2. Company Overview
The largest commercial property company in the country, with a portfolio of approximately
R$13.8 billion in market value and over 2 million sqm of GLA
Company Profile
2
Diversified portfolio, comprised of 123 properties,
with 2.2 million sqm of gross leasable area (GLA)
and estimated market value of R$13.8 billion
Diversified tenant base, composed of high credit-
quality national and multinational companies
Present in 14 Brazilian states
13 greenfield projects, with approximately 322
thousand sqm of GLA
Fully integrated and experienced in-house teams:
acquisitions, financing, legal, property management
and engineering
Value creation management strategy through re-
tenanting, market realignments, retrofit, and
improvements to technical installations
Market recognition: proven ability to source deals
and execute complex transactions
Wholly owned property management subsidiary –
BRPR A
Segments of Activity
OfficeIndustrialRetail
C&A Portfolio
Ventura
DP Louveira
JK Complex - Tower D&E CES
VW Vinhedo
Tok & Stok Portfolio
3. Properties Average Shopping Malls Average
69%
14%
30%
Properties Average Shopping Malls Average
96%
28%
23%
Properties Average Shopping Malls Average
57%
27% 27%
Properties Average Shopping Malls Average
32%
-4%
14%
Highest Growth in Sector…
Impressive growth rate, much higher than the average of its comparables…
GLA CAGR 2008 - 2011 Net Revenues CAGR 2008 - 2011
FFO CAGR 2008 - 2011 EBITDA CAGR 2008 – 2011
3
Source: Companies
Notes:
1 Malls Average: Considering BR Malls, Multiplan, and Iguatemi
2 Properties Average: Considering São Carlos and CCP
4. Ibovespa MSCIBrasil
41%
-2%
4%
Ibovespa MSCIBrasil
10%
-15%
-21%
BR Properties’ stock has outperformed the most relevant indices over the last years, given its
more defensive profile in an uncertain economic outlook
4
Value Creation Since IPO
Source: Bloomberg
Stock Performance
2010
Stock Performance
2011
Stock Performance
2012
Ibovespa MSCIBrasil
38%
7%
-4%
5. CCP São Carlos
8.211
2.070
2.592
Largest and Most Efficient Company…
BR Properties has the highest EBITDA margin among all players in the properties and malls
sectors
5
Source: Companies
Notes:
1 Properties Average (9M12): BR Malls, Multiplan, and Iguatemi
2 Malls Average (9M12): São Carlos and CCP
4.0x 3.2x
Source: Bloomberg (01/09/2013)
2012 EBITDA Margin
BRPR vs Competitors
(Market Cap – R$ mm)
Properties
Average
Shopping Malls
Average
90%
87%
69%
6. Great Potential for Market Consolidation
6
The Company has a proven track record as the consolidator of the highly fragmented Brazilian
commercial properties market
Addressable Market1: 36.3 mm m2
BRProperties
10 Organized
Companies
58%
Organized
Companies
12%
Non-Organized
Market
88%
42%
Fragmented Industry¹ (in terms of GLA - m2)
1 Including existing properties only
Acquisition Pipeline (R$ million)
Office Industrial Total
1.867
920
2.787
7. Portfolio: Strategic Positioning
7
Irreplicable portfolio, present in 14 states, and mainly concentrated in the best and
most liquid regions of the country
— Office: 44
— Warehouse: 36
— Developments: 13
— Retail: 30
Number of Properties : 123
Total Properties GLA: 2,222,637 sqm
— Office: 597,387 sqm
— Warehouse: 1,189,693 sqm
— Developments: 321,503 sqm
— Retail: 114,054 sqm
Portfolio Breakdown – Market Value Existing Properties/Development (% Market Value)
Office
Warehouse
BRPR
Retail
Portfolio Breakdown – Footprint
67%
