Gyrodyne Co Of America 10-Q 12 Nov 13 2013 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 12, 2013
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'GYRODYNE CO OF AMERICA INC	'
Document Type	'10-Q	'
Current Fiscal Year End Date	'--12-31	'
Entity Common Stock, Shares Outstanding	'	1,482,680
Amendment Flag	'false	'
Entity Central Index Key	'0000044689	'
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Filer Category	'Accelerated Filer	'
Entity Well-known Seasoned Issuer	'No	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Rental property:	'	'
Land	$5,163,093	$5,163,093
Building and improvements	31,695,791	33,307,858
Machinery and equipment	344,733	343,272
	37,203,617	38,814,223
Less accumulated depreciation	6,994,676	6,281,121
	30,208,941	32,533,102
Land held for development:	'	'
Land	558,466	558,466
Land development costs	1,796,597	1,715,846
	2,355,063	2,274,312
Total real estate, net	32,564,004	34,807,414
Cash and cash equivalents	85,210,576	94,164,722
Investment in marketable securities	3,558,237	4,516,472
Rent receivable, net of allowance for doubtful accounts of $68,000 and $67,000, respectively	77,666	142,478
Deferred rent receivable	218,751	225,432
Prepaid expenses and other assets	777,972	662,481
Total Assets	122,407,206	134,518,999
LIABILITIES:	'	'
Accounts payable	2,398,432	486,887
Accrued liabilities	5,305,130	277,982
Dividends payable	98,685,000	'
Deferred rent liability	107,723	52,351
Tenant security deposits payable	467,638	463,706
Mortgage loans payable	'	5,013,415
Deferred income taxes	1,315,000	62,964,000
Pension cost liability	757,098	492,656
Total Liabilities	109,036,021	69,750,997
Commitments and contingencies	'	'
STOCKHOLDERS’ EQUITY:	'	'
Common stock, $1 par value; authorized 4,000,000 shares; 1,723,888 shares issued; 1,482,680 shares outstanding	1,723,888	1,723,888
Additional paid-in capital	17,753,505	17,753,505
Accumulated other comprehensive loss	-1,288,096	-1,195,803
Balance of undistributed income	-3,280,415	48,024,109
	14,908,882	66,305,699
Less cost of shares of common stock held in treasury; 241,208	-1,537,697	-1,537,697
Total Stockholders’ Equity	13,371,185	64,768,002
Total Liabilities and Stockholders’ Equity	$122,407,206	$134,518,999

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Allowance for doubtful accounts (in Dollars)	$68,000	$67,000
Common stock, par value (in Dollars per share)	$1	$1
Common stock, shares authorized (in Shares)	4,000,000	4,000,000
Common stock, shares issued (in Shares)	1,723,888	1,723,888
Common stock, shares outstanding (in Shares)	1,482,680	1,482,680
Less common stock held in treasury, shares (in Shares)	241,208	241,208

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Revenues	'	'	'	'
Rental income	$1,156,360	$1,059,576	$3,360,446	$3,348,005
Rental income - tenant reimbursements	124,090	137,037	429,486	429,668
Total	1,280,450	1,196,613	3,789,932	3,777,673
Expenses	'	'	'	'
Rental expenses	606,722	582,901	1,877,325	1,733,083
General and administrative expenses	5,713,020	521,469	7,277,635	1,471,917
Strategic alternative expenses	2,151,392	258,094	2,803,021	259,908
Depreciation	242,885	225,229	713,555	672,985
Impairment charges	2,100,000	'	2,100,000	'
Total	10,814,019	1,587,693	14,771,536	4,137,893
Other Income (Expense):	'	'	'	'
Interest income	59,437	22,514	188,066	64,292
Interest expense	'	-251,305	-5,748	-764,322
Total	59,437	-228,791	182,318	-700,030
Net Loss before Condemnation Expense and Provision for Income Taxes	-9,474,132	-619,871	-10,799,286	-1,060,250
(Expense) Income on Condemnation	'	-17,839	-2,360	100,030,852
Interest Income on Condemnation	'	104,928	'	67,370,716
Net (Loss) Income before Provision for Income Taxes	-9,474,132	-532,782	-10,801,646	166,341,318
(Benefit) Provision for Income Taxes	-58,182,122	'	-58,182,122	61,649,000
Net Income (Loss)	$48,707,990	($532,782)	$47,380,476	$104,692,318
Net income (loss) per common share:	'	'	'	'
Basic and diluted (in Dollars per share)	$32.85	($0.36)	$31.96	$70.61
Weighted average number of common shares outstanding:	'	'	'	'
Basic and diluted (in Shares)	1,482,680	1,482,680	1,482,680	1,482,680

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Net income (loss)	$48,707,990	($532,782)	$47,380,476	$104,692,318
Unrealized (loss) gain on investments	2,353	42,945	-92,293	57,387
Comprehensive income (loss)	$48,710,343	($489,837)	$47,288,183	$104,749,705

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$47,380,476	$104,692,318
Adjustments to reconcile net income to net cash (used in) provided by operating activities:	'	'
Depreciation and amortization	758,577	700,357
Impairment charges	2,100,000	'
Bad debt expense	30,000	18,000
Net periodic pension benefit cost (income)	264,442	-3,467
Deferred income taxes	-61,649,000	61,649,000
Decrease (increase) in assets:	'	'
Rent receivable	34,812	-35,622
Deferred rent receivable	6,681	-62,435
Prepaid expenses and other assets	-149,923	-67,327
Increase (decrease) in liabilities:	'	'
Accounts payable	1,911,545	283,405
Accrued liabilities	5,027,148	46,351
Deferred rent liability	55,372	-1,180
Tenant security deposits	3,932	-20,539
Total adjustments	-51,606,414	62,506,543
Net cash (used in) provided by operating activities	-4,225,938	167,198,861
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchase of building improvements and equipment	-499,983	-311,461
Land development costs	-80,751	-81,642
Purchases of marketable securities	'	-5,350,518
Principal repayments of investments in marketable securities	865,941	526,159
Net cash provided by (used in) investing activities	285,207	-5,217,462
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Principal payments on mortgage loans payable	-5,013,415	-461,466
Loan origination fees paid	'	-2,471
Other equity transactions, net	'	6,436
Net cash used in financing activities	-5,013,415	-457,501
Net (decrease) increase in cash and cash equivalents	-8,954,146	161,523,898
Cash and cash equivalents at beginning of period	94,164,722	10,375,994
Cash and cash equivalents at end of period	85,210,576	171,899,892
Supplemental cash flow information:	'	'
Interest paid	26,637	770,028
Income and excise taxes paid	3,466,878	'
Non-cash investing and financing activities	'	'
Dividends payable	$98,685,000	'

