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1Q13 Earnings Release Presentation
1Q13Highlights21Q13 HIGHLIGHTS AND SUBSEQUENT EVENTS• 1Q13 net revenues totaled R$225.9 million, an increase of 123% over ...
1Q13Portfolio1Q13 Revenue BreakdownPortfolio Breakdown(% market value)Portfolio Breakdown(% GLA)3Portfolio Market Value18%...
1Q131Q12 1Q13452.71390.893(80%)Financial Highlights4Net Revenues (R$ thousand) Net Income* (R$ thousand)* 1Q12 Net Income ...
1Q135Financial HighlightsAdjusted EBITDA (R$ thousand)89%94%Adjusted EBITDA Margin1Q12 1Q1389.745212.091136%Adjusted EBITD...
1Q136Financial HighlightsAdjusted FFO (R$ thousand)5%21% 32% 34%Adjusted FFO Margin19%2Q12 3Q12 4Q12 1Q138.48234.83064.679...
1Q13Indebtedness1Q13 Net Debt (R$ mn) 1Q13 Debt Profile7ST Debt ObligationsforAcquisitionsLT Debt Total Debt Cash Net Debt...
1Q13Indebtedness8Debt Amortization Schedule (R$ million)Loan to Value: Gross and NetDebt Service Coverage2013 2014 2015 20...
1Q139Operating HighlightsLeasing SpreadsLease Contract Expiration Schedule(% Revenues)Lease Contract 3 Year Market Alignme...
1Q13Operating Highlights10Financial Vacancy per SegmentVacancy Evolution2Q12 3Q12 4Q12 1Q131,9%3,2%2,6%4,7%1,3%4,5%4,0%8,9...
1Q13Capital Markets11Stock Performance – 1Q13Stock Performance (BRPR3) 1Q13 1Q12 var %Total Number of Shares 311.612.894 3...
1Q13IR ContactsPedro DaltroCFO & Investor Relations OfficerMarcos HaertelInvestor Relations ManagerGabriel BarcelosInvesto...
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1 q13 br properties earnings release presentation

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1 q13 br properties earnings release presentation

  1. 1. 1Q13 Earnings Release Presentation
  2. 2. 1Q13Highlights21Q13 HIGHLIGHTS AND SUBSEQUENT EVENTS• 1Q13 net revenues totaled R$225.9 million, an increase of 123% over 1Q12, when net revenues came in at R$101.2 million. Thesignificant growth resulted from additional rental revenues of the new properties;• 1Q13 adjusted EBITDA of R$212.1 million, a 136% increase over 1Q12 and adjusted EBITDA margin of 94%;• 1Q13 net income totaled R$90.9 million, impacted by the net gain on appraisal of investment properties and other non-cash items;• 1Q13 adjusted FFO excluding non-cash expenses totaled R$77.2 million and adjusted FFO margin of 34%;• During 1Q13, the Company obtained leasing spreads (net of inflation) of 17.3% in office buildings and 5.4% in industrial properties;• Financial vacancy rate was 8.9%, while physical vacancy rate came in at 4.7%. Excluding the recently delivered JK Complex - TowersD&E, currently under lease-up, financial vacancy would drop to 3.1%;• In March, the Company executed with Caixa Econômica Federal a non-residential lease agreement of Edifício Paulista. The lease hasa term of 64 months and involves the occupancy of 6,904 sqm of gross leasable area. The property is currently 66% leased;• In 1Q13, Fitch Ratings upgraded the Company’s ratings to ‘AA-‘ and ‘BB’ in national and global scale, respectively;• In March, BR Properties finalized its second issuance of commercial papers, raising R$260.0 million in a single tranche at CDI + 0.80%p.a. maturing in 180 days;• After the most recent index rebalancing concluded by BM&F Bovespa, the Company has been included in the IBOVESPA equityindex. BRPR3’s initial weight is 0.69%.
