Gyrodyne, LLC
Business
Gyrodyne, LLC manages a portfolio of medical office and industrial properties and pursues land entitlements to enhance asset value and effect liquidating dispositions. It provides property management, leasing, entitlement pursuit, marketing and transaction negotiation services for its real estate holdings. The company operates as a single reporting segment focused on value enhancement, lease management and the strategic sale of two core properties, Flowerfield and Cortlandt Manor, through wholly owned single-asset subsidiaries. Gyrodyne’s operations and distribution efforts are concentrated in Suffolk County (Flowerfield) and Cortlandt Manor in Westchester County, New York, marketing to developers, institutional and local buyers and leasing to medical, industrial and professional tenants.
Summary from filing dated 2025-03-28
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 |
|---|---|---|---|
| Change in liquidation value of real estate | 4 | −3 | |
| Issuance of common shares, net | 0 | 4 | |
| Remeasurement of assets and liabilities | −8 | −1 | |
| Net increase in liquidation value | −5 | −124,721 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Real estate held for sale | 54 | 50 | 54 | 54 | 43 | |
| Cash and cash equivalents | 5 | 6 | — | — | — | |
| Rent receivable | 155,205 | 335,966 | — | — | — | |
| Other receivables | 15,899 | 36,893 | — | — | — | |
| Total Assets | 59 | 57 | — | — | — | |
| Accounts payable | 2 | 2 | 3 | 1 | 1 | |
| Accrued liabilities | 2 | 2 | 2 | 1 | 940,794 | |
| Deferred rent liability | 0 | 21,195 | — | — | — | |
| Tenant security deposits payable | 229,790 | 213,081 | — | — | — | |
| Mortgage loans payable | 11 | 11 | — | — | — | |
| Estimated liquidation and operating costs net of receipts | 17 | 11 | 11 | — | 13 | |
| Total Liabilities | 33 | 26 | — | — | — | |
| Net assets | 26 | 31 | 31 | — | — |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2015 2015-12-31 | FY 2014 2014-12-31 |
|---|---|---|---|
| Depreciation and amortization | — | 969,571 | |
| Bad debt (recovery) expense | −23,000 | 51,000 | |
| Net periodic pension cost | — | 324,998 | |
| Noncash interest expense | — | 706,563 | |
| Rent receivable | — | 37,377 | |
| Deferred rent receivable | — | −119,205 | |
| Prepaid expenses and other assets | — | −28,540 | |
| Accounts payable | — | −916,995 | |
| Accrued liabilities | — | −3 | |
| Income taxes payable | — | −565,000 | |
| Deferred rent liability | — | 815 | |
| Tenant security deposits payable | — | 314 | |
| Total adjustments | — | −2 | |
| Net cash used in operating activities | — | −5 | |
| Purchase of building improvements and equipment | — | −927,344 | |
| Land development costs | — | −137,498 | |
| Purchase of marketable securities | — | −3 | |
| Principal repayments of investments in marketable securities | — | 653,593 | |
| Net cash provided by (used in) investing activities | — | −4 | |
| Net increase (decrease) in cash and cash equivalents | — | −9 | |
| Income and excise taxes paid | — | 83,679 | |
| Interest paid | — | 7,570 |