S A N T A N D E R ´ S 2 6 T H A N N U A L L A T A M C O N F E R E N C E

I N S T I T U T I O N A L P R E S E N T A T I O N J A N U A R Y 2 0 2 2

ABOUT US

LEADING REAL ESTATE COMPANY

IN ARGENTINA

30 years acquiring, developing and operating real estate. Rental Portfolio of more than 500,000 sqm of GLA.

UNIQUE PORTFOLIO OF ASSETS

  • 15 shopping malls - 336,000 GLA sqm
  • 7 office buildings - 113,000 GLA sqm

Owner of 3 premium hotels in Argentina - 79,000 sqm

30%

SHOPPING

DEVELOPMENT PROPERTIES

~20 mm sqm premium landbank for future developments.

Investment in Banco Hipotecario (30% stake) - potential

synergies with the development of mortgage market in the

MALLS

OFFICES HOTELS LANDBANK

country.

EXPERIENCED MANAGEMENT TEAM

With proven track record in the industry

CAPITAL MARKETS TRACK RECORD

+25 years listed on the NYSE and +70 years on BYMA,

accessing to international and local capital markets

Rental segment

Development

segment

2

RENTAL SEGMENT - 25 PROPERTIES

SHOPPING MALLS

OFFICES

HOTELS

15

67%

7

10%

3

718

# Malls

BA City Market Share

# Office buildings

BA City Market Share

Premium hotels in Argentina

rooms

79,000

336,000

113,000

GLA sqm

GLA sqm

sqm

Dot Building

Philips

Zetta

Della Paolera 261

Suipacha

República

Intercontinental

Expanding Corporate North Area

Business Center

AAA Location

Back Office Center

3

COVID IMPACT & COMPANY MANAGEMENT

SHOPPING MALLS

OFFICES

HOTELS

  • Closed operations for 7 months (mar-oct 2020 & apr-jun 2021)
  • Commercial policy to support tenants: waive of base rent and advertising fund only charging common expenses
  • Focus on cost reduction, operational efficiency and preservation of occupancy

ADJ. EBITDA (USD MM) & OCCUPANCY

  • Normal revenues collection even though home office work modality
  • Impact in vacancy and rental price, mostly in B class
  • High liquidity in premium buildings
  • Companies are returning to offices through a hybrid work modality

ADJ. EBITDA (USD MM) & OCCUPANCY

  • Closed operations for 9 months (mar-dec 2020). Focus on cost reduction and efficiency
  • Good recovery in Llao Llao Resort due to local tourism while BA hotels are operating with low occupancy since flights and international tourism are still restricted.

EBITDA (USD MM) & OCCUPANCY

98,5% 98,5%

143 141

Pandemic effect

94,7% 93,2% 89,9%

93

58

19

96,7%

92,3%

Pandemic effect

88,3%

86,1%

80,1% A &A+

74,7%

21

19

26

28

25

67,8%

70,5%

66,9%

Pandemic effect

45,8%

12,2%

1

2

12

9

0

FY 17

FY 18

FY 19

FY 20

FY 21

FY 17

FY 18

FY 19

FY 20

FY 21

FY 17

FY 18

FY 19

FY 20

FY 21

4 4

RENTAL FIGURES EVOLUTION

TENANTS SALES RECOVERY IN SHOPPING MALLS SINCE REOPENINGS

OFFICES PERFORMANCE

SAME SHOPPING MALLS SALES

(% Var i.a.)

Pre COVID-19

Information compared with

pre-pandemic figures given

IN REAL

the closure of operations

TERMS

during 2020

-10,7%

-55,9%

IVQ 21 vs. IVQ 19

IQ 22 vs. IQ 20

570,0%

COVID-19

322,0%

OCCUPANCY BY

CLASS

A+ &

93,0%

91,6%

81,2%

79,5%

80,1%

78,90%

A

B

56,7%

53,6%

52,4%

52,4%

48,5%

41,1%

IVQ 20

IQ 21

IIQ 21

IIIQ 21

IVQ 21

IQ 22

LEASES

(USD/sqm/month)

5,6%

0,4%

-5,1%

-13,5%

-11,9%

-35,2%

-78,8%

-93,4%

IVQ 19 IQ 20 IIQ 20 IIIQ 20IVQ 20 IQ 21 IIQ 21 IIIQ 21IVQ 21 IQ 22

26,6

26,0

25,7

25,4

25,7

25,1

IVQ 20

IQ 21

IIQ 21

IIIQ21

IVQ21

IQ225

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IRSA Propiedades Comerciales SA published this content on 20 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 January 2022 20:20:42 UTC.