  3. 3. 1Q13Portfolio1Q13 Revenue BreakdownPortfolio Breakdown(% market value)Portfolio Breakdown(% GLA)3Portfolio Market Value18%14%63%5%Office AAA Office Industrial Retail50%21%24%5%Office AAA Office Industrial Retail1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q134.751 4.918 5.142 5.25411.71512.968 13.552 13.840 14.031Services 1%Straight-line 9% Leasing 90%62%32%7%
  4. 4. 1Q131Q12 1Q13452.71390.893(80%)Financial Highlights4Net Revenues (R$ thousand) Net Income* (R$ thousand)* 1Q12 Net Income was largely impacted by a net gain onappraisal of investment properties of R$729.9 million1Q12 1Q13101.192225.927123%
  5. 5. 1Q135Financial HighlightsAdjusted EBITDA (R$ thousand)89%94%Adjusted EBITDA Margin1Q12 1Q1389.745212.091136%Adjusted EBITDA Composition 1Q13 1Q12 var %Gross Profit 225.927 101.192 123%(-) General and Administrative Expenses (15.647) (13.884) 13%(+) Bonus Provision 1.149 1.149 0%(+) Stock options 661 1.288 -49%Adjusted EBITDA 212.091 89.745 136%Adjusted EBITDA Margin 94% 89% 5 p.p.
  6. 6. 1Q136Financial HighlightsAdjusted FFO (R$ thousand)5%21% 32% 34%Adjusted FFO Margin19%2Q12 3Q12 4Q12 1Q138.48234.83064.67977.236311%86%Adjusted FFO Composition 1Q13Net Income (loss) 90.893Deferred Taxes 30.837Taxes on Property Sales -Gain (Loss) on Appraisal of Investment Properties (48.876)Gain (Loss) on Sale of Investment Properties -Non-cash Losses on Exchange Rate Variation 11.204Non-cash Gains on Exchange Rate Variation (19.471)Non-cash Variations on Derivative Instruments 18.644Minority Interest (5.994)Adjusted FFO 77.236Adjusted FFO Margin 34%
  7. 7. 1Q13Indebtedness1Q13 Net Debt (R$ mn) 1Q13 Debt Profile7ST Debt ObligationsforAcquisitionsLT Debt Total Debt Cash Net Debt9315.5404.769114.599 77142%39%12%1%6%TRCDIIGPMINPCIPCANet Debt 1Q13 4Q12 var %Short Term Loans and Financing 941.695 689.778 37%Loans and Financing 871.586 616.995 41%Perpetual Bond 59.033 61.777 -4%Derivative Instruments - - n/aPayables for Acquisition of Real Estate 11.076 11.006 1%Long Term Loans and Financing 4.598.686 4.573.133 1%Loans and Financing 4.070.176 4.038.535 1%Perpetual Bond 528.510 534.598 -1%Gross Debt 5.540.381 5.262.912 5%Cash and Cash Equivalents 771.193 573.570 34%Net Debt 4.769.188 4.689.342 2%Portfolio Value 14.031.097 13.839.530 1%Gross Debt / Portfolio Value (Loan to Value) 39% 38% 1 p.p.Net Debt / Portfolio Value (Loan to Value) 34% 34% 0 p.p.Adjusted EBITDA / Net Financial Expenses * 1,7x 1,5x 11%Duration (years) 4,4 4,8 -9%* Considering Net Financial Expenses (ex. non-cash variations)
