Alto Palermo S.A. (APSA)

Total rent………………………………………. 4,769.9 10,782.9 14,075.2
Revenues from admission rights (2)………….. 362.4 502.6 596.6
Management fees……………………………… 240.0 360.0 420.0
Other…………………………………………... 124.7 177.9 372.3
Total…………………………………………... 5,497.0 11,823.4 15,464.5
(1) Percentage rent is the revenue proportional to sales of our tenants. See Principal Terms of our Leases on page 63.
(2) Admission rights are the revenues required to tenants for entering into a lease agreement or a lease agreement renewal.
Lease expirations for Alto Rosario
The following table shows a schedule of estimated lease expirations for Alto Rosario during the periods
indicated for existing leases as of June 30, 2007, assuming that none of the tenants exercise renewal options nor
terminate their leases early:
Lease Agreements Expiration
Number of Lease
Agreements to
Expire (1)
Square Meters
of Leases to
Expire
60
Square Meter
Percentage of
Leases to Expire
Amount of
Lease
Agreements to
Expire
Percentage of
Lease
Agreements to
Expire
(m2) (%) (Ps ) (%)
2007…………………………….. 107 13,810 46 7,606,288 59
2008………………………………. 31 4,980 16 3,624,803 28
2009…………………………….. 5 2,177 7 1,236,328 10
2010 and subsequent years……... 3 9,295 31 495,025 3
Total……………………………. 146 30,262 100 12,962,444 100
(1) Includes the vacant stores as of June 30, 2007. A lease may be associated to one or more stores.
Córdoba Shopping Villa Cabrera
On July 7, 2006, we executed a share purchase agreement jointly with our subsidiary Shopping Alto
Palermo S.A. for the acquisition of all the shares held by Empalme S.A.I.C.F.A. y G., owner of Córdoba
Shopping Villa Cabrera. The price agreed upon for such transaction was set at a gross amount of US$12.0
million plus a variable amount (originally established in the contract), that was determined at Ps.4 million. The
Company’s incorporation was effective on December 31, 2006. To date, our company and our subsidiary
Shopping Alto Palermo S.A. paid over US$6.0 million and the amount related to the “year-end adjustment”. As
of June 30, 2007, three US$2.0 million installments are pending payment; such installments will become due
and payable semi-annually as from December 2007, accruing interest at 6.0% p.a. To secure the unpaid
payment price, we have pledged in favor of the sellers 100% of our equity interests in Empalme. Upon repaying
each of the remaining installments, the encumbrance will be partially lifted.
Córdoba Shopping Villa Cabrera is a shopping center covering 35,000 square meters of surface area,
including 106 commercial stores, 12 cinemas and parking lot for 1,500 vehicles, located in Villa Cabrera, City
of Córdoba. This investment represents for us a growing opportunity in the commercial centers segment in line
with the expansion strategy and presence in the principal markets inside the country.
We have not included any comparative tables (as the ones for the rest of our shopping centers) since we
concluded this acquisition and started the administration and operations in December 2006.