IRSA Propiedades Comerciales S.A. announces its results for the Fiscal Year 2021 ended June 30, 2021

BUENOS AIRES, Argentina, Sept. 6, 2021 /PRNewswire/ -- IRSA Propiedades Comerciales S.A. IRCPIRCP)), the leading commercial real estate company in Argentina, announces its results for the Fiscal Year 2021 ended June 30, 2021.

HIGHLIGHTS

• The results for fiscal year 2021 have been affected by the restrictions due to the COVID19 pandemic. The company's shopping malls were closed for most of the year while the offices remained operational, even though most of the tenants adopted the remote work modality.
• Tenant sales in shopping malls fell 27.8% in real terms in fiscal 2021 compared to 2020 and the occupancy of the portfolio was 90%. Office revenue fell 21.9% and occupancy in A + and A buildings dropped to 80%. Adjusted EBITDA of the rental segment reached ARS 4,670 million in fiscal year 2021, 47.3% lower than in 2020, while total Adjusted EBITDA, which includes investment property sales, reached ARS 14,477 million, growing by 54, 1% in the year.
• The net result for fiscal year 2021 showed a loss of ARS 22,537 million, mainly explained by a loss of ARS 13,946 million due to changes in the fair value of investment properties and the impact of the change in the rate, from 25% to 35%, in deferred income tax.
• During fiscal year 2021 we sold approximately 29,700 sqm of premium offices for a total amount of USD 170.6 million and inaugurated "200 Della Paolera" building, the company's new headquarters.
• In financial matters, this year we canceled Series IV notes for a total amount of USD 140 million and distributed a cash dividend in the amount of ARS 9,700 million.

Financial Highlights

(In millions of Argentine Pesos)

FY 2021

IRSA Propiedades Comerciales cordially invites you to participate in the FY 2021 Results Conference Call on Friday, September 3, 2021, at 01:00 p.m. US EST, 02:00 p.m. BA.

To access the Webinar:

https://irsacorp.zoom.us/j/84830687731?pwd=REdKNGJTUnhubXk4VlpVUDdoMzFSUT09 

Webinar ID: 848 3068 7731

Password: 504549

In addition, you can participate communicating to this numbers:

Argentina: +54 112 040 0447 or +54 115 983 6950 or +54 341 512 2188 or +54 343 414 5986

Israel: +972 3 978 6688 or +972 55 330 1762

Brasil : +55 11 4700 9668 or +55 21 3958 7888 or +55 11 4632 2236 or +55 11 4632 2237 or +55 11 4680 6788

Estados Unidos de América: +1 312 626 6799 or +1 346 248 7799 or +1 646 558 8656 or +1 669 900 9128 or +1 253 215 8782 or +1 301 715 8592

Chile: +56 232 938 848 or +56 41 256 0288 or +56 22 573 9304 or +56 22 573 9305 or +56 23 210 9066

Investor Relations Department

+ 5411 4323-7449

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SOURCE IRSA Propiedades Comerciales S.A.