Gyrodyne, LLC Files 2023 Annual Report on Form 10-K

TL;DR

<b>Gyrodyne, LLC filed its 2023 10-K report detailing its operations and financial status as of December 31, 2023.</b>

AI Summary

Gyrodyne, LLC (GYRO) filed a Annual Report (10-K) with the SEC on March 29, 2024. Gyrodyne, LLC, a real estate operator, filed its 2023 Form 10-K on March 29, 2024. The company's fiscal year ends on December 31st. Gyrodyne, LLC is incorporated in New York. The company's principal business address is 1 Flowerfield, Suite 24, St. James, NY 11780. The filing covers the period ending December 31, 2023.

Why It Matters

For investors and stakeholders tracking Gyrodyne, LLC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Gyrodyne, LLC's financial performance, operational activities, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's health and future prospects. The detailed information within the filing, including financial statements and disclosures, is essential for regulatory compliance and for providing transparency to the market regarding the company's business and its position in the nonresidential building operators sector.

Risk Assessment

Risk Level: low — Gyrodyne, LLC shows low risk based on this filing. The risk is low as this is a standard annual report filing with no immediate negative indicators, and the company operates in a stable sector.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Gyrodyne, LLC's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-03-29 — Filing Date (Filed as of Date)
• 2023-01-01 — Fiscal Year Start (Fiscal Year)

Key Players & Entities

• Gyrodyne, LLC (company) — Filer name
• 0001589061 (company) — Central Index Key
• 6512 (company) — Standard Industrial Classification
• NY (company) — State of Incorporation
• 1 Flowerfield, Suite 24 (company) — Business Address Street 1
• St. James (company) — Business Address City
• 11780 (company) — Business Address ZIP
• 631-584-5400 (company) — Business Phone

FAQ

Industry Context

Gyrodyne, LLC operates within the real estate sector, specifically as an operator of nonresidential buildings.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial disclosures.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, expenses, and profitability.
2. Review the 'Risk Factors' section for potential challenges and uncertainties facing Gyrodyne, LLC.
3. Examine management's discussion and analysis (MD&A) for insights into the company's performance and outlook.

Year-Over-Year Comparison

This is the initial review of the 2023 10-K filing for Gyrodyne, LLC.

Key Financial Figures

• $1.00 — liability company interests, par value $1.00 per share GYRO Nasdaq Capital Market
• $1,000,000 — y the Board in good faith, is less than $1,000,000. We remain committed to (1) enhancing
• $30.72 m — e on December 31, 2025 of approximately $30.72 million, prior to any future special dist
• $19.51 — would equate to future distributions of $19.51 per share based on Gyrodyne having 1,57
• $16.12 — ated net assets in liquidation would be $16.12 per share based on 2,199,308 shares out
• $449,000 — 023, the Company incurred approximately $449,000 of land entitlement costs, consisting p
• $1.21 million — hat the Company may incur approximately $1.21 million in additional land entitlement costs th
• $340,000 — pursuit of entitlements (approximately $340,000 in Cortlandt Manor and $871,000 in Flow
• $871,000 — imately $340,000 in Cortlandt Manor and $871,000 in Flowerfield). The Company is focusi

Filing Documents

• gyrllc20231231_10k.htm (10-K) — 1428KB
• ex_644652.htm (EX-21.1) — 6KB
• ex_644653.htm (EX-31.1) — 9KB
• ex_644654.htm (EX-32.1) — 4KB
• ex_644655.htm (EX-97.1) — 28KB
• 0001437749-24-009908.txt (&nbsp;) — 5231KB
• gyro-20231231.xsd (EX-101.SCH) — 67KB
• gyro-20231231_def.xml (EX-101.DEF) — 350KB
• gyro-20231231_lab.xml (EX-101.LAB) — 292KB
• gyro-20231231_pre.xml (EX-101.PRE) — 371KB
• gyro-20231231_cal.xml (EX-101.CAL) — 12KB
• gyrllc20231231_10k_htm.xml (XML) — 623KB

Selected Financial Data

Selected Financial Data. 33 7.

Management's Discussion and Analysis of Financial Conditions and Results of Operations

Management's Discussion and Analysis of Financial Conditions and Results of Operations. 34 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 42 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 43 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 43 9A.

Controls and Procedures

Controls and Procedures. 43 9B. Other Information. 44 PART III 10. Directors, Executive Officers and Corporate Governance. 44 11.

Executive Compensation

Executive Compensation. 47 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 51 13. Certain Relationships and Related Transactions, and Director Independence. 54 14. Principal Accounting Fees and Services. 55 PART IV 15. Exhibits, Financial Statement Schedules. 55

Signatures

Signatures 58 Exhibit Index 59 3 PART I Introduction: When we use the terms "Gyrodyne," the "Company," "we," "us," and "our," we mean Gyrodyne, LLC and all entities owned or controlled by us, including non-consolidated entities. References herein to our Annual Report are to this Annual Report on Form 10-K for the year ended December 31, 2023. References to "common shares" in this report refer to Gyrodyne, LLC's common shares representing limited liability company interests. References to the "Board" in this report refer to the Board of Directors of Gyrodyne, LLC. All references to 2023 and 2022 refer to our fiscal years ended or the dates, as the context requires, December 31, 2023 and December 31, 2022, respectively.

Business

Item 1. Business. Overview Gyrodyne, LLC (including its subsidiaries, "Gyrodyne", the "Company" or the "Registrant") is a limited liability company formed under the laws of the State of New York whose primary business is the management of a portfolio of medical office and industrial properties and the pursuit of entitlements on such properties located in Suffolk ("Flowerfield") and Westchester ("Cortlandt Manor") Counties, New York. Substantially all of our developed properties are subject to leases in which the tenant reimburses the Company for a portion, all of or substantially all of the costs and/or cost increases for utilities, insurance, repairs, maintenance and real estate taxes. Certain leases provide that the Company is responsible for certain operating expenses. Gyrodyne's corporate strategy is to enhance the value of Flowerfield and Cortlandt Manor by pursuing entitlement opportunities to provide purchasers increased development flexibility, and by enhancing the value of our leases. The Board believes the aforementioned strategy will increase the aggregate value for such properties as a whole. The value of the real estate reported in the consolidated statement of net assets as of December 31, 2023 includes some, but not all of the potential value impact that may result from such value enhancement efforts. There can be no assurance that our value enhancement efforts will result in property value increases that exceed the costs we incur in such efforts, or even any increase at all. Our efforts to generate the highest values for Flowerfield and Cortlandt Manor may involve in limited circumstances other strategies to manage risk and or enhance the net value of Flowerfield and Cortlandt Manor to maximize the returns for our shareholders. Gyrodyne intends to dissolve after we complete the disposition of all of our real property assets, apply the proceeds of such dispositions first to settle any debts and claims, pending or otherwise, against Gyrodyne, an

View Full Filing

View this 10-K filing on SEC EDGAR