Irsa Propiedades Comerciales (IRCP) 18 Nov 202021 Q1 Earnings call transcript

Good morning, everyone. I'm Santiago Donato, Investor Relations Officer of IRSA Commerical Properties and I welcome you to the First Quarter of Fiscal Year 2021 Results Conference Call.

First of all I want to remind you that both audio and a slideshow maybe accessed through company's Investor Relations Web site at www.irsacp.com.ar, by clicking on the banner webcast/link. The following presentation and the earnings release issued yesterday are also available for download on the company Web site. After management's remarks, there will be a question-and-answer session for analysts and investors [Operator Instructions].

company's would recorded, remind today and forward-looking regarding I call that may begin, performance. statements being operating is that the we like you to this include Before and financial information discussed All projections uncertainties results differ may risks and actual materially. subject are to and refer detailed the note Please company's forward-looking regarding release to the statements. in earnings I turn call the will over now to Mr. recently Executive Officer. Daniel Chief our Elsztain, appointed who as was Officer since has XXXX. Daniel Chief been company's Operating the Alejandro as President. Elsztain, former Executive company of remain will CEO the Vice ahead. go Daniel, Please

a host to It's for call of time company. first everyone. the morning, Good pleasure the this CEO as

As as challenging protect our to we all for well know, teams that we glad and are moves value leaving quick our unique our shareholders. assets, times. and I'm our very made managers, our But company, customers, our to create very and

page can XXXX. of main starting see first Q number this So we the the two, for debate Q on

income the by billion buildings by mainly see we the and the that by a will reduction explained the we year, million. office and and mainly. last quarter, previous development fourth portfolio we had quarter quarter speak bit of lot bit in malls is a talk we openings this loss This ARSXXX the down. mainly segment This the now protocols open and we're almost EBITDA of the drop shopping little On But is ARSXXX side, developments here, starting will a reduction XX% an are sells, million a produce This pesos the And opening left of We going there a rebuild closings. quarter, big shopping ARSXXX business construction compared mall The segment. of we see later from reduction is of negative is than we we the we same adjusted with see the shopping again. in that of later mainly offices And shopping space increase and erratic controls the in This This a the EBITDA ARSXXX sold. XXX%. established is we were for to that same previous to nevertheless, billion a Nevertheless, on those to year. quarter open also was XXX% because we small But the of of explained centers. once see and new the the a sales Catalinas. we negative little the of X.XX million company, grow a office lot of see XXX%. explained million. better XXXX sales explained by some of to were have see segment previous openings the of X of

was this average that occupancy XX.X%. month meter, square in On rent $XX previous per we line the the is portfolio, see and with is the our office per quarters

on the in have the mainly We occupancy that a also, have saw two of every some will reduction effect square occupancy a explained bigger also in is net the but Then by factors, make then empty decrease some that seen we and when occupancy we office discuss later, we seen portfolio here XX.X%. we reduction do some meter has impact. the moves

Argentina. been close decided strict term on our shopping as wait charged we all very billings to right October, we of for the And to quarter moment need to $XXX the explained million and saw regarding the as the investment quarter the on is comment is tenants shown on billion and our in what fair There and see our main XX, EBITDA in here We we mainly of side -- we is the shareholders value on and as all this and million opening and that see our restrictions is billion XXX% collections were the all of cancellation first $XXX defect centers and and been long quarter. how from billion, income of One of September open, see is dividend that Board for after I only second represents bill shop have we XXX% the fund what we million we portfolio. XX. Also, depending explain segment shopping to center. the ARSXX.X adjusted on see this the income, subsequent net properties. the only protocols. we also and commercial first attributable a The from make And approved centers correspond April November we COVID-XX that achieved want can on September. again will change the the debt $XX Directors are was cities, and X, of COVID-XX the to during assets in shopping that I portfolio investors images General sequence and and of the the income This and net are ARSX.X of of with of events as the base million have but we common we higher for XXth. first approximately whole controlling dividend operating sold the expenses some cells the results in effective the see lockdown in as our company on impact the will be Assembly our will On we On those as support XX%. Remember developments $XXX that ARSXX.X to March have be of number Page the companies October of a open And XXth. growth all on had that have you that when mentioned, on we just done was relationship. for net a shoppings is prioritizing by the of quarter office this rent of sales yield All today. were also shoppings of

