EXHIBIT 99.1
Presidential Realty Corporation NEWS
180 South Broadway
White Plains, N.Y. 10605 (914) 948-1300
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FOR IMMEDIATE RELEASE
White Plains, New York
May 21, 2007
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.
In 2006, the Company purchased an additional 25% limited partnership interest in
the Hato Rey Partnership, which increased the ownership percentage in the Hato
Rey Partnership to 59% effective as of January 1, 2007. As a result, as of
January 1, 2007, the Company has consolidated the Hato Rey Partnership on the
Company's consolidated financial statements.
Results of operations for the three months ended March 31, 2007:
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The Company's net loss for the three months ended March 31, 2007 was $.13 per
share compared to $.33 per share for the three months ended March 31, 2006.
Continuing Operations:
Loss from continuing operations was $.27 per share for the 2007 period compared
to $.32 per share for the 2006 period. This decrease of $.05 per share is
primarily attributable to a decrease in the Company's share of the loss of joint
ventures.
The Company invested in four joint ventures and as a result owns a 29% interest
in entities that own nine shopping mall properties. The Company accounts for
these investments under the equity method of accounting. The Company's share of
the loss of joint ventures was $.09 per share for the 2007 period and included
noncash charges for depreciation expense of $.17 per share and amortization of
deferred financing costs, in-place lease values and other costs of $.06 per
share for an aggregate total for noncash charges of $.23 per share. The
Company's share of the loss of joint ventures was $.16 per share for the 2006
period and included noncash charges for depreciation expense of $.20 per share
and amortization of deferred financing costs, in-place lease values and other
costs of $.11 per share for an aggregate total for noncash charges of $.31 per
share.
Discontinued Operations:
The total income from discontinued operations was $.14 per share for the 2007
period compared to a loss of $.01 per share for the 2006 period.
The 2007 period includes a gain of $.16 per share from the sale of the Cambridge
Green property in Council Bluffs, Iowa.
Presidential Realty Corporation NEWS
180 South Broadway
White Plains, N.Y. 10605 (914) 948-1300
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FOR IMMEDIATE RELEASE
White Plains, New York
May 21, 2007
Dividend Declared:
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The Company 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
29, 2007 to shareholders of record on June 8, 2007. The dividend represents a
yield of 8.36% on the Class A shares and 8.53% 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, N.Y. 10605 (914) 948-1300
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FOR IMMEDIATE RELEASE
White Plains, New York
May 21, 2007
RESULTS OF OPERATIONS
(Unaudited)
THREE MONTHS ENDED
MARCH 31,
2007 2006
Gross revenues (excluding revenues from
discontinued operations) (1) $1,873,000 $937,000
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Loss from continuing operations ($1,075,000) ($1,246,000)
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Loss from discontinued operations (95,000) (32,000)
Net gain from sales of discontinued operations 647,000 -
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Total income (loss) from discontinued operations 552,000 (32,000)
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Net Loss ($523,000) ($1,278,000)
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Per share of common stock (basic and diluted):
Loss from continuing operations ($0.27) ($0.32)
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Loss from discontinued operations (0.02) (0.01)
Net gain from sales of discontinued operations 0.16 -
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Total income (loss) from discontinued operations 0.14 (0.01)
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Net Loss per Common Share - basic and diluted ($0.13) ($0.33)
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Average shares outstanding - basic and diluted 3,937,561 3,895,599
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Cash distributions per common share $0.16 $0.16
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(1) Revenues for the 2007 period include $768,000 of revenues for the Hato Rey
Partnership as a result of the consolidation of that partnership.
Presidential Realty Corporation NEWS
180 South Broadway
White Plains, N.Y. 10605 (914) 948-1300
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FOR IMMEDIATE RELEASE
White Plains, New York
May 21, 2007
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, mall and other commercial
properties; interest rate levels; the availability of financing and other risks
associated with the development, acquisition, ownership and operation 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 2006 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 F. Joseph, President
Presidential Realty Corporation
at the above address and telephone number