Gyrodyne Co Of America 10-Q 14 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 14, 2015
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		3,706,700
Amendment Flag	false
Entity Central Index Key	44,689
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Rental property:
Land	$ 1,733,693	$ 1,733,693
Building and improvements	11,599,737	11,368,097
Machinery and equipment	344,733	344,733
	13,678,163	13,446,523
Less accumulated depreciation	5,049,861	4,887,339
	8,628,302	8,559,184
Land held for development:
Land	558,466	558,466
Land development costs	2,016,630	1,958,395
	2,575,096	2,516,861
Total real estate, net	11,203,398	11,076,045
Assets held for sale	21,968,095	22,189,950
Cash and cash equivalents	8,012,484	4,028,337
Investment in marketable securities	5,448,788	5,950,098
Rent receivable, net of allowance for doubtful accounts of approximately $53,000 and $81,000, respectively	22,149	2,782
Deferred rent receivable	64,585	53,140
Prepaid expenses and other assets	530,292	576,012
Total Assets	47,249,791	43,876,364
LIABILITIES:
Accounts payable	529,591	724,641
Accrued liabilities	256,245	220,573
Deferred rent liability	82,192	16,673
Tenant security deposits payable	249,428	246,702
Liabilities related to assets held for sale	296,045	374,408
Income taxes payable	57,500	750,000
Pension costs	1,936,214	552,546
Notes payable	17,936,960	17,533,210
Total Liabilities	$ 21,344,175	$ 20,418,753
Commitments and contingencies
EQUITY:
Common stock, $1 par value; authorized 4,000,000 shares; 3,947,908 and 1,723,888 shares issued at June 30, 2015 and December 31,2014, respectively; 3,706,700 and 1,482,680 shares outstanding at June 30, 2015 and December 31, 2014, respectively	$ 3,947,908	$ 1,723,888
Additional paid-in capital	21,153,809	17,753,505
Accumulated other comprehensive loss	(2,199,424)	(633,682)
Deficit	(9,791,842)	(9,653,951)
	13,110,451	9,189,760
Less cost of shares of common stock held in treasury; 241,208	(1,537,697)	(1,537,697)
Total Gyrodyne Stockholders’ Equity	11,572,754	7,652,063
Non-controlling interest in GSD, LLC	14,332,862	15,805,548
Total equity	25,905,616	23,457,611
Total Liabilities and Equity	$ 47,249,791	$ 43,876,364

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Allowance for doubtful accounts (in Dollars)	$ 53,000	$ 81,000
Common stock, par value (in Dollars per share)	$ 1	$ 1
Common stock, shares authorized	4,000,000	4,000,000
Common stock, shares issued	3,947,908	1,723,888
Common stock, shares outstanding	3,706,700	1,482,680
Less common stock held in treasury, shares	241,208	241,208

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Rental income	$ 565,505	$ 572,783	$ 1,128,484	$ 1,184,742
Rental income - tenant reimbursements	57,848	62,216	150,239	178,862
Total	623,353	634,999	1,278,723	1,363,604
Expenses
Rental expenses	368,825	345,525	783,568	766,122
General and administrative expenses	621,991	579,616	1,265,500	1,150,366
Strategic alternative expenses	306,058	534,799	505,933	872,541
Depreciation	82,582	80,787	162,523	161,999
Impairment charges		200,000	0	200,000
Insurance claim recoveries in excess of costs	(7,459)		(7,459)
Total	1,371,997	1,740,727	2,710,065	3,151,028
Other Income (Expense):
Interest income	28,651	22,092	59,185	45,924
Interest expense	(220,006)	(201,808)	(439,171)	(336,346)
Total	(191,355)	(179,716)	(379,986)	(290,422)
Net Loss before Provision for Income Taxes	(939,999)	(1,285,444)	(1,811,328)	(2,077,846)
Provision for Income Taxes	48,400		70,500
Net loss from continuing operations	(988,399)	(1,285,444)	(1,881,828)	(2,077,846)
Discontinued Operations
Income from discontinued operations attributable to Gyrodyne	0	0	0	0
Income from discontinued operations attributable to non-controlling interest	142,339	135,176	271,251	255,920
Net loss	(846,060)	(1,150,268)	(1,610,577)	(1,821,926)
Net loss from Non-Controlling Interest in GSD, LLC	(771,094)	(1,096,383)	(1,472,686)	(1,780,113)
Net loss Attributable to Gyrodyne	$ (74,966)	$ (53,885)	$ (137,891)	$ (41,813)
Net loss attributable to Gyrodyne per common share:
From continuing operations (in Dollars per share)	$ (0.05)	$ (0.04)	$ (0.09)	$ (0.03)
From discontinued operations (in Dollars per share)	0	0	0	0
Total loss - Basic and diluted (in Dollars per share)	$ (0.05)	$ (0.04)	$ (0.09)	$ (0.03)
Weighted average number of common shares outstanding:
Basic and diluted (in Shares)	1,580,439	1,482,680	1,531,830	1,482,680

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net loss attributable to Gyrodyne	$ (74,966)	$ (53,885)	$ (137,891)	$ (41,813)
Unrealized (loss) gain on investments	(89,600)	28,335	(48,497)	58,318
Unrecognized actuarial pension loss	(1,517,245)		(1,517,245)
Other comprehensive (loss) gain attributable to Gyrodyne	(1,606,845)	28,335	(1,565,742)	58,318
Comprehensive (loss) income attributable to Gyrodyne	(1,681,811)	(25,550)	(1,703,633)	16,505
Comprehensive loss attributable to non-controlling interest	(771,094)	(1,096,383)	(1,472,686)	(1,780,113)
Comprehensive loss	$ (2,452,905)	$ (1,121,933)	$ (3,176,319)	$ (1,763,608)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (1,610,577)	$ (1,821,926)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	502,673	482,553
Impairment charges	0	200,000
Bad debt (recovery) expense	(10,000)	39,000
Net periodic pension cost	49,923	14,937
Noncash interest expense	403,750	302,813
(Increase) decrease in assets:
Rent receivable	(10,071)	(35,547)
Deferred rent receivable	(62,855)	(65,584)
Prepaid expenses and other assets	6,840	(83,934)
(Decrease) increase in liabilities:
Accounts payable	(223,887)	(892,940)
Accrued liabilities	35,672	(2,964,739)
Income taxes payable	(692,500)
Deferred rent liability	30,586	(29,838)
Tenant security deposits payable	(11,867)	1,784
Pension cost liability	(183,500)
Total adjustments	(165,236)	(3,031,495)
Net cash used in operating activities	(1,775,813)	(4,853,421)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of building improvements and equipment	(258,942)	(509,986)
Land development costs	(58,235)	(74,149)
Purchase of marketable securities		(1,491,900)
Principal repayments of investments in marketable securities	452,813	227,612
Net cash provided by (used in) investing activities	135,636	(1,848,423)
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common shares, net	5,624,324
Net cash provided by financing activities	5,624,324
Net increase (decrease) in cash and cash equivalents	3,984,147	(6,701,844)
Cash and cash equivalents at beginning of period	4,028,337	13,048,827
Cash and cash equivalents at end of period	8,012,484	6,346,983
Supplemental cash flow information:
Income and excise taxes paid	763,000	133,000
Interest paid	33,294
Dividend Note Issued [Member]
Noncash Investing and Financing Activities:
Issuance of note to settle PIK interest	$ 403,750	$ 302,813

Note 1 - The Company

Note 1 - The Company	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. T he 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 operating segment. Prior to December 30, 2013, the Company’s primary business was the investment in and the acquisition, ownership and management of a geographically diverse portfolio of medical office, industrial and development of industrial and residential properties located in the Northeast region of the United States. On December 30, 2013, the Company distributed to its shareholders, as the non-cash portion of the special dividend announced on September 12, 2013 (the “Special Dividend”), all of the equity interests of its subsidiary Gyrodyne Special Distribution LLC (“GSD”), which owned 100% of the interests (through GSD’s subsidiaries) in the Company’s four real estate properties, subject to related mortgage debt in favor of Flowerfield Mortgage Inc. (“FMI”), also a subsidiary of the Company, with Flowerfield Properties, Inc. (“FPI”), having the contractual right to manage the business and properties of GSD. Based on management provisions set forth in GSD’s limited liability company agreement which designates sole management authority in the Company, the Company concluded that GSD is a variable interest entity and that GSD’s financial statements should be consolidated with the Company’s. Accordingly, we may use references to "we" or "our" to refer to the Company, taxable REIT subsidiary (“TRS”), FPI and GSD, and "the Company's properties" or "GSD's properties", or “TRS’s properties”, or “FPI’s properties” (or derivations thereof) interchangeably in this report. In that connection, however, it should be noted that GSD has legal title to the properties and will incur any operating or capital losses resulting from the properties, due to risks as outlined below or otherwise. However, such losses may adversely impact GSD's ability to meet debt service obligations and or repayments of mortgages to FMI or payment of management fees or result in capital needs at GSD that might require additional capital from the Company, or external sources. Substantially all of GSD’s properties are subject to net leases in which the tenant reimburses GSD 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 GSD is responsible for certain operating expenses. As of June 30, 2015, the Company had an investment in three separate mortgages due from GSD aggregating $12,399,645 and a receivable under a revolving line of credit of $6,240,397. The mortgages and revolving line of credit contain a 5% effective rate and both principal and interest are eliminated in consolidation. The mortgages contain a first lien on the medical parks related real estate owned by GSD. Additionally, the Company, through FPI owns a 10.12% limited partnership interest in Callery Judge Grove, L.P. (the “Grove”), a limited partnership, which in 2013 sold its only property, an undeveloped Florida property (the “Grove Property”). For further information see Footnote 18. Following the December 30, 2013 distribution of all of the common membership interests of GSD to the Company’s shareholders in the Special Dividend, the Company through FPI has been managing GSD, initially pursuant to the terms of GSD’s limited liability company agreement (the “GSD Agreement”) which names the Company as the managing member. The GSD Agreement provides that the managing member has sole and absolute discretion regarding the management and affairs of GSD. In its capacity as GSD’s managing member, the Company has unilateral authority, without seeking GSD shareholder approval, over the management of the real estate assets, including leasing and sale of its real estate holdings and the execution of any agency and brokerage agreements to facilitate such leases and sales, investing in its real estate holdings through capital improvements and proceeding strategically while seeking to maximize the value of the undeveloped Flowerfield property. Under GSD’s limited liability company agreement, the Company is entitled to market-rate compensation for its services as well as reimbursement for any costs and expenses incurred by and properly allocable to GSD. In April 2014, the Company’s board of directors approved a cost-plus based management fee to be charged by the Company through FPI to GSD (see Footnote 5 for additional detail on the methodology of the cost plus mark-up), which percentage falls in the lower quartile of similar fees charged by comparable companies according to a benchmarking study. Pursuant to the GSD Agreement, the Company was obligated to provide an initial liquidity facility to GSD in an amount not to exceed $2.5 million. The board of directors has since authorized an increase in the revolving line of credit to $7.0 million. The interest on the debt facilities payable by GSD to the Company is REIT qualified income. The foregoing income earned by the Company for managing GSD is not deemed to be REIT qualified income and therefore is appropriately managed by and payable to its taxable REIT subsidiary, FPI. The Company, through its managing member control of GSD (albeit with no ownership interest) controls two medical office parks and ten of fourteen buildings in a third medical park, together comprising approximately 131,000 rentable square feet and a multitenant industrial park comprising approximately 130,000 rentable square feet. In addition, the Company, through the same managing member control, maintains approximately 68 acres of property in St. James, New York. The Company believes it 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 distributions to its shareholders equal at least 90% of its REIT taxable income as defined under the Code. The Company is permitted to participate in certain activities from which it was previously precluded in order to maintain its qualifications as a REIT. However, these activities must be conducted in an entity which elected to be treated as a TRS under the Code. The Company has one taxable REIT subsidiary which is subject to federal and state income tax on the income from these activities. The Company conducts its operations either directly or indirectly through (1) property owning subsidiaries and lender subsidiaries, or (2) Flowerfield Properties, Inc. a wholly owned TRS. Property owner subsidiaries are landlords leasing properties in which the Company has a managing member control but no ownership interest, and lender subsidiaries are lenders loaning funds where the Company made an investment in a loan asset, but in all cases these subsidiaries are separate and distinct legal entities. The Company is the sole managing member of GSD with managerial authority and investment/disposition authority. FMI is a lender subsidiary wholly owned by the Company with three loan assets secured by property held in the property owner subsidiaries.

