Cash-flow Conversion InconsistencyOperating cash flows are weak relative to reported earnings and free cash flow has been uneven, which undermines confidence in recurring cash generation. This limits sustainable dividend coverage and increases reliance on financing or asset rotations to fund capex and debt service.
Currency/inflation Valuation VolatilityLarge ARS inflation and FX moves produce translation and fair‑value volatility in property valuations and reported results. This impairs comparability across periods, complicates capital allocation, and can mask underlying operational performance for creditors and investors.
Planned Increase In Net Debt For DevelopmentsManagement signals higher leverage to fund projects (Polo DOT, Ramblas, refurbishments). While currently conservative metrics exist, a deliberate rise in net debt will pressure interest costs and liquidity, raising refinancing and interest‑rate sensitivity over the medium term.