  8. 8. 1Q13Indebtedness8Debt Amortization Schedule (R$ million)Loan to Value: Gross and NetDebt Service Coverage2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025645819298457522342 34319296 76 71 72 60PrincipalNet Debt / EBITDA1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q130,6x3,7x4,9x7,0x6,0x5,5x3,2x 3,4x9,7x7,8x7,3x6,7x5,6xNet Debt/EBITDA1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q132,5x3,5x2,4x2,1x1,4x1,6x2,7x2,5x3,0x1,1x1,5x 1,5x1,7xEBITDA / Net Financial Expenses1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q1338% 40%24%40%45% 43% 42% 41% 40% 39% 37% 38%39%4%23% 21%36% 36%35%21% 21%30%35% 34% 34%34%LTV Gross Debt LTV Net Debt
  9. 9. 1Q139Operating HighlightsLeasing SpreadsLease Contract Expiration Schedule(% Revenues)Lease Contract 3 Year Market AlignmentSchedule (% Revenues)2013 2014 2015 >20167%8%12%73%2013 2014 2015 >201621%26%43%10%Leasing Spread 1Q13 1Q12Leasing Spread - Office 17,3% 35,5%Renegotiated GLA (sqm) 7.252 22.893% Office portfolio 1% 6%Leasing Spread - Warehouse 5,4% 1,7%Renegotiated GLA (sqm) 13.626 59.764% Warehouse portfolio 1% 5%Leasing Spread - Retail n/a n/aRenegotiated GLA (sqm) - -% Retail portfolio 0% 0%Lease Contracts DurationAll Contracts 5.9 YearsBuild-to-Suit Contracts 7.0 Years
  10. 10. 1Q13Operating Highlights10Financial Vacancy per SegmentVacancy Evolution2Q12 3Q12 4Q12 1Q131,9%3,2%2,6%4,7%1,3%4,5%4,0%8,9%PhysicalFinancial4Q12 1Q133,6%8,3%0,4% 0,6%0,0% 0,0%OfficeIndustrialRetailProperty Type Financial PhysicalCBOP - Jacarandá Office 0,1% 0,1%Ventura - Torre Oeste Office 0,1% 0,02%Icomap Office 0,01% 0,02%JK Complex - Towers D&E Office 5,8% 1,80%Cidade Jardim Office 0,6% 0,2%Paulista Office 1,5% 0,5%São José Office 0,0% 0,0%Raja Hills Office 0,1% 0,1%Brasília Office 0,1% 0,1%Total Office 8,3% 2,9%BP Jandira Industrial 0,1% 0,5%BP Jundiaí Industrial 0,1% 0,3%DP Louveira #9 Industrial 0,1% 0,4%BBP CEA Topázio Industrial 0,0% 0,1%BBP Barão de Mauá Industrial 0,0% 0,1%Gaia Terra Andiroba Industrial 0,1% 0,3%Cond.Ind.SJC Industrial 0,0% 0,1%Total Industrial 0,6% 1,8%Total Portfolio 8,9% 4,7%Impacted in 580 bps bythe delivery of JKComplex – Towers D&E
  11. 11. 1Q13Capital Markets11Stock Performance – 1Q13Stock Performance (BRPR3) 1Q13 1Q12 var %Total Number of Shares 311.612.894 309.817.416 1%Free Float (%) 99% 99% 0%Stock Price (average for the period) 25,01 20,58 22%Stock Price (end of period) 22,40 23,44 -4%Market Cap end of period (R$ million) 6.980 7.262 -4%Average Daily Trading Volume (R$ million) 33,60 22,30 51%Average Daily Traded Shares 1.354.205 1.067.426 27%Average Daily negotiations 5.319 3.026 76%-5.000.00010.000.00015.000.00020.000.00025.000.00030.000.00035.000.00040.000.000-20%-15%-10%-5%0%5%10%Jan-13 Jan-13 Jan-13 Feb-13 Feb-13 Feb-13 Mar-13 Mar-13 Mar-13ADTVBR PropertiesIbovespa
  12. 12. 1Q13IR ContactsPedro DaltroCFO & Investor Relations OfficerMarcos HaertelInvestor Relations ManagerGabriel BarcelosInvestor Relations AnalystPhone: (55 11) 3201-1000Email: ri@brpr.com.brwww.brpr.com.br/ri12Investor Relations

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