INSTITUTIONAL

PRESENTATION
IIIQ FY 2023
 LEADING REAL ESTATE COMPANY IN ARGENTINA

Shopping malls
15 335,893 sqm

✓ 30 years acquiring, RENTAL

developing and operating real SEGMENT 6 Office buildings
74,392 sqm
estate

Hotels
✓ Rental portfolio of approx.
500,000 sqm of GLA
3 79,000 sqm

across Argentina

✓ 25 years listed on the A simplified vehicle Costa Urbana

NYSE and accessing capital after merge with IRCP DEVELOPMENT 900,000 sqm
markets SEGMENT
Other mixed-use landbank
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OPERATING PROFITABILITY
Our premium locations and our
leadership position in Argentina,
together with our knowledge of the
shopping center and office industry,
allows us to maintain high occupancy
levels and an optimal tenant mix.
OUR STRATEGY
INNOVATION AND GROWTH
Pioneers in innovative real estate
developments in Argentina due to their
format, scale and concept.
We have created a unique real estate
portfolio in the last 30 years in the
country innovating and adapting to
changes in context and consumption
habits.
SUSTAINABILITY
We are part of the communities where
our business units operate. We plan for
the long term and work towards
environmental protection, and
sustainable Development, seeking to
achieve environmental certification
standards in our real estate projects.
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 PREMIUM PORTFOLIO
BEST LOCATIONS
BA City
SHOPPING OFFICE
Dot Building
MALLS BUILDINGS
Philips
Argentina

Zetta
BA City

200 Della Paolera

Suipacha

Intercontinental

High income Area

Mid Income Area
Low Income Area
67% Expanding Corporate North Area
Business Center
BA Malls AAA Location
market share HOTELS Back Office Center 4
 BEST QUALITY ASSETS

2022

Llao Llao Hotel (Bariloche - Patagonia)

2022
(under process)

200 Della Paolera (BA City) Zetta Building (BA City)

200 Della Paolera (BA City)

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 RESILIENT RENTAL REVENUE MODEL

ARS
Variable
SHOPPING MALLS
Rental revenues
3-year
ARS LINKED 74%
average term
50% Fixed
TO The company collects the highest between a % of
tenant monthly sales and a minimum rent (base
ARS based
(inflation linked)
rent) Fixed
I N F L AT I O N Other revenues 74%Of total Others
26% Key money
revenues
Brokerage fee
Other revenues include key money, brokerage fee,
stands, parking and non-traditional advertising 24% Variable In advance YEAR 1 YEAR 2 YEAR 3

OFFICE BUILDINGS HOTELS

USD

USD
USD • 3-year average term • Revenues from Rate
Per sqm Per sqm Per sqm
LINKED • US Dollar based • Revenues from food, beverage
PER
ROOM
& others
• Rental rates for renewed terms are
negotiated at market conditions

YEAR 1 YEAR 2 YEAR 3

PER NIGHT
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 MAIN RECENT EVENTS

1 IRSA MERGED WITH IRSA COMMERCIAL PROPERTIES

2 POST PANDEMIC RENTAL SEGMENT RECOVERY

3 STRONG RECOVERY OF CONSUMPTION IN SHOPPINGS

4 HOTELS’ RECORD OCCUPANCY & EBITDA

5 OFFICE SALES AT ATTRACTIVE PRICES SINCE 2020

6 COSTA URBANA PROJECT APPROVAL

7 DELEVERAGE PROCESS SINCE 2020

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SAME SHOPPING MALLS SALES IN REAL TERMS
+33.0%

+9.8%
110,616
100,759

83,150
73,240 73,490

IIIQ19 IIIQ20 IIIQ21 IIIQ22 IIIQ23

COVID IMPACT
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 SHOPPING MALLS OCCUPANCY EVOLUTION
Recovering pre-pandemic
levels after the impact of the
99,1% exit of Walmart & Falabella
98,8% 98,6% 98,7%
98,5%

