Webcast | IQ 2022

I Q F Y 2 0 2 2 C O N F E R E N C E C A L L

N o v e m b e r 8 , 2 0 2 1

Hosted by:

• Daniel Elsztain, CEO
• Matias Gaivironsky, CFO

IQ22 & SUBSEQUENT MAIN HIGHLIGHTS

SHOPPING MALLS RECOVERY IN TERMS OF SALES & TRAFFIC

ON OCCUPYING THE VACANT AREA DUE TO PANDEMIC

SLIGHT DECREASE IN OFFICE RENTS & OCCUPANCY

COMPANIES RETURNING TO OFFICE WITH HYBRID MODELS

• QUARTERLY EBITDA OF FULL RENTAL OPERATIONS BUT NO ASSET SALES

RENTAL EBITDA STILL 36% BELOW PRE-PANDEMIC LEVELS

• NET LOSS MAINLY EXPLAINED BY CHANGES IN FV OF INVESTMENT PROPERTIES

ARS 1,709 MM ATTRIBUTABLE TO CONTROLLING COMPANY

MERGER PROPOSAL WITH IRSA APPROVED BY THE BOARD OF DIRECTORS

PENDING OF SHAREHOLDERS MEETING APPROVAL

SUBSEQUENT "200 DELLA PAOLERA" FLOORS SALE

LIQUIDITY AND GOOD CAP RATES FOR PREMIUM BUILDINGS

2

SHOPPING MALLS

Information compared with

IN REAL

pre-pandemic figures given

TERMS

the closure of operations

OPERATING FIGURES

during 2020

-10,7%

GLA & OCCUPANCY

SAME SHOPPING MALLS SALES

-55,9%

(GLA: sqm)

IN REAL TERMS

IVQ 21 vs. IVQ 19

IQ 22 vs. IQ 20

(% Var i.a.)

Pre COVID-19COVID-19

Mainly explained by

Falabella exit from our

portfolio. Excluding that

effect, occupancy would

have been 94.3%

570,0%

94.3%

92.8%

89.6%

322,0%

		1ST STAGE
		EXPANSION
	333,345	335,641
332,277
										5,6%
																								0,4%
								-5,1%
					-13,5%							-11,9%
																						-35,2%
																					-78,8%
																		-93,4%
IQ20	IQ21		IQ22
						IVQ 19		IQ 20		IIQ 20		IIIQ 20		IVQ 20	IQ 21	IIQ 21		IIIQ 21	IVQ 21	IQ 22

3

3

COMMERCIALIZATION PROGRESS

Q UA R T E R LY VA C A N C Y E VO LU T I O N

10.1%						10.4%
1,5%
0,3%
		0,9%

Anchor Stores 5,5%

+3,986 vacant sqm

6,7%

LIFESTYLE CENTER - Home Design

(3er floor - ex Falabella space)

Other Stores

4,6%

-2,703 vacant sqm

3,7%

IVQ 21

Falabella exit

Anchor Stores

Other Stores

IQ 22

Mendoza Plaza

Occupancy

Occupancy

N E W T E N A N T S	SOCCER FIELD COMPLEX - 1st time ever in a mall
Services &
12% Others	(Ground floor- ex Walmart space)

Sports & Home design

Apparel 52%	27%	Home &
Design
	4%	Restaurant
	4%

(ex Falabella space)

Electro

OFFICE BUILDINGS

OPERATING FIGURES

STOCK	OCCUPANCY
(GLA: sqm)	BY CLASS
		93,0%
Flight to quality	A+ & A		91,6%
							81,2%
					79,5%			80,1%		78,90%

									56,7%
							53,6%
			B	52,4%				52,4%
							48,5%
Zetta	Bouchard											41,1%
710	200 Della			IVQ 20		IQ 21		IIQ 21		IIIQ 21		IVQ 21		IQ 22
Building
	Paolera
			LEASES
115.640	Boston		(USD/sqm/month)
	113.451
Tower
83.213		93.144
					26,6	26,0	25,7	25,4	25,7	25,1

IQ19	IQ20	IQ21	IQ22	IVQ 20	IQ 21	IIQ 21	IIIQ21	IVQ21	IQ22
					5
									5