Gyrodyne Reports Increased Net Asset Value and Liquidating Distributions for Nine Months Ending September 30, 2025

Gyrodyne, LLC reported its financial results for the nine months ending September 30, 2025, revealing a net asset value in liquidation of approximately $32.38 million, an increase from $30.60 million at the end of the previous fiscal year. This translates to estimated liquidating distributions of $14.72 per common share, up from $13.91 per share as of December 31, 2024. The increase in net assets is primarily attributed to a rise in the liquidation value of real estate, which increased by $4.50 million due to a purchase agreement for a portion of the Flowerfield property, alongside a net increase in revenues of approximately $280,500 from leasing activities.

The company’s total assets as of September 30, 2025, amounted to $60.15 million, compared to $56.66 million at the end of 2024. The increase in assets was driven by the appreciation of real estate held for sale, which rose to $54.89 million from $50.39 million. However, total liabilities also increased to $27.77 million from $26.06 million, largely due to higher accounts payable and accrued liabilities. The company continues to operate under a liquidation basis of accounting, with plans to dissolve after the sale of its remaining properties.

Strategically, Gyrodyne is focused on enhancing the value of its two remaining properties, Flowerfield and Cortlandt Manor, by pursuing entitlements that will allow for increased development flexibility. The company has engaged JLL Capital Markets to assist in marketing these properties. A significant development includes a Purchase and Sale Agreement with B2K Smithtown LLC for approximately 49 acres of the Flowerfield property, with a potential sale price ranging from $24 million to $28.74 million, contingent upon receiving necessary approvals. The timeline for completing the liquidation process has been extended to December 31, 2027, reflecting the anticipated duration of regulatory approvals and sales.

Operationally, Gyrodyne executed four new leases and six renewals during the reporting period, generating approximately $602,000 in annual revenue. The company has also incurred about $311,200 in land entitlement costs, with an estimated additional $1.14 million expected through the end of the liquidation period. The ongoing pursuit of entitlements is seen as critical to maximizing the value of the properties, although the company acknowledges the inherent risks and uncertainties involved in this process.

Looking ahead, Gyrodyne remains committed to its strategic plan of liquidating its assets and distributing proceeds to shareholders. However, the company faces challenges, including ongoing litigation related to the Flowerfield property and broader economic conditions that may impact the real estate market. The management emphasizes that while they are optimistic about achieving their goals, the timeline and ultimate financial outcomes are subject to various external factors beyond their control.