{"id":389802,"date":"2020-11-30T13:03:33","date_gmt":"2020-11-30T18:03:33","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=389802"},"modified":"2020-11-30T13:03:33","modified_gmt":"2020-11-30T18:03:33","slug":"optibase-ltd-announces-third-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/optibase-ltd-announces-third-quarter-results\/","title":{"rendered":"Optibase Ltd. Announces Third Quarter Results"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n

\n

\n

HERZLIYA, Israel<\/span>, Nov. 30, 2020<\/span> \/PRNewswire\/ — Optibase Ltd. (NASDAQ: OBAS)<\/b>\u00a0(the “Company”) today announces financial results for the third quarter ended September 30, 2020<\/span>.<\/p>\n

Revenues from fixed income real estate totaled $3.5 million<\/span> for the quarter ended September 30, 2020<\/span> compared to revenues\u00a0of $4 million<\/span> for the third quarter of 2019. <\/p>\n

Net Income attributable to Optibase Ltd shareholders for the quarter ended September\u00a030, 2020 was $5.2 million<\/span> or $1<\/span> per basic and diluted share compared to loss of $496,000<\/span> or $0.1<\/span> per basic and diluted share for the third quarter of 2019. <\/p>\n

For the nine months ended September 30, 2020<\/span> revenues totaled $11.4 million<\/span> compared to revenues of $12.1<\/span> million\u00a0for the nine months ended September 30<\/span>, 2019.\u00a0Net income attributable to Optibase Ltd Shareholders for the period was $7.1 million<\/span> or $1<\/span>.36\u00a0per basic and diluted share, compared to a loss of $875,000<\/span> or $0.17<\/span> per basic and diluted share for the nine months ended September 30, 2019<\/span>.<\/p>\n

Weighted average shares outstanding used in the calculation for the periods were approximately 5.2 million basic and diluted shares for each period.<\/p>\n

As of September 30, 2020<\/span>, we had cash and cash equivalents of $29.7 million<\/span>, and shareholders’ equity of $83<\/span>.9\u00a0million, compared with $12.6 million<\/span>, and $71.8 million<\/span>, respectively, as of December 31, 2019<\/span>. <\/p>\n

On July 9,2020<\/span>, the Company announced the successful closing of a transaction to sell the Company’s portfolio in Germany<\/span> comprised of twenty seven (27) separate commercial properties, located mostly in Bavaria, Germany<\/span>, for a total consideration of EUR 35 million<\/span> (app. $38.9 million<\/span>). For the nine months ended September 30, 2020<\/span>, the Company recorded a gain of approximately $9.1 million<\/span> resulting from the closing of the transaction. For further details, see the Company’s report on Form 6-K as filed with the Securities and Exchange Commission on July 9, 2020<\/span>.<\/p>\n

\n Amir Philips<\/span>, Chief Executive Officer of Optibase commented on the third quarter results: “This quarter our fixed income real estate rent has decreased compared to the third quarter of 2019 mainly due to the sale of our portfolio in Germany<\/span>. This quarter we generated net income of $5.2 million<\/span> attributed to the gain on sale of operating properties related to our German portfolio sale transaction, compared to a loss of $496,000<\/span> for the third quarter of 2019. For the third quarter of 2020, we generated NOI of $3 million<\/span> compared to $3.3 million<\/span> for the third quarter of 2019. For the third quarter of 2020, our Recurring FFO was $3.8<\/span> million compared to Recurring FFO of $3.7 million<\/span> for the third quarter of 2019. Mr. Philips concluded: “We are pleased with this quarter and year to date results as we continue showing stability in our operating results despite the uncertainty and the challenges facing our industry. Furthermore, the recent sale of our German portfolio provides evidence of our ability to produce accretive returns on our investments and contribute to our liquidity position as well as affording us financial flexibility going forward.”<\/p>\n

\n ACCOUNTING AND OTHER DISCLOSURES
<\/b>Non-GAAP Net Operating Income, or NOI, is a non-GAAP financial measure. The most directly comparable GAAP financial measure is operating income, which, to calculate NOI, is adjusted to add back real estate depreciation, and amortization, general and administrative expenses and other operation expenses less gain on sale of operating properties. We use NOI internally as a performance measure and believe that NOI (when combined with the primary GAAP presentations) provides useful information to investors regarding our financial condition and results of operations because it reflects only those income and expense item that are incurred at the property level.<\/p>\n

