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Optibase Ltd. Announces Fourth Quarter Results And Updates On The Transaction With Vitec

About Optibase

Optibase invests in the fixed-income real estate field and currently holds properties in Switzerland and Miami, FL, 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 ("Vitec") in July 2010. For further information, please visit

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 news 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.

Optibase Ltd.

Condensed Consolidated Statement of Operations

For the Period Ended December 31, 2011

        Year ended     Three months ended
December 31     December 31 December 31     December 31
2011 2010 2011 2010
Unaudited $ Unaudited $ Unaudited $ Unaudited $
Fixed income real estate rent 12,479 1,650 3,377 447
Cost and expenses:
Cost of real estate operation 1,869 59 493 18
Real estate depreciation and amortization 2,153 695 601 188
General and administrative 3,057 1,502 598 421
Total cost and expenses 7,079 2,256 1,692 627
Operating income (loss ) 5,400 (606 ) 1,685 (180 )
Other income (loss) 4,194 (600 ) - (600 )
Financial income (expenses), net (7,481 ) 304 (1,324 ) (89 )

Income (loss) before taxes on income


(902 )


(869 )
Taxes on income (481 ) (43 ) (456 ) (35 )
Net income (loss) from continuing operation 1,632 (945 ) (95 ) (904 )
Net income (loss) from discontinued operation (51 ) 5,399 (4 ) 98
Net income (loss) 1,581 4,454 (99 ) (806 )
Net income (loss) attributable to non-controlling interests 1,931 - (226 ) -
Net income (loss) attributable to Optibase LTD (350 ) 4,454 (325 ) (806 )
Net income (loss) per share from continuing operation:
Basic and Diluted ($0.02 ) ($0.06 ) ($0.02 ) ($0.05 )
Net income (loss) per share from discontinued operation:
Basic ($0.00 ) $ 0.33 ($0.00 ) $ 0.01
Diluted ($0.00 ) $ 0.32 ($0.00 ) $ 0.01
Net income (loss) per share:
Basic and Diluted ($0.02 ) $ 0.27 ($0.02 ) ($0.05 )
Number of shares used in computing

Earning per share

Basic 18,210 16,555 19,075 16,557
Diluted 18,210 16,683 19,075 16,685
Amounts in thousands

Condensed Consolidated Balance Sheets

    December 31,


      December 31,


Unaudited Audited


Current Assets:
Cash and cash equivalents 23,076 30,260
Trade receivables 732 -
Other receivables and prepaid expenses 1,260 334
Assets related to discontinued operation 969 966
Total current assets 26,037 31,560
Long term investments 156 257
Equipment, net 7 4
Other assets, net 1,512 552
Real Estate Property, net 192,173 32,353
Total property equipment and other assets 193,692 32,909
Total assets 219,885 64,726

Liabilities and shareholders' equity

Current Liabilities:
Current maturities of long term loans 2,529 400
Trade payables 27 31
Accrued expenses and other liabilities 4,246 1,708
Liabilities related to discontinued operations 2,990 3,006
Total current liabilities 9,792 5,145
Long term liabilities:
Other long term liabilities 10,734 -
Deferred tax liabilities 14,704 -
Long term loans, net of current maturities 123,606 19,189
Total long term liabilities 149,044 19,189
Total shareholders’ equity of Optibase Ltd 44,863 40,392
Non-controlling interests 16,186 -
Total shareholders' equity 61,049 40,392
Total liabilities and shareholders’ equity 219,885 64,726
Amounts in thousands

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