Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

2 q11 br properties earnings release presentation

588 views

Published on

Published in: Business, Economy & Finance
  • Be the first to comment

  • Be the first to like this

2 q11 br properties earnings release presentation

  1. 1. BRProperties2Q11 Earnings Release Presentation
  2. 2. Highlights  2Q11 Net Revenues totaled R$ 83.6 million, an increase of 92% in relation to 2Q10, when net revenues came in at R$ 43.4 million;  Adjusted EBITDA of R$ 77.4 million in 2Q11, an increase of 104% over 2Q10 and an Adjusted EBITDA margin of 93%, the highest ever recorded by the company; Financial Highlights  Net Income totaled R$ 158.8 million at the end of 2Q11, impacted by a gain on appraisal of investment properties of R$167.9 million (R$122.8 million net of taxes). Therefore, an increase of 484% in relation to 2Q10, when our net income totaled R$27.2 million;  Adjusted FFO totaled R$35.8 million in 2Q11, with an FFO margin of 43%.  Leasing spreads (net of inflation) for renegotiations reached 24.5% and 15.7% in office and retail properties, respectively, while leasing spreads for new lease up of vacant areas reached 14.3% and 28.3% in office and industrial properties, respectively;  We experienced a significant decrease in the portfolio’s vacancy level, where financial vacancy totaled 2.3% at the end of 2Q11, a 63% reduction when compared to 1Q11, which Operating totaled 6.2%. Physical vacancy represented 1.5% of GLA at the end of quarter. It is important to Highlights mention that our office, industrial, and retail properties were 99.2%, 99.3%, and 100.0% occupied at the end of the quarter, respectively;  The company has concluded a R$690.3 million equity offering by issuing 40.3 million ordinary shares – including greenshoe – at R$17.15 per share. The proceeds from the issuance will be dedicated exclusively to the acquisition of commercial properties.BRProperties 2 2Q11
  3. 3. Portfolio 2Q11 Revenue Breakdown 11% Straight-line 45% Of f ice Leasing 3% Industrial 95% Services 43% 2% Retail Portfolio Breakdown Portfolio Breakdown (% market value) (% GLA) 3% 14% 9% 22% 8% 33% 55% 57% Office Industrial Retail Development Office Industrial Retail DevelopmentBRProperties 3 2Q11
  4. 4. Financial Highlights Net Revenues (R$ thousand) Net Income* (R$ thousand) 483% 105% 484% 181.166 92% 161.353 158.809 83.576 78.697 43.430 31.072 27.204 2Q10 2Q11 6M10 6M11 2Q10 2Q11 6M10 6M11 * Impacted by a net gain on appraisal of investment properties of R$122.8 million.BRProperties 4 2Q11
  5. 5. Financial Highlights Adjusted EBITDA (R$ thousand) Adjusted FFO (R$ thousand) 59% 93% 91% 44% 43% 37% 87% 88% 113% 74% 39% 147.256 59.700 104% 77.395 35.824 34.390 69.211 25.745 37.949 2Q10 2Q11 6M10 6M11 2Q10 2Q11 6M10 6M11 Adjusted EBITDA Margin FFO Margin Adjusted EBITDA (R$ thousand) Adjusted FFO (R$ thousand) 93% 43% 90% 31% 11% 50% 77.395 35.824 23.876 69.861 1Q11 2Q11 1Q11 2Q11 Ajusted EBITDA Margin FFO MarginBRProperties 5 2Q11
  6. 6. Debt 2Q11 Net Debt (R$ mn) 2Q11 Debt Index Breakdown 1.887 2.087 410 1.677 24% TR 2% IGPM 176 24 CDI 75% ST Debt Obligations LT Debt Total Debt Cash Net Debt f or Acquisitions Debt Service Schedule (R$ mn) Principal 129 332 129 158 Interest 161 179 156 61 155 183 141 171 153 26 134 117 14 99 95 68 54 39 32 22 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022BRProperties 6 2Q11
