Home
Jump to Risk Factors
Jump to Industries
Jump to Exposures
Jump to Event Codes
Jump to Wiki Summary

Industries
Investment Banking and Brokerage
Real Estate
Real Estate Services
Asset Management and Custody Banks
Health Care Distribution and Services

Exposures
Cooperate
Provide
Rights
Military
Express intent
Political reform
Regime
Ease
Judicial

Event Codes
Military blockade
Agree
Yield to order
Solicit support
Yield
Warn
Censorship
Demand
Sports contest
Vote
Accident
Human death
Grant
Reward
Promise
Sanction

Wiki	Wiki Summary
Risk management	Risk management is the identification, evaluation, and prioritization of risks (defined in ISO 31000 as the effect of uncertainty on objectives) followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.\nRisks can come from various sources including uncertainty in international markets, threats from project failures (at any phase in design, development, production, or sustaining of life-cycles), legal liabilities, credit risk, accidents, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root-cause.
Property management	Property management is the operation, control, maintenance, and oversight of real estate and physical property. This can include residential, commercial, and land real estate.
Real-estate bubble	A real-estate bubble or property bubble (or housing bubble for residential markets) is a type of economic bubble that occurs periodically in local or global real-estate markets, and typically follow a land boom. A land boom is the rapid increase in the market price of real property such as housing until they reach unsustainable levels and then decline.
Real estate appraisal	Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value). Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their condition, a key factor in valuation), unlike corporate stocks, which are traded daily and are identical (thus a centralized Walrasian auction like a stock exchange is unrealistic).
Real estate agent	The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, that is authorized to act on behalf of another (called the principal) to create legal relations with a third party. Succinctly, it may be referred to as the equal relationship between a principal and an agent whereby the principal, expressly or implicitly, authorizes the agent to work under their control and on their behalf.
RPG Real Estate	RPG Real Estate (RPG不動産, Āru Pī Jī Fudōsan) is a Japanese four-panel manga series by Chiyo Kenmotsu, serialized in Houbunsha's seinen manga magazine Manga Time Kirara Carat since July 2018. It has been collected in four tankōbon volumes.
Real estate investment trust	A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping centers, hotels and commercial forests.
Interest	In finance and economics, interest is payment from a borrower or deposit-taking financial institution to a lender or depositor of an amount above repayment of the principal sum (that is, the amount borrowed), at a particular rate. It is distinct from a fee which the borrower may pay the lender or some third party.
Real interest rate	The real interest rate is the rate of interest an investor, saver or lender receives (or expects to receive) after allowing for inflation. It can be described more formally by the Fisher equation, which states that the real interest rate is approximately the nominal interest rate minus the inflation rate.
Interest rate parity	Interest rate parity is a no-arbitrage condition representing an equilibrium state under which investors interest rates available on bank deposits in two countries. The fact that this condition does not always hold allows for potential opportunities to earn riskless profits from covered interest arbitrage.
Interest rate ceiling	An interest rate ceiling (also known as an interest rate cap) is a regulatory measure that prevents banks or other financial institutions from charging more than a certain level of interest.\n\n\n== Interest rate caps and their impact on financial inclusion ==\nResearch was conducted after Zambia reopened an old debate on a lending rate ceiling for banks and other financial institutions.
Mortgage-backed security	A mortgage-backed security (MBS) is a type of asset-backed security (an 'instrument') which is secured by a mortgage or collection of mortgages. The mortgages are aggregated and sold to a group of individuals (a government agency or investment bank) that securitizes, or packages, the loans together into a security that investors can buy.
Equity (finance)	In finance, equity is ownership of assets that may have debts or other liabilities attached to them. Equity is measured for accounting purposes by subtracting liabilities from the value of the assets.
Company	A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Company members share a common purpose and unite to achieve specific, declared goals.
