Gyrodyne CEO: $4.4M rights offering, NAV per share $16.09, Flowerfield entitlements expected late 2024

Gyrodyne, LLC

Rights offering oversubscribed 65%, net proceeds $4.4M to defend Article 78 litigation and negotiate from strength.
Proforma NAV per share $16.09 at June 2024, down from $17.45 at Dec 2022, but total NAV increased ~$5M to $35.4M.
Occupancy 82% as of June 2024 (down from 85% Dec 2022); annual burn rate ~$1.3M ex-land development and litigation costs.
Debt of $11.3M fixed at 3.75%-3.85% through 2027/2028, largely unaffected by rate hikes.
CEO hopeful for final Flowerfield entitlements late 2024; JLL marketing both properties; open to sale of company.

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