Call 4Q11

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Call 4Q11

  1. 1. 4Q11 Earnings
  2. 2. Net RevenuesIn 4Q11, Net Revenues totaled R$263.6 million, a 41.8% increase over 4Q10 Gross Revenues Breakdown 4Q11 Net Revenues Growth (R$ thousand) 861,475 1.0% 57.7% 0.3% 53.0% 3.7% 74.0% 41.8% 546,437 6.5% 263,642 14.5% 185,941 8.6% 12.4% Rent Base Rent 4Q10 4Q11 2010 2011 Parking Overage Rent Services Mall & Merchandising Key Money Others Transfer Fee 2
  3. 3. NOINOI reached R$241.7 million in the quarter, a 46.0% increase over 4Q10. Same Mall NOI Growth (R$ thousand) NOI Growth (R$ thousand) 23.2% 562,133 59.0% 772,572 24.3% 456,170 46.0% 485,821 241,728 186,914 150,367 165,544 4Q10 4Q11 2010 2011 4Q10 4Q11 2010 2011 3
  4. 4. EBITDA and FFOWe ended the quarter with an adjusted EBITDA of R$208.3 million, a 50.7% increase. Adjusted FFO Growth (R$ thousand) Adjusted EBITDA Growth (R$ thousand) 16.1% 330,981 285,043 58.8% 684,813 431,157 31.0% 50.7% 208,258 93,068 138,198 71,027 4Q10 4Q11 2010 2011 4Q10 4Q11 2010 2011 4
  5. 5. Net IncomeExcluding the negative impact of investment properties, exchange variation and the non-casheffects, net income totaled R$90.6 million, up 56.2% on 4Q10. Adjusted Net Income Growth (R$ thousand) 17.1% 308,890 263,707 56.2% 90,618 57,998 4Q10 4Q11 2010 2011 5
  6. 6. Rent and Sales PerformanceRecord SSR of 15.2%, while SSS went up 8.8% in the quarter, showing a healthy performance ofour tenants. SSR (%) 15.2% 13.4% 14.2% 14.3% 12.3% 12.0% 9.9% 10.1% 10.1% 9.7% 8.8% 8.6% 8.0% 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 SSS (%) 16.2% 16.6% 13.2% 11.0% 11.8% 8.8% 10.0% 8.8% 8.7% 8.3% 6.4% 5.1% 3.5% 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 6
  7. 7. Operating HighlightsRenewals Leasing Spread reached 27.3%, achieving a number above 27% for the fifthconsecutive quarter. Renewals Leasing Spread (%) 29.8% 27.7% 28.1% 27.4% 27.3% 22.3% 22.5% 18.3% 14.7% 8.1% 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 7
  8. 8. Acquisition With the acquisition of Shopping Jardim Sul and Mooca Plaza Shopping´s opening, BRMALLS will become the largest mall company in the state of São PauloTRANSACTION OVERVIEW INVESTMENT The price paid for the mall was R$460 million BRMALLS 100% SHARE R$37.9 million of NOI to BRMALLS in 2012 NOI Stabilized NOI of R$50.1 million. 8.2% in 2012 CAP RATE 10.9% stabilized Shopping Jardim Sul: RETURN The IRR of the acquisition was 11.5%, real and unleveraged. • Location: Morumbi – São Paulo BRMALLS intends to distribute shares of the real estate • GLA (m²): 30,800 REAL ESTATE investment fund to retail investors in the near future raising, • Number of Stores: 190 FUND through the service revenues resulting from this transaction, • Parking Spaces: 1,350 the IRR above 12.5%, real and unleveraged. MULTI-USE BRMALLS acquired two plots of land next to the mall with a POTENTIAL total area of 14.3 thousand m² for R$ 30 million. 8
  9. 9. Recently Opened Greenfield Mooca Plaza Shopping • opened on the 29th of November 2011; • 100% of leased GLA; • 85% of GLA opened on the same date as the mall; • Total GLA (m²): 41,964 • Owned GLA (m²): 25,178 •Stabilized NOI: R$35.6 million • IRR (real and unleveraged): 16.1% 9
  10. 10. Greenfield ProjectsShopping Estação BH•Total GLA(m²): 37,051•Owned GLA(m²): 22,230• % Developed: 70.1%• Leasing Status: 82.3%•IRR (real and unleveraged): 20.5%•Opening: 2Q12São Bernardo•Total GLA(m²): 42,885•Owned GLA(m²): 25,731•% Developed: 26.0%•Leasing Status: 67.7%•IRR (real and unleveraged): 16.2%•Opening: 4Q12 10
  11. 11. Greenfield Projects Shopping Londrina Norte •Total GLA(m²): 32,601 •Owned GLA(m²): 22,820 •% Developed: 39.5% •Leasing Status:33.3% •IRR (real and unleveraged): 14.2% •Opening: 4Q12 Catuaí Shopping Cascavel •Total GLA(m²): 30,000 •Owned GLA(m²): 20,370 •% Developed: 0.0% •Leasing Status: 0.0% •IRR (real and unleveraged): 16.2% •Opening: 4Q13 11
  12. 12. Greenfield Projects Shopping Vila Velha •Total GLA(m²): 64,238 •Owned GLA(m²): 32,119 •% Developed: 0.0% •Leasing Status: 0.0% •IRR (real and unleveraged): 22.6% •Opening: 4Q13Shopping Contagem•Total GLA(m²): 35,320•Owned GLA(m²): 24,724•% Developed: 0.0%•Leasing Status: 0.0%•IRR (real and unleveraged): 17.3%•Opening:4Q13 12
  13. 13. Greenfield and Expansion ProjectsBRMALLS will add 36.3 thousand m² through expansions and 147,4 thousand m² throughgreenfield projects. Owned GLA Evolution (Greenfield and Expansions) 981,965 147,434 36,343 798,188 Owned GLA Owned GLA - Owned GLA - GF Future Owned GLA Expansions 13
  14. 14. Cash and Debt PositionBRMALLS ended 4Q11 with a cash position of R$452.0 million. Cash Position and Net Debt (R$ million) 41.0% vs 3Q11 +50.0% vs 3Q11 7.7% vs 3Q11 452.0 (3,204.0) (2,752.0) Cash Position Gross Debt Net Debt 14
  15. 15. Debt ProfileLong-term and diversified debt profile with an average duration of 13 years Debt Amortization Schedule (R$ million) 871 382 360 265 269 269 176 170 161 111 92 78 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 15
  16. 16. Capital MarketsIn 2011 BRMALLS stock had a 7.0% upside, against a downfall of 18,1% of the Bovespa Index. 130 120 110 7.0% 100 90 BRMALLS 80 IBOVESPA 70 -18.1% 60 16

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