0001144204-12-062347.txt : 20121114 0001144204-12-062347.hdr.sgml : 20121114 20121114145454 ACCESSION NUMBER: 0001144204-12-062347 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRESIDENTIAL REALTY CORP/DE/ CENTRAL INDEX KEY: 0000731245 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 131954619 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-08594 FILM NUMBER: 121203629 BUSINESS ADDRESS: STREET 1: 9 EAST 40TH STREET, SUITE 900 CITY: NEW YORK STATE: NY ZIP: 10016 BUSINESS PHONE: 914-948-1300 MAIL ADDRESS: STREET 1: 9 EAST 40TH STREET, SUITE 900 CITY: NEW YORK STATE: NY ZIP: 10016 10-Q 1 v326386_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2012

¨	TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-08594

PRESIDENTIAL REALTY CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

Delaware		13-1954619
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

9 East 40^th Street, Suite 900

New York, NY 10016

(Address of Principal Executive Office)

Registrant’s Telephone Number, Including Area Code: (914) 948-1300

N/A

(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer ¨	Accelerated filer ¨

Non-accelerated filer ¨	Smaller reporting company x
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

As of November 14, 2012, there were 442,533 shares of Class A common stock and 3,217,147 shares of Class B common stock outstanding.

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

Index to Form 10-Q

For the Quarterly Period Ended

September 30, 2012

		Page

Part I	Financial Information (Unaudited)

Item 1.	Financial Statements	3
	Consolidated Balance Sheets (Unaudited)	3
	Consolidated Statements of Operations (Unaudited)	4
	Consolidated Statements of Cash Flows (Unaudited)	5
	Notes to Consolidated Financial Statements (Unaudited)	6-20

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	28

Item 4.	Controls and Procedures	28

Part II	Other Information

Item 1.	Legal Proceedings	28

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28

Item 6.	Exhibits	29

PART I FINANCIAL INFORMATION

Item 1. Financial Statements

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

					September 30,			December 31,
					2012			2011
					Unaudited			Audited
Assets

Real estate (Note 2)					$	1,089,840		$	1,085,909
Less: accumulated depreciation						451,659			414,805

Net real estate						638,181			671,104
Net mortgage portfolio						18,770			30,370
Prepaid expenses						144,936			304,417
Other receivables (net of valuation allowance of $6,724 in 2012 and $5,592 in 2011)						19,817			14,428
Cash and cash equivalents						1,053,156			961,240
Assets related to discontinued operations						14,324,287			14,392,300
Other assets						40,380			-
Total Assets					$	16,239,527		$	16,373,859

Liabilities and Equity

Liabilities:
Liabilities related to discontinued operations					$	17,645,720		$	16,638,972
Mortgage payable						492,608			-
Accrued liabilities						164,896			150,120
Accounts payable						1,959			33,970
Other liabilities						637,205			622,991

Total Liabilities						18,942,388			17,446,053

Presidential Stockholders' Deficiency:
Common stock: par value $.00001 per share
	September 30, 2012		December 31, 2011
Class A						5			5
Authorized:		700,000		700,000
Issued:		471,633		471,633
Treasury:		29,100		29,100

Class B						37			37
Authorized:		999,300,000		10,000,000
Issued:		3,746,842		3,742,842
Treasury:		529,695		529,695

Additional paid-in capital						5,252,336			5,150,869
Accumulated deficit						(3,263,337	)		(1,966,911	)
Treasury stock (at cost)						(2,879,354	)		(2,879,354	)

Total Presidential stockholders' (deficit) equity						(890,313	)		304,646
Noncontrolling interest (Note 6)						(1,812,548	)		(1,376,840	)

Total Deficit						(2,702,861	)		(1,072,194	)

Total Liabilities and Stockholders' Deficit					$	16,239,527		$	16,373,859

See notes to consolidated financial statements.

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

	THREE MONTHS ENDED SEPTEMBER 30,						NINE MONTHS ENDED SEPTEMBER 30,
	2012			2011			2012			2011

Revenues:
Rental	$	193,585		$	171,657		$	570,025		$	597,983
Interest on mortgages - notes receivable		617			10,571			9,037			200,488

Total		194,202			182,228			579,062			798,471

Costs and Expenses:
General and administrative		225,238			270,505			767,343			6,291,305
Stock Based Compensation		-			6,035			98,667			16,655
Pension plan termination		-			-			-			(408,086	)
Rental property:
Operating expenses		130,586			121,616			360,018			413,120
Interest and fees on mortgage debt		8,499			-			9,333			134
Real estate taxes		12,165			11,938			35,452			35,814
Depreciation on real estate		12,141			-			36,855			-
Amortization of mortgage costs		-			-			132			60

Total		388,629			410,094			1,307,800			6,349,002

Other Income (Loss):
Investment income		2,456			25,177			5,654			40,994
Gain on the sale of Consolidated note receivable		-			-			-			3,264,724
Equity in the loss from joint ventures (Note 3)		-			(313,640	)		-			(748,541	)

Loss from continuing operations		(191,971	)		(516,329	)		(723,084	)		(2,993,354	)

Discontinued Operations (Note 4):
Loss from discontinued operations		(436,277	)		(518,494	)		(1,009,050	)		(1,185,306	)

Total loss from discontinued operations		(436,277	)		(518,494	)		(1,009,050	)		(1,185,306	)

Net loss		(628,248	)		(1,034,823	)		(1,732,134	)		(4,178,660	)

Net loss from noncontrolling interest (Note 6)		172,066			237,969			435,708			563,860

Net loss attributable to Presidential	$	(456,182	)	$	(796,854	)	$	(1,296,426	)	$	(3,614,800	)

Earnings per Common Share attributable to Presidential (basic and diluted):
Loss from continuing operations	$	(0.05	)	$	(0.15	)	$	(0.20	)	$	(0.88	)

Discontinued Operations:
Loss from discontinued operations		(0.07	)		(0.08	)		(0.15	)		(0.18	)

Net Loss per Common Share - basic and diluted	$	(0.12	)	$	(0.23	)	$	(0.35	)	$	(1.06	)

Weighted Average Number of Shares Outstanding - basic and diluted		3,657,369			3,405,680			3,656,243			3,405,355

See notes to consolidated financial statements.

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

UNAUDITED

	NINE MONTHS ENDED
	2012			2011

Net loss	$	(1,732,134	)	$	(4,178,660	)

Adjustments to reconcile net loss to net cash used in operating activities:
Net loss on securities held for sale		-			16,330
Net gain on sale of mortgage portfolio		-			(3,264,724	)
Realized loss on pension termination		-			3,967,627
Equity in the loss from joint ventures		-			748,541
Depreciation and amortization		36,855			-
Amortization of discounts on notes and fees		1,237			972
Stock Based compensation		98,667			-
Issuance of stock to directors and officers		2,800			16,955

Changes in assets and liabilities:
(Increase) decrease in:
Other receivables		(5,389	)		(73,105	)
Discontinued operations assets		68,013			744,321
Prepaid expenses, deposits in escrow and deferred charges		159,481			108,048
Other assets		-			23,673
Increase (decrease) in:
Accounts payable and accrued liabilities		(17,235	)		348,879
Defined benefit plan liability		-			(269,479	)
Contractual pension benefits		-			(2,851,665	)
Discontinued operations liabilities		1,006,748			183,081
Mortgage interest and fees		-			-
Other liabilities		14,214			13,931

Total adjustments		1,365,391			(286,615	)

Net cash used in operating activities		(366,743	)		(4,465,275	)

Cash Flows from Investing Activities:
Proceeds from sale of Consolidated notes receivable		-			5,339,718
Payments received on notes receivable		10,363			8,453
Payments disbursed for additions and improvements		(3,932	)		(153,540	)
Sale of securities available for sale		-			934,836

Net cash provided by investing activities		6,431			6,129,467

Cash Flows from Financing Activities:
Proceeds of mortgage refinancing		459,620			-
Principal payments on mortgage debt		(7,392	)		(15,237	)

Net cash provided by (used in) financing activities		452,228			(15,237	)

Net Increase in Cash and Cash Equivalents		91,916			1,648,955

Cash and Cash Equivalents, Beginning of Period		961,240			597,440

Cash and Cash Equivalents, End of Period	$	1,053,156		$	2,246,395

Supplemental cash flow information:
Interest paid in cash	$	9,333		$	268,467
Taxes paid	$	-		$	-

See notes to consolidated financial statements.

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Organization and Summary of Significant Accounting Policies

Organization

Presidential Realty Corporation (“Presidential” or the “Company”), is operated as a self-administrated, self-managed Real Estate Investment Trust (“REIT”). The Company 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. Presidential operates in a single business segment, investments in real estate related assets.

On November 8, 2011, we and PDL Partnership, a New York general partnership (“PDL Partnership”), the general partners of which were Jeffrey F. Joseph (a director and former officer), Steven Baruch (a former director and former officer) and Thomas Viertel (a former director and former officer), entered into a series of strategic transactions with some investors and Signature Community Investment Group LLC (together with its affiliates, “Signature”). Signature is owned by Nickolas W. Jekogian, III, the promoter of the stock transactions included in the strategic transactions.

The September 30, 2011 financial statements were reported on the liquidating basis of accounting. In connection with the November 8, 2011 strategic transactions, the Company’s financial statements are being reported on the going concern basis retroactively.

Basis of Presentation and Going Concern Considerations

For the nine months ended September 30, 2012, the Company had a loss from continuing operations. This combined with a history of operating losses and working capital deficit have been detrimental to our operations and could potentially affect our ability to meet our obligations and continue as a going concern. See Note 8 A4 of Notes to Consolidated Financial Statements. If the Company is required to pay any significant amounts under its guaranty related to our Hato Rey property, such a payment would also adversely impact our liquidity. Our ability to continue as a going concern is dependent upon management’s successful execution of our business plan to achieve profitability, to increase working capital raising debt and or equity and a successful defense of the claims against the Company under its guaranty related to the Hato Rey property. The accompanying financial statements do not include any adjustments that may result from the outcome of this.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”). The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of the Company’s financial position and operating results.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. The results for such interim periods are not necessarily indicative of the results to be expected for the year. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the results for the respective periods have been reflected. These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2011.

Principles of Consolidation

The consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. Additionally, the consolidated financial statements include 100% of the account balances of PDL, Inc. and Associates Limited Co-Partnership (the “Hato Rey Partnership”). PDL, Inc. (a wholly owned subsidiary of Presidential and the general partner of the Hato Rey Partnership) and Presidential own an aggregate 60% general and limited partnership interest in the Hato Rey Partnership (see Note 6). All significant intercompany balances and transactions have been eliminated.

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Organization and Summary of Significant Accounting Policies (Continued)

Investments in Joint Ventures

The Company has equity investments in joint ventures and accounts for these investments using the equity method of accounting. These investments are recorded at cost and adjusted for the Company’s share of each entity’s income or loss and adjusted for cash contributions or distributions. Real estate held by such entities is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, and would be written down to its estimated fair value if an impairment was determined to exist (see Note 3).

Rental Revenue Recognition

The Company acts as lessor under operating leases. Rental revenue is recorded on the straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Certain leases require the tenants to reimburse a pro rata share of real estate taxes, utilities and maintenance costs. Recognition of rental revenue is generally discontinued when the rental is delinquent for ninety days or more, or earlier if management determines that collection is doubtful.

Allowance for Doubtful Accounts

The Company assesses the collectability of amounts due from tenants and other receivables, using indicators such as past-due accounts, the nature and age of the receivable, the payment history and the ability of the tenant or debtor to meet its payment obligations. Management’s estimate of allowances for doubtful accounts is subject to revision as these factors change. Rental revenue is recorded on the accrual method and rental revenue recognition is generally discontinued when the tenant in occupancy is delinquent for ninety days or more. Bad debt expense is charged for vacated tenant accounts and subsequent receipts collected for those receivables will reduce bad debt expense. As of September 30, 2012 and December 31, 2011, allowance for doubtful accounts for continuing operations relating to tenant obligations was $6,724 and $5,592, respectively.

Net Loss Per Share

Basic net loss per share data is computed by dividing net loss by the weighted average number of shares of Class A and Class B common stock outstanding (excluding nonvested shares) during each period. Diluted net loss per share is computed by dividing net loss by the weighted average shares outstanding, including the dilutive effect, if any, of nonvested shares. For the three and nine months ended September 30, 2012 and 2011, the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 740,000 and 6,800, respectively, of outstanding stock options and restricted shares, respectively, as their inclusion would be antidilutive.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, cash in banks and money market funds.

Management Estimates

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated balance sheets and the reported amounts of income and expense for the reporting period. Actual results could differ from those estimates.

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Organization and Summary of Significant Accounting Policies (Continued)

Discontinued Operations

The Company follows the guidance of the presentation and property, plant, and equipment Topics of the ASC, with respect to long-lived assets classified as held for sale. The ASC requires that the results of operations, including impairment, gains and losses related to the properties that have been sold or properties that are intended to be sold, be presented as discontinued operations in the statements of operations for all periods presented and the assets and liabilities of properties intended to be sold are to be separately classified on the balance sheet. Properties designated as held for sale are carried at the lower of cost or fair value less costs to sell and are not depreciated.

Accounting for Uncertainty in Income Taxes

The Company follows the guidance of the recognition of current and deferred income tax accounts, including accrued interest and penalties, in accordance with ASC 740-10-25. Under this guidance, if the Company’s tax positions in relation to certain transactions were examined and were not ultimately upheld, the Company would be required to pay an income tax assessment and related interest. Alternatively, the Company could elect to pay a deficiency dividend to its shareholders in order to continue to qualify as a REIT and the related interest assessment to the taxing authorities.

Reclassifications

Certain items have been reclassified in the accompanying consolidated Financial Statements and Notes for prior periods. Deferred compensation of $593,750 was reclassified from accrued liabilities to other liabilities.

Real Estate

Real estate included in continuing operations is comprised of the following:

	September 30,		December 31,
	2012		2011

Land	$	79,100	$	79,100
Buildings		960,714		956,783
Furniture and equipment		50,026		50,026

Total	$	1,089,840	$	1,085,909

Rental revenue from the Maple Tree property constituted virtually all of the rental revenue for the Company during the quarters ended September 30, 2012 and 2011.

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Investments in Joint Ventures

At September 30, 2012 and December 31, 2011, the Company’s only joint venture investment was IATG. The carrying amount of the joint venture was $0. At December 31, 2011, the occupancy rate at the property was approximately 16%. The property is managed by a Lightstone Group (“Lightstone”) affiliate and Lightstone agreed to advance funds to pay any negative cash flow from the operations of the property until a sale could be accomplished and has agreed that if it does not do so, on demand by the Company, it will transfer its remaining 49% interest in the property to Presidential. Lightstone has advised the Company that it will no longer advance funds for the operations of the property.

On December 22, 2011, an action entitled Centro De Recaudacion de Ingresos Municipals against IATG Puerto Rico, LLC was filed in Estado Libre Asociado de Puerto Rico, Tribunal de Primera Instancia, Sala Superior de Hunacao in respect of approximately $7.7 million of unpaid interest, taxes and penalties owed by IATG Puerto Rico, LLC, the owner of Las Piedras Industrial Park in Las Piedras, Puerto Rico. We believe the value of the property is less than the amount of taxes owed. We own a 50% interest in the defendant. At December 31, 2011, the Company wrote down its investment of $771,110 in the property to zero. The Company has evaluated its potential liabilities and believes it has no liabilities with respect to IATG other than the complete loss of its investment in IATG Puerto Rico, LLC, which was reflected in the Company’s balance sheet at December 31, 2011 (see Note 8A3).

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The summary financial information for IATG is as follows:

	December 31,
	2011

Condensed balance sheet
Net real estate	$	5,156,600
Cash and cash equivalents		29,000
Accounts receivable		36,000
Deferred expenses		4,400
Prepaid expenses		84,000
	$	5,310,000

Note payable (1)	$	10,124,000
Other liabilities		3,269,000

Total liabilities		13,393,000
Members' deficit		(8,083,000	)
Total liabilities and members' deficit	$	5,310,000

(1) The note payable is payable to an affiliate of Lightstone and payment thereof is subordinate to the Company’s right to receive its share of any proceeds of a sale or refinancing.

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	Year Ended December 31,			Nine Months Ended September 30,			Three Months Ended September 30,
	2011			2011			2011
Condensed statements of operations
Revenues	$	975,000		$	765,900		$	209,979
Interest on notes payable		(1,127,000	)		(831,736	)		(285,563	)
Other expenses		(1,480,000	)		(1,129,674	)		(355,310	)

Loss before depreciation and amortization		(1,632,000	)		(1,195,510	)		(430,894	)
Depreciation and amortization		(350,000	)		(301,571	)		(25,115	)

Net loss	$	(1,982,000	)	$	(1,497,081	)	$	(456,009	)

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Discontinued Operations

During the quarter ended March 31, 2012, the Company designated Hato Ray, Pres Matmor and PDL, Inc. as discontinued operations. All numbers have been adjusted retrospectively for the change.

The following table summarizes for the property discontinued:

	Three Months			Three Months			Nine Months			Nine Months
	Ended			Ended			Ended			Ended
	September 30,			September 30,			September 30,			September 30,
	2012			2011			2012			2011

Revenue:
Rental	$	860,954		$	828,941		$	2,755,212		$	2,738,843

Expenses:
General and administrative		2,371			48,420			6,004			145,192
Rental property:
Operating expenses		714,851			490,963			1,859,873			1,590,720
Interest and fees on mortgage debt		502,028			609,263			1,661,279			1,501,654
Real estate taxes		78,742			78,743			236,227			324,171
Depreciation		-			115,723			-			345,829
Amortization of in place lease value		-			5,415			3,456			19,944
Total expenses		1,297,992			1,348,527			3,766,839			3,927,510
Investment income		761			1,092			2,577			3,361

Loss from discontinued operations	$	(436,277	)	$	(518,494	)	$	(1,009,050	)	$	(1,185,306	)

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	September 30,			December 31,
	2012			2011
Assets related to discontinued operations:
Land	$	1,905,985		$	1,905,985
Buildings		13,829,390			13,829,390
Furniture and equipment		6,375			6,375
Less: accumulated depreciation		(2,087,424	)		(2,087,424	)

Net real estate		13,654,326			13,654,326
Other assets		669,961			737,974
Total assets related to discontinued operations	$	14,324,287		$	14,392,300

Liabilities related to discontinued operations:
Mortgage debt	$	14,484,138		$	14,484,138
Mortgage related interest and fees		2,412,506			1,431,672
Other liabilities		749,076			723,162
Total liabilities related to discontinued operations	$	17,645,720		$	16,638,972

During the quarter ended March 31, 2010, the Company designated its Mapletree Industrial Center in Palmer, Massachusetts as held for sale. As of November 8, 2011, the Company no longer considered Mapletree Industrial Center a discontinued operation. All numbers have been adjusted retrospectively for the change.

Mortgage Debt

The Hato Rey Center mortgage debt is being recorded in discontinued operations. At September 30, 2012 and December 31, 2011, the principal balance was $14,484,138 on the Hato Rey Center property in Hato Rey, Puerto Rico. The loan is nonrecourse to the Company with standard carve outs. The first mortgage loan on the Hato Rey Center property is due on May 11, 2028, but provides that if it was not repaid on or before May 11, 2008, the interest rate on the loan was increased by two percentage points (to 9.38% per annum of which 2% per annum would be deferred until maturity). Since April 2011, the Company has not made any mortgage payments on the loan (See Note 8). In addition, the Company is accruing an additional 5% per annum as default interest and a 5% late payment fee. At September 30, 2012 and December 31, 2011, interest and other fees payable were $2,412,483 and $1,431,672, respectively, which were offset by escrow accounts maintained by Berkadia Commercial LLC, servicer of the loan. Because of the foreclosure action, The Hato Rey Center property was classified as a discontinued operation.

On June 8, 2012, we entered into a mortgage and line of credit for a combined total of $1,000,000 with Country Bank for Savings on the Mapletree Industrial Center. The Mortgage is for $500,000 at a 5% interest rate, for a term of 5 years. Thereafter the interest will adjust monthly equal to the bank’s Prime Rate, plus 1% with an interest rate floor of 5%, for a term of 15 years. We received $459,620 of net proceeds. The line of credit is for $500,000, with an interest rate of 1% over the bank’s Prime Rate. The line of credit is due on demand. Both mortgage and the line of credit are secured by the Mapletree Industrial Center, in Palmer, Massachusetts. The outstanding balance of the mortgage at September 30, 2012 was $492,608.