Note_1_The_Company

Note 1 - The Company	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	'
	1.     The Company:
	Gyrodyne Company of America, Inc. ("Gyrodyne" or the "Company") is a self-managed and self-administered real estate investment trust ("REIT") formed under the laws of the State of New York. The Company manages its business as one segment. The Company’s primary business is the investment in and the acquisition, ownership and management of a geographically diverse portfolio of medical office and industrial properties and development of industrial and residential properties, located in the Northeast and mid – Atlantic regions of the United States. Substantially all of the Company’s rental properties are subject to net leases in which the tenant must reimburse Gyrodyne for a portion, all of or substantially all of the costs and/ or cost increases for utilities, insurance, repairs and maintenance, and real estate taxes. Certain leases provide that the Company is responsible for certain operating costs.
	As of September 30, 2013, the Company has 100% ownership in two medical office parks comprising 91,796 rentable square feet, ten of fourteen buildings in another medical office park comprising 39,329 rentable square feet and a multitenant industrial park comprising 128,586 rentable square feet. Inclusive of the industrial park, the Company has approximately 68 acres of property in St. James, New York. In addition, the Company, through a seperate taxable REIT subsidiary has an approximate 9.32% limited partnership interest in Callery Judge Grove, L.P. (the "Grove"), a limited partnership, which in September 2013 sold its only asset, an undeveloped Florida property (the "Grove Property.") Gyrodyne did not receive any distribution in connection with the sale. Under the agreement with the purchaser, the Grove may receive certain additional payments if certain development benchmarks are achieved by the purchaser. Gyrodyne cannot predict whether these benchmarks will be achieved or as to the timing or amount of any further distributions by the Grove. Gyrodyne anticipates it will be required to recognize its deferred tax liability during 2014.
	The Company has qualified, and expects to continue to qualify as a REIT under Section 856(c)(1) of the Internal Revenue Code of 1986 as amended (the "Code"). Accordingly, the Company generally will not be subject to federal and state income tax, provided that the Company distribute at least 90% of our REIT taxable income, as defined under the Code, in the form of a dividend to shareholders each year and comply with various other requirements. As a result of the REIT Modernization Act of 1999, the Company is permitted to participate in certain activities without jeopardizing its REIT status which would have previously been precluded, provided the Company conducts these activities through an entity that elects to be treated as a taxable REIT subsidiary ("TRS") under the Code. The Company has one TRS, the only asset being its investment in the Grove, which will be subject to federal and state income tax on the income from these activities.
	In July 2012, the Company received an additional $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, which consisted of $98,685,000 in additional damages (the "2012 Proceeds"), $1,474,941 in costs, disbursements and expenses, and $67,370,716 in interest. Subsequent to receiving the payment the Company was notified by the State of a $29,000 overpayment, which the Company returned, due to an error in the interest calculations by the State of New York.
	In August 2012, the Company announced that it was undertaking a strategic review which was designed to maximize shareholder value through one or more potential cash distributions and/or through a potential sale, merger or other strategic combination, consistent with the Company’s stated goal of providing one or more tax efficient liquidity events to its shareholders.
	On August 28, 2013, the Company received a private letter ruling (the "PLR") from the Internal Revenue Service (the "IRS"). The PLR permits the Company to distribute by means of a dividend, the gains realized from its receipts of the 2012 Proceeds, subject to a 4% excise tax in lieu of timely qualified reinvestments or a REIT-level corporate tax.
	On September 12, 2013, following receipt of the PLR, the Board of Directors of the Company (the "Board") adopted a plan of liquidation, pursuant to which the Company intends to dispose of its remaining assets in an orderly manner designed to obtain the best reasonably available value for such assets and to complete the liquidation of the Company for federal income tax purposes within the two year period from the adoption of the plan of liquidation, as provided by Section 562(b)(1)(B) of the Internal Revenue Code of 1986, as amended. In connection with the adoption of the plan of liquidation, the Board approved a plan of merger designed to facilitate the plan of liquidation pursuant to which the Company would merge into a limited liability company currently wholly-owned by the Company. The New York Business Corporation Law requires that the plan of merger be approved by the affirmative vote of holders of two-thirds of all outstanding shares.
	On September 13, 2013, the Board declared a special dividend (the "special dividend") in the amount of $98,685,000, or $66.56 per share, 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 asset dispositions effected prior to payment of the dividend, notes payable by the Company ("Dividend Notes"), interests in a limited liability company to which Gyrodyne may transfer some of its remaining assets (or into which it may merge), or a combination of such forms at the discretion of the Board.
	On October 21, 2013, the Company filed a preliminary proxy statement/prospectus with the Securities and Exchange Commission ("SEC") which contains, among other matters, the Board's recommendation that the shareholders vote in favor of the plan of merger at the annual shareholders meeting for the year ended December 31, 2012.

Note_2_Basis_of_Quarterly_Pres

Note 2 - Basis of Quarterly Presentations	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Basis of Accounting [Text Block]	'
	2.     Basis of Quarterly Presentations:
	The accompanying quarterly financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP"). The financial statements of the Company included herein have been prepared by the Company pursuant to the rules and regulations of the SEC and, in the opinion of management, reflect all adjustments which are necessary to present fairly the results for the three and nine-month periods ended September 30, 2013 and 2012.
	Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations; however, management believes that the disclosures are adequate to make the information presented not misleading.
	This report should be read in conjunction with the audited financial statements and footnotes therein included in the Annual Report on Form 10-K for the year ended December 31, 2012 and with the preliminary proxy statement/prospectus filed with the SEC on October 21, 2013.
	The results of operations for the three and nine-month periods ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year.

Note_3_Principles_of_Consolida

Note 3 - Principles of Consolidation	9 Months Ended
	Sep. 30, 2013
Policy Text Block [Abstract]	'
Consolidation, Policy [Policy Text Block]	'
	3.     Principles of Consolidation:
	The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Note_4_Investment_in_Marketabl

Note 4 - Investment in Marketable Securities	9 Months Ended
	Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]	'
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	'
	4.     Investment in Marketable Securities:
	The Company determines the appropriate classification of securities at the time of purchase and reassesses the appropriateness of such classification at each reporting date. All marketable securities held by the Company have been classified as available-for-sale and, as a result, are stated at fair value, based on a pricing model that incorporates coupon type, prepayment speeds and the type of collateral backing the securities. Unrealized gains and losses on available-for-sale securities are recorded as a separate component of stockholders’ equity. The realized gains and losses on the sale of securities, if any, as determined on a first-in, first-out basis, is included in the Consolidated Statements of Operations.
	The Company reviews its investments on a regular basis to evaluate whether or not each security has experienced an other-than-temporary decline in fair value. If it is believed that an other-than-temporary decline exists, the Company will write down the investment to market value and record the related write-down in the Consolidated Statements of Operations.
	The historical cost and estimated fair value of investments in marketable securities available for sale as of September 30, 2013 and December 31, 2012 are as follows:
	Period Ended		Amortized		Gross			Fair
			Cost		Unrealized			Value
					Gains (Losses)
	September 30,2013	Mortgage-backed Securities	$	3,576,243	$	(18,006	)	$	3,558,237
	31-Dec-12	Mortgage backed Securities		4,442,185		74,287			4,516,472
	The Company received $865,941 in principal repayments during the first nine months of 2013.
	The Company’s investment is in conforming agency fixed rate mortgage pass through securities ("mortgage-backed securities)", having either AA or AAA ratings, the principal of which is fully guaranteed by agencies of the U.S. Government.  At September 30, 2013 and December 31, 2012, marketable securities based on amortized cost, reflect a yield of approximately 2% and an adjusted duration of less than three years and four years, respectively. The fair value of mortgage-backed securities was estimated based on a Level 2 methodology, additional details of which are discussed further in Note 12 – Fair Value of Financial Instruments. None of the securities with an unrealized loss at September 30, 2013 and December 31, 2012 are considered to be other-than-temporarily impaired; therefore the unrealized loss was reported in the Condensed Consolidated Statement of Comprehensive Income (Loss).

Note_5_Earnings_per_Share

Note 5 - Earnings per Share	9 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share [Text Block]	'
	5.     Earnings per Share:
	Basic earnings per common share are computed by dividing net income or loss by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share give effect to stock options and warrants which are considered to be dilutive common stock equivalents. The Company did not have outstanding dilutive common stock equivalents during the periods presented. As a result, the basic and diluted earnings per share are the same. Treasury shares have been excluded from the weighted average number of shares.

Note_6_Income_Taxes

Note 6 - Income Taxes	9 Months Ended
	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	6.     Income Taxes:
	The Company files a consolidated U.S. Federal Tax Return that includes all 100% owned subsidiaries. State tax returns are filed on a consolidated or separate basis depending on the applicable laws.
	Deferred income tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.
	The Condemnation litigation with the State of New York concluded in June 2012 and the State remitted payment in July 2012.
	The following table provides the breakdown of the tax (benefit)/provision in 2012 and 2013:
		Condemnation			Income Tax			Income Tax
		Gross Proceeds			Provision 2012			(Benefit)/Provision 2013
	Gross gain from condemnation	$	98,685,000		$	61,649,000		$	(61,649,000	)
	Interest income on condemnation		67,341,716			-
	Reimbursement of condemnation expenses		1,474,941			-
	Income Tax								70,558
	Excise Tax and related interest associated with 2012 dividend declared in 2013								3,396,320
	Total	$	167,501,657		$	61,649,000		$	(58,182,122	)
	Deferred income tax liabilities consist of the following:
		September 30,			December 31,
		2013			2012
	Deferred Tax Liabilities:
	Gain on condemnation	$	-		$	(61,649,000	)
	Unrealized gain on investment in Citrus Grove		(1,315,000	)		(1,315,000	)
	Net Deferred Income Taxes	$	(1,315,000	)	$	(62,964,000	)
	At September 30, 2013 and December 31, 2012, the Company’s deferred income tax liability was $1,315,000 and $61,649,000, respectively. The December 31, 2012 deferred income tax liability included a federal net built-in-gains tax of $34,057,000 assessed on the real estate portion of the condemnation proceeds related to the converted Flowerfield property pursuant to Internal Revenue Code Section 1374 and a corporate level income tax on the undistributed profits of the Company. As described below, tax law changes and a favorable private letter ruling from the IRS allowed the Company to avoid these taxes.
	In accordance with Section 1033 of the Internal Revenue Code, the Company had deferred recognition of the gain on the proceeds received from litigation following condemnation of its real property for income tax purposes. During the quarter ended September 30, 2012, the Company applied for and received an additional approved IRS extension of time to replace the condemned property with like-kind property by April 30, 2014. The previous deadline was April 30, 2013. If the Company replaced the condemned property with like-kind property by April 30, 2014 (or such extended period approved by the Internal Revenue Service at its discretion), recognition of the gain would be deferred until the newly acquired property is disposed of. Under the tax laws at the time, pending a replacement property acquisition, the Company had recorded a provision for income taxes of $61,649,000 resulting from the condemnation award. The provision for income taxes is a direct result of the gain on condemnation of the Company's real property.
	Following a change in tax law in January 2013, retroactive to January 2012, reducing the recognition period for REIT owned property applicable for the 2012 taxable year to five years, the Company applied for a private letter ruling from the IRS in March 2013 and ultimately received a favorable ruling on August 28, 2013 (the "PLR"). The PLR concludes that the Company’s receipt of the additional damages in July 2012 in connection with the judgment in the Company’s favor in its condemnation litigation with the State of New York (the "2012 Proceeds") occurred outside of the applicable recognition period for 2012, and therefore permits the Company to distribute, by means of a dividend such as the Special Dividend described below, the gains realized from its receipt of the 2012 Proceeds, subject to a 4% excise tax, in order to avoid incurring the corporate level tax.
	On September 13, 2013, the Board declared the Special Dividend, in the amount of $98,685,000, or $66.56 per Gyrodyne share, 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 Special Dividend, Dividend Notes, interests in a limited liability company to which Gyrodyne may transfer its remaining assets (or into which it may merge), or a combination of such forms at the discretion of the Board. The form of the balance of the Special Dividend, if other than cash, is referred to as the non-cash portion of the Special Dividend.
	The Company is taxed as a REIT for federal and state income tax purposes under section 856(c)(1) of the Internal Revenue Code (the "Code"). As long as the Company qualifies for taxation as a REIT, it generally will not be subject to federal and state income tax. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal and state income tax on its taxable income at regular corporate rates. Unless entitled to relief under specific statutory provisions, the Company will also be disqualified for taxation as a REIT for the four taxable years following the year in which it loses its qualification. Even if the Company qualifies as a REIT, it may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed income.