We consider the NOI to be an appropriate supplemental non-GAAP measure to operating income because it assists management, and thereby investors, to understand the core property operations prior to depreciation and amortization expenses and general and administrative costs. In addition, because prospective buyers of real estate have different overhead structures, with varying marginal impact to overhead by acquiring real estate, we consider the NOI to be a useful measure for determining the value of a real estate asset or groups of assets. <\/p>\n

The metric NOI should only be considered as supplemental to the metric operating income as a measure of our performance. NOI should not be used as a measure of our liquidity, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. NOI should also not be used as a supplement to, or substitute for, cash flow from operating activities (computed in accordance with generally accepted accounting principles in the United States<\/span>).<\/p>\n

Non-GAAP Funds from operation, or FFO, is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income, which, to calculate FFO, is adjusted to add back depreciation and amortization and after adjustments for unconsolidated associates. We make certain adjustments to FFO, which it refers to as Non-GAAP recurring FFO or recurring FFO, to account for items we do not believe are representative of ongoing operating results, including gains on sale net of tax and transaction costs associated with acquisitions. We use FFO internally as a performance measure and we believe FFO (when combined with the primary GAAP presentations) is a useful, supplemental measure of our operating performance as it’s a recognized metric used extensively by the real estate industry. We also believe that Recurring FFO is a useful, supplemental measure of our core operating performance. The company believes that financial analysts, investors and shareholders are better served by the presentation of operating results generated from its FFO and Recurring FFO measures.<\/p>\n

We consider the FFO and Recurring FFO to be an appropriate supplemental non-GAAP measure to operating income because it assists management, and thereby investors, in analyzing our operating performance.<\/p>\n

The metric’s FFO and Recurring FFO should only be considered as supplemental to the metric net income as a measure of our performance. FFO (i) does not represent cash flow from operations as defined by GAAP, (ii) is not indicative of cash available to fund all cash flow needs, including the ability to make distributions, (iii) is not an alternative to cash flow as a measure of liquidity, and (iv) should not be considered as an alternative to net income (which is determined in accordance with GAAP) for purposes of evaluating our operating performance.<\/p>\n

\n
\n Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data<\/u>
\n <\/b>\n <\/p>\n

A reconciliation of operating income to NOI is as follows: <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n Nine months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Three months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n September 30<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n September 30<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n September 30<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n September 30<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n
\n Unaudited<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n Unaudited<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n Unaudited<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n Unaudited<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n GAAP Operating income<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,056<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,629<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,558<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,531<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjustments:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Real estate depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,718<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,238<\/span>\n <\/p>\n<\/td>\n

\n

\n 959<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,087<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n General and administrative <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,800<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,010<\/span>\n <\/p>\n<\/td>\n

\n

\n 288<\/span>\n <\/p>\n<\/td>\n

\n

\n 671<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Gain on sale of operating properties<\/span>\n <\/p>\n<\/td>\n

\n

\n (9,127)<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n (6,810)<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Non-GAAP Net Operating Income NOI <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 9,447<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 9,877<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2,995<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3,289<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

A\u00a0<\/b>reconciliation of net income to FFO and Recurring FFO is as follows:<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n Nine months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Three months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n September 30<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n September 30<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n September 30<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n September 30<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n
\n Unaudited<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n Unaudited<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n Unaudited<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n Unaudited<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n GAAP Net income (loss) attributable to Optibase LTD<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,058<\/span>\n <\/p>\n<\/td>\n

\n

\n (875)<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,164<\/span>\n <\/p>\n<\/td>\n

\n

\n (496)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Adjustments :<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Real estate depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,718<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,238<\/span>\n <\/p>\n<\/td>\n

\n

\n 959<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,087<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Pro-rata share of real estate depreciation and\u00a0
amortization from unconsolidated associates\u00a0 \u00a0<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,493<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,234<\/span>\n <\/p>\n<\/td>\n

\n

\n 849<\/span>\n <\/p>\n<\/td>\n

\n

\n 777<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Non-controlling interests share in the above adjustments<\/span>\n <\/p>\n<\/td>\n

\n

\n (912)<\/span>\n <\/p>\n<\/td>\n

\n

\n (870)<\/span>\n <\/p>\n<\/td>\n

\n

\n (314)<\/span>\n <\/p>\n<\/td>\n

\n

\n (293)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Non-GAAP Fund From Operation (FFO)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 11,357<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3,727<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 6,658<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,075<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Gain on sale of operating properties, net<\/span>\n <\/p>\n<\/td>\n

