Presidential Realty Corp. (OTCPK:PDNL.B) signed a letter of intent to acquire substantially all of the assets of First Capital Real Estate Trust, Inc. on July 18, 2016. As consideration, Presidential Realty Corp. will issue new shares of Class B common stock. The transaction is subject to approval by Board of Directors of Presidential Realty Corp. and First Capital Real Estate Trust, approval by shareholders of First Capital Real Estate Trust and completion of due diligence exercise. In connection with executing the letter of intent, the parties entered into a mutual 60-day standstill agreement. Presidential Realty Corp. (OTCPK:PDNL.B) cancelled the acquisition of substantially all of the assets of First Capital Real Estate Trust, Inc. on December 16, 2016. The transaction got cancelled as Presidential Realty Operating Partnership LP entered into an definitive agreement to acquire 66% in Capitol Station 65 LLC and 31.3% in Avalon Jubilee, LLC from First Capital Real Estate Operating Partnership, L.P. on December 16, 2016.