Conference Call 3Q11

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Conference Call 3Q11

  1. 1. 3Q11 Earnings
  2. 2. Net RevenuesIn 3Q11, Net Revenues totaled R$219.3 million, a 67.3% increase over 3Q10 Net Revenues Growth (R$ thousand) Gross Revenues Breakdown 3Q11 1.0% 597,833 Parking 0.4% 55.8% 65.8% Services 4.3% 72.1% 67.3% Key Money 8.1% 360,495 Others Transfer Fee 14.0% 219,333 Base Rent 7.1% 131,121 9.3% Overage Rent Mall & Merchandising Rent Base Rent Parking Overage Rent 3Q10 3Q11 9M10 9M11 Services Mall & Merchandising Key Money Others Transfer Fee 2
  3. 3. NOINOI reached R$196.4 million in the quarter, a 66.4% increase over 3Q10. NOI growth (R$ thousand) Same Mall NOI Growth (R$ thousand) 22.7% 375,219 65.7% 530,844 20.4% 305,804 66.4% 320,323 196,370 140,872 116,994 117,980 3Q10 3Q11 9M10 9M11 3Q10 3Q11 9M10 9M11 3
  4. 4. EBITDA and FFOWe ended the quarter with an adjusted EBITDA of R$175.5 million, a 70.8% increase. Adjusted EBITDA Growth (R$ thousand) Adjusted FFO Growth (R$ thousand) 9.5% 62.8% 476,555 235,485 215,102 292,749 26.5% 70.8% 175,487 93,466 102,734 73,899 3Q10 3Q11 9M10 9M11 3Q10 3Q11 9M10 9M11 4
  5. 5. Net IncomeExcluding the negative impact of R$113.0 million of foreign exchange variation and the non-casheffects, net income totaled R$92.0 million, up 29.1% on 3Q10. Net Income Growth (R$ thousand) Adjusted Net Income Growth (R$ thousand) -11.6% 76.2% 264,770 205,850 181,946 -89.6% 29.1% 162,154 89,990 92,030 71,267 9,328 3Q10 3Q11 9M10 9M11 3Q10 3Q11 9M10 9M11 5
  6. 6. Rent and Sales PerformanceRecord SSR of 14.3%, while SSS went up 8.3% in the quarter, showing a healthy performance ofour tenants, however impacted by a higher SSS base in 3Q10 of 16.6%. SSR (%) 14.3% 13.4% 14.2% 12.4% 12.3% 12.0% 9.5% 9.9% 10.1% 10.1% 9.7% 8.8% 8.6% 8.0% 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 SSS (%) 16.2% 16.6% 12.7% 13.2% 10.8% 11.0% 11.8% 10.0% 8.8% 8.7% 6.4% 8.3% 5.1% 3.5% 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 6
  7. 7. Operating HighlightsRenewals Leasing Spread reached 29.8%, exceeding 20% for the 6th consecutive quarter. 98.2% excluding the malls that were acquired or Occupancy (%) opened in the Renewals Leasing Spread (%) last 12 months 98.5% 97.3% 97.6% 29.8% 96.8% 27.7% 28.1% 27.4% 22.3% 22.5% 94.0% 18.3% 14.7% 8.1% 3Q07 3Q08 3Q09 3Q10 3Q11 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 7
  8. 8. AcquisitionsWe concluded in 3Q11 the increase in ownership in one mall and the acquisition of a portfoliowith two malls in operation. Owned GLA from Acquisitions on 3Q11 (m²) NOI of Acquisitions (R$ thousand) 23.2% 96,099 20.2% 242,094 298,294 63,089 112,907 32,329 93,914 681 Catuaí Catuaí Shopping Total Projected Actual NOI Projected Actual NOI Shopping Shopping Piracicaba NOI 3Q11 3Q11 NOI 9M11 9M11 Maringá Londrina 8
  9. 9. Acquisitions – Catuaí PortfolioIn 3Q11 BRMALLS acquired a portfolio of four malls* in the state of Paraná, which will add 106.9thousand m² of owned GLA and will generate a stabilized NOI of approximately R$95.0 million. Catuaí Portfolio - Increase in NOI (R$ millions) Catuaí portfolio aquisition- GLA increase (m²) 14.5% 13.4% 802.8 106,892 845,389 95.0 738,498 707.8 NOI 9M11 Catuaí stabilized To tal Current owned Catuaí portfolio Total ann ualized NOI GLA owned GLA * Portfolio composed of two existing malls (Catuaí Shopping Londrina and Catuaí Shopping Maringá) and two greenfield projects (Londrina Norte Shopping and Catuaí Shopping Cascavel) 9
