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.

The special dividend represents over 90% of the company's REIT taxable income earned through September 30, 2012. REITs are required annually to distribute to shareholders at least 90% of their REIT taxable income in order to preserve their REIT status under the Internal Revenue Code.