The stock edged up slightly by 0.3% following Q3 results that showed resilient rental income despite softer tenant sales and consumption trends; no clear catalyst emerged to drive a stronger market response.
- Shopping mall GLA increased to 373,000 square meters with occupancy near 98%, but tenant sales declined by 10% in real terms this quarter.
- Shopping mall revenues and adjusted EBITDA grew modestly by approximately 2.5% and 2.2% respectively, largely supported by fixed rental components making up 87% of revenues.
- Office portfolio maintained 100% occupancy with a slight rise in rents and EBITDA; expansion underway with Mercado Libre leasing the majority of the new Zetta building space.
- Hotel segment showed improvement with Buenos Aires occupancy reaching 74%, aided by tourism and corporate events; some negative impact at Llao Llao Resort due to renovation-related room closures.
- Significant ongoing development projects include Zetta building expansion and Ramblas del Plata, with recent land swaps totaling $11.3 million contributing to the pipeline.
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