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A regional commercial landlord, similar to a smaller Boston Properties, but with a specialized focus on medical office buildings.

Imagine them as a landlord for businesses, particularly medical practices, similar to how Simon Property Group is a landlord for retail stores in shopping malls.

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• Commercial Property Ownership: Acquiring and holding a portfolio of diverse commercial real estate properties.
• Commercial Property Leasing: Providing commercial spaces for rent to tenants, with a notable emphasis on medical office products.
• Commercial Property Management: Overseeing the operations, maintenance, and tenant relations for its owned commercial properties.

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Gyrodyne, LLC (GYRO) sells primarily to other companies by leasing them commercial property space. Based on the company's description, its major customers fall into the following categories:

• Medical practices, clinics, hospitals, and other healthcare providers, given Gyrodyne's emphasis on medical office product.
• Various other businesses requiring commercial office space, retail space, or light industrial space, reflecting its diverse commercial property portfolio.

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Gary Jay Fitlin Chief Executive Officer, President, Chief Financial Officer & Treasurer

Mr. Fitlin has served as the Chief Executive Officer and President of Gyrodyne, LLC since May 1, 2017. He also holds the titles of Chief Financial Officer and Treasurer, roles he assumed upon joining the company in October 2009. From August 2012 to February 2013, Mr. Fitlin served as interim President and Chief Executive Officer. Prior to his tenure at Gyrodyne, he was the Director of Accounting Implementation for Lexington Realty Trust, a publicly traded real estate investment trust, from July 2006 to March 2008, where his responsibilities included mergers and acquisitions. Before that, he held senior financial officer positions at various other publicly traded companies, overseeing areas such as mergers and acquisitions, global accounting, management reporting, tax compliance and planning, financial systems, risk management, and contract administration. Mr. Fitlin is a Certified Public Accountant and an alumnus of Arthur Andersen & Co.

Peter Pitsiokos Executive Vice President, Chief Operating Officer, Chief Compliance Officer & Corporate Secretary

Mr. Pitsiokos serves as the Executive Vice President, Chief Operating Officer, Chief Compliance Officer, and Corporate Secretary for Gyrodyne, LLC.

Dawn Ibraham Controller

Ms. Ibraham is the Controller at Gyrodyne, LLC.

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Key Risks to Gyrodyne (GYRO)

1. Planned Dissolution and Property Sale Risks: Gyrodyne is actively pursuing a planned dissolution by the end of 2026, which involves the disposition of all its real property assets. This process faces significant risks, including potential delays or denials in obtaining necessary entitlements and permits, community opposition, and ongoing legal challenges such as the Article 78 Proceeding, which could further complicate property sales. The illiquidity of real estate assets also presents a risk, as it may hinder the timely sale of properties at favorable prices, directly impacting property values and shareholder distributions.
2. Market and Economic Risks: Fluctuations in real estate market values, interest rates, and broader economic conditions pose substantial risks to Gyrodyne's liquidation strategy. Elevated interest rates and inflation, for example, have already affected the company's operations, leading to delays in securing entitlements and potentially impacting occupancy rates and the ultimate proceeds from property sales.
3. Operational and Financial Challenges During Liquidation: As Gyrodyne progresses towards dissolution, it anticipates ongoing operating losses due to administrative and land entitlement expenses that may exceed rental income. The company is also exposed to risks related to the loss of major tenants and its reliance on debt financing. Increased estimated liquidation and operating costs further impact overall liquidity and the final distributions to shareholders.

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The long-term impact of telemedicine and the broader shift towards virtual care models on the demand for physical medical office space represents a clear emerging threat. While medical facilities remain essential for procedures, diagnostics, and in-person examinations, a sustained increase in the proportion of healthcare services delivered remotely could reduce the overall need for, or optimize the size and configuration of, traditional medical office properties, potentially affecting occupancy rates and lease values for Gyrodyne.

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Gyrodyne, LLC (NASDAQ: GYRO) focuses on owning, leasing, and managing diverse commercial properties, with a significant emphasis on medical office buildings. The firm's operations are concentrated in the New York metropolitan area, specifically Long Island and Westchester County, New York.

The addressable market for Gyrodyne's main products and services can be understood within the broader U.S. commercial real estate market and, more specifically, the medical office real estate sector.

Medical Office Real Estate Market

The U.S. medical office market is valued at over $150 billion and is experiencing an annual demand growth of 3-4%. While a precise market size specifically for Long Island and Westchester County, New York, is not readily available, the Tri-State New York metro area (which includes NYC, New Jersey, Connecticut, and Long Island) shows strong demand in the medical office market. New York City is also identified as an area with elevated medical office construction projects.

Overall Commercial Real Estate Market

The broader United States commercial real estate market provides context for Gyrodyne's diversified portfolio. This market was valued at USD 742.3 billion in 2025 and is projected to reach USD 995.6 billion by 2034, with a compound annual growth rate of 3.32% from 2026-2034. Other estimates place the U.S. commercial real estate market size at USD 1.7 trillion in 2025, expected to grow to USD 2.02 trillion by 2031, at a CAGR of 2.91%. In terms of square footage, the U.S. commercial real estate market comprised approximately 5.9 million buildings totaling 97 billion square feet as of 2018.

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Expected Drivers of Future Revenue Growth for Gyrodyne (GYRO)

Gyrodyne, LLC (NASDAQ: GYRO) is undergoing a strategic liquidation and redevelopment phase, with its future financial performance primarily driven by the realization of value from its remaining real estate assets rather than traditional recurring operational revenue growth. The company's revenue is currently negligible, stemming largely from investment income.

The primary expected drivers of future revenue growth (or asset value realization) for Gyrodyne over the next 2-3 years include:

1. Sale of the Flowerfield Property Parcel: A significant driver is the agreement to sell a 49-acre parcel of its Flowerfield complex in Smithtown, New York, as part of its strategic liquidation plan. This transaction, announced in August 2025, has an estimated final purchase price ranging from $24,000,000 to $28,740,000.
2. Zoning and Redevelopment of Remaining Flowerfield Property: The company's success is highly dependent on securing zoning approvals for its remaining Flowerfield property. This could lead to further sales or partnerships with developers to unlock underlying value. The anticipated timeline for completing asset sales and liquidations has been extended to December 31, 2027, influenced by regulatory processes and market conditions.
3. Subdivision and Value Enhancement of Cortlandt Manor Property: Gyrodyne also owns a medical office park in Cortlandt Manor, New York, which is currently undergoing a subdivision application. The goal of this application is to enhance the property's value, contributing to overall asset realization.
4. Strategic Land Entitlement Efforts: Ongoing investments in land entitlement costs are focused on enhancing the overall value of Gyrodyne's properties. These efforts are crucial for maximizing the proceeds from eventual asset dispositions.

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Share Issuance

• Gyrodyne completed a rights offering on March 7, 2024, generating approximately $4.4 million in net proceeds.
• In this rights offering, all 625,000 common shares offered were purchased at $8 per share, resulting in $5 million in gross proceeds.
• The shares issued in the rights offering consisted of 353,164 shares from basic subscription privileges and 271,836 shares from over-subscription privileges.

Capital Expenditures

• In 2024, Gyrodyne incurred approximately $422,000 in land entitlement costs for its Flowerfield and Cortlandt Manor properties.
• The company anticipates an additional $1.24 million in land entitlement costs through 2026 to increase development flexibility for its properties.
• Gyrodyne incurred approximately $315,500 in land entitlement costs in 2022 and $567,000 in 2021, primarily for engineering costs, legal fees, and real estate taxes to support entitlement efforts aimed at maximizing property value for eventual sale.