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Gyrodyne Co of America Inc Declares $38.30 Per Share Special Dividend


Monday, 19 Nov 2012 05:54pm EST 

Gyrodyne Co of America Inc announced that its Board of Directors declared a special cash dividend in the amount of $56,786,644, or $38.30 per share. The dividend is payable on December 14, 2012 to stockholders of record as of December 1, 2012. In July 2012, the Company received $167,530,657 from the State of New York in payment of the judgments in the Company's favor in the Company's condemnation litigation with the State, of which $98,685,000 is deferred for income tax purposes and $68,845,657 is considered REIT taxable income in the current year. As a result, the Board determined that it was in the best interests of shareholders to distribute $56,786,644 in the form of a cash dividend. 

Company Quote

5.1
 +0.00%
29 Jul 2014