all On that and the common doing you right billing you XX% rent was XX% now the we we recover was that see base of represented once COVID-XX waived. to the COVID-XX. of plans that to start only the we see the build were side, can And as can the previous have that expenses from situation

the normal On revenue period. have we during buildings, office the lockdown collections

really have we quarter. companies that Although, on seen and this in nothing moves some reduction some made space affected

there centers, We nothing the closed our On reactivation happen. the year of and will the no certainty All fairs entertainment XX. were and that convention and during conventions are since March canceled, the operations postponed is about or sector. believe this events and

see expecting to We to going beginning are the just it's be how of XXXX.

expenses, job. very did of we terms good In a

reduction security this and Our also cost no seen that of the is the taxes quarter services. had team approximately all on expenses. cleaning and is we was social the security payroll this also non-essential us We company expensive, the all other working expenses excluding a XX% some hired staff cuts with the have operation. the reduce of taxes And that and to of in parties. reduction personnel And reducing effects on third to help

XX.X%. were working with as to October, XXX spend of XXX,XXX we of see, now meters some construction to as follow Page stable in protocols, and should. and Palermo construction but both first lockdown. can X, the Paolera they GLA. GLA, XX% On We all, of pre-COVID at square the occupancy in Catalinas XX.X%. and of our reduction have Della are seen real was running CapEx, number CLA we reestablish going a Remember at remains see they Regarding we we some are Alto the And during now occupancy

a the today, the the team team, seen active quarter the same and occupancy the for of city, the is have the We we closing leasing of stores the lot been recovering. in have streets end since Nevertheless, has situation. very in and and

of fear sales sales, XX% the terms. of in real out-of-home. small terms recovery. or we to or increase We a going since falling XX% to XX% Remember had big temporary And initial reduction terms. we see real we of some the a and of in closures XX% some see see In that then going drop

So and because the is going dislocations places people houses, used have we the running that places, now about as we getting they are people don't contagious see center to and comfortable more with high out getting of been a to shopping other getting seeing more protocols.

seeing tourism So are we a we consumption. that is expect Aires. government doing come will And And that incentives from the Buenos expectation also, recovery. gradual is some to there

Buenos is everyone. As really Aires of today, cheap really, for City

line since get permits to On province segment the in for Santa see the by following were lately growing a new Salta, to the of Page provinces, opening, countries our the and Buenos how some weeks. surrounding we be reopen province expect the centers, Santa country, Aires But too. there Neuquen of three we shopping starting in almost of that for middle Cordoba, time from Neuquen. and in Fe, Noa closures consumption some Alto City for in into weeks, also we So X, the have number for rest will two some the there Fe the

in center people downs. of in the we Aires. So Arcos, finally, the Aires. centers able our October, outlet city August, open we that. shopping Mother's The in is city premium Capital getting And have Day Buenos in to -- ups to In we the Buenos Federal we're and Distrito used near the to opened of

everything open. have So now we

with with reduced way been easy that have very We safety hours, costs helped to measures operation. us didn't and reduce some hygiene but running make very in strict

into getting entrances. is the shopping or to one only getting people two Now used center

people. is cleaning temperature a measured. instructions So We for give

to was recently and Speakers] conditions center also the change you city very were the in a is now amount -- as And We that of brings the and also this leading of We [Multiple time people know, fulfill to that the lockdown we social security had all to into get shopping was to and a we distancing. of center, is many that there very shopping regulation. good was lockdown social have the control have the in restrictions same imposed our show we customers how at lot can results. This people and us. the seen converting released a

helping that see our we way. see the We number our of the more -- XXX,XXX first more Page people So people X, is -- with office see first of coming started restrictions we segment. to was street, the to sale the -- On quarter reduction quarter GLA. and Starting and on Boston XXXX, last XXXX, the by building Bouchard in reduction XXX to were we lifted mainly on square comparing some of meters of explained year a malls Tower.

