Overland Realty announces fiscal 2009 results
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 ------------------------------------ -----------------
Total revenues remained flat at
Based on management's forecasts, Overland anticipates its current real property portfolio will generate approximately
Overland's, stable, long-term tenant roster is predominately leased to federal and provincial governments or credit quality covenants, with an average lease expiration of 5.59 years. The Company's long term mortgage portfolio is equally as stable, with only one mortgage of
About Overland
Overland Realty Limited is a TSX-V listed, real estate corporation based in
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 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, [email protected]; www.overlandrealty.ca; Source: Overland Realty Limited
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