Note 2 - Strategic Process

Note 2 - Strategic Process	6 Months Ended
	Jun. 30, 2015
Strategic Process Disclosure [Abstract]
Strategic Process Disclosure [Text Block]	2. Strategic Process : On October 21, 2013, the Company filed a preliminary proxy statement with the Securities and Exchange Commission (“SEC”) which contains, among other matters, the board of director’s recommendation that the shareholders vote in favor of a plan of merger in which the Company and GSD would merge with and into Gyrodyne, LLC. The Company received comments from the SEC on November 18, 2013. Consequently, the Company proceeded with holding its 2013 annual meeting without seeking authorization for the merger transaction at that time because of NASDAQ rules requiring listed companies to hold an annual meeting not later than twelve months following the fiscal year end. On May 8, 2014, the Company responded to such comments and filed a revised preliminary proxy statement with the SEC. The Company received comments from the SEC on May 29, 2014 and responded to such comments and filed a revised proxy statement (Amendment No. 2) with the SEC on June 17, 2014. The Company received comments from the SEC on June 24, 2014 and responded to such comments and filed a revised proxy statement (Amendment No. 3) with the SEC on June 26, 2014. The Company received comments from the SEC on June 26, 2014 and responded to such comments and filed a definitive proxy statement (Amendment No. 4) with the SEC on July 1, 2014. On June 5, 2014, the Company announced that a special meeting of shareholders of Gyrodyne Company of America, Inc., would be held at Flowerfield Celebrations, Mills Pond Road, Saint James, New York 11780 on August 14, 2014, at 11:00 a.m., Eastern Time. At the special meeting, the Company was asking the shareholders of record on June 30, 2014 to authorize a plan of merger and the transactions contemplated thereby, including the merger of the Company and GSD with and into Gyrodyne, LLC, a subsidiary of the Company. Shareholders of record at the close of business on June 30, 2014, were entitled to vote at the special meeting or its adjournment or postponement, if any, provided such meeting takes place by August 30, 2014. On August 25, 2014, the Company announced the postponement of the special meeting. The Company rescheduled the special meeting to December 5, 2014 to allow additional time for shareholders to vote on the proposed merger and changed the shareholder record date to October 31, 2014. The Company had been advised by its proxy solicitor, MacKenzie Partners, that with approximately 45% of the outstanding shares voted by delivery of proxy cards, approximately 97% of such shares have been voted in favor of the merger. Despite the overwhelming percentage of received votes in favor of the merger not enough shares were voted to reach the two-thirds of the outstanding share majority needed under New York law. Accordingly, on November 4, 2014, the Company announced a further postponement of the special meeting until the middle of 2015. Given the small size of holdings of many Gyrodyne shareholders and the nature of various holders, the Company believes many holders may not have paid enough attention to the merger to exercise their right to vote. Rights Offering . The Company also conducted the rights offering because it provided our shareholders the opportunity to participate in an offering of our shares on a pro rata basis without diluting their ownership interest in our Company. The proceeds of the rights offering will provide Gyrodyne with additional liquidity as we pursue an orderly liquidation of the properties currently owned by GSD and managed by Gyrodyne. Gyrodyne affected the rights offering through the distribution of non-transferable subscription rights to purchase shares of Gyrodyne’s common stock at $2.75 per share subject to certain aggregate ownership limitations. In the rights offering, shareholders received three subscription rights for each two shares of common stock held of record on May 6, 2015, with each subscription right giving a shareholder the right to purchase one share of common stock. The rights offering also included an over-subscription privilege, which entitled each rights holder that exercised its basic subscription privilege in full, the right to purchase additional shares of common stock that remained unsubscribed at the expiration of the rights offering, subject to the availability and pro rata allocation of shares among persons exercising this over-subscription right. The rights offering did not contain an over-allotment option. This report is not to be considered material to solicit proxies related to the special meeting or deemed an offer to sell the Gyrodyne, LLC equity interests (“Gyrodyne, LLC Shares”), which solicitation and offer will only be made through the definitive proxy statement/prospectus relating to the Merger and the issuance of the Gyrodyne, LLC Shares. Gyrodyne filed definitive proxy materials with the SEC on July 1, 2014 with respect to the plan of merger. On April 27, 2015, the Company announced that it had set May 6, 2015 as the record date for its previously announced rights offering, and that the subscription price for the rights offering was $2.75 per share. In the rights offering, Gyrodyne distributed, at no charge, to shareholders as of the record date non-transferable subscription rights to purchase, on a three-for-two basis, up to an aggregate of 2,224,020 shares of Gyrodyne common stock. On June 17, 2015, the Company closed the rights offering and on June 22, 2015 the Company announced that it received subscriptions for approximately 7,044,894 shares, greatly exceeding the maximum shares offered of 2,224,020. Shareholders were allocated 100% of their basic subscriptions. Based on the maximum 2,224,020 shares that were issuable in the rights offering, 1,214,644 shares were allocated to shareholders who properly exercised their oversubscription privilege, pro rata in proportion to the aggregate number of shares subscribed for under the over-subscription privilege, or 20.12499% of each oversubscriber’s requested shares. The rights offering resulted in 2,224,020 common shares issued on June 26, 2015 and net proceeds received (after expenses) of $5,624,324 (Gross proceeds of $6,116,055 less direct expenses of the rights offering of $491,731). Merger Allocation Adjustments . At a board of directors meeting held on April 24, 2015, our directors determined to adjust the allocation of common shares of Gyrodyne, LLC to be issued pursuant to the Merger to account for certain developments since such allocations were originally set in December 2013. The common shares of Gyrodyne, LLC to be issued in the Merger will be allocated as follows: ● Approximately 22.6% in the aggregate to Gyrodyne shareholders; ● Approximately 30.0% in the aggregate to holders of interests in dividend notes issued by Gyrodyne in the aggregate principal amount of $17,937,000 (the “Dividend Notes”); and ● Approximately 47.4% in the aggregate to holders of common shares of GSD. Gyrodyne’s board of directors determined the foregoing allocation adjustments based on the increase in the adjusted net book value of Gyrodyne shares due to the rights offering and the anticipated net proceeds to Gyrodyne of $5,606,000 from the rights offering (actual net proceeds was $5,624,324), assuming all 2,224,020 shares were sold. In addition, the allocations reflect adjusted net book value, face value and “fair value” (based on appraised values of underlying properties owned by GSD, less liabilities) of Gyrodyne, the Dividend Notes and GSD, respectively, in each case as of December 31, 2014. This methodology is consistent with the valuation metrics used to determine the original allocations in December, 2013. On June 17, 2015, we completed the Rights Offering wherein we issued 2,224,020 shares at $2.75 per share and received the net proceeds of $5,624,324 (Gross proceeds of $6,116,055 less direct expenses of the Rights offering of $491,731).

Note 3 - Significant accounting

Note 3 - Significant accounting policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	3. Significant accounting policies: The below disclosures are an excerpt and part of the significant accounting policies disclosed on Form 10-K for the year ended December 31, 2014, all of which remain applicable to the Company. Revenue recognition – Gains on sales of real estate - Assets Held For Sale and Discontinued Operations -

Note 4 - Basis of Quarterly Pre

Note 4 - Basis of Quarterly Presentations	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Basis of Accounting [Text Block]	4 . 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 six-month periods ended June 30, 2015 and 2014. 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, 2014 and with the definitive proxy statement/prospectus filed with the SEC on July 1, 2014, the supplement, dated July 1, 2015, to the proxy statement/prospectus dated July 1, 2014 and the S-1/A filed with the SEC on May 15, 2015. The results of operations for the six-month period ended June 30, 2015 are not necessarily indicative of the results to be expected for the full year.

Note 5 - Principles of Consolid

Note 5 - Principles of Consolidation	6 Months Ended
	Jun. 30, 2015
Principles Of Consolidation [Abstract]
Principles Of Consolidation [Text Block]	5 . Principles of Consolidation: The accompanying condensed consolidated financial statements include the accounts of Gyrodyne Company of America, Inc. and all majority owned subsidiaries. The Company consolidates its wholly owned subsidiaries, partnerships and joint ventures which it controls (i) through voting rights or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). If an investment is determined to be a VIE, the Company performs an analysis to determine if the Company is the primary beneficiary of the VIE. GAAP requires a VIE to be consolidated by its primary beneficiary. The primary beneficiary is the party that has a controlling financial interest in an entity. In order for a party to have a controlling financial interest in an entity, it must have (1) the power to direct the activities of a VIE that most significantly impact the entity's economic performance and (2) the obligation to absorb losses or the right to receive benefits of an entity that could potentially be significant to the VIE. The Company's consolidated VIE, GSD, was determined to be a VIE primarily because the Company has the power to direct activities of GSD that most significantly impact the entity's economic performance and has the obligation to absorb losses or the right to receive benefits of the entity. GSD owns all of the real estate that was previously owned by the Company prior to the distribution of ownership interests in GSD to the Company’s shareholders on December 30, 2013. GSD owes mortgage obligations payable to a wholly owned subsidiary of the Company of $12,399,645 and $12,889,463 as of June 30, 2015 and December 31, 2014, respectively. As previously discussed in the Company’s 2013 Annual Report filed on Form 10-K, the estimated fair value of the real estate net of its mortgage obligations and other direct liabilities was $30,685,000 on December 30, 2013. At June 30, 2015 and December 31, 2014, the net book value of GSD was $14,332,862 and $15,805,548, respectively. GSD is essentially being managed and operated by the Company, through FPI, where the Company is the primary obligor for liabilities incurred on behalf of GSD. As a result, the Company could be held liable for current and future obligations of GSD, and in turn it would be the Company’s obligation to seek reimbursement from GSD. Investments in affiliates in which the Company has the ability to exercise significant influence, but not control, are accounted for under the equity method. The Company did not have any such investments at June 30, 2015. Investment interests in excess of 5% in limited partnerships are accounted for under the equity method. All consolidated subsidiaries are wholly owned. All intercompany balances and transactions have been eliminated. There were no investments accounted for under the equity method as of June 30, 2015. Management Services Arrangements All references to Gyrodyne or the Company within the Management Services Arrangement and referenced below, refer to Flowerfield Properties, Inc. (“FPI”). Under GSD’s Amended and Restated Limited Liability Company Agreement, Gyrodyne through FPI, in Gyrodyne’s capacity as managing member of GSD, is entitled to market-rate compensation for its services as well as reimbursement for any costs and expenses incurred by and properly allocable to GSD. Gyrodyne also was obligated to provide an initial liquidity facility to GSD in an amount not to exceed $2.5 million. Subsequently, the board of directors has authorized increases in the revolving line of credit to $7.0 million. Taking into account a number of factors, including a management services benchmarking study commissioned by Gyrodyne Company of America, Inc., (“the Company”), the Company entered into a Management Services Agreement (the “Agreement”) between the Company, and GSD, on December 24, 2014 pursuant to which the Company agreed to continue providing certain management services to GSD. Management services include acquisition and disposition services, asset management services, accounting and other administrative services, property management services and shareholder services. Pursuant to the Agreement, in consideration for these services: ● GSD will reimburse Gyrodyne for 85% of Gyrodyne's General and Administrative (G&A) Expenses and pay a fee to Gyrodyne equal to 8.5% of such reimbursed amount; plus ● GSD will reimburse Gyrodyne for all rental expenses, whether value added (such as contractor and payroll expenses) or non-value added (such as utilities and taxes) paid by Gyrodyne in respect of the Contributed Properties; plus ● GSD will pay a fee to Gyrodyne equal to 8.5% of all value added rental expenses paid by Gyrodyne in respect of the Contributed Properties, but no fee will be payable in respect of non-value added rental expenses; plus ● GSD will reimburse 100% (without mark-up) of any bonuses (under the Retention Bonus Plan (See " Interests of Our Directors and Executive Officers— Retention Bonus Plan ● Gyrodyne will be entitled to interest at the rate of 5.0% per annum on any funds advanced by Gyrodyne pursuant to the liquidity facility made available to GSD.

Note 6 - Consolidating Financia

Note 6 - Consolidating Financial Information	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Financial Information of Parent Company Only Disclosure [Text Block]	6 . Consolidating Financial Information Our consolidated assets at June 30, 2015 and December 31, 2014 include total assets of $33,665,518 and $33,763,279, respectively, of a variable interest entity (VIE) that can only be used to settle liabilities of that VIE. These assets, prior to reclassifying applicable items to discontinued operations, include real estate of $32,449,453 and $32,634,949, deferred rent of $397,769 and $334,914, rent receivable of $27,523 and $7,452, and prepaid and other assets of $790,773 and $785,964, respectively. Our consolidated liabilities at June 30, 2015 and December 31, 2014, prior to reclassifying applicable items to discontinued operations, include liabilities of a VIE consisting of $462,558 and $474,425, respectively of tenant security deposits, accounts payable of $104,733 and $218,163, respectively, and deferred rent liability of $125,323 and $94,737, respectively. The VIE also has mortgages payable, prior to reclassifying applicable items to discontinued operations, to a wholly-owned subsidiary of Gyrodyne of $12,399,645 and $12,889,463, respectively and an outstanding balance in a revolving debt facility of $6,240,397 and $4,280,943 at June 30, 2015 and December 31, 2014, respectively, that are eliminated in consolidation. Management fees and interest expense paid or payable by GSD is eliminated in consolidation. Management fees, excluding reimbursement of costs, paid or payable by GSD for the three and six-month period ending June 30, 2015 were $92,275 and $175,258, The Management fees, excluding reimbursement of costs, paid by GSD for the three and six months ended June 30, 2014 were $ 100,394 and $189,272 respectively. In addition, interest expense paid or payable by GSD to the Company on the outstanding mortgage and revolving line of credit for the three and six-month period ending June 30, 2015 was $225,854 and $443,858 respectively verses the three and six-months ending June 30, 2014 of $189,585 and $359,760 respectively. The tables below are the unaudited consolidating June 30, 2015 Balance Sheet and Statement of Operations reflecting the operations of Gyrodyne Company of America, Inc. and subsidiaries and GSD. ASSETS Gyrodyne Co m pany of America, Inc. and Subsid i aries GSD, LLC Total Elim i nations Consolida t ed REAL ESTATE Rental property: Land $ - $ 1,733,693 $ 1,733,693 $ - $ 1,733,693 Building and improvements - 11,599,737 11,599,737 - 11,599,737 Machinery and equipment - 344,733 344,733 - 344,733 - 13,678,163 13,678,163 - 13,678,163 Less accumulated depreciation - 5,049,861 5,049,861 - 5,049,861 - 8,628,302 8,628,302 - 8,628,302 Land held for development: Land - 558,466 558,466 - 558,466 Land development costs - 2,016,630 2,016,630 - 2,016,630 - 2,575,096 2,575,096 - 2,575,096 Total real estate, net - 11,203,398 11,203,398 - 11,203,398 Assets held for sale - 21,968,095 21,968,095 - 21,968,095 Cash and cash equivalents 8,012,484 - 8,012,484 - 8,012,484 Investment in marketable securities 5,448,788 - 5,448,788 - 5,448,788 Rent receivable, net of allowance for doubtful accounts of approximately $53,000 - 22,149 22,149 - 22,149 Deferred rent receivable - 64,585 64,585 - 64,585 GSD Line of Credit 6,240,397 - 6,240,397 (6,240,397 ) - Prepaid expenses and other assets 123,001 407,291 530,292 - 530,292 Mortgage receivable 12,399,645 - 12,399,645 (12,399,645 ) - Total Assets $ 32,224,315 $ 33,665,518 $ 65,889,833 $ (18,640,042 ) $ 47,249,791 LIABILITIES AND EQUITY LIABILITIES: Accounts payable $ 464,642 $ 64,949 $ 529,591 $ - $ 529,591 Accrued liabilities 256,245 - 256,245 - 256,245 Deferred rent liability - 82,192 82,192 - 82,192 Tenant security deposits payable - 249,428 249,428 - 249,428 GSD Line of Credit - 6,240,397 6,240,397 (6,240,397 ) - Mortgage Payable - 3,498,584 3,498,584 (3,498,584 ) - Liabilities related to assets held for sale - 9,197,106 9,197,106 (8,901,061 ) 296,045 Income taxes payable 57,500 - 57,500 - 57,500 Pension costs 1,936,214 - 1,936,214 1,936,214 Notes payable 17,936,960 - 17,936,960 - 17,936,960 Total Liabilities 20,651,561 19,332,656 39,984,217 (18,640,042 ) 21,344,175 Commitments and contingencies EQUITY: Common stock, $1 par value; authorized 4,000,000 shares; 3,947,908 shares issued; 3,706,700 shares outstanding 3,947,908 - 3,947,908 - 3,947,908 Additional paid-in capital 21,153,809 - 21,153,809 - 21,153,809 Accumulated other comprehensive loss (2,199,424 ) - (2,199,424 ) - (2,199,424 ) Deficit (9,791,842 ) (4,733,606 ) (14,525,448 ) 4,733,606 (9,791,842 ) 13,110,451 (4,733,606 ) 8,376,845 4,733,606 13,110,451 Less cost of shares of common stock held in treasury; 241,208 (1,537,697 ) - (1,537,697 ) - (1,537,697 ) Total Gyrodyne Stockholders’ Equity 11,572,754 (4,733,606 ) 6,839,148 4,733,606 11,572,754 Non-controlling interest in GSD, LLC - 19,066,468 19,066,468 (4,733,606 ) 14,332,862 Total equity 11,572,754 14,332,862 25,905,616 - 25,905,616 Total Liabilities and Equity $ 32,224,315 $ 33,665,518 $ 65,889,833 $ (18,640,042 ) $ 47,249,791 Consolidated Statement of Operations – Six Months Ended June 30, 2015 Gyrodyne Company of America, Inc. GSD, LLC Total Eliminations Consolidated Revenues Rental income $ - $ 1,128,484 $ 1,128,484 $ - $ 1,128,484 Rental income - tenant reimbursements - 150,239 150,239 - 150,239 Other income 2,405,520 - 2,405,520 (2,405,520 ) - Total 2,405,520 1,278,723 3,684,243 (2,405,520 ) 1,278,723 Expenses Reimbursable expenses 787,247 - 787,247 (787,247 ) - Rental expenses - 811,562 811,562 (27,994 ) 783,568 General and administrative expenses 1,265,500 1,123,682 2,389,182 (1,123,682 ) 1,265,500 Strategic alternative expenses 505,933 466,597 972,530 (466,597 ) 505,933 Depreciation - 162,523 162,523 - 162,523 Insurance claim recoveries in excess of cost - (7,459 ) (7,459 ) - (7,459 ) Total 2,558,680 2,556,905 5,115,585 (2,405,520 ) 2,710,065 Other Income (Expense): Interest income 276,598 - 276,598 (217,413 ) 59,185 Interest expense (439,171 ) (217,413 ) (656,584 ) 217,413 (439,171 ) Total (162,573 ) (217,413 ) (379,986 ) - (379,986 ) Net loss before provision for income taxes (315,733 ) (1,495,595 ) (1,811,328 ) - (1,811,328 ) Provision for income taxes 70,500 - 70,500 - 70,500 Net loss from continued operations (386,233 ) (1,495,595 ) (1,881,828 ) - (1,881,828 ) Net income from discontinued operations 248,342 22,909 271,251 - 271,251 Net loss $ (137,891 ) $ (1,472,686 ) $ (1,610,577 ) $ - $ (1,610,577 ) Consolidated Statement of Operations – Three Months Ended June 30, 2015 Gyrodyne Company of America, Inc. GSD, LLC Total Eliminations Consolidated Revenues Rental income $ - $ 565,505 $ 565,505 $ - $ 565,505 Rental income - tenant reimbursements - 57,848 57,848 - 57,848 Other income 1,228,714 - 1,228,714 (1,228,714 ) - Total 1,228,714 623,353 1,852,067 (1,228,714 ) 623,353 Expenses Reimbursable expenses 372,504 - 372,504 (372,504 ) - Rental expenses - 383,627 383,627 (14,802 ) 368,825 General and administrative expenses 621,991 559,145 1,181,136 (559,145 ) 621,991 Strategic alternative expenses 306,058 282,263 588,321 (282,263 ) 306,058 Depreciation - 82,582 82,582 - 82,582 Insurance claim recoveries in excess of cost - (7,459 ) (7,459 ) - (7,459 ) Total 1,300,553 1,300,158 2,600,711 (1,228,714 ) 1,371,997 Other Income (Expense): Interest income 142,119 - 142,119 (113,468 ) 28,651 Interest expense (220,006 ) (113,468 ) (333,474 ) 113,468 (220,006 ) Total (77,887 ) (113,468 ) (191,355 ) - (191,355 ) Net loss before provision for income taxes (149,726 ) (790,273 ) (939,999 ) - (939,999 ) Provision for income taxes 48,400 - 48,400 - 48,400 Net loss from continuing operations (198,126 ) (790,273 ) (988,399 ) - (988,399 ) Net income from discontinued operations 123,160 19,179 142,339 - 142,339 Net loss $ (74,966 ) $ (771,094 ) $ (846,060 ) $ - $ (846,060 )

