Gyrodyne, LLC Files Q3 2024 Report

Ticker: GYRO · Form: 10-Q · Filed: Nov 19, 2024 · CIK: 1589061

Gyrodyne, LLC 10-Q Filing Summary
FieldDetail
CompanyGyrodyne, LLC (GYRO)
Form Type10-Q
Filed DateNov 19, 2024
Risk Levellow
Pages15
Reading Time18 min
Sentimentneutral

Sentiment: neutral

Topics: quarterly-report, sec-filing, compliance

Related Tickers: GYRO

TL;DR

GYRO filed its 10-Q for Sept 30, 2024. All good on reporting.

AI Summary

Gyrodyne, LLC filed its quarterly report for the period ended September 30, 2024. The company's common shares are traded on the Nasdaq Capital Market under the ticker symbol GYRO. This filing indicates that Gyrodyne has met its reporting obligations for the preceding 12 months and the past 90 days.

Why It Matters

This filing provides investors with an update on Gyrodyne's financial and operational status for the quarter, which can influence investment decisions.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not indicate any unusual financial distress or significant new risks.

Key Players & Entities

  • Gyrodyne, LLC (company) — Registrant
  • September 30, 2024 (date) — Quarterly period end date
  • GYRO (company) — Trading Symbol
  • Nasdaq Capital Market (company) — Exchange
  • 1 Flowerfield, Suite 24, St. James, NY 11780 (location) — Principal executive offices address
  • ( 631 ) 584-5400 (phone_number) — Registrant's telephone number

FAQ

What is the primary purpose of this filing?

This is a Form 10-Q, a quarterly report required by the Securities and Exchange Commission for the period ended September 30, 2024.

On which exchange are Gyrodyne, LLC's common shares traded?

Gyrodyne, LLC's Common Shares of Limited Liability Company Interests are traded on the Nasdaq Capital Market.

What is the trading symbol for Gyrodyne, LLC?

The trading symbol for Gyrodyne, LLC is GYRO.

Has Gyrodyne, LLC met its filing requirements for the past 90 days?

Yes, the filing indicates that Gyrodyne, LLC has been subject to such filing requirements for the past 90 days.

What is the principal executive office address for Gyrodyne, LLC?

The principal executive offices are located at 1 Flowerfield, Suite 24, St. James, NY 11780.

Filing Stats: 4,496 words · 18 min read · ~15 pages · Grade level 17 · Accepted 2024-11-19 16:03:04

Filing Documents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements. 3 Consolidated Statements of Net Assets as of September 30, 2024 (liquidation basis and unaudited) and December 31, 2023 (liquidation basis) 3 Consolidated Statement of Changes in Net Assets for the nine months ended September 30, 2024 (liquidation basis and unaudited) 4

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 5

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. 17

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk. 29

Controls and Procedures

Item 4. Controls and Procedures. 29

- OTHER INFORMATION

PART II - OTHER INFORMATION 30

Legal Proceedings

Item 1. Legal Proceedings. 30

Exhibits

Item 6. Exhibits. 30

SIGNATURES

SIGNATURES 32 EXHIBIT INDEX 32 2

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. GYRODYNE, LLC AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF NET ASSETS AS OF SEPTEMBER 30, 2024 (UNAUDITED) AND DECEMBER 31, 2023 (Liquidation Basis) September 30, December 31, 2024 (Unaudited) 2023 ASSETS: Real estate held for sale $ 50,300,000 $ 53,780,000 Cash and cash equivalents 6,699,349 3,492,692 Rent receivable 141,196 119,471 Other receivables 36,838 12,601 Total Assets $ 57,177,383 $ 57,404,764 LIABILITIES: Accounts payable $ 1,924,634 $ 2,640,662 Accrued liabilities 1,947,126 1,696,508 Deferred rent liability 181,107 37,515 Tenant security deposits payable 204,319 219,337 Loans payable 11,243,705 10,981,068 Estimated liquidation and operating costs net of estimated receipts 11,156,220 11,108,640 Total Liabilities 26,657,111 26,683,730 Net assets in liquidation $ 30,520,272 $ 30,721,034 See notes to consolidated financial statements 3 GYRODYNE, LLC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS FOR THE NINE-MONTHS ENDED SEPTEMBER 30, 2024 (Liquidation Basis) (Unaudited) Net assets in liquidation, as of December 31, 2023 $ 30,721,034 Changes in assets and liabilities in liquidation: Change in liquidation value of real estate $ ( 3,480,000 ) Issuance of common shares, net 4,418,380 Remeasurement of assets and liabilities ( 1,139,142 ) Net decrease in liquidation value ( 200,762 ) Net assets in liquidation, as of September 30, 2024 $ 30,520,272 See notes to consolidated financial statements 4

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (LIQUIDATION BASIS) FOR THE NINE-MONTHS ENDED SEPTEMBER 30, 2024 (unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (LIQUIDATION BASIS) FOR THE NINE-MONTHS ENDED SEPTEMBER 30, 2024 (unaudited) 1. The Company Strategic Overview Gyrodyne, LLC's (including its subsidiaries, "Gyrodyne", the "Company" or the "Registrant") corporate strategy is to pursue entitlements on our two remaining properties, so that they can be sold to one or more developers with increased development flexibility at higher prices, thereby maximizing value and distributions. Gyrodyne intends to dissolve after we complete the disposition of our assets, apply the proceeds to settle debts and claims, and then pay liquidating distributions to our shareholders. Gyrodyne filed subdivision applications in March 2017 with respect to Cortlandt Manor and Flowerfield. The COVID-19 pandemic caused significant delays in the regulatory approval process, as state, county and local staff charged with processing our subdivision applications all postponed activity due to work-from-home transitions. On March 30, 2022, the Town of Smithtown Planning Board (the "Planning Board") voted four to zero with one abstention to grant Gyrodyne's application for preliminary approval to divide the Flowerfield property into eight lots, subject to certain conditions (the "Flowerfield Subdivision Application"). On April 26, 2022, the Incorporated Village of Head of the Harbor and certain other parties (collectively, the "Petitioners"), commenced a special proceeding under Article 78 of New York's Civil Practice Law & Rules (the "Article 78 Proceeding") against the Town of Smithtown and certain other parties, including Gyrodyne, seeking to annul the Planning Board's determinations relating to the Flowerfield Subdivision Application. Specifically, the petition commencing the Article 78 Proceeding (the "Petition") seeks to annul the Planning Board's (i) approval of a findings statement pursuant to the State Environmental Quality Review Act ("SEQRA"), dated September 16, 2021, and adopted by the P

Business

Business Gyrodyne is a limited liability company formed under the laws of the State of New York whose primary business is the management of, and the pursuit of entitlements on, a portfolio of medical office and industrial properties located in Suffolk ("Flowerfield") and Westchester Counties ("Cortlandt Manor"), New York State. 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. 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, and then pay distributions to holders of Gyrodyne common shares. The process of seeking entitlements and the amount and timing of distributions from proceeds of asset sales involve risks and uncertainties. As such, it is impossible at this time to determine with certainty the ultimate amount of proceeds that will actually be distributed to our shareholders or the timing of such payments. Accordingly, no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in our consolidated statements of net assets. The actual nature, amount and timing of all distributions will be determined by Gyrodyne's Board in its sole discretion and will depend in part upon the Company's ability to convert our remaining assets into cash in compliance with our obligations under the Stipulation entered into in co

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