Gyrodyne Reports Increased Net Asset Value and Liquidating Distributions for First Half of 2025

Gyrodyne, LLC reported its financial results for the six months ending June 30, 2025, revealing a net asset value in liquidation of approximately $32.61 million, an increase from $30.60 million at the end of 2024. This translates to estimated liquidating distributions of $14.83 per share, up from $13.91 per share in the previous period. The increase in net assets is primarily attributed to a rise in the liquidation value of real estate, which increased by $4.50 million, alongside a net increase in revenues of approximately $252,000 due to leasing activity. However, these gains were partially offset by estimated liquidation and operating costs, which rose by about $2.26 million due to a one-year timeline extension for the liquidation process.

The company continues to pursue entitlements for its remaining properties, Flowerfield and Cortlandt Manor, to enhance their market value. Gyrodyne has incurred approximately $167,500 in land entitlement costs during the first half of 2025 and anticipates an additional $1.27 million in costs through the end of the liquidation period, currently estimated to conclude in December 2027. The company is actively marketing these properties and has engaged JLL Capital Markets to assist in identifying potential buyers. A significant development includes a Purchase and Sale Agreement with B2K Smithtown LLC for a 49-acre parcel of the Flowerfield property, with a purchase price estimated between $24 million and $28.74 million, contingent upon receiving necessary approvals.

Operationally, Gyrodyne executed three new leases and two renewals during the reporting period, generating approximately $105,000 in annual revenue. The company reported a total cash balance of $5.48 million as of June 30, 2025, which it plans to utilize for ongoing operations and to fund the entitlement process. The company’s liabilities increased to $27.91 million, primarily due to accrued liabilities and accounts payable, reflecting ongoing operational costs and obligations.

Looking ahead, Gyrodyne remains focused on completing the sale of its properties and maximizing shareholder value through strategic asset management. The company acknowledges the potential for delays in the approval process due to external factors, including regulatory challenges and market conditions. Gyrodyne's management is committed to navigating these challenges while ensuring that the liquidation process is executed efficiently, with the goal of providing timely distributions to shareholders. The company’s outlook remains cautious, as it continues to assess the impact of macroeconomic conditions, including interest rates and inflation, on its operations and asset values.