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Optibase Ltd. Announces Third Quarter Results

Optibase Ltd. (NASDAQ: OBAS) today announced financial results for the third quarter ended September 30, 2011.

Revenues from fixed income real estate totaled $4 million for the quarter ended September 30, 2011, compared to revenues of $400,000 for the third quarter of 2010 and $3.8 million for the second quarter of 2011.

Net loss for the third quarter ended September 30, 2011 was $1.2 million or $0.06 per basic and diluted share, compared to a net income of $5.9 million or $0.36 per basic and diluted share for the third quarter of 2010 and to a net loss of $113,000 or $0.01 per basic and diluted for the second quarter of 2011.

Weighted average shares outstanding used in the calculation for the periods were approximately 19.1 million basic and diluted shares, 16.6 million basic and diluted shares and 18.1 million basic and diluted shares respectively.

The results for the third quarter of 2011 include financial expenses of $3.9 million of which approximately $2.5 million are non-cash expenses attributed to interest rate SWAP derivative which was marked to market, compared to $952,000 in the previous quarter.

For the nine months ended September 30, 2011, revenues totaled $9.1 million, compared with $1.2 million for the nine months ended September 30, 2010. Net loss for the period was $23,000 or $0 per basic and diluted share, compared to a net Income of $5.3 million or $0.32 per basic and diluted share for the nine months ended September 30, 2010.

Weighted average shares outstanding used in the calculation for the periods were approximately 17.9 million basic and 18 million diluted shares and 16.6 million basic and diluted shares respectively.

As of September 30, 2011, we had cash, cash equivalents, and other financial investments, net, of $12.9 million, and shareholders' equity of $71 million, compared with $12.9 million, and $74.8 million, respectively, as of June 30, 2011.

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