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| GYRO > SEC Filings for GYRO > Form 8-K on 6-Apr-2009 | All Recent SEC Filings |
6-Apr-2009
Completion of Acquisition or Disposition of Assets, Financial Statemen
On March 31, 2009, a wholly owned subsidiary of Gyrodyne Company of America, Inc. (the "Company") acquired the Fairfax Medical Center in Fairfax, Virginia (the "Property") from Fairfax Medical Center, LLC (the "Seller"). The Property consists of two office buildings which are situated on 3.5 acres with approximately 58,000 gross rentable square feet and a current occupancy rate of approximately 84%. The purchase price was $12,891,000, or $221.84 per square foot, reflecting a $269,000 reduction from the previously announced purchase price. Of the $12,891,000 purchase price, $8,000,000 was provided by Virginia Commerce Bank in the form of mortgage financing. The aggregate monthly rent flow from the Property is currently $96,957.87. There is no material relationship between the Company and the Seller.
The acquisition of the Property qualifies for tax deferral treatment under
Section 1033 of the Internal Revenue Code. Combined with the previously
announced acquisitions of the Port Jefferson Professional Park and the Cortlandt
Medical Center, the Company has now reinvested in a tax-efficient manner within
required time limits the $26 million advance payment for property taken from the
Company by the State of New York under the power of eminent domain.
On April 6, 2009, the Company issued a press release announcing the acquisition of the Property, a copy of which is attached hereto as Exhibit 99.1.
(a) Financial Statements of a Business Acquired.
This Current Report on Form 8-K will be supplemented by amendment no later than 71 calendar days after the date this report on Form 8-K is required to be filed to provide the financial statements of the business acquired.
(b) Pro Forma Financial Information.
This Current Report on Form 8-K will be supplemented by amendment no later than 71 calendar days after the date this report on Form 8-K is required to be filed to provide pro forma financial information.
(d) Exhibits
Exhibit No. Document
99.1 Press Release dated April 6, 2009.
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