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.