The Walt Disney Company	The Walt Disney Company, commonly known as Disney (), is an American multinational mass media and entertainment conglomerate headquartered at the Walt Disney Studios complex in Burbank, California.\nDisney was originally founded on October 16, 1923, by brothers Walt and Roy O. Disney as the Disney Brothers Cartoon Studio; it also operated under the names the Walt Disney Studio and Walt Disney Productions before changing its name to the Walt Disney Company in 1986.
Holding company	A holding company is a company whose primary business is holding a controlling interest in the securities of other companies. A holding company usually does not produce goods or services itself.
The Weather Company	The Weather Company is a weather forecasting and information technology company that owns and operates weather.com and Weather Underground. The Weather Company has been a subsidiary of the Watson & Cloud Platform business unit of IBM since 2016.
The Honest Company	The Honest Company, Inc. is an American consumer goods company, founded by actress Jessica Alba.
Renting	Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership.
Long Island City	Long Island City (LIC) is a residential and commercial neighborhood on the extreme western tip of Queens, a borough in New York City. It is bordered by Astoria to the north; the East River to the west; Hazen Street, 49th Street, and New Calvary Cemetery in Sunnyside to the east; and Newtown Creek—which separates Queens from Greenpoint, Brooklyn—to the south.
Long Island iced tea	A Long Island iced tea or Long Island ice tea is a type of cocktail typically made with vodka, tequila, light rum, triple sec, gin, and a splash of cola, which gives the drink the same amber hue as iced tea.The drink has a much higher alcohol concentration (approximately 22 percent) than most highball drinks due to the relatively small amount of mixer.\n\n\n== Origin ==\nThere are two competing origin stories for the Long Island iced tea, one from Long Island, Tennessee and one from Long Island, New York.Robert "Rosebud" Butt claims to have invented the Long Island iced tea as an entry in a contest to create a new mixed drink with triple sec in 1972 while he worked at the Oak Beach Inn on Long Island, New York.A slightly different drink is claimed to have been invented in the 1920s during Prohibition in the United States by an "Old Man Bishop" in a local community named Long Island in Kingsport, Tennessee.
Long Island (Massachusetts)	Long Island is located in Boston Harbor, Massachusetts. The island is part of the City of Boston, and of the Boston Harbor Islands National Recreation Area.
Long Island Medium	Long Island Medium is an American reality television series starring Theresa Caputo, a self-professed medium who claims she can communicate with the dead. Much of the program, which premiered on September 25, 2011, takes place in Hicksville, New York, though it often follows Caputo as she meets with clients in other areas.
Battle of Long Island	The Battle of Long Island, also known as the Battle of Brooklyn and the Battle of Brooklyn Heights, was an action of the American Revolutionary War fought on Tuesday, August 27, 1776, at the western edge of Long Island in the present-day Brooklyn, New York. The British defeated the Americans and gained access to the strategically important Port of New York, which they held for the rest of the war.
Long Island Nets	The Long Island Nets are an American professional basketball team of the NBA G League and an affiliate of the National Basketball Association (NBA)'s Brooklyn Nets. Based in Nassau County, the team plays its home games at the Nassau Veterans Memorial Coliseum in Uniondale, New York.
Partnership	A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations.
Partnership for Peace	The Partnership for Peace (PfP) is a North Atlantic Treaty Organization (NATO) program aimed at creating trust between the member states of NATO and other states in Europe, including post-Soviet states; 20 states are members. The program contains six areas of cooperation, which aims to build relationships with partners through military-to-military cooperation on training, exercises, disaster planning and response, science and environmental issues, professionalization, policy planning, and relations with civilian government.Amidst security concerns in Eastern Europe after the Cold War and dissolution of the Soviet Union, and also due to the failure of the North Atlantic Cooperation Council (NACC), the program was launched during the summit in Brussels, Belgium between January 10 and 11, 1994.
Domestic partnership	A domestic partnership is a legal relationship between two individuals who live together and share a common domestic life, but are not married (to each other or to anyone else). People in domestic partnerships receive benefits that guarantee right of survivorship, hospital visitation, and others.
Limited partnership	A limited partnership (LP) is a form of partnership similar to a general partnership except that while a general partnership must have at least two general partners (GPs), a limited partnership must have at least one GP and at least one limited partner. Limited partnerships are distinct from limited liability partnerships, in which all partners have limited liability.
