Overland Announces Closing of Greenarm Portfolios



    HALIFAX, June 17 /CNW/ - Overland Realty Limited (TSX-V - OVL) Overland
Realty Limited ("Overland") is pleased to announce that it has completed its
agreements to purchase the Greenarm and Greenarm Development Partners Inc.
("GDPI") portfolios. The transactions were completed in all material respects
as outlined in Overland's June 9, 2007 press release. The company believes
that the addition of these portfolios meets its stated objectives of acquiring
commercial assets in locations where strong market penetration can be achieved
and active management can create value.
    Since the company's Change of Business to real estate on October 23,
2006, Overland's portfolio has grown to more than 602,000 rentable square feet
comprised predominantly of office and industrial real estate assets in major
Atlantic Canadian centres. With the closing of the Greenarm and GDPI
portfolios, Overland's staffing team reaches 33 full time employees who
oversee both the current portfolio and third party management requirements,
through Greenarm Management Limited, which collectively totals over
1,500,000 square feet of office, industrial, retail and residential space.
    Based on Overland management's forecasts for the company's forthcoming
fiscal year, Overland anticipates its current real property portfolio will
generate approximately $5,470,000 in Property Net Operating Income ("NOI") for
the fiscal year August 2007 - July 2008. Readers are cautioned that forecasts
are prepared based on management's current judgment of the most probable set
of economic conditions and the company's current operating plans for the
forthcoming fiscal year. This forecast is based on key assumptions including
the continuation of contract rentals, leasing forecasts, and anticipated
operating expenses. These judgments and plans are subject to risks and
uncertainties, as a result of which actual results are likely to vary, and may
vary materially, from forecast results.
    Readers are also cautioned that Property Net Operating Income is a
non-GAAP measurement and that Overland's calculation of NOI may be different
than that used by other companies. Overland calculates NOI as total property
revenues less property operating expenses before the inclusion of interest,
depreciation, income taxes and corporate general and administrative costs, and
does not include management fee revenue. Overland's management believes that
NOI is a useful measure for management and investors to understand the core
property operations prior to the allocation of general and administrative
costs. Overland's management believes this is more reflective of the operating
performance of the real estate, and allows for an easier comparison of the
operating performance of real property assets. In addition, because different
owners of real estate have different overhead structures, NOI is considered by
many in the industry to be a useful measure for determining the value of real
estate assets. However, because NOI excludes items which have real economic
effect and could materially impact Overland's results, the utility of NOI as a
measure of Overland's performance is limited. The company intends to provide
regular updates of actual results reconciled to these current portfolio
forecasts and GAAP measures.

    About Overland

    Overland Realty Limited is a Maritimes-based, growth-oriented real estate
corporation listed on the TSX-Venture Exchange. The company is focused on
increasing shareholder value through the acquisition, development, and
management of commercial properties in targeted Canadian markets, starting
within Atlantic Canada. Further information on Overland can be found at
www.overlandrealty.ca.

    Forward Looking Information

    This press release contains forward looking statements, including
forecasts of certain financial operating measures. Overland is subject to
significant risks and uncertainties which may cause the actual results,
performance or achievements of Overland to be materially different from any
future results, performance or achievements expressed or implied by the
forward looking statements contained in this release. Such risk factors
include, but are not limited to, risks associated with real property
ownership, (changes in market rents and occupancy rates,) availability of cash
flow, general uninsured losses, future property acquisitions, environmental
matters, tax related matters, debt financing, potential conflicts of interest,
potential dilution, reliance on key personnel and the potential any disclosed
acquisitions will not close. A description of these risk factors can be found
in Overland's most recent Management Discussion and Analysis, which can be
found at www.sedar.com. Overland cannot assure investors that actual results
will be consistent with these forward looking statements and, except as
expressly stated in this press release, Overland assumes no obligation to
update or revise the forward looking statements contained in this release to
reflect actual events or new circumstances.

    The Corporation has issued and outstanding 19,304,517 common shares.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.
    %SEDAR: 00003667E




For further information:

For further information: Scott McCrea, President & CEO, (902) 474-3000,
info@overlandrealty.ca, www.overlandrealty.ca; Source: Overland Realty
Limited

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OVERLAND REALTY LIMITED

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