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Gyrodyne LLC (GYRO0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the period, showing net assets in liquidation of $30,520,272 as of September 30, 2024, compared to $30,721,034 as of December 31, 2023. This results in estimated liquidating distributions of approximately $13.88 per common share, down from $19.51 per common share.
The decrease in net assets is attributed to a reduction in the real estate value by $3,480,000 and increased costs associated with an extended timeline, offset by net proceeds from a rights offering.
The company reported cash and cash equivalents of $6,699,349 as of September 30, 2024. Gyrodyne anticipates that this balance will be adequate to fund its process of seeking entitlements and selling assets.
Gyrodyne's strategy involves pursuing entitlements on its properties to maximize value and distributions to shareholders. The company plans to dissolve after completing the disposition of its real property assets.
The filing details the ongoing Article 78 Proceeding related to the Flowerfield Subdivision Application. The Supreme Court of the State of New York issued a ruling in favor of the company, dismissing the Article 78 petition. However, the petitioners have filed a notice of appeal.
Gyrodyne's remaining real estate investments include properties in Cortlandt Manor and Flowerfield, New York. The company is pursuing entitlements to increase development flexibility for these properties.
The company has incurred approximately $318,000 in land entitlement costs during the nine months ended September 30, 2024. It estimates additional costs of $1,251,000 through 2026 to obtain necessary entitlements.
Gyrodyne's financial strategy includes managing capital and liquidity, mitigating risks, and completing the liquidation of the company. The company does not anticipate any significant changes in market risk.
The filing also discusses the impact of the COVID-19 pandemic and macroeconomic factors on the company's operations, including delays in the entitlement process and changes in interest rates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gyrodyne LLC quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.