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Hato Rey Partnership

PDL, Inc. (a wholly owned subsidiary of Presidential) is the general partner of the Hato Rey Partnership. Presidential Matmor and PDL, Inc. have an aggregate 60% general and limited partner interest in the Hato Rey Partnership. The Company exercises effective control over the partnership through its ability to manage the affairs of the partnership in the ordinary course of business. Accordingly, the Company consolidates the Hato Rey Partnership in the accompanying consolidated financial statements.

The Hato Rey Partnership owns and operates the Hato Rey Center, an office building with 207,000 square feet of commercial space, located in Hato Rey, Puerto Rico. The Company advanced $2,670,000 to the partnership to be used for building improvements and for operations. The loan, which was advanced to the partnership, as needed, bears interest at the rate of 13% per annum, with interest and principal to be paid out of the positive cash flow from the property or upon a refinancing of the First Mortgage on the property. At September 30, 2012 and December 31, 2011, the loan balance was $2,670,000 and accrued interest amounted to $1,614,941 and $1,527,202, respectively. These amounts were eliminated in consolidation. Management does not believe the Company will collect any of the principal or interest owed the Company.

Income Taxes

Presidential has elected to qualify as a Real Estate Investment Trust under the Internal Revenue Code. A REIT which distributes at least 90% of its real estate investment trust taxable income to its shareholders each year by the end of the following year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders.

ASC 740 prescribes a more likely than not recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken. If the Company’s tax position in relation to a transaction was not likely to be upheld, the Company would be required to record the accrual for the tax and interest thereon. As of September 30, 2012, the tax years that remain open to examination by the federal, state and local taxing authorities are the 2009 – 2011 tax years and the Company was not required to accrue any liability for those tax years.

For the year ended December 31, 2011, the Company had a tax loss of approximately $8,500,000 ($2.47 per share), which is comprised of an ordinary loss of approximately $8,210,000 ($2.38 per share) and a capital loss of approximately $294,000 ($0.09 per share).

For the nine months ended September 30, 2012, the Company had a tax loss of approximately $1,035,000 ($0.28) per share), which is comprised of an ordinary loss.

Commitments, Contingencies and Related parties

Commitments and Contingencies

Except as described in item 4 below, Presidential is not a party to any material legal proceedings. The Company may from time to time be a party to routine litigation incidental to the ordinary course of its business.

In the opinion of management, all of the Company’s properties are adequately covered by insurance in accordance with normal insurance practices.

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

3) On December 22, 2011, an action entitled Centro De Recaudacion de Ingresos Municipals against IATG Puerto Rico, LLC was filed in Estado Libre Asociado de Puerto Rico, Tribunal de Primera Instancia, Sala Superior de Hunacao in respect of approximately $7.7 million of unpaid interest, taxes and penalties owed by IATG Puerto Rico, LLC, the owner of Las Piedras Industrial Park in Las Piedras, Puerto Rico. We believe the value of the property is less than the amount of taxes owed. We own a 50% interest in the defendant. The Company has evaluated its potential exposure and has concluded that the Company is not responsible for any of the debts or liabilities of IATG Puerto Rico and that the Company’s only exposure is the complete loss of its investment. At December 31, 2011, the Company wrote off its investment in the property.

4) On April 4, 2012, a mortgage foreclosure action was filed in the Court of First Instance, San Juan Superior Part, in the Commonwealth of Puerto Rico to foreclose on the Company’s Hato Rey property. The action is entitled U.S. Bank National Association, as trustee, as successor-in-interest to Bank of America, National Association, as trustee for the Registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 1998-C1, acting by and through Berkadia Commercial Mortgage LLC in its capacity as special servicer pursuant to the pooling and servicing agreement dated October 11, 1998 against PDL, Inc. & Associates, Limited Co-partnership; PDL, Inc., Presidential Realty Corporation; Lester Cohen and F.D. Rich Company of Puerto Rico, Inc. The complaint seeks a judgment against the Hato Rey Partnership in the amount of not less than $19,512,591, consisting of i) $14,484,138 in principal, ii) $1,119,406 in accrued interest, iii) $685,985 in default interest, iv) $48,371 in late charges, v) $1,424,691 in deferred interest and vi) $1,750,000 in liquidated damages as well as additional interest and default charges which continue to accrue under the mortgage loan on the Hato Rey property and foreclosure of the mortgage notes in order to sell the Hato Rey property and apply the proceeds of sale against the indebtedness. The Company’s wholly owned subsidiary, PDL, Inc., is the general partner of the partnership and the Company’s wholly owned subsidiary, Presidential Matmor Corporation, is a limited partner of the partnership.

The complaint also seeks judgments against PDL, Inc., the Company, Lester Cohen and F.D. Rich Company of Puerto Rico, Inc., with liability among them to be allocated 1%, 45%, 9% and 45%, respectively, under the terms of certain guarantees issued by them in connection with the mortgage loans, for alleged physical waste to the Property and, the costs of certain repairs to the property of not less than $1,100,000 and the reasonable legal costs and expenses in connection with the enforcement of the loan documents.

In 1998, at the time the mortgage loan was made, F.D. Rich Company was a limited partner of the partnership. In April 2006, Presidential Matmor acquired the limited partnership interest in the partnership owned by F.D. Rich. In connection with the acquisition of that interest, the parties executed a release and indemnification agreement which provides, among other things, that the Company and Presidential Matmor agree to indemnify F.D. Rich against any liability under the guaranty.

The guarantees provide that the guarantors will pay the lender any loss, damage, cost, expense, liability, claim or other obligation incurred by the lender arising out of fraud, intentional material misrepresentation, willful misconduct, physical waste committed on the subject property, failure to pay any valid taxes and assessments to the extent rents from the property are sufficient to pay such taxes, mechanics liens, materialmen’s liens or other liens which could create liens superior to the mortgage lien, reasonable legal costs and expenses incurred by lender in connection with litigation or other legal proceedings to enforce the loan, the breach of any material representation, covenant and warranty under the related environmental and hazardous substance indemnification agreement, misapplication or conversion of any insurance proceeds, awards or other amounts received in connection with condemnation of all or a portion of the property or any rents following an event of default and any security deposits not delivered to the lender.

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The lender has not asserted any claims against the Company other than those asserted under the guarantees as referenced above. The Company believes that the likelihood that the Company will be held liable for the claims asserted under the guarantees is remote.

Related Parties

Property Management Agreement

On November 8, 2011, the Company and Signature entered into a Property Management Agreement pursuant to which the Company has retained Signature as the exclusive managing and leasing agent for the Company’s Mapletree Industrial Center property in Palmer, Massachusetts (the “Mapletree Property”). Signature shall manage the Mapletree Property in accordance with specific management guidelines and leasing guidelines and shall meet specific reporting requirements and vendor insurance requirements. Signature will receive compensation of 5% of monthly rental income actually received from tenants at the Mapletree Property. The Company will reimburse Signature for all reasonable expenses incurred by Signature in performance of its duties under the Property Management Agreement that are either in accordance with the annual budget or which have been approved in writing by the Company. Such expense shall include, but not be limited to, Signature’s costs of the salaries, benefits and appropriate and prudent training for Signature’s employees who are engaged solely in management or operation of the Mapletree Property, but excluding certain expenses that will be borne by Signature, as specified in the Property Management Agreement. The Property Management Agreement has a term of one year and will be automatically renewable for one year terms until it is terminated by either party upon written notice. For the three and nine months ended September 30, 2012, the Company incurred management fees of $6,416 and $24,144, respectively.

Asset Management Agreement

On November 8, 2011, the Company and Signature entered into an Asset Management Agreement pursuant to which the Company engaged Signature to oversee the Company’s Mapletree Property and an office building at Hato Rey, Puerto Rico (the “Properties”). Signature’s duties include leasing, marketing and advertising, financing, construction and dispositions of the Properties. Signature will receive a construction fee for any major renovations or capital projects, subject to the approval of the Company’s Board of Directors, an asset management fee of 1.5% of the monthly gross rental revenues collected for the Properties (provided that the monthly fee for the Hato Rey property will be accrued and not paid until the receipt of mortgage proceeds on the Mapletree Property), a finance fee of 1% on any debt placement, and a disposition fee of 1% on the sale of any assets, as specified in the Asset Management Agreement. The Asset Management Agreement has a term of one year and will be automatically renewable for one year terms until it is terminated by either party upon written notice. For the three and nine months ended September 30, 2012, the Company incurred an asset management fee of $10,291 and $34,953, respectively.

Sublease

The Company subleases their executive office space under a month to month lease with Signature for a monthly rental payment of $433 or $5,200 per year. Either party may terminate the sublease upon 30 days prior written notice. For the three and nine months ended September 30, 2012, the Company incurred approximately $1,300 and $3,900, respectively, in rent expense.

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

Stock Options

In connection with the November 8, 2011 strategic transactions, the Company issued 740,000 options at an exercise price of $1.25. A total of 148,000 shares vested six months after the grant date. At September 30, 2012, the aggregate intrinsic value was $0. The remaining options vest upon the achievement of performance milestones. Options vesting on the achievement of performance milestones will not be recognized as compensation until such milestones are deemed probable of achievement. The Company recorded stock- based compensation expense of $0 and $98,667 for the three and nine months ended September 30, 2012. At September 30, 2012, the Company had approximately $426,000 of unrecognized compensation expense related to unvested share-based compensation awards that will be expensed upon the achievement of performance milestones.

10.

Common Stock and Preferred stock

On August 15, 2012, the stockholders approved an increase to the number of authorized shares of common stock from 10,700,000 to 1,050,000,000, consisting of: (a) 700,000 shares of Class A common stock; (b) 999,300,000 shares of Class B common stock (c) 50,000,000 shares of preferred stock. They also approved the reduction to the par value for all classes of the Company’s common stock from $0.10 to $0.00001 per share. All shares have been restated accordingly.

On August 15, 2012, the stockholders approved the designation of 50,000,000 shares of authorized preferred stock, par value $0.00001, as a class of “blank check” preferred stock so as to enable our board of directors to prescribe the series and the number of the shares of each series of preferred stock and the voting powers, designations, preferences, limitations, restrictions and relative rights of the shares of each series of preferred stock.

On August 15, 2012, the stockholders approved the 2012 Incentive Plan (the “2012 Plan”) which reserves 1,000,000 shares of Class B common stock for distribution to executive officers (including executive officers who are also directors), employees, directors, independent agents, consultants and attorneys in accordance with the 2012 Plan’s terms. The 2012 Plan provides for the grant of any or all of the following types of awards (collectively, “Awards”): (a) stock options and (b) restricted stock. Awards may be granted singly, in combination, or in tandem, as determined by the Compensation Committee. The maximum number of shares of Class B common stock with respect to which incentive stock options may be granted to any one individual in any calendar year shall not exceed $100,000 in fair market value as determined at the time of grant. If any outstanding Award is canceled, forfeited, delivered to us as payment for the exercise price or surrendered to us for tax withholding purposes, shares of Class B common stock allocable to such Award may again be available for Awards under the 2012 Plan.

In August 2012, the Company issued 4,000 shares of Class B common stock as part of the directors’ compensation which was valued at $2,800.

11.

Contractual Pension and Postretirement Benefits

Presidential had employment contracts with several active and retired officers and employees. These contracts provided for annual pension benefits and other postretirement benefits such as health care benefits. The contractual benefit plans were not funded. The pension benefits generally provided for annual payments in specified amounts for each participant for life, commencing three years after retirement, with an annual adjustment for an increase in the consumer price index. The Company accrued on an actuarial basis the estimated costs of these benefits during the years the employee provided services. The Company used a December 31 measurement date for the contractual benefit plans. The plan was terminated during 2011 and no future obligation existed at December 31, 2011.

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

The following tables summarize the actuarial costs of the contractual pension and postretirement benefits:

	Contractual Pension		Contractual Pension			Contractual Postretirement		Contractual Postretirement
	Benefit		Benefit			Benefits		Benefits
	Three Months Ended		Nine Months Ended			Three Months Ended		Nine Months Ended
	September 30,		September 30,			September 30,		September 30,
	2011		2011			2011		2011

Components of net periodic benefit cost:
Amortization of prior service cost	$	-	$	-		$	-	$	4,591
Amortization of actuarial gain				(40,650	)		-		(412,677	)
Net periodic benefit income	$	-	$	(40,650	)	$	-	$	(408,086	)

12.

Defined Benefit Plan

The Company had a noncontributory defined benefit pension plan, which covered substantially all of its employees. The plan provided monthly retirement benefits commencing at age 65. Effective February 28, 2009, the Company “froze” or suspended future benefit accruals under the plan. On November 5, 2010, the Company notified participants of its intention to terminate the plan in a standard termination with a proposed termination date of January 7, 2011. In order to terminate the plan and pay the distributions required, the Company fully funded a total of $3,320,932 to the plan, and no further funding is required. The plan was totally liquidated during 2011 and no future pension obligation existed at December 31, 2011.

The termination resulted in the Company recognizing a one-time non-cash expense of $4,439,735 associated with recognizing unamortized actuarial losses.

13.

Profit Sharing Plan

Fourth Floor Management Corp., a 100% owned subsidiary of Presidential Realty Corporation that managed all the Company’s properties, had a profit sharing plan which covered substantially all of its employees. The plan provided for annual contributions up to a maximum of 5% of the employees’ annual compensation. The Company made a $9,076 contribution to the plan in March 2011 for the 2010 plan. The plan was terminated in 2011 and no future liability exists.

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

14. Estimated Fair Value of Financial Instruments

Estimated fair values of the Company’s financial instruments as of September 30, 2012 and December 31, 2011 were determined using available market information and various valuation estimation methodologies. Considerable judgment was required to interpret the effects on fair value of such items as future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. The estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a errant market exchange. Also, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair values.

	September 30, 2012				December 31, 2011
	(Amounts in thousands)				(Amounts in thousands)
	Net Carrying		Estimated		Net Carrying		Estimated
	Value (1)		Fair Value		Value (1)		Fair Value

Assets:
Cash and cash equivalents	$	1,053	$	1,053	$	1,187	$	1,187
Notes Receivable		19		23		30		38

Liabilities:
Mortgage debt		500		500		14,484		14,558

(1) Net carrying value is net of valuation reserves and discounts where applicable.

The fair value estimates presented above were based on pertinent information available to management as of September 30, 2012 and December 31, 2011.

Fair value methods and assumptions were as follows:

Cash and Cash Equivalents – The estimated fair value approximated carrying value, due to the short maturity of these investments.

Notes Receivable – The fair value of notes receivable was estimated by discounting projected cash flows using current rates for similar notes receivable.

Mortgage Debt – The fair value of mortgage debt was estimated by discounting projected cash flows using current rates for similar debt.

15. Accumulated Other Comprehensive Loss

The Company’s other comprehensive income (loss) consists of the changes in the net unrealized gain (loss) on securities available for sale and the adjustments to the pension liabilities and the postretirement benefits liability, if any. There was no accumulated other comprehensive income (loss) at September 30, 2012 and December 31, 2011. Thus, comprehensive income (loss), which consists of net loss plus or minus other comprehensive income, is as follows:

PRESIDENTIAL REALTY CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
Net loss	$	(628,248	)	$	(1,034,823	)	$	(1,732,134	)	$	(4,178,660	)

Other comprehensive loss
Net unrealized loss on securities available for sale		-			(14,213	)		-			(24,636	)
Adjustment for contractual postretirement benefits		-			-			-			(3,967,627	)

Comprehensive loss		(628,248	)		(1,049,036	)		(1,732,134	)		(8,170,923	)

Comprehensive loss attributable to noncontrolling interest		172,066			237,969			435,708			563,860

Comprehensive loss attributable to Presidential Realty Corporation	$	(456,182	)	$	(811,067	)	$	(1,296,426	)	$	(7,607,063	)

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This report contains statements that do not relate to historical facts, but are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to analyses and other information based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to future events or trends, our future prospects and proposed development or business strategies, among other things. These statements can generally (although not always) be identified by their use of terms and phrases such as anticipate, appear, believe, continue, could, estimate, expect, indicate, intend, may, plan, possible, predict, project, pursue, will, would and other similar terms and phrases, as well as the use of the future tense. Forward-looking statements in this Quarterly Report on Form 10-Q speak only as of the date hereof, and forward looking statements in documents incorporated by reference speak only as of the date of those documents. Unless otherwise required by law, we undertake no obligation to publicly update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

Examples of forward-looking statements in this report include, but are not limited to, the following categories of expectations about:

	·	Our ability to implement plans for growth;
	·	Our ability to finance the acquisition of new real estate assets;
	·	Our ability to manage growth;
	·	Our ability to generate operating liquidity;
	·	Our ability to attract and maintain tenants for our rental properties;
	·	The demand for rental properties and the creditworthiness of tenants;
	·	The continuing adverse conditions in the real estate markets, which affect the ability of the Company or the joint venture in which the Company is a member to sell the properties, or refinance the mortgages on their properties and which may also affect the ability or willingness of prospective tenants to rent space at these properties;
	·	Governmental actions and initiatives;
	·	Financial results for 2012 and beyond, environmental and safety requirements;
	·	The form, timing and/or amount of dividend distributions in future periods; and
	·	The outcome of any litigation.

Overview

Presidential Realty Corporation (“Presidential”) is a Delaware corporation organized in 1983 to succeed to the business of a company of the same name which was organized in 1961 to succeed to the business of a closely held real estate business founded in 1911. Since 1982, we have elected to be treated as a real estate investment trust (“REIT”) for Federal and State income tax purposes. We own, directly or indirectly, interests in real estate and interests in entities which own real estate.

On November 8, 2011, we and PDL Partnership, a New York general partnership (“PDL Partnership”), the general partners of which are Jeffrey F. Joseph (a director and former officer), Steven Baruch (a former director and former officer) and Thomas Viertel (a former director and former officer), entered into a series of strategic transactions with the investors identified below and Signature Community Investment Group LLC (together with its affiliates, “Signature”). Signature is owned by Nickolas W. Jekogian, III, the promoter of the stock transactions included in the strategic transactions. The strategic transactions were as follows:

	·	The termination of our plan of liquidation;

	·	The acquisition by BBJ Family Irrevocable Trust of 177,013 shares of our Class A common stock, representing 40% of the outstanding Class A common stock, from PDL Partnership at a purchase price of $1.00 per share;

	·	Our sale of 250,000 newly issued shares of Class B common stock at a purchase price of $1.00 per share;

	·	Amendments to the relevant employment agreements relating to payments upon termination of employment for Steven Baruch, Jeffrey F. Joseph and Thomas Viertel;

	·	The resignation of Steven Baruch, Thomas Viertel and Mortimer M. Caplin as directors;

	·	The appointment of Nickolas W. Jekogian, III, Alexander Ludwig and Jeffrey Rogers as directors;

	·	Effective as of immediately following the filing of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2011, the resignations of all of our officers and the appointment of Mr. Jekogian as the Chairman and Chief Executive Officer and Mr. Ludwig as the President, Chief Operating Officer and Principal Financial Officer;

	·	The declaration of a special dividend of $0.35 per share on the Class A and Class B common stock;

	·	Our entry into a property management agreement with Signature to be the exclusive managing and leasing agent for our Mapletree Industrial Center property and an asset management agreement with Signature to provide oversight of our Mapletree Industrial Center property and the Hato Rey Center property;

	·	Our entry into executive employment agreements with Nickolas W. Jekogian, III and Alexander Ludwig;

	·	The grant of non-qualified stock options to acquire 370,000 shares of Class B Common Stock at a price of $1.25 per share to each of Messrs. Jekogian and Ludwig; and

	·	Our assignment of the Ivy Consolidated Loan to an individual employed in the theater industry, for $100,000.

We outsource the management of the Mapletree Industrial Center to Signature Community Management. We manage the Hato Ray Center which is owned by PDL, Inc. and Associates Limited Co-Partnership (the “Hato Rey Partnership”) in which we are the general partner and have a 60% partnership interest.

Following the transaction, new management has instituted significant cost saving measures that have reduced our annual operating costs from historical levels. These include, among other things, moving our executive offices, reducing staff, compensation and outsourcing accounting and property management. New management has instituted cost savings measures designed to reduce our annual operating costs in 2012 by approximately $2,000,000 compared to our operating expenses in 2011. These reductions include approximately $150,000 in reduced rent as a result of relocating our executive offices; approximately $1,800,000 in reduced compensation and employee benefit expenses as a result of reduction in administrative employees and executives and termination of the Deferred Benefit Plan; and approximately $50,000 from reductions in administrative overhead expenses including telephone, internet, and office equipment.