  7. 7. Operating Highlights Market Alignments New Leases 24,5% 28,3% 22,7% 22,6% 15,7% 15,7%12,7% 12,6% 15,6% 14,3% 14,7% Office 13,8% 14,0% 13,2% Office 10,6% Industrial Industrial 9,0% 6,6% Retail Retail n/a n/a n/a n/a n/a n/a n/a 2Q10 2Q11 6M10 6M11 2Q10 2Q11 6M10 6M11 Leasing Spread - Market Alignments* 2Q11 2Q10 var % 6M11 6M10 var % Leasing Spread - Office 24,5% 12,7% 92% 22,7% 12,6% 80% Leasing Spread - Warehouse n/a 10,6% n/a 22,6% 6,6% 241% Leasing Spread - Retail 15,7% n/a n/a 15,7% n/a n/a Renegotiated Area - Office (sqm) 9.330 944 888% 24.004 944 2442% Renegotiated Area - Warehouse (sqm) - 10.223 -100% 14.798 16.792 -12% Renegotiated Area - Retail (sqm) 97.431 n/a n/a 97.431 n/a n/a Leasing Spread - New Leases* 2Q11 2Q10 var % 6M11 6M10 var % Leasing Spread - Office 14,3% 13,8% 4% 14,7% 9,0% 64% Leasing Spread - Warehouse 28,3% 14,0% 102% 15,6% 13,2% 19% Leasing Spread - Retail n/a n/a n/a n/a n/a n/a Leased Area - Office (sqm) 17.444 9.102 92% 25.787 17.625 46% Leased Area - Warehouse (sqm) 5.130 1.883 172% 18.019 7.167 151% Leased Area - Retail (sqm) n/a n/a n/a n/a n/a n/a * Leasing spreads are net of inflationBRProperties 7 2Q11
  8. 8. Operating Highlights We showed a financial vacancy of 2.3% for the period, a 63% decrease when compared to 1Q11. Vacancy Breakdown Financial Vacancy per Segment 8,1% 5,5% Of f ice 6,2% Industrial Physical Retail Financial 3,8% 3,1% 2,3% 1,6% 1,5% 0,7% 0,7% 0,0% 0,0% 2010 1Q11 2Q11 1Q11 2Q11 Vacancy per Property 2Q11 Property Type Financial Physical CBOP - Jacarandá Office 1,36% 0,73% Midas Office 0,06% 0,04% Ventura II Office 0,21% 0,03% Total Office 1,6% 0,8% BP Jundiaí Industrial 0,04% 0,10% Piraporinha Industrial 0,65% 0,59% Total Industrial 0,7% 0,7% Total Portfolio 2,3% 1,5%BRProperties 8 2Q11
  9. 9. Operating Highlights Lease Contract Expiration Schedule % Revenues % GLA 69% 62% 7% 22% 31% 3% 2% 5% 2011 2012 2013 >2013 2011 2012 2013 >2013 Lease Contract 3 Year Market Alignment Schedule % Revenues % GLA 20% 26% 20% 27% 19% 15% 42% 32% 2011 2012 2013 >2013 2011 2012 2013 >2013BRProperties 9 2Q11
  10. 10. Operating Highlights Managed Properties 39% 36% Managed Properties # Managed GLA Athenas 1 6.718 +4 Gloria 1 5.969 Henrique Schaumann 1 14.045 30 Joaquim Floriano 1 3.899 Mairynk Veiga (MV9) 1 12.511 Santo Antonio 1 4.009 26 São José 1 5.043 Icomap 1 8.802 2Q10 2Q11 Vargas 1 13.448 % GLA Under Management Panamerica Park 9 45.020 Ouvidor 1 7.802 Property Management Revenues Jacarandá 1 31.766 (R$ thousand) BP Jundiaí 1 53.345 Cond. Indl. São José dos Campos 1 73.199 BP Jandira 2 34.424 65% BP Itapevi 1 33.526 TNU 1 22.450 RB 115 1 13.500 105% 2.827 Plaza Centenário 1 6.671 Indaiatuba 1 9.969 1.768 1.712 DP Araucária 1 42.697 863 TOTAL 30 448.812 2Q10 2Q11 6M10 6M11BRProperties 10 2Q11
  11. 11. Stock Performance50% GP BRPR3 5,6% Laugar40% IBOV 3,2% IMOB Silverpeak30% 1,0% GIC20% 6,4% Management10% 0,7% 0%-10%-20%-30%  Current number of shares: 180,003,919  Market Value: R$ 2.9 billion  Average Daily Vol. (30d): R$ 12.3 million Other 83,0% * As of August 11th, 2011Stock Performance (BRPR3) 2Q11 2Q10 var % 6M11 6M10 var %Total Number of Shares * 174.753.919 139.391.381 25,4% 174.753.919 139.391.381 25,4%Free Float (%) 99% 99% 0,0% 99% 99% 0,0%Stock Price (average for the period) 17,66 12,16 45,2% 17,49 12,33 41,8%Stock Price (end of period) 17,50 12,85 36,2% 17,50 12,85 36,2%Market Cap end of period (R$ million) 3.058,2 1.791,2 70,7% 3.058,2 1.791,2 70,7%Average Daily Trading Volume (R$ million) 10,85 3,34 224,9% 9,58 4,81 99,2%Average Daily Traded Shares 616.953 276.203 123,4% 548.476 387.351 41,6%Average Daily negotiations 688 89 672,9% 573 130 340,8%BRProperties 11 2Q11
  12. 12. IR Contacts Investor Relations Pedro Daltro CFO & Investor Relations Officer Leonardo Fernandes Investor Relations Manager Marcos Haertel Investor Relations Analyst Phone: (55 11) 3201-1000 Email: ri@brpr.com.br www.brpr.com.br/riBRProperties 12 2Q11

×