that second building. this new the incorporate into and year, to building meters Now that we the see quarter of are XX,XXX expect able finish we we GLA. to about that we be But about square of to by we're will move

increase So portfolio will meters, had be levels of same very last quarter at we XX,XXX square that that will similar the our GLA year. of we and on

So expect see the from in building. we we everything the because occupancy. saw and a reduced that future of will We coming this be reduction this that, the quarter that saw because compensated segment we in this small revenues incorporation

had we you and explained the class had XX.X% explained occupancy on tenants some and for-sale the occupancy, reducing smaller XX% low As in on building, the occupied building, occupancy But very is as the into we But space Philips of both empty the a mentioned, assets. here we segment. have asset remember, on Remember notice proportionate also space on we as mainly. space. portfolio because so least some every B it's the of that other effects

we of square on meter square and first drop. price, per are terms small quarter month per was a prices now meter. per as $XX.X at have looking we In very month similar XXXX, the we $XX per see It

XX% a million X,XXX we see price one that Boston floors, the two meters achieved IRR we a second Here per million, are the X,XXX square international for Page XX,XXX is XX for XX very the sale. first, other achieving in meters, that seven sales, had floors $X,XXX that used our one asset. we square we here of On XX,XXX price development. on operating Tower, on square different entire X, total meters, for In million we money this we see that investment and the Page building, our to totaling And square an of case good was achieving one really meters. square floors, and XX,XXX, an debt the number this this projects prices here, XXX we achieved did. under that's And we X, meters. can $XX.X cancel we meter, XXX, the of six company to The square Argentina, on one and of we GLA million sold did, XX one, sales of per see Bouchard we number and an

building possession four Della and XXX this Remember mentioned, during owners. we occupy also we is As quarters some the tenants Paolera, sold past give tenants We already to and almost to for the the given we of have finished. tower floors building. possession

We the views. December, a going on expect of year, we're that fantastic end already. have to occupancy It's the location, fantastic building building, the by the XXXX some fantastic

one it's you a As building belong on going The quarter Commercial have progress commercialization XX%. more lease meters second open we're out which remember, X.X of is XX,XXX the total XX% Properties. mentioned, floors. XXXX. in progress for And The IRSA to of XX,XXX in to as work we GLA, we is and of

COVID the the and reasonable with very achievement all So going what's it's over be a going on given world. to conditions

to year. pending XXXX, down cost The to $XX.X at originally the in going the have In this in X.X X,XXX is projected opening of Total was to going be the of in million end of this construction. we have million this XX% terms and fiscal still for cost million work this there total construction the we the deploy The quarter. the building. CapEx, estimate Alto this And end GLA. case by construction of is a estimate in of of deployment of the in year on we the CapEx square pending as a construction fiscal of meters $X.X is We as country. of finalize reduction investment is progress total Palermo, payments

Please, So results. now Gaivironsky, our Matias to about our CFO. final talk

Thank everybody. you, Danny. Good morning,

to we in ARSXX.X the with main we line Page change it’s to results, for move analyze income a first quarter if the of all fair our the have P&L. of a of a So amount came XX, the ARSXX.X interest billion. almost here the controlling our in billion we When net the We summary the value. gain our drivers one of finished attributable

sump We stable of remain main malls. in the a at and the the result. this offices malls our because last rate most, dollar our valuing pesos, exchange significant of have in quarter land positive a generated result regarding in That shopping explanation the significantly, and the terms, so in positive increased is basically exchange our no change rate, are official the the we regarding bank because that

line enter financial also in we change other The appreciation important results that that XX see the the over in pages. in can details potential the line in X, net we line will of fair the tax value. is the tax are in more following I the future in deferred recognizing And the the our income tax, the