Note_7_Mortgage_Loans_Payable

Note 7 - Mortgage Loans Payable	9 Months Ended
	Sep. 30, 2013
Mortgage Loans on Real Estate [Abstract]	'
Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]	'
	7.     Mortgage Loan Payable:
	Mortgage loan payable is comprised of the following:
		September 30,		December 31,
		2013		2012
		(Unaudited)
	Mortgage payable - Port Jefferson Professional Park (a)	$	-	$	5,013,415
	Total	$	-	$	5,013,415
	(a) In June 2007, in connection with the purchase of the Port Jefferson Professional Park, the Company assumed a $5,551,191 mortgage payable to a bank (the "Port Jefferson Mortgage"). The Port Jefferson Mortgage carried interest at 5.75% through February 1, 2012. Effective January 17, 2012, the Company negotiated an interest rate modification from 5.75% to 5% for the 5 year period February 1, 2012 through February 1, 2017 and was scheduled to adjust to the higher of 5.75% or 275 basis points in excess of the Federal Home Loan Bank’s five year Fixed Rate Advance ("Fixed Rate Advance") thereafter. The Port Jefferson Mortgage was payable in monthly installments of principal and interest totaling $33,439 through February 2012. From March 1, 2012 through its prepayment in full in January 2013, the minimum monthly installment was no less than $31,086 and varied based upon the Fixed Rate Advance. The Port Jefferson Mortgage was collateralized by the Port Jefferson Professional Park in Port Jefferson Station, New York. The Port Jefferson Mortgage was prepaid in full in January 2013 and was subject to a prepayment penalty of $200,129.
	Mortgages prepaid in full in 2012
	In June 2008, in connection with the purchase of the Cortlandt Medical Center in Cortlandt Manor, New York, the Company borrowed $5,250,000 from a bank (the "Cortlandt Mortgage"). The Cortlandt Mortgage originally bore interest at a per annum rate of 225 basis points above the one month LIBOR rate (4.71% at inception) through July 1, 2018, subject to monthly adjustment. The Cortlandt Mortgage was payable in monthly installments with a fixed principal payment of $17,500 plus interest, through June 1, 2018, with a balloon payment due of approximately $3,168,000. The Cortlandt Mortgage was collateralized by the Cortlandt Medical Center. As part of the terms and conditions of the Cortlandt Mortgage, reacting to an increase in the LIBOR rate, the Company exercised an option to enter into an interest rate swap agreement in November 2008 with the bank holding the mortgage, thereby fixing the interest rate at 5.66% through November 1, 2011. Following the expiration of the Interest Rate Swap Agreement, the Cortlandt Mortgage interest rate became variable and floating based on the one month Libor rate plus 225 basis points, which equated to approximately 2.5% at December 31, 2011. The Cortlandt Mortgage was prepaid in full in December 2012 without any prepayment penalties.
	In March 2009, in connection with the purchase of the Fairfax Medical Center in Fairfax, Virginia, by Virginia Healthcare Center, LLC ("VHC"), a wholly-owned subsidiary of the Company, VHC borrowed $8,000,000 from a bank (the "Fairfax Mortgage"). The Fairfax Mortgage carried interest of 5.875% through April 10, 2014 and thereafter was to adjust to the higher of 5.50% or 300 basis points over the weekly average yield on five-year United States Treasury securities. The Fairfax Mortgage was collateralized by a Deed of Trust and Security Agreement establishing a first trust lien upon the land, buildings and improvements as well as a Collateral Assignment of Leases and Rents and was due to mature on April 10, 2019. The payment of the indebtedness evidenced by the Fairfax Mortgage and the performance by VHC of its obligations hereunder were guaranteed by the Company. The Fairfax Mortgage was prepaid in full in December 2012 inclusive of prepayment penalties of $133,401.
	On December 29, 2010, the Company closed on a mortgage loan with a bank for $4,000,000. A portion of the proceeds was used to retire the previously established line of credit with Asia World Marketplace, LLC of $1,750,000. The mortgage loan had a maturity date of January 2, 2031 and a floating interest rate of prime + 100 basis points with a floor of 5%, to be adjusted once annually on its anniversary date. Based on prime at December 31, 2011, the bank confirmed that the interest rate would remain unchanged at the floor of 5% for calendar year 2012. The mortgage loan was subject to a 20 year amortization schedule requiring monthly payments of principal and interest due on the first of each month beginning February 1, 2011. The mortgage loan was secured by approximately 35.1 acres of the Flowerfield Industrial Park including the respective buildings and related leases. In the event of collection from New York State under the State of New York Court of Claims ruling on the Company’s condemnation case (Index No. 112279), the lender had the option to require the Company to repay all or a part of the balance outstanding. The bank did not require repayment upon receipt of the condemnation proceeds however; the Flowerfield Mortgage was prepaid in full in December 2012 without any prepayment penalties.

Note_8_Retirement_Plans

Note 8 - Retirement Plans	9 Months Ended
	Sep. 30, 2013
Compensation and Retirement Disclosure [Abstract]	'
Pension and Other Postretirement Benefits Disclosure [Text Block]	'
	8.     Retirement Plans:
	The Company sponsors a Defined Benefit Retirement Plan for its employees and records net periodic pension benefit / cost pro rata throughout the year. The following table provides the components of net periodic pension benefit cost for the plan for the three and nine months ended September 30, 2013 and 2012 including the required and expected contributions:
		Nine Months Ended						Three Months Ended
		September 30,						30-Sep
		2013			2012			2013			2012
	Pension Benefits
	Service Cost	$	195,775		$	137,136		$	65,258		$	45,712
	Interest Cost		188,726			135,130			62,909			45,043
	Expected Return on Plan Assets		(244,639	)		(289,543	)		(81,546	)		(96,515	)
	Amortization of prior service costs		16,932			16,932			5,644			5,644
	Amortization of Actuarial Loss		107,648			(3,122	)		35,883			(1,040	)
	Net Periodic Pension Benefit Cost (Income) After Curtailments and Settlements	$	264,442		$	(3,467	)	$	88,148		$	(1,156	)
	Minimum required contribution	$	-		$	-		$	-		$	-
	Expected contribution	$	-		$	-		$	-		$	-
	During the three and nine months ended September 30, 2013, the Company did not make any contribution to the plan. The Company does not have a minimum required contribution for the December 31, 2013 plan year, and is not expecting to make a contribution for the related plan year.