Articles of partnership	Articles of partnership is a voluntary contract between/among two or more persons to place their capital, labor, and skills into business, with the understanding that there will be a sharing of the profits and losses between/among partners. Outside of North America, it is normally referred to simply as a partnership agreement.A partnership agreement is the written and legal agreement between/among business partners.
Shareholders' agreement	A shareholders' agreement (sometimes referred to in the U.S. as a stockholders' agreement) (SHA) is an agreement amongst the shareholders or members of a company. In practical effect, it is analogous to a partnership agreement.
Shareholder rights plan	A shareholder rights plan, colloquially known as a "poison pill", is a type of defensive tactic used by a corporation's board of directors against a takeover.\nIn the field of mergers and acquisitions, shareholder rights plans were devised in the early 1980s as a way to prevent takeover bids by taking away a shareholder's right to negotiate a price for the sale of shares directly.
Shareholders in the United Kingdom	Shareholders in the United Kingdom are people and organisations who buy shares in UK companies. In large companies, such as those on the FTSE100, shareholders are overwhelmingly large institutional investors, such as pension funds, insurance companies, mutual funds or similar foreign organisations.
Berkshire Hathaway	Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States.
Desperate Shareholders	Desperate Shareholders (Russian: Отчаянные дольщики, romanized: Otchayannye dolshchiki) is a 2022 Russian crime comedy film directed by Ilya Farfell. The film produced by Yellow, Black and White also starred Maksim Lagashkin, Mikhail Trukhin, Ekaterina Stulova, Nikita Kologrivyy, and Olga Venikova.
Shareholder oppression	Shareholder oppression occurs when the majority shareholders in a corporation take action that unfairly prejudices the minority. It most commonly occurs in non-publicly traded companies, because the lack of a public market for shares leaves minority shareholders particularly vulnerable, since minority shareholders cannot escape mistreatment by selling their stock and exiting the corporation.

Risk Factors
GYRODYNE CO OF AMERICA INC Item 1A Risk Factors An investment in the Companyapstas common stock involves various risks
All investors should carefully consider the following risk factors in conjunction with the other information contained in this Annual Report before trading in the Companyapstas securities
If any of these risks actually occur, the business, operating results, prospects and financial condition could be harmed
RISKS ASSOCIATED WITH THE COMPANY &apos S REAL PROPERTY BUSINESS GENERALLY The Companyapstas real property business is subject to General Risks Associated With Ownership of Real Property for Investment The Company is subject to all of the risks inherent in investing in real estate, which may include, without limitation, neighborhood property values, general and local economic and social conditions, financial resources of tenants, vacancies, rent strikes, changes in tax, zoning, building, environmental and other applicable laws, federal and local rent control laws, real property tax rates, changes in interest rates and the availability of mortgage funds which may render the sale of properties difficult or unattractive
Such risks also include fluctuations in occupancy rates, rent schedules and operating expenses which could adversely affect the value of our real property interests
There can be no assurance of profitable operations from the ownership and management of the Companyapstas real property interests
Illiquidity of real estate investments and the tax effect of dispositions could significantly impede the Companyapstas ability to sell assets or to respond to favorable or adverse changes in the performance of its property
Because real estate investments are relatively illiquid, the Companyapstas ability to sell promptly all or any portion of its Flowerfield property in response to changing economic, financial and investment conditions may be limited
The Company may sell some of its properties from time to time in the future
However, the Company cannot predict whether it will be able to sell any property for the price or on the terms it sets, or whether any price or other terms offered by a prospective purchaser would be acceptable to the Company
The Company also cannot predict the length of time needed to find a willing purchaser and to close the sale of a property
Certain of the Companyapstas properties have low tax bases relative to their fair market value, and accordingly, the sale of such assets would generate significant gains which would generally be recognized for tax purposes unless the assets were sold under a non-recognition provision of the Code that allows a taxpayer, in effect, to defer the recognition of gain from a sale
5 RISKS ASSOCIATED WITH THE COMPANY &apos S RENTAL PROPERTY OPERATIONS Costs of operating the Companyapstas properties can rise faster than its ability to increase rental income