-- I recognize this during time is adjusted besides appreciate remember in in between Basically, we to a we operations every Remember recognizing If Page why different a to malls, months XX% crisis have EBITDA our six segment. margin that we the XX% the a we loss the this XXXX only an amount. the in Now only that tax Shopping move segment have we one-time can close negative last of deferred and in breakdown in have properties, XX, quarter we reason segment. on on our we typically losses. on average. this quarter, last the operate are EBITDA. here see we that on the the

of recover segment, go adjusted margins. a we the we we those can also in after In So drop back have operation, office XX.X% hope to we pesos. levels the

drivers. we this have inflation. here adjusted by explanations different is Remember are, So the three

real The we important first have terms. in previous year, in an one, the devaluation

the this almost in was dollars result last generated agreements dollars or So all the so is our positive year, in was in and the terms that And that component real are devaluation first year. zero, a were of differences.

this or sold that is allocating drop. occupancy. little margin, comparison The quarter have increasing is are in use revenues slight the And we And more level offices, and because in the revenues to the the also that offices. between decrease the a we in second EBITDA a in segment, see now are a the formula also in shoppings The we revenues and that comparison, more the the between costs part last lower we we since offices. here offices we during generate of malls the and

this, And more a allocating are see last to of a the XX.X% to little We costs this we because this drop segment. year. between of XX% year

sales. when results sold Finally, the The see offices generated of On we that that of adjusted adjusted that of the we breakdown the the we the value. the is results. result every sales in eliminating fair we the recognize appreciation disclose effect EBITDA, have the and asset positive the sell Page the development million. But in we we EBITDA results EBITDA. adjusted time we ARSX Remember the our that are segment, financial that on here property, net XX,

bottom You the appreciation XX% in In see [jump] year, year, an the XX%. can Last real evolution the real we depreciation that from on the of in Argentina. terms FX terms to in almost this of the FX page, can appreciation see zero. is have the And the of you the or XX%. was

of is we million liquidity. In zero, same we we So $XXX net this for our when interest the sell results year Last better The as of a ARSXX and exchange cash, almost related loss the the results. two, the it’s that loss, foreign year, ARSX.X reason, to debt see million differences, have have we because we better line million. well. flat, mid-September. see investment almost in the our This is almost can

the it again is and a to line NAV our in value three, financial company. some in used of on valuation fair the XX, net our So year have valuing quarter, If recognized that our result the see We value, we And debt breakdown asset all move all of value We that. ratios the Page can we the assets, the have all to properties here cap official this value quarter, assets. same this the the financial our assets. exchange one the assets because of finally, of rate. to market and we also We see on market market we we most good our all ago. of of value at than

$XXX.X sales consider including totaled of here months an number -- we see is that The and adjusted only So exclude of billion. we $XX XX $X.X EBITDA, offices, If the rental adjusted last the our we NAV EBITDA, million. million.

we when ratios, that offices. we see the XX%. is Today, of include valuation So analyze remember that company can some the cap of the disposal rate the

during value If So enterprise X.X to recurrent schedule. we our to $XXX September. of XX, XX%. on basis, the this see Page million the quarter can lower. and price breakdown times, NAV, X.X major was to times we expired event The only EBITDA the cancellation of the note debt the debt that is is price the FFO The amortization in and move

that to also we is now also, X.X mention payment the $XX in show increase ratio end the fulfill dividend. So plan. significant our goes is debt times, When cash That of of debt-to-EBITDA the total of the in million. for we net This next will $XXX see the is before that will But equivalents exclude dividends ratio amount sold the it's of properties of I we times. after pay the important If a to after order to remain And and today the company company EBITDA, September, we this business that million. the nonrecurring with the considering EBITDA. amount page. net X.X the

is and that included increase liquidity in our also will page. So that this not

the dividend in only we see of see on recent to has Commercial the dividends. can that the Properties that historical years, average million the went been IRSA $XX XX, Page million. on over years, the evolution In here we years, around distribution paid Finally, of can our $XX past average

pesos. dividend it of we approved shareholders' year, this $X.X our million So in announced meeting a in

