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Gyrodyne Co of America (GYRO) Declares 46c/Share Supplemental Dividend

September 15, 2014 2:43 PM EDT

Gyrodyne Company of America, Inc. (Nasdaq: GYRO) announced that its board of directors has declared a special supplemental dividend of $682,032.80, or $0.46 per share of common stock. The dividend will be payable in the form of non-transferable interests in a dividend note, unless Gyrodyne's board of directors otherwise determines to pay all or part of such dividend in cash and subject to any applicable law, rule or regulation. The principal terms of such dividend note are attached as Annex A to this press release. The dividend will be payable on December 31, 2014 to all shareholders of record as of the close of business on September 26, 2014.

The dividend is intended to prevent the imposition of federal corporate income tax on Gyrodyne's undistributed 2013 REIT taxable income. Gyrodyne estimates that its undistributed 2013 REIT taxable income is $674,565.00.

Gyrodyne intends to report the distribution of the interests in the dividend note as a return of capital to shareholders of Gyrodyne up to each shareholder's basis in its shares, and any excess as capital gains. For purposes of the foregoing, Gyrodyne assumes that its previously announced plan of liquidation will be effected within two years from the date of its adoption, September 12, 2013.



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