\n

\n (7,557)<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n (5,473)<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n Non-GAAP Recurring Fund From Operation (Recurring FFO)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3,800<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 3,727<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,185<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 1,075<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Amounts in thousands<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\n About Optibase
<\/b>Optibase invests in the fixed-income real estate field and currently holds properties and beneficial interest in real-estate assets and projects in Switzerland<\/span>, Texas<\/span>, Philadelphia, PA<\/span>, Miami, FL<\/span>, and in Chicago, IL<\/span>, USA and is currently looking for additional real estate investment opportunities. Optibase was previously engaged in the field of digital video technologies until the sale of its video solutions business to Optibase Technologies Ltd., a wholly owned subsidiary of VITEC Multimedia in July 2010<\/span>. For further information, please visit www.optibase-holdings.com<\/a>. <\/p>\n

\n This press release contains forward-looking statements concerning our marketing and operations plans.\u00a0All statements other than statements of historical fact are statements that could be deemed forward-looking statements. All forward-looking statements in this press release are made based on management’s current expectations which involve risks, uncertainties and other factors that could cause results to differ materially from those expressed in forward-looking statements. These statements involve a number of risks and uncertainties including, but not limited to, difficulties in finding suitable real-estate properties for investment, availability of financing for the acquisition of real-estate, difficulties in leasing of real-estate properties, insolvency of tenants, difficulties in the disposition of real-estate projects, risk relating to collaborative arrangements with our partners relating to our real-estate properties, risks relating to the full consummation of the transaction for the sale of our video solutions business, general economic conditions and other risk factors.\u00a0For a more detailed discussion of these and other risks that may cause actual results to differ from the forward looking statements in this press release, please refer to Optibase’s most recent annual report on Form 20-F.\u00a0The Company does not undertake any obligation to update forward-looking statements made herein. <\/i>\n <\/p>\n

\n Media Contacts:
<\/u>
\n Amir Philips<\/span>, CEO, Optibase Ltd.
011-972-73-7073-700
info@optibase-holdings.com<\/a> \u00a0<\/p>\n

\n Investor Relations Contact:\u00a0
<\/u>
\n Marybeth Csaby<\/span>, for Optibase
+1-\u00a0917-664-3055<\/a>\u00a0
Marybeth.Csaby@gmail.com<\/a> \u00a0<\/p>\n

\n
\n
\n <\/b>\n <\/p>\n

\n Optibase Ltd.
<\/b>
\n Condensed Consolidated Statement of Operations\u00a0
<\/b>
\n
\n For the Period Ended September 30, 2020<\/span><\/u>
\n <\/b>\n <\/p>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n Nine months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Three months ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n September 30<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n September 30<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n September 30<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n September 30<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n
\n Unaudited<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n Unaudited<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n Unaudited<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n Unaudited<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Fixed income real estate rent<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,431<\/span>\n <\/p>\n<\/td>\n

\n

\n 12,094<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,536<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,987<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Cost and expenses:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Cost of real estate operation<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,984<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,217<\/span>\n <\/p>\n<\/td>\n

\n

\n 541<\/span>\n <\/p>\n<\/td>\n

\n

\n 698<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Real estate depreciation and amortization<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,718<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,238<\/span>\n <\/p>\n<\/td>\n

\n

\n 959<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,087<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n General and administrative <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,800<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,010<\/span>\n <\/p>\n<\/td>\n

\n

\n 288<\/span>\n <\/p>\n<\/td>\n

\n

\n 671<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Total cost and expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,502<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,465<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,788<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,456<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Gain on sale of operating properties<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,127<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,810<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Operating income <\/span>\n <\/p>\n<\/td>\n

\n

\n 14,056<\/span>\n <\/p>\n<\/td>\n

\n

\n 4,629<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,558<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,531<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Other Income<\/span>\n <\/p>\n<\/td>\n

\n

\n 301<\/span>\n <\/p>\n<\/td>\n

\n

\n 578<\/span>\n <\/p>\n<\/td>\n

\n

\n 153<\/span>\n <\/p>\n<\/td>\n

\n

\n 130<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Financial expenses, net <\/span>\n <\/p>\n<\/td>\n

\n

\n 1,758<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,036<\/span>\n <\/p>\n<\/td>\n

