EXHIBIT 99.1
PRESIDENTIAL REALTY CORPORATION
180 SOUTH BROADWAY
WHITE PLAINS, NEW YORK 10605
914-948-1300
FOR IMMEDIATE RELEASE
White Plains, New York
August 10, 2004
Presidential Realty Corporation, a real estate investment trust whose shares are
traded on the American Stock Exchange (PDLA and PDLB), is engaged principally in
the ownership of income-producing real estate and in the holding of notes and
mortgages secured by real estate.
Results of operations for the six months ended June 30, 2004:
- -------------------------------------------------------------
The Company's net income for the six months ended June 30, 2004 was $3.26 per
share compared to $.22 per share for the six months ended June 30, 2003.
Continuing Operations:
Income from continuing operations before net gain from sales of properties was
$.06 per share for the 2004 period compared to $.10 per share for the 2003
period. Net gain from sales of properties was $.24 per share for each of the
2004 and 2003 periods. The gain in the 2004 period is from the sale of three
cooperative apartments located in the New York metropolitan area. The 2003
period included the recognition of a $.23 per share deferred gain from the sale
of our Overlook property in 1984 as a result of an $874,000 principal repayment
received in 2003.
Discontinued Operations:
Income from discontinued operations before net gain from sales of discontinued
operations for the 2004 period was $.00 per share compared to a loss of $.12 per
share for the 2003 period. Net gain from sales of discontinued operations for
the 2004 period was $2.96 per share compared to $.00 per share for the 2003
period. The gain in the 2004 period is from the sales of the Continental Gardens
property ($2.90 per share) and the Preston Lake Apartments property ($.06 per
share). The Company sold the Continental Gardens property for a sales price of
$21,500,000 and recognized a gain of $11,008,000. Net proceeds from the sale
were $12,126,000. The Company expects to utilize substantially all of the net
sales proceeds to purchase one or more exchange properties pursuant to a
tax-free exchange under Section 1031 of the Internal Revenue Code.
Funds from Operations:
Funds from operations, a measure which excludes net gain from sales of
properties and eliminates the effect of depreciation, were $.14 per share for
the 2004 period compared to $.17 per share for the 2003 period.
PRESIDENTIAL REALTY CORPORATION
180 SOUTH BROADWAY
WHITE PLAINS, NEW YORK 10605
914-948-1300
FOR IMMEDIATE RELEASE
White Plains, New York
August 10, 2004
Results of operations for the three months ended June 30, 2004:
- ---------------------------------------------------------------
The Company's net income for the three months ended June 30, 2004 was $3.00 per
share compared to $.01 per share for the three months ended June 30, 2003.
Continuing Operations:
Income from continuing operations before net gain from sales of properties was
$.02 per share for the 2004 period compared to $.07 per share for the 2003
period.
Discontinued Operations:
Income from discontinued operations before net gain from sales of discontinued
operations for the 2004 period was $.02 per share compared to a loss of $.06 per
share for the 2003 period. Net gain from sales of discontinued operations for
the 2004 period was $2.96 per share (as discussed above) compared to $.00 per
share in the 2003 period.
Funds From Operations:
Funds from operations were $.08 per share for the 2004 period compared to $.10
per share for the 2003 period.
Dividend Declared:
- ------------------
The Company has announced that it has declared a regular quarterly cash
distribution of $.16 per share on its Class A and Class B shares payable on
September 30, 2004 to shareholders of record on September 10, 2004. The dividend
represents a yield of 8.53% on the Class A shares and 8.48% on the Class B
shares based on the last sales price of such shares on the American Stock
Exchange.