96.8%

94,9% 95,0% 94,8%

94,5% 94,7%
94,3%
93,7% 93,9%
93,2% 93,1%
exit from Argentina 92,8%

91,5%

89,9%
89,5% 89,6%
89,1%
88,3%

exit from Argentina

IQ 18 IIQ 18 IIIQ 18 IVQ 18 IQ 19 IIQ 19 IIIQ 19 IVQ 19 IQ 20 IIQ 20 IIIQ 20 IVQ 20 IQ 21 IIQ 21 IIIQ 21 IVQ 21 IQ 22 IIQ 22 IIIQ 22 IVQ 22 IQ 23 IIQ 23 IIIQ 23

FY 18 FY 19 FY 20 FY 21 FY 22 FY 23
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COVID IMPACT
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 OFFICE OPERATING FIGURES
STOCK OCCUPANCY BY CLASS
(GLA: sqm)

A+ & A 85.5% 82.0% 83.7% 86.9%

74.6%
115,640 114,475
Suipacha building
103,777 impact (empty) & 60%
B 33.5%
vacancy in Philips
30.9%
200 Della 24.9% 19.6%
200 Della 16.1%
Paolera República
Paolera
74,392 IIIQ 22 IVQ 22 IQ 23 IIQ 23 IIIQ 23

200 Della
LEASES
Bouchard Paolera (USD/sqm/month)
710

25.6
Boston 24.6 24.5 25.0 24.8
Tower

IIIQ20 IIIQ21 IIIQ22 IIIQ23 IIIQ 22 IVQ 22 IQ 23 IIQ 23 IIIQ 23

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 HOTELS OPERATING FIGURES
HOTELS – Portfolio rate & occupancy BA HOTELS – Rate & occupancy
(USD/room & %) (USD/room & %)

68,6%
62,7%
51,7%
52,8% 35,1%
16,5%
45,2%
125 98 135
75
28,2%
IIIQ 20 IIIQ 21 IIIQ 22 IIIQ 23
PANDEMIC LOCKDOWN

LLAO LLAO – Rate & occupancy

(USD/room & %)

83,2%
70,5%
230 234 231 57,2%
55,7%
188

403 413
335 342

IIIQ 20 IIIQ 21 IIIQ 22 IIIQ 23

IIIQ 20 IIIQ 21 IIIQ 22 IIIQ 23
PANDEMIC LOCKDOWN PANDEMIC LOCKDOWN 11
 STRONG OFFICE BUILDINGS SALES SINCE 2020
Bouchard 710 12 Floors 19 Floors* 200 Della Paolera
July 2020 June 2020, June & Oct. 2021,
15,014 GLA sqm 22,647 GLA sqm March & Aug. 2022
March 2023

87.2 USD MM 203.9 USD MM

5,800 USD/sqm 9,000 USD/sqm
~8,516 remaining GLA
*Does not include 4 floors sold to Globant in
506.3 USD MM advance of the development

Boston Tower República

July, August & Nov. 2020 7,013 Avg. USD/sqm April 2022
13 Floors 20 Floors
14,640 GLA sqm 19,885 GLA sqm
83.4 USD MM 131.8 USD MM*
5,700 USD/sqm 6,630 USD/sqm
*20% of the sale was paid with a 46 hectares plot on Bs. As. – La
12
Plata Highway in Quilmes district (Bs. As province)

Definitions: GLA as gross leasable area; IRR as internal rate of return

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 INVESTMENT IN “200 DELLA PAOLERA”
USD MILLION
TOTAL GLA SURFACE
35,872 sqm
7 floors Floors 9 & 28 to 33
(8,316 sqm) sold 100% occupied revalued during
in IIIQ 23 at
Remaining sqm during IIIQ 23
IIIQ 23 Sold sqm
8,516 at USD/sqm
USD/sqm
27,352
For 76.3%
23.7%
30 10,000
USD 81.2 MM
(USD/sqm 9,700)
86 221