XX dollars. that November We the will on pay be payment will and in

use the receive shareholders will dollars, day into order directly dollars. rate our the million the all we divide payment. of in will before Banco the of ARSX.X exchange the Nacion to And So

we finish this, formal the with So presentation.

to invite analysts we investors questions. Now and ask

Instructions] Álvaro García [Operator from question The first BTG comes from Pactual.

portfolio Thank that done portfolio. liability one asset my Matias, next how I questions, in have could to this have should congrats you've income. was I'd operating post two development including for then question, office before is it’s I on guess, valuation specific number FX swap management disposals number answer. the of on terms help of $XX And maybe you. In my and second we of tough a some questions, I the is in of question the roughly million blue-chip into generated think you that, wondering IRSA asset and that my if guess recently. and is the I mind, and the forma today, first a year? pro might sales I two us rate say, for what the of But going of where terms consequences have forward? think And

EBITDA you will the very be I income we million. $XX Today, mean produced to already GLA, is the we we're segment office amount. of the recover similar $XX similar around not going will at majority part of have now leased same it the it the Because square and building regarding of the the take have today, very I sales the we producing. what would expect reduced had. that the I new see the the if because range is per first was building levels And by the question total of at at of offices meters.

we it's are what So very selling. similar of

So will we had the we we same before sell. to expect started recover I place to

Cresud, at level and But part at second of level for Properties. of thanks management not the the The the IRSA congratulations. Commercial the Alvaro, of one first, was liability the clarification, question, IRSA

remember the that quote I in -- regarding if the real Argentina blue-chip Regarding in always estate understood question dollars. was your swap,

to or fixed the currency the and is other bank to dollars. that basically transactions, properties ago. the in at real is transaction our fair we malls, are malls the that market we Remember we is no currency, little offices in quarter, our could valuation years a in have different. and the and every saw market, the financials. That we price transactions shopping address The that be using in since real -- was land last but value the the this like fair the then there real So is value. are value dollars pesos of The the in using currency six

we we DCF are of since comparables, The instance, than there what are DCF why the pesos, using using have we shopping the So doing instead offices. valued today, is offices, not in generate shopping using for are our model we model. although, blue-chip malls statement swap. below are And much this malls the financial more we

on terms we of conservative no at we address malls. But these in prices. sell believe properties we'll to our I So that we value is are sell or very there any other books, could methodology that. to decide don't the on

future. effects So going in Argentina the will much forward, the is how always the be the for question here

blue between official Now the big today gap the the unofficial have rate a and we exchange chip. or

are the to case the rate, serve Bank that force maturities companies far you Cresud although, March, exchange October official and know was refinance of regulation debt Central happened debt between that the of what So and to able last companies IRSA. in with at the

the the exchange official the and to payment Bank, the companies XX% that rate. So But of refinance case, in deferring the dollars XX%. asked far only this was is Central but the the effects remaining so sold

the on exchange at -- instance, the dollars rate. cancel official the all for we we we acquired paid September debt when the So

the So us don't at the will of And Argentina? the any -- I the day, if is answer. the in question future how has end company effects in will be is much the know effects how of affect regarding the the

question. we not $XX first million although not going get because we're year, we this it's the same mainly to on be six levels only believe building will mean, levels, whole for clarification same going open the the of to because the the is to the months. year, small Alvaro, I see

see we still that. But expect We no have and full rent free to occupation. have we

from Motta comes JPMorgan. Next question Marcelo from

is first malls regarding The reopening. one the shopping

year-over-year the we mean, at So at we when close were country XX% when malls on we were were XXX%. sales look course, I located tenant in They a look Buenos the saw almost Aires, the XX% maybe so down down of in And sales. they to malls the side, basis.

