Gyrodyne reports estimated NAV of $20.14/share, updates on entitlement delays and activist costs

Gyrodyne, LLC

Estimated liquidating value $20.14 per share at Q2 2023, up $4.61 from Dec 2021, driven by $11.1M real estate value increase.
Cortlandt Manor received medical district designation (150K sq ft office, 4K retail) in March 2023; Smithtown final approvals expected late 2023/early 2024.
Article 78 proceeding challenging Smithtown subdivision reassigned to second new judge; motion to dismiss filed June 2022 remains undecided.
Shareholder activist campaign (Star Equity) cumulative cost ~$600K through June 2023; total may reach $1M; D&O insurance coverage being pursued.
Company seeking supplemental funding before year-end; $9.6M debt at fixed rates 3.75-3.85% unaffected by Fed hikes; annual debt service ~$650K.

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