IRSA Propiedades Comerciales S A : Factsheet 2020

FY 2020

THE COMPANY

We are one of the largest owners, developers and operators of shopping malls, offices and other commercial properties in Argentina in terms of gross leasable area and number of rental properties. Our common shares are listed on Bolsas y Mercados Argentinos S.A., or ByMA, under the ticker "IRCP", and our ADSs are listed on Nasdaq under the ticker "IRCP".

We own 15 shopping malls of which we manage 14, with an aggregate 333,062 square meters of Gross Leasable Area as of the closing of fiscal year 2020. Moreover, the Company owns 115,640 square meters in 8 premium office buildings and has a large reserve of land for future commercial developments. We are operators and owners of majority stakes in 13 of our shopping malls in Argentina, seven of which are located in the City of Buenos Aires (Abasto, Alcorta Shopping, Alto Palermo, Patio Bullrich, Dot Baires Shopping and Distrito Arcos), two in the Greater Buenos Aires area (Alto Avellaneda and Soleil), and the rest in various provinces (Alto Noa in the City of Salta, Alto Rosario in the City of Rosario, Mendoza Plaza in the City of Mendoza, Córdoba Shopping Villa Cabrera in the City of Córdoba, and Alto Comahue in the City of Neuquén). In addition, IRSA Propiedades Comerciales operates La Ribera Shopping in the City of Santa Fe through a joint venture and owns the historic real estate that hosts the Patio Olmos shopping mall in the Province of Córdoba, which is operated by a third party.

SHOPPING MALLS' UNIQUE PORTFOLIO

BA CITY ~70%

Market

Share

15 MALLS

332,000		High income Area
sqm GLA		Mid Income Area
	Low Income Area

ATOMIZED AND DIVERSE TENANT MIX With low incidence of department stores

SALES BY TYPE	TOP FIVE ON SALES
Others		BY BASE RENT	BY SQM
	6.7%	17.3%
19,5%
Department
Store 5,4%
10,8%	56,2%
Restaurants		93.3%	82.7%
8,1%
Electro	Apparel

OFFICES BUILDINGS

Dot Building
Philips	Boston Tower	200 Della
	Paolera
Zetta
	(IH FY21)
	Bouchard 710
	Suipacha	República
		Intercontinenta
8 BUILDINGS		l
121,000	Expanding Corporate North Area
Business Center

sqm GLA		AAA Location
	Back Office Center

PREMIUM PORTFOLIO

SURFACE BY CLASS

A+ & A

84%

B

16%

LANDBANK & OTHER INVESTMENTS (ENTERTAINMENT)

1.5MM sqm Landbank

Polo Dot (BA City ) - Offices Caballito (BA City) - Mixed uses Intercontinental II (BA City) - Offices La Plata (Greater BA) - Mixed uses San Martin (Greater BA) - Mixed uses UOM Lujan (Greater BA) - Mixed uses Adjoining Córdoba Shopping - Mixed uses

Adjoining Alto Comahue (Neuquén) - Residential

Intercontinental II

Caballito

San Martín	La Plata	Adjoining Córdoba
		Shopping

CEC

70.0%

	Entertainment Holdings
50.0%	60.0%	77.5%

PROJECTS UNDER DEVELOPMENT

200 DELLA PAOLERAALTO PALERMO EXPANSION

95%

Works Progress

IH21

Est. Opening date

		61%		3,900
					GLA sqm
			Commercialization Progress	64%
			~USD 5.8mm		Works Progress
			CAPEX deployment pending			FY21
35,000
	~USD 90mm			Est. Opening date
Total GLA			USD 28.5mm
	Est. Investment
28,000		~USD 10mm			Est. Investment
IRCP GLA			~USD 6.2mm
			Est. Stabilized Revenues
						CAPEX deployment pending

FINANCIAL METRICS

J U N E 3 0 , 2 0 2 0 - U S D M I L L I O N

90.4	107.9	52.5
Adjusted EBITDA	Net Operating Income	Adjusted FFO
FY204	FY204		FY204
		VALUATION	June 2020
		RATIOS
		CAP RATE	18%
		(NOI/EV)
		EV/EBITDA	6.5x
		P/FFO	3.8x
		P/NAV	0.2x

1- Assets and liabilities adjusted by IRCP ownership

2- Includes trading properties and barters registered under intangible assets. These two items are recorded at historical cost in the financial statements 3- Includes Quality and Nuevo Puerto Santa Fe as JV and La Rural, Convention Center & TGLT as Investees.

4- FY as of June 30, 2020 Adjusted Avg. FX: $68.07 5- Includes 200 Della Paolera

DEBT PROFILE

J U N E 3 0 , 2 0 2 0 - U S D M I L L I O N

344.6

128.6

3.8x

Consolidated Net

Subsequent Office

Net Debt/EBITDA

Debt2

Sales

20.6%

Short-term

23.0

<360 days

140.0

Description

USD

Maturity

debt

Series IV Cancellation

Loan to Value3

2020 Series IV

140.0

Sep 20

(local)

AMORTIZATION SCHEDULE

PAMSA loan

29.7

Feb 23

2023 Series II

360.0

Mar 23

A F T E R S E R I E S I V C A N C E L L A T I O N

368.1

(international)

GROSS DEBT

552.7

Cash &

154.7

Equivalents1

53.4

33.8

10.8

Intercompany

Credit

NET DEBT2

344.6

FY 2021

FY 2022

FY 2023

1-Cash & Cash Equivalents + Investments in Financial Currents Assets + Intercompany Notes Holdings

2-Gross Financial Debt less cash & equivalents, short-term financial current investments & Intercompany Credit with parent IRSA 3-Net Financial Debt over Gross Assets Value