Gyrodyne, LLC (GYRO)

[Enterprising Investor]

Gyrodyne Declares $1.50 Per Share Special Dividend (8/29/16)

ST. JAMES, N.Y., Aug. 29, 2016 (GLOBE NEWSWIRE) -- Gyrodyne, LLC (NASDAQ:GYRO), an owner and manager of a diversified portfolio of real estate properties ("Gyrodyne"), announced today that its Board of Directors has declared a special cash dividend in the amount of $2,224,020 or $1.50 per share. The dividend consists of the net proceeds from the recently consummated sales of three additional buildings in the Port Jefferson Professional Park. The dividend is payable on September 15, 2016 to shareholders of record as of September 9, 2016.

Fred Braun III, President and CEO of Gyrodyne, said: "This cash dividend permits us to distribute the net proceeds from the three buildings in the Port Jefferson Professional Park that we sold since our last cash dividend in May, consistent with our objective of returning cash to our shareholders periodically as we sell properties and implement our strategic plan to liquidate in due course. Gyrodyne intends to continue making special dividends as it executes on its strategic plan, and we look forward to implementing and executing additional events that will provide liquidity and value to our shareholders."

Gyrodyne is currently exploring certain enhancements of its Flowerfield and Cortlandt Manor properties in an effort to maximize the value of those properties prior to their ultimate disposition. There can be no assurance concerning the type, form, structure, nature, results, timing or terms and conditions of any transaction that may result from the Company's enhancement efforts. The Company does not expect to pay quarterly or annual dividends, but rather special dividends as proceeds are generated from transactions during the liquidation process.

About Gyrodyne, LLC

Gyrodyne, LLC owns and manages a diversified portfolio of real estate properties comprising office, industrial and service-oriented properties primarily in the New York metropolitan area. Gyrodyne, LLC owns a 68 acre site approximately 50 miles east of New York City on the north shore of Long Island, which includes industrial and office buildings and undeveloped property which is the subject of development plans. Gyrodyne, LLC also owns medical office buildings in Port Jefferson Station, New York and Cortlandt Manor, New York. Gyrodyne, LLC (through a wholly-owned subsidiary) is also a limited partner in Callery Judge Grove, L.P., the only asset of which consist of potential future payments upon the achievement of certain development benchmarks by the purchaser in the 2013 sale by the partnership of an undeveloped 3,700 plus acre property in Palm Beach County, Florida. Gyrodyne, LLC's common shares are traded on the NASDAQ Stock Market under the symbol GYRO. Additional information about Gyrodyne, LLC may be found on its web site at www.gyrodyne.com.

http://www.nasdaq.com/press-release/gyrodyne-declares-150-per-share-special-dividend-20160829-00629