Note_9_Incentive_Compensation_

Note 9 - Incentive Compensation Plan	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	9.    Incentive Compensation Plan:
	On September 13, 2013, the Board declared the Special Dividend in the amount of $98,685,000 or $66.56 per share 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 Special Dividend, Dividend Notes, interests in a limited liability company to which Gyrodyne may transfer its remaining assets (or into which it may merge), or a combination of such forms at the discretion of the Board. The Special Dividend will be payable on December 30, 2013 to shareholders of record as of November 1, 2013. The declaration of the cash portion of the dividend also required cash payment to participants of the Company’s Incentive Compensation Plan in the aggregate amount of $5,044,600 to be allocated and paid to Plan participants in accordance with Plan rules. The allocation to Plan participants are below:
	PLAN PARTICPANTS	COMPENSATION		DIRECTOR FEES		Total
	Board of Directors	$		$	2,850,199	$	2,850,199
	Chief Operating Officer		681,021				681,021
	Former Chief Executive Officer		933,251				933,251
	Chief Executive Officer		-				-
	Chief Financial Officer		-				-
	Other Employees *		580,129				580,129
	Total	$	2,194,401	$	2,850,199	$	5,044,600
	*Approximately $378,345 of the $580,129 relate to 2012 employees who are no longer employees following the restructuring in early 2013.
	At September 30, 2013 the liability of $5,044,600 was included in accrued liabilities. As of December 31, 2012, there were no outstanding liabilities under the Company's Incentive Compensation Plan.
	As of September 30, 2013 the vested maximum benefit payable to individuals who are no longer employees of the Company, after the current payment of $45.86 per share, is as follows:
	Employees	Maximum Benefit
	S. Maroney- former CEO	$	259,870
	All other former employees	$	107,915
	Total Maximum Benefit	$	367,785

Note_10_Commitments_and_Contin

Note 10 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies Disclosure [Text Block]	'
	10.  Commitments and Contingencies:
	Lease revenue commitments - The approximate future minimum revenues from rental property under the terms of all noncancellable tenant leases, assuming no new or renegotiated leases are executed for such premises, are as follows:
	Twelve Months Ending September 30,	Amount
	2014	$	3,969,000
	2015		3,012,000
	2016		2,495,000
	2017		1,715,000
	2018		1,417,000
	Thereafter		3,409,000
		$	16,017,000
	Other commitments and contingencies As of September 30, 2013, other commitments and contingencies are summarized in the below table:
	Rothschild, Inc. contract	$	531,000
	Incentive Compensation Plan	$	1,320,000
	Employment agreements with severance commitment contingencies	$	500,000
	Other employee severance commitment contingencies	$	100,000
	Total	$	2,451,000
	Rothschild, Inc. contract – Under the terms of the Rothschild, Inc. contract, as financial advisor, additional fees of up to approximately $31,000 may be incurred in association with liquidity events beyond the dividend declared on September 13, 2013. In addition, if the Company entered into a change in control transaction covered under the contract, the Company may be subject to an additional fee of up to $500,000.
	Incentive Compensation Plan – Based on the average estimated total distributions under the Company’s proposed plan of liquidation, included in the preliminary proxy statement/prospectus filed on October 21, 2013, the Company’s Incentive Compensation Plan participants will be entitled to an additional payment of approximately $1,320,000.
	Employment agreements - The Company has compensation arrangements with its Chief Executive Officer and Chief Financial Officer (collectively, the "Agreements"), each executed during the quarter ended June 30, 2013. Each of the Agreements contains a bonus of $125,000 payable upon a change of control as defined in the agreements. In addition, each agreement provides for severance equivalent to 6 months of base salary and the vesting and related payment of the change of control bonus.
	Under Company policy the aggregate severance commitment contingency to other employees is approximately $100,000.

Note_11_Recent_Accounting_Pron

Note 11 - Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2013
Table Text Block [Abstract]	'
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]	'
	11.  Recent Accounting Pronouncements:
	In July 2012, the FASB issued ASU 2012-02, "Intangibles – Goodwill and Other (Topic). ASU 2012-02 amends the required annual impairment testing of indefinite-lived intangible assets by providing an entity an option to first assess qualitative factors to determine whether it is more likely than not that the fair value of the indefinite-lived asset is less than its carrying amount. If, after assessing the totality of events and circumstances, an entity determines it is not more likely than not that the fair value of the indefinite-lived asset is less than its carrying amount, then performing the two-step impairment test under Topic 350-30 is unnecessary. However, if an entity concludes otherwise, then it is required to perform the impairment testing under Topic 350-30-35-18F by calculating the fair value of the reporting unit and comparing the results with the carrying amount. If the fair value exceeds the carrying amount, then the entity must perform the second step test of measuring the amount of the impairment test under Topic 350-30-35-19. An entity has the option to bypass the qualitative assessment and proceed directly to the two step goodwill impairment test. Additionally, the entity has the option to resume with the qualitative testing in any subsequent period. The pronouncement was effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012 and early adoption is permitted. The Company’s adoption of the new standard did not have a material effect on the Company’s consolidated financial position or results of operations.
	In February 2013, the FASB issued ASU 2013-02, "Comprehensive Income (Topic 220), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." The amendments do not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the amendments require an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of the net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The pronouncement is effective for fiscal years and interim periods ending after December 15, 2012. The adoption of this pronouncement did not have a material effect on the Company’s consolidated financial position or results of operations.
	In July 2013, the FASB issued ASU 2013-11, “Income Taxes (Topic 740), Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. ASU 2013-11 amends the current guidance to eliminate the diversity in practice in the presentation of unrecognized tax benefits. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The pronouncement is effective prospectively for fiscal years and interim periods beginning after December 15, 2013, and retrospective application is permitted. The adoption of this pronouncement is not expected to have a material effect on the Company’s consolidated financial position or results of operations.
	In April 2013, the FASB issued ASU 2013-07, “Presentation of Financial Statement (Topic 205), Liquidation Basis of Accounting.” The amendment requires an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the plan execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces. Financial statements prepared using the liquidation basis of accounting are required to present relevant information about an entity’s expected resources in liquidation by measuring and presenting assets at the amount of the expected cash proceeds from liquidation. The entity should include in its presentation of assets any item it had not previously recognized under U.S. GAAP but that it expects to either sell in liquidation or use in settling liabilities. An entity should recognize and measure liabilities in accordance with U.S. GAAP that otherwise applies to those liabilities. The entity is also required to accrue and separately present the costs that it expects to incur and the income that it expects to earn during the expected duration of the liquidation, including any costs associated with sale or settlement of those assets and liabilities. Additionally, the amendment requires disclosures about an entity’s plan for liquidation, the methods and significant assumptions used to measure assets and liabilities, the type and amount of costs and income accrued, and the expected duration of the liquidation process. The pronouncement is effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013 and interim reporting periods therein, early adoption is permitted. Contingent on the shareholders approving the merger proposed in the preliminary proxy statement/prospectus filed on October 21, 2013, the pronouncement will be effective for the fiscal year ending December 31, 2013. The adoption of this pronouncement is expected to have a material effect on the Company’s consolidated financial position and results of operations including changing the Company’s financial reporting to a “Consolidated Statement of Net Assets” and a “Consolidated Statement of Changes in Net Assets.”

