N@N

Overland announces third quarter results with record revenue and cash flow generation

^{Published on 2009-06-23 08:45:37, Last Modified on 2009-06-23 08:46:52 - Market Wire}
 

 HALIFAX, June 23 /CNW/ - (TSXV - OVL) Overland Realty Limited (the "Company" or "Overland") announced today its financial results for the three and nine months ended April 30, 2009. The strong results were lead by record levels of Property Revenue and cash flow generation as the Company's portfolio continued to experience growth and tight demand. The following highlights should be read in conjunction with the Company's Financial Statements and Management Discussion and Analysis for the quarter, which are available on the Company's website - [ www.overlandrealty.ca ] or on SEDAR. Quarter and Year-To-Date Highlights - Property net operating income (NOI) increased to $1,580,490 for the quarter, up 6.1% from the comparable quarter in the previous fiscal year. On a year-to-date basis NOI is $4.68 million up 2.7%, all on a comparable "same store" basis. - Adjusted funds from operations (AFFO) totaled $733,640, or $0.028 per share (basic) up considerably from $270,346 in the third quarter of fiscal 2008, mainly as a result of lower cost mortgage financing. - The Company again achieved strong cash flow generation with $758,252 generated from operating activities in the quarter compared to $210,478 in the third quarter of 2008. On a year-to-date basis Overland has generated $1,915,155 in cash from operating activities, up over 100% from the $977,068 generated in the same period last year. - Occupancy levels were 96.1% at quarter end, up from 95.6% at the start of the quarter, and 95.1% at July 31, 2008. Tenant retention ratio was 78% in the quarter and 89.5% year-to-date with rental rates increasing an average of 4.85% year-to-date. Financial Highlights ------------------------- ---------------------- ---------------------- ------------------------- ---------------------- ---------------------- Quarter Ended 9 Months Ended In $000's (except April 30 April 30 Per Share Amounts) 2009 2008 2009 2008 ------------------------- ---------------------- ---------------------- ------------------------- ---------------------- ---------------------- Total Revenue $ 2,908 $ 2,671 $ 8,329 $ 8,312 Property Net Operating Income (NOI) 1,580 1,490 4,680 4,556 EBITDA 1,431 1,351 4,070 4,149 Recurring Funds from Operations (FFO) 610 270 1,530 737 Recurring Adjusted Funds from Operations (AFFO) 734 352 1,639 595 ------------------------- ---------------------- ---------------------- Per Share Amounts ($'s/share) Recurring FFO - basic $ 0.024 $ 0.014 $ 0.059 $ 0.038 Recurring FFO - diluted 0.023 0.014 0.058 0.038 Recurring AFFO - basic 0.028 0.018 0.063 0.031 Recurring AFFO - diluted 0.028 0.018 0.062 0.030 ------------------------- ---------------------- ---------------------- ------------------------- ---------------------- ---------------------- ---------------------- ---------------------- April 30 July 31 ------------------------------------------------- ---------------------- ------------------------------------------------- ---------------------- OTHER DATA (In $000's) 2009 2008 ------------------------------------------------- ---------------------- Gross Book Value (GBV) of Assets $ 70,595 $ 68,261 Cash & Restricted Cash 4,422 2,855 Total Assets 66,192 66,414 Total Liabilities 59,484 59,146 Shareholders Equity 6,708 7,267 ------------------------------------------------- ---------------------- ------------------------------------------------- ---------------------- Weighted Average Remaining Lease Term (Years) 5.25 5.93 Weighted Average Long Term Mortgage Rate 6.06% 6.06% Weighted Average Long Term Mortgage Expiry (Years) 5.08 5.73 ------------------------------------------------- ---------------------- ------------------------------------------------- ---------------------- Revenues were up in the quarter and on a year-to-date basis versus similar periods in 2008 on increased property rent revenue, partially offset by lower property management revenue. Property Net Operating Income was up for both the quarter and year-to-date on increased rental revenue. With the inclusion of interest, depreciation and amortization, Overland incurred a Net Loss of $190,004 for the quarter ending April 30, 2009 and $869,881 year-to-date, versus a Net Loss of $1,478,900 in the same period of fiscal 2008. Total assets declined slightly from $66,413,709 at July 31, 2008 to 66,192,342 at the current quarter end, reflecting depreciation and amortization of the real estate assets offset by cash flow generation and other working capital items. Total assets included $3.92 million in cash and restricted cash (net of operating lines), up $1.07 million from the start of the fiscal year. Overland's stable, long-term tenant roster is predominately leased to governments or credit quality covenants, with an average lease expiration of 5.25 years. The Company's long term mortgage portfolio is equally as stable, with only one mortgage of $1.9 million maturing in the next 3.25 years. 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 [ www.overlandrealty.ca ]. 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 issuers. The Corporation has issued and outstanding 26,084,940 common shares. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. 

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