The company announces today its results for Fiscal Year 2024.
The adjusted rental EBITDA reached ARS 171,772 million during fiscal year 2024, 8.8% higher than in 2023, driven by the Shopping Centers and Hotels segments. The net result for fiscal year 2024 showed a loss of ARS 23,054 million, mainly due to the negative result from changes in the fair value of investment properties. The actual sales of tenants in Shopping Centers decreased by 4.5% in fiscal year 2024 compared to 2023, resulting from growth in the first half of the year and a retraction in economic activity in the second half. Occupancy remained high at 97.4%.
During the fiscal year, we sold 3 floors of the “261 Della Paolera” building, the Suipacha 652/64 building, our 50% stake in Quality Invest S.A., the owner of the San Martín property, and exchanged the Ezpeleta property in the Quilmes area, Buenos Aires province. Additionally, we signed a cost-based trust agreement for the residential development of the “Del Plata” building, located in the heart of Buenos Aires’ downtown area. After the closing, we acquired a property adjacent to Alto Avellaneda, with a built area of 32,660 m2 and future expansion potential, and launched an ambitious plan to develop residential projects in Argentina, including the Ramblas del Plata project in Puerto Madero Sur, formerly known as Costa Urbana. We distributed dividends on two occasions during the fiscal year, totaling ARS 119,000 million, and repurchased shares until today, representing approximately 4.0% of the share capital, investing ARS 29,674 million.
