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The Capri Family Foundation has initiated a cash tender offer to acquire 959,837 ordinary shares of Optibase Ltd. (OBAS) at $11.20 per share. Capri, already owning 81.7% of Optibase's shares, aims to purchase all outstanding shares not currently held by its bidder group. The offer, set to expire on December 30, 2021, requires a minimum condition and includes customary additional conditions. The prior closing price before the announcement was $10.25 on Nasdaq. Shareholders are encouraged to review the tender offer materials filed with the SEC and ISA for detailed information.
Optibase Ltd. (NASDAQ: OBAS) reported its Q3 2021 financial results, revealing stable real estate revenues of $3.5 million, unchanged from Q3 2020. However, the company incurred a net loss of $86,000, a stark contrast to the net income of $5.2 million reported in the same quarter last year. For the nine-month period ending September 30, 2021, revenues decreased to $10.4 million from $11.4 million in 2020, while a significant net loss of $1.4 million was posted compared to net income of $7.1 million previously. The company maintained cash reserves of $30.2 million and shareholder equity of $83.4 million.
Optibase Ltd. (NASDAQ: OBAS) reported its Q2 2021 financial results, revealing revenues of $3.5 million, down from $3.8 million in Q2 2020. The company experienced a net loss of $537,000 or $0.10 per share, compared to a net income of $1.8 million or $0.34 per share in the same quarter last year. For the first half of 2021, revenues totaled $6.9 million, a decline from $7.9 million in H1 2020. As of June 30, 2021, cash and cash equivalents were $29.1 million with shareholders' equity at $83.9 million.
Optibase Ltd. (NASDAQ: OBAS) reported first-quarter financial results for 2021, revealing a net loss of $822,000, or $0.16 per share, a stark contrast to a net income of $117,000 in Q1 2020. Revenues from fixed income real estate declined to $3.4 million from $4.1 million year-over-year, primarily due to the sale of the German portfolio. The company’s Recurring FFO fell to $564,000 from $1.5 million a year earlier. As of March 31, 2021, cash and cash equivalents stood at $27.5 million, down from $28.8 million at the end of 2020.
Optibase Ltd. (NASDAQ: OBAS) announced that, as of May 3, 2021, plaintiffs have withdrawn their appeal against a District Court decision, which was approved by the Israeli Supreme Court. This follows a previous report from September 23, 2019, regarding a denied motion for a derivative claim. Optibase primarily invests in fixed-income real estate, with holdings across various U.S. cities and Switzerland, and is actively seeking further investment opportunities.
Optibase Ltd. (NASDAQ: OBAS) reported its financial results for Q4 2020, with revenues of $3.4 million, a decline from $4 million in Q4 2019. The net loss for the quarter was $625,000 compared to $1.1 million in the same period last year. For the full year, revenues totaled $14.9 million, down from $16.1 million in 2019, but there was a net income of $6.4 million, reversing a loss of $2 million in 2019. The company maintained a cash reserve of $28.8 million and shareholder equity increased to $86.7 million.
Optibase Ltd. (NASDAQ: OBAS) announced the refinancing of a commercial office building, Two Penn Center Plaza, in Philadelphia by CROWN TWO PENN CENTER ASSOCIATES, a partnership partially owned by the company. The refinancing replaces an existing loan of $44 million with a new loan of $67.9 million, generating excess cash of about $5 million for Optibase. The partnership plans to distribute $2 million of this cash to Optibase in the coming weeks, enhancing the company's liquidity.
Optibase Ltd. (NASDAQ: OBAS) reported Q3 2020 financial results, showing revenue of $3.5 million, down from $4 million in Q3 2019. However, the company recorded a net income of $5.2 million or $1 per share, compared to a loss of $496,000 in the prior year. For the nine months ended September 30, 2020, revenue totaled $11.4 million, down from $12.1 million in the same period in 2019. The company had $29.7 million in cash and cash equivalents with shareholder equity of $83.9 million.
Optibase Ltd. (NASDAQ: OBAS) announced a settlement with its subsidiary Eldista GmbH regarding a dispute with tenant LEM INTERNATIONAL SA at the CTN Complex in Geneva. Eldista will pay LEM approximately $766,000 (CHF 700,000) to resolve the dispute and cease all legal proceedings. CEO Amir Philips expressed satisfaction with the resolution, highlighting the company’s focus on asset management moving forward. Optibase continues to seek real estate investment opportunities across various locations, including Switzerland and the USA.
Optibase Ltd. (NASDAQ: OBAS) reported its second-quarter financial results for 2020, revealing revenues of $3.8 million, down from $4 million in Q2 2019. The company achieved a net income of $1.8 million ($0.34 per share), compared to a loss of $188,000 the previous year. Year-to-date revenues decreased slightly to $7.9 million. A significant transaction closed in July included the sale of a German property portfolio for approximately $38.9 million, resulting in a net gain of $2.3 million this quarter and an expected gain of $5.5 million in Q3 2020.
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