197%
Investment
134 profit

112

87
Construction 112
investment
25 Land

Investment Profit from Sales Valuation of the Investment

USD 246 MM remaining sqm Result
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 COSTA URBANA PROJECT APPROVAL
December 2021

70 ~900,000
Total Hectares Buildable sqm

70% Mixed-uses
OBELISC For public uses Potential

30% 15 – 20 years
NATIONAL PUERTO To develop Project
GOVERNMENT MADERO
CONTRIBUTIONS TO THE CITY:
▪ 50.8 hectares for public use (71% of the total area of the
property)
=1/3
PUERTO ▪ 3 additional parcels of the property
MADERO
▪ USD 2 MM in cash and the amount of 3,000,000 sovereign
Premium bonds (AL35)
location ▪ Investment of up to USD 40 million on infrastructure and road
South Puerto works

Madero ▪ Investment on maintenance of public spaces for 10 years or

until the sum of USD 10 million is completed.

Urbanization area 14
Pedestrian walkways and access points IRSA is currently working to fulfill all the administrative and governmental requirements
Public and green space 14
 15
Preliminary render for illustrative purposes
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 Caballito (BA city)

PROPERTIES FOR MIXED

U S E D E V E LO P M E N T S
San Martin (BA province) 16.0 Polo Dot (BA city)

18 Total surface
(mm sqm)

# Land Reserves 6.7

Buildable surface
(mm sqm)

Capacity to almost double current rental portfolio

Malls expansions (BA City)

Montevideo (Uruguay) La Plata (BA province) 16

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 ESG PROGRESS – FY 2022

200 Della Paolera

E S
Focus on education, health &
G
Merger between IRSA and IRCP
Under LEED certification process gender diversity
• Simplifies corporate structure
+60%
LEED Office portfolio 40 Group Social Actions • Increases Company’s float
• Brings synergies and cost efficiency
Waste management
Certifications from BA City 80,000 Social Beneficiaries • Eliminates conflicts of interests
First green seal
certified mall 100 NGOs relationships Board composition

Energy saving 5
Transition to led lighting in malls
Social
Investment
12 Independent
+ Members 2
+80%
Led lighting in malls portfolio
103.4 Women 17
ARS MM
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FINANCIALS
FINANCIAL AND OPERATIONAL MANAGEMENT SINCE 2020

IRSA & IRCP MERGER

Synergies and operational efficiency

OFFICE ASSETS SALES

3 A+ buildings

“200 DELLA PAOLERA” OPENING

Lease and sale of 12 floors

SG&A REDUCTION

SHARES & WARRANTS ISSUANCE

80 MM shares and 80 MM warrants

DEBT EXCHANGE & DEBT ISSUANCE

Local issuances for USD 341.4 MM and IRCP23 exchange

DEBT CANCELLATION
Cancellation of Series II (IRCP23) & IX in accordance with BCRA rules 19
 RENTAL EBITDA EVOLUTION BY SEGMENT
USD MILLION

Shopping Malls
Surpassing pre-pandemic levels
Office buildings 162
18
Hotels
131 17,9
12 115
8
26 95 18
9

28
126,3
93 44
0 89
58 25

19

FY19 FY20 FY21 FY22 LTM IIIQ23

COV I D - 1 9

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 NET ASSET VALUE 1
USD MILLION (AT OFFICIAL FX)

LTV 10.9%
115 301
88
COSTA URBANA
680 1.001

33 2.344
2.043
414 Market Cap

440
694 P/NAV

0,2x
Shopping Offices Hotels Land reserves Banco JV, Investees 2 Gross Asset Net Debt Net Asset
Malls & Prop. Under Hipotecario & Others Value Proforma Value
dividend distribution
development may-23

1- Assets and liabilities adjusted by ownership as of March 31, 2023

2- Includes trading properties and barters registered under intangible assets. These two items are recorded at historical cost in the financial statements. It also includes Quality and Nuevo Puerto Santa Fe as JV
and La Rural, Convention Center & TGLT as Investees as well as other rental properties
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 MARCH 2023 MATURITIES: END OF REFINANCING PROCESS
USD MILLION
PRE-IRCP23 EXCHANGE OFFER END OF THE PROCESS FINAL SITUATION
(JUNE 2022) (FEBRUARY 2023) (MARCH 2023)