Instability in the credit markets and declining operating performance on certain assets has made it very difficult for the Company to obtain refinancing of the mortgage loans on some of its properties. The first mortgage on the Hato Rey Center is in default and the loan has been accelerated. We have not been able to restructure the loan with the existing lender. On April 4, 2012, a mortgage foreclosure action was filed in the Court of First Instance, San Juan Superior Part, in the Commonwealth of Puerto Rico to foreclose on the Hato Rey property. If the property is sold in foreclosure, we do not believe the proceeds of the sale will be sufficient to pay the mortgage debt in full. (See Hato Rey Partnership below and Note 8 to the Notes to the Financial Statements.)

We wrote down our investment in the IATG Joint Venture to zero at December 31, 2011. The taxing authorities in Puerto Rico have commenced a proceeding against the Las Piedras property for non-payment of approximately $7.7 million in taxes.

We obtain funds for working capital and investment from our available cash and cash equivalents. Due to the foreclosure action and claims against the Company related to its guaranty given in connection with the mortgage on the Hato Rey Property, the current ongoing economic downturn, our continuing decline in revenues, expected losses from continuing operations and negative cash flows from operating activities, management believes that we might have insufficient working capital for the next twelve months (See Liquidity and Capital Resources below).

On June 8, 2012, we closed on a mortgage and line of credit for a combined total of $1,000,000 with Country Bank for Savings on the Mapletree Industrial Center. The mortgage is for $500,000 at a 5% interest rate, for a term of 5 years. Thereafter the interest will adjust monthly equal to the bank’s Prime Rate, plus 1% with an interest rate floor of 5%, for a term of 15 years. We received $459,620 of net proceeds. The line of credit is for $500,000, with an interest rate of 1% over the bank’s Prime Rate. The line of credit is due on demand. Both the mortgage and the line of credit are secured by the Mapletree Industrial Center, in Palmer, Massachusetts.

On August 15, 2012, we held an annual meeting of stockholders at which the stockholders re-elected the board of directors; approved an amendment to our Certificate of Incorporation to increase the number of authorized Class B shares of common stock; authorized a class of blank check preferred stock; reduced the par value of all authorized shares; ratified the appointment of our auditors; and ratified our 2012 equity incentive plan.

Critical Accounting Policies

In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), management is required to make estimates and assumptions that affect the financial statements and disclosures. These estimates require difficult, complex and subjective judgments. Management has discussed with the Audit Committee the implementation of the critical accounting policies described below and the estimates required with respect to such policies.

Real Estate

Real estate is carried at cost, net of accumulated depreciation and amortization. Additions and improvements are capitalized and repairs and maintenance are charged to rental property operating expenses as incurred. Depreciation is generally provided on the straight-line method over the estimated useful life of the asset. The useful life of each property, as well as the allocation of the costs associated with a property to its various components, requires estimates by management. If management incorrectly estimates the allocation of those costs or incorrectly estimates the useful lives of its real estate, depreciation expense may be miscalculated.

Rental Revenue Recognition

The Company recognizes rental revenue on the straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Certain leases require the tenants to reimburse a pro rata share of real estate taxes, utilities and maintenance costs.

Discontinued operations

Hato Rey Partnership: PDL, Inc. (a wholly owned subsidiary of Presidential) is the general partner of the Hato Rey Partnership. Presidential Matmor the Company’s wholly owned subsidiary and PDL, Inc. have an aggregate 60% general and limited partner interest in the Hato Rey Partnership. The Company exercises effective control over the partnership through its ability to manage the affairs of the partnership in the ordinary course of business. Accordingly, the Company consolidates the Hato Rey Partnership in the accompanying consolidated financial statements.

The Hato Rey Partnership owns and operates the Hato Rey Center, an office building with 207,000 square feet of commercial space, located in Hato Rey, Puerto Rico.

On April 4, 2012, a mortgage foreclosure action was filed in the Court of First Instance, San Juan Superior Part, in the Commonwealth of Puerto Rico to foreclose on the Company’s Hato Rey property. The action is entitled U.S. Bank National Association, as trustee, as successor-in-interest to Bank of America, National Association, as trustee for the Registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 1998-C1, acting by and through Berkadia Commercial Mortgage LLC in its capacity as special servicer pursuant to the pooling and servicing agreement dated October 11, 1998 against PDL, Inc. & Associates, Limited Copartnership; PDL, Inc., Presidential Realty Corporation; Lester Cohen and F.D. Rich Company of Puerto Rico, Inc. The complaint seeks a judgment against the Hato Rey Partnership in the amount of not less $19,512,591, consisting of approximately i) $14,484,138 in principal, ii) $1,119,406 in accrued interest, iii) $685,985 in default interest, iv) $48,371 in late charges, v) $1,424,691 in deferred interest and v1) $1,750,000 in liquidated damages as well as additional interest and default charges which continue to accrue under the mortgage loan on the Hato Rey property and foreclosure of the mortgage notes in order to sell the Hato Rey property and apply the proceeds of sale against the indebtedness. The complaint also seeks judgments against PDL, Inc., the Company, Lester Cohen and F.D. Rich Company of Puerto Rico, Inc., with liability among them to be allocated 1%, 45%, 9% and 45% respectively, under the terms of certain guarantees issued by them in connection with the mortgage loans, for alleged physical waste to the Property, the costs of certain repairs to the property of not less than $1,100,000 and the reasonable legal costs and expenses in connection with the enforcement of the loan documents.

Due to the foreclosure action during the period ended March 31, 2012 the Company classified the Hato Ray Center Property in Hato Rey, Puerto Rico as a discontinued operation.

Income Taxes

We operate in a manner intended to enable us to continue to qualify as a Real Estate Investment Trust under Sections 856 to 860 of the Code. Under those sections, a REIT which meets certain requirements is not subject to Federal income tax on that portion of its taxable income which is distributed to its shareholders, if at least 90% of its REIT taxable income (exclusive of capital gains) is so distributed. As a result of its ordinary tax loss for 2011 there is no requirement to make a distribution in 2012. In addition, no provision for income taxes was required at September 30, 2012. If the Company fails to distribute the required amounts of income to its shareholders, or otherwise fails to meet the REIT requirements, it would fail to qualify as a REIT and substantial adverse tax consequences could result. We believe that we will not be required to pay a dividend in 2012 to maintain our REIT status.

Results of Operations

Results of operations for the three and nine months ended September 30, 2012 compared to the three and nine months ended September 30, 2011:

	Three Months Ended						Nine Months Ended
	2012			2011			2012			2011
Revenue	$	194,202		$	182,228		$	579,062		$	798,471

Operating expenses		130,586			121,616			360,018			413,120
Loss from continuing operatings		(191,971	)		(516,329	)		(723,084	)		(2,993,354	)
Discontinued operations:
Loss from discontinued operations		(436,277	)		(518,494	)		(1,009,050	)		(1,185,306	)

Net loss		(628,248	)		(1,034,823	)		(1,732,134	)		(4,178,660	)
Net loss from noncontrolling interest		172,066			237,969			435,708			563,860
Net loss attributable to Presidential
Realty Corporation	$	(456,182	)	$	(796,854	)	$	(1,296,426	)	$	(3,614,800	)

Continuing Operations:

For the three months ended September 30, 2012 as compared to September 30, 2011, revenues increased by $11,974 as a result of an increase in rental income of $21,928, offset by a decrease in interest income of $9,954. For the nine months ended September 30, 2012 compared to September 30, 2011, revenue decreased $219,409 as a result of a decrease in rental income of $27,958 and interest income of $191,451. The majority of the decrease in interest income was due to the sale of the Consolidated Note in early 2011.

For the three months ended September 30, 2012 as compared to September 30, 2011, operating costs and expenses increased by $8,970 primarily related to approximate increases of $12,000 in management fees related to the Property Management and Asset Management Agreements, $3,000 in commission expense, $2,200 in general expense, offset by decreases of $11,000 in salary expense allocated amongst the properties, and $10,000 in insurance expense. For the nine months ended September 30, 2012 as compared to September 30, 2011, operating costs and expenses decreased $53,102 primarily related to an approximate decrease of $6,000 in utility costs, $15,000 in lower snow plowing costs, a $41,000 reduction in salary expense allocated amongst the properties, and a decrease in insurance expense of $25,000, offset by an increase in management fees of $24,000 and general expense of $4,000.

For the three months ended September 30, 2012 as compared to September 30, 2011, general and administrative expenses decreased by $45,267 due to the reduction in salaries of approximately $100,000, insurance expense of $4,000, rent expense of $40,000, offset by $100,000 of bad debt recovery related to our assignment of the Ivy Consolidated Loan. For the nine months ended September 30, 2012 as compared to September 30, 2011, administrative expenses decreased by approximately $5,500,000 due to the reduction in salaries of approximately $573,000, professional fees of $50,000, rent expense of $113,000, pension cost of $4,500,000 and various overhead costs, offset by $100,000 of bad debt recovery related to our assignment of the Ivy Consolidated Loan. Included in general and administrative expense for the nine months ended September 30, 2012 is $150,000 of accrued salaries for Nicholas W. Jekogian that is deferred in accordance with his employment agreement. In addition, we recorded $30,000 of insurance expense related to a directors and officer’s tail policy purchased in connection with the strategic transactions.

Stock based compensation was $98,667 during the nine months ended September 30, 2012 due to the options expense related to the strategic transactions.

For the three and nine months ended September 30, 2012 as compared to September 30, 2011, real estate tax expense remained comparative period over period.

For the three months ended September 30, 2012 as compared to September 30, 2011, other income and expense decreased by approximately $291,000 primarily as a result of an approximate decrease in interest income of $22,000 due to the decrease in cash and short term investments and a $313,000 loss on the IATG joint venture. For the nine months ended September 30, 2012 as compared to September 30, 2011, other income and expense decreased by approximately $2,550,000 primarily as a result of an approximate $3,300,000 gain recognized on the sale of the Consolidated Note, offset by a $748,541 loss on the IATG joint venture, and a decrease in investment income of $35,000.

For the three and nine months ended September 30, 2012 as compared to September 30, 2011, the loss from continuing operations decreased by approximately $324,000 and $2,270,000 primarily as a result of the decrease in pension cost of approximately $4,000,000 offset by a gain on the sale of the Consolidated Note of $3,264,724, in addition to significant cost reductions from salaries, rent and related overhead expenses.

Balance Sheet

September 30, 2012 compared to December 31, 2011

Net real estate decreased by $32,923 primarily as a result of depreciation expense recorded during the nine months ended September 30, 2012.

Net mortgage portfolio decreased by $11,600 primarily as a result of payments received during the nine months ended September 30, 2012.

Assets related to discontinued operations decreased by $68,013 primarily due to an increase in prepaid expenses of $75,099, offset by a decrease in other assets of $7,827, other receivables of $40,978, and cash of $150,564.

Prepaid expenses decreased by $159,481 primarily due to the amortization of insurance.

Accrued liabilities increased by $14,776 primarily as a result of accrued officer salaries of $150,000 due to Nicholas W. Jekogian which is deferred in accordance with his employment agreement, offset by a decrease in accrued professional fees of $76,154 and environmental expense of $34,070. Effective February 2012 the environmental remediation on the Palmer property was completed.

Liabilities related to discontinued operations increased by $1,006,748 primarily due to an increase in mortgage interest and fees of $980,834, offset by a decrease in other liabilities of $91,575 and accounts payable of $149,965.

Accounts payable decreased $32,011 during the nine months ended September 30, 2012 due to lower operating costs.

Other liabilities remained consistent from period to period.

Liquidity and Capital Resources

We obtain funds for working capital and investment from our available cash and cash equivalents.

At September 30, 2012, we had $1,053,156 in available cash and cash equivalents, an increase of $91,916 from the $961,240 available at December 31, 2011. This increase in cash and cash equivalents was due to cash used in operating activities of $366,743 offset by the refinancing of Maple Tree Industrial Center of $459,620. In addition we have a $500,000 line of credit, which is available for working capital needs.

Operating Activities

Cash from operating activities includes interest on the Company’s mortgage portfolio and net cash received from rental property operations. For the nine months ended September 30, 2012, cash received from interest on the Company’s mortgage portfolio was $10,363. Net cash received from rental property operations was approximately $200,175. Net cash received from rental property operations is before additions and improvements and mortgage amortization.

Off-Balance Sheet Arrangements

The Company does not have any off-balance sheet arrangements that have, or are reasonably likely to have, a material effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

While we are not required as a smaller reporting company to comply with this Item 3, we are providing the following general discussion of qualitative market risk.

Our financial instruments consist primarily of notes receivable and mortgage notes payable. Substantially all of these instruments bear interest at fixed rates, so our cash flows from them are not directly impacted by changes in market rates of interest. However, changes in market rates of interest impact the fair values of these fixed rate assets and liabilities. We generally hold our notes receivable until maturity or prepayment and repay our notes payable at maturity or upon sale of the related properties, and, accordingly, any fluctuations in values do not impact our earnings, balance sheet or cash flows. We also have investments in securities available for sale, which are reported at fair value. We evaluate these instruments for other-than-temporary declines in value, and, if such declines were other than temporary, would record a loss on the investments. We do not own any derivative financial instruments or engage in hedging activities.

Item 4. Controls and Procedures

(a)

Evaluation of Disclosure Controls and Procedures

The Company, under the supervision and with the participation of its management, including its principal executive officer and principal financial officer, evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, herein referred to as the Exchange Act) as of the end of the period covered by this report. The purpose of disclosure controls is to ensure that information required to be disclosed in our reports filed with or submitted to the SEC under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls are also designed to ensure that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure. Based on this evaluation, the principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures are effective in timely alerting them to material information required to be included in our periodic SEC filings and ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time period specified in the SEC’s rules and forms.

(b)

Changes in Internal Control over Financial Reporting

The principal executive officer and principal financial officer also conducted an evaluation of internal control over financial reporting, herein referred to as internal control, to determine whether any changes in internal control occurred during the three months ended September 30, 2012 that may have materially affected or which are reasonably likely to materially affect internal control. Based on that evaluation, there has been no change in the Company’s internal control during the three months ended September 30, 2012 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II OTHER INFORMATION

Item 1. Legal Proceedings

The Company and the Hato Rey Partnership have filed an answer to the complaint in the action brought by the mortgage lender to foreclose on the Hato Rey property. The answer admits to the default under the mortgage and that the lender is entitled to foreclose on the property but denies any liability under the guarantee. The Company has also made a motion to dismiss the portion of the complaint based upon the guarantee.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On August 6, 2012, the Company issued an aggregate of 4,000 shares of Class B common stock, valued at $2,800, to its directors as compensation.

Item 6. Exhibits

31.1

Certification of Chief Executive Officer of the Company pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.

31.2

Certification of Principal Financial Officer of the Company pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended.

32.1

Certification of Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

Certification of Principal Financial Officer of the Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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	101 .SCH	XBRL Taxonomy Schema

	101 .CAL	XBRL Taxonomy Calculation Linkbase

	101 .DEF	XBRL Definition Linkbase

	101 .LAB	Taxonomy Label Linkbase

	101 .PRE	XBRL Taxonomy Presentation Linkbase

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on the 14th day of November, 2012.

	PRESIDENTIAL REALTY CORPORATION

	By:	/s/ Nickolas W. Jekogian
		Nickolas Jekogian
		Chief Executive Officer and Chairman of the Board

	By:	/s/ Alexander Ludwig
		Alexander Ludwig
		President, Chief Operating Officer and Principal Financial Officer

EX-31.1 2 v326386_ex31-1.htm EX-31.1

EXHIBIT 31.1

PRESIDENTIAL REALTY CORPORATION

CERTIFICATION PURSUANT TO RULE 13a-14 OR 15d-14 OF

THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Nickolas W. Jekogian, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended September 30, 2012 of Presidential Realty Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2012


/s/ Nickolas W. Jekogian
Nickolas W. Jekogian
Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 v326386_ex31-2.htm EX-31.2

EXHIBIT 31.2

PRESIDENTIAL REALTY CORPORATION

CERTIFICATION PURSUANT TO RULE 13a-14 OR 15d-14 OF

THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Alexander Ludwig, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended September 30, 2012 of Presidential Realty Corporation;

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 14, 2012


/s/ Alexander Ludwig
Alexander Ludwig
President, Chief Operating Officer and Principal Financial Officer

EX-32.1 4 v326386_ex32-1.htm EX-32.1

EXHIBIT 32.1

PRESIDENTIAL REALTY CORPORATION

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Presidential Realty Corporation (the “Company”) on Form 10-Q for the period ended September 30, 2012 (the “Report”), I, Nickolas W. Jekogian, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.


/s/ Nickolas W. Jekogian
Nickolas W. Jekogian
Chief Executive Officer (Principal Executive Officer)
Date: November 14, 2012

EX-32.2 5 v326386_ex32-2.htm EX-32.2

EXHIBIT 32.2

PRESIDENTIAL REALTY CORPORATION

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Presidential Realty Corporation (the “Company”) on Form 10-Q for the period September 30, 2012 (the “Report”), I, Alexander Ludwig, President, Chief Operating Officer and Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1) The Report fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.


/s/ Alexander Ludwig
Alexander Ludwig
President, Chief Operating Officer and Principal Financial Officer

Date: November 14, 2012

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<table style="margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="text-align: left; width: 0.25in;">4.</td> <td style="text-align: justify;">Discontinued Operations</td> </tr> </table>   During the quarter ended March 31, 2012, the Company designated Hato Ray, Pres Matmor and PDL, Inc. as discontinued operations. All numbers have been adjusted retrospectively for the change. The following table summarizes for the property discontinued:    <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Three Months</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Three Months</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Nine Months</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Nine Months</td> <td style="text-align: center;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Ended</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Ended</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Ended</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Ended</td> <td style="text-align: center;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td style="text-align: center;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Revenue:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.12in; width: 48%;">Rental</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">860,954</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">828,941</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">2,755,212</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">2,738,843</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Expenses:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">General and administrative</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,371</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">48,420</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,004</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">145,192</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Rental property:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">Operating expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">714,851</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">490,963</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,859,873</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,590,720</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">Interest and fees on mortgage debt</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">502,028</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">609,263</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,661,279</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,501,654</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">Real estate taxes</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">78,742</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">78,743</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">236,227</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">324,171</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.12in;">Depreciation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">115,723</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">345,829</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.12in;">Amortization of in place lease value</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">5,415</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,456</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">19,944</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.24in;">Total expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,297,992</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,348,527</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,766,839</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,927,510</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Investment income</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">761</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,092</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,577</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,361</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Loss from discontinued operations</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">(436,277</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">(518,494</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,009,050</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,185,306</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> </table>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">December 31,</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Assets related to discontinued operations:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.12in; width: 74%;">Land</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,905,985</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,905,985</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.12in;">Buildings</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,829,390</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,829,390</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">Furniture and equipment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,375</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,375</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.12in;">Less: accumulated depreciation</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,087,424</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,087,424</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Net real estate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,654,326</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,654,326</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Other assets</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">669,961</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">737,974</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Total assets related to discontinued operations</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">14,324,287</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">14,392,300</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Liabilities related to discontinued operations:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">Mortgage debt</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">14,484,138</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">14,484,138</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">Mortgage related interest and fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,412,506</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,431,672</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.12in;">Other liabilities</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">749,076</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">723,162</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Total liabilities related to discontinued operations</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">17,645,720</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">16,638,972</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   During the quarter ended March 31, 2010, the Company designated its Mapletree Industrial Center in Palmer, Massachusetts as held for sale. As of November 8, 2011, the Company no longer considered Mapletree Industrial Center a discontinued operation. All numbers have been adjusted retrospectively for the change.