Note 7 - Real Estate Assets Hel

Note 7 - Real Estate Assets Held for Sale and Discontinued Operations:	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	7. Real Estate Assets Held for Sale and Discontinued Operations : FASB ASC Topic 360-10, Property, Plant and Equipment – Overall The Company and Gyrodyne Special Distribution LLC, its consolidated Variable Interest Entity, periodically classifies real estate assets as held for sale, and these assets and their liabilities are stated separately on the accompanying condensed consolidated balance sheets. During the second quarter of 2014, the Company’s board of directors approved the hiring of real estate brokers to facilitate the sale of the Cortlandt Manor Medical Center and Fairfax Medical Center. The Company expected to complete the sale of these properties within one year. Accordingly, as of April 1, 2014, all of the assets and liabilities that relate to the Cortlandt Manor Medical Center and the Fairfax Medical Center were reported as assets held for sale, and liabilities held for sale, respectively. Additionally, all of the operations related to the Cortlandt Manor Medical Center and the Fairfax Medical Center were reported as discontinued operations, and were reported as such in the unaudited consolidated financial statements. The Company has not sold the Cortlandt Manor and Fairfax properties. In early 2015, the Company became aware that various aspects of the plaintiff’s claims in a putative class action lawsuit against the Company, members of the Company’s board of directors, GSD and Gyrodyne, LLC were interfering with the aforementioned proposed sale of such properties. The defendants believe the lawsuit is without merit. The Company will vigorously defend such action and take steps to seek to eliminate the issues created by the pending action that are impeding the sale. The Company believes that the issues will be resolved in the Company’s favor and that it will be able to liquidate the properties proposed to be sold with no impact to fair value, assuming the market itself does not materially change during the period the Company needs to resolve such issues. As a result of this interference in the sale process, however, the Company believed that as of December 31, 2014, it no longer met the requirements for such assets and liabilities to qualify as assets and liabilities as held for sale and discontinued operations and therefore had reclassified them to operating assets and liabilities and continuing operations and did not report discontinued operations for the year ended December 31, 2014 or for the three months ended March 31, 2015. In June 2015, the Company entered into a stipulation with the plaintiff, subsequently approved by the Supreme Court of New York State, County of Suffolk, in July 2015, that removed the factors interfering with the aforementioned proposed sale of such properties. Accordingly, as of June 30, 2015, all of the assets and liabilities that relate to the Cortlandt Manor Medical Center and the Fairfax Medical Center were reported as assets held for sale, and liabilities held for sale, respectively. Additionally, all of the operations related to the Cortlandt Manor Medical Center and the Fairfax Medical Center for the three and six-months ended June 30, 2015 were reported as discontinued operations, and were reported as such in the unaudited consolidated financial statements. The prior period assets and liabilities and operations related to these entities were recast as assets and liabilities held for sale, and discontinued operations retroactively for all periods presented on the Company’s quarterly report. The Company expects to complete the sale of these properties within one year. Assets Held for Sale June 30, 2015 December 31, 2014 Property Cortlandt Manor Medical Center (1) $ 7,935,306 $ 8,062,003 Fairfax Medical Center 13,310,749 13,496,901 Accounts receivable 5,374 4,670 Deferred rent receivable 333,184 281,774 Prepaid expenses and other 383,482 344,602 Total Assets Held for Sale $ 21,968,095 $ 22,189,950 Liabilities Related to Real Estate Assets Held for Sale June 30, 2015 December 31, 2014 Accounts payable $ 39,784 $ 68,621 Deferred rent liability 43,131 78,064 Tenant security deposit payable 213,130 227,723 Total Liabilities Related to Real Estate Assets Held for Sale $ 296,045 $ 374,408 (1) The Cortlandt Manor Medical Center is inclusive of the two adjacent lots. The results of operations and the gains or losses from operating properties that are held for sale and or disposed of in accordance with FASB ASC Topic 360-10, Property, Plant and Equipment – Overall The following table summarizes the discontinued operations for the three and six-months ended June 30, 2015 and 2014 (unaudited): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues Rental income $ 545,636 $ 533,405 $ 1,093,138 $ 1,042,091 Rental income - tenant reimbursements 44,702 48,916 100,581 111,660 Total rental income 590,338 582,321 1,193,719 1,153,751 Expenses Rental Expenses 278,513 286,273 582,318 577,277 Depreciation 169,486 160,872 340,150 320,554 Total expenses 447,999 447,145 922,468 897,831 Net income from discontinuing operations $ 142,339 $ 135,176 $ 271,251 $ 255,920 The Company assesses on a regular basis whether there are any indicators that the carrying value of its 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 three and six-months ended June 30, 2015 the company did not recognize any impairment charges. During the second quarter of 2014, the Company recognized aggregate impairment charges of $200,000 on real estate assets classified in continuing operations. (See Footnote 18).

Note 8 - Investment in Marketab

Note 8 - Investment in Marketable Securities	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	8. 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. Any realized gains and losses on the sale of securities, as determined on a first-in, first-out basis, will be included in the Condensed 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 Condensed Consolidated Statements of Operations. The historical cost and estimated fair value of investments in marketable securities available for sale as of June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 December 31, 2014 Amortized cost $ 5,478,574 $ 5,931,387 Gross unrealized (losses) gains (29,786 ) 18,711 Fair value* $ 5,448,788 $ 5,950,098 *The Company received $452,813 in principal repayments during the six-months ended June 30, 2015 The Company’s investment is in conforming agency fixed rate mortgage pass through securities (“mortgage-backed securities)”, each of which contained either AA or AAA ratings, the principal of which is fully guaranteed by agencies of the U.S. Government. At June 30, 2015 and December 31, 2014, marketable securities based on amortized cost, reflect a yield of approximately 2%, have contractual maturities of 15 or 30 years and an adjusted duration of less than four years. The fair value of mortgage-backed securities was estimated based on a Level 2 methodology, additional details of which are discussed further in Note 18 – Fair Value of Financial Instruments. None of the unrealized losses were considered to be other-than-temporarily impaired; therefore the unrealized losses were reported in the Condensed Consolidated Statement of Comprehensive Income (Loss) and the reversal of those losses were also reported in the Condensed Consolidated Statement of Comprehensive Income (Loss).

Note 9 - Notes Payable

Note 9 - Notes Payable	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Long-term Debt [Text Block]	9 . Notes Payable : The transfer of the properties by the Company to GSD resulted in the recognition of approximately $28.4 million of capital gain income by the Company in 2013. Giving effect to offsetting deductions, the Company determined that it would have approximately $18 million in REIT income for 2013. In order to satisfy applicable REIT distribution requirements, on December 20, 2013, the Company declared an additional dividend, payable to the Company’s shareholders of record as of December 31, 2013 on January 31, 2014. The Second Special Dividend was paid in the form of interests in a subordinated global dividend note due June 30, 2017 (“Dividend Note”) aggregating $16,150,000 ($10.89 per share) in principal amount. The Dividend Note bears interest at 5.0% per annum, payable semi-annually on June 15 and December 15 of each year, commencing June 15, 2014, and may be payable in cash or in the form of additional notes. On June 16, 2014, December 15, 2014, and June 15, 2015 the initial, second and third semi-annual interest payments on the Dividend Note were paid in kind in the form of uncertificated interests in subordinated global notes due June 30, 2017 in the principal amount of $302,813 and $403,750, and $403,750, respectively, that otherwise are identical to the Dividend Note other than as to the initial semi-annual interest payment date thereunder. On September 12, 2014, the board of directors declared a special supplemental dividend in the amount of $682,033 or $0.46 per share of Gyrodyne common stock. The dividend was paid in the form of non-transferrable interests in a subordinated global dividend note on December 31, 2014 to all shareholders of record on September 26, 2014. The dividend was intended to prevent the imposition of federal corporate income tax on the Company’s previously undistributed 2013 REIT taxable income. June 30, 2015 December 31, 2014 Global Dividend Note issued January 2014 $ 16,144,614 $ 16,144,614 Global Note issued June 2014 302,813 302,813 Global Note issued December 2014 403,750 403,750 Global Dividend Note issued December 2014 682,033 682,033 Global Note issued June 2015 403,750 - Total Notes Payable $ 17,936,960 $ 17,533,210 At a board of directors meeting held on April 24, 2015, our directors determined to adjust the allocation of common shares of Gyrodyne, LLC to be issued pursuant to the Merger to account for certain developments since such allocations were originally set in December 2013. The Merger, if approved by 2/3 of all outstanding shares at a special shareholder meeting scheduled for August 20, 2015 will be consummated on August 31, 2015. The consummation of the merger will result in converting the total notes payable and accrued interest into 30% of the common shares of Gyrodyne, LLC.

