IRSA Inversiones y Representaciones Sociedad Anónima (NYSE:IRS) Q3 2023 Earnings Conference Call May 9, 2023 10:00 AM ET
Company Participants
Matias Ivan Gaivironsky - CFO & Administrative Officer
Santiago Donato - IR Officer
Jorge Cruces - CIO
Conference Call Participants
Santiago Donato
I will give a word to Matias Ivan Gaivironsky, CFO.
Matias Ivan Gaivironsky
Good morning, everybody. We finished our third quarter of 2023. We are very happy with the results. We can see a strong financial and operational performance. We saw during the quarter an increase in the occupancy of our shopping centers and also a tenant sales improvement. Our office portfolio, the premium part of the office portfolio has 100% occupancy. We reached 100% in the Della Paolera building during the quarter. Also our hotels has a strong EBITDA now and higher occupancy than the previous quarters.
During the quarter, we saw also disposals of our building in 200 Della Paolera, we sold 7 floors at very good prices. And also during the quarter, we reevaluated the remaining surface in this building because the prices that we have been selling were higher than the book value on the last quarter.
Also during the quarter, there was an important event regarding our leverage. We finished the process of the deleverage and the cancellation of all the remaining debt on the previous bonds that we have been dealing with the Central Bank regulation, we canceled the 2 ones, and we issue a new one --2 new ones to obtain the proceeds to cancel. So we are happy with that.
And also at the end of last week, we paid a dividend that was approved by our shareholders' meeting in April. There was an important dividend, a dividend yield of 13% at the moment that we approved the dividend.
So we will go through the presentation. Now I introduce Santiago Donato, our IRO, to continue the presentation.
Santiago Donato
Thank you, Matias. Well, here in this page, we can see the same shopping sales in real terms. We keep growing in the third quarter of fiscal year 2023, about almost 10% above the same quarter of fiscal year 2022. And when we compare to the pre-pandemic levels to the third quarter of 2019, we are up 33%. So it's -- this shows really good performance of our tenant sales in malls and in our revenues as well and is explained by more visitors in the malls, the higher apparel inflation and the strong recovery of entertainment and food courts in our malls.