<table style="margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="width: 0in;"></td> <td style="text-align: left; width: 0.25in;">9.</td> <td style="text-align: justify;">Stock Options</td> </tr> </table>   In connection with the November 8, 2011 “Strategic Transactions” the Company issued 740,000 options at an exercise price of $1.25. A total of 148,000 shares vest six months after the grant date. At September 30, 2012, the aggregate intrinsic value was $0. The remaining options vest upon the achievement of performance milestones. Options vesting on the achievement of performance milestones will not be recognized as compensation until such milestones are deemed probable of achievement. The Company recorded stock- based compensation expense of $0 and $98,667 for the three and nine months ended September 30, 2012. At September 30, 2012, the Company has approximately $426,000 of unrecognized compensation expense related to unvested share-based compensation awards that will be expensed upon the achievement of performance milestones. <table style="margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="text-align: left; width: 0.25in;">10.</td> <td style="text-align: justify;">Common Stock and Preferred stock</td> </tr> </table>   On August 15, 2012, the stockholders approved an increase to the number of authorized shares of Common Stock from 10,700,000 to 1,050,000,000, consisting of: (a) 700,000 shares of Class A Common Stock; (b) 999,300,000 shares of Class B Common Stock (c) 50,000,000 shares of Preferred Stock. They also approved the reduction to the par value for all classes of the Company’s common stock from $0.10 to $0.00001 per share. All shares have been restated accordingly.   On August 15, 2012 the stockholders approved the designation of 50,000,000 shares of authorized preferred stock, par value $0.00001, as a class of “blank check” preferred stock so as to enable our board of directors to prescribe the series and the number of the shares of each series of preferred stock and the voting powers, designations, preferences, limitations, restrictions and relative rights of the shares of each series of preferred stock.   On August 15, 2012 the stockholders approved the 2012 Incentive Plan which reserves 1,000,000 shares of Class B common stock for distribution to executive officers (including executive officers who are also directors), employees, directors, independent agents, consultants and attorneys in accordance with the 2012 Plan’s terms. The 2012 Plan provides for the grant of any or all of the following types of awards (collectively, “Awards”): (a) stock options and (b) restricted stock. Awards may be granted singly, in combination, or in tandem, as determined by the Committee. The maximum number of shares of Class B common stock with respect to which incentive stock options may be granted to any one individual in any calendar year shall not exceed $100,000 in fair market value as determined at the time of grant. If any outstanding Award is canceled, forfeited, delivered to us as payment for the exercise price or surrendered to us for tax withholding purposes, shares of Class B common stock allocable to such Award may again be available for Awards under the 2012 Incentive Plan.   In August 2012, the Company issued 4,000 shares of Class B common stock as part of the directors’ compensation which was valued at $2,800. <table style="margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="text-align: left; width: 0.25in;">11.</td> <td style="text-align: justify;">Contractual Pension and Postretirement Benefits</td> </tr> </table>   Presidential had employment contracts with several active and retired officers and employees. These contracts provided for annual pension benefits and other postretirement benefits such as health care benefits. The contractual benefit plans were not funded. The pension benefits generally provided for annual payments in specified amounts for each participant for life, commencing three years after retirement, with an annual adjustment for an increase in the consumer price index. The Company accrued on an actuarial basis the estimated costs of these benefits during the years the employee provided services. The Company used a December 31 measurement date for the contractual benefit plans. The plan was terminated during 2011 and no future obligation existed at December 31, 2011.     The following tables summarize the actuarial costs of the contractual pension and postretirement benefits:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Contractual Pension</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Contractual Pension</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Contractual Postretirement</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Contractual Postretirement</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Benefit</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Benefit</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Benefits</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Benefits</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Components of net periodic benefit cost:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 48%;">Amortization of prior service cost</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">4,591</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Amortization of actuarial gain</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(40,650</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(412,677</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net periodic benefit income</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(40,650</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(408,086</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table> <table style="margin-top: 0px; font: 10pt times new roman, times, serif; margin-bottom: 0px;" cellspacing="0" cellpadding="0"> <tr style="text-align: justify; vertical-align: top;"> <td style="text-align: left; width: 0.25in;">12.</td> <td style="text-align: justify;">Defined Benefit Plan</td> </tr> </table>   The Company had a noncontributory defined benefit pension plan, which covered substantially all of its employees. The plan provided monthly retirement benefits commencing at age 65. Effective February 28, 2009, the Company “froze” or suspended future benefit accruals under the plan. On November 5, 2010, the Company notified participants of its intention to terminate the plan in a standard termination with a proposed termination date of January 7, 2011. In order to terminate the plan and pay the distributions required, the Company fully funded a total of $3,320,932 to the plan, and no further funding is required. The plan was totally liquidated during 2011 and no future pension obligation existed at December 31, 2011.   The termination resulted in the Company recognizing a one-time non-cash expense of $4,439,835 associated with recognizing of unamortized actuarial loss.

14.          Estimated Fair Value of Financial Instruments   Estimated fair values of the Company’s financial instruments as of September 30, 2012 and December 31, 2011 were determined using available market information and various valuation estimation methodologies. Considerable judgment was required to interpret the effects on fair value of such items as future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. The estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a errant market exchange. Also, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair values.   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">September 30, 2012</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">December 31, 2011</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">(Amounts in thousands)</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">(Amounts in thousands)</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Net Carrying</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Estimated</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Net Carrying</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Estimated</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Value (1)</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Fair Value</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Value (1)</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Fair Value</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in; width: 48%;">Cash and cash equivalents</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,053</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,053</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,187</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,187</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Notes Receivable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">19</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">23</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">30</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">38</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Liabilities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">Mortgage debt</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">500</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">500</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,484</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,558</td> <td style="text-align: left;"> </td> </tr> </table>   (1) Net carrying value is net of valuation reserves and discounts where applicable.   The fair value estimates presented above were based on pertinent information available to management as of September 30, 2012 and December 31, 2011.   Fair value methods and assumptions were as follows:   Cash and Cash Equivalents – The estimated fair value approximated carrying value, due to the short maturity of these investments.   Notes Receivable – The fair value of notes receivable was estimated by discounting projected cash flows using current rates for similar notes receivable.   Mortgage Debt – The fair value of mortgage debt was estimated by discounting projected cash flows using current rates for similar debt.

15. Accumulated Other Comprehensive Loss   comprehensive income (loss) at September 30, 2012 and December 31, 2011. Thus, comprehensive income (loss), which consists of net loss plus or minus other comprehensive income, is as follows: The Company’s other comprehensive income (loss) consists of the changes in the net unrealized gain (loss) on securities available for sale and the adjustments to the pension liabilities and the postretirement benefits liability, if any. There was no accumulated other       <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">September 30,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">September 30,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 48%;">Net loss</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(628,248</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(1,034,823</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(1,732,134</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(4,178,660</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Other comprehensive loss</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">   Net unrealized loss on securities available for sale</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(14,213</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(24,636</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">   Adjustment for contractual postretirement benefits</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(3,967,627</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Comprehensive loss</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(628,248</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,049,036</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,732,134</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(8,170,923</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Comprehensive loss attributable to noncontrolling interest</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">172,066</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">237,969</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">435,708</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">563,860</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Comprehensive loss attributable to Presidential Realty Corporation</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(456,182</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(811,067</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,296,426</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(7,607,063</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table>

Organization   Presidential Realty Corporation (“Presidential” or the “Company”), is operated as a self-administrated, self-managed Real Estate Investment Trust (“REIT”). The Company 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. Presidential operates in a single business segment, investments in real estate related assets.   On November 8, 2011, we and PDL Partnership, a New York general partnership (“PDL Partnership”), the general partners of which were Jeffrey F. Joseph (a director and former officer), Steven Baruch (a former director and former officer) and Thomas Viertel (a former director and former officer), entered into a series of strategic transactions with some investors and Signature Community Investment Group LLC (together with its affiliates, “Signature”). Signature is owned by Nickolas W. Jekogian, III, the promoter of the stock transactions included in the strategic transactions.   The September 30, 2011 financial statements were reported on the liquidating basis of accounting. In connection with the November 8, 2011 Strategic Transactions, the Company’s financial statements are being reported on the going concern basis retroactively. Basis of Presentation and Going Concern Considerations   For the nine months ended September 30, 2012, the Company had a loss from continuing operations. This combined with a history of operating losses and working capital deficit have been detrimental to our operations and could potentially affect our ability to meet our obligations and continue as a going concern. See Note 8 A4 of Notes to Consolidated Financial Statements. If the Company is required to pay any significant amounts under its guaranty related to our Hato Rey property, such a payment would also adversely impact our liquidity.  Our ability to continue as a going concern is dependent upon management’s successful execution of our business plan to achieve profitability, to increase working capital raising debt and or equity and a successful defense of the claims against the Company under its guaranty related to the Hato Rey property. The accompanying financial statements do not include any adjustments that may result from the outcome of this.   The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”). The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of the Company’s financial position and operating results.   The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information.  The results for such interim periods are not necessarily indicative of the results to be expected for the year.  In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the results for the respective periods have been reflected.  These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2011.

Principles of Consolidation   The consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. Additionally, the consolidated financial statements include 100% of the account balances of PDL, Inc. and Associates Limited Co-Partnership (the “Hato Rey Partnership”). PDL, Inc. (a wholly owned subsidiary of Presidential and the general partner of the Hato Rey Partnership) and Presidential own an aggregate 60% general and limited partnership interest in the Hato Rey Partnership (see Note 6). All significant intercompany balances and transactions have been eliminated.

Investments in Joint Ventures   The Company has equity investments in joint ventures and accounts for these investments using the equity method of accounting. These investments are recorded at cost and adjusted for the Company’s share of each entity’s income or loss and adjusted for cash contributions or distributions. Real estate held by such entities is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, and would be written down to its estimated fair value if an impairment was determined to exist (see Note 3).

Rental Revenue Recognition   The Company acts as lessor under operating leases. Rental revenue is recorded on the straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Certain leases require the tenants to reimburse a pro rata share of real estate taxes, utilities and maintenance costs. Recognition of rental revenue is generally discontinued when the rental is delinquent for ninety days or more, or earlier if management determines that collection is doubtful.

Allowance for Doubtful Accounts   The Company assesses the collectability of amounts due from tenants and other receivables, using indicators such as past-due accounts, the nature and age of the receivable, the payment history and the ability of the tenant or debtor to meet its payment obligations. Management’s estimate of allowances for doubtful accounts is subject to revision as these factors change. Rental revenue is recorded on the accrual method and rental revenue recognition is generally discontinued when the tenant in occupancy is delinquent for ninety days or more. Bad debt expense is charged for vacated tenant accounts and subsequent receipts collected for those receivables will reduce bad debt expense. As of September 30, 2012 and December 31, 2011, allowance for doubtful accounts for continuing operations relating to tenant obligations was $6,724 and $5,592, respectively.

Net Loss Per Share   Basic net loss per share data is computed by dividing net loss by the weighted average number of shares of Class A and Class B common stock outstanding (excluding nonvested shares) during each period. Diluted net loss per share is computed by dividing net loss by the weighted average shares outstanding, including the dilutive effect, if any, of nonvested shares. For the three and nine months ended September 30, 2012 and 2011, the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 740,000 and 6,800, respectively, of outstanding stock options and restricted shares, respectively, as their inclusion would be antidilutive.

Cash and Cash Equivalents   Cash and cash equivalents include cash on hand, cash in banks and money market funds.

Management Estimates   The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated balance sheets and the reported amounts of income and expense for the reporting period. Actual results could differ from those estimates.

Discontinued Operations   The Company follows the guidance of the presentation and property, plant, and equipment Topics of the ASC, with respect to long-lived assets classified as held for sale. The ASC requires that the results of operations, including impairment, gains and losses related to the properties that have been sold or properties that are intended to be sold, be presented as discontinued operations in the statements of operations for all periods presented and the assets and liabilities of properties intended to be sold are to be separately classified on the balance sheet. Properties designated as held for sale are carried at the lower of cost or fair value less costs to sell and are not depreciated.

Accounting for Uncertainty in Income Taxes   The Company follows the guidance of the recognition of current and deferred income tax accounts, including accrued interest and penalties, in accordance with ASC 740-10-25. Under this guidance, if the Company’s tax positions in relation to certain transactions were examined and were not ultimately upheld, the Company would be required to pay an income tax assessment and related interest. Alternatively, the Company could elect to pay a deficiency dividend to its shareholders in order to continue to qualify as a REIT and the related interest assessment to the taxing authorities.

Reclassifications   Certain items have been reclassified in the accompanying consolidated Financial Statements and Notes for prior periods. Deferred compensation of $593,750 was reclassified from accrued liabilities to other liabilities.

The summary financial information for IATG is as follows:   <table style="width: 80%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">December 31,</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Condensed balance sheet</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 79%;">Net real estate</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 18%;">5,156,600</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Cash and cash equivalents</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">29,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Accounts receivable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">36,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Deferred expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">4,400</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Prepaid expenses</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">84,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">5,310,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Note payable (1)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">10,124,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Other liabilities</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,269,000</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Total liabilities</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,393,000</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Members' deficit</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(8,083,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Total liabilities and members' deficit</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">5,310,000</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> </tr> </table>   (1) The note payable is payable to an affiliate of Lightstone and payment thereof is subordinate to the Company’s right to receive its share of any proceeds of a sale or refinancing. <table style="width: 90%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Year Ended December 31,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Nine Months Ended September 30,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Three Months Ended September 30,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Condensed statements of operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-indent: 10pt; width: 55%;">Revenues</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">975,000</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">765,900</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 12%;">209,979</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Interest on notes payable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,127,000</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(831,736</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(285,563</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Other expenses</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,480,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,129,674</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(355,310</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; text-indent: 10pt;">Loss before depreciation and amortization</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,632,000</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(1,195,510</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(430,894</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; text-indent: 10pt;">Depreciation and amortization</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(350,000</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(301,571</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(25,115</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net loss</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,982,000</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,497,081</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(456,009</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table>   <div> </div>

The following table summarizes for the property discontinued:    <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Three Months</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Three Months</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Nine Months</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Nine Months</td> <td style="text-align: center;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Ended</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Ended</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Ended</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Ended</td> <td style="text-align: center;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td style="text-align: center;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Revenue:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.12in; width: 48%;">Rental</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">860,954</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">828,941</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">2,755,212</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">2,738,843</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td>Expenses:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">General and administrative</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,371</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">48,420</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,004</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">145,192</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">Rental property:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">Operating expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">714,851</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">490,963</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,859,873</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,590,720</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">Interest and fees on mortgage debt</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">502,028</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">609,263</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,661,279</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,501,654</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">Real estate taxes</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">78,742</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">78,743</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">236,227</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">324,171</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.12in;">Depreciation</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">115,723</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">345,829</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.12in;">Amortization of in place lease value</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">5,415</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,456</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">19,944</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.24in;">Total expenses</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,297,992</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,348,527</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,766,839</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">3,927,510</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Investment income</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">761</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">1,092</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">2,577</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">3,361</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Loss from discontinued operations</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">(436,277</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">(518,494</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,009,050</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,185,306</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> </table>    <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">December 31,</td> <td nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2012</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt;" nowrap="nowrap"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Assets related to discontinued operations:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-left: 0.12in; width: 74%;">Land</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,905,985</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,905,985</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="padding-left: 0.12in;">Buildings</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,829,390</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,829,390</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">Furniture and equipment</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,375</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">6,375</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.12in;">Less: accumulated depreciation</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,087,424</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(2,087,424</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Net real estate</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,654,326</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">13,654,326</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Other assets</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">669,961</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">737,974</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Total assets related to discontinued operations</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">14,324,287</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;">$</td> <td style="border-bottom: black 1pt solid; text-align: right;">14,392,300</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Liabilities related to discontinued operations:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">Mortgage debt</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">14,484,138</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">14,484,138</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">Mortgage related interest and fees</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">2,412,506</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">1,431,672</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 0.12in;">Other liabilities</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">749,076</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">723,162</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Total liabilities related to discontinued operations</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">17,645,720</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">16,638,972</td> </tr> </table>

The following tables summarize the actuarial costs of the contractual pension and postretirement benefits:   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Contractual Pension</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Contractual Pension</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Contractual Postretirement</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Contractual Postretirement</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Benefit</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Benefit</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Benefits</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Benefits</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">September 30,</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center; font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> <td style="font-weight: bold;"> </td> <td style="text-align: center; font-weight: bold;" colspan="2"> </td> <td style="font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Components of net periodic benefit cost:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; width: 48%;">Amortization of prior service cost</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">-</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">4,591</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Amortization of actuarial gain</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;"> </td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(40,650</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(412,677</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Net periodic benefit income</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(40,650</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 2.5pt;"> </td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(408,086</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table>

<div>The estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a errant market exchange. Also, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair values.</div>   <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">September 30, 2012</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">December 31, 2011</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">(Amounts in thousands)</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">(Amounts in thousands)</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Net Carrying</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Estimated</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Net Carrying</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Estimated</td> <td style="text-align: center; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="text-align: center;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Value (1)</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Fair Value</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Value (1)</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap">Fair Value</td> <td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Assets:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in; width: 48%;">Cash and cash equivalents</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,053</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,053</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,187</td> <td style="text-align: left; width: 1%;"> </td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">1,187</td> <td style="text-align: left; width: 1%;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Notes Receivable</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">19</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">23</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">30</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">38</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td>Liabilities:</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.12in;">Mortgage debt</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">500</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">500</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,484</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,558</td> <td style="text-align: left;"> </td> </tr> </table>   (1) Net carrying value is net of valuation reserves and discounts where applicable.

There was no accumulated other     <table style="width: 100%; border-collapse: collapse; font: 10pt times new roman, times, serif;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Three Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">Nine Months Ended</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">September 30,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="font-weight: bold;" nowrap="nowrap"> </td> <td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap">September 30,</td> <td style="font-weight: bold;" nowrap="nowrap"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2012</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2011</td> <td style="padding-bottom: 1pt; font-weight: bold;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; width: 48%;">Net loss</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(628,248</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(1,034,823</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(1,732,134</td> <td style="text-align: left; width: 1%;">)</td> <td style="width: 1%;"> </td> <td style="text-align: left; width: 1%;">$</td> <td style="text-align: right; width: 10%;">(4,178,660</td> <td style="text-align: left; width: 1%;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left;">Other comprehensive loss</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left;">   Net unrealized loss on securities available for sale</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(14,213</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">-</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">(24,636</td> <td style="text-align: left;">)</td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">   Adjustment for contractual postretirement benefits</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(3,967,627</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Comprehensive loss</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(628,248</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,049,036</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(1,732,134</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">(8,170,923</td> <td style="text-align: left; padding-bottom: 1pt;">)</td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 1pt;">Comprehensive loss attributable to noncontrolling interest</td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">172,066</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">237,969</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">435,708</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> <td style="padding-bottom: 1pt;"> </td> <td style="border-bottom: black 1pt solid; text-align: left;"> </td> <td style="border-bottom: black 1pt solid; text-align: right;">563,860</td> <td style="text-align: left; padding-bottom: 1pt;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: #ccffcc; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2.5pt;">Comprehensive loss attributable to Presidential Realty Corporation</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(456,182</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(811,067</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(1,296,426</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> <td style="padding-bottom: 2.5pt;"> </td> <td style="border-bottom: black 2.5pt double; text-align: left;">$</td> <td style="border-bottom: black 2.5pt double; text-align: right;">(7,607,063</td> <td style="text-align: left; padding-bottom: 2.5pt;">)</td> </tr> </table>

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The note payable is payable to an affiliate of Lightstone and payment thereof is subordinate to the Company's right to receive its share of any proceeds of a sale or refinancing. Net carrying value is net of valuation reserves and discounts where applicable.