I understand the of that to of beginning of planning does Buenos the So normalized. situation second for charge rental the look malls more those on regarding that November. that I the the mean, the are mean, Central mean, expect six of the the you how months base on in in or it you Aires, level is so is mean one. recovered how the happen? linked think delinquencies. one sales also two level I when preliminary we once base I Thank guys it rents to on at call, you. first assets trying is has the to mentioned data sales will And Danny the mean, question collection. the I again the variables, or for variable been just the located the do I be guys be quarter, performance? rents next rent mean a and maybe ramp-up next to will sales

all, in of the differentiation shops that a per were mean, sales have the we amount the Because whole shopping. I open. everywhere very world, to in make big First sales allowed not else store of to as whole on the and remember the

food stores those the provinces For of in entertainment, Argentina. example, open and cinemas, not were even all to allowed beverage,

the over every in bigger all the than is So the shopping unit. effect center see when effect we

mentioned, the a lot Buenos to the of that days XX% reduction with yes, Aires you saw As But of a centers. fear first are City shopping to and very well XX% happened complicated. in we a trend similar go People the better than they of now that comparison Buenos in better, provinces patterns similar doing seeing the Aires saw beginning were in that much themselves. the and but are we in Aires provinces, we doing Buenos is to doing are the now to

by some high shopping we to be will ones that We losing people we hope the an vaccine of we that fiscal second really it's our and achieve. our only work appearance same the centers end all things the all that that incentives year. And somewhere have lose not on the but the So to of of back with all in inflation But tenants, occupancy question, able this -- the mainly tourism to XXXX. the of our the guess, And targets expectations fear our the in come to guess, I'm good sales. part of to are this just and incentives it's and have of a to we for are -- and pre tenants, of near those health of is Remember, have top COVID. concessions, based good nominal are percentage tenants terms, on collecting protect that. we levels up can keep June some seeing of educated to

year the a percentage yes, At mentioned, to and the we day, of because our going we're sales have some the collecting of case, that now the in sales all big that world in percentage it's do the our per month. do rent We're cases and finished it percentage collections. the end apply of of to we going as the grow be month, we collections be we related going buildings. on impact those from we they But decrease the now per the sales, per we to going concessions not it's June see differently, to to to minimum As of in expect in many we with see was billing our a the difference remember as have will sales yes, minimum growth. completely maturity percentages. we're waived sales that are that we're in all because the of part and but in that majority rent. that that collect in Remember the sales monthly, But we places of in and not cases, the

comes Rage from Lorena question Next [ph].

of to just Some related questions one were my asked. the

not or the malls… percentage on to you sales, shopping just the fixed be you're that, going rent Can the but you're just just So of percentage clarify in start charging a to clear, June?

the stores lockdown. still we of were I the cases, Lorena, mean during that in majority Remember yes. the working that have

cases, rent. -- lockdown, those do of tenants we the to the some we were many when seen charge collect. we difficult moment in And of our So first in had minimum have

did made we and we programs. So incentive plans

of And last made So three building. we more we than were the the analyze the you last the collections program. XXX% two, because to months, we go we two, four when collecting to below we collections billing were what if we were normality. months, three, And see start the the were first we back in month,

to and shoppings. we delinquency. X,XXX put been back normality we what plus have very and reduced doing was that. difficult tenants to trying achieve going we we our for the we It successful are were delinquency and the very, for to So future. And on into down we back very to tenants new see our now what normal explain tenants And we gaining fast. the are are starting also But to to

occupancy And you're how mostly drop charging not some do in anything. explain you if

Just people that to decided leave anyways?

