Gyrodyne Company of America Inc. that its Board of Directors has completed its previously announced review of the company's strategic alternatives and has declared a special dividend in the amount of $98,685,000, or $66.56 per share of the company's common stock, of which approximately $68,000,000, or $45.86 per share, will be paid in cash. The balance of the special dividend will be payable in the form of cash proceeds from any further asset dispositions effected prior to payment of the dividend, notes payable by the company, interests in a trust or limited liability company to which the company may transfer its remaining assets, or a combination of such forms at the discretion of the Board of Directors. The dividend is payable on December 30, 2013 to shareholders of record as of November 1, 2013.

The company will announce the form of the balance of the special dividend on or prior to December 27, 2013. As required by NASDAQ rules governing special dividends of this magnitude, the ex-dividend date will be set one business day following the payment date.