IRSA Propiedades Comerciales S.A. (NASDAQ: IRCP; ByMA: IRCP), the leading commercial real estate company in Argentina, announces its results for the first quarter of the FY 2021 ended September 30, 2020.

BUENOS AIRES, Argentina, Nov. 17, 2020 /PRNewswire/ -- 

HIGHLIGHTS

• The net result for the first quarter of fiscal year 2021 recorded a gain of ARS 13,298 million compared to ARS 3,089 million in the same period of 2020, mainly explained by higher results due to changes in the fair value of investment properties.
• On March 20, as a consequence of the social, preventive and compulsory lockdown due to the COVID-19 pandemic, the shopping malls throughout the country were closed, leaving exclusively those stores dedicated to essential activities such as pharmacies, supermarkets and banks. This impact has been reflected in the results of the first quarter of the year since the main shopping malls of the company, located in the city of Buenos Aires, opened their doors later, in October.
• Adjusted EBITDA reached ARS 5,184 million in the first quarter of fiscal year 2021, increasing 157.7% compared to the first quarter of 2020, mainly explained by the Sales and Developments segment, whose EBITDA reached ARS 5,019 million as a result of sales made from the Bouchard 710 buildings and the Boston Tower. The adjusted EBITDA of the rental segments reached ARS 231 million, which represents a drop of 89% compared to the same quarter of the previous year.
• Tenant sales in shopping malls fell by 79.4% in real terms in the first quarter of fiscal year 2021 compared to 2020. Portfolio occupancy remained at 92.8%.
• After the end of the quarter, we have sold approximately 7,150 additional sqm of offices for a total amount of USD 42.0 million.
• Subsequently, we announced the distribution of a cash dividend in the amount of ARS 9.7 billion (ARS / share 76.9755 and ARS / ADR 307.9022). Payment will be effective on November 25.

IRSA Propiedades Comerciales cordially invites you to participate in the IQ FY 2021 Results Conference Call on Wednesday, November 18, 2020 at 09:00 a.m. US EST, 11:00 a.m. BA.

To access the Webinar:

https://irsacorp.zoom.us/j/86451494580?pwd=Y29zU2hPbU1PRzBPNUhpVnhld2M4UT09

Webinar ID: 864 5149 4580

Password: 734693

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
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SOURCE IRSA Propiedades Comerciales S.A.

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