Costs of operating the Companyapstas properties, such as real estate taxes, utilities, insurance, maintenance and other costs, can rise faster than its ability to increase rental income
While the Company does receive some additional rent from its tenants that is based on recovering a portion of the operating expenses, generally increased operating expenses will negatively impact the Companyapstas net operating income from the properties
The Companyapstas revenues and expense recoveries are subject to leases and may not be quickly increased sufficient to recover an increase in operating costs and expenses
As leases expire, the Company tries either to relet the space to the existing tenant or attract a new tenant to occupy the space
In either case, the Company likely will incur significant costs in the process, including potentially substantial tenant improvement expense or lease incentives
In addition, if market rents have declined since the time the expiring lease was executed, the terms of any new lease signed likely will not be as favorable to the Company as the terms of the expiring lease, thereby reducing the rental revenue earned from that space
The profitability of the Companyapstas rental operations could be materially impacted by the financial health of the regional economy generally
All of the Companyapstas rental properties are located on Long Island in St
The concentration of all the Companyapstas rental properties in one location exposes it to greater economic risks than if it owned properties in several geographic regions
The Company is susceptible to the potential for adverse developments in the Long Island economy (such as business layoffs or downsizing, industry slowdowns, relocations of businesses, changing demographics, increased telecommuting, infrastructure quality, New York state budgetary constraints and priorities, increases in real estate and other taxes, costs of complying with government regulations or increased regulation and other factors) and the national and New York regional office space market (such as oversupply of or reduced demand for office space)
The State of New York in general, and Long Island in particular, is also generally regarded as more litigious and more highly regulated and taxed than many states, which may reduce demand for office space in New York
Long Island is also characterized by a recognized shortage of affordable workforce housing, which could adversely impact the location decisions of businesses
Any adverse economic or real estate developments on Long Island, or any decrease in demand for office space resulting from New Yorkapstas regulatory environment or business climate, could adversely impact the Companyapstas financial condition, results of operations, cash flow, and the per share trading price of its common stock
The Company cannot assure you of the continued growth of the Long Island economy or the Companyapstas future growth rate
The Company is subject to Federal, state and local laws and regulations that could impact its operations and profitability
There are a number of government regulations, including zoning, tax and accessibility laws that apply to the ownership and operation of real estate properties
Compliance with existing and newly adopted regulations may require the Company to incur significant costs on its properties
Federal, state and local laws and regulations relating to the protection of the environment may require an owner or operator of real property to investigate and clean up hazardous or toxic substances or petroleum product releases at the property
The clean up can be costly
The presence of or failure to clean up contamination may adversely affect the Companyapstas ability to sell or lease a property or to borrow funds using a property as collateral
The market for commercial rental space is highly competitive
An oversupply of space in the Companyapstas geographic market would typically cause rental rates and occupancies to decline, making it more difficult for the Company to lease space at attractive rental rates
In order to maintain the quality of its rental properties and successfully compete against other rental properties, the Company periodically spends money to maintain, repair and renovate its rental properties
If the Companyapstas properties are not as attractive to tenants (in terms of rents, services, condition or location) as other properties that compete with it, the Company could lose tenants to those properties or receive lower rental rates
RISKS ASSOCIATED WITH THE COMPANY &apos S INVESTMENT IN CALLERY-JUDGE GROVE, LP The Company owns a 10dtta93prca limited partnership interest in Callery-Judge Grove, LP, a New York limited partnership (the &quote Partnership &quote ), which owns a 3cmam500+ acre citrus grove located in Palm Beach County, Florida
The property is the subject of a plan for a mixed use of residential, commercial, and industrial development which is under review by state and local municipal authorities
The Company faces several risks inherent in ownership of a minority interest in a limited partnership
Interests in the Partnership are not freely transferable
They can only be assigned or transferred upon the terms and conditions set forth in the limited partnership agreement
