GYRODYNE CO OF AMERICA INC - FORM 8-K - EX-99 - EXHIBIT 99.2 - December 5, 2014

Attached files

file filename
8-K - FORM 8-K - GYRODYNE CO OF AMERICA INCgyro20141204_8k.htm
EX-99 - EXHIBIT 99.1 - GYRODYNE CO OF AMERICA INCex99-1.htm

Exhibit 99.2

 

 

Gyrodyne Company of America, Inc.                    

Financial Results                    

 

   

2014 (9)

    

2013 (9)

    

2013

    

2012

    

2011

  

Revenues

     2,002,107       2,186,915       2,890,174       2,724,983       2,975,621  

Condemnation Income (Costs)

     -       (2,360 )     (2,360 )     167,370,518       (333,308 )

Federal Tax Provision (Benefit)

     -       (58,182,122 )     (61,553,442 )     61,649,000       -  

Net Income (1)

     (2,227,483 )     47,380,476       46,055,205       99,048,253       (1,124,665 )

Per Share Income

   $ (1.50 )   $ 31.96     $ 31.07     $ 66.80     $ (0.76 )

Funds from Operations (FFO)

     (1,392,827 )     (7,933,890 )     (14,470,658 )     (5,712,917 )     (179,490 )

Adjusted Funds from Operations (AFFO)

     402,339       286,104       209,943       (48,911 )     183,201  
                                         
                                         
                                         
                                         

(1) After Strategic Alternative Expenses

     1,246,096       2,803,021       3,637,123       1,013,043       29,383  

Impairment Charges

     200,000       2,100,000       2,100,000       -       -  

Incentive Compensation

     -       5,096,481       5,096,481       4,249,964       -  

Income from Discontinued Operations (Fairfax & Cortlandt Manor)

     562,866       327,471       417,315       129,183       264,023  

Excise Tax

     -       3,396,320       3,521,320       -       -  
                                         

Revenues in Discontinued Operations

     1,728,800       1,603,017       2,139,795       2,264,125       2,544,083  

 

Gyrodyne Company of America, Inc.                    

Reconciliation of Net (Loss) Income to FFO and AFFO                    

 

   

2014 (9)

    

2013 (9)

    

2013

    

2012

    

2011

  

Reconciliation to AFFO

                                        

Net (loss) income

   $ (2,227,483 )   $ 47,380,476     $ 46,055,205     $ 99,048,253     $ (1,124,665 )

Net income from condemnation

     -               -       167,370,518       -  

Income tax (benefit) provision

     -       (58,182,122 )     (61,553,442 )     61,649,000       -  

Depreciation and amortization

                                        

from continuing operations

     249,660       264,321       344,478       330,034       323,538  

from discontinued operations

     314,935       449,234       609,247       570,061       552,563  

Total depreciation and amortization

     564,595       713,555       953,725       900,095       876,101  

Amortization of capitalized leasing costs

     70,061       54,201       73,854       60,253       69,074  

Impairment Charges

     200,000       2,100,000       2,100,000       -       -  

FFO

     (1,392,827 )     (7,933,890 )     (12,370,658 )     (5,712,917 )     (179,490 )

Condemnation

     -       2,360       2,360       -       333,308  

Restructuring

     -       64,237       64,237       -       -  

Strategic Alternative Expenses

     1,246,096       2,803,021       3,637,123       1,013,043       29,383  

Nonrecurring Governance items relating to ICP

     -       -       5,565       -       -  

Incentive Compensation Payments

     -       5,096,861       5,096,481       4,249,963       -  

Excise Tax

     -       -       3,521,320       -       -  

Dividend note interest

     542,570       -       -       -       -  

Amortization of dividend note costs

     6,500       -       -       -       -  

Debt prepayment penalties and related costs

     -       253,515       253,515       401,000       -  

AFFO

   $ 402,339     $ 286,104     $ 209,943     $ (48,911 )   $ 183,201  

 

 

GYRODYNE CO OF AMERICA INC Reports