Note_12_Fair_Value_of_Financia

Note 12 - Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	12.  Fair Value of Financial Instruments:
	Assets and Liabilities Measured at Fair-Value – The Company follows authoritative guidance on fair value measurements, which defines fair-value, establishes a framework for measuring fair-value, and expands disclosures about fair-value measurements. The guidance applies to reported balances that are required or permitted to be measured at fair-value under existing accounting pronouncements.
	The Company follows authoritative guidance on the fair value option for financial assets, which permits companies to choose to measure certain financial instruments and other items at fair-value in order to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently. However, we have not elected to measure any additional financial instruments and other items at fair-value (other than those previously required under other GAAP rules or standards) under the provisions of this standard.
	The guidance emphasizes that fair-value is a market-based measurement, not an entity-specific measurement. Therefore, a fair-value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair-value measurements, the guidance establishes a fair-value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). In instances where the determination of the fair-value measurement is based on inputs from different levels of the fair-value hierarchy, the level in the fair-value hierarchy within which the entire fair-value measurement falls is based on the lowest level input that is significant to the fair-value measurement in its entirety. Our assessment of the significance of a particular input to the fair-value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.
	The following table represents the carrying value and fair value of the Company’s financial assets and liabilities as of September 30, 2013 and December 31, 2012, respectively.
		30-Sep-13				31-Dec-12
	Description	Carrying		Fair Value		Carrying		Fair Value
		Value				Value
				(Level 2)				(Level 2)
	Investment in Marketable Securities	$	3,558,237	$	3,558,237*	$	4,516,472	$	4,516,472
	*The Company received $865,941 in principal repayments during the first nine-months of 2013.
	During 2012, the Company purchased mortgage backed securities with either AA or AAA ratings fully guaranteed by US government agencies (the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation). The fair values of mortgage backed securities originated by US government agencies are based on a pricing model that incorporates coupon type, prepayment speeds and the type of collateral backing the securities. A discount rate is applied to the cashflows in the model to arrive at the fair value. Market quotes, current yields, and their spreads to benchmark indices are obtained for each type of security. With this data, a yield curve is derived for each category of mortgage backed securities. Each security is priced by discounting the cashflow stream by the appropriate yield found on the yield curve. As the significant inputs used to derive the value of the mortgage-backed securities are observable market inputs, the fair value of these securities are included in the Level 2 fair value hierarchy.
	The Company estimates that fair value approximates carrying value for cash equivalents, rents receivable, prepaid and other assets, and accounts payable due to the relatively short maturity of the instruments.
	The Company determined the fair value of its mortgage loans payable approximated book value at December 31, 2012 and did not have any mortgage payable at September 30, 2013. The Company based its decision by looking at current rates available based on the Company’s estimate for nonperformance and liquidity risk, the Company’s loan to value ratio, the maturity of the debt and the underlying security for the debt.
	Fair Value Measurements:
	The following tables present the Company's assets and liabilities from continuing operations measured at fair value on a recurring and non-recurring basis as of September 30, 2013 and December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall:
		Balance		Fair Value Measurements Using
	Description	September 30, 2013		(Level 1)		(Level 2)		(Level 3)
	Impaired real estate assets*	$	6,530,656	$	—	$	—	$	6,530,656
	The Company estimates the fair value of its real estate assets by using income and market valuation techniques. The Company may estimate fair values using market information such as broker opinions of value, appraisals, and recent sales data for similar assets or discounted cash flow models, which primarily rely on Level 3 inputs. The cash flow models include estimated cash inflows and outflows over a specified holding period. These cash flows may include contractual rental revenues, projected future rental revenues and expenses and forecasted tenant improvements and lease commissions based upon market conditions determined through discussion with local real estate professionals, experience the Company has with its other owned properties in such markets and expectations for growth. Capitalization rates and discount rates utilized in these models are estimated by management based upon rates that management believes to be within a reasonable range of current market rates for the respective properties based upon an analysis of factors such as property and tenant quality, geographical location and local supply and demand observations. To the extent the Company under estimates forecasted cash outflows (tenant improvements, lease commissions and operating costs) or over estimates forecasted cash inflows (rental revenue rates), the estimated fair value of its real estate assets could be overstated.
	The company did not have any real estate impaired in 2012.
	The Company has maintained an interest in the Grove, which originally represented a 20% limited partnership interest in the Grove. Based on four subsequent capital raises through 2009, each of which the Company chose not to participate in, the Company’s share was diluted to approximately 9.99% as of December 31, 2010, and has since been diluted to 9.32%. On March 18, 2011, the Grove’s lender, Prudential Industrial Properties, LLC ("Prudential"), commenced a foreclosure action against the Grove by filing a complaint in the Circuit Court of Palm Beach County to foreclose upon the Grove property, alleging that the Grove had defaulted on its loan from Prudential and that the Grove was indebted to Prudential in the amount of over $37 million in principal and over $8 million in interest and fees. On September 19, 2013, the Grove was sold, the foreclosure action was dismissed and the Grove’s debt to Prudential was repaid. The investment is held in a taxable REIT subsidiary of the Company with $0 value and the Company has a $1,315,000 deferred tax liability related to the Grove, which represents taxable losses not yet recorded pursuant to the equity method of accounting. Gyrodyne did not receive any distribution in connection with the sale. Under the agreement with the purchaser, Grove may receive certain additional payments if certain development benchmarks are achieved by the purchaser. Gyrodyne cannot predict whether these benchmarks will be achieved or as to the timing or amount of any further distributions by Grove. Gyrodyne does anticipate it will be required to recognize its deferred tax liability during 2014.
	The facts and circumstances of the Grove make it unreasonable to present a fair value utilizing a Level 3 methodology, the lowest methodology which allows for broad assumptions; therefore, in accordance with the exception rules for thinly traded/lack of marketability of distressed assets, the Company is not presenting a fair value. The Company is accounting for the investment under the equity method. As of September 30, 2013, the carrying value of the Company’s investment was $0.

Note_13_Impairment_of_Real_Est

Note 13 - Impairment of Real Estate Investments	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block Supplement [Abstract]	'
Asset Impairment Charges [Text Block]	'
	13.  Impairment of Real Estate Investments:
	The Company assesses on a regular basis whether there are any indicators that the carrying value of real estate assets may be impaired. Potential indicators may include an increase in vacancy at a property, tenant reduction in utilization of a property, tenant financial instability and the potential sale of the property in the near future. An asset is determined to be impaired if the asset's carrying value is in excess of its estimated fair value.
	During the third quarter of 2013, the Company recognized aggregate impairment charges of $2,100,000 on real estate assets classified in continuing operations. The Company has explored the possible disposition of some of its medical properties and determined that the expected undiscounted cash flows based upon revised estimated holding periods of the Port Jefferson Professional Park are below the current carrying value. Accordingly, the Company reduced the carrying value of this property to its estimated fair value.
	There were no impairment charges during 2012.

Note_14_Accumulated_Other_Comp

Note 14 - Accumulated Other Comprehesive Loss	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Comprehensive Income (Loss) Note [Text Block]	'
	14.  Accumulated Other Comprehensive Loss:
	Accumulated other comprehensive loss as of September 30, 2013 and December 31, 2012 was $(1,288,096) and $(1,195,803), respectively. The balances were comprised of the following:
		30-Sep-13			31-Dec-12
	Unrecorded (loss) gain on investments	$	(18,006	)	$	74,287
	Unrecorded loss on pension		(1,270,090	)		(1,270,090	)
	Accumulated other comprehensive income	$	(1,288,096	)	$	(1,195,803	)

Note_15_Condemnation

Note 15 - Condemnation	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block Supplement [Abstract]	'
Legal Matters and Contingencies [Text Block]	'
	15.  Condemnation:
	In July 2012, the Company received $167,530,657 from the State of New York (the "State") in payment of the judgments in the Company’s favor in the Company's condemnation litigation with the State, which consisted of $98,685,000 in additional damages (the "2012 Proceeds"), $1,474,941 in costs, disbursements and expenses, and $67,370,716 in interest.
	Following receipt of the condemnation proceeds by the Company, New York State notified the Company of an error in the interest computation resulting in New York State overpaying interest by approximately $29,000. The Company reviewed the notice in 2012 and remitted payment of the $29,000 in early 2013.
	The $167,530,657 payment concluded the Company’s case for just compensation, commenced in 2006 for the 245.5 acres of its Flowerfield property in St. James and Stony Brook, New York (the "Property") taken by the State, under New York’s eminent domain law. The State had paid the Company $26,315,000 for the Property in March 2006, which the Company elected to treat as an advance payment while it pursued its claim for just compensation. The Court of Claims ruled in the Company’s favor in June 2010 when it awarded the Company $125,000,000, thereby requiring the State to pay an additional $98,685,000 plus statutory interest of nine percent from the date of taking on November 2, 2005 to the date of payment. That judgment, as well as a related judgment for costs, disbursements and expenses, was affirmed by the Appellate Division and the Court of Appeals.
	The original advance payment of $26,315,000 was successfully reinvested in like-kind property under Section 1033 of the Internal Revenue Code, thereby deferring income tax on the related gain. In accordance with Section 1033, the Company has deferred recognition of the $98,685,000 gain on the condemnation of its real property for income tax purposes. If the Company replaces the condemned property with like-kind property by April 30, 2014 (or such extended period if requested and approved by the Internal Revenue Service at its discretion), recognition of the gain is deferred until the newly acquired property is sold.
	Following a change in tax law in January 2013 reducing the recognition period applicable for the 2012 taxable year to five years, the Company applied for a private letter ruling from the IRS in March 2013 and ultimately received a favorable ruling on August 28, 2013 (the "PLR"). The PLR concludes that the Company’s receipt of additional damages in July 2012 in connection with judgments in the Company’s favor in its condemnation litigation with the State of New York ("2012 Proceeds") occurred outside of the applicable recognition period for 2012, and therefore permits the Company to distribute, by means of a dividend such as the Special Dividend described below, the gains realized from its receipt of the 2012 Proceeds, subject to a 4% excise tax but without incurring the built-in gains tax.
	On September 13, 2013, the Board declared the Special Dividend, in the amount of $98,685,000, or $66.56 per Gyrodyne share, 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, Dividend Notes, interests in a limited liability company to which Gyrodyne may transfer its remaining assets (or into which it may merge), or a combination of such forms at the discretion of our board of directors. Based on the timely declaration of the Special Dividend and assuming the Special Dividend is timely paid, the Company will no longer have a reinvestment requirement related to the 2012 Proceeds.