Those restrictions may at times preclude a transfer of the Companyapstas interest
The Company may not transfer its interest without prior written notice to, and receiving consent, in writing and at the sole discretion, of the Partnershipapstas managing partner
The transferee must also provide the Partnershipapstas general partner with an opinion of counsel that the transfer will not violate any securities, tax or other laws or rules and will not affect the tax status or treatment of the Partnership
No public market for the Partnershipapstas interests exists or is contemplated in the foreseeable future
Since limited partners do not participate in management of the Partnershipapstas business, the Company must rely on the Managing Partner to adequately manage the Partnershipapstas affairs
The Company does not participate in the management or control of the Partnership or the conduct of its business
The Company has only limited voting rights with respect to the Partnershipapstas affairs
The Company must rely upon the fiduciary responsibility and judgment of the managing partner of the Partnership to manage the Partnershipapstas affairs in the best interests of the limited partners
The Partnership may terminate early, which could disrupt the Companyapstas overall investment portfolio plan
Unforeseen circumstances, including withdrawal of the Partnershipapstas general partner, could cause the Partnership to terminate prior to its stated termination date of October 14, 2019
Early termination of the Partnership could disrupt the Companyapstas overall investment portfolio plan
RISKS ASSOCIATED WITH THE COMPANY &apos S INVESTMENT IN AGENCY HYBRID MORTGAGE-BACKED SECURITIES Changes in interest rates could negatively affect the value of the Companyapstas mortgage-backed securities, which could result in reduced earnings or losses and negatively affect the cash available for distribution to the Companyapstas shareholders under a REIT structure
The Company invests in agency hybrid mortgage-backed securities and it currently intends to continue this investment strategy
Despite Fannie Mae, Freddie Mac or Ginnie Mae guarantees of the mortgage-backed securities the Company owns, those guarantees do not protect the Company from declines in market value caused by changes in interest rates
Declines in market value may ultimately reduce earnings or result in losses to the Company, which may negatively affect cash available for distribution to the shareholders under a REIT structure
Market values of mortgage-backed securities may decline without any general increase in interest rates for a number of reasons, such as increases in defaults, increases in voluntary prepayments and widening of credit spreads
Increased levels of prepayments from mortgage-backed securities may decrease the Companyapstas net interest income
Pools of mortgage loans underlie the mortgage-backed securities that the Company acquires
The Company generally receives payments from principal payments that are made on these underlying mortgage loans
When borrowers prepay their mortgage loans faster than expected, this results in repayments of principal that are faster than expected on the mortgage-backed securities
Faster than expected prepayments could harm the Companyapstas profitability
Prepayment rates generally increase when interest rates fall and decrease when interest rates rise, but changes in prepayment rates are difficult to predict
Prepayment rates also may be affected by conditions in the housing and financial markets, general economic conditions and the relative interest rates on fixed-rate and adjustable-rate mortgage loans
While the Company seeks to minimize prepayment risk to the extent practical, in selecting investments the Company must balance prepayment risk against other risks and the potential returns of each investment
No strategy can completely insulate the Company from prepayment risk
RISKS RELATING TO THE COMPANY &apos S REAL ESTATE INVESTMENT TRUST (REIT) CONVERSION STRATEGY If the Company fails to qualify as a REIT or fails to remain qualified as a REIT, it will have reduced funds available for distribution to its shareholders and the Companyapstas income will be subject to taxation at regular corporate rates
7 The Company may be unsuccessful in its efforts to qualify as a REIT The Companyapstas board of directors has authorized it to take the steps necessary to elect to be taxed as a REIT Currently, the Company plans on electing REIT status on December 31, 2006, effective as of May 1, 2006
There can be no assurance that the Company will be organized in conformity with the requirements for qualification as a REIT under the Internal Revenue Code of 1986, as amended, or the Code, or that the Companyapstas proposed method of operation will enable it to meet the requirements for qualification and taxation as a REIT Given the highly complex nature of the rules governing REITs, the ongoing importance of factual determinations, and the possibility of future changes in the Companyapstas circumstances, no assurance can be given that the Company will so qualify for any particular year