21%
12%
São Paulo Rio de Janeiro Others
% GLA
49%
21%
25%
5%
Office AAA Office Industrial Retail
90%
10%
Existing Properties Developments
8. 8
Most Defensive and Resilient Business…
Vacancy Rate
Despite having experienced several cycles throughout the years, the Company’s delinquency and
vacancy rate have been consistently low
Delinquency Rate
1Q12 2Q12 3Q12 4Q12
1,0%
1,9%
3,2%
2,6%
1,1%
1,3%
4,5%
4,0%Physical
Financial
0,9%
0,0% 0,0% 0,3%
1,1%
0,1%
0,3%
0,0%
0,5%
0,0% 0,0% 0,0%
1,1%
0,2%
0,0% 0,2%
0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
9. Oil & Gas Other Consumer
Goods
Financial
Services
Telecom Logistics Industrial Tech
23%
20% 19%
14%
10%
7% 6%
1%
9
Tenant base entails some of the most recognized companies in the country, spanning wide
industry diversification
Tenants Composition by Sector
High Credit-Quality Tenants
Main
Tenants
10. Average office lease term: 5-10 years
Average warehouse lease term: 5-10 years
Expiration Schedule
(% revenues)
Market Alignment Schedule
(% revenues)
Inflation Adjustment Indices
Lease Contract Characteristics
Lease contracts in place allow for stable, predictable cash flows, while creating a very low
vacancy risk scenario and considerable upside potential in revenues
10
Annual Inflation Adjustments
— 100% of lease contracts are indexed to inflation
Triple Net Contracts
— Tenant is responsible for all operating property costs
— Costs include: taxes, insurance, and maintenance
expenses
Next 2 Years
— 52% market alignment
— 16% expiration
Bank Guarantees on Leases
— Standard practice in Brazil
— Protects against delinquencies from smaller tenants
Tenant Delinquency
̶ Delinquency exceeding 30 days, lessor has right to
break the contract and remove the tenant
Main Characteristics
88%
8%
4%
IGP-M
IPCA
Other
2012 2013 2014 >2015
1%
6%
9%
84%
2012 2013 2014 >2015
7%
20%
25%
48%
11. Initial 4Q12Initial 12 months later
Initial 45 days later
Ventura East (Acquired in Apr/2012)
11
Adding Value: Performance Improvement
Outstanding management leads to very fast operating improvements and impressive increases in
the short and mid term
RB 115 (Delivered in Dec/2010)
C&A Portfolio (Acquired in Dec/2010)
TNU (Acquired in Mar/2010)
Cap Rate
+310bps
8,5%
11,6%
Cap Rate
+280 bps
12,3%
15,1%
Cap Rate
+260 bps
10,5%
13,1%
Cap Rate
+180 bps
10,6%
12,4%
Initial 3 months later
12. Adding Value: Impressive Real Gains on Rental Prices
12
Leasing Spreads – New Leases
Company has built a successful track record on increasing spreads in both contract renegotiation
and new leases
Leasing Spreads – Lease Renewals and Market Alignments
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
21%
24% 24%
34%
36%
16%
21%
35%
23%
13%
16%
24%
16% 17%
Office Industrial Retail
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
15% 14%
12%
39%
34%
15%
27%
8%
11%
28%
34%
46%
10%
Office Industrial Retail
2010 2011 2012
72.492 74.642
191.255
New Areas Leased (sqm)
13. Adding Value: Portfolio Recycling
13
BR Properties maintains a constant portfolio recycling by selling properties that have reached
their maturity and full potential for value creation
Exit Cap RatesSold Properties (R$ million)
Average
2009
Average
2010
Average
2011
Average
2012
11,4%
8,6%
9,2%
8,4%
2009 2010 2011 2012 Total
90
353
37
89
137
14. Selective Developments
14
13 development projects, which once finalized, will correspond to 322 thousand sqm of GLA
Ed.CidadeJardim