Note_16_Reclassifications

Note 16 - Reclassifications	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Reclassifications [Text Block]	'
	16.  Reclassifications:
	Certain amounts in the prior period, including strategic alternative expenses previously included in general and administrative expenses in the condensed consolidated statements of operations, have been reclassified to conform to the classification used in the current period.

Note_4_Investment_in_Marketabl1

Note 4 - Investment in Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2013
Investments, Debt and Equity Securities [Abstract]	'
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	'
	Period Ended		Amortized		Gross			Fair
			Cost		Unrealized			Value
					Gains (Losses)
	September 30,2013	Mortgage-backed Securities	$	3,576,243	$	(18,006	)	$	3,558,237
	31-Dec-12	Mortgage backed Securities		4,442,185		74,287			4,516,472

Note_6_Income_Taxes_Tables

Note 6 - Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2013
Income Tax Disclosure [Abstract]	'
Schedule of Condemnation Proceeds [Table Text Block]	'
		Condemnation			Income Tax			Income Tax
		Gross Proceeds			Provision 2012			(Benefit)/Provision 2013
	Gross gain from condemnation	$	98,685,000		$	61,649,000		$	(61,649,000	)
	Interest income on condemnation		67,341,716			-
	Reimbursement of condemnation expenses		1,474,941			-
	Income Tax								70,558
	Excise Tax and related interest associated with 2012 dividend declared in 2013								3,396,320
	Total	$	167,501,657		$	61,649,000		$	(58,182,122	)
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	'
		September 30,			December 31,
		2013			2012
	Deferred Tax Liabilities:
	Gain on condemnation	$	-		$	(61,649,000	)
	Unrealized gain on investment in Citrus Grove		(1,315,000	)		(1,315,000	)
	Net Deferred Income Taxes	$	(1,315,000	)	$	(62,964,000	)

Note_7_Mortgage_Loans_Payable_

Note 7 - Mortgage Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2013
Mortgage Loans on Real Estate [Abstract]	'
Schedule of Debt [Table Text Block]	'
		September 30,		December 31,
		2013		2012
		(Unaudited)
	Mortgage payable - Port Jefferson Professional Park (a)	$	-	$	5,013,415
	Total	$	-	$	5,013,415

Note_8_Retirement_Plans_Tables

Note 8 - Retirement Plans (Tables)	9 Months Ended
	Sep. 30, 2013
Compensation and Retirement Disclosure [Abstract]	'
Schedule of Net Benefit Costs [Table Text Block]	'
		Nine Months Ended						Three Months Ended
		September 30,						30-Sep
		2013			2012			2013			2012
	Pension Benefits
	Service Cost	$	195,775		$	137,136		$	65,258		$	45,712
	Interest Cost		188,726			135,130			62,909			45,043
	Expected Return on Plan Assets		(244,639	)		(289,543	)		(81,546	)		(96,515	)
	Amortization of prior service costs		16,932			16,932			5,644			5,644
	Amortization of Actuarial Loss		107,648			(3,122	)		35,883			(1,040	)
	Net Periodic Pension Benefit Cost (Income) After Curtailments and Settlements	$	264,442		$	(3,467	)	$	88,148		$	(1,156	)
	Minimum required contribution	$	-		$	-		$	-		$	-
	Expected contribution	$	-		$	-		$	-		$	-

Note_9_Incentive_Compensation_1

Note 9 - Incentive Compensation Plan (Tables)	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Share-based Compensation, Activity [Table Text Block]	'
	PLAN PARTICPANTS	COMPENSATION		DIRECTOR FEES		Total
	Board of Directors	$		$	2,850,199	$	2,850,199
	Chief Operating Officer		681,021				681,021
	Former Chief Executive Officer		933,251				933,251
	Chief Executive Officer		-				-
	Chief Financial Officer		-				-
	Other Employees *		580,129				580,129
	Total	$	2,194,401	$	2,850,199	$	5,044,600
Schedule of Other Share-based Compensation, Activity [Table Text Block]	'
	Employees	Maximum Benefit
	S. Maroney- former CEO	$	259,870
	All other former employees	$	107,915
	Total Maximum Benefit	$	367,785

Note_10_Commitments_and_Contin1

Note 10 - Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]	'
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	'
	Twelve Months Ending September 30,	Amount
	2014	$	3,969,000
	2015		3,012,000
	2016		2,495,000
	2017		1,715,000
	2018		1,417,000
	Thereafter		3,409,000
		$	16,017,000
Other Commitments [Table Text Block]	'
	Rothschild, Inc. contract	$	531,000
	Incentive Compensation Plan	$	1,320,000
	Employment agreements with severance commitment contingencies	$	500,000
	Other employee severance commitment contingencies	$	100,000
	Total	$	2,451,000

Note_12_Fair_Value_of_Financia1

Note 12 - Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2013
Fair Value Disclosures [Abstract]	'
Fair Value, by Balance Sheet Grouping [Table Text Block]	'
		30-Sep-13				31-Dec-12
	Description	Carrying		Fair Value		Carrying		Fair Value
		Value				Value
				(Level 2)				(Level 2)
	Investment in Marketable Securities	$	3,558,237	$	3,558,237*	$	4,516,472	$	4,516,472
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	'
		Balance		Fair Value Measurements Using
	Description	September 30, 2013		(Level 1)		(Level 2)		(Level 3)
	Impaired real estate assets*	$	6,530,656	$	—	$	—	$	6,530,656

Note_14_Accumulated_Other_Comp1

Note 14 - Accumulated Other Comprehesive Loss (Tables)	9 Months Ended
	Sep. 30, 2013
Disclosure Text Block [Abstract]	'
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	'
		30-Sep-13			31-Dec-12
	Unrecorded (loss) gain on investments	$	(18,006	)	$	74,287
	Unrecorded loss on pension		(1,270,090	)		(1,270,090	)
	Accumulated other comprehensive income	$	(1,288,096	)	$	(1,195,803	)

Note_1_The_Company_Details

Note 1 - The Company (Details) (USD $)

0 Months Ended

1 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

Jul. 03, 2012

Aug. 31, 2013

Jul. 31, 2012

Jun. 30, 2010

Mar. 31, 2006

Sep. 30, 2013

Feb. 28, 2011

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2013

Jul. 03, 2012

Jul. 31, 2012

Jul. 03, 2012

Jul. 31, 2012

Jul. 03, 2012

Jul. 31, 2012

Jul. 31, 2012

Sep. 30, 2013

acre

Cash Dividends [Member]

Medical office park [Member]

Second Medical Office Park [Member]

Multitenant Industrial Park [Member]

Additional Damanges [Member]

Additional Damanges [Member]

Costs, Disbursements and Expenses [Member]

Costs, Disbursements and Expenses [Member]

Interest [Member]

Interest [Member]

Overpayment [Member]

St. James, New York [Member]

sqft

sqft

sqft

acre

Note 1 - The Company (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Operating Segments

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

General Ownership Percentage in Industrial and Medical Office Parks

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Area of Real Estate Property (in Square Feet)

'

'

'

'

'

'

35.1

'

91,796

39,329

128,586

'

'

'

'

'

'

'

68

Area of Real Estate Property (in Acres)

'

'

'

'

'

'

35.1

'

91,796

39,329

128,586

'

'

'

'

'

'

'

68

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest

'

'

'

'

'

9.32%

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from Legal Settlements

$167,530,657

'

$167,530,657

'

$26,315,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Litigation Settlement, Amount

'

'

'

125,000,000

'

'

'

'

'

'

'

98,685,000

98,685,000

1,474,941

1,474,941

67,370,716

67,370,716

29,000

'

Excise Tax Percentage

'

4.00%

'

'

'

4.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends

'

'

'

'

'

98,685,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Dividends Payable, Amount Per Share (in Dollars per share)

'

'

'

'

'

$66.56

'

$45.86

'

'

'

'

'

'

'

'

'

'

'

Dividends, Cash

'

'

'

'

'

$68,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Note_4_Investment_in_Marketabl2

Note 4 - Investment in Marketable Securities (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]	'	'	'
Proceeds from Principal Repayments on Loans and Leases Held-for-investment (in Dollars)	$865,941	$526,159	'
Marketable Securities Estimated Yield	2.00%	'	2.00%
Marketable Securities Adjusted Duration	'3 years	'	'4 years

Note_4_Investment_in_Marketabl3

Note 4 - Investment in Marketable Securities (Details) - Historical Cost and Estimated Fair Value of Available for Sale Securities (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Note 4 - Investment in Marketable Securities (Details) - Historical Cost and Estimated Fair Value of Available for Sale Securities [Line Items]	'	'
Mortgage-backed Securities Fair Value	$3,558,237	$4,516,472
Gross Unrealized Gains [Member]	'	'
Note 4 - Investment in Marketable Securities (Details) - Historical Cost and Estimated Fair Value of Available for Sale Securities [Line Items]	'	'
Mortgage-backed Securities Amortized Cost	3,576,243	4,442,185
Fair Value [Member]	'	'
Note 4 - Investment in Marketable Securities (Details) - Historical Cost and Estimated Fair Value of Available for Sale Securities [Line Items]	'	'
Mortgage-backed Securities Gross Unrealized Gains	($18,006)	$74,287

