2. 1Q08 Highlights
Strong Organic Growth and Operational Improvements
During the 1Q08, our Same Property NOI increased 28.2% when compared to the 1Q07
NOI Margin increased from 83.7% in the 1Q07 to 85.8% in the 1Q08
Outstanding Financial Performance
Our net revenue totaled R$ 66.5 million in the 1Q08, a growth of 114,4% compared to the 1Q07
Our adjusted EBITDA reached R$ 47.4 million, a growth of 111,8% compared to 1Q07
Solid Cash Position: R$ 994 million
Disciplined Approach in Acquisitions
Considering 1Q08 results, the NOI of the acquired portfolio performed 10.3% above the NOI projected during the acquisition
The acquisitions concluded during the 1Q08 reflected a real, unleveraged, IRR of 13.0%
Growth via Greenfield Projects, Expansions and Acquisitions
We currently have 6 Greenfield projects and 10 planned expansions that by 2010 will jointly add 210.9 thousand m² to our
owned GLA
During the quarter, we concluded 2 acquisitions, adding 1 new shopping mall to our portfolio
2
3. Organic Growth
Same Property NOI1 Growth – 1Q07 vs. 1Q08
28.2%
37.0%
18.2%
1Q07 1Q08
Acquired Portfolio Original Portfolio
Same Store Rent/m² - Month Default Rate – 30 days Occupancy Rate
1.2%
8.3%
47.8%
53.6 11.5% 96.0%
49.6 6.0%
94.9%
1Q07 1Q08 1Q07 1Q08 1Q07 1Q08
Note 1: Considers our stake in the malls 3
4. Highlights - In Mont
Same Property NOI Sales/m² (month) Default Rate
25.8% 19.1% 54.1 %.
16.5%
Portfolio In Mont
983.8
7.6%
825.8
1Q07 1Q08 1Q07 1Q08 1Q07 1Q08
Vacancy (m²) Same Store Sale/m² (month)
17.5%
57.1 %
19.7% 40.0%
14.5% 735.5
8.5% 8.7%
626.1
1Q07 1Q08
August/07 March/08 4
5. Highlights – Shopping Estação
SHOPPING ESTAÇÃO CELEBRATES ONE YEAR IN BRMALLS’ PORTFOLIO
Acquisition Expected Return
Shopping Estação Feb. 07 Current
Real Unleveraged IRR 12.2% 17.1%
Real Leveraged IRR 19.2% 30.5%
Cap Rate 07 10.8% 12.6%
Cap Rate 08 12.4% 14.9%
NOI (R$ million) & Margin (%)
62.9%
19.0%
14.8
12.4 90.5%
9.1
60.9%
48.4%
Apr. 06 - Mar.07 Apr. 07 - Mar.08 Apr. 07 - Mar.08
OLD MANAGEMENT ACQUISITION PROJECTIONS
5
6. Greenfield Projects
Sete Lagoas CBTU
Project Status:
Initial project already approved by the Project Status:
municipal authorities but will be
Initial project already approved by the
resubmitted following certain minor
municipal authorities but will be
changes resubmitted following certain minor
changes
Bauru
Sete Lagoas
Bauru Belo Horizonte
Project Status:
Cabo Frio
Conducting market research Granja
Mooca
Vianna
Cabo Frio
Granja Viana
Mooca
Project Status:
Preliminary license already obtained
Project Status:
Project Status: Obtained license to begin
Definition of supplementary projects infrastructure works
Awaiting municipal authorities Advanced negotiation with: Renner,
approval Centauro, Fast Shop and Le Lis Blanc
Beginning of leasing process
6
7. Expansions e Mixed-Use Projects
Planned Expansions - Highlights Mixed-Used Projects - Highlights
Shopping Tamboré
10 planned expansions 4/10 expansions already include the
construction of commercial towers
Increase of 75 thousand m² in owned GLA
in 2010 Currently analyzing opportunities to include
commercial towers in other expansion projects
20% increase in owned GLA
Source of revenue: land swap
Beginning of construction in the expansions
of Shopping Caxias do Sul and Goiânia
Shopping
Shopping Iguatemi Caxias do Sul: 84% of Amazonas Shopping
GLA has been leased
Goiânia Shopping: 60% of GLA has been 5 commercial
leased towers
Inclusion of the expansion of Shopping Developer: Cyrella
Osasco which more than doubles the size
of the current mall
Shopping Caxias do Sul Goiânia Shopping
1 commercial tower
Developer: Cyrella
All units sold out
Beginning of
construction
7
8. Acquisitions
Evolution of Owned GLA (m²): 1Q07 vs. 1Q08 Potential to Increase Stake in Existing Shopping Malls
Companies from other sectors
11%
Individuals Shopping Mall
18% companies
5%
BRMALLS’
Ownership
170,676
380,160 41.8%
Pension funds
81.5%
209.484 24%
1
1Q07 Acquisitions 1Q08
Potential to Acquire New Shopping Malls
Market Share – Total GLA
10.3%
Other 28.6%
Shopping
Mall Groups
279 shopping malls
61.1%
More than 4.5 million m² of
GLA
8
1 Includes the increase in stake of Shopping São Luis
