1. The Company Gyrodyne, LLC (including its subsidiaries, Gyrodyne, the Company or the Registrant) is a limited liability company formed under the laws of the State of New York whose primary business is the management of, and the pursuit of entitlements on, a portfolio of medical office and industrial properties located in Suffolk (Flowerfield) and Westchester Counties (Cortlandt Manor), in New York State. Substantially all of our developed properties are subject to leases in which the tenant reimburses the Company for a portion, all of or substantially all of the costs and/or cost increases for utilities, insurance, repairs, maintenance and real estate taxes. Certain leases provide that the Company is responsible for certain operating expenses. Gyrodynes corporate strategy is to enhance the value of Flowerfield and Cortlandt Manor by pursuing entitlement opportunities and enhancing the value of its leases. The Board believes the aforementioned strategy will improve the potential of increasing the values for such properties. The value of the real estate reported in the consolidated statements of net assets as of March 31, 2020 and December 31, 2019 ( predicated on current asset values) includes some, but not all, of the potential value impact that may result from such value enhancement efforts. There can be no assurance that our value enhancement efforts will result in property value increases that exceed the costs we incur in such efforts, or even any increase at all. Our efforts to generate the highest values for Flowerfield and Cortlandt Manor may involve in limited circumstances the pursuit of joint venture relationships, entitlements, other investments and/or other strategies to enhance the net value of Flowerfield and Cortlandt Manor to maximize the returns for our shareholders. The Company does not expect the pursuit of joint ventures, if any, to adversely affect the timing of distributions to our shareholders. Gyrodyne intends to dissolve after it completes the disposition of all of its real property assets, applies the proceeds of such dispositions first to settle any debts and claims, pending or otherwise, against Gyrodyne, and then makes liquidating distributions to holders of Gyrodyne common shares. The liquidation process and the amount and timing of distributions involve risks and uncertainties. As such, it is impossible at this time to determine the ultimate amount of proceeds that will actually be distributed to our shareholders or the timing of such payments. Accordingly, no assurance can be given that the distributions will equal or exceed the estimate of net assets in liquidation presented in our consolidated statements of net assets. The actual nature, amount and timing of all distributions will be determined by Gyrodynes Board in its sole discretion and will depend in part upon the Companys ability to convert our remaining assets into cash in compliance with our obligations under the Stipulation entered into in connection with the class action lawsuit (See Note 12  Contingencies) and settle and pay our remaining liabilities and obligations. Under Gyrodynes Amended and Restated Limited Liability Company Agreement (the LLC Agreement), such dissolution may be effected upon the vote of holders of a majority of Gyrodyne common shares or, in the Boards discretion and without any separate approval by the holders of the Gyrodyne common shares outstanding, at any time the value of Gyrodynes assets, as determined by the Board in good faith, is less than $1,000,000. The Companys remaining real estate investments, each of which is held in a single asset limited liability company wholly owned by the Company, consist of:  Cortlandt Manor: Approximately 13.8 acres in Cortlandt Manor, New York, consisting of the approximate 34,000 square foot Cortlandt Medical Center; and  Flowerfield: Approximately 68 acres in St. James, New York, including a 10 -acre multi-tenanted industrial park comprising approximately 127,000 rentable square feet. Approximately 62 of the 68 acres are included in the subdivision application filed with the Town of Smithtown. Approximately 5 acres of the 68 acres are zoned residential and non-contiguous to the Flowerfield property and are being actively marketed for sale.