\n

\n 594<\/span>\n <\/p>\n<\/td>\n

\n

\n 670<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Income before taxes on income<\/span>\n <\/p>\n<\/td>\n

\n

\n 12,599<\/span>\n <\/p>\n<\/td>\n

\n

\n 3,171<\/span>\n <\/p>\n<\/td>\n

\n

\n 8,117<\/span>\n <\/p>\n<\/td>\n

\n

\n 991<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Taxes on income<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,665<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,142<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,560<\/span>\n <\/p>\n<\/td>\n

\n

\n 374<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Equity share in losses of associates, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,569<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,270<\/span>\n <\/p>\n<\/td>\n

\n

\n 627<\/span>\n <\/p>\n<\/td>\n

\n

\n 563<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net income <\/span>\n <\/p>\n<\/td>\n

\n

\n 9,365<\/span>\n <\/p>\n<\/td>\n

\n

\n 759<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,930<\/span>\n <\/p>\n<\/td>\n

\n

\n 54<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net income attributable to non-controlling interests<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,307<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,634<\/span>\n <\/p>\n<\/td>\n

\n

\n 766<\/span>\n <\/p>\n<\/td>\n

\n

\n 550<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Net income (loss) attributable to Optibase LTD<\/span>\n <\/p>\n<\/td>\n

\n

\n 7,058<\/span>\n <\/p>\n<\/td>\n

\n

\n (875)<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,164<\/span>\n <\/p>\n<\/td>\n

\n

\n (496)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Net income (loss) per share :<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Basic and diluted<\/span>\n <\/p>\n<\/td>\n

\n

\n $1.36<\/span>\n <\/p>\n<\/td>\n

\n

\n $(0.17)<\/span>\n <\/p>\n<\/td>\n

\n

\n $1<\/span>\n <\/p>\n<\/td>\n

\n

\n $(0.10)<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Number of shares used in computing earnings losses per share<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Basic <\/span>\n <\/p>\n<\/td>\n

\n

\n 5,186<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,186<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,186<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,186<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Diluted<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,186<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,186<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,186<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,186<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Amounts in thousands.<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\n
\n Condensed Consolidated Balance Sheets<\/u>
\n <\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n

\n
\n September 30,<\/b>
\n <\/span>\n <\/p>\n

\n
\n 2020<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n December 31,<\/b>
\n <\/span>\n <\/p>\n

\n
\n 2019<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n

\n
\n
\n Unaudited<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n
\n Audited<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n
\n Assets<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Current Assets:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Cash and cash equivalents<\/span>\n <\/p>\n<\/td>\n

\n

\n 29,676<\/span>\n <\/p>\n<\/td>\n

\n

\n 12,564<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Restricted cash<\/span>\n <\/p>\n<\/td>\n

\n

\n 912<\/span>\n <\/p>\n<\/td>\n

\n

\n 32<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Trade receivables, net <\/span>\n <\/p>\n<\/td>\n

\n

\n 366<\/span>\n <\/p>\n<\/td>\n

\n

\n 536<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other accounts receivables and prepaid expenses <\/span>\n <\/p>\n<\/td>\n

\n

\n 840<\/span>\n <\/p>\n<\/td>\n

\n

\n 628<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Property held for sale<\/span>\n <\/p>\n<\/td>\n

\n

\n –<\/span>\n <\/p>\n<\/td>\n

\n

\n 29,727<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total current assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 31,794<\/span>\n <\/p>\n<\/td>\n

\n

\n 43,487<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Long term investments:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Other long term deposits\u00a0and other assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,495<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,678<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Right-of-use assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 283<\/span>\n <\/p>\n<\/td>\n

\n

\n 376<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Investments in companies and associates<\/span>\n <\/p>\n<\/td>\n

\n

\n 9,890<\/span>\n <\/p>\n<\/td>\n

\n

\n 11,657<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total long term investments<\/span>\n <\/p>\n<\/td>\n

\n

\n 12,668<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,711<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Real estate properties, net <\/span>\n <\/p>\n<\/td>\n

\n

\n 185,560<\/span>\n <\/p>\n<\/td>\n

\n

\n 181,109<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Total assets<\/span>\n <\/p>\n<\/td>\n

\n

\n 230,022<\/span>\n <\/p>\n<\/td>\n

\n

\n 239,307<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n
\n
\n Liabilities and shareholders’ equity<\/u>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Current Liabilities:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Current maturities of long term loans and bonds<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,137<\/span>\n <\/p>\n<\/td>\n

