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Overland Realty announces fiscal 2009 results

^{Published on 2009-10-26 11:17:39 - Market Wire}
 

 Fiscal Year Highlights - Record Annual FFO / AFFO - Free Funds from Operations (FFO) on a recurring basis increased to a record $0.078 per share for the year ending July 31, 2009, a 20% increase over the previous year. Adjusted Free Funds from Operations (AFFO) on a recurring basis was $0.073 per share for the same timeframe. - Property Net Operating Income - Property Net Operating Income (NOI) grew to $6.25 million, in-line with projections. - Strong Leasing - Occupancy level for the portfolio was 96.2% at year end, up from 95.1% at the previous year end. Rental rates increased by an average 6.22% on renewing tenants and the Company retained 82.7% of all expiring leases. - Reduction in debt - The Company continued to lower its overall indebtedness, with a $3.7 million reduction in Mortgages, Term Loans, and Notes Payable, paid primarily through cash-flow generation. - Cash Flow - The Company achieved strong cash flow with approximately $2.5 million generated from operating activities ($2.7 million after factoring in non-cash working capital balances). "We continue to maintain strong operating results along with solid cash flow generation with an on-going reduction in some higher interest bearing debt," said Scott Armour McCrea, President and CEO. "Property NOI grew to $6.25 million; with recurring FFO per share growing by 20%, and recurring AFFO per share by 32.7%." 2009 FINANCIAL HIGHLIGHTS ------------------------------------ ----------------- ----------------- Quarters Ended Years Ended July 31 July 31 In $000's (except Per Share Amounts) 2009 2008 2009 2008 ------------------------------------ ----------------- ----------------- Total Revenue 2,699 2,804 11,029 11,116 Property Net Operating Income (NOI) 1,574 1,620 6,254 6,176 EBITDA 1,289 1,525 5,358 5,674 Recurring Funds from Operations (FFO) 480 564 2,010 1,301 Recurring Adjusted Funds from Operations (AFFO) 259 495 1,888 1,090 ------------------------------------ ----------------- ----------------- Per Share Amounts ($'s/share) Recurring FFO - basic 0.019 0.028 0.078 0.065 Recurring FFO - diluted 0.018 0.028 0.076 0.064 Recurring AFFO - basic 0.010 0.025 0.073 0.055 Recurring AFFO - diluted 0.010 0.025 0.071 0.054 ------------------------------------ ----------------- ----------------- ------------------------------------ ----------------- OTHER DATA - as of July 31 (In $000's) 2009 2008 ------------------------------------ ----------------- Gross Book Value (GBV) of Assets 66,717 67,735 Cash & Restricted Cash 1,430 2,855 Total Assets 61,044 65,888 Total Liabilities 54,201 58,620 Shareholders Equity 6,843 7,267 ------------------------------------ ----------------- Weighted Average Remaining Lease Term (Years) 5.59 5.93 Weighted Average Long Term Mortgage Rate 6.06% 6.06% Weighted Average Long Term Mortgage Expiry (Years) 4.80 5.73 ------------------------------------ ----------------- 

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