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Consolidation, Policy [Policy Text Block] Consolidation, Policy [Policy Text Block] Equity Method Investments, Policy [Policy Text Block] Equity Method Investments, Policy [Policy Text Block] Revenue Recognition Leases, Operating [Policy Text Block] Revenue Recognition Leases, Operating [Policy Text Block] Loans and Leases Receivable, Allowance For Loan Losses Policy [Policy Text Block] Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] Earnings Per Share, Policy [Policy Text Block] Earnings Per Share, Policy [Policy Text Block] Cash and Cash Equivalents, Policy [Policy Text Block] Cash and Cash Equivalents, Policy [Policy Text Block] Use Of Estimates, Policy [Policy Text Block] Use of Estimates, Policy [Policy Text Block] Discontinued Operations, Policy [Policy Text Block] Discontinued Operations, Policy [Policy Text Block] Income Tax Uncertainties, Policy [Policy Text Block] Income Tax Uncertainties, Policy [Policy Text Block] Prior Period Reclassification Adjustment Description [Policy Text Block] Prior Period Reclassification Adjustment Description [Policy Text Block] Disclosure of accounting policy for reclassifications that affects the comparability of the financial statements. Schedule Of Real Estate Properties [Table Text Block] Schedule of Real Estate Properties [Table Text Block] Schedule Of Equity Method Investment Summarized Financial Information [Table Text Block] Schedule Of Equity Method Investment Summarized Financial Information [Table Text Block] Tabular disclosure of carrying value of the assets and liabilities comprising the equity method investments. Schedule Of Equity Method Investment Summarized Financial Information Income Statement [Table Text Block] Schedule Of Equity Method Investment Summarized Financial Information Income Statement [Table Text Block] Tabular disclosure of income statement caption that includes that gain (loss), amounts of revenues and profit or loss reported in equity method investments. Schedule Of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] Schedule Of Contractual Net Benefit Income [Table Text Block] Schedule Of Contractual Net Benefit Income [Table Text Block] Tabular disclosure of the components of contractual net benefit income including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. Fair Value, By Balance Sheet Grouping [Table Text Block] Fair Value, by Balance Sheet Grouping [Table Text Block] Schedule Of Comprehensive Income (Loss) [Table Text Block] Schedule of Comprehensive Income (Loss) [Table Text Block] Limited Liability Company (Llc) Or Limited Partnership (Lp), Members Or Limited Partners, Ownership Interest Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest Antidilutive Securities Excluded From Computation Of Earnings Per Share, Amount Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Deferred Compensation Liability Reclassification Adjustment Deferred Compensation Liability Reclassification Adjustment The amount of deferred compensation liability reclassified from accrued liabilities to other liabilities as of the balance sheet date. Land Land Investment Building and Building Improvements Buildings Fixtures and Equipment, Gross Furniture and equipment Schedule Of Equity Method Investment, Equity Method Investee, Name [Axis] Schedule of Equity Method Investment, Equity Method Investee, Name [Axis] Equity Method Investee, Name [Domain] Equity Method Investee, Name [Domain] I T G Puerto Rico L L C [Member] IATG Puerto Rico LLC [Member] Equity Method Investment, Summarized Financial Information [Abstract] Condensed balance sheet Equity Method Investment Summarized Financial Information Net Real Estate Net real estate The amount of net real estate reported by an equity method investment of the entity. Equity Method Investment Summarized Financial Information Cash and Cash Equivalents Cash and cash equivalents The amount of cash and cash equivalents reported by an equity method investment of the entity. Equity Method Investment Summarized Financial Information Accounts Receivable Accounts receivable The amount of accounts receivable reported by an equity method investment of the entity. Equity Method Investment Summarized Financial Information Deferred Expenses Deferred expenses The amount of deferred expenses reported by an equity method investment of the entity. Equity Method Investment Summarized Financial Information Prepaid Expenses Prepaid expenses The amount of prepaid expenses reported by an equity method investment of the entity. Equity Method Investment, Summarized Financial Information, Assets Total assets Equity Method Investment Summarized Financial Information Note Payable Note payable (1) The amount of note payable reported by an equity method investment of the entity. Equity Method Investment Summarized Financial Information Other Liabilities Other liabilities The amount of other liabilities reported by an equity method investment of the entity. Equity Method Investment, Summarized Financial Information, Liabilities Total liabilities Equity Method Investment, Summarized Financial Information, Equity Or Capital Members' deficit Equity Method Investment, Summarized Financial Information, Liabilities and Equity Total liabilities and members' deficit Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] Condensed statements of operations EX-101.PRE 11 pdnla-20120930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R39.htm IDEA: XBRL DOCUMENT

Common Stock and Preferred stock (Details Textual) (USD $)	Nov. 14, 2012	Sep. 30, 2012	Aug. 15, 2012	Dec. 31, 2011	Sep. 30, 2012 Common Class [Member]	Aug. 15, 2012 Common Class [Member]	Dec. 31, 2011 Common Class [Member]	Sep. 30, 2012 Common Class B [Member]	Aug. 15, 2012 Common Class B [Member]	Dec. 31, 2011 Common Class B [Member]	Aug. 31, 2012 Common Class B [Member] Directors Compensation Plan [Member]	Aug. 15, 2012 Common Class C [Member]	Aug. 15, 2012 Before Amendment [Member]	Aug. 15, 2012 After Amendment [Member]
Common stock, shares authorized					700,000	700,000	700,000	999,300,000	999,300,000	10,000,000		50,000,000	10,700,000	1,050,000,000
Common stock, par value (in dollars per share)	$ 0.10	$ 0.00001	$ 0.00001	$ 0.00001
Preferred Stock, Shares Authorized			50,000,000
Preferred Stock, Par or Stated Value Per Share			$ 0.00001
Common Stock, Capital Shares Reserved for Future Issuance									1,000,000
Common stock, shares issued					471,633		471,633	3,746,842		3,742,842	2,800
Common stock: par value $.00001 per share					$ 5		$ 5	$ 37		$ 37	$ 4,000
Fair Value Of Options Granted			$ 100,000

- Definition

Face amount or stated value per share of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share.

+ References+ Details

XML 13 R33.htm IDEA: XBRL DOCUMENT

Discontinued Operations (Details) (USD $)	3 Months Ended		9 Months Ended
Discontinued Operations (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2011
Rental property:
Loss from discontinued operations	$ (436,277)	$ (518,494)	$ (1,009,050)	$ (1,185,306)
Assets related to discontinued operations:
Total assets related to discontinued operations	14,324,287		14,324,287				14,392,300
Liabilities related to discontinued operations:
Total liabilities related to discontinued operations	17,645,720		17,645,720				16,638,972
Hato Ray Pres Matmor and P D L Inc [Member]
Revenues:
Rental	860,954	828,941	2,755,212	2,738,843
Expenses:
General and administrative	2,371	48,420	6,004	145,192
Rental property:
Operating expenses	714,851	490,963	1,859,873	1,590,720
Interest and fees on mortgage debt	502,028	609,263	1,661,279	1,501,654
Real estate taxes	78,742	78,743	236,227	324,171
Depreciation	0	115,723	0	345,829
Amortization of in place lease value	0	5,415	3,456	19,944
Total expenses	1,297,992	1,348,527	3,766,839	3,927,510
Investment income	761	1,092	2,577	3,361
Loss from discontinued operations	(436,277)	(518,494)	(1,009,050)	(1,185,306)
Assets related to discontinued operations:
Land	1,905,985		1,905,985				1,905,985
Buildings	13,829,390		13,829,390				13,829,390
Furniture and equipment	6,375		6,375				6,375
Less: accumulated depreciation	(2,087,424)		(2,087,424)				(2,087,424)
Net real estate	13,654,326		13,654,326				13,654,326
Other assets	669,961		669,961				737,974
Total assets related to discontinued operations	14,324,287		14,324,287				14,392,300
Liabilities related to discontinued operations:
Mortgage debt	14,484,138		14,484,138		14,484,138	14,484,138	14,484,138
Mortgage related interest and fees	2,412,483		2,412,483				1,431,672
Other liabilities	749,076		749,076				723,162
Total liabilities related to discontinued operations	$ 17,645,720		$ 17,645,720				$ 16,638,972

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Contractual Pension and Postretirement Benefits (Tables)

9 Months Ended

Sep. 30, 2012

Contractual Pension and Postretirement Benefits [Abstract]

Schedule Of Contractual Net Benefit Income [Table Text Block]

The following tables summarize the actuarial costs of the contractual pension and postretirement benefits:

	Contractual Pension		Contractual Pension			Contractual Postretirement		Contractual Postretirement
	Benefit		Benefit			Benefits		Benefits
	Three Months Ended		Nine Months Ended			Three Months Ended		Nine Months Ended
	September 30,		September 30,			September 30,		September 30,
	2011		2011			2011		2011

Components of net periodic benefit cost:
Amortization of prior service cost	$	-	$	-		$	-	$	4,591
Amortization of actuarial gain				(40,650	)		-		(412,677	)
Net periodic benefit income	$	-	$	(40,650	)	$	-	$	(408,086	)

XML 16 R42.htm IDEA: XBRL DOCUMENT

Defined Benefit Plan (Details Textual) (USD $)	0 Months Ended
Defined Benefit Plan (Details Textual) (USD $)	Jan. 07, 2011	Nov. 05, 2010
Defined Benefit Plan, Benefit Obligation		$ 3,320,932
Defined Benefit Plan, Actuarial Gain (Loss)	$ 4,439,835

- Definition

1) For defined benefit pension plans, the benefit obligation is the projected benefit obligation, which is the actuarial present value as of a date of all benefits attributed by the pension benefit formula to employee service rendered prior to that date. 2) For other postretirement defined benefit plans, the benefit obligation is the accumulated postretirement benefit obligation, which is the actuarial present value of benefits attributed to employee service rendered to a particular date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Accumulated Postretirement Benefit Obligation

-URI http://asc.fasb.org/extlink&oid=6503904

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 6

-Subparagraph a

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-Paragraph 5

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-Name Statement of Financial Accounting Standard (FAS)

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-Paragraph E1

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-Name Accounting Standards Codification

-Topic 715

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-Paragraph 1

-Subparagraph (a)

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-Publisher FASB

-Name Accounting Standards Codification

-Glossary Projected Benefit Obligation

-URI http://asc.fasb.org/extlink&oid=6522206

+ Details

XML 17 R37.htm IDEA: XBRL DOCUMENT

Commitments, Contingencies and Related parties (Details Textual) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 04, 2012	Nov. 08, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011	Dec. 22, 2011
Property Management Fee, Percent Fee		1.50%
Finance Fee Percentage		1.00%
Disposition Fee Percentage		1.00%
Operating Leases, Rent Expense, Sublease Rentals					$ 433		$ 5,200
Operating Leases, Rent Expense			1,300	3,900	1,300
Accrued Interest Taxes and Penalties								7,700,000
Equity Method Investment, Ownership Percentage								50.00%
Loss Contingency, Estimate of Possible Loss	19,512,591
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	14,484,138
Mortgage Loans On Real Estate Late Charges	48,371
Mortgage Loans On Real Estate Deferred Interest	1,424,691
Mortgage Loans On Real Estate Liquidation Damages	1,750,000
Interest Payable	1,119,406
Interest paid in cash	685,985				9,333	268,467
Cost Of Repair Of Property					1,100,000
Management Fee Amount Paid			6,416		24,144
Asset Management Fees			$ 10,291		$ 34,953
Percentage Of Rental Expense Paid As Compensation			5.00%
PDL Inc [Member]
Liability To Be Allocated					1.00%
Parent Company [Member]
Liability To Be Allocated					45.00%
Lester Cohen [Member]
Liability To Be Allocated					9.00%
F.D. Rich Company of Puerto Rico, Inc.
Liability To Be Allocated					45.00%

XML 18 R9.htm IDEA: XBRL DOCUMENT

Discontinued Operations

9 Months Ended

Sep. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

4.	Discontinued Operations

During the quarter ended March 31, 2012, the Company designated Hato Ray, Pres Matmor and PDL, Inc. as discontinued operations. All numbers have been adjusted retrospectively for the change.

The following table summarizes for the property discontinued:

	Three Months			Three Months			Nine Months			Nine Months
	Ended			Ended			Ended			Ended
	September 30,			September 30,			September 30,			September 30,
	2012			2011			2012			2011

Revenue:
Rental	$	860,954		$	828,941		$	2,755,212		$	2,738,843

Expenses:
General and administrative		2,371			48,420			6,004			145,192
Rental property:
Operating expenses		714,851			490,963			1,859,873			1,590,720
Interest and fees on mortgage debt		502,028			609,263			1,661,279			1,501,654
Real estate taxes		78,742			78,743			236,227			324,171
Depreciation		-			115,723			-			345,829
Amortization of in place lease value		-			5,415			3,456			19,944
Total expenses		1,297,992			1,348,527			3,766,839			3,927,510
Investment income		761			1,092			2,577			3,361

Loss from discontinued operations	$	(436,277	)	$	(518,494	)	$	(1,009,050	)	$	(1,185,306	)

	September 30,			December 31,
	2012			2011
Assets related to discontinued operations:
Land	$	1,905,985		$	1,905,985
Buildings		13,829,390			13,829,390
Furniture and equipment		6,375			6,375
Less: accumulated depreciation		(2,087,424	)		(2,087,424	)

Net real estate		13,654,326			13,654,326
Other assets		669,961			737,974
Total assets related to discontinued operations	$	14,324,287		$	14,392,300

Liabilities related to discontinued operations:
Mortgage debt	$	14,484,138		$	14,484,138
Mortgage related interest and fees		2,412,506			1,431,672
Other liabilities		749,076			723,162
Total liabilities related to discontinued operations	$	17,645,720		$	16,638,972

- Definition

The entire disclosure for the facts and circumstances leading to the completed or expected disposal, manner and timing of disposal, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the segment in which the disposal group was reported, and the classification (whether sold or classified as held for sale) and carrying value of the assets and liabilities comprising the disposal group. Includes all disposal groups, including those classified as components of the entity (discontinued operations).

+ References

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Profit Sharing Plan (Details Textual) (USD $)
3 Months Ended

Mar. 31, 2011

Defined Contribution Plan Employer Matching Contribution Percent 5.00%

Defined Benefit Plan, Contributions by Employer $ 9,076

X

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The increase in the fair value of plan assets from contributions made by the employer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 132R

-Paragraph 5

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-SubTopic 20

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XML 21 R29.htm IDEA: XBRL DOCUMENT v2.4.0.6

Real Estate (Details) (USD $)

Sep. 30, 2012

Dec. 31, 2011

Land $ 79,100 $ 79,100

Buildings 960,714 956,783

Furniture and equipment 50,026 50,026

Total $ 1,089,840 $ 1,085,909

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Gross amount of fixtures and equipment as of the date of the statement of financial position. Fixtures may include and consist of: machinery, equipment, engines, boilers, incinerators, installed building materials; systems and equipment for the purpose of supplying or distributing heating, cooling, electricity, gas, water, air, or light; antennas, cable, wiring and conduits used in connection with radio, television, security, fire prevention, or fire detection or otherwise used to carry electronic signals; telephone systems and equipment; elevators and related machinery and equipment; fire detection, prevention and extinguishing systems and apparatus; security and access control systems and apparatus; plumbing systems; water heaters, ranges, stoves, microwave ovens, refrigerators, dishwashers, garbage disposers, washers, dryers and other appliances; light fixtures, awnings, storm windows and storm doors; pictures, screens, blinds, shades, curtains and curtain rods; mirrors; cabinets, paneling, rugs and floor and wall coverings; fences, trees and plants; swimming pools; and such other items as defined by the reporting entity.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(d))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 4

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Topic 944

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Estimated Fair Value of Financial Instruments (Details) (USD $)
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Investments in Joint Ventures (Details) (IATG Puerto Rico LLC [Member], USD $)

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Dec. 31, 2011

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Loss before depreciation and amortization (430,894) (1,195,510) (1,632,000)

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Investments in Joint Ventures
9 Months Ended

Sep. 30, 2012

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

3. Investments in Joint Ventures

At September 30, 2012 and December 31, 2011, the Company’s only joint venture investment was IATG. The carrying amount of the joint venture was $0. At December 31, 2011, the occupancy rate at the property was approximately 16%. The property is managed by a Lightstone affiliate and Lightstone agreed to advance funds to pay any negative cash flow from the operations of the property until a sale could be accomplished and has agreed that if it does not do so, on demand by the Company, it will transfer its remaining 49% interest in the property to Presidential. Lightstone has advised the Company that it will no longer advance funds for the operations of the property.

On December 22, 2011, an action entitled Centro De Recaudacion de Ingresos Municipals against IATG Puerto Rico, LLC was filed in Estado Libre Asociado de Puerto Rico, Tribunal de Primera Instancia, Sala Superior de Hunacao in respect of approximately $7.7 million of unpaid interest, taxes and penalties owed by IATG Puerto Rico, LLC, the owner of Las Piedras Industrial Park in Las Piedras, Puerto Rico. We believe the value of the property is less than the amount of taxes owed. We own a 50% interest in the defendant. At December 31, 2011 the Company wrote down its investment of $771,110 in the property to zero. The Company has evaluated its potential liabilities and believes it has no liabilities in respect of IATG other than the complete loss of its investment in IATG Puerto Rico, LLC, which was reflected in the Company’s balance sheet at December 31, 2011 (see Note 8A3).

The summary financial information for IATG is as follows:

December 31,

2011

Condensed balance sheet

Net real estate $ 5,156,600

Cash and cash equivalents 29,000

Accounts receivable 36,000

Deferred expenses 4,400

Prepaid expenses 84,000

$ 5,310,000

Note payable (1) $ 10,124,000

Other liabilities 3,269,000

Total liabilities 13,393,000

Members' deficit (8,083,000 )

Total liabilities and members' deficit $ 5,310,000

(1) The note payable is payable to an affiliate of Lightstone and payment thereof is subordinate to the Company’s right to receive its share of any proceeds of a sale or refinancing.

Year Ended
December 31, Nine Months
Ended
September
30, Three
Months
Ended
September
30,

2011 2011 2011

Condensed statements of operations

Revenues $ 975,000 $ 765,900 $ 209,979

Interest on notes payable (1,127,000 ) (831,736 ) (285,563 )

Other expenses (1,480,000 ) (1,129,674 ) (355,310 )

Loss before depreciation and amortization (1,632,000 ) (1,195,510 ) (430,894 )

Depreciation and amortization (350,000 ) (301,571 ) (25,115 )

Net loss $ (1,982,000 ) $ (1,497,081 ) $ (456,009 )

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Investments in Joint Ventures (Details Textual) (USD $)

Sep. 30, 2012

Dec. 31, 2011

Dec. 22, 2011

Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures $ 0 $ 0

Propert Occupancy Rate 16.00%

Percentage Of Interest In Property 49.00%

Accrued Interest Taxes and Penalties 7,700,000

Percentage Of Interest In Defendant 50.00%

Written Down Value Of Investment In Property $ 771,110

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Contractual Pension and Postretirement Benefits (Details) (USD $)
3 Months Ended 9 Months Ended

Sep. 30, 2011

Sep. 30, 2011

Contractual Pension Benefit [Member]

Components of net periodic benefit cost:

Amortization of prior service cost $ 0 $ 0

Amortization of actuarial gain 0 (40,650)

Net periodic benefit income 0 (40,650)

Contractual Postretirement Benefits [Member]

Components of net periodic benefit cost:

Amortization of prior service cost 0 4,591

Amortization of actuarial gain 0 (412,677)

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CONSOLIDATED BALANCE SHEETS (USD $)

Sep. 30, 2012

Dec. 31, 2011

Assets

Real estate (Note 2) $ 1,089,840 $ 1,085,909

Less: accumulated depreciation 451,659 414,805

Net real estate 638,181 671,104

Net mortgage portfolio 18,770 30,370

Prepaid expenses 144,936 304,417

Other receivables (net of valuation allowance of $6,724 in 2012 and $5,592 in 2011) 19,817 14,428

Cash and cash equivalents 1,053,156 961,240

Assets related to discontinued operations 14,324,287 14,392,300

Other assets 40,380 0

Total Assets 16,239,527 16,373,859

Liabilities and Equity

Liabilities related to discontinued operations 17,645,720 16,638,972

Mortgage payable 492,608 0

Accrued liabilities 164,896 150,120

Accounts payable 1,959 33,970

Other liabilities 637,205 622,991

Total Liabilities 18,942,388 17,446,053

Presidential Stockholders' Deficiency:

Additional paid-in capital 5,252,336 5,150,869

Accumulated deficit (3,263,337) (1,966,911)

Treasury stock (at cost) (2,879,354) (2,879,354)

Total Presidential stockholders' (deficit) equity (890,313) 304,646

Noncontrolling interest (Note 6) (1,812,548) (1,376,840)

Total Deficit (2,702,861) (1,072,194)

Total Liabilities and Stockholders' Deficit 16,239,527 16,373,859

Common Class A [Member]

Presidential Stockholders' Deficiency:

Common stock: par value $.00001 per share 5 5

Common Class B [Member]

Presidential Stockholders' Deficiency:

Common stock: par value $.00001 per share $ 37 $ 37

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Accumulated Other Comprehensive Loss (Details) (USD $)
3 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Net loss $ (628,248) $ (1,034,823) $ (1,732,134) $ (4,178,660)

Other comprehensive loss

Net unrealized loss on securities available for sale 0 (14,213) 0 (24,636)

Adjustment for contractual postretirement benefits 0 0 0 (3,967,627)

Comprehensive loss (628,248) (1,049,036) (1,732,134) (8,170,923)

Comprehensive loss attributable to noncontrolling interest (172,066) (237,969) (435,708) (563,860)

Comprehensive loss attributable to Presidential Realty Corporation $ (456,182) $ (796,854) $ (1,296,426) $ (3,614,800)

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Organization and Summary of Significant Accounting Policies
9 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Organization Consolidation And Presentation Of Financial Statements Disclosure And Significant Accounting Policies [Text Block]

1. Organization and Summary of Significant Accounting Policies

Organization

Presidential Realty Corporation (“Presidential” or the “Company”), is operated as a self-administrated, self-managed Real Estate Investment Trust (“REIT”). The Company 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. Presidential operates in a single business segment, investments in real estate related assets.

