Results are showing promising signs, the upward trend continues and we were able to move from a Ps. Furthermore, on August 15, we were informed that Table of Contents Other income expense , net. Lease expirations for Paseo Alcorta. Revenues from admission rights. Table of Contents Tenant mix of Paseo Alcorta. Such prolonged proceedings could have a negative impact on the enforcement of our lease agreements. Includes the vacant stores as of June 30,

While current Argentine government policy discourages Argentine government regulation of lease agreements, there can be no assurance that additional regulations will not be imposed in the future by the Congress, including regulations similar to those previously in place. Nevertheless, our strategies may prove ineffective to address the effects of interest rate or foreign currency exchange movements on our financial condition. Principal Terms of our Leases. Furthermore, during the current year there was a recovery of Ps. During the fiscal year ended June 30, , income from our largest tenant was approximately 2. Proceeds from this issuance were used to repay an outstanding syndicated loan and other short-term financial debt. This law also states that, in the event that construction is not completed, all amounts already deposited must be repaid to the purchasers.

GDP contracted by 0.

Through our majority-owned subsidiary Tarshop Hojts. This information should be read in conjunction with and is qualified in its entirety by reference to our consolidated financial statements and the discussion in Operating and Financial Review and Prospects included elsewhere in this annual report.

Dollars and, lately, by buying U. It establishes that the concession may be terminated for any of the following reasons, among others: Lease Expiration as of June 30. Includes the vacant stores as of June 30, Assets reviewed to impairment related to those two segments represent approximately However, due to the low level of inflation rates during the period from March to Septembersuch a departure has not had a material effect on our consolidated financial statements.

Sums may not total due to rounding. The Argentine government is currently insolvent and is limited in its ability to obtain financing in the future, which may restrict its ability to implement reforms and restore economic growth.


Financial institutions were given until June 22,to accept the rescheduled mortage debts. This law established a fixed exchange rate, under which the Argentine Central Bank was obliged to sell U. We use the information generated from the computer monitoring system for auditing the Percentage Rent to be charged to each tenant and use the statistics regarding total sales, average sales, peak sale hours, etc.

As of June 30,Mendoza Plaza had an occupancy rate of approximately Visit billboard, look trailers and schedules of your favorite films, learn about upcoming releases, and how to get your favorite cinemas complex.

Since our shopping center leases generally differ from ordinary commercial leases, we have created model provisions that hojts the relationship with our shopping center tenants. The Argentine government initially established a dual exchange rate of Ps.

Administrative expenses from credit card operationsdecreased Sales and development properties included in Others segment. This appreciation has had a favorable impact on our Dollar denominated debt and on the value of the interest rate of the swap agreement signed with Morgan Guaranty Trust.

Dollars at the exchange generak applicable on April 1, This increase was mainly due to: Any modifications and additions to the rental cinea must be pre-approved by us. Fiscal Year 4. However, our largest tenants generally negotiate better terms for their respective leases. Effect of inflation accounting. Table of Contents Operating income measured in terms of total sales increased from 5.

Include the base rent and does not reflect our ownership interest in each property. In Julywe acquired Paseo Alcorta.

Our properties include shopping centers and land reserves for the construction of shopping centers or apartment buildings. This segment also includes the operating results of Alto Research and Development S.

Given the strength of this business unit and the future prospects for growth, we were able to place two issues under our Securitization Program for a total aggregate principal amount of Ps. Marketing of the portal, loyalty activities and new customers.


We cannot assure you that such negotiations will be successful in any particular case. Therefore, during that period inflation did not significantly affect our financial condition and results of operations. We have not yet obtained the authorization from the Government of the City of Buenos Aires to develop the center on this land and cannot at this stage guarantee that such authorization will be granted.

We have a standard lease agreement, the terms and conditions of which are described below, which we use for most tenants. Asian dramas in Spanish online. Table of Contents Internet Ventures. Table of Contents There can be no assurance that additional regulations will not be imposed in the future.

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Eviction proceedings in Argentina are difficult and time consuming. Credit card trust funds did not change from the previous year, having reported a loss of Ps. Alto Avellaneda Shopping 7. Mendoza Plaza has a multiplex cinema covering oetse area of approximately 3, square meters with ten screens, the Chilean department store Falabella, a food pdecios with 16 restaurants, an entertainment center and a supermarket which is also a tenant.

Revenues from leases and services by Geographical Area.

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El Portal de Osete 5. El Portal de la Patagonia 5. The cost of credit card operations increased by Operating loss from others segment measured in terms of sales from others segment increased from