Gyrodyne CEO provides operational update; Flowerfield parcel sale for $28.74M targeted end of 2027

Gyrodyne, LLC

Sold 49 undeveloped acres of Flowerfield to B2K Development for $28.74M; close expected end 2027 subject to litigation & approvals.
Proforma NAV per share fell to $14.83 at June 2025 from $15.98 at Dec 2023; total NAV rose to $32.6M due to rights offering.
First half 2025 costs exceeded operating receipts by ~$700k, up $125k from 2024; occupancy 85% vs 86%.
Cortlandt Manor property has MOD designation; exploring mixed-use with residential to improve marketability.
Article 78 litigation hearing date awaited; decision expected in 2027. Board reduced to 4, chairman fee capped at $65k.

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