Note_6_Income_Taxes_Details

Note 6 - Income Taxes (Details) (USD $)	1 Months Ended	9 Months Ended
	Aug. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
Note 6 - Income Taxes (Details) [Line Items]	'	'	'
Accrued Income Taxes	'	$1,315,000	$61,649,000
Federal Net Built In Gains Tax	'	'	34,057,000
Excise Tax Percentage	4.00%	4.00%	'
Dividends	'	98,685,000	'
Dividends Payable, Amount Per Share (in Dollars per share)	'	$66.56	'
Dividends, Cash	'	$68,000,000	'
Cash Dividends [Member]	'	'	'
Note 6 - Income Taxes (Details) [Line Items]	'	'	'
Dividends Payable, Amount Per Share (in Dollars per share)	'	$45.86	'

Note_6_Income_Taxes_Details_Br

Note 6 - Income Taxes (Details) - Breakdown of the Condemnation Proceeds (USD $)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Note 6 - Income Taxes (Details) - Breakdown of the Condemnation Proceeds [Line Items]	'	'	'	'
Gross gain from condemnation	'	($61,649,000)	'	($61,649,000)
Interest income on condemnation	104,928	'	67,370,716	'
Income Tax	'	70,558	'	'
Excise Tax and related interest associated with 2012 dividend declared in 2013	'	3,396,320	'	'
Total	'	-58,182,122	'	'
Condemnation Gross Proceeds [Member]	'	'	'	'
Note 6 - Income Taxes (Details) - Breakdown of the Condemnation Proceeds [Line Items]	'	'	'	'
Gross gain from condemnation	'	'	'	98,685,000
Interest income on condemnation	'	'	'	67,341,716
Reimbursement of condemnation expenses	'	'	'	1,474,941
Total	'	'	'	167,501,657
Income Tax Provision [Member]	'	'	'	'
Note 6 - Income Taxes (Details) - Breakdown of the Condemnation Proceeds [Line Items]	'	'	'	'
Gross gain from condemnation	'	'	'	61,649,000
Total	'	'	'	$61,649,000

Note_6_Income_Taxes_Details_De

Note 6 - Income Taxes (Details) - Deferred Income Tax Liabilities (USD $)	9 Months Ended	12 Months Ended
	Sep. 30, 2013	Dec. 31, 2012
Deferred Income Tax Liabilities [Abstract]	'	'
Gain on condemnation	($61,649,000)	($61,649,000)
Unrealized gain on investment in Citrus Grove	-1,315,000	-1,315,000
Net Deferred Income Taxes	($1,315,000)	($62,964,000)

Note_7_Mortgage_Loans_Payable_1

Note 7 - Mortgage Loans Payable (Details) (USD $)

0 Months Ended

1 Months Ended

Apr. 10, 2019

Feb. 28, 2017

Dec. 31, 2011

Dec. 29, 2010

Jun. 30, 2008

Jan. 31, 2013

Dec. 31, 2012

Mar. 31, 2012

Feb. 29, 2012

Dec. 29, 2010

Jun. 30, 2008

Jun. 30, 2007

Jul. 31, 2018

Apr. 10, 2014

Jan. 17, 2012

Feb. 28, 2011

Mar. 31, 2009

acre

Note 7 - Mortgage Loans Payable (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans Assumed

'

'

'

'

'

'

'

'

'

'

'

$5,551,191

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

5.50%

5.00%

'

'

4.71%

'

5.00%

'

5.75%

'

4.71%

'

5.66%

5.88%

5.75%

'

'

Debt Instrument, Basis Spread on Variable Rate (in Basis Points)

3.00%

2.75%

2.25%

1.00%

2.25%

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument Minimum Periodic Payment and Modified Debt

'

'

'

'

'

'

'

31,086

33,439

'

'

'

'

'

'

'

'

Prepayment Penalty

'

'

'

'

'

200,129

133,401

'

'

'

'

'

'

'

'

'

'

Mortgage Loans on Real Estate, Face Amount of Mortgages

'

'

'

4,000,000

5,250,000

'

'

'

'

4,000,000

5,250,000

'

'

'

'

'

8,000,000

Debt Instrument, Periodic Payment, Principal

'

'

'

'

'

'

'

'

'

'

17,500

'

'

'

'

'

'

Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid

'

'

'

'

'

'

'

'

'

'

'

'

3,168,000

'

'

'

'

Line of Credit Facility, Increase (Decrease), Net

'

'

'

'

'

'

'

'

'

($1,750,000)

'

'

'

'

'

'

'

Mortgage Loan Amortization Period

'

'

'

'

'

'

'

'

'

'20 years

'

'

'

'

'

'

'

Area of Real Estate Property (in Acres)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

35.1

'

Cortlandt Mortgage [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Note 7 - Mortgage Loans Payable (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

'

'

2.50%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum [Member]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Note 7 - Mortgage Loans Payable (Details) [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt Instrument, Interest Rate, Stated Percentage

'

5.75%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Note_7_Mortgage_Loans_Payable_2

Note 7 - Mortgage Loans Payable (Details) - Mortgage Loans Payable (Current Period Unaudited) (USD $)	Sep. 30, 2013		Dec. 31, 2012
Note 7 - Mortgage Loans Payable (Details) - Mortgage Loans Payable (Current Period Unaudited) [Line Items]	'		'
Mortgage payable	'		$5,013,415
Port Jefferson Professional Park [Member]	'		'
Note 7 - Mortgage Loans Payable (Details) - Mortgage Loans Payable (Current Period Unaudited) [Line Items]	'		'
Mortgage payable	'	[1]	$5,013,415	[1]
[1]	In June 2007, in connection with the purchase of the Port Jefferson Professional Park, the Company assumed a $5,551,191 mortgage payable to a bank (the "Port Jefferson Mortgage"). The Port Jefferson Mortgage carried interest at 5.75% through February 1, 2012. Effective January 17, 2012, the Company negotiated an interest rate modification from 5.75% to 5% for the 5 year period February 1, 2012 through February 1, 2017 and was scheduled to adjust to the higher of 5.75% or 275 basis points in excess of the Federal Home Loan Bank's five year Fixed Rate Advance ("Fixed Rate Advance") thereafter. The Port Jefferson Mortgage was payable in monthly installments of principal and interest totaling $33,439 through February 2012. From March 1, 2012 through its prepayment in full in January 2013, the minimum monthly installment was no less than $31,086 and varied based upon the Fixed Rate Advance. The Port Jefferson Mortgage was collateralized by the Port Jefferson Professional Park in Port Jefferson Station, New York. The Port Jefferson Mortgage was prepaid in full in January 2013 and was subject to a prepayment penalty of $200,129.

Note_8_Retirement_Plans_Detail

Note 8 - Retirement Plans (Details) - Components of Net Periodic Pension Benefit Cost (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Pension Benefits	'	'	'	'
Service Cost	$65,258	$45,712	$195,775	$137,136
Interest Cost	62,909	45,043	188,726	135,130
Expected Return on Plan Assets	-81,546	-96,515	-244,639	-289,543
Amortization of prior service costs	5,644	5,644	16,932	16,932
Amortization of Actuarial Loss	35,883	-1,040	107,648	-3,122
Net Periodic Pension Benefit Cost (Income) After Curtailments and Settlements	$88,148	($1,156)	$264,442	($3,467)

Note_9_Incentive_Compensation_2

Note 9 - Incentive Compensation Plan (Details) (USD $)	9 Months Ended
	Sep. 30, 2013
Note 9 - Incentive Compensation Plan (Details) [Line Items]	'
Dividends	$98,685,000
Dividends Payable, Amount Per Share (in Dollars per share)	$66.56
Dividends, Cash	68,000,000
Allocated Share-based Compensation Expense	2,194,401
Cash Dividends [Member]	'
Note 9 - Incentive Compensation Plan (Details) [Line Items]	'
Dividends Payable, Amount Per Share (in Dollars per share)	$45.86
Employees Not Following Restructuring [Member]	'
Note 9 - Incentive Compensation Plan (Details) [Line Items]	'
Allocated Share-based Compensation Expense	378,345
Incentive Compensation Plan [Member]	'
Note 9 - Incentive Compensation Plan (Details) [Line Items]	'
Dividends, Cash	5,044,600
Allocated Share-based Compensation Expense	$580,129

