Presidential Realty Corporation | REIT Profile

Symbol: PDNLB
CIK: 731245
Exchange: OTC
Preferred Stock: PDNLA
Founded: 1909 (116 years)
HQ: New York, NY, United States
Type of REIT: Equity REIT
Listing Status: Public
REIT Sector: Industrial, Residential, Retail, Office

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See PDNLB on SEC.gov

Presidential Realty Corporation is a Delaware corporation organized in 1983 that elected to be treated as a real estate investment trust for Federal and State income tax purposes. Presidential Realty Corporation was founded in 1909. The company began as a contractor that specialized in building theaters and movie houses in New York City. The company operated as M. Shapiro and Son during this period and built more than eighty cinema houses from 1911-1929. During the 1930’s, Presidential moved into the construction of institutional buildings and worked on such prominent projects as the American Museum of Natural History in New York. In the 1940’s the company began its move into residential housing, first by becoming a major builder of public housing projects after World War II and then as a developer of thousands of apartment units. Ownership and operation of rental housing became the prime activity of the firm in the 1950’s. Presidential had its IPO in 1961 and was listed on the American Stock Exchange. By 1973, Presidential owned property in twelve states and Puerto Rico, and had total assets in excess of $100 million. Over its history the company had interests in over 10,000 apartments units, in addition to ownership interests in office buildings, industrial properties and shopping centers. The Company's Class A and Class B common stock currently trade in the over-the-counter market under the symbols PDNLA, and PDNLB, respectively.