PRESIDENTIAL REALTY CORPORATION FOR IMMEDIATE RELEASE
180 SOUTH BROADWAY White Plains, New York
WHITE PLAINS, NEW YORK 10605 August 10, 2004
914-948-1300
RESULTS OF OPERATIONS
(Unaudited)
SIX MONTHS ENDED THREE MONTHS ENDED
JUNE 30, JUNE 30,
2004 2003 2004 2003
---- ---- ---- ----
Gross revenues (excluding revenues from discontinued
operations and net gain from sales of properties) $3,609,000 $3,454,000 $1,775,000 $1,726,000
================= ================= ================ ===============
Income before net gain from sales of properties $202,000 $361,000 $69,000 $234,000
Net gain from sales of properties 914,000 920,000 11,000
----------------- ----------------- ---------------- ---------------
Income from continuing operations 1,116,000 1,281,000 69,000 245,000
----------------- ----------------- ---------------- ---------------
Income (loss) from discontinued operations (1,000) (442,000) 81,000 (224,000)
Net gain from sales of discontinued operations 11,237,000 11,237,000
----------------- ----------------- ---------------- ---------------
Total income (loss) from discontinued operations 11,236,000 (442,000) 11,318,000 (224,000)
----------------- ----------------- ---------------- ---------------
----------------- ----------------- ---------------- ---------------
Net Income $12,352,000 $839,000 $11,387,000 $21,000
================= ================= ================ ===============
Funds from operations:
Net Income $12,352,000 $839,000 $11,387,000 $21,000
Net gain from sales of properties (914,000) (920,000) (11,000)
Net gain from sales of discontinued operations (11,237,000) (11,237,000)
Depreciation and amortization 339,000 702,000 171,000 353,000
----------------- ----------------- ---------------- ---------------
Funds from operations $540,000 $621,000 $321,000 $363,000
================= ================= ================ ===============
Per share of common stock (basic and diluted):
Income before net gain from sales of properties $0.06 $0.10 $0.02 $0.07
Net gain from sales of properties 0.24 0.24 0.00 0.00
----------------- ----------------- ---------------- ---------------
Income from continuing operations 0.30 0.34 0.02 0.07
----------------- ----------------- ---------------- ---------------
Income (loss) from discontinued operations 0.00 (0.12) 0.02 (0.06)
Net gain from sales of discontinued operations 2.96 0.00 2.96 0.00
----------------- ----------------- ---------------- ---------------
Total income (loss) from discontinued operations 2.96 (0.12) 2.98 (0.06)
----------------- ----------------- ---------------- ---------------
Net Income per Common Share - basic $3.26 $0.22 $3.00 $0.01
================= ================= ================ ===============
- diluted $3.25 $0.22 $2.99 $0.01
================= ================= ================ ===============
Funds from operations per share of common stock (basic and diluted):
Net Income $3.26 $0.22 $3.00 $0.01
Net gain from sales of properties (0.24) (0.24) 0.00 0.00
Net gain from sales of discontinued operations (2.96) 0.00 (2.96) 0.00
Depreciation and amortization 0.08 0.19 0.04 0.09
----------------- ----------------- ---------------- ---------------
Funds from operations per common share - basic $0.14 $0.17 $0.08 $0.10
================= ================= ================ ===============
- diluted $0.14 $0.16 $0.08 $0.10
================= ================= ================ ===============
Average shares outstanding - basic 3,790,560 3,758,736 3,793,798 3,764,427
================= ================= ================ ===============
- diluted 3,798,256 3,769,356 3,802,456 3,775,774
================= ================= ================ ===============
----------------- ----------------- ---------------- ---------------
Cash distributions paid per common share $0.32 $0.32 $0.16 $0.16
================= ================= ================ ===============
PRESIDENTIAL REALTY CORPORATION
180 SOUTH BROADWAY
WHITE PLAINS, NEW YORK 10605
914-948-1300
FOR IMMEDIATE RELEASE
White Plains, New York
August 10, 2004
Certain statements in this release that are not historical fact may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on management's
current expectations and beliefs and are subject to a number of factors and
uncertainties that could cause actual results to differ materially from those
described in the forward-looking statements. The following factors, among
others, could cause actual results to differ materially from those described in
the forward-looking statements: trends and uncertainties in the general economic
climate; the supply of and demand for residential and commercial properties;
interest rate levels; the availability of financing and other risks associated
with the development and acquisition of properties. Additional factors that
could cause Presidential's results to differ materially from those described in
the forward-looking statements can be found in the 2003 Annual Report on Form
10-K. The Company expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements contained
herein to reflect any changes in the Company's expectations with regard thereto
or change in events, conditions or circumstances on which any such statement is
based.
For further information contact:
Jeffrey F. Joseph, President
Presidential Realty Corporation
At the above address and telephone number