Gyrodyne Co. of America Inc. (Nasdaq:GYRO) announced that it raised $10.2 million, the maximum gross proceeds possible, through its just concluded rights offering. The rights offering concluded on September 22, 2011 and was extremely well received and oversubscribed to by approximately 50% beyond the $10.2 million maximum. In the rights offering, Gyrodyne distributed non-transferable rights to purchase 173,305 shares of its common stock at a purchase price of $53.00 per share to shareholders of record as of August 15, 2011. In addition, Gyrodyne had the option to issue an additional 19,336 shares to honor over-subscription requests.

Gyrodyne, a real estate investment trust, manages a diversified portfolio of real estate properties comprising office, industrial and service-oriented properties primarily in the New York City metropolitan area.

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