Overland Provides NOI Guidance for Current Fiscal Year

    HALIFAX, Jan. 23 /CNW/ - (TSXV - OVL) Overland Realty Limited (the
"Company" or "Overland") announced today that based on management's forecasts
for the Company's current fiscal year, Overland anticipates its current real
property portfolio will generate approximately $6,300,000 in Property Net
Operating Income ("NOI") for the fiscal year ending July 31, 2009. This figure
compares with $6,176,199 in achieved NOI for the previous fiscal year ending
July 31, 2008. Readers are cautioned that forecasts are based on management's
current judgment of the most probable set of economic conditions and current
operating plans for the year, which incorporate various key assumptions and
risks as outlined within the Company's Management Discussion and Analysis
(MD&A). As a result, of which actual figures 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 this
metric is reflective of the operating performance of real estate and allows
for an easier comparison of the operating performance of real property assets,
however NOI excludes items which may have real economic effect and could
materially impact Overland's results, and therefore the utility of NOI as a
measure of Overland's performance is limited.

    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.

    Non GAAP Measures

    Net Property Operating Income (NOI), Free funds from operations (FFO) and
Adjusted free funds from operations (AFFO) are not measures recognized under
Canadian Generally Accepted Accounting Principles (GAAP). Overland's method of
calculating these supplemental measures is detailed within our Management
Discussion and Analysis and may vary from those standards utilized by similar
    The Corporation has issued and outstanding 25,812,213 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,
information@overlandrealty.ca; www.overlandrealty.ca; Source: Overland Realty

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