1Q12 Earnings Release Call                             April 2012
Net Revenues  Net revenue grew by 36.0% in 1Q12 totaling R$243.6 million     Net Revenues Growth (R$ thousand)            ...
NOI  NOI totaled R$217.8 million in 1Q12 reaching a NOI margin of 90.5%              NOI growth (R$ thousand)             ...
EBITDA and FFO  Adjusted EBITDA and AFFO increased 44.5% and 59.9%, respectively          Adjusted EBITDA Growth (R$ thous...
Rents and Sales  SSS and SSR continue to increase at a strong pace                                                        ...
Operational Highlights  Renewals Leasing Spread surpassed 20% for the eigth consecutive quarter                           ...
Acquisitions  We invested a total of R$88.3 million in acquisitions                                    NOI of Acquisitions...
Subsequent Acquisition – Rio Anil Shopping                                             Rio Anil Shopping                  ...
Sale of Stake – Shopping Pantanal                                       Shopping Pantanal                                 ...
Subsequent Opening –Shopping Recife Expansion     Shopping Recife Expansion    • The expansion opened on April 19, on sche...
Greenfield Projects                      Shopping Estação BH                      •Total GLA (m²): 33,982                 ...
Greenfield Projects                      Shopping Londrina Norte                      •Total GLA (m²): 32,337             ...
Greenfield Projects                      Shopping Vila Velha                      •Total GLA (m²): 67,676                 ...
Greenfield Project - Guarujá                                                Guarujá Plaza Shopping:                       ...
Greenfield and Expansions  We will be the first Brazilian mall company to surpass 1 million m² of owned GLA with our  deve...
Cash and Debt Position  We ended the quarter with a cash position of R$619.1 million                                      ...
Capital Structure  Long-term and diversified debt profile with an average duration of 12 years                            ...
Capital Markets  BRMALLS was up 31.3% in the quarter, surpassing the 13.7% increase of Ibovespa         135,00         130...
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Call 1 q12

