ST. JAMES, New York,
June 16, 2017 /PRNewswire/
-- 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 distribution in the amount of $1,482,680 or $1.00
per share. The special distribution consists of the net
proceeds from the recently consummated sale of two additional
buildings in the Port Jefferson Professional Park. The
distribution is payable on July 7,
2017 to shareholders of record as of June 27, 2017. The Company expects
NASDAQ to set the ex-dividend date as June
23, 2017. Shareholders who sell their shares prior to
the ex-dividend date will also be selling their right to receive
the special cash distribution.
Gary Fitlin, President and CEO of
Gyrodyne, said: "This cash distribution permits us to distribute
the net proceeds from the two buildings in the Port Jefferson
Professional Park that we sold in June
2017, 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 distributions 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 pursuing certain enhancements (inclusive
of entitlements and rezoning) 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
distributions, but rather special distributions 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 in the New
York metropolitan area. Gyrodyne 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 plans to seek
value-enhancing entitlements. Gyrodyne also owns medical office
buildings in Port Jefferson Station, New
York, as well as Cortlandt Manor,
New York which is also the subject of plans to seek
value-enhancing entitlements. Gyrodyne's common shares are traded
on the NASDAQ Stock Market under the symbol GYRO. Additional
information about Gyrodyne 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, risks and uncertainties
relating to seeking entitlements for Gyrodyne, LLC's undeveloped
property in St. James and
Cortlandt Manor, New York and
other risks detailed from time to time in Gyrodyne, LLC's SEC
reports.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/gyrodyne-declares-100-per-share-special-distribution-300475417.html
SOURCE Gyrodyne, LLC