Gyrodyne NAV per share rises to $15.50; expects Cortlandt entitlements Q4 2022, Smithtown litigation into 2024

Gyrodyne, LLC

NAV per share $15.50 as of June 30, 2022, up $0.33 from Dec 31, 2020; real estate value up $3.99M offset by $3.5M higher liquidation costs.
Cortlandt Manor FEIS acceptance expected Q4 2022; subdivision and site plan approval anticipated Q1 2023.
Smithtown preliminary subdivision approved March 2022; Article 78 proceeding filed April 2022; resolution expected by late 2024.
Projected 2022 rental revenue ~$3M (+13% YoY); 59% from NY State, Stony Brook, and NY Presbyterian Hudson Valley.
New $4.95M term loan at adjustable rate (currently 3.75%); Flowerfield loans converted to fixed 3.85%.

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