0000000000-18-035877.txt : 20190920 0000000000-18-035877.hdr.sgml : 20190920 20181120143209 ACCESSION NUMBER: 0000000000-18-035877 CONFORMED SUBMISSION TYPE: UPLOAD PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20181120 FILED FOR: COMPANY DATA: COMPANY CONFORMED NAME: IRSA PROPIEDADES COMERCIALES S.A. CENTRAL INDEX KEY: 0001128173 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF NONRESIDENTIAL BUILDINGS [6512] IRS NUMBER: 000000000 STATE OF INCORPORATION: C1 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: UPLOAD BUSINESS ADDRESS: STREET 1: BOLIVAR 108 CITY: BUENOS AIRES STATE: C1 ZIP: C1066AAB BUSINESS PHONE: 00541143237400 MAIL ADDRESS: STREET 1: BOLIVAR 108 CITY: BUENOS AIRES STATE: C1 ZIP: C1066AAB FORMER COMPANY: FORMER CONFORMED NAME: ALTO PALERMO SA APSA DATE OF NAME CHANGE: 20001113 PUBLIC REFERENCE ACCESSION NUMBER: 0001654954-17-009282 LETTER 1 filename1.pdf begin 644 filename1 M)5!$1BTQ+C4-)>+CS],-"C@Y(# @;V)J#3P\+TQI;F5A%LX.2 R M-%TO26YF;R X." 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Gaivironsky Chief Financial Officer IRSA Propriedades Comerciales S.A. Moreno 877 22nd Floor Buenos Aires, Argentina Re: IRSA Propriedades Comerciales S.A. Form 20-F for the fiscal year ended June 30, 2017 Filed October 10, 2017 Response Dated October 19, 2018 File No. 000-30982 Dear Mr. Gaivironsky: We have reviewed your October 19, 2018 response to our comment letter and have the following comments. In some of our comments, we may ask you to provide us with information so we may better understand your disclosure. Please respond to these comments within ten business days by providing the requested information or advise us as soon as possible when you will respond. If you do not believe our comments apply to your facts and circumstances, please tell us why in your response. After reviewing your response to these comments, we may have additional comments. Unless we note otherwise, our references to prior comments are to comments in our September 21, 2018 letter. Form 20-F for the fiscal year ended June 30, 2017 Item 5. Operating and Financial Review and Prospects A. Operating Results Results of operations for the fiscal years ended June 30, 2017 and 2016 Changes in fair value of investment property, page 122 1. We understand that rents from your shopping mall leases are indexed to tenant revenues, that you expect tenant revenue growth to be correlated to Argentine inflation, and that Matias I. Gaivironsky IRSA Propriedades Comerciales S.A. November 20, 2018 Page 2 you attribute the appreciation in shopping mall fair values relative to office fair values to those expectations. Please quantify the effect of indexed rents on your shopping mall fair value measurements. Please explain how the increase in nominal cash flows due to indexed rents is, or is not, offset by the use of a nominal discount rate. 2. We understand that you do not determine the discount rate implied by the fair value of your office properties for which fair value is measured using comparable transactions. IFRS 13 requires maximization of relevant observable inputs; please explain why the discount rate for office properties is not relevant for measuring the fair value of other commercial investment properties, such as shopping malls. 3. We understand that you consider your weighted-average cost of capital (WACC) when discounting future cash flows to measure the fair value of your shopping malls. Please explain: why your WACC is consistent with market participant assumptions; and How your WACC is adjusted for different risks associated with each investment property. 4. If the discount rate for office properties is not relevant to the fair value measurement of shopping mall properties, please explain why it is appropriate to use your enterprise WACC to discount the future cash flows of your shopping mall properties. That is, since you hold both shopping mall properties and office properties, if you believe that shopping mall discount rates are not relevant to shopping malls, explain why your WACC would be appropriate for shopping malls. 5. We understand that you use forward USD/ARS forward rates implied by the onshore futures market for one year to measure the fair value of your shopping malls, and then revert to long-term relative inflation rates in the two currencies. Please explain how you consider other observable sources for forward foreign exchange rates. For example, we observe that certain financial data aggregators publish estimated non-deliverable forward foreign exchange rates for periods up to five years at certain valuation dates. You may contact Eric McPhee at (202) 551-3693 or me at (202) 551-3438 with any questions. Sincerely, /s/ Robert F. Telewicz, Jr. Robert F. Telewicz, Jr. Branch Chief Office of Real Estate and Commodities