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Call 1 q12

  1. 1. 1Q12 Earnings Release Call April 2012
  2. 2. Net Revenues Net revenue grew by 36.0% in 1Q12 totaling R$243.6 million Net Revenues Growth (R$ thousand) Gross Revenues Breakdown 1Q12 Parking 243,565 36.0% Services 0.3% 0.3% 59.2% 179,083 Key Money 3.6% 73.2% Others 8.2% Transfer Fee Base Rent 14.4% Overage Rent 5.3% 8.6% Mall & Merchandising 1Q11 1Q12 2
  3. 3. NOI NOI totaled R$217.8 million in 1Q12 reaching a NOI margin of 90.5% NOI growth (R$ thousand) Same Mall NOI Growth (R$ thousand) 37.3% 172,353 217,765 14.8% 158,635 150,128 1Q11 1Q12 1Q11 1Q12 Real Same-property NOI increased by 10.7% over 1Q11 3
  4. 4. EBITDA and FFO Adjusted EBITDA and AFFO increased 44.5% and 59.9%, respectively Adjusted EBITDA Growth (R$ thousand) AFFO Growth (R$ thousand) 59.9% 90,224 44.5% 203,114 56,433 140,602 1Q11 1Q12 1Q11 1Q12 4
  5. 5. Rents and Sales SSS and SSR continue to increase at a strong pace SSR (%) 15.2% 14.2% 14.3% 12.3% 12.0% 10.1% 11.3% 9.9% 10.1% 9.7% 8.8% 8.6% 8.0% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 Same Store Rent (%) IGP-M (%) SSS (%) 16.2% 16.6% 13.2% 11.0% 11.8% 10.0% 9.1% 8.7% 8.3% 8.8% 6.4% 5.1% 3.5% 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 5
  6. 6. Operational Highlights Renewals Leasing Spread surpassed 20% for the eigth consecutive quarter Renewals Leasing Spread (%) 29.8% 27.7% 28.1% 27.4% 27.3% 24.9% 22.3%22.5% 18.3% 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 6
  7. 7. Acquisitions We invested a total of R$88.3 million in acquisitions NOI of Acquisitions (R$ thousand) 28.2% 129,932 101,312 Projected NOI 1Q12 Actual NOI 1Q12 7
  8. 8. Subsequent Acquisition – Rio Anil Shopping Rio Anil Shopping •The mall was opened two years ago, on April 2010. •R$13,4 million in stabilized NOI to BRMALLS; • We acquired a 50% stake in the future expansion of Rio Anil. With the expansion, the mall should add 5.9 thousand m² in owned GLA to our portfolio; • This is our 2nd mall in the state of Maranhão and our 6th in the Northeast region, strengthening even more our presence in the region. • With the transitioning of the malls’ best practices to BRMALLS standard, the mall will present substantial improvements in leasing, qualifying the mix and reducing vacancy. Rio Anil Shopping: Total GLA: 26,292 m² Owned GLA: 13,146 m² Number of stores: 128 IRR (real and unleveraged): 13.1% Owned NOI (1st year): R$10.9 million 8
  9. 9. Sale of Stake – Shopping Pantanal Shopping Pantanal • We sold our 10% stake in Pantanal Shopping, on March 30, for R$45 million. • This stake was acquired in 2007 for R$10.5 million. •During the last years we received R$10.0 million in nominal cash flow. •The sale represented a 5.2x multiple on invested capital and an IRR, real and unleveraged, of 36.3%. 9
  10. 10. Subsequent Opening –Shopping Recife Expansion Shopping Recife Expansion • The expansion opened on April 19, on schedule and on budget. •Stabilized NOI of R$4,8 milhões to BRMALLS; •The project opened with 100.0% of its GLA leased. •Highest sales/m² in our portfolio in this quarter •0.5% net late payments throughout 2011. • 100% occupancy for the current mall throughout 2011. Shopping Recife Expansion: Total GLA: 7,548.0 m² Owned GLA: 2,324.8 m² Number of stores in the expansion: 56 Parkings spaces: 523 BRMALLS stabilized NOI: R$4.8 million IRR (real and unlevered): 29.7% Cash on Cash (real and unleveraged): 37.3% Opening date: April 19, 2012 10
  11. 11. Greenfield Projects Shopping Estação BH •Total GLA (m²): 33,982 •Owned GLA (m²): 20,389 • % construction completion: 94.5% • Leasing status: 97.1% •IRR (real and unleveraged): 19.3% •Opening date: 2Q12 São Bernardo •Total GLA (m²): 42,914 •Owned GLA (m²): 25,748 •% construction completion: 53.0% •Leasing status: 77.7% •IRR (real and unleveraged): 16.5% •Opening date: 4Q12 11
  12. 12. Greenfield Projects Shopping Londrina Norte •Total GLA (m²): 32,337 •Owned GLA (m²): 22,636 •% construction completion: 83.0% •Leasing status: 83.3% •IRR (real and unleveraged): 13.0% •Opening date: 4Q12 Catuaí Shopping Cascavel •Total GLA(m²): 27,645 •Owned GLA (m²): 18,771 •% construction completion: 0.0% •Leasing status: 2.3% •IRR (real and unleveraged): 15.6% •Opening date: 4Q13 12
  13. 13. Greenfield Projects Shopping Vila Velha •Total GLA (m²): 67,676 •Owned GLA (m²): 34,381 •% construction completion: 0.0% •Leasing status: 47.2% •IRR (real and unleveraged): 19.6% •Opening date: 2Q14 Shopping Contagem •Total GLA (m²): 33,702 •Owned GLA (m²): 23,591 •% construction completion: 0.0% •Leasing status: 13.9% •IRR (real and unleveraged): 16.7% •Opening date: 4Q13 13
  14. 14. Greenfield Project - Guarujá Guarujá Plaza Shopping: • Guarujá Plaza Shopping will be opened in two phases: the first, with 25.2 thousand m² and the second 4.7 thousand m² of GLA. • The date for the inauguration of the first phase of the project will be between 4Q13 and 2Q14, the second phase will open two years after the first. • When opened, the mall will be the 13th of BRMALLS in the state of São Paulo. • Guarujá Plaza Shopping raises our total number of greenfield projects to seven. Guarujá Plaza Shopping: Initial Total GLA: 25,187 m² Initial Owned GLA: 16,372 m² Ownership interest: 65.0% Stores: 134 Parking spaces (1st phase): 1,500 NOI BRMLLS 1st year: R$15.3 million NOI BRMALLS stabilized*: R$20.0 million IRR (real and unleveraged)*: 16.4% Opening date: 4Q13-2Q14 *Considers the 2nd phase 14
  15. 15. Greenfield and Expansions We will be the first Brazilian mall company to surpass 1 million m² of owned GLA with our development projects Owned GLA with Developments 164,948 1,005,651 35,966 804,736 Current Owned GLA - Owned GLA - Total Owned Owned GLA Expansions Developments GLA 15
  16. 16. Cash and Debt Position We ended the quarter with a cash position of R$619.1 million Cash Position and Net Debt (R$ million) +37.0% vs 4Q11 619.1 5.2% vs 4Q11 +0.0% vs 4Q11 (3,372.0) (2,752.8) Cash Position Gross Debt Net Debt 16
  17. 17. Capital Structure Long-term and diversified debt profile with an average duration of 12 years Debt Amortization Schedule (R$ million) 855 374 354 271 280 291 281 260 129 109 89 79 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 onwards 17
  18. 18. Capital Markets BRMALLS was up 31.3% in the quarter, surpassing the 13.7% increase of Ibovespa 135,00 130,00 125,00 120,00 115,00 110,00 105,00 100,00 95,00 jan/12 fev/12 mar/12 IBOV Index BRML3 BZ Equity 18

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