Attached files
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
November 10, 2009
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 September 30, 2009:
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The Company's net loss for the three months ended September, 2009 was $.35 per
share (basic) compared to net income of $.91 per share (basic) for the three
months ended September 30, 2008.
Continuing Operations:
Loss from continuing operations was $.35 per share for the three months ended
September 30, 2009 compared to income of $.06 per share for the three months
ended September 30, 2008. This decrease in income of $.41 per share was
primarily attributable to the $.27 per share increase in general and
administrative expenses and the $.10 per share increase in the Company's share
of the loss from joint ventures.
General and administrative expenses increased by $.27 per share as a result of
the impact of a $.29 per share reversal during the three months ended September
30, 2008 of interest expense previously accrued in accordance with an income tax
accounting standard the Company had previously adopted on January 1, 2007.
Following the adoption of this standard, the Company had accrued interest
related to tax positions for which the Company may have been required to pay a
deficiency dividend to its shareholders and recorded this interest expense in
general and administrative expenses. When the statute of limitations with
respect to these tax positions lapsed in September, 2008, the Company reversed
the $.29 per share interest accrual at that time and general and administrative
expenses were reduced by such reversal.
The $.10 per share increase in the Company's share of the loss from joint
ventures included $.06 per share from the operations of a property in Puerto
Rico in which the Company has a 50% interest.
Discontinued Operations:
The total income from discontinued operations was $.00 per share for the three
months ended September 30, 2009 compared to $.85 per share for the three months
ended September 30, 2008. The three months ended September 30, 2008 included a
gain of $.81 per share from the sale of a package of 42 cooperative apartment
units at Towne House in New Rochelle, New York and a gain of $.02 per share from
the sale of a cooperative apartment unit 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
November 10, 2009
Results of operations for the nine months ended September 30, 2009:
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The Company's net income for the nine months ended September 30, 2009 was $1.20
per share (basic) compared to $.43 per share (basic) for the nine months ended
September 30, 2008.
Continuing Operations:
Income from continuing operations was $.24 per share for the nine months ended
September 30, 2009 compared to a loss of $.39 per share for the nine months
ended September 30, 2008. This increase in income of $.63 per share was
primarily attributable to a $1.18 per share gain recorded during the nine months
ended September 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 September 30, 2009, the Company entered into a settlement
agreement on February 27, 2009 with its joint venture partners with respect to
defaults by the joint ventures on three of the Company's mezzanine loans. This
increase in income was partially offset by a $.26 per share increase in general
and administrative expenses, a $.14 per share decrease in interest income earned
on notes receivable and a $.14 per share increase in the Company's share of the
loss from joint ventures.
General and administrative expenses increased by $.26 per share primarily as a
result of the impact of the reversal in 2008 of interest expense previously
accrued in accordance with the accounting standard discussed above. The impact
of the reversal in the nine months ended September 30, 2008 was $.24 per share.
Interest income earned on notes receivable decreased by $.14 per share primarily
as a result of repayments of notes receivable during the nine months ended
September 30, 2008.
The $.14 per share increase in the Company's share of the loss from joint
ventures included $.13 per share from the operations of a property in Puerto
Rico in which the Company has a 50% interest.
Discontinued Operations:
The total income from discontinued operations was $.96 per share for the nine
months ended September 30, 2009 compared to $.82 per share for the nine months
ended September 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
November 10, 2009
The nine months ended September 30, 2009 included a gain of $.95 per share from
the sale of the Crown Court property in New Haven, Connecticut. The nine months
ended September 30, 2008 included a gain of $.75 per share from the sale of a
package of 42 cooperative apartment units at Towne House in New Rochelle, New
York and a gain of $.02 per share from the sale of a cooperative apartment unit
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
November 10, 2009
RESULTS OF OPERATIONS
(Unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
2009 2008 2009 2008
Gross revenues (excluding revenues from
discontinued operations) $1,418,000 $1,689,000 $4,439,000 $5,002,000
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Income (loss) from continuing operations ($1,270,000) $220,000 $627,000 ($1,452,000)
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Income (loss) from discontinued operations (3,000) 70,000 36,000 196,000
Net gain from sales of discontinued operations - 2,893,000 3,208,000 2,893,000
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Total income (loss) from discontinued operations (3,000) 2,963,000 3,244,000 3,089,000
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Net income (loss) (1,273,000) 3,183,000 3,871,000 1,637,000
Add: Net loss from noncontrolling interest 87,000 - 171,000 -
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Net Income (Loss) attributable to
Presidential Realty Corporation ($1,186,000) $3,183,000 $4,042,000 $1,637,000
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Per share of common stock attributable to
Presidential Realty Corporation (basic and diluted):
Income (loss) from continuing operations ($0.35) $0.06 $0.24 ($0.39)
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Income from discontinued operations - 0.02 0.01 0.05
Net gain from sales of discontinued operations - 0.83 0.95 0.77
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Total income (loss) from discontinued operations - 0.85 0.96 0.82
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Net Income (Loss) per Common Share - basic ($0.35) $0.91 $1.20 $0.43
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- diluted ($0.35) $0.90 $1.19 $0.43
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Average shares outstanding - basic 3,381,982 3,501,921 3,380,667 3,770,895
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- diluted 3,381,982 3,533,118 3,399,592 3,770,895
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Cash distributions per common share $ - $0.16 $ - $0.48
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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
November 10, 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 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;
o continuing 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