On November 8, 2011, we and PDL Partnership, a New York general partnership (“PDL Partnership”), the general partners of which were Jeffrey F. Joseph (a director and former officer), Steven Baruch (a former director and former officer) and Thomas Viertel (a former director and former officer), entered into a series of strategic transactions with some investors and Signature Community Investment Group LLC (together with its affiliates, “Signature”). Signature is owned by Nickolas W. Jekogian, III, the promoter of the stock transactions included in the strategic transactions.

The September 30, 2011 financial statements were reported on the liquidating basis of accounting. In connection with the November 8, 2011 Strategic Transactions, the Company’s financial statements are being reported on the going concern basis retroactively.

Basis of Presentation and Going Concern Considerations

For the nine months ended September 30, 2012, the Company had a loss from continuing operations. This combined with a history of operating losses and working capital deficit have been detrimental to our operations and could potentially affect our ability to meet our obligations and continue as a going concern. See Note 8 A4 of Notes to Consolidated Financial Statements. If the Company is required to pay any significant amounts under its guaranty related to our Hato Rey property, such a payment would also adversely impact our liquidity. Our ability to continue as a going concern is dependent upon management’s successful execution of our business plan to achieve profitability, to increase working capital raising debt and or equity and a successful defense of the claims against the Company under its guaranty related to the Hato Rey property. The accompanying financial statements do not include any adjustments that may result from the outcome of this.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”). The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of the Company’s financial position and operating results.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. The results for such interim periods are not necessarily indicative of the results to be expected for the year. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the results for the respective periods have been reflected. These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2011.

Principles of Consolidation

The consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. Additionally, the consolidated financial statements include 100% of the account balances of PDL, Inc. and Associates Limited Co-Partnership (the “Hato Rey Partnership”). PDL, Inc. (a wholly owned subsidiary of Presidential and the general partner of the Hato Rey Partnership) and Presidential own an aggregate 60% general and limited partnership interest in the Hato Rey Partnership (see Note 6). All significant intercompany balances and transactions have been eliminated.

Investments in Joint Ventures

The Company has equity investments in joint ventures and accounts for these investments using the equity method of accounting. These investments are recorded at cost and adjusted for the Company’s share of each entity’s income or loss and adjusted for cash contributions or distributions. Real estate held by such entities is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, and would be written down to its estimated fair value if an impairment was determined to exist (see Note 3).

Rental Revenue Recognition

The Company acts as lessor under operating leases. Rental revenue is recorded on the straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Certain leases require the tenants to reimburse a pro rata share of real estate taxes, utilities and maintenance costs. Recognition of rental revenue is generally discontinued when the rental is delinquent for ninety days or more, or earlier if management determines that collection is doubtful.

Allowance for Doubtful Accounts

The Company assesses the collectability of amounts due from tenants and other receivables, using indicators such as past-due accounts, the nature and age of the receivable, the payment history and the ability of the tenant or debtor to meet its payment obligations. Management’s estimate of allowances for doubtful accounts is subject to revision as these factors change. Rental revenue is recorded on the accrual method and rental revenue recognition is generally discontinued when the tenant in occupancy is delinquent for ninety days or more. Bad debt expense is charged for vacated tenant accounts and subsequent receipts collected for those receivables will reduce bad debt expense. As of September 30, 2012 and December 31, 2011, allowance for doubtful accounts for continuing operations relating to tenant obligations was $6,724 and $5,592, respectively.

Net Loss Per Share

Basic net loss per share data is computed by dividing net loss by the weighted average number of shares of Class A and Class B common stock outstanding (excluding nonvested shares) during each period. Diluted net loss per share is computed by dividing net loss by the weighted average shares outstanding, including the dilutive effect, if any, of nonvested shares. For the three and nine months ended September 30, 2012 and 2011, the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 740,000 and 6,800, respectively, of outstanding stock options and restricted shares, respectively, as their inclusion would be antidilutive.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, cash in banks and money market funds.

Management Estimates

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated balance sheets and the reported amounts of income and expense for the reporting period. Actual results could differ from those estimates.



Discontinued Operations

The Company follows the guidance of the presentation and property, plant, and equipment Topics of the ASC, with respect to long-lived assets classified as held for sale. The ASC requires that the results of operations, including impairment, gains and losses related to the properties that have been sold or properties that are intended to be sold, be presented as discontinued operations in the statements of operations for all periods presented and the assets and liabilities of properties intended to be sold are to be separately classified on the balance sheet. Properties designated as held for sale are carried at the lower of cost or fair value less costs to sell and are not depreciated.

Accounting for Uncertainty in Income Taxes

The Company follows the guidance of the recognition of current and deferred income tax accounts, including accrued interest and penalties, in accordance with ASC 740-10-25. Under this guidance, if the Company’s tax positions in relation to certain transactions were examined and were not ultimately upheld, the Company would be required to pay an income tax assessment and related interest. Alternatively, the Company could elect to pay a deficiency dividend to its shareholders in order to continue to qualify as a REIT and the related interest assessment to the taxing authorities.

Reclassifications

Certain items have been reclassified in the accompanying consolidated Financial Statements and Notes for prior periods. Deferred compensation of $593,750 was reclassified from accrued liabilities to other liabilities.

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Hato Rey Partnership (Details Textual) (USD $)
9 Months Ended

Sep. 30, 2012

Dec. 31, 2011

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest 60.00%

Hato Rey Partnership [Member]

Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest 60.00%

Area Of Real Estate Property 207,000

Loan Provided To Partnership Firm Interest Percentage 13.00%

Loan Provided To Partnership Firm $ 2,670,000 $ 2,670,000

Accrued Interest On Loan Provided To Partnership Firm Interest Percentage $ 1,614,941 $ 1,527,202

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Real Estate (Tables)
9 Months Ended

Sep. 30, 2012

Real Estate [Abstract]

Schedule of Real Estate Properties [Table Text Block]

2. Real Estate

Real estate included in continuing operations is comprised of the following:

September 30, December 31,

2012 2011

Land $ 79,100 $ 79,100

Buildings 960,714 956,783

Furniture and equipment 50,026 50,026

Total $ 1,089,840 $ 1,085,909

Rental revenue from the Maple Tree property constituted virtually all of the rental revenue for the Company during the quarters ended September 30, 2012 and 2011.

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Income Taxes (Details Textual) (USD $)
9 Months Ended 12 Months Ended

Sep. 30, 2012

Dec. 31, 2011

Tax Loss $ 1,035,000 $ 8,500,000

Tax Loss Per Share $ (0.28) $ 2.47

Ordinary Loss 8,210,000

Ordinary Loss Per Share $ 2.38

Capital Loss $ 294,000

Capital Loss Per Share $ 0.09

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Discontinued Operations (Tables)
9 Months Ended

Sep. 30, 2012

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]
The following table summarizes for the property discontinued:

Three Months Three Months Nine Months Nine Months

Ended Ended Ended Ended

September 30, September 30, September 30, September 30,

2012 2011 2012 2011

Revenue:

Rental $ 860,954 $ 828,941 $ 2,755,212 $ 2,738,843

Expenses:

General and administrative 2,371 48,420 6,004 145,192

Rental property:

Operating expenses 714,851 490,963 1,859,873 1,590,720

Interest and fees on mortgage debt 502,028 609,263 1,661,279 1,501,654

Real estate taxes 78,742 78,743 236,227 324,171

Depreciation - 115,723 - 345,829

Amortization of in place lease value - 5,415 3,456 19,944

Total expenses 1,297,992 1,348,527 3,766,839 3,927,510

Investment income 761 1,092 2,577 3,361

Loss from discontinued operations $ (436,277 ) $ (518,494 ) $ (1,009,050 ) $ (1,185,306 )



September 30, December 31,

2012 2011

Assets related to discontinued operations:

Land $ 1,905,985 $ 1,905,985

Buildings 13,829,390 13,829,390

Furniture and equipment 6,375 6,375

Less: accumulated depreciation (2,087,424 ) (2,087,424 )

Net real estate 13,654,326 13,654,326

Other assets 669,961 737,974

Total assets related to discontinued operations $ 14,324,287 $ 14,392,300

Liabilities related to discontinued operations:

Mortgage debt $ 14,484,138 $ 14,484,138

Mortgage related interest and fees 2,412,506 1,431,672

Other liabilities 749,076 723,162

Total liabilities related to discontinued operations $ 17,645,720 $ 16,638,972

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Real Estate
9 Months Ended

Sep. 30, 2012

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

2. Real Estate

Real estate included in continuing operations is comprised of the following:

September 30, December 31,

2012 2011

Land $ 79,100 $ 79,100

Buildings 960,714 956,783

Furniture and equipment 50,026 50,026

Total $ 1,089,840 $ 1,085,909

Rental revenue from the Maple Tree property constituted virtually all of the rental revenue for the Company during the quarters ended September 30, 2012 and 2011.

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CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)

Sep. 30, 2012

Dec. 31, 2011

Valuation allowance for other receivables (in dollars) $ 6,724 $ 5,592

Common stock, par value (in dollars per share) $ 0.00001 $ 0.00001

Common Class A [Member]

Common stock, shares authorized 700,000 700,000

Common stock, shares issued 471,633 471,633

Treasury stock, shares 29,100 29,100

Common Class B [Member]

Common stock, shares authorized 999,300,000 10,000,000

Common stock, shares issued 3,746,842 3,742,842

Treasury stock, shares 529,695 529,695

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Defined Benefit Plan
9 Months Ended

Sep. 30, 2012

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Defined Benefit Plans Disclosures [Text Block]

12. Defined Benefit Plan

The Company had a noncontributory defined benefit pension plan, which covered substantially all of its employees. The plan provided monthly retirement benefits commencing at age 65. Effective February 28, 2009, the Company “froze” or suspended future benefit accruals under the plan. On November 5, 2010, the Company notified participants of its intention to terminate the plan in a standard termination with a proposed termination date of January 7, 2011. In order to terminate the plan and pay the distributions required, the Company fully funded a total of $3,320,932 to the plan, and no further funding is required. The plan was totally liquidated during 2011 and no future pension obligation existed at December 31, 2011.

The termination resulted in the Company recognizing a one-time non-cash expense of $4,439,835 associated with recognizing of unamortized actuarial loss.

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DOCUMENT AND ENTITY INFORMATION
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Nov. 14, 2012

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Nov. 14, 2012

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Entity Registrant Name PRESIDENTIAL REALTY CORP/DE/

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Profit Sharing Plan
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Fourth Floor Management Corp., a 100% owned subsidiary of Presidential Realty Corporation that managed all the Company’s properties, had a profit sharing plan which covered substantially all of its employees. The plan provided for annual contributions up to a maximum of 5% of the employees’ annual compensation. The Company made a $9,076 contribution to the plan in March, 2011 for the 2010 plan. The plan was terminated in 2011 and no future liability exists.

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Revenues:

Rental $ 193,585 $ 171,657 $ 570,025 $ 597,983

Interest on mortgages - notes receivable 617 10,571 9,037 200,488

Total 194,202 182,228 579,062 798,471

Costs and Expenses:

General and administrative 225,238 270,505 767,343 6,291,305

Stock Based Compensation 0 6,035 98,667 16,655

Pension plan termination 0 0 0 (408,086)

Rental property:

Operating expenses 130,586 121,616 360,018 413,120

Interest and fees on mortgage debt 8,499 0 9,333 134

Real estate taxes 12,165 11,938 35,452 35,814

Depreciation on real estate 12,141 0 36,855 0

Amortization of mortgage costs 0 0 132 60

Total 388,629 410,094 1,307,800 6,349,002

Other Income (Loss):

Investment income 2,456 25,177 5,654 40,994

Gain on the sale of Consolidated note receivable 0 0 0 3,264,724

Equity in the loss from joint ventures (Note 3) 0 (313,640) 0 (748,541)

Loss from continuing operations (191,971) (516,329) (723,084) (2,993,354)

Discontinued Operations (Note 4):

Loss from discontinued operations (436,277) (518,494) (1,009,050) (1,185,306)

Total loss from discontinued operations (436,277) (518,494) (1,009,050) (1,185,306)

Net loss (628,248) (1,034,823) (1,732,134) (4,178,660)

Net loss from noncontrolling interest (Note 6) 172,066 237,969 435,708 563,860

Net loss attributable to Presidential $ (456,182) $ (796,854) $ (1,296,426) $ (3,614,800)

Earnings per Common Share attributable to Presidential (basic and diluted):

Loss from continuing operations (in dollars per share) $ (0.05) $ (0.15) $ (0.20) $ (0.88)

Discontinued Operations:

Loss from discontinued operations (in dollars per share) $ (0.07) $ (0.08) $ (0.15) $ (0.18)

Net Loss per Common Share - basic and diluted (in dollars per share) $ (0.12) $ (0.23) $ (0.35) $ (1.06)

Weighted Average Number of Shares Outstanding - basic and diluted (in shares) 3,657,369 3,405,680 3,656,243 3,405,355

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Income Taxes
9 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

7. Income Taxes

Presidential has elected to qualify as a Real Estate Investment Trust under the Internal Revenue Code. A REIT which distributes at least 90% of its real estate investment trust taxable income to its shareholders each year by the end of the following year and which meets certain other conditions will not be taxed on that portion of its taxable income which is distributed to its shareholders.

ASC 740 prescribes a more likely than not recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken. If the Company’s tax position in relation to a transaction was not likely to be upheld, the Company would be required to record the accrual for the tax and interest thereon. As of September 30, 2012, the tax years that remain open to examination by the federal, state and local taxing authorities are the 2009 – 2011 tax years and the Company was not required to accrue any liability for those tax years.

For the year ended December 31, 2011, the Company had a tax loss of approximately $8,500,000 ($2.47 per share), which is comprised of an ordinary loss of approximately $8,210,000 ($2.38 per share) and a capital loss of approximately $294,000 ($0.09 per share).

For the nine months ended September 30, 2012, the Company had a tax loss of approximately $1,035,000 ($0.28) per share), which is comprised of an ordinary loss.

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Hato Rey Partnership
9 Months Ended

Sep. 30, 2012

Noncontrolling Interest [Abstract]

Noncontrolling Interest Disclosure [Text Block]

6. Hato Rey Partnership

PDL, Inc. (a wholly owned subsidiary of Presidential) is the general partner of the Hato Rey Partnership. Presidential Matmor and PDL, Inc. have an aggregate 60% general and limited partner interest in the Hato Rey Partnership. The Company exercises effective control over the partnership through its ability to manage the affairs of the partnership in the ordinary course of business. Accordingly, the Company consolidates the Hato Rey Partnership in the accompanying consolidated financial statements.

The Hato Rey Partnership owns and operates the Hato Rey Center, an office building with 207,000 square feet of commercial space, located in Hato Rey, Puerto Rico. The Company advanced $2,670,000 to the partnership to be used for building improvements and for operations. The loan, which was advanced to the partnership, as needed, bears interest at the rate of 13% per annum, with interest and principal to be paid out of the positive cash flow from the property or upon a refinancing of the First Mortgage on the property. At September 30, 2012 and December 31, 2011, the loan balance was $2,670,000 and accrued interest amounted to $1,614,941 and $1,527,202, respectively. These amounts were eliminated in consolidation. Management does not believe the Company will collect any of the principal or interest owed the Company.

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Investments in Joint Ventures (Tables)
9 Months Ended

Sep. 30, 2012

Equity Method Investments and Joint Ventures [Abstract]

Schedule Of Equity Method Investment Summarized Financial Information [Table Text Block]
The summary financial information for IATG is as follows:

December 31,

2011

Condensed balance sheet

Net real estate $ 5,156,600

Cash and cash equivalents 29,000

Accounts receivable 36,000

Deferred expenses 4,400

Prepaid expenses 84,000

$ 5,310,000

Note payable (1) $ 10,124,000

Other liabilities 3,269,000

Total liabilities 13,393,000

Members' deficit (8,083,000 )

Total liabilities and members' deficit $ 5,310,000

(1) The note payable is payable to an affiliate of Lightstone and payment thereof is subordinate to the Company’s right to receive its share of any proceeds of a sale or refinancing.

Schedule Of Equity Method Investment Summarized Financial Information Income Statement [Table Text Block]

Year Ended
December 31, Nine Months
Ended
September
30, Three
Months
Ended
September
30,

2011 2011 2011

Condensed statements of operations

Revenues $ 975,000 $ 765,900 $ 209,979

Interest on notes payable (1,127,000 ) (831,736 ) (285,563 )

Other expenses (1,480,000 ) (1,129,674 ) (355,310 )

Loss before depreciation and amortization (1,632,000 ) (1,195,510 ) (430,894 )

Depreciation and amortization (350,000 ) (301,571 ) (25,115 )

Net loss $ (1,982,000 ) $ (1,497,081 ) $ (456,009 )

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Estimated Fair Value of Financial Instruments
9 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]
14. Estimated Fair Value of Financial Instruments

Estimated fair values of the Company’s financial instruments as of September 30, 2012 and December 31, 2011 were determined using available market information and various valuation estimation methodologies. Considerable judgment was required to interpret the effects on fair value of such items as future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. The estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a errant market exchange. Also, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair values.

September 30, 2012 December 31, 2011

(Amounts in thousands) (Amounts in thousands)

Net Carrying Estimated Net Carrying Estimated

Value (1) Fair Value Value (1) Fair Value

Assets:

Cash and cash equivalents $ 1,053 $ 1,053 $ 1,187 $ 1,187

Notes Receivable 19 23 30 38

Liabilities:

Mortgage debt 500 500 14,484 14,558

(1) Net carrying value is net of valuation reserves and discounts where applicable.

The fair value estimates presented above were based on pertinent information available to management as of September 30, 2012 and December 31, 2011.

Fair value methods and assumptions were as follows:

Cash and Cash Equivalents – The estimated fair value approximated carrying value, due to the short maturity of these investments.

Notes Receivable – The fair value of notes receivable was estimated by discounting projected cash flows using current rates for similar notes receivable.

Mortgage Debt – The fair value of mortgage debt was estimated by discounting projected cash flows using current rates for similar debt.

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Common Stock and Preferred stock
9 Months Ended

Sep. 30, 2012

Class Of Stock Disclosures [Abstract]

Disclosure Common Stock and Preferred Stock [Text Block]

10. Common Stock and Preferred stock

On August 15, 2012, the stockholders approved an increase to the number of authorized shares of Common Stock from 10,700,000 to 1,050,000,000, consisting of: (a) 700,000 shares of Class A Common Stock; (b) 999,300,000 shares of Class B Common Stock (c) 50,000,000 shares of Preferred Stock. They also approved the reduction to the par value for all classes of the Company’s common stock from $0.10 to $0.00001 per share. All shares have been restated accordingly.

On August 15, 2012 the stockholders approved the designation of 50,000,000 shares of authorized preferred stock, par value $0.00001, as a class of “blank check” preferred stock so as to enable our board of directors to prescribe the series and the number of the shares of each series of preferred stock and the voting powers, designations, preferences, limitations, restrictions and relative rights of the shares of each series of preferred stock.

On August 15, 2012 the stockholders approved the 2012 Incentive Plan which reserves 1,000,000 shares of Class B common stock for distribution to executive officers (including executive officers who are also directors), employees, directors, independent agents, consultants and attorneys in accordance with the 2012 Plan’s terms. The 2012 Plan provides for the grant of any or all of the following types of awards (collectively, “Awards”): (a) stock options and (b) restricted stock. Awards may be granted singly, in combination, or in tandem, as determined by the Committee. The maximum number of shares of Class B common stock with respect to which incentive stock options may be granted to any one individual in any calendar year shall not exceed $100,000 in fair market value as determined at the time of grant. If any outstanding Award is canceled, forfeited, delivered to us as payment for the exercise price or surrendered to us for tax withholding purposes, shares of Class B common stock allocable to such Award may again be available for Awards under the 2012 Incentive Plan.

In August 2012, the Company issued 4,000 shares of Class B common stock as part of the directors’ compensation which was valued at $2,800.