Type: Office AAA
Location: São Paulo / SP
Delivery Date: 1Q13
Owned GLA: 6,792 sqm
Stake: 50%
Ongoing Projects
Type: Office AAA
Location: São Paulo / SP
Delivery Date: 1Q13
Owned GLA: 14,868 sqm
Stake: 75%
WTNU–TowerIII
Type: Office A
Location: São Paulo / SP
Delivery Date: 1Q13 – Phase 1 (5,185 sqm)
Owned GLA: 14,502 sqm (3 towers)
Stake: 50%
PanaméricaGreenPark
CES:Retail
Type: Retail
Location: Rio de Janeiro / RJ
Data de Entrega: 1Q13
Owned GLA: 2,881 sqm
Stake: 100%
GaiaTerra
Type: Warehouse
Location: Jarinú / SP
Delivery Date: 2Q13 – Phase 1 (23,017 sqm)
Owned GLA: 51,791 sqm (3 Warehouses)
Stake: 67%
Type: Warehouse
Location: Louveira / SP
Delivery Date: 3Q13
Owned GLA: 30,122 sqm
Stake: 100%
DPLouveira7
15. 15
Type: Warehouse
Location: São José dos Campos / SP
Delivery Date: n/a
Owned GLA: 125,000 sqm
Stake: 100%
TechParkSJC
Ongoing Projects
Selective Developments
JKComplex–TowerB
Type: Office A
Location: São Paulo / SP
Delivery Date: 2Q14
Owned GLA: 2.019 sqm
Stake: 50%
Ed.SouzaAranha
Type: Office AAA
Location: São Paulo / SP
Data de Entrega: 2Q14
Owned GLA: 29,539 sqm
Stake: 100%
CESIIBayview
Landbank / Office
Rio de Janeiro/ RJ
22,000 sqm
Downtown
Landbank / Office
Rio de Janeiro/ RJ
21,989 sqm
Downtown
16. 2009 2010 2011 2012
42,4
72,0
124,9
154,2
2009 2010 2011 2012
91,1
178,4
312,1
568,8
2009 2010 2011 2012
112,7
204,5
343,5
630,8
16
Net Revenues
(R$ mm)
Adjusted EBITDA and Margin
(R$ mm and %)
Adjusted FFO and Margin
(R$ mm and %)
460%
Financial Highlights: P & L
524%
81%
87% 91% 90%
264%
37% 34% 36% 24%
19. 19
Dividend
2010 2011 2012
R$ 0,108
R$ 0,193
R$ 0,513
79%
166%
Dividend distribution in the amount of R$160.0 million, related to the fiscal year ended on December
31st, 2012.
2010 2011 2012
0,6%
1,0%
2,0%
75%
93%
* Considering BRPR3’s closing price in 12/28/2012 – R$25.50
Dividend per Share Dividend Yield *
20. 20
Appendix – Real Estate Market
New Supply (sqm) Total Absorption (sqm)
Average Rental Price/sqm (R$/month) Vacancy Rate (%)
100.000
200.000
300.000
400.000
500.000
600.000
700.000
800.000
2007 2008 2009 2010 2011 2012
São Paulo Rio de Janeiro
50
70
90
110
130
150
170
190
2007 2008 2009 2010 2011 2012
São Paulo Rio de Janeiro
1,0%
3,0%
5,0%
7,0%
9,0%
11,0%
13,0%
15,0%
2007 2008 2009 2010 2011 2012
São Paulo Rio de Janeiro
*Excluding Alphaville and Barra da Tijuca regions
-
50.000
100.000
150.000
200.000
250.000
300.000
350.000
400.000
450.000
500.000
2007 2008 2009 2010 2011 2012
São Paulo Rio de Janeiro
Source: CBRE
21. 21
Appendix – Real Estate Market
Marginal
Jardins
Paulista
Downtown
Alphaville
Source: BRPR
93,550 sqm
New FariaLima/JK
2013: 71,233 sqm
2014: 0 sqm
JK Towers – 34,583 sqm - BRPR
Cid. Jardim – 3,871 sqm - BRPR
VilaOlímpia/Bandeirantes
2013: 51,841 sqm
2014: 40,022 sqm
Marginal (New Berrini)
2013: 77,424 sqm
2014: 193,831sqm
VilaOlímpia/JK
2013: 32,000 sqm
2014: 90,668 sqm
Note: In the areas of new supply described above are included only those which will be effectively vacant upon delivery. Therefore, the numbers above
exclude pre-leased areas and new supply owned by BR Properties such as Cidade Jardim,the JK Towers, and Panamérica Green Park (PGP).
PGP – 9,392 sqm - BRPR
Marginal
22. Contact
Investor Relations
22
Pedro Daltro
CFO and Investor Relations Officer
Marcos Haertel
Investor Relations Manager
Gabriel Barcelos
Investor Relations Analyst
Phone: (55 11) 3201-1000
Email: ri@brpr.com.br
www.brpr.com.br
