Gyrodyne Co Of America 8-K Regulation FD Disclosure

Exhibit 99.2

Gyrodyne Company of America, Inc.                    

Financial Results                    

	2014 (9)			2013 (9)			2013			2012			2011
Revenues		2,002,107			2,186,915			2,890,174			2,724,983			2,975,621
Condemnation Income (Costs)		-			(2,360	)		(2,360	)		167,370,518			(333,308	)
Federal Tax Provision (Benefit)		-			(58,182,122	)		(61,553,442	)		61,649,000			-
Net Income(1)		(2,227,483	)		47,380,476			46,055,205			99,048,253			(1,124,665	)
Per Share Income	$	(1.50	)	$	31.96		$	31.07		$	66.80		$	(0.76	)
Funds from Operations (FFO)		(1,392,827	)		(7,933,890	)		(14,470,658	)		(5,712,917	)		(179,490	)
Adjusted Funds from Operations (AFFO)		402,339			286,104			209,943			(48,911	)		183,201
(1) After Strategic Alternative Expenses		1,246,096			2,803,021			3,637,123			1,013,043			29,383
Impairment Charges		200,000			2,100,000			2,100,000			-			-
Incentive Compensation		-			5,096,481			5,096,481			4,249,964			-
Income from Discontinued Operations (Fairfax & Cortlandt Manor)		562,866			327,471			417,315			129,183			264,023
Excise Tax		-			3,396,320			3,521,320			-			-
Revenues in Discontinued Operations		1,728,800			1,603,017			2,139,795			2,264,125			2,544,083

Gyrodyne Company of America, Inc.                    

Reconciliation of Net (Loss) Income to FFO and AFFO                    

	2014 (9)			2013 (9)			2013			2012			2011
Reconciliation to AFFO
Net (loss) income	$	(2,227,483	)	$	47,380,476		$	46,055,205		$	99,048,253		$	(1,124,665	)
Net income from condemnation		-						-			167,370,518			-
Income tax (benefit) provision		-			(58,182,122	)		(61,553,442	)		61,649,000			-
Depreciation and amortization
from continuing operations		249,660			264,321			344,478			330,034			323,538
from discontinued operations		314,935			449,234			609,247			570,061			552,563
Total depreciation and amortization		564,595			713,555			953,725			900,095			876,101
Amortization of capitalized leasing costs		70,061			54,201			73,854			60,253			69,074
Impairment Charges		200,000			2,100,000			2,100,000			-			-
FFO		(1,392,827	)		(7,933,890	)		(12,370,658	)		(5,712,917	)		(179,490	)
Condemnation		-			2,360			2,360			-			333,308
Restructuring		-			64,237			64,237			-			-
Strategic Alternative Expenses		1,246,096			2,803,021			3,637,123			1,013,043			29,383
Nonrecurring Governance items relating to ICP		-			-			5,565			-			-
Incentive Compensation Payments		-			5,096,861			5,096,481			4,249,963			-
Excise Tax		-			-			3,521,320			-			-
Dividend note interest		542,570			-			-			-			-
Amortization of dividend note costs		6,500			-			-			-			-
Debt prepayment penalties and related costs		-			253,515			253,515			401,000			-
AFFO	$	402,339		$	286,104		$	209,943		$	(48,911	)	$	183,201