Exhibit 99.1
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Presidential Realty Corporation
180 South Broadway
White Plains, N.Y. 10605 (914) 948-1300
NEWS
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FOR IMMEDIATE RELEASE
White Plains, New York
August 12, 2009
Presidential Realty Corporation, a real estate investment trust whose shares are
traded on the NYSE AMEX LLC (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 or interests in real estate.
Results of operations for the three months ended June 30, 2009:
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The Company's net income for the three months ended June 30, 2009 was $1.31 per
share (basic) compared to a net loss of $.16 per share (basic) for the three
months ended June 30, 2008.
Continuing Operations:
Income from continuing operations was $.36 per share for the three months ended
June 30, 2009 compared to a loss of $.18 per share for the three months ended
June 30, 2008. This increase in income of $.54 per share is primarily
attributable to a $.67 per share additional gain recorded during the three
months ended June 30, 2009 in connection with the settlement of several joint
venture loans. As more fully described in the Company's Form 10-Q for the
quarterly period ended June 30, 2009, the Company entered into a settlement
agreement on February 27, 2009 with its joint venture partners with respect to
defaults on three of the Company's mezzanine loans. This increase in income is
partially offset by the $.08 per share increase in the Company's share of the
loss from joint ventures, of which $.05 per share is for the Company's share of
the loss from the operations of a property in Puerto Rico in which the Company
received a 50% interest as part of the settlement agreement referred to above.
Discontinued Operations:
The total income from discontinued operations was $.95 per share for the three
months ended June 30, 2009 compared to $.02 per share for the three months ended
June 30, 2008. The three months ended June 30, 2009 included a gain of $.95 per
share from the sale of the Crown Court property in New Haven, Connecticut.
Results of operations for the six months ended June 30, 2009:
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The Company's net income for the six months ended June 30, 2009 was $1.55 per
share (basic) compared to a net loss of $.40 per share (basic) for the six
months ended June 30, 2008.
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Presidential Realty Corporation
180 South Broadway
White Plains, N.Y. 10605 (914) 948-1300
NEWS
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FOR IMMEDIATE RELEASE
White Plains, New York
August 12, 2009
Continuing Operations:
Income from continuing operations was $.59 per share for the six months ended
June 30, 2009 compared to a loss of $.43 per share for the six months ended June
30, 2008. This increase in income of $1.02 per share is primarily attributable
to a $1.18 per share gain recorded during the six months ended June 30, 2009 in
connection with the settlement of several joint venture loans. This increase in
income is partially offset by a $.08 per share decrease in interest income
earned on notes receivable primarily as a result of repayments of notes
receivable during the six months ended June 30, 2008.
Discontinued Operations:
The total income from discontinued operations was $.96 per share for the six
months ended June 30, 2009 compared to $.03 per share for the six months ended
June 30, 2008. The six months ended June 30, 2009 included a gain of $.95 per
share from the sale of the Crown Court property in New Haven, Connecticut.
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Presidential Realty Corporation
180 South Broadway
White Plains, N.Y. 10605 (914) 948-1300
NEWS
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FOR IMMEDIATE RELEASE
White Plains, New York
August 12, 2009
RESULTS OF OPERATIONS
(Unaudited)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
2009 2008 2009 2008
Gross revenues (excluding revenues from
discontinued operations) $1,549,000 $1,636,000 $3,021,000 $3,313,000
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Income (loss) from continuing operations $1,189,000 ($695,000) $1,897,000 ($1,672,000)
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Income (loss) from discontinued operations (4,000) 68,000 39,000 126,000
Net gain from sales of discontinued operations 3,208,000 - 3,208,000 -
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Total income from discontinued operations 3,204,000 68,000 3,247,000 126,000
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Net income (loss) 4,393,000 (627,000) 5,144,000 (1,546,000)
Add: Net loss from noncontrolling interest 46,000 - 84,000 -
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Net Income (Loss) attributable to
Presidential Realty Corporation $4,439,000 ($627,000) $5,228,000 ($1,546,000)
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Per share of common stock attributable to
Presidential Realty Corporation (basic and diluted):
Income (loss) from continuing operations $0.36 ($0.18) $0.59 ($0.43)
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Income from discontinued operations - 0.02 0.01 0.03
Net gain from sales of discontinued operations 0.95 - 0.95 -
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Total income from discontinued operations 0.95 0.02 0.96 0.03
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Net Income (Loss) per Common Share - basic $1.31 ($0.16) $1.55 ($0.40)
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- diluted $1.31 ($0.16) $1.54 ($0.40)
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Average shares outstanding - basic 3,380,380 3,878,734 3,379,999 3,906,860
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- diluted 3,399,680 3,878,734 3,399,547 3,906,860
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Cash distributions per common share $ - $0.16 $ - $0.32
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Presidential Realty Corporation
180 South Broadway
White Plains, N.Y. 10605 (914) 948-1300
NEWS
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FOR IMMEDIATE RELEASE
White Plains, New York
August 12, 2009
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:
o generally adverse economic and business conditions, which, among other
things, (a) affect the demand for residential, retail, industrial and
office space at properties owned by the Company or which are security
for loans made by the Company, (b) affect the availability and
creditworthiness of prospective tenants and the rental rates obtainable
at the properties, and (c) affect consumer demand for the products
offered by the tenants at the malls owned by the joint ventures in
which the Company is a member, which adversely affects the operating
results and valuations of such malls;
o adverse changes in the real estate markets, including a severe
tightening of the availability of credit, which adversely affect the
ability of the Company or the joint ventures in which the Company is a
member to sell, or refinance the mortgages on, their properties and
which may also affect the ability of prospective tenants to rent space
at these properties;
o general risks of real estate development, ownership and operation;
o governmental actions and initiatives; and
o environmental and safety requirements.
Additional factors that could cause Presidential's results to differ materially
from those described in the forward-looking statements can be found in the
Company's 2008 Annual Report on Form 10-K and subsequent quarterly reports on
Form 10-Q. Except as required by law, 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