Presidential Realty Corporation Exhibit 99.1
180 South Broadway
White Plains, N.Y. 10605 (914) 948-1300
NEWS
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FOR IMMEDIATE RELEASE
White Plains, New York
May 13, 2010
Presidential Realty Corporation, a real estate investment trust whose shares are
traded on the NYSE AMEX LLC (PDLB) and the over the counter market (PDNLA), 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 March 31, 2010:
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The Company's net loss for the three months ended March 31, 2010 was $.26 per
share compared to net income of $.23 per share for the three months ended March
31, 2009.
Continuing Operations:
Loss from continuing operations was $.26 per share for the three months ended
March 31, 2010 compared to income of $.21 per share for the three months ended
March 31, 2009. This decrease in income of $.47 per share is attributable to a
$.50 per share gain recorded during the three months ended March 31, 2009 upon
the settlement of several joint venture loans. As previously disclosed and more
fully described in the Company's Form 10-Q for the quarterly period ended March
31, 2010, 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.
Discontinued Operations:
Income from discontinued operations was $.00 per share for the three months
ended March 31, 2010 compared to income of $.02 per share for the three months
ended March 31, 2009.
Annual Meeting of Stockholders
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As the Company has previously disclosed, it has considered various strategic
alternatives in an effort to maximize shareholder value, including a merger,
consolidation or sale of all or substantially all of the Company's assets in a
single transaction followed by a liquidation of the Company. To date, no
appropriate opportunity has been identified, although the Board of Directors and
management continue to seek and consider potential strategic transactions. The
Company also previously disclosed that its Board of Directors is considering
requesting the approval of its shareholders at its next Annual Meeting for the
sale of all or substantially all of the Company's assets and the adoption of a
Plan of Liquidation of the Company. The Board of Directors continues to consider
strategic alternatives and currently plans to hold the Company's Annual Meeting
in the third or fourth quarter of 2010.
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
May 13, 2010
RESULTS OF OPERATIONS
(Unaudited)
THREE MONTHS ENDED
MARCH 31,
2010 2009
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Gross revenues (excluding revenues from
discontinued operations $1,224,000 $1,145,000
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Income (loss) from continuing operations $ (956,000) $ 682,000
Income from discontinued operations 16,000 69,000
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Net income (loss) (940,000) 751,000
Add: Net loss from noncontrolling interest 47,000 38,000
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Net Income (Loss) attributable to
Presidential Realty Corporation $ (893,000) $ 789,000
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Per share of common stock attributable to
Presidential Realty Corporation (basic and diluted):
Income (loss) from continuing operations $ (0.26) $ 0.21
Income from discontinued operations - 0.02
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Net Income (Loss) per Common Share - basic $ (0.26) $ 0.23
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- diluted $ (0.26) $ 0.23
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Average shares outstanding - basic 3,388,413 3,379,613
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- diluted 3,388,413 3,399,413
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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
May 13, 2010
Additional Information
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In connection with its 2010 Annual Meeting of Stockholders, Presidential Realty
Corporation will file a notice of annual meeting and proxy statement with the
Securities and Exchange Commission ("SEC"). BEFORE MAKING ANY VOTING OR
INVESTMENT DECISION REGARDING THE ANNUAL MEETING, PRESIDENTIAL STOCKHOLDERS ARE
URGED TO READ THE NOTICE OF ANNUAL MEETING AND PROXY STATEMENT AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION ABOUT PRESIDENTIAL AND THE 2010 ANNUAL
MEETING OF STOCKHOLDERS. Stockholders can obtain free copies of the notice of
annual meeting and proxy statement and other documents filed by Presidential
with the SEC, including the proxy card, when they become available by contacting
Presidential at 180 South Broadway, White Plains, NY 10605, Attention:
Secretary. In addition, documents filed with the SEC by Presidential are
available free of charge at the SEC's website at www.sec.gov. Our proxy
materials will also be available at www.proxyvote.com.
Presidential Realty Corporation, its directors, executive officers and other
employees may be deemed to be participants in the solicitation of Presidential's
security holders in connection with its 2010 Annual Meeting of Stockholders.
Stockholders may obtain information regarding the names, affiliations and
interests of such individuals in Presidential's Annual Report on Form 10-K for
the year ended December 31, 2009 and its proxy statement when it becomes
available.
Forward Looking Statements
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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, including the possibility that the Board of
Directors will request the approval of the Company's shareholders for the sale
of all or substantially all of the Company's assets and the adoption of a plan
of liquidation. 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 continuing 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 venture
in which the Company is a member, which adversely affects the operating
results and valuations of such malls;
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
May 13, 2010
o continuing adverse conditions 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 the risk that if the Board of Directors seeks shareholder approval of
the sale of all or substantially all of the Company's assets and the
adoption of a plan of liquidation, such approval is not obtained;
o general risks of real estate ownership and operation;
o governmental actions and initiatives;
o environmental and safety requirements; and
o failure to comply with continuing listing standards of the NYSE AMEX.
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 2009 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