Overland Realty Limited announced its unaudited financial results for the three months ended October 31, 2007. The results reflect the first full quarter of operations for the Company following its recent real estate portfolio acquisitions in the last quarter of fiscal 2007.
The Company reported revenue of $2,718,370 for the quarter ended October 31, 2007, compared with revenue of $73,831 for the quarter ended October 31, 2006. Net property operating income was $1,607,336 for the current quarter versus $37,140 for the same quarter in 2006. The NOI results for the quarter exceeded managements expectations, based on annual estimates as previously released, while Property Management income, which can vary significantly by quarter, was below historic averages. The Company generated positive Funds From Operations of $131,526 or $0.007 per share for the quarter and Adjusted Funds From Operations of $267,709 or $0.014 per share. Net property operating income, FFO and AFFO are defined in the Management Discussion and Analysis that accompanies the financial results.
The Company had its first quarter of positive cash flow from operations, generating $203,021 within the period. Management and Administrative Expense totaled $608,601 for the current quarter compared to $116,335 for the quarter ended October 31, 2006, reflecting the Company's significant growth in staffing and properties under administration. The Management and Administrative Expenses included several non-recurring items associated with the integration of properties and staff. Overland recorded a Net Loss of $364,581 or $0.019 per share for the quarter ended October 31, 2007, versus a Net Loss of $86,799 or $0.006 per share for the similar quarter in 2006.
Total assets for the Company were $68,728,716 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 $63,993,077 as at October 31, 2007, compared with $65,148,516 as at October 31, 2006. The reduction relates to the principal payments on the Company's mortgage debt, the reduction in accounts payable and other liabilities and the reclassification of deferred finance costs under revised CICA guidelines as referenced above.
Operationally the Company's portfolio produced strong results with occupancy remaining unchanged at a 96.2% level. During the period the Company renewed all rolling tenancies representing 2.4% of the portfolio square footage with a weighted average net rental increase for renewing tenants of 5.3%. -- www.cnxmarketlink.com
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