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Commitments, Contingencies and Related Parties
9 Months Ended

Sep. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

8. Commitments, Contingencies and Related parties

A. Commitments and Contingencies

1) Except as described in item 4 below, Presidential is not a party to any material legal proceedings. The Company may from time to time be a party to routine litigation incidental to the ordinary course of its business.

2) In the opinion of management, all of the Company’s properties are adequately covered by insurance in accordance with normal insurance practices.

3) On December 22, 2011 an action entitled Centro De Recaudacion de Ingresos Municipals against IATG Puerto Rico, LLC was filed in Estado Libre Asociado de Puerto Rico, Tribunal de Primera Instancia, Sala Superior de Hunacao in respect of approximately $7.7 million of unpaid interest, taxes and penalties owed by IATG Puerto Rico, LLC, the owner of Las Piedras Industrial Park in Las Piedras, Puerto Rico. We believe the value of the property is less than the amount of taxes owed. We own a 50% interest in the defendant. The Company has evaluated its potential exposure and has concluded that the Company is not responsible for any of the debts or liabilities of IATG Puerto Rico and that the Company’s only exposure is the complete loss of its investment. At December 31, 2011 the Company wrote off its investment in the property.

4) On April 4, 2012, a mortgage foreclosure action was filed in the Court of First Instance, San Juan Superior Part, in the Commonwealth of Puerto Rico to foreclose on the Company’s Hato Rey property. The action is entitled U.S. Bank National Association, as trustee, as successor-in-interest to Bank of America, National Association, as trustee for the Registered Holders of GS Mortgage Securities Corporation II, Commercial Mortgage Pass-Through Certificates, Series 1998-C1, acting by and through Berkadia Commercial Mortgage LLC in its capacity as special servicer pursuant to the pooling and servicing agreement dated October 11, 1998 against PDL, Inc. & Associates, Limited Co-partnership; PDL, Inc., Presidential Realty Corporation; Lester Cohen and F.D. Rich Company of Puerto Rico, Inc. The complaint seeks a judgment against the Hato Rey Partnership in the amount of not less than $19,512,591, consisting of i) $14,484,138 in principal, ii) $1,119,406 in accrued interest, iii) $685,985 in default interest, iv) $48,371 in late charges, v) $1,424,691 in deferred interest and vi) $1,750,000 in liquidated damages as well as additional interest and default charges which continue to accrue under the mortgage loan on the Hato Rey property and foreclosure of the mortgage notes in order to sell the Hato Rey property and apply the proceeds of sale against the indebtedness. The Company’s wholly owned subsidiary, PDL, Inc., is the general partner of the partnership and the Company’s wholly owned subsidiary, Presidential Matmor Corporation, is a limited partner of the partnership.

The complaint also seeks judgments against PDL, Inc., the Company, Lester Cohen and F.D. Rich Company of Puerto Rico, Inc., with liability among them to be allocated 1%, 45%, 9% and 45%, respectively, under the terms of certain guarantees issued by them in connection with the mortgage loans, for alleged physical waste to the Property and, the costs of certain repairs to the property of not less than $1,100,000 and the reasonable legal costs and expenses in connection with the enforcement of the loan documents.

In 1998, at the time the mortgage loan was made, F.D. Rich Company was a limited partner of the partnership. In April 2006, Presidential Matmor acquired the limited partnership interest in the partnership owned by F.D. Rich. In connection with the acquisition of that interest, the parties executed a release and indemnification agreement which provides, among other things, that the Company and Presidential Matmor agree to indemnify F.D. Rich against any liability under the guaranty.

The guarantees provide that the guarantors will pay the lender any loss, damage, cost, expense, liability, claim or other obligation incurred by the lender arising out of fraud, intentional material misrepresentation, willful misconduct, physical waste committed on the subject property, failure to pay any valid taxes and assessments to the extent rents from the property are sufficient to pay such taxes, mechanics liens, materialmen’s liens or other liens which could create liens superior to the mortgage lien, reasonable legal costs and expenses incurred by lender in connection with litigation or other legal proceedings to enforce the loan, the breach of any material representation, covenant and warranty under the related environmental and hazardous substance indemnification agreement, misapplication or conversion of any insurance proceeds, awards or other amounts received in connection with condemnation of all or a portion of the property or any rents following an event of default and any security deposits not delivered to the lender.

The lender has not asserted any claims against the Company other than those asserted under the guarantees as referenced above and the Company believes that its maximum exposure in respect of the complaint would be the total loss of its investment in the partnership and to be held 100% responsible for all claims asserted under the guarantees. At this time, the total of the claims asserted under the guarantees is the $1,100,000 for certain repairs which the lender has characterized as waste and an unspecified amount of legal fees. The amount of any potential liability beyond the $1,100,000 actually asserted is not reasonably estimable by the Company. The Company believes the claims under the guarantees are remote, without merit and does not believe there is any basis for any additional claims against the Company in respect of the partnership and the mortgage loan.

B. Related Parties

Property Management Agreement

On November 8, 2011, the Company and Signature entered into a Property Management Agreement pursuant to which the Company has retained Signature as the exclusive managing and leasing agent for the Company’s Mapletree Industrial Center property in Palmer, Massachusetts (the “Mapletree Property”). Signature shall manage the Mapletree Property in accordance with specific management guidelines and leasing guidelines and shall meet specific reporting requirements and vendor insurance requirements. Signature will receive compensation of 5% of monthly rental income actually received from tenants at the Mapletree Property. The Company will reimburse Signature for all reasonable expenses incurred by Signature in performance of its duties under the Property Management Agreement that are either in accordance with the annual budget or which have been approved in writing by the Company. Such expense shall include, but not be limited to, Signature’s costs of the salaries, benefits and appropriate and prudent training for Signature’s employees who are engaged solely in management or operation of the Mapletree Property, but excluding certain expenses that will be borne by Signature, as specified in the Property Management Agreement. The Property Management Agreement has a term of one year and will be automatically renewable for one year terms until it is terminated by either party upon written notice. For the three and nine months ended September 30, 2012 the Company incurred management fees of $6,416 and $24,144, respectively.

Asset Management Agreement

On November 8, 2011, the Company and Signature entered into an Asset Management Agreement pursuant to which the Company engaged Signature to oversee the Company’s Mapletree Industrial Center property in Palmer, Massachusetts and an office building at Hato Rey, Puerto Rico (the “Properties”). Signature’s duties include leasing, marketing and advertising, financing, construction and dispositions of the Properties. Signature will receive a construction fee for any major renovations or capital projects, subject to the approval of the Company’s Board of Directors, an asset management fee of 1.5% of the monthly gross rental revenues collected for the Properties (provided that the monthly fee for the Hato Rey property will be accrued and not paid until the receipt of mortgage proceeds on the Mapletree Property), a finance fee of 1% on any debt placement, and a disposition fee of 1% on the sale of any assets, as specified in the Asset Management Agreement. The Asset Management Agreement has a term of one year and will be automatically renewable for one year terms until it is terminated by either party upon written notice. For the three and nine months ended September 30, 2012 the company incurred an asset management fee of $10,291 and $34,953, respectively.

Sublease

The Company subleases their executive office space under a month to month lease with Signature for a monthly rental payment of $433 or $5,200 per year. Either party may terminate the sublease upon 30 days prior written notice. For the three and nine months ended September 30, 2012 the Company incurred approximately $1,300 and $3,900, respectively in rent expense.

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Stock Options
9 Months Ended

Sep. 30, 2012

Stock Options [Abstract]

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9. Stock Options

In connection with the November 8, 2011 “Strategic Transactions” the Company issued 740,000 options at an exercise price of $1.25. A total of 148,000 shares vest six months after the grant date. At September 30, 2012, the aggregate intrinsic value was $0. The remaining options vest upon the achievement of performance milestones. Options vesting on the achievement of performance milestones will not be recognized as compensation until such milestones are deemed probable of achievement. The Company recorded stock- based compensation expense of $0 and $98,667 for the three and nine months ended September 30, 2012. At September 30, 2012, the Company has approximately $426,000 of unrecognized compensation expense related to unvested share-based compensation awards that will be expensed upon the achievement of performance milestones.

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Contractual Pension and Postretirement Benefits
9 Months Ended

Sep. 30, 2012

Contractual Pension and Postretirement Benefits [Abstract]

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11. Contractual Pension and Postretirement Benefits

Presidential had employment contracts with several active and retired officers and employees. These contracts provided for annual pension benefits and other postretirement benefits such as health care benefits. The contractual benefit plans were not funded. The pension benefits generally provided for annual payments in specified amounts for each participant for life, commencing three years after retirement, with an annual adjustment for an increase in the consumer price index. The Company accrued on an actuarial basis the estimated costs of these benefits during the years the employee provided services. The Company used a December 31 measurement date for the contractual benefit plans. The plan was terminated during 2011 and no future obligation existed at December 31, 2011.

The following tables summarize the actuarial costs of the contractual pension and postretirement benefits:

Contractual
Pension Contractual
Pension Contractual
Postretirement Contractual
Postretirement

Benefit Benefit Benefits Benefits

Three
Months
Ended Nine
Months
Ended Three
Months
Ended Nine
Months
Ended

September 30, September 30, September 30, September 30,

2011 2011 2011 2011

Components of net periodic benefit cost:

Amortization of prior service cost $ - $ - $ - $ 4,591

Amortization of actuarial gain (40,650 ) - (412,677 )

Net periodic benefit income $ - $ (40,650 ) $ - $ (408,086 )

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Mortgage Debt (Details Textual) (USD $)
0 Months Ended 9 Months Ended

Jun. 08, 2012

Sep. 30, 2012

Dec. 31, 2011

Jun. 08, 2012

Line Of Credit [Member]

Jun. 08, 2012

Secured Debt [Member]

Sep. 30, 2012

Hato Ray Pres Matmor and P D L Inc [Member]

Jun. 30, 2012

Hato Ray Pres Matmor and P D L Inc [Member]

Mar. 31, 2012

Hato Ray Pres Matmor and P D L Inc [Member]

Dec. 31, 2011

Hato Ray Pres Matmor and P D L Inc [Member]

Mortgage debt $ 14,484,138 $ 14,484,138 $ 14,484,138 $ 14,484,138

Debt Instrument, Interest Rate, Effective Percentage 9.38%

Debt Instrument, Maturity Date May 11, 2028

Debt Instrument Interest Rate Deferred Until Maturity 2.00%

Debt Instrument Default Interest Percentage 5.00%

Debt Instrument Fee Percentage 5.00%

Mortgage related interest and fees 2,412,483 1,431,672

Mortgage Loan And Line Of Credit 1,000,000

Secured Debt, Current 500,000

Debt Instrument, Interest Rate, Stated Percentage 5.00%

Debt Instrument Interest Rate Term 5 years

Debt Instrument, Basis Spread on Variable Rate 5.00% 1.00% 1.00% 2.00%

Debt Instrument Adjusted Interest Rate Term 15 years

Proceeds from Issuance of Secured Debt 459,620

Long-term Line of Credit 500,000

Mortgage payable $ 492,608 $ 0

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Organization and Summary of Significant Accounting Policies (Policies)
9 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Organisation and Description Of Business Accounting [Policy Text Block]
Organization

Presidential Realty Corporation (“Presidential” or the “Company”), is operated as a self-administrated, self-managed Real Estate Investment Trust (“REIT”). The Company 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. Presidential operates in a single business segment, investments in real estate related assets.

On November 8, 2011, we and PDL Partnership, a New York general partnership (“PDL Partnership”), the general partners of which were Jeffrey F. Joseph (a director and former officer), Steven Baruch (a former director and former officer) and Thomas Viertel (a former director and former officer), entered into a series of strategic transactions with some investors and Signature Community Investment Group LLC (together with its affiliates, “Signature”). Signature is owned by Nickolas W. Jekogian, III, the promoter of the stock transactions included in the strategic transactions.

The September 30, 2011 financial statements were reported on the liquidating basis of accounting. In connection with the November 8, 2011 Strategic Transactions, the Company’s financial statements are being reported on the going concern basis retroactively.

Basis Of Presentation and Going Concern Considerations [Policy Text Block]
Basis of Presentation and Going Concern Considerations

For the nine months ended September 30, 2012, the Company had a loss from continuing operations. This combined with a history of operating losses and working capital deficit have been detrimental to our operations and could potentially affect our ability to meet our obligations and continue as a going concern. See Note 8 A4 of Notes to Consolidated Financial Statements. If the Company is required to pay any significant amounts under its guaranty related to our Hato Rey property, such a payment would also adversely impact our liquidity. Our ability to continue as a going concern is dependent upon management’s successful execution of our business plan to achieve profitability, to increase working capital raising debt and or equity and a successful defense of the claims against the Company under its guaranty related to the Hato Rey property. The accompanying financial statements do not include any adjustments that may result from the outcome of this.

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”). The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of the Company’s financial position and operating results.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. The results for such interim periods are not necessarily indicative of the results to be expected for the year. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the results for the respective periods have been reflected. These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2011.

Consolidation, Policy [Policy Text Block]
Principles of Consolidation

The consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. Additionally, the consolidated financial statements include 100% of the account balances of PDL, Inc. and Associates Limited Co-Partnership (the “Hato Rey Partnership”). PDL, Inc. (a wholly owned subsidiary of Presidential and the general partner of the Hato Rey Partnership) and Presidential own an aggregate 60% general and limited partnership interest in the Hato Rey Partnership (see Note 6). All significant intercompany balances and transactions have been eliminated.

Equity Method Investments, Policy [Policy Text Block]
Investments in Joint Ventures

The Company has equity investments in joint ventures and accounts for these investments using the equity method of accounting. These investments are recorded at cost and adjusted for the Company’s share of each entity’s income or loss and adjusted for cash contributions or distributions. Real estate held by such entities is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, and would be written down to its estimated fair value if an impairment was determined to exist (see Note 3).

Revenue Recognition Leases, Operating [Policy Text Block]
Rental Revenue Recognition

The Company acts as lessor under operating leases. Rental revenue is recorded on the straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Certain leases require the tenants to reimburse a pro rata share of real estate taxes, utilities and maintenance costs. Recognition of rental revenue is generally discontinued when the rental is delinquent for ninety days or more, or earlier if management determines that collection is doubtful.

Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]
Allowance for Doubtful Accounts

The Company assesses the collectability of amounts due from tenants and other receivables, using indicators such as past-due accounts, the nature and age of the receivable, the payment history and the ability of the tenant or debtor to meet its payment obligations. Management’s estimate of allowances for doubtful accounts is subject to revision as these factors change. Rental revenue is recorded on the accrual method and rental revenue recognition is generally discontinued when the tenant in occupancy is delinquent for ninety days or more. Bad debt expense is charged for vacated tenant accounts and subsequent receipts collected for those receivables will reduce bad debt expense. As of September 30, 2012 and December 31, 2011, allowance for doubtful accounts for continuing operations relating to tenant obligations was $6,724 and $5,592, respectively.

Earnings Per Share, Policy [Policy Text Block]
Net Loss Per Share

Basic net loss per share data is computed by dividing net loss by the weighted average number of shares of Class A and Class B common stock outstanding (excluding nonvested shares) during each period. Diluted net loss per share is computed by dividing net loss by the weighted average shares outstanding, including the dilutive effect, if any, of nonvested shares. For the three and nine months ended September 30, 2012 and 2011, the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 740,000 and 6,800, respectively, of outstanding stock options and restricted shares, respectively, as their inclusion would be antidilutive.

Cash and Cash Equivalents, Policy [Policy Text Block]
Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, cash in banks and money market funds.

Use of Estimates, Policy [Policy Text Block]
Management Estimates

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated balance sheets and the reported amounts of income and expense for the reporting period. Actual results could differ from those estimates.

Discontinued Operations, Policy [Policy Text Block]
Discontinued Operations

The Company follows the guidance of the presentation and property, plant, and equipment Topics of the ASC, with respect to long-lived assets classified as held for sale. The ASC requires that the results of operations, including impairment, gains and losses related to the properties that have been sold or properties that are intended to be sold, be presented as discontinued operations in the statements of operations for all periods presented and the assets and liabilities of properties intended to be sold are to be separately classified on the balance sheet. Properties designated as held for sale are carried at the lower of cost or fair value less costs to sell and are not depreciated.

Income Tax Uncertainties, Policy [Policy Text Block]
Accounting for Uncertainty in Income Taxes

The Company follows the guidance of the recognition of current and deferred income tax accounts, including accrued interest and penalties, in accordance with ASC 740-10-25. Under this guidance, if the Company’s tax positions in relation to certain transactions were examined and were not ultimately upheld, the Company would be required to pay an income tax assessment and related interest. Alternatively, the Company could elect to pay a deficiency dividend to its shareholders in order to continue to qualify as a REIT and the related interest assessment to the taxing authorities.

Prior Period Reclassification Adjustment Description [Policy Text Block]
Reclassifications

Certain items have been reclassified in the accompanying consolidated Financial Statements and Notes for prior periods. Deferred compensation of $593,750 was reclassified from accrued liabilities to other liabilities.

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Estimated Fair Value of Financial Instruments (Tables)
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Fair Value Disclosures [Abstract]

Fair Value, by Balance Sheet Grouping [Table Text Block]
The estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a errant market exchange. Also, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair values.

September 30, 2012 December 31, 2011

(Amounts in thousands) (Amounts in thousands)

Net Carrying Estimated Net Carrying Estimated

Value (1) Fair Value Value (1) Fair Value

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Notes Receivable 19 23 30 38

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Mortgage debt 500 500 14,484 14,558

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Sep. 30, 2011

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Net gain on sale of mortgage portfolio 0 (3,264,724)

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Issuance of stock to directors and officers 2,800 16,955

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Proceeds from sale of Consolidated notes receivable 0 5,339,718

Payments received on notes receivable 10,363 8,453

Payments disbursed for additions and improvements (3,932) (153,540)

Sale of securities available for sale 0 934,836

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Principal payments on mortgage debt (7,392) (15,237)

Net cash provided by (used in) financing activities 452,228 (15,237)

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Cash and Cash Equivalents, Beginning of Period 961,240 597,440

Cash and Cash Equivalents, End of Period 1,053,156 2,246,395

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The Hato Rey Center mortgage debt is being recorded in discontinued operations. At September 30, 2012 and December 31, 2011 the principal balance was $14,484,138 on the Hato Rey Center property in Hato Rey, Puerto Rico. The loan is nonrecourse to the Company with standard carve outs. The first mortgage loan on the Hato Rey Center property is due on May 11, 2028, but provides that if it was not repaid on or before May 11, 2008, the interest rate on the loan was increased by two percentage points (to 9.38% per annum of which 2% per annum would be deferred until maturity). Since April 2011, the Company has not made any mortgage payments on the loan. (See Note 8). In addition, the Company is accruing an additional 5% per annum as default interest and a 5% late payment fee. At September 30, 2012 and December 31, 2011, interest and other fees payable were $2,412,483 and $1,431,672, respectively, which were offset by escrow accounts maintained by Berkadia Commercial LLC, servicer of the loan. Because of the foreclosure action, The Hato Rey Center property was classified as a discontinued operation.

On June 8, 2012, we entered into a mortgage and line of credit for a combined total of $1,000,000 with Country Bank for Savings on the Mapletree Industrial Center. The Mortgage is for $500,000 at a 5% interest rate, for a term of 5 years. Thereafter the interest will adjust monthly equal to the bank’s Prime Rate, plus 1% with an interest rate floor of 5%, for a term of 15 years. We received $459,620 of net proceeds. The line of credit is for $500,000, with an interest rate of 1% over the Bank’s prime Rate. The line of credit is due on demand. Both mortgage and the line of credit are secured by the Mapletree Industrial Center, in Palmer, Massachusetts. The outstanding balance of the mortgage at September 30, 2012 was $492,608.

