FY 2021

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".

SHOPPING MALLS' UNIQUE PORTFOLIO

BA CITY ~70%

Market

Share

High income Area

15 MALLS Mid Income Area

OFFICES BUILDINGS

Dot Building

Philips

Della Paolera 261

Zetta

SuipachaRepública

Intercontinental

Expanding Corporate North Area

Business Center

336,000

sqm GLA

Low Income Area

AAA Location

Back Office Center

7 BUILDINGS 113,000

sqm GLA

FINANCIAL METRICS

J U N E 3 0 , 2 0 2 1 - A R S M I L L I O N

138.4

FY 20214

Net Operating Income

Adjusted FFO

Adj. Total EBITDA

44.7

Adj. Rental EBITDA

157.6

FY 20214

94.2

LTM4

FY 20214

NAV1

-7%

VALUATION

June 2021

61

240

21

269

RATIOS

CAP RATE

24.8%

(NOI/EV)

672

1.510

1.333

EV/EBITDA

4.6x

1.240

517

P/FFO

3.5x

Shopping

Offices

Land reserves

2

JV &

3

Net Debt

Net Asset

Net Asset

P/NAV

0.3x

Others

Gross Asset

Malls

& Prop.

Investees

Value

Value

Value IVQ FY

Under

2020

development

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- LTM as of June 30, 2021, Adjusted Avg. FX: ARS 104.58

DEBT PROFILE

J U N E 3 0 , 2 0 2 1 - U S D M I L L I O N

273.3

Consolidated Net Debt2

1.96x

6.12x

Net Debt/ EBITDA

Net Debt/ Rental EBITDA

17.8%

Loan to Value3

From A to AA

Credit Rating upgrade

By FIX (affiliate of Fitch Ratings)

Description

Amount

Maturity

AMORTIZATION SCHEDULE

Short-term debt

58.5

<360 days

366.6

PAMSA loan

18.9

Feb 2023

2023 Series II

358.5

Mar 2023

(international)

GROSS DEBT

435.9

69.3

Cash & Equivalents1

92.8

Intercompany Credit

69.9

NET DEBT2

273.2

  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

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Disclaimer

IRSA Propiedades Comerciales SA published this content on 15 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 October 2021 13:30:03 UTC.