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09 FEB

Earnings Release IIQ FY 2021

The Company announces today its results for the second quarter of the Fiscal Year 2021.

- The net result for the first semester of fiscal year 2021 recorded a gain of ARS 5,285 million compared to a loss of ARS 341 million in the same period of 2020, mainly explained by higher results due to changes in the fair value of investment properties and higher net financial results.


- Adjusted EBITDA reached ARS 8,883 million in the first semester of fiscal year 2021, increasing 90.7% compared to 2020, mainly explained by the Sales and Developments segment, whose EBITDA reached ARS 7,393 million as a result of the sales made of the buildings Bouchard 710 and the Boston Tower. The adjusted EBITDA of the rental segments reached ARS 1,641 million, which represents a 66% drop compared to the same period of the previous year.


- Tenant Sales in Shopping Centers fell by 11.4% in real terms in the second quarter of fiscal year 2021 compared to the same period of 2020, observing a recovery with respect to the previous quarters given the malls’ reopening in October 2020. The occupancy of the portfolio was reduced to 88.3%.


- Regarding the office segment, in December 2020, we added the “261 Della Paolera” building, the Company's new headquarters, to the portfolio. The building is 74.6% occupied.


- During the first half of 2021, we have sold approximately 29,654 sqm of offices for a total amount of USD 170.6 million.


- On November 25, 2020, we distributed a cash dividend in the amount of ARS 9.7 billion.