Overland announces second quarter January 31, 2008 financial results

    HALIFAX, March 28 /CNW/ - (TSXV - OVL) Overland Realty Limited (the
"Company" or "Overland") announced today its unaudited financial results for
the three and six months ended January 31, 2008. The results reflect continued
strong operating performance and cash flow generation.
    The Company reported revenue of $2,922,857 for the quarter and $5,641,227
for the 6 months ended January 31, 2008 reflecting stable long term
contractual income and revenue growth on lease renewals. Revenue for the
comparable periods in the previous fiscal year was $125,219 and $199,050
respectively. Net property operating income ("NOI") was $1,458,838 for the
current quarter versus $62,198 for the same quarter in fiscal 2007. The NOI
results for the quarter were lower than the previous quarter of $1,607,336 due
to the anticipated seasonality of certain expenses. Property Management
Income, which can vary significantly by quarter, was up 45% over the previous
    The Company continued to generate positive Funds from Operations ("FFO")
of $348,285 or $0.018 per share for the quarter and Adjusted Funds from
Operations ("AFFO") of $370,521 or $0.019 per share. On a six month
year-to-date basis FFO was $479,811 or $0.025/share and AFFO was $256,334 or
$0.013/share. This compares with FFO of -$282,175 and AFFO of -$179,513 in the
comparable period in the previous year. Net property operating income, FFO and
AFFO are defined in the Management Discussion and Analysis that accompanies
the financial results.
    Cash flow from operating activities was strong, generating $704,400
within the quarter and $907,422 year-to-date. This compared to negative cash
flow from operating activities of $92,832 and $147,201 respectively in the
previous year.
    Management and Administrative ("M&A") expense totaled $397,827 for the
current quarter compared to $126,934 for the quarter ended January 31, 2007,
and down from $608,601 in the first quarter of the current fiscal year. The
quarter over quarter decline reflects management's efforts to reduce M&A
expenses as recent portfolio acquisitions are integrated. Overland recorded a
Net Loss of $14,224 or $0.001 per share for the quarter ended January 31,
2008, versus a Net Loss of $239,810 or $0.017 per share for the similar
quarter in fiscal 2007 and a Net Loss of $364,581 in the first quarter of this
fiscal year.
    Total assets for the Company were $68,857,577 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
$63,885,632 as at January 31, 2008, compared with $65,148,516 as at October
31, 2006. The reduction relates to the principal payments on the Company's
mortgage debt and the reclassification of deferred finance costs under revised
CICA guidelines as referenced above.
    Operationally the Company's portfolio produced good results with
occupancy remaining tight at 95.7%, down slightly from the previous quarters
mark of 96.2% occupancy. For the year-to-date period the Company renewed 82%
of rolling tenancies representing 4.1% of the portfolio square footage with a
weighted average net rental increase for renewing tenants of 7.2%.

    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 19,654,517 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

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890