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Gyrodyne, LLC (NASDAQ: GYRO) revealed that its Board has declared a special cash dividend of $9.25 per share or $13.71 million. According to the company, the dividend consisted of net proceeds from the recently consummated sale of Gyrodyne's Fairfax Medical Center in Fairfax, Virginia and the sale of two buildings in the Port Jefferson Professional Park.
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Gyrodyne said the dividend is payable on June 15 to shareholders of record as of June 6, 2016. The company stated that at $9.25 per share, its dividend represented about 33 percent of its closing stock price on May 25.
The company's president and CEO, Fred Braun III, said, "Today's dividend declaration marks another important milestone in Gyrodyne's strategic plan. Over the past few years, Gyrodyne has positioned itself for one or more liquidity events that will maximize shareholder value. Gyrodyne intends to continue making special dividends as it executes on its strategic plan. We look forward to implementing and executing additional events that will provide liquidity and value to our shareholders."