close would to that in three the tenants that decided empty I the two saw and stores, Yes. you decisions. different two, can I and operations, they reduced completely fire Once wanted the that so that weeks, first people mean, some was trend. we everything day say the first, first the those see

second -- We more always shopping to mean, consumption, that affected reduction had trend in because to to I to are some was centers knew some the the they have The make weakest. survive reductions and that of close the going they're people decided stores.

they we why they Nevertheless, same made open, with decisions So we the we see in And also and stores couldn't those all our charging some know they to pattern. were they merchandise, that that's reduction survive. only that survive on occupancy. that to brands see had need make top merchandise and pay they the of they decision rent, they're -- to they to have that the that going common the the employees. have Remember decided and the charges, those sellers

decided So reduction they health, for make own size footprint. and in their some to

in is consumption, and Argentina. the the in the consumption you you the then But so drivers malls that -- as macro expect the situation in situation? for on you of the and the not impact on much vaccine Do about see COVID And one mentioned traffic mean, main drop high pickup you driver the I at hopes have macro other tourism. in the big what

I people nobody that But and terms that think today, effect. mean street. of Well, there's going -- lack the the on I the macro. I main to street. was there knows the the I not to lockdowns, don't -- COVID know in I want Argentina is of mean, in in today mean, It's what's money happen money

reducing So it's consumption mean, really many or But predict can we I I because by people difficult think to there incentives government. anything. more be done. people are and there is some driven consumption ready the see to very

we have have [Indiscernible] We [Indiscernible].

is another tourism depend is do. reality. on class reality. the and and to is going out government to country, Europe, not I And of And is leaving Uruguay. loss Argentina so Argentinian, will Nevertheless, Argentinian this People country a The go what fear going be another go -- Miami, mean, third fear typically is year, we the to out. reality. high rich restrictions there the many of the a -- also be that

Argentina. that we happen to cut Where? consumption. We some will but of consumption that expect So don't know,

the more target have for account maybe have without And that? fiscal the like reduce into this like Do target you for leverage. the just on that. you to of try X.X, a the end one a the leverage taking year, Do one-offs, leverage

debt, same $XXX our of evolution were it gross the We was the see always. you the million If in debt. almost

million. canceled This $XXX quarter, we

the part the So believe now of million. are is The worst now. seeing will I ratio our we structural a the debt and EBITDA consequence $XXX be that of crisis

six have operation. We are EBITDA, that showing EBITDA the of we a recurrent months closed in

drivers. future, end here different of see see the we at ratio. in I to like But an disappear two day, that will the evolution the on after or So improvement the

But LTV And the that on for the The the estate the extremely the I first is, is debt. to a one on of conservative the currency assets is you net company. other loan-to-value company, real that the is that that as the hand, leverage always, against XX.X% EBITDA. have so the debt believe

can't to are planning we the not ratio, on EBITDA because but I be that tell So depends will what the you increase the leverage.

a And will for use know, receive IRSA This it's one quick a on the IRSACP? since same if the IRSA, management. I from specific is Is dividend that the dividend. for I might, there more just but

to basically, between of million credit debt the now basically, $XXX around canceled property. and line intercompany cancel the It's loan. IRSA IRSA Lorena IRSA use commercial

won't intercompany IRSA receive do, loan. will we money, cancel we what new will the basically, So

The last Ferreyra Ignacio Difficulty]. question comes from [Technical

Ignacio. close to CEO, lost any Daniel need now Well, you we closing for turn I'm think to Eslztain, open you I your back the we our do Mr. if me call Thank I question. Q&A remarks. session, will to all. then Ignacio

are quarter the have uncertainty, building keep are had still XXXX. to we of first of Well, Santiago. you, basis Thank growing. closing We but we lot a the

improving our are We shopping centers.

of are We portfolio we and at the looking have newer lots opportunities country. offices and in better of

We to expect fear people grow. going to. to is get to vaccine the The as that is used decrease going and consumer COVID

for good expect keep call. to we So producing in Thank this participating results. you everyone

of clarification. Our questions team is to IR available everyone. further always and for Goodbye