildings and undeveloped
property which is the subject of development plans. Gyrodyne, LLC
also owns medical office buildings in Port Jefferson Station, New
York and Cortlandt Manor, New York. Gyrodyne, LLC (through a
wholly-owned subsidiary) is also a limited partner in Callery Judge
Grove, L.P., the only asset of which consist of potential future
payments upon the achievement of certain development benchmarks by
the purchaser in the 2013 sale by the partnership of an undeveloped
3,700 plus acre property in Palm Beach County, Florida. Gyrodyne,
LLC's common shares are traded on the NASDAQ Stock Market under the
symbol GYRO. Additional information about Gyrodyne, LLC may be
found on its web site at www.gyrodyne.com.
Forward-Looking Statement Safe Harbor
The statements made in this press release that are not
historical facts constitute "forward-looking information" within
the meaning of the Private Securities Litigation Reform Act of
1995, and Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934, both as amended, which can
be identified by the use of forward-looking terminology such as
"may," "will," "anticipates," "expects," "projects," "estimates,"
"believes," "seeks," "could," "should," or "continue," the negative
thereof, other variations or comparable terminology as well as
statements regarding the evaluation of strategic alternatives.
Important factors, including certain risks and uncertainties, with
respect to such forward-looking statements that could cause actual
results to differ materially from those reflected in such
forward-looking statements include, but are not limited to, risks
and uncertainties relating to the plan of liquidation, the risk
that the proceeds from the sale of Gyrodyne, LLC's assets may be
substantially below Gyrodyne, LLC's estimates, the risk that the
proceeds from the sale of our assets may not be sufficient to
satisfy Gyrodyne, LLC's obligations to its current and future
creditors, and other unforeseeable expenses related to the proposed
liquidation, the tax treatment of condemnation proceeds, the effect
of economic and business conditions, including risks inherent in
the real estate markets of Suffolk and Westchester Counties in New
York, Palm Beach County in Florida and Fairfax County in Virginia,
risks and uncertainties relating to developing Gyrodyne, LLC's
undeveloped property in St. James, New York and other risks
detailed from time to time in Gyrodyne, LLC's SEC reports.
Frederick C. Braun
Gyrodyne, LLC
One Flowerfield - Suite 24
St. James, NY 11780
T: (631) 584-5400
Gyrodyne (NASDAQ:GYRO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Gyrodyne (NASDAQ:GYRO)
Historical Stock Chart
From Apr 2023 to Apr 2024