Court of Claims Issues Favorable Opinion in Condemnation Litigation

Gyrodyne Company of America, Inc. (Nasdaq: GYRO), a Long Island-based real estate investment trust, announced today that the Court of Claims of the State of New York issued an opinion requiring the State to pay to Gyrodyne an additional $98,685,000 for land appropriated in 2005. Under New York's eminent domain law (the "EDPL"), Gyrodyne is also entitled, subject to EDPL Section 514, to statutory simple interest on the additional amount at a rate not to exceed nine percent (9%) per annum from November 2, 2005, the date of the taking, to the date of payment.

The opinion was issued in connection with Gyrodyne's claim brought in April 2006 for just compensation for the 245.5 acres of its Flowerfield property in St. James and Stony Brook, New York (the "Property"), taken by the State. The State had paid Gyrodyne $26,315,000 for the Property at the time of the taking, which Gyrodyne elected, under the eminent domain law, to treat as an advance payment while it pursued its claim.

Servidyne Announces Its Largest Energy Savings Contract to Date

SERVIDYNE, INC. (Nasdaq: SERV), an energy efficiency and demand response company, today reported that it has entered into a contract with a major U.S. retailer to dramatically improve the energy efficiency of approximately 600 of its stores and distribution centers. The agreement has an estimated total revenue value of $8.7 million for project work that should begin almost immediately and be completed over the next 12-24 months.

Both companies expect their new strategic partnership will continue beyond the term of this initial agreement for an additional two to three years, in a comprehensive effort by the customer to expand this energy efficiency program to all of its existing stores, as well as its new locations and its franchisees. Terms of any such future work have not been negotiated.

Macerich Announces New Anchors for Mervyns Sites and Completes a $250 Million Refinancing of Washington Square

Macerich(R) (NYSE: MAC), one of the nation's largest owners, operators and developers of regional shopping centers, today announced that 22 of 41 Macerich-owned Mervyns sites acquired in December 2007 and first Quarter 2008 will go to retailers Forever 21 or Kohl's, pending approval by the court overseeing Mervyns bankruptcy proceedings. Forever 21 will be taking 12 of the spaces and Kohl's will be taking 10.

Macerich also announced today that it closed on a seven-year, $250 million loan on Washington Square Mall in Portland, Oregon. The loan has a fixed interest rate of 6.00%. The transaction generated proceeds to Macerich above the prior loan of approximately $63 million.

China Housing & Land Development Secures Additional Bank Funding and Begins Construction of Its Third Dam on the Ba River

China Housing & Land Development, Inc., (NASDAQ: CHLN) today announced that it recently began constructing its third dam on the Ba river, adjacent to the company's 487-acre Baqiao housing project. The dam is expected to be completed in the second quarter of 2009. The company expects to record $3.7 million in revenue and about $0.6 million in net income when the dam is finished. The dam will create a large lake about three meters deep on the Ba River that will increase the attractiveness and value of the company's Baqiao housing project. The Xi'an city government is the company's customer for this third dam. The company completed the second dam in 2007.