Gyrodyne, LLC (GYRO)

[Enterprising Investor]

Gyrodyne Company of America, Inc. Announces Form Of Interest Payment On Dividend Notes (6/08/15)

ST. JAMES, N.Y., June 8, 2015 /PRNewswire/ -- Gyrodyne Company of America, Inc. (NASDAQ: GYRO) (the "Company") today announced that its board of directors has determined that the June 15, 2015 semi-annual interest payment under the Company's global 5% subordinated note due June 30, 2017 in the aggregate principal amount of $16,150,000 (the "Dividend Note") will be paid in kind in the form of interests in a new global dividend note in the aggregate principal amount of $403,750 and that otherwise is identical in all respects to the Dividend Note.

In addition, the Company announced that its board of directors has determined that the June 15, 2015 semi-annual interest payments due under the Company's global 5% subordinated notes issued on June 16, 2014 ($302,813 principal amount), December 15, 2014 ($403,750 principal amount), and December 31, 2014 ($682,033 principal amount), respectively, each due June 30, 2017, will be paid in cash in the aggregate amount of $33,294.

About Gyrodyne Company of America, Inc.

Gyrodyne, a real estate investment trust, manages the business and properties of Gyrodyne Special Distribution LLC ("GSD"), pursuant to GSD's limited liability company agreement which provides that Gyrodyne has the sole and absolute discretion regarding the management and affairs of GSD in its capacity as GSD's managing member. GSD owns a diversified portfolio of real estate properties comprising office, industrial and service-oriented properties primarily in the New York metropolitan area, subject to related mortgage debt in favor of Flowerfield Mortgage Inc. ("FMI"), with Flowerfield Properties, Inc. ("FPI") having the contractual right to manage the business and properties of GSD. FMI and FPI are both subsidiaries of Gyrodyne. GSD 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. GSD also owns medical office buildings in Port Jefferson Station, New York, Cortlandt Manor, New York and Fairfax, Virginia. FPI is also a limited partner in Callery Judge Grove, L.P., the only assets 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's common stock is traded on the NASDAQ Stock Market under the symbol GYRO. Additional information about Gyrodyne may be found on its web site at www.gyrodyne.com.

http://www.prnewswire.com/news-releases/gyrodyne-company-of-america-inc-announces-form-of-interest-payment-on-dividend-notes-300095616.html