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 | |||||
- Cash & Cash Equivalents + Investments in Financial Currents Assets + Intercompany Notes Holdings
- Gross Financial Debt less cash & equivalents, short-term financial current investments & Intercompany Credit with parent IRSA
- 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.