Note_9_Incentive_Compensation_3

Note 9 - Incentive Compensation Plan (Details) - Summary of Allocation to Plan Participants (USD $)	9 Months Ended
	Sep. 30, 2013
Note 9 - Incentive Compensation Plan (Details) - Summary of Allocation to Plan Participants [Line Items]	'
Board of Directors	$2,850,199
Plan Participants	2,194,401
Total	2,194,401
Total	2,850,199
Total	5,044,600
Director [Member]	'
Note 9 - Incentive Compensation Plan (Details) - Summary of Allocation to Plan Participants [Line Items]	'
Board of Directors	2,850,199
Total	2,850,199
Chief Operating Officer [Member]	'
Note 9 - Incentive Compensation Plan (Details) - Summary of Allocation to Plan Participants [Line Items]	'
Plan Participants	681,021
Total	681,021
Former Chief Executive Officer [Member]	'
Note 9 - Incentive Compensation Plan (Details) - Summary of Allocation to Plan Participants [Line Items]	'
Plan Participants	933,251
Total	933,251
Other Employees [Member]	'
Note 9 - Incentive Compensation Plan (Details) - Summary of Allocation to Plan Participants [Line Items]	'
Plan Participants	580,129
Total	$580,129

Note_9_Incentive_Compensation_4

Note 9 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees	Sep. 30, 2013
Note 9 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Number of shares under plan	367,785
Chief Executive Officer [Member]	'
Note 9 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Number of shares under plan	259,870
Other Employees [Member]	'
Note 9 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]	'
Number of shares under plan	107,915

Note_10_Commitments_and_Contin2

Note 10 - Commitments and Contingencies (Details) (USD $)	Sep. 30, 2013
Note 10 - Commitments and Contingencies (Details) [Line Items]	'
Contractual Obligation	$2,451,000
Supplemental Unemployment Benefits, Severance Benefits	100,000
Liquidity Events Beyond Dividend [Member] | Rothschild Contract [Member]	'
Note 10 - Commitments and Contingencies (Details) [Line Items]	'
Contractual Obligation	31,000
Change of Control Transaction [Member] | Rothschild Contract [Member]	'
Note 10 - Commitments and Contingencies (Details) [Line Items]	'
Contractual Obligation	500,000
Rothschild Contract [Member]	'
Note 10 - Commitments and Contingencies (Details) [Line Items]	'
Contractual Obligation	531,000
CEO and CFO [Member]	'
Note 10 - Commitments and Contingencies (Details) [Line Items]	'
Accrued Bonuses	125,000
Incentive Compensation Plan [Member]	'
Note 10 - Commitments and Contingencies (Details) [Line Items]	'
Contractual Obligation	$1,320,000

Note_10_Commitments_and_Contin3

Note 10 - Commitments and Contingencies (Details) - Lease Revenue Commitments (USD $)	Sep. 30, 2013
Lease Revenue Commitments [Abstract]	'
2014	$3,969,000
2015	3,012,000
2016	2,495,000
2017	1,715,000
2018	1,417,000
Thereafter	3,409,000
	$16,017,000

Note_10_Commitments_and_Contin4

Note 10 - Commitments and Contingencies (Details) - Other Commitments and Contingencies (USD $)	Sep. 30, 2013
Other Commitments [Line Items]	'
Contracts and Commitments	$2,451,000
Rothschild Contract [Member]	'
Other Commitments [Line Items]	'
Contracts and Commitments	531,000
Employment Agreement With Severance Contingencies [Member]	'
Other Commitments [Line Items]	'
Contracts and Commitments	500,000
Other Employee Severance Commitment Contingencies [Member]	'
Other Commitments [Line Items]	'
Contracts and Commitments	100,000
Incentive Compensation Plan [Member]	'
Other Commitments [Line Items]	'
Contracts and Commitments	$1,320,000

Note_12_Fair_Value_of_Financia2

Note 12 - Fair Value of Financial Instruments (Details) (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2010
Note 12 - Fair Value of Financial Instruments (Details) [Line Items]	'	'	'
Proceeds from Principal Repayments on Loans and Leases Held-for-investment	$865,941	$526,159	'
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	9.32%	'	9.99%
Grove Property Loan Principal	37,000,000	'	'
Grove Property Loan Interest and Fees	8,000,000	'	'
Deferred Tax Liabilities, Other	1,315,000	'	'
Equity Method Investments	$0	'	'
Original Interest [Member]	'	'	'
Note 12 - Fair Value of Financial Instruments (Details) [Line Items]	'	'	'
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	20.00%	'	'

Note_12_Fair_Value_of_Financia3

Note 12 - Fair Value of Financial Instruments (Details) - Carrying Value and Fair Value of Financial Assets and Liabilities (USD $)	Sep. 30, 2013		Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Investment in Marketable Securities	$3,558,237		$4,516,472
Investment in Marketable Securities	3,558,237		4,516,472
Fair Value, Inputs, Level 2 [Member]	'		'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'		'
Investment in Marketable Securities	$3,558,237	[1]	$4,516,472
[1]	The Company received $825,704 in principal repayments during the first nine-months of 2013.

Note_12_Fair_Value_of_Financia4

Note 12 - Fair Value of Financial Instruments (Details) - Fair Value Measurements (Impaired Real Estate Assets [Member], USD $)	Sep. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Impaired real estate assets*	$6,530,656
Fair Value, Inputs, Level 3 [Member]	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Impaired real estate assets*	$6,530,656

Note_13_Impairment_of_Real_Est1

Note 13 - Impairment of Real Estate Investments (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2013
Disclosure Text Block Supplement [Abstract]	'	'
Asset Impairment Charges	$2,100,000	$2,100,000

Note_14_Accumulated_Other_Comp2

Note 14 - Accumulated Other Comprehesive Loss (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Disclosure Text Block [Abstract]	'	'
Accumulated Other Comprehensive Income (Loss), Net of Tax	($1,288,096)	($1,195,803)

Note_14_Accumulated_Other_Comp3

Note 14 - Accumulated Other Comprehesive Loss (Details) - Accumulated Other Comprehensive Income (Loss) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Accumulated Other Comprehensive Income (Loss) [Abstract]	'	'
Unrecorded (loss) gain on investments	($18,006)	$74,287
Unrecorded loss on pension	-1,270,090	-1,270,090
Accumulated other comprehensive income	($1,288,096)	($1,195,803)

Note_15_Condemnation_Details

Note 15 - Condemnation (Details) (USD $)	0 Months Ended	1 Months Ended				3 Months Ended	9 Months Ended	12 Months Ended
	Jul. 03, 2012	Aug. 31, 2013	Jul. 31, 2012	Jun. 30, 2010	Mar. 31, 2006	Mar. 31, 2013	Sep. 30, 2013	Apr. 30, 2014	Jun. 30, 2006
									acre
Note 15 - Condemnation (Details) [Line Items]	'	'	'	'	'	'	'	'	'
Proceeds from Legal Settlements	$167,530,657	'	$167,530,657	'	$26,315,000	'	'	'	'
Litigation Settlement, Amount	'	'	'	125,000,000	'	'	'	'	'
Payments for Legal Settlements	'	'	'	'	'	29,000	'	'	'
Area of Land (in Acres)	'	'	'	'	'	'	'	'	245.5
Payments for Delayed Tax Exempt Exchange	'	'	'	'	'	'	'	26,315,000	'
Excise Tax Percentage	'	4.00%	'	'	'	'	4.00%	'	'
Dividends	'	'	'	'	'	'	98,685,000	'	'
Dividends Payable, Amount Per Share (in Dollars per share)	'	'	'	'	'	'	$66.56	'	'
Dividends, Cash	'	'	'	'	'	'	68,000,000	'	'
Cash Dividends [Member]	'	'	'	'	'	'	'	'	'
Note 15 - Condemnation (Details) [Line Items]	'	'	'	'	'	'	'	'	'
Dividends Payable, Amount Per Share (in Dollars per share)	'	'	'	'	'	'	$45.86	'	'
Additional Damanges [Member]	'	'	'	'	'	'	'	'	'
Note 15 - Condemnation (Details) [Line Items]	'	'	'	'	'	'	'	'	'
Litigation Settlement, Amount	98,685,000	'	98,685,000	'	'	'	'	'	'
Costs, Disbursements and Expenses [Member]	'	'	'	'	'	'	'	'	'
Note 15 - Condemnation (Details) [Line Items]	'	'	'	'	'	'	'	'	'
Litigation Settlement, Amount	1,474,941	'	1,474,941	'	'	'	'	'	'
Interest [Member]	'	'	'	'	'	'	'	'	'
Note 15 - Condemnation (Details) [Line Items]	'	'	'	'	'	'	'	'	'
Litigation Settlement, Amount	$67,370,716	'	$67,370,716	'	'	'	'	'	'