secwatch.observer — SEC 8-K summary
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Issuer:     Gyrodyne, LLC (GYRO)
CIK:        0001589061
Form:       8-K
Filed at:   2024-10-07T23:59:59+00:00
Accession:  0001437749-24-030773
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1589061/000143774924030773/0001437749-24-030773-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1589061/000143774924030773/gyrllc20241007_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-030773

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer