EXHIBIT 99.1
PRESIDENTIAL REALTY CORPORATION NEWS
180 SOUTH BROADWAY
WHITE PLAINS, NEW YORK 10605
(914) 948-1300
FOR IMMEDIATE RELEASE
White Plains, New York
May 13, 2005
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 three months ended March 31, 2005:
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The Company's net income for the three months ended March 31, 2005 was $.36 per
share compared to $.25 per share for the three months ended March 31, 2004.
Continuing Operations:
Income from continuing operations before net gain from sales of properties was
$.05 per share for the 2005 period compared to $.04 per share for the 2004
period. Net gain from sales of properties was $.34 per share for the 2005 period
compared to $.00 per share in the 2004 period. The gain in the 2005 period is
from the recognition of a deferred gain from the sale of our New Haven property
in 1984 as a result of an $8,550,000 principal repayment received in 2005.
Discontinued Operations:
Loss from discontinued operations (before net gain (loss) from sales of
discontinued operations) was $.03 per share for the 2005 and 2004 periods. Net
loss from sales of discontinued operations for the 2005 period was $.00 per
share compared to a net gain of $.24 per share for the 2004 period. During 2005,
the Company sold the Farrington Apartments property and recorded a $12,000 loss.
The gain in the 2004 period is from the sales of three cooperative apartments in
the New York metropolitan area.
Funds From Operations:
Funds from operations, a measure which excludes net gain from sales of
properties and eliminates the effect of depreciation, was $.15 per share for the
2005 period compared to $.06 per share for the 2004 period.
Dividend Declared:
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The Company has previously announced that it has declared a regular quarterly
cash distribution of $.16 per share on its Class A and Class B shares payable on
June 30, 2005 to shareholders of record on June 10, 2005. The dividend
represents a yield of 6.46% on the Class A shares and 7.88% on the Class B
shares based on the last sales price of such shares on the American Stock
Exchange.
PRESIDENTIAL REALTY CORPORATION NEWS
180 SOUTH BROADWAY
WHITE PLAINS, NEW YORK 10605
(914) 948-1300
FOR IMMEDIATE RELEASE
WHITE PLAINS, NEW YORK
MAY 13, 2005
RESULTS OF OPERATIONS
(Unaudited)
THREE MONTHS ENDED
March 31,
2005 2004
Gross revenues (excluding revenues from discontinued
operations and net gain from sales of properties) $1,635,000 $1,666,000
=========== ===========
Income before net gain from sales of properties $190,000 $156,000
Net gain from sales of properties 1,300,000 -
----------- -----------
Income from continuing operations 1,490,000 156,000
----------- -----------
Loss from discontinued operations (89,000) (105,000)
Net gain (loss) from sales of discontinued operations (12,000) 914,000
----------- -----------
Total income (loss) from discontinued operations (101,000) 809,000
----------- -----------
Net Income $1,389,000 $965,000
=========== ===========
Funds from operations:
Net Income $1,389,000 $965,000
Net gain from sales of properties (1,300,000) -
Net (gain) loss from sales of discontinued operations 12,000 (914,000)
Depreciation and amortization 466,000 168,000
----------- -----------
Funds from operations $567,000 $219,000
=========== ===========
Per share of common stock (basic and diluted):
Income before net gain from sales of properties $0.05 $0.04
Net gain from sales of properties 0.34 -
----------- -----------
Income from continuing operations 0.39 0.04
----------- -----------
Loss from discontinued operations (0.03) (0.03)
Net gain from sales of discontinued operations - 0.24
----------- -----------
Total income (loss) from discontinued operations (0.03) 0.21
----------- -----------
Net Income per Common Share - basic and diluted $0.36 $0.25
=========== ===========
Funds from operations per share of common
stock (basic and diluted):
Net Income $0.36 $0.25
Net gain from sales of properties (0.34) -
Net gain from sales of discontinued operations - (0.24)
Depreciation and amortization 0.13 0.05
----------- -----------
Funds from operations per common share - basic and diluted $0.15 $0.06
=========== ===========
Average shares outstanding - basic 3,820,244 3,787,700
=========== ===========
- diluted 3,834,244 3,794,900
=========== ===========
Cash distributions per common share $0.16 $0.16
=========== ===========
PRESIDENTIAL REALTY CORPORATION NEWS
180 SOUTH BROADWAY
WHITE PLAINS, NEW YORK 10605
(914) 948-1300
FOR IMMEDIATE RELEASE
White Plains, New York
May 13, 2005
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 2004 Annual Report on Form
10-KSB. 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 J. Joseph, President
Presidential Realty Corporation
at the above address and telephone number