Note 10 - Earnings per Share

Note 10 - Earnings per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	10 . Earnings per Share: Basic earnings per common share are computed by dividing net (loss) income, attributable to Gyrodyne, 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. Treasury shares have been excluded from the weighted average number of shares. The Company does not have any outstanding common stock equivalents as of June 30, 2015, and 2014. During the second quarter ended June 30, 2015, the Company filed a registration statement on Form S-1 with the Securities and Exchange Commission to register a number of shares of the Company’s common stock to be offered in a rights offering by the Company to its shareholders with gross proceeds (if all rights were exercised or sufficient oversubscription rights were exercised) of $6,116,055. The rights offering contained an oversubscription option, however, there was no overallotment option. On June 17, 2015, the Company completed the rights offering where it received subscriptions for approximately 7,044,894 shares, greatly exceeding the maximum shares offered of 2,224,020. Shareholders were allocated 100% of their basic subscriptions. The rights offering resulted in 2,224,020 common shares issued on June 26, 2015 and net proceeds received (after expenses) of $5,624,324 (Gross proceeds of $6,116,055 less direct expenses of the rights offering of $491,731). Six Months Ended June 3 0 , Three Months Ended June 30, BASIC 201 5 201 4 2015 2014 Net loss attributable to Gyrodyne Continuing operations $ (137,891 ) $ (41,813 ) $ (74,966 ) $ (53,885 ) Discontinuing operations - - - - Net loss attributable to Gyrodyne (137,891 ) (41,813 ) (74,966 ) (53,885 ) Weighted average number of common shares outstanding 1,531,830 1,482,680 1,580,439 1,482,680 Net loss per common share attributable to Gyrodyne (“EPS”) Continuing operations $ (0.09 ) $ (0.03 ) $ (0.05 ) $ (0.04 ) Discontinuing operations - - - - Net loss per common share attributable to Gyrodyne (“EPS”) $ (0.09 ) $ (0.03 ) $ (0.05 ) $ (0.04 )

Note 11 - Income Taxes

Note 11 - Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	11 . 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. The Company’s tax provision for the three and six-months ended June 30, 2015 was $48,400 and $70,500, respectively. The tax provision was incurred through its taxable REIT subsidiary, Flowerfield Properties, Inc. which files separate Federal and state tax returns and had an approximate 39% effective tax rate for the quarter ended June 30, 2015. Gyrodyne Special Distribution LLC files separate US Federal and State Tax Returns. The income tax expense is comprised of the following for the three and six-month periods ended June 30, 2015 and 2014, respectively which reflects an approximate 39% effective rate on Flowerfield Properties, Inc.: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Current: Federal $ 32,160 $ - $ 49,560 $ - State 16,240 - 20,940 - $ 48,400 $ - $ 70,500 $ - Deferred: Federal $ - $ - $ - $ - State - - Income tax expense $ 48,400 $ - $ 70,500 $ - 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 Company does not have any deferred income tax assets or liabilities as of June 30, 2015 or December 31, 2014. The Company has the following current tax liabilities for the period ended June 30, 2015 and December 31, 2014 as follows: June 30, 2015 December 31, 2014 Current: Federal $ 49,560 $ 641,640 State 7,940 108,360 Total $ 57,500 $ 750,000 Current income tax liabilities consist of the following: June 30, 2015 December 31, 2014 Current Tax Liabilities: Flowerfield Properties, excluding recognized gain on the Grove $ 57,500 $ 132,000 Recognized tax gain on the Grove - 618,000 Total current tax payable $ 57,500 $ 750,000

Note 12 - Retirement Plans

Note 12 - Retirement Plans	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Pension and Other Postretirement Benefits Disclosure [Text Block]	12 . R e tirement Plans: On November 25, 2013 the Company’s board of directors voted to terminate the noncontributory defined benefit pension plan (the “Plan”), subject to regulatory approval, and is continuing the process of termination. On February 28, 2014, the Company submitted the necessary application and related documents to the IRS and to the Pension Benefit Guarantee Corporation (“PBGC”) in August 2014. Both the PBGC and the IRS must approve the termination. In May 2015, the Company received the IRS Determination letter which reflects regulatory approval to terminate the Plan. Accordingly, the company recognized the estimated settlement obligations net of plan assets as pension costs on the June 30, 2015 balance sheet. As of June 30, 2015, the Company has not funded the pension deficit nor made settlement distributions to the active employee beneficiaries of the Plan. Accordingly, the Company has $2,169,638 of unrecognized non cash pension expenses included in Other Comprehensive loss which will be recognized as an expense upon settlement of the obligations to the beneficiaries which is expected to occur during the quarter ending September 30, 2015. Based on the current estimated liability, the regulatory approval resulted in the Company recognizing additional pension liability of $1,517,245 to reflect the estimated obligations of $1,936,214 to fully fund the Plan. The following table provides the components of net periodic pension benefit cost for the Plan for the three and six-months ended June 30, 2015 and 2014 including the required and expected contributions: Six Months Ended Three Months Ended June 30, June 30, 2015 2014 2015 2014 Pension Benefits Service Cost $ - $ 92,854 $ - $ 46,427 Interest Cost 7,419 91,416 3,709 45,708 Expected Return on Plan Assets (6,858 ) (180,620 ) (3,429 ) (90,310 ) Amortization of prior service costs 92,786 11,288 46,393 5,644 Amortization of Actuarial Loss 442,212 - 221,107 - Change in net gain due to settlement (485,635 ) - (242,818 ) - Net Periodic Pension Benefit Cost After Curtailments and Settlements $ 49,924 $ 14,938 $ 24,962 $ 7,469 Minimum required contribution $ - $ - $ - $ - Expected contribution $ 1,936,214 $ - $ 1,936,214 $ - During the six-months ended June 30, 2015, the Company made a $183,500 contribution to the Plan to supplement the liquidity needs to meet lump sum distribution elections. During the six-month period ended June 30, 2014, the Company did not make any contribution to the Plan. While the Company does not have a minimum required contribution for the December 31, 2015 plan year, as a result of the termination of the pension plan, in addition to the prior contribution, the Company may have to make a contribution of up to approximately $1,936,214 to satisfy the lump sum payment options and/or to purchase annuities. The aforementioned funding obligation excludes the certain Plan investments in illiquid assets that cannot be utilized to meet the Plans funding obligations unless the merger is approved and consummated. As of June 30, 2015 and December 31, 2014, the value under a level three methodology of such assets was $800,767. Assuming the merger is consummated, the illiquid assets will become liquid and could be sold with the resulting net proceeds utilized to reduce the aforementioned funding obligation.

Note 13 - Incentive Compensatio

Note 13 - Incentive Compensation Plan	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	13 . Incentive Compensation Plan: Benefits under the Company’s Incentive Compensation Plan (the “ICP”) are realized upon either a Change-in-Control (as defined in the ICP) of the Company, or upon the issuance by the Company of an “Excess Dividend” (as defined in the ICP) following certain asset sales. The ICP provides that payments made in connection with an Excess Dividend may not exceed Employees Number of Units under Plan Maximum Benefit relating to the 2013 Non-Cash Dividends COO 14,850 $ 31,482 Employees 550 $ 1,166 Directors 53,900 $ 114,268 Total ICP excluding termed employees and directors 69,300 $ 146,916 Former CEO 20,350 $ 43,142 All other former employees 12,100 $ 25,652 Former director 8,250 $ 17,490 Total former Board members and former employees 40,700 $ 86,284 Total maximum ICP to be paid 110,000 $ 233,200

Note 14 - Retention Bonus Plan

Note 14 - Retention Bonus Plan	6 Months Ended
	Jun. 30, 2015
Compensation Related Costs [Abstract]
Compensation Related Costs, General [Text Block]	1 4 . Retention Bonus Plan: In May 2014, our board of directors approved a Retention Bonus Plan designed to recognize the nature and scope of the responsibilities related to such business plan, to reward and incent performance in connection therewith, to align the interests of directors, executives and employees with our shareholders and to retain such persons during the term of the plan. The Retention Bonus Plan provides for bonuses to directors and officers and employees determined by the gross sales proceeds from the sale of each property and the date of sale. The Retention Bonus Plan consists of a bonus pool that would be funded with an amount equal to 5% of the specified appraised value of each of the Contributed Properties (set forth in the plan), so long as the gross selling price of a property is equal to or greater than 100% of its appraised value (based on appraisals utilized to support the value of the real estate included in the non-cash dividend distributed on December 30, 2013). Additional funding of the bonus pool would occur on a property-by-property basis when the gross sales price of a property is in excess of its appraised value as follows: 10% on the first 10% of appreciation, 15% on the next 10% of appreciation and 20% on appreciation greater than 20%. Furthermore, if a specified property is sold on or before a designated date specified in the Retention Bonus Plan, an additional amount equal to 2% of the gross selling price of such property also would be funded into the bonus pool. The bonus pool is distributable in the following proportions to the named participants in the bonus plan for so long as they are directors or employees of the Company, GSD or Gyrodyne, LLC: 15% for the Chairman, 50% for the directors other than the chairman (10% for each of the other five directors) and 35% (the “Employee Pool”) for the Company’s executives and employees. Such share of the bonus pool is earned only upon the completion of the sale of a property at a gross selling price equal to or greater than its appraised value and is paid to the named beneficiaries of the Retention Bonus Plan or their designees within 60 days of the completion of such sale or, if later, within 60 days of receipt of any subsequent post-completion installment payment related to such sale. All allocations to individual beneficiaries in the Employee Pool shall be determined by the board of directors of the Company or its successor in consultation with its President. Pursuant to the terms of the Management Services Arrangement, the foregoing bonus payments made by the Company will be reimbursed by GSD (See Footnote 5, “ Management Services A r rangements

Note 15 - Concentration of Cred

Note 15 - Concentration of Credit Risk	6 Months Ended
	Jun. 30, 2015
Credit Concentration Risk [Member]
Note 15 - Concentration of Credit Risk [Line Items]
Concentration Risk Disclosure [Text Block]	15. Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and securities issued with the guarantee of U.S. Government Agencies. The Company places its temporary cash investments with high credit quality financial institutions and generally limits the amount of credit exposure in any one financial institution. The Company maintains bank account balances, which exceed insured limits. The Company has not experienced any losses in such accounts and believes that it is not exposed to any significant credit risk on cash. Management does not believe significant credit risk existed at June 30, 2015 and December 31, 2014.

Note 16 - Commitments and Conti

Note 16 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block Supplement [Abstract]
Commitments Disclosure [Text Block]	16 . Commitments and Contingencies: Lease revenue commitments - Twelve Months Ending June 3 0 , Amount 2016 $ 3,787,000 2017 2,795,000 2018 2,299,000 2019 2,020,000 2020 1,420,000 Thereafter 3,542,000 $ 15,863,000 Other commitments and contingencies Incentive Compensation Plan $ 233,200 Management Employment agreements with bonus and severance commitment contingencies 600,000 Other employee severance commitment contingencies 76,000 Total $ 909,200 Employment agreements - The Company also has a compensation arrangement with its Chief Operating Officer executed on May 8, 2014 which provides for severance equivalent to 6 months of base salary. Under Company policy the aggregate severance commitment contingency to other employees is approximately $76,000. As of June 30, 2015, the commitment related to severance is approximately $676,000. Excluded from the above contingency amounts are retention bonuses that may ultimately be payable under the Retention Bonus Plan, but which amounts, if any, cannot be dete r mined at this time. Retention Bonus Plan – The Retention Bonus Plan consists of a bonus pool funded with an amount equal to 5% of the specified appraised value of each of the Contributed Properties (set forth in the Plan), so long as the gross selling price of a property is equal to or greater than 100% of its appraised value (based on appraisals utilized to support the value of the real estate included in the non-cash dividend distributed on December 30, 2013). Additional funding of the bonus pool will occur on a property-by-property basis when the gross sales price of a property is in excess of its appraised value as follows: 10% on the first 10% of appreciation, 15% on the next 10% of appreciation and 20% on appreciation greater than 20%. Furthermore, if a specified property is sold on or before a designated date specified in the Retention Bonus Plan, an additional amount equal to 2% of the gross selling price of such property also is funded into the bonus pool. The bonus pool is distributable in the following proportions to the named participants in the bonus plan for so long as they are directors or employees of the Company, GSD or Gyrodyne, LLC: 15% for the Chairman, 50% for the directors other than the Chairman (10% for each of the other five directors) and 35% (the “Employee Pool”) for the Company’s executives and employees. Such share of the bonus pool is earned only upon the completion of the sale of a property at a gross selling price equal to or greater than its appraised value and is paid to the named beneficiaries of the Retention Bonus Plan or their designees within 60 days of the completion of such sale or, if later, within 60 days of receipt of any subsequent post-completion installment payment related to such sale. All allocations to individual beneficiaries of the Employee Pool shall be determined by the board of directors of the Company or its successor in consultation with its President.

Note 17 - Recent Accounting Pro

Note 17 - Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	1 7 . Recent Accounting Pronouncements : In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Comp o nents of an Entity.” ASU 2014-08 on Discontinued Operations changes the criteria for determining which disposals can be presented as discontinued operations and modified related disclosure requirements. Under the new guidance, a discontinued operation is defined as: (i) a disposal of a component or group of components that is disposed of or is classified as held for sale that represents a strategic shift that has or will have a major effect on an entity’s operations and financial results or (ii) an acquired business or nonprofit activity that is classified as held for sale on the date of acquisition. The standard states that a strategic shift could include a disposal of (i) a major geographical area of operations, (ii) a major line of business, (iii) a major equity method investment, or (iv) other major parts of an entity. Under the current US GAAP, an entity is prohibited from reporting a discontinued operation if it has certain continuing cash flows or involvement component after the disposal. The new guidance eliminates these criteria. The pronouncement is effective for fiscal years and interim periods ending after December 15, 2014. The adoption of this pronouncement did not have a material effect on the Company’s consolidated financial position or results of operations. Early adoption is permitted for disposals or assets held for sale that have not been reported in the financial statements previously issued or available for issuance. The Company has elected to early adopt this standard as of January 1, 2014. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” Revenue from Contracts with Customers, Revenue Recognition, Revenue Recognition—Construction-Type and Production-Type Contracts, Other Assets and Deferred Costs—Contracts with Customers. In August 2014, the FASB issued ASU No. 2014-15, “ Presentation of Financial Statements Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810) - Amendments to the Consol i dation Analysis.” In April 2015, the FASB issued ASU No. 2015-03, “Interest-Imputation of Interest Simplifying the Presentation of Debt Issuance Costs In May 2015, the FASB issued ASU No. 2015-07, “ Fair Value Measurement Disclosures for Inves t ments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The amendments in this update are effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. 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 May 2015, the FASB issued ASU No. 2015-08, “ Business Combinations In June 2015, the FASB issued ASU No. 2015-10, “Technical Corrections and Improvements In July 2015, the FASB issued ASU No. 2015-12, “ Plan Accounting: Defined Benefit Pension Plans Defined Contribution Pension Plans Health and Welfare Benefit Plans

Note 18 - Fair Value of Financi

Note 18 - Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	1 8 . 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 June 30, 2015 and December 31, 2014, respectively. June 30, 2015 December 31, 2014 Description Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Investment in Marketable Securities $ 5,448,788 $ 5,448,788 * $ 5,950,098 $ 5,950,098 * The Company has investments in 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 cash flows 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 cash flow 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. Fair Value Measurements: The following tables present the Company's assets and liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2015 and December 31, 2014, aggregated by the level in the fair value hierarchy within which those measurements fall: Balance Fair Value Measurements Using Description June 30, 2015 (Level 1) (Level 2) (Level 3) Impaired real estate assets $ 6,162,538 $ — $ — $ 6,162,538 Balance Fair Value Measurements Using Description December 31, 2014 (Level 1) (Level 2) (Level 3) Impaired real estate assets $ 6,146,952 $ — $ — $ 6,146,952 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 incurred a $200,000 impairment charge during the year ended December 31, 2014. During the six-months ended June 30, 2015 the Company did not incur an impairment charge. The Company has maintained an interest in the Grove, which originally represented a 20% limited partnership interest in the Grove. The Grove owned a 3,700+ acre citrus grove located in Palm Beach County, Florida (the “Grove Property”), which is the subject of a plan for mixed-use development. 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 through 2013 was further diluted to approximately 9.32%. During 2014, certain limited partners voluntarily forfeited their interests back to the partnership which increased Gyrodyne’s interest to 10.12%. 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 lawsuit was dismissed and Grove’s debt to Prudential was repaid. At June 30, 2015 and December 31, 2014, the investment is held in a taxable REIT subsidiary of the Company with $0 value. Furthermore, the Company had a $1,315,000 deferred tax liability related to the Grove, which represented taxable losses not yet recorded pursuant to the equity method of accounting. Following certain taxable gains received in 2014 but not yet recorded, the Company reversed the deferred tax liability in total in 2014 and recorded a current tax liability of approximately $618,000 and a tax benefit of $697,000, accordingly. The Company did not receive any distribution in connection with the sale. Under the agreement with the purchaser, the Grove may receive additional payments if certain development benchmarks are achieved by the purchaser. The Company cannot predict whether these benchmarks will be achieved or as to the timing or amount of any further distributions by the Grove. The Company is a limited partner in the Grove. The Grove does not have an audit, review or compilation of its financial statements, therefore, the Company is challenged to determine the collectability of any income generated by the Grove. As a result, the company will not recognize income from the Grove until the earlier of when cash distributions are received or upon receiving financial data that substantiates its results of operations. The Grove investment is a distressed asset operating in a distressed environment where an orderly transaction is not available. 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 or assuming the fair value is zero. The Company is accounting for the investment under the equity method. As of June 30, 2015 and December 31, 2014, the carrying value of the Company’s investment was $0.