443.8 Series XV & XVI issuance Credit rating upgrade

(April 2023)
JULY 2022 • Amount: USD 90.0 mm
EXCHANGE OFFER • Rate: 8.00 & 7.00%
• Maturity: Mar-2025 & Jul-2025
66.38%
acceptance From AA(arg) to
360 AA+(arg)
SERIES II
IRCP23
204.8

121 FX Access
SERIES II Up to 40%
IRCP23
(BCRA Regulation
“A” 7106) 100%
cancelled

80.7 80.7 FX Access

SERIES IX SERIES IX 100%
3.1 SERIES I 3.1 SERIES I (already refinanced) 0

mar-23 mar-23 mar-23

maturities remaining maturities remaining maturities 22
(as of jun-22) (as of feb-23) (as of mar-23) 22
DELEVERAGE PROCESS SINCE 2020
NET DEBT EVOLUTION – USD MILLION

-60.2%
755

640
566 574
345

306
231 273
323 301

410
335 334 301

FY18 FY19 FY20 FY21 FY22 IIIQ23

Proforma dividends
COVID-19
distribution (May-23)

NET DEBT / RENTAL EBITDA 13.0x 2.8x 1.9x

LTV 28.0% 13.0% 12.8%

COVERAGE RATIO 2.0x 5.3x 8.2x

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 DEBT PROFILE AS OF MARCH 31, 2023
USD MILLION

DEBT AMORTIZATION SCHEDULE Gross Debt 381.3

Cash & Eq. 185.3
Net Debt 196.0 300.8*
proforma dividends
distribution
(may-23)
112.8
*FX as of March 31, 2023
103.9

Series XV
61,7 Notes
55.6
46.8
35.0 Series XVI
28,25 Notes
27.3
100%
Banking Debt
42,2
27,3

FY 23 FY 24 FY 25 FY 26 FY 27 FY 28
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 GROUP CAPITAL MARKETS TRACK RECORD

NUMBER OF CAPITAL
AMOUNT ISSUED GROUP LISTED VEHICLES NON-DEFAULT HISTORY
MARKETS TRANSACTIONS

+200 +USD 18bn 4 New York, Buenos Aires,

& Sao Paulo
Even in the worst Argentinean
crisis (2001) & COVID-19

IRSA IPO APSA IPO (now IRCP) CRESUD FOLLOW LIABILITY LOCAL MARKET DOLLAR
APSA ON MANAGEMENT LINKED ISSUANCES
BA & NY LISTING BA & NY LISTING
Tender offer IRSA bonds USD 265 MM
APSA & IRSA CONVERTIBLE USD 288 MM
New IRCP USD 360 MM bond DEBT EXCHANGES
NOTES Regional expansion
IRCP 8% SPO USD 138 MM USD 148 MM
COVID-19 PANDEMIC

1994 1997 2000/1 2006 2008 2012 2016/7 2018/9 2020 2021 2022/3

CAPITAL INCREASE LOCAL MARKET

BRASILAGRO USD 93 MM ISSUANCES
CRESUD USD 45 MM & DEBT EXCHANGES
CRESUD US LISTING BRASILAGRO IPO BRASILAGRO US DEBT REFINANCING USD 589 MM
IRSA USD 29 MM
Follow on USD 276 MM LISTING CRESUD USD 246 MM
LOCAL MARKET ISSUANCES
USD 92 MM Company Foundation IRSA USD 227 MM & DEBT EXCHANGES
USD 255 MM 25
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 CONTACT US

OUR ADRESS OUR EMAIL OUR PHONE OUR WEBSITE TWITTER

Della Paolera 261 9th floor ir@irsa.com.ar (+54) 911 4323-7449 www.irsa.com.ar @IRSAIR

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