Gyrodyne NAV per share falls 28% to $15.22; progress on entitlements but timeline extended to 2022

Gyrodyne, LLC

NAV per share $15.22 at March 31, 2021, down 28% from $21.20 a year ago; pandemic blamed for terminated purchase agreements and delays.
Cortlandt Manor: Town now amenable to residential; alternative plan includes 160 units; expected Medical Oriented District adoption early 2022, subdivision approval Q1 2022.
Flowerfield: FEIS accepted March 2021, approved by Suffolk County Planning May 5, 2021; anticipate Findings Statement in 2021, then 12 months to technical approvals and closings.
Rent collection: $2.989M collected out of $3.094M due for April 2020–June 2021 period (96.6%); 60% of 2021 lease revenue from government/healthcare tenants.
Debt facilities: $6M lines converted to permanent loans; new $4.95M term loan expected Q3 2021, raising total debt to ~$10.15M.

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