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Accumulated Other Comprehensive Loss (Tables)
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Stockholders' Equity Note [Abstract]

Schedule of Comprehensive Income (Loss) [Table Text Block]
There was no accumulated other

Three Months Ended Nine Months Ended

September 30, September 30,

2012 2011 2012 2011

Net loss $ (628,248 ) $ (1,034,823 ) $ (1,732,134 ) $ (4,178,660 )

Other comprehensive loss

 Net unrealized loss on securities available for sale - (14,213 ) - (24,636 )

 Adjustment for contractual postretirement benefits - - - (3,967,627 )

Comprehensive loss (628,248 ) (1,049,036 ) (1,732,134 ) (8,170,923 )

Comprehensive loss attributable to noncontrolling interest 172,066 237,969 435,708 563,860

Comprehensive loss attributable to Presidential Realty Corporation $ (456,182 ) $ (811,067 ) $ (1,296,426 ) $ (7,607,063 )

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Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price $ 1.25

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Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value $ 0 $ 0

Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized 426,000 426,000

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Accumulated Other Comprehensive Loss
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Sep. 30, 2012

Stockholders' Equity Note [Abstract]

Comprehensive Income Note [Text Block]
15. Accumulated Other Comprehensive Loss

comprehensive income (loss) at September 30, 2012 and December 31, 2011. Thus, comprehensive income (loss), which consists of net loss plus or minus other comprehensive income, is as follows: The Company’s other comprehensive income (loss) consists of the changes in the net unrealized gain (loss) on securities available for sale and the adjustments to the pension liabilities and the postretirement benefits liability, if any. There was no accumulated other

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2012 2011 2012 2011

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 Net unrealized loss on securities available for sale - (14,213 ) - (24,636 )

 Adjustment for contractual postretirement benefits - - - (3,967,627 )

Comprehensive loss (628,248 ) (1,049,036 ) (1,732,134 ) (8,170,923 )

Comprehensive loss attributable to noncontrolling interest 172,066 237,969 435,708 563,860

Comprehensive loss attributable to Presidential Realty Corporation $ (456,182 ) $ (811,067 ) $ (1,296,426 ) $ (7,607,063 )

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Profit Sharing Plan (Details Textual) (USD $)	Mar. 31, 2011
Defined Contribution Plan Employer Matching Contribution Percent	5.00%
Defined Benefit Plan, Contributions by Employer	$ 9,076

Real Estate (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Land	$ 79,100	$ 79,100
Buildings	960,714	956,783
Furniture and equipment	50,026	50,026
Total	$ 1,089,840	$ 1,085,909

Investments in Joint Ventures (Details 1) (USD $)	3 Months Ended	9 Months Ended	12 Months Ended
Investments in Joint Ventures (Details 1) (USD $)	Sep. 30, 2011	Sep. 30, 2011	Dec. 31, 2011
Condensed statements of operations
Revenues	$ 209,979	$ 765,900	$ 975,000
Interest on notes payable	(285,563)	(831,736)	(1,127,000)
Other expenses	(355,310)	(1,129,674)	(1,480,000)
Loss before depreciation and amortization	(430,894)	(1,195,510)	(1,632,000)
Depreciation and amortization	(25,115)	(301,571)	(350,000)
Net loss	$ (456,009)	$ (1,497,081)	$ (1,982,000)

Investments in Joint Ventures (Details Textual) (USD $)	Sep. 30, 2012	Dec. 31, 2011	Dec. 22, 2011
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures	$ 0	$ 0
Propert Occupancy Rate		16.00%
Percentage Of Interest In Property	49.00%
Accrued Interest Taxes and Penalties			7,700,000
Percentage Of Interest In Defendant			50.00%
Written Down Value Of Investment In Property		$ 771,110

Contractual Pension and Postretirement Benefits (Details) (USD $)	3 Months Ended	9 Months Ended
	Sep. 30, 2011	Sep. 30, 2011
Contractual Pension Benefit [Member]
Components of net periodic benefit cost:
Amortization of prior service cost	$ 0	$ 0
Amortization of actuarial gain	0	(40,650)
Net periodic benefit income	0	(40,650)
Contractual Postretirement Benefits [Member]
Components of net periodic benefit cost:
Amortization of prior service cost	0	4,591
Amortization of actuarial gain	0	(412,677)
Net periodic benefit income	$ 0	$ (408,086)

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2012	Dec. 31, 2011
Assets
Real estate (Note 2)	$ 1,089,840	$ 1,085,909
Less: accumulated depreciation	451,659	414,805
Net real estate	638,181	671,104
Net mortgage portfolio	18,770	30,370
Prepaid expenses	144,936	304,417
Other receivables (net of valuation allowance of $6,724 in 2012 and $5,592 in 2011)	19,817	14,428
Cash and cash equivalents	1,053,156	961,240
Assets related to discontinued operations	14,324,287	14,392,300
Other assets	40,380	0
Total Assets	16,239,527	16,373,859
Liabilities and Equity
Liabilities related to discontinued operations	17,645,720	16,638,972
Mortgage payable	492,608	0
Accrued liabilities	164,896	150,120
Accounts payable	1,959	33,970
Other liabilities	637,205	622,991
Total Liabilities	18,942,388	17,446,053
Presidential Stockholders' Deficiency:
Additional paid-in capital	5,252,336	5,150,869
Accumulated deficit	(3,263,337)	(1,966,911)
Treasury stock (at cost)	(2,879,354)	(2,879,354)
Total Presidential stockholders' (deficit) equity	(890,313)	304,646
Noncontrolling interest (Note 6)	(1,812,548)	(1,376,840)
Total Deficit	(2,702,861)	(1,072,194)
Total Liabilities and Stockholders' Deficit	16,239,527	16,373,859
Common Class A [Member]
Presidential Stockholders' Deficiency:
Common stock: par value $.00001 per share	5	5
Common Class B [Member]
Presidential Stockholders' Deficiency:
Common stock: par value $.00001 per share	$ 37	$ 37

Accumulated Other Comprehensive Loss (Details) (USD $)	3 Months Ended		9 Months Ended
Accumulated Other Comprehensive Loss (Details) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Net loss	$ (628,248)	$ (1,034,823)	$ (1,732,134)	$ (4,178,660)
Other comprehensive loss
Net unrealized loss on securities available for sale	0	(14,213)	0	(24,636)
Adjustment for contractual postretirement benefits	0	0	0	(3,967,627)
Comprehensive loss	(628,248)	(1,049,036)	(1,732,134)	(8,170,923)
Comprehensive loss attributable to noncontrolling interest	(172,066)	(237,969)	(435,708)	(563,860)
Comprehensive loss attributable to Presidential Realty Corporation	$ (456,182)	$ (796,854)	$ (1,296,426)	$ (3,614,800)

Hato Rey Partnership (Details Textual) (USD $)	9 Months Ended
Hato Rey Partnership (Details Textual) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	60.00%
Hato Rey Partnership [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest	60.00%
Area Of Real Estate Property	207,000
Loan Provided To Partnership Firm Interest Percentage	13.00%
Loan Provided To Partnership Firm	$ 2,670,000	$ 2,670,000
Accrued Interest On Loan Provided To Partnership Firm Interest Percentage	$ 1,614,941	$ 1,527,202

Income Taxes (Details Textual) (USD $)	9 Months Ended	12 Months Ended
Income Taxes (Details Textual) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Tax Loss	$ 1,035,000	$ 8,500,000
Tax Loss Per Share	$ (0.28)	$ 2.47
Ordinary Loss		8,210,000
Ordinary Loss Per Share		$ 2.38
Capital Loss		$ 294,000
Capital Loss Per Share		$ 0.09

CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Sep. 30, 2012	Dec. 31, 2011
Valuation allowance for other receivables (in dollars)	$ 6,724	$ 5,592
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common Class A [Member]
Common stock, shares authorized	700,000	700,000
Common stock, shares issued	471,633	471,633
Treasury stock, shares	29,100	29,100
Common Class B [Member]
Common stock, shares authorized	999,300,000	10,000,000
Common stock, shares issued	3,746,842	3,742,842
Treasury stock, shares	529,695	529,695

DOCUMENT AND ENTITY INFORMATION	9 Months Ended
DOCUMENT AND ENTITY INFORMATION	Sep. 30, 2012	Nov. 14, 2012 Common Class A [Member]	Nov. 14, 2012 Common Class B [Member]
Entity Registrant Name	PRESIDENTIAL REALTY CORP/DE/
Entity Central Index Key	0000731245
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	pdnla
Entity Common Stock, Shares Outstanding		442,533	3,217,147
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2012
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenues:
Rental	$ 193,585	$ 171,657	$ 570,025	$ 597,983
Interest on mortgages - notes receivable	617	10,571	9,037	200,488
Total	194,202	182,228	579,062	798,471
Costs and Expenses:
General and administrative	225,238	270,505	767,343	6,291,305
Stock Based Compensation	0	6,035	98,667	16,655
Pension plan termination	0	0	0	(408,086)
Rental property:
Operating expenses	130,586	121,616	360,018	413,120
Interest and fees on mortgage debt	8,499	0	9,333	134
Real estate taxes	12,165	11,938	35,452	35,814
Depreciation on real estate	12,141	0	36,855	0
Amortization of mortgage costs	0	0	132	60
Total	388,629	410,094	1,307,800	6,349,002
Other Income (Loss):
Investment income	2,456	25,177	5,654	40,994
Gain on the sale of Consolidated note receivable	0	0	0	3,264,724
Equity in the loss from joint ventures (Note 3)	0	(313,640)	0	(748,541)
Loss from continuing operations	(191,971)	(516,329)	(723,084)	(2,993,354)
Discontinued Operations (Note 4):
Loss from discontinued operations	(436,277)	(518,494)	(1,009,050)	(1,185,306)
Total loss from discontinued operations	(436,277)	(518,494)	(1,009,050)	(1,185,306)
Net loss	(628,248)	(1,034,823)	(1,732,134)	(4,178,660)
Net loss from noncontrolling interest (Note 6)	172,066	237,969	435,708	563,860
Net loss attributable to Presidential	$ (456,182)	$ (796,854)	$ (1,296,426)	$ (3,614,800)
Earnings per Common Share attributable to Presidential (basic and diluted):
Loss from continuing operations (in dollars per share)	$ (0.05)	$ (0.15)	$ (0.20)	$ (0.88)
Discontinued Operations:
Loss from discontinued operations (in dollars per share)	$ (0.07)	$ (0.08)	$ (0.15)	$ (0.18)
Net Loss per Common Share - basic and diluted (in dollars per share)	$ (0.12)	$ (0.23)	$ (0.35)	$ (1.06)
Weighted Average Number of Shares Outstanding - basic and diluted (in shares)	3,657,369	3,405,680	3,656,243	3,405,355

Mortgage Debt (Details Textual) (USD $)	0 Months Ended					9 Months Ended
Mortgage Debt (Details Textual) (USD $)	Jun. 08, 2012	Sep. 30, 2012	Dec. 31, 2011	Jun. 08, 2012 Line Of Credit [Member]	Jun. 08, 2012 Secured Debt [Member]	Sep. 30, 2012 Hato Ray Pres Matmor and P D L Inc [Member]	Jun. 30, 2012 Hato Ray Pres Matmor and P D L Inc [Member]	Mar. 31, 2012 Hato Ray Pres Matmor and P D L Inc [Member]	Dec. 31, 2011 Hato Ray Pres Matmor and P D L Inc [Member]
Mortgage debt						$ 14,484,138	$ 14,484,138	$ 14,484,138	$ 14,484,138
Debt Instrument, Interest Rate, Effective Percentage						9.38%
Debt Instrument, Maturity Date						May 11, 2028
Debt Instrument Interest Rate Deferred Until Maturity						2.00%
Debt Instrument Default Interest Percentage						5.00%
Debt Instrument Fee Percentage						5.00%
Mortgage related interest and fees						2,412,483			1,431,672
Mortgage Loan And Line Of Credit	1,000,000
Secured Debt, Current	500,000
Debt Instrument, Interest Rate, Stated Percentage	5.00%
Debt Instrument Interest Rate Term	5 years
Debt Instrument, Basis Spread on Variable Rate	5.00%			1.00%	1.00%	2.00%
Debt Instrument Adjusted Interest Rate Term	15 years
Proceeds from Issuance of Secured Debt	459,620
Long-term Line of Credit	500,000
Mortgage payable		$ 492,608	$ 0

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2012
Accounting Policies [Abstract]
Organisation and Description Of Business Accounting [Policy Text Block]	Organization Presidential Realty Corporation (“Presidential” or the “Company”), is operated as a self-administrated, self-managed Real Estate Investment Trust (“REIT”). The Company 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. Presidential operates in a single business segment, investments in real estate related assets. On November 8, 2011, we and PDL Partnership, a New York general partnership (“PDL Partnership”), the general partners of which were Jeffrey F. Joseph (a director and former officer), Steven Baruch (a former director and former officer) and Thomas Viertel (a former director and former officer), entered into a series of strategic transactions with some investors and Signature Community Investment Group LLC (together with its affiliates, “Signature”). Signature is owned by Nickolas W. Jekogian, III, the promoter of the stock transactions included in the strategic transactions. The September 30, 2011 financial statements were reported on the liquidating basis of accounting. In connection with the November 8, 2011 Strategic Transactions, the Company’s financial statements are being reported on the going concern basis retroactively.
Basis Of Presentation and Going Concern Considerations [Policy Text Block]	Basis of Presentation and Going Concern Considerations For the nine months ended September 30, 2012, the Company had a loss from continuing operations. This combined with a history of operating losses and working capital deficit have been detrimental to our operations and could potentially affect our ability to meet our obligations and continue as a going concern. See Note 8 A4 of Notes to Consolidated Financial Statements. If the Company is required to pay any significant amounts under its guaranty related to our Hato Rey property, such a payment would also adversely impact our liquidity. Our ability to continue as a going concern is dependent upon management’s successful execution of our business plan to achieve profitability, to increase working capital raising debt and or equity and a successful defense of the claims against the Company under its guaranty related to the Hato Rey property. The accompanying financial statements do not include any adjustments that may result from the outcome of this. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and the requirements of the Securities and Exchange Commission (“SEC”). The financial statements include all normal and recurring adjustments that are necessary for a fair presentation of the Company’s financial position and operating results. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information. The results for such interim periods are not necessarily indicative of the results to be expected for the year. In the opinion of management, all adjustments (consisting of only normal recurring accruals) considered necessary for a fair presentation of the results for the respective periods have been reflected. These consolidated financial statements and accompanying notes should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2011.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The consolidated financial statements include the accounts of Presidential Realty Corporation and its wholly owned subsidiaries. Additionally, the consolidated financial statements include 100% of the account balances of PDL, Inc. and Associates Limited Co-Partnership (the “Hato Rey Partnership”). PDL, Inc. (a wholly owned subsidiary of Presidential and the general partner of the Hato Rey Partnership) and Presidential own an aggregate 60% general and limited partnership interest in the Hato Rey Partnership (see Note 6). All significant intercompany balances and transactions have been eliminated.
Equity Method Investments, Policy [Policy Text Block]	Investments in Joint Ventures The Company has equity investments in joint ventures and accounts for these investments using the equity method of accounting. These investments are recorded at cost and adjusted for the Company’s share of each entity’s income or loss and adjusted for cash contributions or distributions. Real estate held by such entities is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, and would be written down to its estimated fair value if an impairment was determined to exist (see Note 3).
Revenue Recognition Leases, Operating [Policy Text Block]	Rental Revenue Recognition The Company acts as lessor under operating leases. Rental revenue is recorded on the straight-line basis from the later of the date of the commencement of the lease or the date of acquisition of the property subject to existing leases, which averages minimum rents over the terms of the leases. Certain leases require the tenants to reimburse a pro rata share of real estate taxes, utilities and maintenance costs. Recognition of rental revenue is generally discontinued when the rental is delinquent for ninety days or more, or earlier if management determines that collection is doubtful.
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]	Allowance for Doubtful Accounts The Company assesses the collectability of amounts due from tenants and other receivables, using indicators such as past-due accounts, the nature and age of the receivable, the payment history and the ability of the tenant or debtor to meet its payment obligations. Management’s estimate of allowances for doubtful accounts is subject to revision as these factors change. Rental revenue is recorded on the accrual method and rental revenue recognition is generally discontinued when the tenant in occupancy is delinquent for ninety days or more. Bad debt expense is charged for vacated tenant accounts and subsequent receipts collected for those receivables will reduce bad debt expense. As of September 30, 2012 and December 31, 2011, allowance for doubtful accounts for continuing operations relating to tenant obligations was $6,724 and $5,592, respectively.
Earnings Per Share, Policy [Policy Text Block]	Net Loss Per Share Basic net loss per share data is computed by dividing net loss by the weighted average number of shares of Class A and Class B common stock outstanding (excluding nonvested shares) during each period. Diluted net loss per share is computed by dividing net loss by the weighted average shares outstanding, including the dilutive effect, if any, of nonvested shares. For the three and nine months ended September 30, 2012 and 2011, the weighted average shares outstanding as used in the calculation of diluted loss per share do not include 740,000 and 6,800, respectively, of outstanding stock options and restricted shares, respectively, as their inclusion would be antidilutive.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, cash in banks and money market funds.
Use of Estimates, Policy [Policy Text Block]	Management Estimates The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated balance sheets and the reported amounts of income and expense for the reporting period. Actual results could differ from those estimates.
Discontinued Operations, Policy [Policy Text Block]	Discontinued Operations The Company follows the guidance of the presentation and property, plant, and equipment Topics of the ASC, with respect to long-lived assets classified as held for sale. The ASC requires that the results of operations, including impairment, gains and losses related to the properties that have been sold or properties that are intended to be sold, be presented as discontinued operations in the statements of operations for all periods presented and the assets and liabilities of properties intended to be sold are to be separately classified on the balance sheet. Properties designated as held for sale are carried at the lower of cost or fair value less costs to sell and are not depreciated.
Income Tax Uncertainties, Policy [Policy Text Block]	Accounting for Uncertainty in Income Taxes The Company follows the guidance of the recognition of current and deferred income tax accounts, including accrued interest and penalties, in accordance with ASC 740-10-25. Under this guidance, if the Company’s tax positions in relation to certain transactions were examined and were not ultimately upheld, the Company would be required to pay an income tax assessment and related interest. Alternatively, the Company could elect to pay a deficiency dividend to its shareholders in order to continue to qualify as a REIT and the related interest assessment to the taxing authorities.
Prior Period Reclassification Adjustment Description [Policy Text Block]	Reclassifications Certain items have been reclassified in the accompanying consolidated Financial Statements and Notes for prior periods. Deferred compensation of $593,750 was reclassified from accrued liabilities to other liabilities.

Contractual Pension and Postretirement Benefits (Details Textual)	1 Months Ended
	Dec. 31, 2010
Contractual Benefit Plans Measurement Date	December 31

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Sep. 30, 2012	Sep. 30, 2011
Net loss	$ (1,732,134)	$ (4,178,660)
Adjustments to reconcile net loss to net cash used in operating activities:
Net loss on securities held for sale	0	16,330
Net gain on sale of mortgage portfolio	0	(3,264,724)
Realized loss on pension termination	0	3,967,627
Equity in the loss from joint ventures	0	748,541
Depreciation and amortization	36,855	0
Amortization of discounts on notes and fees	1,237	972
Stock Based compensation	98,667	0
Issuance of stock to directors and officers	2,800	16,955
Changes in assets and liabilities:
Other receivables	(5,389)	(73,105)
Discontinued operations assets	68,013	744,321
Prepaid expenses, deposits in escrow and deferred charges	159,481	108,048
Other assets	0	23,673
Increase (decrease) in:
Accounts payable and accrued liabilities	(17,235)	348,879
Defined benefit plan liability	0	(269,479)
Contractual pension benefits	0	(2,851,665)
Discontinued operations liabilities	1,006,748	183,081
Mortgage interest and fees	0	0
Other liabilities	14,214	13,931
Total adjustments	1,365,391	(286,615)
Net cash used in operating activities	(366,743)	(4,465,275)
Cash Flows from Investing Activities:
Proceeds from sale of Consolidated notes receivable	0	5,339,718
Payments received on notes receivable	10,363	8,453
Payments disbursed for additions and improvements	(3,932)	(153,540)
Sale of securities available for sale	0	934,836
Net cash provided by investing activities	6,431	6,129,467
Cash Flows from Financing Activities:
Proceeds of mortgage refinancing	459,620	0
Principal payments on mortgage debt	(7,392)	(15,237)
Net cash provided by (used in) financing activities	452,228	(15,237)
Net Increase in Cash and Cash Equivalents	91,916	1,648,955
Cash and Cash Equivalents, Beginning of Period	961,240	597,440
Cash and Cash Equivalents, End of Period	1,053,156	2,246,395
Supplemental cash flow information:
Interest paid in cash	9,333	268,467
Taxes paid	$ 0	$ 0

Stock Options (Details Textual) (USD $)	1 Months Ended	3 Months Ended		9 Months Ended
Stock Options (Details Textual) (USD $)	Nov. 08, 2011	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	740,000
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price	$ 1.25
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	148,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		$ 0		$ 0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized		426,000		426,000
Stock Based Compensation		$ 0	$ 6,035	$ 98,667	$ 16,655