  10. 10. Acquisitions – Analysis of Acquisitions Our acquisitions announced up to the end of 2009 of managed malls presented a consolidated IRR of 18.1%, real and unleveraged. +20.2% +20,2% 37.1% +13.8% +13,8% +11.3% +11,3% 33.4% +11.9% +11,9% +13.4% +13,4% +5.1% +5,1% 27.4% +6.6% +6,6% 26.9% +1.0% +1,0% Average +6.8% +6,8% +3.9% +3,9% +1.7% +1,7% +3.3% +3,3% 23.3% 22.8% +2.0% +2,0% Revised IRR: 21.1% 19.5% +2.1% +2,1% +0.2% +0,2% 16.9% 19.6% -6.1% -6,1% 18.5% 17.3% 18,1% 16.7% 17.7% 15.2% 16.4% 16.1% 16.2%13.5% 14.5% 15.0% 14.2% 12.0% 12.2% 13.1% 12.5% 13.1% 11.0% 13.4% 9.9% 9.9% 6.4% Average Initial IRR: 13,0%Amazonas Tamboré Araguaia ABC¹ Estação Villa-lobos² Piracicaba Curitiba Plaza Ilha Fashion Rio West Center Campinas Metro Sta Niterói Plaza Mall Plaza Cruz Initial IRR Revised IRR ¹To calculate the IRR for ABC we disconsidered service revenue ²To calculate the IRR of Villa-Lobos we considered only 12% of NOI, a stake acquired in 2007 10
  11. 11. Greenfield Projects – Mooca Plaza Shopping Mooca Plaza Shopping •opening in the November 29th of 2011; •stabilized NOI of R$35.6 million; •100% of the GLA already leased;•Total GLA (m²): 41,964•Owned GLA (m²): 25,178•BRMALLS Stabilized NOI: R$35.6 million•IRR: 16.1% (real and unleveraged) 11
  12. 12. Greenfield Projects – Other Developments Shopping 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: 2Q12 São Bernardo •Total GLA (m²): 42,885 •Owned GLA (m²): 25,731 •% Developed: 26.0% •Leasing Status: 52.7% •IRR (real and unleveraged): 16.2% •Opening: 4Q12 12
  13. 13. Greenfield Projects – Announced on 3Q11 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): 31,080 •Owned GLA (m²): 21,103 •% Developed: 0.0% •Leasing Status: 0.0% •IRR (real and unleveraged): 16.2% •Opening: 4Q13 13
  14. 14. Greenfield Projects – Announced on 3Q11 Owned GLA with Developments 173,172 911,670 738,498Shopping Vila Velha Current Owned Owned GLA - Total Owned GLA GLA Developments•Total GLA (m²): 64,238•Owned GLA (m²): 32,119• % Developed: 0.0%• Leasing Status: 0.0%•IRR (real and unleveraged): 22.6%•Opening: 4Q13 Shopping Contagem •Total GLA (m²): 35,000 •Owned GLA (m²): 24,500 •% Developed: 0.0% •Leasing Status: 0.0% •IRR (real and unleveraged): 17.3% •Opening: 4Q13 14
  15. 15. Summary of Greenfield & Expansion pipelineWe expect our projects under development to add 367.1k m² of total GLA by 2014. Total GLA of Greenfield and Expansions Projects (000 m²) Already developed (Total GLA) 161.2 Pipeline (Total GLA) 367.1 Increase of 27% in Total Already developed (Owned GLA) 86.3 Pipeline (Owned GLA) 213.3 GLA and 29% in Owned GLA 65.0 145.2 12.7 5.4 112.5 15.1 18.8 42.0 383.1 28.2 29.2 23.5 46.3 2008 2009 2010 2011YTD 2011 pipeline 2012 2013 onwards Total Greenfields Expansions 15
  16. 16. Cash and Debt PositionBRMALLS ended 3Q11 with a cash position of R$765.9 million. Cash Position and Net Debt (R$ million) +39.0% vs 2Q11 765.9 7.7% vs 2Q11 +50.0% vs 2Q11 (2,844.4) (2,078.4) Cash Position Gross Debt Net Debt 16
  17. 17. Debt ProfileLong-term and diversified debt profile with an average duration of 14 years Debt Amortization Schedule (R$ million) 853 259 270 262 262 171 165 156 135 107 89 76 40 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 onwards 17
  18. 18. Capital MarketsIn the quarter BRMALLS joined the portfolio indices Ibovespa, IBrX-50 e ICO2. • First mall company to join the three indices: • Ibovespa: entered with a weight of 0.799% • IBrX-50: entered with a weight of 1.091% • ICO2: entered with a weight of 1.007% Average Daily Trading Volume (R$ millions) Daily Number of Trades (R$ millions) 41.1% 40.5 282.5% 6,085.0 28.7 1,591.0 3T10 3T11 3T10 3T11 18

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