Optibase announced financial results for the second quarter ended June 30, 2015. Revenues from fixed income real estate totaled $3.7 million for the quarter ended June 30, 2015.
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This compares to revenues of $3.6 million for the second quarter of 2014 and revenues of $3.3 million for the first quarter of 2015.
Loss attributable to Optibase shareholders was $1.5 million or $0.29, compared to a net income of $159,000 or $0.03 per basic and diluted share for the second quarter of 2014.
For the six months ended June 30, 2015, loss was $1.6 million or $0.32, mainly attributed to acquisition related costs of $2.2 million related to the acquisition of the twenty-seven (27) supermarkets in Bavaria, Germany, compared to a net income of $373,000 or $0.07 per basic and diluted share for the six months ended June 30, 2014.
Weighted average shares outstanding used in the calculation for the periods were approximately 5.1 million basic and diluted shares for each period.
As of June 30, 2015, we had cash, cash equivalents and other financial investments, net, of $18.3 million, and shareholders' equity of $79.2 million, compared with $22.9 million, and $77.1 million, respectively, as of December 31, 2014.
As of the June 30, 2015 the company has successfully completed the acquisition of twenty-five (25) supermarkets in Bavaria, Germany. The acquisition of two (2) additional properties was completed in July 2015, which completed the acquisition of the complete portfolio comprising of twenty-seven (27) supermarkets.
For further information please refer to our 6K reports dated December 19, 2014, June 2, 2015 and July 8, 2015.
As of June 30, 2015, the portfolio purchase price has been allocated to real estate properties and other assets, net, in accordance with our accounting policies for business combinations.
The purchase price allocation and the related accounting will be finalized once the valuation studies are completed. The company’s net loss for the period of six months ended on June 30, 2015 includes acquisition-related costs of $2.2 million related to the acquisition of the twenty-seven (27) supermarkets in Bavaria, Germany. ■