Note 19 - Impairment of Real Es

Note 19 - Impairment of Real Estate Investments	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block Supplement [Abstract]
Asset Impairment Charges [Text Block]	19. 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. There were no impairment charges during the six-months ended June 30, 2015. There was a $200,000 impairment charge during the six-months ended June 30, 2014.

Note 20 - Accumulated Other Com

Note 20 - Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Comprehensive Income (Loss) Note [Text Block]	20 . Accumulated Other Comprehensive Loss : Accumulated other comprehensive loss as of June 30, 2015 and December 31, 2014 was $(2,199,424) and $(633,682), respectively. The balances were comprised of the following: June 30, 2015 December 31, 2014 Unrecorded (loss) gain on investments $ (29,786 ) $ 18,711 Unrecorded loss on pension (2,169,638 ) (652,393 ) Accumulated other comprehensive loss $ (2,199,424 ) $ (633,682 ) The change in other comprehensive loss was comprised of the unrealized loss in marketable securities, and the unrecognized pension expense associated with the outstanding pension obligations to its beneficiaries, both are balance sheet items, and have no impact to net loss in either period. Therefore, there are no reclassifications from other comprehensive loss to net loss for the period ended June 30, 2015 or December 31, 2014.

Note 21 - Reclassifications

Note 21 - Reclassifications	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Reclassifications [Text Block]	21 . Reclassifications: Certain amounts in the prior period have been reclassified to conform to the classification used in the current period. Such items include a reclassification from continuing operations to discontinued operations as well as a reclassification to assets held for sale and liabilities related to assets held for sale.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Revenue Recognition, Policy [Policy Text Block]	Revenue recognition –
Revenue Recognition, Real Estate Transactions, Policy [Policy Text Block]	Gains on sales of real estate -
Discontinued Operations, Policy [Policy Text Block]	Assets Held For Sale and Discontinued Operations -

Note 6 - Consolidating Financ29

Note 6 - Consolidating Financial Information (Tables)	6 Months Ended
	Jun. 30, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Condensed Balance Sheet [Table Text Block]	ASSETS Gyrodyne Co m pany of America, Inc. and Subsid i aries GSD, LLC Total Elim i nations Consolida t ed REAL ESTATE Rental property: Land $ - $ 1,733,693 $ 1,733,693 $ - $ 1,733,693 Building and improvements - 11,599,737 11,599,737 - 11,599,737 Machinery and equipment - 344,733 344,733 - 344,733 - 13,678,163 13,678,163 - 13,678,163 Less accumulated depreciation - 5,049,861 5,049,861 - 5,049,861 - 8,628,302 8,628,302 - 8,628,302 Land held for development: Land - 558,466 558,466 - 558,466 Land development costs - 2,016,630 2,016,630 - 2,016,630 - 2,575,096 2,575,096 - 2,575,096 Total real estate, net - 11,203,398 11,203,398 - 11,203,398 Assets held for sale - 21,968,095 21,968,095 - 21,968,095 Cash and cash equivalents 8,012,484 - 8,012,484 - 8,012,484 Investment in marketable securities 5,448,788 - 5,448,788 - 5,448,788 Rent receivable, net of allowance for doubtful accounts of approximately $53,000 - 22,149 22,149 - 22,149 Deferred rent receivable - 64,585 64,585 - 64,585 GSD Line of Credit 6,240,397 - 6,240,397 (6,240,397 ) - Prepaid expenses and other assets 123,001 407,291 530,292 - 530,292 Mortgage receivable 12,399,645 - 12,399,645 (12,399,645 ) - Total Assets $ 32,224,315 $ 33,665,518 $ 65,889,833 $ (18,640,042 ) $ 47,249,791 LIABILITIES AND EQUITY LIABILITIES: Accounts payable $ 464,642 $ 64,949 $ 529,591 $ - $ 529,591 Accrued liabilities 256,245 - 256,245 - 256,245 Deferred rent liability - 82,192 82,192 - 82,192 Tenant security deposits payable - 249,428 249,428 - 249,428 GSD Line of Credit - 6,240,397 6,240,397 (6,240,397 ) - Mortgage Payable - 3,498,584 3,498,584 (3,498,584 ) - Liabilities related to assets held for sale - 9,197,106 9,197,106 (8,901,061 ) 296,045 Income taxes payable 57,500 - 57,500 - 57,500 Pension costs 1,936,214 - 1,936,214 1,936,214 Notes payable 17,936,960 - 17,936,960 - 17,936,960 Total Liabilities 20,651,561 19,332,656 39,984,217 (18,640,042 ) 21,344,175 Commitments and contingencies EQUITY: Common stock, $1 par value; authorized 4,000,000 shares; 3,947,908 shares issued; 3,706,700 shares outstanding 3,947,908 - 3,947,908 - 3,947,908 Additional paid-in capital 21,153,809 - 21,153,809 - 21,153,809 Accumulated other comprehensive loss (2,199,424 ) - (2,199,424 ) - (2,199,424 ) Deficit (9,791,842 ) (4,733,606 ) (14,525,448 ) 4,733,606 (9,791,842 ) 13,110,451 (4,733,606 ) 8,376,845 4,733,606 13,110,451 Less cost of shares of common stock held in treasury; 241,208 (1,537,697 ) - (1,537,697 ) - (1,537,697 ) Total Gyrodyne Stockholders’ Equity 11,572,754 (4,733,606 ) 6,839,148 4,733,606 11,572,754 Non-controlling interest in GSD, LLC - 19,066,468 19,066,468 (4,733,606 ) 14,332,862 Total equity 11,572,754 14,332,862 25,905,616 - 25,905,616 Total Liabilities and Equity $ 32,224,315 $ 33,665,518 $ 65,889,833 $ (18,640,042 ) $ 47,249,791
Condensed Income Statement [Table Text Block]	Gyrodyne Company of America, Inc. GSD, LLC Total Eliminations Consolidated Revenues Rental income $ - $ 1,128,484 $ 1,128,484 $ - $ 1,128,484 Rental income - tenant reimbursements - 150,239 150,239 - 150,239 Other income 2,405,520 - 2,405,520 (2,405,520 ) - Total 2,405,520 1,278,723 3,684,243 (2,405,520 ) 1,278,723 Expenses Reimbursable expenses 787,247 - 787,247 (787,247 ) - Rental expenses - 811,562 811,562 (27,994 ) 783,568 General and administrative expenses 1,265,500 1,123,682 2,389,182 (1,123,682 ) 1,265,500 Strategic alternative expenses 505,933 466,597 972,530 (466,597 ) 505,933 Depreciation - 162,523 162,523 - 162,523 Insurance claim recoveries in excess of cost - (7,459 ) (7,459 ) - (7,459 ) Total 2,558,680 2,556,905 5,115,585 (2,405,520 ) 2,710,065 Other Income (Expense): Interest income 276,598 - 276,598 (217,413 ) 59,185 Interest expense (439,171 ) (217,413 ) (656,584 ) 217,413 (439,171 ) Total (162,573 ) (217,413 ) (379,986 ) - (379,986 ) Net loss before provision for income taxes (315,733 ) (1,495,595 ) (1,811,328 ) - (1,811,328 ) Provision for income taxes 70,500 - 70,500 - 70,500 Net loss from continued operations (386,233 ) (1,495,595 ) (1,881,828 ) - (1,881,828 ) Net income from discontinued operations 248,342 22,909 271,251 - 271,251 Net loss $ (137,891 ) $ (1,472,686 ) $ (1,610,577 ) $ - $ (1,610,577 ) Gyrodyne Company of America, Inc. GSD, LLC Total Eliminations Consolidated Revenues Rental income $ - $ 565,505 $ 565,505 $ - $ 565,505 Rental income - tenant reimbursements - 57,848 57,848 - 57,848 Other income 1,228,714 - 1,228,714 (1,228,714 ) - Total 1,228,714 623,353 1,852,067 (1,228,714 ) 623,353 Expenses Reimbursable expenses 372,504 - 372,504 (372,504 ) - Rental expenses - 383,627 383,627 (14,802 ) 368,825 General and administrative expenses 621,991 559,145 1,181,136 (559,145 ) 621,991 Strategic alternative expenses 306,058 282,263 588,321 (282,263 ) 306,058 Depreciation - 82,582 82,582 - 82,582 Insurance claim recoveries in excess of cost - (7,459 ) (7,459 ) - (7,459 ) Total 1,300,553 1,300,158 2,600,711 (1,228,714 ) 1,371,997 Other Income (Expense): Interest income 142,119 - 142,119 (113,468 ) 28,651 Interest expense (220,006 ) (113,468 ) (333,474 ) 113,468 (220,006 ) Total (77,887 ) (113,468 ) (191,355 ) - (191,355 ) Net loss before provision for income taxes (149,726 ) (790,273 ) (939,999 ) - (939,999 ) Provision for income taxes 48,400 - 48,400 - 48,400 Net loss from continuing operations (198,126 ) (790,273 ) (988,399 ) - (988,399 ) Net income from discontinued operations 123,160 19,179 142,339 - 142,339 Net loss $ (74,966 ) $ (771,094 ) $ (846,060 ) $ - $ (846,060 )

Note 7 - Real Estate Assets H30

Note 7 - Real Estate Assets Held for Sale and Discontinued Operations: (Tables)	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disclosure of Long Lived Assets Held-for-sale [Table Text Block]	Assets Held for Sale June 30, 2015 December 31, 2014 Property Cortlandt Manor Medical Center (1) $ 7,935,306 $ 8,062,003 Fairfax Medical Center 13,310,749 13,496,901 Accounts receivable 5,374 4,670 Deferred rent receivable 333,184 281,774 Prepaid expenses and other 383,482 344,602 Total Assets Held for Sale $ 21,968,095 $ 22,189,950 Liabilities Related to Real Estate Assets Held for Sale June 30, 2015 December 31, 2014 Accounts payable $ 39,784 $ 68,621 Deferred rent liability 43,131 78,064 Tenant security deposit payable 213,130 227,723 Total Liabilities Related to Real Estate Assets Held for Sale $ 296,045 $ 374,408
Disposal Groups, Including Discontinued Operations [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues Rental income $ 545,636 $ 533,405 $ 1,093,138 $ 1,042,091 Rental income - tenant reimbursements 44,702 48,916 100,581 111,660 Total rental income 590,338 582,321 1,193,719 1,153,751 Expenses Rental Expenses 278,513 286,273 582,318 577,277 Depreciation 169,486 160,872 340,150 320,554 Total expenses 447,999 447,145 922,468 897,831 Net income from discontinuing operations $ 142,339 $ 135,176 $ 271,251 $ 255,920

Note 8 - Investment in Market31

Note 8 - Investment in Marketable Securities (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation [Table Text Block]	June 30, 2015 December 31, 2014 Amortized cost $ 5,478,574 $ 5,931,387 Gross unrealized (losses) gains (29,786 ) 18,711 Fair value* $ 5,448,788 $ 5,950,098

Note 9 - Notes Payable (Tables)

Note 9 - Notes Payable (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Schedule of Debt [Table Text Block]	June 30, 2015 December 31, 2014 Global Dividend Note issued January 2014 $ 16,144,614 $ 16,144,614 Global Note issued June 2014 302,813 302,813 Global Note issued December 2014 403,750 403,750 Global Dividend Note issued December 2014 682,033 682,033 Global Note issued June 2015 403,750 - Total Notes Payable $ 17,936,960 $ 17,533,210

Note 10 - Earnings per Share (T

Note 10 - Earnings per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Six Months Ended June 3 0 , Three Months Ended June 30, BASIC 201 5 201 4 2015 2014 Net loss attributable to Gyrodyne Continuing operations $ (137,891 ) $ (41,813 ) $ (74,966 ) $ (53,885 ) Discontinuing operations - - - - Net loss attributable to Gyrodyne (137,891 ) (41,813 ) (74,966 ) (53,885 ) Weighted average number of common shares outstanding 1,531,830 1,482,680 1,580,439 1,482,680 Net loss per common share attributable to Gyrodyne (“EPS”) Continuing operations $ (0.09 ) $ (0.03 ) $ (0.05 ) $ (0.04 ) Discontinuing operations - - - - Net loss per common share attributable to Gyrodyne (“EPS”) $ (0.09 ) $ (0.03 ) $ (0.05 ) $ (0.04 )

Note 11 - Income Taxes (Tables)

Note 11 - Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Current: Federal $ 32,160 $ - $ 49,560 $ - State 16,240 - 20,940 - $ 48,400 $ - $ 70,500 $ - Deferred: Federal $ - $ - $ - $ - State - - Income tax expense $ 48,400 $ - $ 70,500 $ -
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	June 30, 2015 December 31, 2014 Current: Federal $ 49,560 $ 641,640 State 7,940 108,360 Total $ 57,500 $ 750,000 June 30, 2015 December 31, 2014 Current Tax Liabilities: Flowerfield Properties, excluding recognized gain on the Grove $ 57,500 $ 132,000 Recognized tax gain on the Grove - 618,000 Total current tax payable $ 57,500 $ 750,000

Note 12 - Retirement Plans (Tab

Note 12 - Retirement Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of Net Benefit Costs [Table Text Block]	Six Months Ended Three Months Ended June 30, June 30, 2015 2014 2015 2014 Pension Benefits Service Cost $ - $ 92,854 $ - $ 46,427 Interest Cost 7,419 91,416 3,709 45,708 Expected Return on Plan Assets (6,858 ) (180,620 ) (3,429 ) (90,310 ) Amortization of prior service costs 92,786 11,288 46,393 5,644 Amortization of Actuarial Loss 442,212 - 221,107 - Change in net gain due to settlement (485,635 ) - (242,818 ) - Net Periodic Pension Benefit Cost After Curtailments and Settlements $ 49,924 $ 14,938 $ 24,962 $ 7,469 Minimum required contribution $ - $ - $ - $ - Expected contribution $ 1,936,214 $ - $ 1,936,214 $ -

