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30.11.2021 20:00

Optibase Ltd. Announces Third Quarter Results

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HERZLIYA, Israel, Nov. 30, 2021 /PRNewswire/ -- Optibase Ltd. (NASDAQ: OBAS) today announced financial results for the third quarter ended September 30, 2021.

Revenues from fixed income real estate totaled $3.5 million for the quarter ended September 30, 2021 compared to revenues of $3.5 million for the third quarter of 2020.

Net loss attributable to Optibase Ltd shareholders for the quarter ended September 30, 2021 was $86,000 or $0.02 per basic and diluted share compared to net income of $5.2 million or $1 per basic and diluted share for the third quarter of 2020.

For the nine months ended September 30, 2021 revenues totaled $10.4 million compared to revenues of $11.4 million for the nine months ended September 30, 2020. Net loss attributable to Optibase Ltd Shareholders for the period was $1.4 million or $0.28 per basic and diluted share, compared to net income of $7.1 million or $1.36 per basic and diluted share for the nine months ended September 30, 2020.

Weighted average shares outstanding used in the calculation for the periods were approximately 5.2 million basic and diluted shares for each period.

As of September 30, 2021, we had cash and cash equivalents of $30.2 million, and shareholders' equity of $83.4 million, compared with $28.8 million, and $86.7 million, respectively, as of December 31, 2020.

Amir Philips, Chief Executive Officer of Optibase commented on the third quarter results: "This quarter our fixed income real estate rent stayed stable compared to the third quarter of 2020 and we had a net loss of $86,000 compared to net income of $5.2 million for the third quarter of 2020, the decrease is mainly due to the sale of our portfolio in Germany during the second and the third quarters of 2020. For the third quarter of 2021, we generated NOI of $2.9 million compared to NOI of $3 million for the third quarter of 2020. In addition, for the third quarter of 2021, our Recurring FFO was $1.5 million compared to Recurring FFO of $1.2 million for the third quarter of 2020. Mr. Philips concluded: "We will continue to work to maintain our operating results and to increase our financial stability."

ACCOUNTING AND OTHER DISCLOSURES

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.

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.

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).

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 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.

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.

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.

 

 

Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data


A reconciliation of operating income to NOI is as follows:



Nine months ended

Three months ended


September 30

September 30

September 30

September 30


2021

2020

2021

2020


$

$

$

$


Unaudited

Unaudited

Unaudited

Unaudited






GAAP Operating income

3,438

14,056

1,160

8,558






Adjustments:





Real estate depreciation and amortization

2,962

2,718

981

959






General and administrative

2,355

1,800

772

288






Gain on sale of operating properties

-

(9,127)

-

(6,810)






Non-GAAP Net Operating Income NOI

8,755

9,447

2,913

2,995







A reconciliation of net income to FFO and Recurring FFO is as follows:



Nine months ended

Three months ended


September 30

September 30

September 30

September 30


2021

2020

2021

2020


$

$

$

$


Unaudited

Unaudited

Unaudited

Unaudited






GAAP Net  income (loss) attributable to Optibase LTD

(1,445)

7,058

(86)

5,164






Adjustments :





Real estate depreciation and amortization

2,962

2,718

981

959






Pro-rata share of real estate depreciation and
         amortization from unconsolidated associates   

2,375

2,493

912

849






Non-controlling interests share in the above adjustments

(974)

(912)

(322)

(314)






Non-GAAP Fund From Operation (FFO)

2,918

11,357

1,485

6,658






Gain on sale of operating properties, net

-

(7,557)

-

(5,473)






Non-GAAP Recurring Fund From Operation (Recurring FFO)    

  

2,918

3,800

1,485

1,185











Amounts in thousands





 

About Optibase 

Optibase invests in the fixed-income real estate field and currently holds properties and beneficial interest in real-estate assets and projects in Switzerland, Texas, Philadelphia, PA, Miami, FL, and in Chicago, IL, 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. For further information, please visit www.optibase-holdings.com.

This press release contains forward-looking statements concerning our marketing and operations plans. All 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. For 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. The Company does not undertake any obligation to update forward-looking statements made herein.

 

Media Contacts:
Amir Philips, CEO, Optibase Ltd.
011-972-73-7073-700 
info@optibase-holdings.com  

Investor Relations Contact:
Marybeth Csaby, for Optibase
+1- 917-664-3055
Marybeth.Csaby@gmail.com  


 

 

Optibase Ltd.

Condensed Consolidated Statement of Operations

For the Period Ended September 30, 2021



Nine months ended

Three months ended


September 30

September 30

September 30

September 30


2021

2020

2021

2020


$

$

$

$


Unaudited

Unaudited

Unaudited

Unaudited






Fixed income real estate rent

10,422

11,431

3,486

3,536

Cost and expenses:





Cost of real estate operation

1,667

1,984

573

541

Real estate depreciation and amortization

2,962

2,718

981

959

General and administrative

2,355

1,800

772

288

       Total cost and expenses

6,984

6,502

2,326

1,788






Gain on sale of operating properties

-

9,127

-

6,810






Operating income

3,438

14,056

1,160

8,558






Other Income

639

301

307

153

Financial expenses, net

1,262

1,758

408

594

Income before taxes on income

2,815

12,599

1,059

8,117

Taxes on income

1,014

1,665

274

1,560

Equity share in losses of associates, net

1,132

1,569

187

627











Net income

669

9,365

598

5,930






Net income attributable to non-controlling interests

2,114

2,307

684

766

Net income (loss) attributable to Optibase LTD

(1,445)

7,058

(86)

5,164






Net income (loss) per share :





Basic and Diluted

($0.28)

$1.36

($0.02)

$1











Number of shares used in computing earnings losses per share





Basic

5,186

5,186

5,186

5,186

Diluted

5,186

5,186

5,186

5,186











Amounts in thousands.





 

 

Condensed Consolidated Balance Sheets



September 30,

2021

December 31,

2020


Unaudited

Audited

Assets






Current Assets:



Cash and cash equivalents

30,198

28,820

Restricted cash

577

835

Trade receivables, net

272

216

Other accounts receivables and prepaid expenses

1,930

569

Bonds related deposits

2,257

2,564

Total current assets

35,234

33,004




Long term investments:



Long-term deposits

98

98

Right-of-use assets

167

272

Investments in companies and associates

5,925

9,269

Total long term investments

6,190

9,639




Real estate properties, net

179,957

192,054




Total assets

221,381

234,697




Liabilities and shareholders' equity






Current Liabilities:



Current maturities of long term loans and bonds

4,097

6,447

Accounts payable and accrued expenses and other

4,429

4,144

Operating lease liabilities

136

166

Liabilities attributed to discontinued operations

2,061

2,061

Total current liabilities

10,723

12,818




Long term liabilities:



Deferred tax liabilities

14,407

15,095

Land lease liability, net

6,641

7,054

Operating lease liabilities

55

146

Long term loans, net of current maturities

105,817

112,923

Total long term liabilities

126,920

135,218




Shareholders' equity:



Shareholders' equity of Optibase Ltd

57,860

61,464

Non-controlling interests

25,878

25,197

Total shareholders' equity

83,738

86,661




Total liabilities and shareholders' equity

221,381

234,697




Amounts in thousands



 

Cision View original content:https://www.prnewswire.com/news-releases/optibase-ltd-announces-third-quarter-results-301434200.html

SOURCE Optibase Ltd.

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