The Company does not intend to request a ruling from the Internal Revenue Service as to its qualification as a REIT Furthermore, the Companyapstas qualification as a REIT will depend on its satisfaction of certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis
The Companyapstas ability to satisfy the asset tests will depend upon its analysis of the fair market values of its assets, some of which are not susceptible to a precise determination
The Companyapstas compliance with the REIT income and quarterly asset requirements also depends upon its ability to manage successfully the composition of its income and assets on an ongoing basis
The Companyapstas management team has never operated a REIT, which may result in additional administrative costs
Although the Companyapstas management team has significant experience relating to the ownership and management of real property, no member of its management team has prior experience managing or operating a REIT The federal income tax laws impose numerous constraints on the operations of REITs
The Companyapstas management teamapstas lack of experience in managing a portfolio of assets under such constraints may hinder its ability to manage the Company as a REIT successfully without the engagement of additional expertise
In addition, maintaining the REIT qualification will limit the types of investments or business expansions the Company will be able to make
Legislative or other actions affecting REITs could have a negative effect on the Companyapstas business and its stock price
The rules dealing with federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the US Department of the Treasury
Changes to the tax laws affecting REITs, which may have retroactive application, could adversely affect the Companyapstas investors or the Company
The Company cannot predict how changes in the tax laws might affect its investors or the Company
Accordingly, the Company cannot assure you that new legislation, Treasury regulations, administrative interpretations or court decisions will not significantly affect the Companyapstas ability to qualify as a REIT or the federal income tax consequences of such qualification
Future acquisitions of properties may fail to perform in accordance with the Companyapstas expectations and may require development and renovation costs exceeding its estimates
On March 27, 2006, the Company received payment from the State of New York in the amount of dlra26cmam315cmam000, which the Company had previously elected to accept as an advance payment for property condemned by the State University of New York
See Note 18 to the consolidated financial statements
The Company plans to invest these proceeds in securities and other assets, including real estate, consistent with its objective of qualifying as a REIT under the Internal Revenue Code of 1986
Changing market conditions may diminish the Companyapstas opportunities for making attractive investments
Once made, the Companyapstas investments may fail to perform in accordance with its expectations
RISKS ASSOCIATED WITH ANTITAKEOVER PROVISIONS Because provisions contained in New York law, the Companyapstas charter and shareholder rights plan may have an anti-takeover effect, investors may be prevented from receiving a &quote control premium &quote for their shares
Provisions contained in the Companyapstas charter and shareholder rights plan as well as under New York Business Corporation Law may have anti-takeover effects that delay, defer or prevent a takeover attempt, and thereby prevent shareholders from receiving a &quote control premium &quote for their shares
For example, these provisions may defer or prevent tender offers for the Companyapstas Common Stock or purchases of large blocks of its Common Stock, thus limiting the opportunities for its shareholders to receive a premium for their Common Stock over then-prevailing market prices
These provisions include the following: o Staggered board
The Companyapstas Board of Directors is divided into three classes
As a result, each director generally serves for a three-year term
This staggering of the Board may discourage offers for the Company or make an acquisition of the Company more difficult, even when an acquisition is in the best interest of its shareholders
8 o New York anti-takeover statute
Under New Yorkapstas anti-takeover statute, any person who acquires 20prca or more of the Companyapstas common stock is prohibited from engaging in a business combination with the Company for five years unless the Board has approved (i) the particular business combination or (ii) the stock purchase that put the shareholder over the 20prca threshold
o Dilutive effect of shareholder rights plan
The Company has in effect a shareholder rights plan, which is currently scheduled to expire on August 11, 2014, and is designed to deter a hostile takeover by increasing the takeover cost
As a result, the plan could discourage offers for the Company or make an acquisition of the Company more difficult, even when an acquisition is in the best interest of its shareholders
The rights plan should not interfere with any merger or other business combination the Board of Directors approves since the Company may generally terminate the plan at any time at nominal cost