Note 13 - Incentive Compensat36

Note 13 - Incentive Compensation Plan (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Other Share-based Compensation, Activity [Table Text Block]	Employees Number of Units under Plan Maximum Benefit relating to the 2013 Non-Cash Dividends COO 14,850 $ 31,482 Employees 550 $ 1,166 Directors 53,900 $ 114,268 Total ICP excluding termed employees and directors 69,300 $ 146,916 Former CEO 20,350 $ 43,142 All other former employees 12,100 $ 25,652 Former director 8,250 $ 17,490 Total former Board members and former employees 40,700 $ 86,284 Total maximum ICP to be paid 110,000 $ 233,200

Note 16 - Commitments and Con37

Note 16 - Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block Supplement [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Twelve Months Ending June 3 0 , Amount 2016 $ 3,787,000 2017 2,795,000 2018 2,299,000 2019 2,020,000 2020 1,420,000 Thereafter 3,542,000 $ 15,863,000
Other Commitments [Table Text Block]	Incentive Compensation Plan $ 233,200 Management Employment agreements with bonus and severance commitment contingencies 600,000 Other employee severance commitment contingencies 76,000 Total $ 909,200

Note 18 - Fair Value of Finan38

Note 18 - Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping [Table Text Block]	June 30, 2015 December 31, 2014 Description Carrying Value Fair Value (Level 2) Carrying Value Fair Value (Level 2) Investment in Marketable Securities $ 5,448,788 $ 5,448,788 * $ 5,950,098 $ 5,950,098
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]	Balance Fair Value Measurements Using Description June 30, 2015 (Level 1) (Level 2) (Level 3) Impaired real estate assets $ 6,162,538 $ — $ — $ 6,162,538 Balance Fair Value Measurements Using Description December 31, 2014 (Level 1) (Level 2) (Level 3) Impaired real estate assets $ 6,146,952 $ — $ — $ 6,146,952

Note 20 - Accumulated Other C39

Note 20 - Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure Text Block [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	June 30, 2015 December 31, 2014 Unrecorded (loss) gain on investments $ (29,786 ) $ 18,711 Unrecorded loss on pension (2,169,638 ) (652,393 ) Accumulated other comprehensive loss $ (2,199,424 ) $ (633,682 )

Note 1 - The Company (Details)

Note 1 - The Company (Details) - Jun. 30, 2015	USD ($)ft²a
Note 1 - The Company (Details) [Line Items]
Number of Operating Segments	1
Number of Mortgage Investments	3
Minimum Percentage of Taxable Income Distributed to Shareholders, Maintain REIT Status	90.00%
Gyrodyne Special Distribution LLC [Member]
Note 1 - The Company (Details) [Line Items]
Percentage of Real Estate Owned	100.00%
Number of Real Estate Properties	4
Investment Interest Rate	5.00%
Consolidation, Eliminations [Member]
Note 1 - The Company (Details) [Line Items]
Financing Receivable, Gross (in Dollars)	$ (6,240,397)
Consolidation, Eliminations [Member] | Gyrodyne Special Distribution LLC [Member]
Note 1 - The Company (Details) [Line Items]
Mortgage Loans on Real Estate (in Dollars)	12,399,645
Financing Receivable, Gross (in Dollars)	$ 6,240,397
The Grove Property [Member]
Note 1 - The Company (Details) [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	10.12%
Medical Office Park [Member]
Note 1 - The Company (Details) [Line Items]
Number of Units in Real Estate Property	14
Medical Office Park [Member] | Controlled By Parent Company [Member]
Note 1 - The Company (Details) [Line Items]
Number of Real Estate Properties	2
Number of Units in Real Estate Property	10
Area of Real Estate Property | ft²	131,000
Multi-Tenant Industrial Park [Member] | Controlled By Parent Company [Member]
Note 1 - The Company (Details) [Line Items]
Area of Real Estate Property | ft²	130,000
St. James, New York [Member] | Controlled By Parent Company [Member]
Note 1 - The Company (Details) [Line Items]
Area of Real Estate Property | a	68
Maximum [Member] | Gyrodyne Special Distribution LLC [Member]
Note 1 - The Company (Details) [Line Items]
Variable Interest Entity, Financial or Other Support, Amount (in Dollars)	$ 2,500,000
Maximum [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Note 1 - The Company (Details) [Line Items]
Variable Interest Entity, Financial or Other Support, Amount (in Dollars)	2,500,000
Maximum [Member] | Revolving Credit Facility [Member] | Gyrodyne Special Distribution LLC [Member]
Note 1 - The Company (Details) [Line Items]
Variable Interest Entity, Financial or Other Support, Amount (in Dollars)	7,000,000
Maximum [Member] | Revolving Credit Facility [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Note 1 - The Company (Details) [Line Items]
Variable Interest Entity, Financial or Other Support, Amount (in Dollars)	$ 7,000,000

Note 2 - Strategic Process (Det

Note 2 - Strategic Process (Details)	Jun. 26, 2015USD ($)shares	Jun. 17, 2015$ / sharesshares	Apr. 27, 2015$ / sharesshares	Apr. 24, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015	Mar. 06, 2015$ / sharesshares	Dec. 31, 2014USD ($)	Dec. 05, 2014
Note 2 - Strategic Process (Details) [Line Items]
Percentage of Outstanding Shares Voted by Delivery of Proxy Cards									45.00%
Percentage of Shares Voted in Favor of Merger									97.00%
Share Price (in Dollars per share) | $ / shares		$ 2.75
Maximum Number of Stock to be Distributed from Rights Offering (in Shares)		2,224,020
Common Stock, Shares Subscribed but Unissued (in Shares)		7,044,894
Percent of Shareholders' Subscriptions		100.00%
Stock Issued During Period, Shares, New Issues (in Shares)	2,224,020
Proceeds from Issuance of Common Stock, Net (in Dollars) | $	$ 5,624,324
Proceeds from Issuance of Common Stock (in Dollars) | $	6,116,055				$ 5,624,324
Rights Offering Expense (in Dollars) | $	$ 491,731
Notes Payable (in Dollars) | $				$ 17,937,000	$ 17,936,960			$ 17,533,210
Rights Offering [Member]
Note 2 - Strategic Process (Details) [Line Items]
Share Price (in Dollars per share) | $ / shares			$ 2.75				$ 2.75
Number of Subscription Rights							3
Number of Common Stock Held of Record (in Shares)							2
Common Stock Purchase from each Subscription Right (in Shares)							1
Maximum Number of Stock to be Distributed from Rights Offering (in Shares)			2,224,020
Stock Issued During Period, Shares, New Issues (in Shares)		1,214,644
Percentage of Each Oversubscriber's Requested Shares		20.12499%
Subsequent Event [Member] | Rights Offering [Member]
Note 2 - Strategic Process (Details) [Line Items]
Expected Gross Proceeds from Rights Offering (in Dollars) | $				$ 5,606,000
Gyrodyne Shareholders [Member]
Note 2 - Strategic Process (Details) [Line Items]
Percentage of Shares to be Allocated from Merger						15.20%
Gyrodyne Shareholders [Member] | Subsequent Event [Member]
Note 2 - Strategic Process (Details) [Line Items]
Percentage of Shares to be Allocated from Merger				22.60%
Holders of Dividend Notes [Member]
Note 2 - Strategic Process (Details) [Line Items]
Percentage of Shares to be Allocated from Merger						29.20%
Holders of Dividend Notes [Member] | Subsequent Event [Member]
Note 2 - Strategic Process (Details) [Line Items]
Percentage of Shares to be Allocated from Merger				30.00%
Holders of Common Shares of GSD [Member]
Note 2 - Strategic Process (Details) [Line Items]
Percentage of Shares to be Allocated from Merger						55.60%
Holders of Common Shares of GSD [Member] | Rights Offering [Member]
Note 2 - Strategic Process (Details) [Line Items]
Percentage of Shares to be Allocated from Merger				47.40%

Note 5 - Principles of Consol42

Note 5 - Principles of Consolidation (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Dec. 30, 2013
Note 5 - Principles of Consolidation (Details) [Line Items]
Minimum Ownership Percentage in Limited Partnerships, Equity Method	5.00%
Equity Method Investments	$ 0	$ 0
Gyrodyne Special Distribution LLC [Member]
Note 5 - Principles of Consolidation (Details) [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net	$ 14,332,862	15,805,548
Variable Interest Entity Funds Advanced Interest Rate	5.00%
Gyrodyne Special Distribution LLC [Member] | General and Administrative Expenses [Member]
Note 5 - Principles of Consolidation (Details) [Line Items]
Variable Interest Entity Management Fee Mark Up	8.50%
Gyrodyne Special Distribution LLC [Member] | Rental Expense [Member]
Note 5 - Principles of Consolidation (Details) [Line Items]
Variable Interest Entity Reimbursement Percentage	8.50%
Gyrodyne Special Distribution LLC [Member] | Employee and Director Bonuses [Member]
Note 5 - Principles of Consolidation (Details) [Line Items]
Variable Interest Entity Reimbursement Percentage	100.00%
Variable Interest Entity, Not Primary Beneficiary [Member] | General and Administrative Expenses [Member]
Note 5 - Principles of Consolidation (Details) [Line Items]
Variable Interest Entity Reimbursement Percentage	85.00%
Estimate of Fair Value Measurement [Member] | Gyrodyne Special Distribution LLC [Member]
Note 5 - Principles of Consolidation (Details) [Line Items]
Real Estate Investment Property, Net			$ 30,685,000
Mortgage Obligation [Member] | Gyrodyne Special Distribution LLC [Member]
Note 5 - Principles of Consolidation (Details) [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Liabilities	$ 12,399,645	$ 12,889,463
Maximum [Member] | Gyrodyne Special Distribution LLC [Member]
Note 5 - Principles of Consolidation (Details) [Line Items]
Variable Interest Entity, Financial or Other Support, Amount	2,500,000
Maximum [Member] | Revolving Credit Facility [Member] | Gyrodyne Special Distribution LLC [Member]
Note 5 - Principles of Consolidation (Details) [Line Items]
Variable Interest Entity, Financial or Other Support, Amount	$ 7,000,000

Note 6 - Consolidating Financ43

Note 6 - Consolidating Financial Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Note 6 - Consolidating Financial Information (Details) [Line Items]
Deferred Rent Receivables, Net	$ 64,585		$ 64,585		$ 53,140
Receivables, Net, Current	22,149		22,149		2,782
Prepaid Expense and Other Assets	530,292		530,292		576,012
Security Deposit Liability	249,428		249,428		246,702
Accounts Payable	529,591		529,591		724,641
Deferred Rent Credit	82,192		82,192		16,673
Gyrodyne Special Distribution LLC [Member]
Note 6 - Consolidating Financial Information (Details) [Line Items]
Deferred Rent Receivables, Net	64,585		64,585
Receivables, Net, Current	22,149		22,149
Prepaid Expense and Other Assets	407,291		407,291
Security Deposit Liability	249,428		249,428
Accounts Payable	64,949		64,949
Deferred Rent Credit	82,192		82,192
Loans Payable	3,498,584		3,498,584
Long-term Line of Credit	6,240,397		6,240,397
Interest Expense, Borrowings	225,854	$ 189,585	443,858	$ 359,760
Variable Interest Entity, Primary Beneficiary [Member]
Note 6 - Consolidating Financial Information (Details) [Line Items]
Variable Interest Entity, Consolidated, Carrying Amount, Assets	33,665,518		33,665,518		33,763,279
Real Estate Investments, Net	32,449,453		32,449,453		32,634,949
Deferred Rent Receivables, Net	397,769		397,769		334,914
Receivables, Net, Current	27,523		27,523		7,452
Prepaid Expense and Other Assets	790,773		790,773		785,964
Security Deposit Liability	462,558		462,558		474,425
Accounts Payable	104,733		104,733		218,163
Deferred Rent Credit	125,323		125,323		94,737
Long-term Line of Credit	6,240,397		6,240,397		4,280,943
Consolidation, Eliminations [Member]
Note 6 - Consolidating Financial Information (Details) [Line Items]
Loans Payable	(3,498,584)		(3,498,584)
Long-term Line of Credit	(6,240,397)		(6,240,397)
Management Fee Expense	92,275	$ 100,394	175,258	$ 189,272
Mortgages [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Note 6 - Consolidating Financial Information (Details) [Line Items]
Loans Payable	$ 12,399,645		$ 12,399,645		$ 12,889,463