\n

\n 28,803<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Other accounts payable and accrued expenses<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,412<\/span>\n <\/p>\n<\/td>\n

\n

\n 5,170<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Liabilities attributed to discontinued operations<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,061<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,061<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total current liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,610<\/span>\n <\/p>\n<\/td>\n

\n

\n 36,034<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Long term liabilities:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Deferred tax liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 14,208<\/span>\n <\/p>\n<\/td>\n

\n

\n 13,801<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Land lease liability, net<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,759<\/span>\n <\/p>\n<\/td>\n

\n

\n 6,110<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Operating lease liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 159<\/span>\n <\/p>\n<\/td>\n

\n

\n 257<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Long term loans, net of current maturities<\/span>\n <\/p>\n<\/td>\n

\n

\n 108,960<\/span>\n <\/p>\n<\/td>\n

\n

\n 108,406<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Long term bonds, net of current maturities<\/span>\n <\/p>\n<\/td>\n

\n

\n 1,434<\/span>\n <\/p>\n<\/td>\n

\n

\n 2,845<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total long term liabilities<\/span>\n <\/p>\n<\/td>\n

\n

\n 131,520<\/span>\n <\/p>\n<\/td>\n

\n

\n 131,419<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Shareholders’ equity:<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Shareholders’ equity of Optibase Ltd<\/span>\n <\/p>\n<\/td>\n

\n

\n 60,439<\/span>\n <\/p>\n<\/td>\n

\n

\n 51,844<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Non-controlling interests<\/span>\n <\/p>\n<\/td>\n

\n

\n 23,453<\/span>\n <\/p>\n<\/td>\n

\n

\n 20,010<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Total shareholders’ equity<\/span>\n <\/p>\n<\/td>\n

\n

\n 83,892<\/span>\n <\/p>\n<\/td>\n

\n

\n 71,854<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\n Total liabilities and shareholders’ equity <\/span>\n <\/p>\n<\/td>\n

\n

\n 230,022<\/span>\n <\/p>\n<\/td>\n

\n

\n 239,307<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n
\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n Amounts in thousands<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n \n <\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

\n \"Cision\" View original content:http:\/\/www.prnewswire.com\/news-releases\/optibase-ltd-announces-third-quarter-results-301181750.html<\/a><\/p>\n

SOURCE Optibase Ltd.<\/p>\n<\/p><\/div>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

PR Newswire HERZLIYA, Israel, Nov. 30, 2020 \/PRNewswire\/ — Optibase Ltd. (NASDAQ: OBAS)\u00a0(the “Company”) today announces financial results for the third quarter ended September 30, 2020. Revenues from fixed income real estate totaled $3.5 million for the quarter ended September 30, 2020 compared to revenues\u00a0of $4 million for the third quarter of 2019. Net Income attributable to Optibase Ltd shareholders for the quarter ended September\u00a030, 2020 was $5.2 million or $1 per basic and diluted share compared to loss of $496,000 or $0.1 per basic and diluted share for the third quarter of 2019. For the nine months ended September 30, 2020 revenues totaled $11.4 million compared to revenues of $12.1 million\u00a0for the nine months ended September 30, 2019.\u00a0Net income … <\/p>\n

Continue reading “Optibase Ltd. Announces Third Quarter Results”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-389802","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nOptibase Ltd. Announces Third Quarter Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/optibase-ltd-announces-third-quarter-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Optibase Ltd. Announces Third Quarter Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire HERZLIYA, Israel, Nov. 30, 2020 \/PRNewswire\/ — Optibase Ltd. (NASDAQ: OBAS)\u00a0(the “Company”) today announces financial results for the third quarter ended September 30, 2020. Revenues from fixed income real estate totaled $3.5 million for the quarter ended September 30, 2020 compared to revenues\u00a0of $4 million for the third quarter of 2019. Net Income attributable to Optibase Ltd shareholders for the quarter ended September\u00a030, 2020 was $5.2 million or $1 per basic and diluted share compared to loss of $496,000 or $0.1 per basic and diluted share for the third quarter of 2019. For the nine months ended September 30, 2020 revenues totaled $11.4 million compared to revenues of $12.1 million\u00a0for the nine months ended September 30, 2019.\u00a0Net income … Continue reading "Optibase Ltd. 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