Overland announces first quarter October 31, 2007 financial results

    HALIFAX, Dec. 27 /CNW/ - (TSXV - OVL) Overland Realty Limited (the
"Company" or "Overland") announced today its unaudited financial results for
the three months ended October 31, 2007. The results reflect the first full
quarter of operations for the Company following its recent real estate
portfolio acquisitions in the last quarter of fiscal 2007.
    The Company reported revenue of $2,718,370 for the quarter ended
October 31, 2007, compared with revenue of $73,831 for the quarter ended
October 31, 2006. Net property operating income ("NOI") was $1,607,336 for the
current quarter versus $37,140 for the same quarter in 2006. The NOI results
for the quarter exceeded managements expectations, based on annual estimates
as previously released, while Property Management income, which can vary
significantly by quarter, was below historic averages. The Company generated
positive Funds From Operations ("FFO") of $131,526 or $0.007 per share for the
quarter and Adjusted Funds From Operations ("AFFO") of $267,709 or $0.014 per
share. Net property operating income, FFO and AFFO are defined in the
Management Discussion and Analysis that accompanies the financial results.
    The Company had its first quarter of positive cash flow from operations,
generating $203,021 within the period. Management and Administrative Expense
totaled $608,601 for the current quarter compared to $116,335 for the quarter
ended October 31, 2006, reflecting the Company's significant growth in
staffing and properties under administration. The Management and
Administrative Expenses included several non-recurring items associated with
the integration of properties and staff. Overland recorded a Net Loss of
$364,581 or $0.019 per share for the quarter ended October 31, 2007, versus a
Net Loss of $86,799 or $0.006 per share for the similar quarter in 2006.
    Total assets for the Company were $68,728,716 as at October 31, 2007,
versus $70,164,509 as at July 31, 2007. The reduction in Assets relates in
part to the reclassification of deferred finance costs as required under new
CICA guidelines, and depreciation on the Company's Real property and
Intangible assets. Correspondingly, liabilities for the Company declined to
$63,993,077 as at October 31, 2007, compared with $65,148,516 as at
October 31, 2006. The reduction relates to the principal payments on the
Company's mortgage debt, the reduction in accounts payable and other
liabilities and the reclassification of deferred finance costs under revised
CICA guidelines as referenced above.
    Operationally the Company's portfolio produced strong results with
occupancy remaining unchanged at a 96.2% level. During the period the Company
renewed all rolling tenancies representing 2.4% of the portfolio square
footage with a weighted average net rental increase for renewing tenants of

    About Overland

    Overland Realty Limited is a TSX-V listed, growth-orientated real estate
corporation based in Halifax, Nova Scotia. 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

    Forward Looking Information

    This press release contains forward looking statements. 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, 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 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 does not accept responsibility for the adequacy
    or accuracy of this release.

For further information:

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

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