Note 6 - Consolidating Financ44

Note 6 - Consolidating Financial Information (Details) - Consolidated Balance Sheet - USD ($)	Jun. 30, 2015	Apr. 24, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Rental property:
Land	$ 1,733,693		$ 1,733,693
Building and improvements	11,599,737		11,368,097
Machinery and equipment	344,733		344,733
	13,678,163		13,446,523
Less accumulated depreciation	5,049,861		4,887,339
	8,628,302		8,559,184
Land held for development:
Land	558,466		558,466
Land development costs	2,016,630		1,958,395
	2,575,096		2,516,861
Total real estate, net	11,203,398		11,076,045
Assets held for sale	21,968,095		22,189,950
Cash and cash equivalents	8,012,484		4,028,337	$ 6,346,983	$ 13,048,827
Investment in marketable securities	5,448,788		5,950,098
Rent receivable, net of allowance for doubtful accounts of approximately $53,000	22,149		2,782
Deferred rent receivable	64,585		53,140
Prepaid expenses and other assets	530,292		576,012
Total Assets	47,249,791		43,876,364
LIABILITIES:
Accounts payable	529,591		724,641
Accrued liabilities	256,245		220,573
Deferred rent liability	82,192		16,673
Tenant security deposits payable	249,428		246,702
Liabilities related to assets held for sale	296,045		374,408
Income taxes payable	57,500		750,000
Pension costs	1,936,214
Notes payable	17,936,960	$ 17,937,000	17,533,210
Total Liabilities	21,344,175		20,418,753
EQUITY:
Common stock, $1 par value; authorized 4,000,000 shares; 3,947,908 shares issued; 3,706,700 shares outstanding	3,947,908		1,723,888
Additional paid-in capital	21,153,809		17,753,505
Accumulated other comprehensive loss	(2,199,424)		(633,682)
Deficit	(9,791,842)		(9,653,951)
	13,110,451		9,189,760
Less cost of shares of common stock held in treasury; 241,208	(1,537,697)		(1,537,697)
Total Gyrodyne Stockholders’ Equity	11,572,754		7,652,063
Non-controlling interest in GSD, LLC	14,332,862		15,805,548
Total equity	25,905,616		23,457,611
Total Liabilities and Equity	47,249,791		$ 43,876,364
Consolidation, Eliminations [Member]
Land held for development:
GSD Line of Credit	(6,240,397)
Mortgage receivable	(12,399,645)
Total Assets	(18,640,042)
LIABILITIES:
GSD Line of Credit	(6,240,397)
Mortgage Payable	(3,498,584)
Liabilities related to assets held for sale	(8,901,061)
Total Liabilities	(18,640,042)
EQUITY:
Deficit	4,733,606
	4,733,606
Total Gyrodyne Stockholders’ Equity	4,733,606
Non-controlling interest in GSD, LLC	(4,733,606)
Total Liabilities and Equity	(18,640,042)
Parent Company [Member]
Land held for development:
Cash and cash equivalents	8,012,484
Investment in marketable securities	5,448,788
GSD Line of Credit	6,240,397
Prepaid expenses and other assets	123,001
Mortgage receivable	12,399,645
Total Assets	32,224,315
LIABILITIES:
Accounts payable	464,642
Accrued liabilities	256,245
Income taxes payable	57,500
Pension costs	1,936,214
Notes payable	17,936,960
Total Liabilities	20,651,561
EQUITY:
Common stock, $1 par value; authorized 4,000,000 shares; 3,947,908 shares issued; 3,706,700 shares outstanding	3,947,908
Additional paid-in capital	21,153,809
Accumulated other comprehensive loss	(2,199,424)
Deficit	(9,791,842)
	13,110,451
Less cost of shares of common stock held in treasury; 241,208	(1,537,697)
Total Gyrodyne Stockholders’ Equity	11,572,754
Total equity	11,572,754
Total Liabilities and Equity	32,224,315
Gyrodyne Special Distribution LLC [Member]
Rental property:
Land	1,733,693
Building and improvements	11,599,737
Machinery and equipment	344,733
	13,678,163
Less accumulated depreciation	5,049,861
	8,628,302
Land held for development:
Land	558,466
Land development costs	2,016,630
	2,575,096
Total real estate, net	11,203,398
Assets held for sale	21,968,095
Rent receivable, net of allowance for doubtful accounts of approximately $53,000	22,149
Deferred rent receivable	64,585
Prepaid expenses and other assets	407,291
Total Assets	33,665,518
LIABILITIES:
Accounts payable	64,949
Deferred rent liability	82,192
Tenant security deposits payable	249,428
GSD Line of Credit	6,240,397
Mortgage Payable	3,498,584
Liabilities related to assets held for sale	9,197,106
Total Liabilities	19,332,656
EQUITY:
Deficit	(4,733,606)
	(4,733,606)
Total Gyrodyne Stockholders’ Equity	(4,733,606)
Non-controlling interest in GSD, LLC	19,066,468
Total equity	14,332,862
Total Liabilities and Equity	33,665,518
Consolidated Entities [Member]
Rental property:
Land	1,733,693
Building and improvements	11,599,737
Machinery and equipment	344,733
	13,678,163
Less accumulated depreciation	5,049,861
	8,628,302
Land held for development:
Land	558,466
Land development costs	2,016,630
	2,575,096
Total real estate, net	11,203,398
Assets held for sale	21,968,095
Cash and cash equivalents	8,012,484
Investment in marketable securities	5,448,788
Rent receivable, net of allowance for doubtful accounts of approximately $53,000	22,149
Deferred rent receivable	64,585
GSD Line of Credit	6,240,397
Prepaid expenses and other assets	530,292
Mortgage receivable	12,399,645
Total Assets	65,889,833
LIABILITIES:
Accounts payable	529,591
Accrued liabilities	256,245
Deferred rent liability	82,192
Tenant security deposits payable	249,428
GSD Line of Credit	6,240,397
Mortgage Payable	3,498,584
Liabilities related to assets held for sale	9,197,106
Income taxes payable	57,500
Pension costs	1,936,214
Notes payable	17,936,960
Total Liabilities	39,984,217
EQUITY:
Common stock, $1 par value; authorized 4,000,000 shares; 3,947,908 shares issued; 3,706,700 shares outstanding	3,947,908
Additional paid-in capital	21,153,809
Accumulated other comprehensive loss	(2,199,424)
Deficit	(14,525,448)
	8,376,845
Less cost of shares of common stock held in treasury; 241,208	(1,537,697)
Total Gyrodyne Stockholders’ Equity	6,839,148
Non-controlling interest in GSD, LLC	19,066,468
Total equity	25,905,616
Total Liabilities and Equity	$ 65,889,833

Note 6 - Consolidating Financ45

Note 6 - Consolidating Financial Information (Details) - Consolidated Balance Sheet (Parentheticals) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Condensed Balance Sheet Statements, Captions [Line Items]
Allowance for doubtful accounts (in Dollars)	$ 53,000	$ 81,000
Common stock, par value (in Dollars per share)	$ 1	$ 1
Common stock, authorized	4,000,000	4,000,000
Common stock, shares issued	3,947,908	1,723,888
Common stock, shares outstanding	3,706,700	1,482,680
Common stock held in treasury	241,208	241,208

Note 6 - Consolidating Financ46

Note 6 - Consolidating Financial Information (Details) - Consolidated Statement of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Rental income	$ 565,505	$ 572,783	$ 1,128,484	$ 1,184,742
Rental income - tenant reimbursements	57,848	62,216	150,239	178,862
Total	623,353	634,999	1,278,723	1,363,604
Expenses
Rental expenses	368,825	345,525	783,568	766,122
General and administrative expenses	621,991	579,616	1,265,500	1,150,366
Strategic alternative expenses	306,058	534,799	505,933	872,541
Depreciation	82,582	80,787	162,523	161,999
Insurance claim recoveries in excess of cost	(7,459)		(7,459)
Total	1,371,997	1,740,727	2,710,065	3,151,028
Other Income (Expense):
Interest income	28,651	22,092	59,185	45,924
Interest expense	(220,006)	(201,808)	(439,171)	(336,346)
Total	(191,355)	(179,716)	(379,986)	(290,422)
Net loss before provision for income taxes	(939,999)	(1,285,444)	(1,811,328)	(2,077,846)
Provision for income taxes	48,400		70,500
Net loss from continued operations	(988,399)		(1,881,828)
Net income from discontinued operations	142,339		271,251
Net loss	(846,060)	$ (1,150,268)	(1,610,577)	$ (1,821,926)
Consolidation, Eliminations [Member]
Revenues
Other income	(1,228,714)		(2,405,520)
Total	(1,228,714)		(2,405,520)
Expenses
Reimbursable expenses	(372,504)		(787,247)
Rental expenses	(14,802)		(27,994)
General and administrative expenses	(559,145)		(1,123,682)
Strategic alternative expenses	(282,263)		(466,597)
Total	(1,228,714)		(2,405,520)
Other Income (Expense):
Interest income	(113,468)		(217,413)
Interest expense	113,468		217,413
Parent Company [Member]
Revenues
Other income	1,228,714		2,405,520
Total	1,228,714		2,405,520
Expenses
Reimbursable expenses	372,504		787,247
General and administrative expenses	621,991		1,265,500
Strategic alternative expenses	306,058		505,933
Total	1,300,553		2,558,680
Other Income (Expense):
Interest income	142,119		276,598
Interest expense	(220,006)		(439,171)
Total	(77,887)		(162,573)
Net loss before provision for income taxes	(149,726)		(315,733)
Provision for income taxes	48,400		70,500
Net loss from continued operations	(198,126)		(386,233)
Net income from discontinued operations	123,160		248,342
Net loss	(74,966)		(137,891)
Gyrodyne Special Distribution LLC [Member]
Revenues
Rental income	565,505		1,128,484
Rental income - tenant reimbursements	57,848		150,239
Total	623,353		1,278,723
Expenses
Rental expenses	383,627		811,562
General and administrative expenses	559,145		1,123,682
Strategic alternative expenses	282,263		466,597
Depreciation	82,582		162,523
Insurance claim recoveries in excess of cost	(7,459)		(7,459)
Total	1,300,158		2,556,905
Other Income (Expense):
Interest expense	(113,468)		(217,413)
Total	(113,468)		(217,413)
Net loss before provision for income taxes	(790,273)		(1,495,595)
Net loss from continued operations	(790,273)		(1,495,595)
Net income from discontinued operations	19,179		22,909
Net loss	(771,094)		(1,472,686)
Consolidated Entities [Member]
Revenues
Rental income	565,505		1,128,484
Rental income - tenant reimbursements	57,848		150,239
Other income	1,228,714		2,405,520
Total	1,852,067		3,684,243
Expenses
Reimbursable expenses	372,504		787,247
Rental expenses	383,627		811,562
General and administrative expenses	1,181,136		2,389,182
Strategic alternative expenses	588,321		972,530
Depreciation	82,582		162,523
Insurance claim recoveries in excess of cost	(7,459)		(7,459)
Total	2,600,711		5,115,585
Other Income (Expense):
Interest income	142,119		276,598
Interest expense	(333,474)		(656,584)
Total	(191,355)		(379,986)
Net loss before provision for income taxes	(939,999)		(1,811,328)
Provision for income taxes	48,400		70,500
Net loss from continued operations	(988,399)		(1,881,828)
Net income from discontinued operations	142,339		271,251
Net loss	$ (846,060)		$ (1,610,577)

Note 7 - Real Estate Assets H47

Note 7 - Real Estate Assets Held for Sale and Discontinued Operations: (Details)	3 Months Ended
	Jun. 30, 2015USD ($)
Discontinued Operations and Disposal Groups [Abstract]
Impairment of Real Estate	$ 200,000

Note 7 - Real Estate Assets H48

Note 7 - Real Estate Assets Held for Sale and Discontinued Operations: (Details) - Long Lived Assets Held-for-Sale - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Property
Accounts receivable		$ 5,374	$ 4,670
Deferred rent receivable		333,184	281,774
Prepaid expenses and other		383,482	344,602
Total Assets Held for Sale		21,968,095	22,189,950
Accounts payable		39,784	68,621
Deferred rent liability		43,131	78,064
Tenant security deposit payable		213,130	227,723
Total Liabilities Related to Real Estate Assets Held for Sale		296,045	374,408
Cortlandt Manor Medical Center [Member]
Property
Property	[1]	7,935,306	8,062,003
Fairfax Medical Center [Member]
Property
Property		$ 13,310,749	$ 13,496,901
[1]	The Cortlandt Manor Medical Center is inclusive of the two adjacent lots.

Note 7 - Real Estate Assets H49

Note 7 - Real Estate Assets Held for Sale and Discontinued Operations: (Details) - Summary of Discontinued Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Rental income	$ 590,338	$ 582,321	$ 1,193,719	$ 1,153,751
Expenses
Total expenses	447,999	447,145	922,468	897,831
Depreciation	169,486	160,872	340,150	320,554
Net income from discontinuing operations	142,339	135,176	271,251	255,920
Rental Income [Member]
Revenues
Rental income	545,636	533,405	1,093,138	1,042,091
Rental Income, Tenant Reimbursements [Member]
Revenues
Rental income	44,702	48,916	100,581	111,660
Rental Expense [Member]
Expenses
Total expenses	$ 278,513	$ 286,273	$ 582,318	$ 577,277

Note 8 - Investment in Market50

Note 8 - Investment in Marketable Securities (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Note 8 - Investment in Marketable Securities (Details) [Line Items]
Proceeds from Principal Repayments on Loans and Leases Held-for-investment (in Dollars)	$ 452,813
Marketable Securities Estimated Yield	2.00%
Marketable Securities Adjusted Duration	4 years	4 years
Unrealized Loss on Securities (in Dollars)	$ 0
Minimum [Member]
Note 8 - Investment in Marketable Securities (Details) [Line Items]
Marketable Securities, Contractual Maturities	15 years	15 years
Maximum [Member]
Note 8 - Investment in Marketable Securities (Details) [Line Items]
Marketable Securities, Contractual Maturities	30 years	30 years

Note 8 - Investment in Market51

Note 8 - Investment in Marketable Securities (Details) - Historical Cost and Estimated Fair Value of Available for Sale Securities - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2015	Dec. 31, 2014
Historical Cost and Estimated Fair Value of Available for Sale Securities [Abstract]
Amortized cost		$ 5,478,574	$ 5,931,387
Gross unrealized (losses) gains		(29,786)	18,711
Fair value*	[1]	$ 5,448,788	$ 5,950,098
[1]	The Company received $452,813 in principal repayments during the six-months ended June 30, 2015

Note 9 - Notes Payable (Details

Note 9 - Notes Payable (Details) - USD ($)	Apr. 14, 2015	Sep. 12, 2014	Jun. 30, 2015	Jun. 15, 2015	Apr. 24, 2015	Dec. 31, 2014	Dec. 15, 2014	Jun. 16, 2014	Jun. 15, 2014
Note 9 - Notes Payable (Details) [Line Items]
Income (Loss) before Gain or Loss on Sale of Properties, and Extraordinary Items			$ 18,000,000
Notes Payable			17,936,960		$ 17,937,000	$ 17,533,210
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share)		$ 0.46
Debt Instrument, Converted, Percentage of Shares	30.00%
Gyrodyne Special Distribution LLC [Member]
Note 9 - Notes Payable (Details) [Line Items]
Gain (Loss) on Sale of Properties			28,400,000
Global Dividend Note Payable [Member]
Note 9 - Notes Payable (Details) [Line Items]
Notes Payable			$ 16,150,000	$ 403,750		$ 16,144,614	$ 403,750	$ 302,813
Dividends Payable, Amount Per Share (in Dollars per share)			$ 10.89
Debt Instrument, Interest Rate, Stated Percentage									5.00%
Dividends, Cash		$ 682,033

Note 9 - Notes Payable (Detai53

Note 9 - Notes Payable (Details) - Summary of Notes Payable - USD ($)	Jun. 30, 2015	Jun. 15, 2015	Apr. 24, 2015	Dec. 31, 2014	Dec. 15, 2014	Jun. 16, 2014
Note 9 - Notes Payable (Details) - Summary of Notes Payable [Line Items]
Notes payable	$ 17,936,960		$ 17,937,000	$ 17,533,210
Global Dividend Note Payable [Member]
Note 9 - Notes Payable (Details) - Summary of Notes Payable [Line Items]
Notes payable	16,150,000	$ 403,750		16,144,614	$ 403,750	$ 302,813
Global Dividend Issued June 2014 [Member]
Note 9 - Notes Payable (Details) - Summary of Notes Payable [Line Items]
Notes payable	302,813			302,813
Global Note Issued December 2014 [Member]
Note 9 - Notes Payable (Details) - Summary of Notes Payable [Line Items]
Notes payable	403,750			403,750
Global Dividend Note Issued December 2014 [Member]
Note 9 - Notes Payable (Details) - Summary of Notes Payable [Line Items]
Notes payable	682,033			$ 682,033
Global Note Issued June 2015 [Member]
Note 9 - Notes Payable (Details) - Summary of Notes Payable [Line Items]
Notes payable	$ 403,750

