First Capital Real Estate Trust Incorporated and Presidential Realty Corporation (OTC:PDNLA/PDNLB), a Delaware real estate investment trust, today announced that the parties have executed a Letter of Intent. The Letter of Intent relates to a proposed transaction pursuant to which Presidential would acquire substantially all of the assets of FCRETI in exchange for newly issued shares of Presidential. Suneet Singal, CEO of First Capital, stated that, "This transaction further advances our liquidity plan for the shareholders of FCRETI. This plan was outlined in our strategic partnership with Forum Partners earlier this year." Mr. Singal further stated, "It is our goal to effectuate FCRETI's liquidity plan through this transaction and other events in the near future." In connection with executing the Letter of Intent, the parties entered into a mutual 60-day standstill agreement.

The proposed transaction is subject to, among other things, satisfaction by the parties with the results of their due diligence investigations, approval by the Boards of Directors of FCRETI and Presidential and FCRETI shareholders of final terms, and as such, there can be no assurance that a transaction will be consummated.

About FCRETI

First Capital Real Estate Trust Incorporated is a public non-traded REIT based in New York City and founded in 2012. FCRETI, the Dual Strategy REIT, executes a dual investment strategy which seeks to generate both stable cash distributions and growth through the acquisition of stabilized, cash flowing real estate as well as value added and opportunistic assets. FCRETI's portfolio consists of 31 assets including land development, luxury resorts, multifamily, gas stations, hotels, medical offices, transitional housing, retail, and business offices.

About Presidential

Presidential Realty Corporation is a Delaware Real Estate Investment Trust organized in 1983 and is engaged principally in the ownership of income-producing real estate. Over its history the company has had ownership interests in apartments, office buildings, industrial properties and shopping centers in multiple states. Presidential currently owns one property in Massachusetts. 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.