For information regarding factors that could affect our business, results of operations, financial condition and liquidity, see the risk factors discussed under Part I, Item 1A of our 2020 Form 10-K filed with the Securities and Exchange Commission on April 13, 2021.
−Removed: The following risk factors which appear in our 2020 Form 10-K are updated as follows:
+Added: The following risk factors which appear in our 2020 Form 10-K were updated in our Quarterly Report on 10-Q for the quarter ended June 30, 2021, filed with the Securities and Exchange Commission on August 6, 2021, as follows:
Community opposition could adversely impact our efforts to obtain entitlements and enhance the value of our properties.
9 unchanged sentences
The global health crisis caused by the novel coronavirus (“COVID-19”) pandemic and its resurgences has and may continue to negatively impact economic activity, which, despite progress in vaccination efforts, remains uncertain and cannot be predicted with confidence.
−Removed: In addition, a new Delta variant of COVID-19, which appears to be the most transmissible variant to date, has begun to spread domestically.
−Removed: The impact of the Delta variant cannot be predicted at this time, and could depend on numerous factors, including vaccination rates among the population, the effectiveness of COVID-19 vaccines against the Delta variant and the response by governmental bodies and regulators.
−Removed: The Coronavirus pandemic has affected and will likely for the foreseeable future affect our timelines for pursuing entitlements, selling our properties and making distributions.
−Removed: The pandemic may result in delays in necessary interactions with local authorities and ultimately delays in receiving approvals from such authorities due to limitations in employee resources or forced furlough of government employees.
−Removed: The real estate market is expected to continue to be adversely affected which could negatively impact the timing of sales and the resulting value of our real estate.
−Removed: A continuation or worsening of the levels of market disruption and volatility seen in the recent past could also have an adverse effect on the Company’s ability to access capital, which could in the future negatively affect the Company’s liquidity.
−Removed: In addition, a recession or market correction resulting from the spread of COVID-19 could materially affect the Company’s business and the value of our properties.
−Removed: Not-for-profit corporations and other tenants that are neither medical offices nor part of or affiliated with SBU or SBU Hospital, which together account for approximately 40% ($888,000) of the Company’s projected annual rental revenues for 2021, are expected to be adversely affected disproportionately by the economic ramifications of COVID-19.
−Removed: Although the duration and full extent of this disruption cannot be predicted with any certainty, the impact of COVID-19 on our future results could be significant and will largely depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity of the coronavirus and its variants, including the Delta variant, the success of actions taken to contain or treat the coronavirus and reactions by consumers, companies, governmental entities and capital markets.
−Removed: We are actively working with our tenants to manage and mitigate the impact to COVID-19 on the Company’s operations, liquidity and resulting Net Asset Value.
−Removed: Finally, the Company’s ability to operate seamlessly and limit any adverse impact on our forecasted Net Asset Value will depend in part on whether any of its key employees is infected by the Coronavirus and becomes ill from COVID-19.
−Removed: The Company continues to monitor the impacts of COVID-19 on our business operations.
−Removed: At this time, however, it is difficult to predict how long the potential operational impacts of COVID-19 will last or to what degree further disruption might impact the Company’s operations and financial results.
−Removed: Items 2 through 5 are not applicable to the Company in the six-months ended June 30, 2021.
−Removed:  Articles of Organization of Gyrodyne, LLC, dated as of October 3, 2013 (1)
+Added: In addition, the new Delta variant of COVID-19, which appears to be the most transmissible variant to date, continues to spread domestically.
+Added: The long-term impact of the pandemic on our liquidation plan cannot be predicted at this time, and could depend on numerous factors, including vaccination rates among the population, effectiveness of COVID-19 vaccines and responses by governmental bodies and regulators, including in particular those local authorities that preside over our entitlement process.
+Added: Although the Company’s ongoing operations have appeared to recover generally from the effects of the COVID-19 pandemic, the pandemic has resulted and may continue to result in delays in necessary interactions with local authorities and ultimately delays in receiving approvals from such authorities due to limitations in employee resources or forced furlough of government employees.
+Added: Such effects will likely for the foreseeable future to continue to impact our timeline for pursuing entitlements, selling our properties and making distributions.
+Added: Also, the Company’s ability to operate seamlessly and limit any adverse impact on our forecasted Net Asset Value will depend in part on whether any of our key employees are infected by the Coronavirus and become ill from COVID-19.
+Added: As the impact of the COVID-19 pandemic on our efforts to secure entitlements evolves, the Company will continue to monitor the impact on the Company and respond appropriately.
+Added: At this time, however, it is difficult to predict to what degree further disruption might impact the Company’s operations and financial results or how the potential strategic impacts of COVID-19 will affect our entitlement process.
+Added: Items 2 through 5 are not applicable to the Company in the nine-months ended September 30, 2021.
+Added: Articles of Organization of Gyrodyne, LLC, dated as of October 3, 2013 (1)
Amended and Restated Limited Liability Company Agreement of Gyrodyne, LLC (2)
12 unchanged sentences
Inline XBRL Taxonomy Extension Labels (6)
−Removed: XBRL Taxonomy Extension Presentation (6)
+Added: Inline XBRL Taxonomy Extension Presentation (6)
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
10 unchanged sentences
GYRODYNE, LLC
−Removed: August 6, 2021
+Added: November 10, 2021
/s/ Gary Fitlin
3 unchanged sentences
EXHIBIT INDEX
−Removed:    
Articles of Organization of Gyrodyne, LLC, dated as of October 3, 2013 (1)
−Removed:    
Amended and Restated Limited Liability Company Agreement of Gyrodyne, LLC (2)
−Removed:    
Amended and Restated Retention Bonus Plan (3)
−Removed:    
Amendment No.
2 to the Retention Bonus Plan (4)
−Removed:    
Amendment No.
3 to the Retention Bonus Plan (5)
−Removed:    
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer and Chief Financial Officer, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
−Removed:    
CEO and CFO Certification Pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
−Removed: 101.INS  
Inline XBRL Instance (6)
−Removed:     
−Removed: 101.SCH 
Inline XBRL Taxonomy Extension Schema (6)
−Removed:     
−Removed: 101.CAL 
Inline XBRL Taxonomy Extension Calculation (6)
−Removed:     
−Removed: 101.DEF 
Inline XBRL Taxonomy Extension Definition (6)
−Removed: 101.LAB 
Inline XBRL Taxonomy Extension Labels (6)
−Removed:     
−Removed: 101.PRE 
−Removed: XBRL Taxonomy Extension Presentation (6)
−Removed: 104         
+Added: Inline XBRL Taxonomy Extension Presentation (6)
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
−Removed:    
Incorporated herein by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-4 filed with the Securities and Exchange Commission on October 21, 2013.
−Removed:    
Incorporated herein by reference to Exhibit 3.2 to the Company’s Registration Statement on Form 8-A12B filed with the Securities and Exchange Commission on September 1, 2015.
−Removed:    
Incorporated herein by reference to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on May 26, 2016.
−Removed:    
Incorporated herein by reference to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on January 31, 2018.
−Removed:    
Incorporated herein by reference to the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 2, 2018.
−Removed:    
Filed as part of this Report.
−Removed:    
Furnished herewith in accordance with Item 601(b)(32) of Regulation S-K.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.