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Gyrodyne to delay filing 10-K

Due to the enormous operational, tax and accounting complexity of the transactions effected by the company in December 2013, including the transfer of the company’s properties to a subsidiary, the distribution to its shareholders of the interests of that subsidiary as part its $98,685,000 special dividend, the contractual arrangements entered into between the company and that former subsidiary, and other related transactions, the process of obtaining, compiling and accurately reporting the material information relating to the foregoing transactions has been such that the company’s Annual Report on Form 10-K for the year ended December 31, 2013 could not be filed within the prescribed time period without unreasonable effort or expense. The company expects to be in a position to file the Form 10-K within the required extended filing period of fifteen days after March 17.