Note 10 - Earnings per Share (D

Note 10 - Earnings per Share (Details) - USD ($)	Jun. 26, 2015	Jun. 17, 2015	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share [Abstract]
Common Stock Equivalents Outstanding			10	0
Proceeds from Issuance of Common Stock (in Dollars)	$ 6,116,055		$ 5,624,324
Common Stock, Shares Subscribed but Unissued		7,044,894
Maximum Number of Stock to be Distributed from Rights Offering		2,224,020
Percent of Shareholders' Subscriptions		100.00%
Stock Issued During Period, Shares, New Issues	2,224,020
Proceeds from Issuance of Common Stock, Net (in Dollars)	$ 5,624,324
Rights Offering Expense (in Dollars)	$ 491,731

Note 10 - Earnings per Share 55

Note 10 - Earnings per Share (Details) - Summary of Net Income (Loss) Earnings Per Share - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net loss attributable to Gyrodyne
Continuing operations	$ (74,966)	$ (53,885)	$ (137,891)	$ (41,813)
Net loss attributable to Gyrodyne	$ (74,966)	$ (53,885)	$ (137,891)	$ (41,813)
Weighted average number of common shares outstanding	1,580,439	1,482,680	1,531,830	1,482,680
Net loss per common share attributable to Gyrodyne (“EPS”)
Continuing operations	$ (0.05)	$ (0.04)	$ (0.09)	$ (0.03)
Net loss per common share attributable to Gyrodyne (“EPS”)	$ (0.05)	$ (0.04)	$ (0.09)	$ (0.03)

Note 11 - Income Taxes (Details

Note 11 - Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Note 11 - Income Taxes (Details) [Line Items]
Income Tax Expense (Benefit)	$ 48,400		$ 70,500
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			39.00%
Deferred Tax Assets, Net of Valuation Allowance	0		$ 0		$ 0
Deferred Tax Liabilities, Net	$ 0		$ 0		$ 0
Flowerfield Properties, Inc. [Member]
Note 11 - Income Taxes (Details) [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	39.00%	39.00%	39.00%	39.00%

Note 11 - Income Taxes (Detai57

Note 11 - Income Taxes (Details) - Tax Provision for Income Taxes - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Current:
Federal	$ 32,160		$ 49,560
State	16,240		20,940
	48,400		70,500
Deferred:
Federal		$ 0
State	0	$ 0	0	$ 0
Income tax expense	$ 48,400		$ 70,500

Note 11 - Income Taxes (Detai58

Note 11 - Income Taxes (Details) - Current Tax Liabilities - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current:
Current tax payable	$ 57,500	$ 750,000
Flowerfield Properties, Inc. [Member]
Current:
Current tax payable	57,500	132,000
The Grove, Florida [Member]
Current:
Current tax payable		618,000
Domestic Tax Authority [Member]
Current:
Current tax payable	49,560	641,640
State and Local Jurisdiction [Member]
Current:
Current tax payable	$ 7,940	$ 108,360

Note 12 - Retirement Plans (Det

Note 12 - Retirement Plans (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Note 12 - Retirement Plans (Details) [Line Items]
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax	$ 2,169,638	$ 2,169,638	$ 652,393
Defined Benefit Plan, Actuarial Gain (Loss)	$ (1,517,245)	(1,517,245)
Defined Benefit Plan, Contributions by Employer		183,500
Defined Benefit Plan Obligation, Underfunded		$ 1,936,214
Fair Value, Inputs, Level 3 [Member]
Note 12 - Retirement Plans (Details) [Line Items]
Deferred Compensation Plan Assets			$ 800,767

Note 12 - Retirement Plans (D60

Note 12 - Retirement Plans (Details) - Components of Net Periodic Benefit Cost - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Pension Benefits
Service Cost		$ 46,427		$ 92,854
Interest Cost	$ 3,709	45,708	$ 7,419	91,416
Expected Return on Plan Assets	(3,429)	(90,310)	(6,858)	(180,620)
Amortization of prior service costs	46,393	5,644	92,786	11,288
Amortization of Actuarial Loss	221,107		442,212
Change in net gain due to settlement	(242,818)		(485,635)
Net Periodic Pension Benefit Cost After Curtailments and Settlements	24,962	$ 7,469	49,924	$ 14,938
Expected contribution	$ 1,936,214		$ 1,936,214

Note 13 - Incentive Compensat61

Note 13 - Incentive Compensation Plan (Details) - Incentive Compensation Plan [Member] - USD ($)	1 Months Ended	6 Months Ended
	Dec. 30, 2013	Jun. 30, 2015
Note 13 - Incentive Compensation Plan (Details) [Line Items]
Dividends	$ 98,685,000	$ 5,277,800
Remaining Liability Under Incentive Plan, Aggregative Maximum		233,200
Special Distributions [Member]
Note 13 - Incentive Compensation Plan (Details) [Line Items]
Dividends, Cash		68,000,000
Special Distributions [Member] | Required Cash Payment [Member]
Note 13 - Incentive Compensation Plan (Details) [Line Items]
Dividends, Cash		$ 5,044,600

Note 13 - Incentive Compensat62

Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees - Jun. 30, 2015 - USD ($) shares in Millions	Total
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Number of units under Incentive Compensation Plan	110,000
Chief Operating Officer [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Number of units under Incentive Compensation Plan	14,850
Current Employees [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Number of units under Incentive Compensation Plan	550
Director [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Number of units under Incentive Compensation Plan	53,900
Current COO, Employees and Directors [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Number of units under Incentive Compensation Plan	69,300
Former Chief Executive Officer [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Number of units under Incentive Compensation Plan	20,350
Other Employees [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Number of units under Incentive Compensation Plan	12,100
Former Director [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Number of units under Incentive Compensation Plan	8,250
Former Board Members and Employees [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Number of units under Incentive Compensation Plan	40,700
Non-Cash Dividends [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Benefits relating to non-cash dividends	$ 233,200
Non-Cash Dividends [Member] | Chief Operating Officer [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Benefits relating to non-cash dividends	31,482
Non-Cash Dividends [Member] | Current Employees [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Benefits relating to non-cash dividends	1,166
Non-Cash Dividends [Member] | Director [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Benefits relating to non-cash dividends	114,268
Non-Cash Dividends [Member] | Current COO, Employees and Directors [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Benefits relating to non-cash dividends	146,916
Non-Cash Dividends [Member] | Former Chief Executive Officer [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Benefits relating to non-cash dividends	43,142
Non-Cash Dividends [Member] | Other Employees [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Benefits relating to non-cash dividends	25,652
Non-Cash Dividends [Member] | Former Director [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Benefits relating to non-cash dividends	17,490
Non-Cash Dividends [Member] | Former Board Members and Employees [Member]
Note 13 - Incentive Compensation Plan (Details) - Vested Maximum Benefit Payable to Ex-Employees [Line Items]
Benefits relating to non-cash dividends	$ 86,284

Note 14 - Retention Bonus Plan

Note 14 - Retention Bonus Plan (Details)	May. 31, 2014
Note 14 - Retention Bonus Plan (Details) [Line Items]
Bonus Pool Funding As Percentage Of Appraised Value Of Contributed Properties	5.00%
Retention Bonus Plan Gross Selling Price Requirement Percentage	100.00%
Additional Bonus Pool Funding Percentage Of Gross Sales Price On First Ten Percent Off Property Appreciation	10.00%
Additional Bonus Pool Funding Percentage Of Gross Sales Price On Second Ten Percent Of Property Appreciation	15.00%
Additional Bonus Pool Funding Percentage Of Gross Sales Price On Property Appreciation Greater Than Twenty Percent	20.00%
AdditionalBonusPoolFundingAdditional Percentage Of Gross Sales Price On Property Appreciation	2.00%
Board of Directors Chairman [Member]
Note 14 - Retention Bonus Plan (Details) [Line Items]
Bonus Pool Distribution Proportions	15.00%
Directors Other Than Chairman [Member]
Note 14 - Retention Bonus Plan (Details) [Line Items]
Bonus Pool Distribution Proportions	50.00%
Other 5 Directors [Member]
Note 14 - Retention Bonus Plan (Details) [Line Items]
Bonus Pool Distribution Proportions	10.00%
Executives And Employees [Member]
Note 14 - Retention Bonus Plan (Details) [Line Items]
Bonus Pool Distribution Proportions	35.00%

Note 16 - Commitments and Con64

Note 16 - Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2015	May. 31, 2014
Note 16 - Commitments and Contingencies (Details) [Line Items]
Supplemental Unemployment Benefits, Severance Benefits (in Dollars)	$ 676,000
Bonus Pool Funding As Percentage Of Appraised Value Of Contributed Properties		5.00%
Retention Bonus Plan Gross Selling Price Requirement Percentage		100.00%
Additional Bonus Pool Funding Percentage Of Gross Sales Price On First Ten Percent Off Property Appreciation		10.00%
Additional Bonus Pool Funding Percentage Of Gross Sales Price On Second Ten Percent Of Property Appreciation		15.00%
Additional Bonus Pool Funding Percentage Of Gross Sales Price On Property Appreciation Greater Than Twenty Percent		20.00%
AdditionalBonusPoolFundingAdditional Percentage Of Gross Sales Price On Property Appreciation		2.00%
CEO and President Each [Member]
Note 16 - Commitments and Contingencies (Details) [Line Items]
Other Commitment (in Dollars)	125,000
Other Employees [Member]
Note 16 - Commitments and Contingencies (Details) [Line Items]
Supplemental Unemployment Benefits, Severance Benefits (in Dollars)	$ 76,000
Board of Directors Chairman [Member]
Note 16 - Commitments and Contingencies (Details) [Line Items]
Bonus Pool Distribution Proportions		15.00%
Directors Other Than Chairman [Member]
Note 16 - Commitments and Contingencies (Details) [Line Items]
Bonus Pool Distribution Proportions		50.00%
Other 5 Directors [Member]
Note 16 - Commitments and Contingencies (Details) [Line Items]
Bonus Pool Distribution Proportions		10.00%
Executives And Employees [Member]
Note 16 - Commitments and Contingencies (Details) [Line Items]
Bonus Pool Distribution Proportions		35.00%

Note 16 - Commitments and Con65

Note 16 - Commitments and Contingencies (Details) - Lease Revenue Commitments	Jun. 30, 2015USD ($)
Lease Revenue Commitments [Abstract]
2,016	$ 3,787,000
2,017	2,795,000
2,018	2,299,000
2,019	2,020,000
2,020	1,420,000
Thereafter	3,542,000
	$ 15,863,000

Note 16 - Commitments and Con66

Note 16 - Commitments and Contingencies (Details) - Other Commitments and Contingencies $ in Millions	Jun. 30, 2015USD ($)
Other Commitments [Line Items]
Contractual obligation	$ 909,200
Incentive Compensation Plan [Member]
Other Commitments [Line Items]
Contractual obligation	233,200
Employment Agreement With Severance Contingencies [Member]
Other Commitments [Line Items]
Contractual obligation	600,000
Other Employee Severance Commitment Contingencies [Member]
Other Commitments [Line Items]
Contractual obligation	$ 76,000

Note 18 - Fair Value of Finan67

Note 18 - Fair Value of Financial Instruments (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)m²	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)m²	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013	Mar. 18, 2011USD ($)	Dec. 31, 2010
Note 18 - Fair Value of Financial Instruments (Details) [Line Items]
Proceeds from Principal Repayments on Loans and Leases Held-for-investment			$ 452,813
Asset Impairment Charges		$ 200,000	0	$ 200,000	$ 200,000
Equity Method Investments	$ 0		0		0
Deferred Tax Liabilities, Net	0		0		0
Taxes Payable, Current	57,500		57,500		$ 750,000
Income Tax Expense (Benefit)	$ 48,400		$ 70,500
The Grove, Florida [Member]
Note 18 - Fair Value of Financial Instruments (Details) [Line Items]
Equity Method Investment, Ownership Percentage	20.00%		20.00%		10.12%	9.32%		9.99%
Area of Land (in Square Meters) | m²	3,700		3,700
Loans Payable							$ 37,000,000
Interest Payable							$ 8,000,000
Equity Method Investments	$ 0		$ 0		$ 0
Deferred Tax Liabilities, Net					1,315,000
Taxes Payable, Current					618,000
Income Tax Expense (Benefit)					(697,000)
Fair Value, Inputs, Level 3 [Member] | The Grove, Florida [Member]
Note 18 - Fair Value of Financial Instruments (Details) [Line Items]
Equity Method Investments, Fair Value Disclosure					$ 0

Note 18 - Fair Value of Finan68

Note 18 - Fair Value of Financial Instruments (Details) - Carrying Value and Fair Value of Financial Assets and Liabilities - USD ($)		Jun. 30, 2015		Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in Marketable Securities		$ 5,448,788		$ 5,950,098
Investment in Marketable Securities	[1]	5,448,788		5,950,098
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investment in Marketable Securities		$ 5,448,788	[2]	$ 5,950,098
[1]	The Company received $452,813 in principal repayments during the six-months ended June 30, 2015
[2]	The Company received $452,813 in principal repayments during the first Six-months of 2015.

Note 18 - Fair Value of Finan69

Note 18 - Fair Value of Financial Instruments (Details) - Assets and Liabilities from Continuing Operations at Fair Value Recurring and Non-Recurring - Impaired Real Estate Assets [Member] - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate assets	$ 6,162,538	$ 6,146,952
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate assets	$ 6,162,538	$ 6,146,952

Note 19 - Impairment of Real 70

Note 19 - Impairment of Real Estate Investments (Details) - USD ($)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Disclosure Text Block Supplement [Abstract]
Asset Impairment Charges	$ 200,000	$ 0	$ 200,000	$ 200,000

Note 20 - Accumulated Other C71

Note 20 - Accumulated Other Comprehensive Income (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Disclosure Text Block [Abstract]
Accumulated Other Comprehensive Income (Loss), Net of Tax	$ (2,199,424)	$ (633,682)

Note 20 - Accumulated Other C72

Note 20 - Accumulated Other Comprehensive Income (Details) - Accumulated Other Comprehensive Income - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Accumulated Other Comprehensive Income [Abstract]
Unrecorded (loss) gain on investments	$ (29,786)	$ 18,711
Unrecorded loss on pension	(2,169,638)	(652,393)
Accumulated other comprehensive loss	$ (2,199,424)	$ (633,682)