Registered as a real estate investment trust (REIT), Gyrodyne Company of America continues to own, manage and operate several commercial properties across the country. The business was created in 1946 and continues to publicly trade its common shares on the NASDAQ, using the ticker symbol GYRO.
The properties of the business are mostly located in the Eastern Coast of the country. Prior to entering the real estate industry, the company was created as a designer and manufacturer of helicopters. 24 years from the founding of the business, they have focused their resources in the creation of those flying vehicles. It was in 1975 that the company started converting their manufacturing facilities into rental space for light industry. This was the year that marked the entry of the company in the real estate industry.
In 2006, Gyrodyne focused its resources in acquiring and developing medical properties. This was also the year that the business has gone public and made its debut on the NASDAQ. Currently, the business has more than 139,000 square feet of medical office space. There were three notable facilities that the business has purchased. Two of these properties are in New York and the other one is in Northern Virginia. Its famous property is the Flowerfield, which remains to be its flagship property. This asset has about 10 acres of developed property with plans of creating a substantial portion of it into an age-restricted residential community.
Gyrodyne is strategically positioned to continue on expanding its operations. Through its seasoned management team, the business continues on acquiring and developing its properties to harness its maximum potential. Being registered as a REIT, the company continues to be exempt from any federal tax obligations, granting that it continues to distribute at least 90% of its revenue back to its shareholders. It continues to be listed on the Wilshire 5000 Index.
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