Alto Palermo S.A. (APSA)
Alto Palermo S.A. (APSA)
Alto Palermo S.A. (APSA)
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Property Location Encumbrance<br />
<strong>Alto</strong> <strong>Palermo</strong>............................................................ City of Buenos Aires, Argentina —<br />
Abasto...................................................................... City of Buenos Aires, Argentina —<br />
<strong>Alto</strong> Avellaneda....................................................... City of Avellaneda, Argentina —<br />
Paseo Alcorta........................................................... City of Buenos Aires, Argentina —<br />
Patio Bullrich........................................................... City of Buenos Aires, Argentina —<br />
<strong>Alto</strong> Noa .................................................................. City of Salta, Argentina —<br />
Buenos Aires Design............................................... City of Buenos Aires, Argentina —<br />
<strong>Alto</strong> Rosario ............................................................ City of Rosario, Argentina —<br />
Mendoza Plaza ........................................................ City of Mendoza, Argentina —<br />
Caballito project (1) ................................................... City of Buenos Aires, Argentina —<br />
Neuquén project (2) .................................................... City of Neuquén, Argentina Mortgage<br />
Córdoba Shopping Villa Cabrera (3) ......................... City of Córdoba, Argentina Mortgage (5)<br />
Patio Olmos Building (6) ........................................... City of Córdoba, Argentina —<br />
Panamerican Mall SA.............................................. City of Buenos Aires, Argentina —<br />
Espacio Aéreo Coto................................................. City of Buenos Aires, Argentina —<br />
Torres de Abasto ..................................................... City of Buenos Aires, Argentina —<br />
Other properties (4) .................................................... City of Buenos Aires, Argentina —<br />
(1) We have a parcel of land with a surface area of 25,539 square meters in the “Caballito” neighborhood, one of the most highly<br />
populated areas in the City of Buenos Aires. This land could be used to build a 30,000 square meter shopping center<br />
including a hypermarket. We have not yet obtained the authorization from the government of the City of Buenos Aires to<br />
develop the center on this land and cannot at this stage guarantee that such authorization will be granted. As of July 5, 2006,<br />
the Federal Administration of Public Revenues (“AFIP”) filed a preliminary injunction with the Federal Court for<br />
Administrative Proceedings for an aggregate amount of Ps.3,689,485.5, plus an added amount, provisionally estimated, of<br />
Ps.900,000 in order to respond to legal costs and interests. The main dispute is about the amount due for the admission rights<br />
of the income tax. In the first instance, AFIP pleaded for a general restraining order. As of June 30, 2007, under court<br />
proceedings, this building is subject to a legal attachment.<br />
(2) As of June 30, 2007, includes Ps. 105,754 from a mortgage on the land purchased by Shopping Neuquén S.A. for Ps<br />
3,313,620 within the short-term debt. As of December 17, 2007, such mortgage has been fully cancelled, but the mortgage<br />
cancellation deed has not been suscribed.<br />
(3) We own a 100% interest in Empalme S.A.I.C.F.A. y G. Currently our shares of Emplame S.A.I.C.F.A. y G are pledged.<br />
(4) Includes properties nearby <strong>Alto</strong> <strong>Palermo</strong> and Patio Bullrich, and other properties located in the City of Buenos Aires.<br />
(5) Right over real property granted by a debtor to a creditor whereby the creditor is authorized to receive the income from such<br />
property to cancel interest and/or principal under our existing debt.<br />
(6) Acquired on September 25, 2007.<br />
We do not currently lease any material properties other than our headquarters.<br />
A detailed description of each of our different properties and plans to expand, build or develop have been<br />
previously disclosed in this document under “Business—Overview”, including information about size, use and<br />
location of the properties and estimations of cost and methods of financing the planned expansions and<br />
developments.<br />
ITEM 4A. Unresolved staff comments<br />
This item is not applicable<br />
ITEM 5. Operating and Financial Review and Prospects<br />
A. Operating Results<br />
84
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