The document summarizes BRMALLS' financial results for 4Q11. Net revenues increased 41.8% to R$263.6 million driven by rent growth. NOI increased 46% to R$241.7 million and adjusted EBITDA rose 50.7% to R$208.3 million. BRMALLS also acquired Shopping Jardim Sul for R$460 million and recently opened the new mall Mooca Plaza Shopping. BRMALLS continues developing its greenfield projects including Shopping Estação BH, São Bernardo, Londrina Norte, and Catuaí Shopping Cascavel.

1. 4Q11 Earnings

2. Net Revenues
In 4Q11, Net Revenues totaled R$263.6 million, a 41.8% increase over 4Q10
Gross Revenues Breakdown 4Q11
Net Revenues Growth (R$ thousand)
861,475 1.0%
57.7% 0.3% 53.0%
3.7% 74.0%
41.8% 546,437 6.5%
263,642 14.5%
185,941
8.6%
12.4%
Rent Base Rent
4Q10 4Q11 2010 2011
Parking Overage Rent
Services Mall & Merchandising
Key Money
Others
Transfer Fee
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3. NOI
NOI reached R$241.7 million in the quarter, a 46.0% increase over 4Q10.
Same Mall NOI Growth (R$ thousand)
NOI Growth (R$ thousand) 23.2%
562,133
59.0%
772,572
24.3% 456,170
46.0% 485,821
241,728 186,914
150,367
165,544
4Q10 4Q11 2010 2011 4Q10 4Q11 2010 2011
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4. EBITDA and FFO
We ended the quarter with an adjusted EBITDA of R$208.3 million, a 50.7% increase.
Adjusted FFO Growth (R$ thousand)
Adjusted EBITDA Growth (R$ thousand) 16.1%
330,981
285,043
58.8%
684,813
431,157 31.0%
50.7%
208,258 93,068
138,198 71,027
4Q10 4Q11 2010 2011 4Q10 4Q11 2010 2011
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5. Net Income
Excluding the negative impact of investment properties, exchange variation and the non-cash
effects, net income totaled R$90.6 million, up 56.2% on 4Q10.
Adjusted Net Income Growth (R$ thousand)
17.1% 308,890
263,707
56.2%
90,618
57,998
4Q10 4Q11 2010 2011
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6. Rent and Sales Performance
Record SSR of 15.2%, while SSS went up 8.8% in the quarter, showing a healthy performance of
our tenants.
SSR (%)
15.2%
13.4% 14.2% 14.3%
12.3% 12.0%
9.9% 10.1% 10.1% 9.7%
8.8% 8.6% 8.0%
4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
SSS (%)
16.2% 16.6%
13.2%
11.0% 11.8%
8.8% 10.0% 8.8%
8.7% 8.3%
6.4%
5.1%
3.5%
4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
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7. Operating Highlights
Renewals Leasing Spread reached 27.3%, achieving a number above 27% for the fifth
consecutive quarter.
Renewals Leasing Spread (%)
29.8%
27.7% 28.1% 27.4% 27.3%
22.3% 22.5%
18.3%
14.7%
8.1%
3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11
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8. Acquisition
With the acquisition of Shopping Jardim Sul and Mooca Plaza Shopping´s opening, BRMALLS will become the
largest mall company in the state of São Paulo
TRANSACTION OVERVIEW
INVESTMENT The price paid for the mall was R$460 million
BRMALLS
100%
SHARE
R$37.9 million of NOI to BRMALLS in 2012
NOI
Stabilized NOI of R$50.1 million.
8.2% in 2012
CAP RATE
10.9% stabilized
Shopping Jardim Sul:
RETURN The IRR of the acquisition was 11.5%, real and unleveraged.
• Location: Morumbi – São Paulo
BRMALLS intends to distribute shares of the real estate • GLA (m²): 30,800
REAL ESTATE investment fund to retail investors in the near future raising, • Number of Stores: 190
FUND through the service revenues resulting from this transaction, • Parking Spaces: 1,350
the IRR above 12.5%, real and unleveraged.
MULTI-USE BRMALLS acquired two plots of land next to the mall with a
POTENTIAL total area of 14.3 thousand m² for R$ 30 million.
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9. Recently Opened Greenfield
Mooca Plaza Shopping
• opened on the 29th of November
2011;
• 100% of leased GLA;
• 85% of GLA opened on the same
date as the mall;
• Total GLA (m²): 41,964
• Owned GLA (m²): 25,178
•Stabilized NOI: R$35.6 million
• IRR (real and unleveraged): 16.1%
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10. Greenfield Projects
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: 67.7%
•IRR (real and unleveraged): 16.2%
•Opening: 4Q12
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11. Greenfield Projects
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): 30,000
•Owned GLA(m²): 20,370
•% Developed: 0.0%
•Leasing Status: 0.0%
•IRR (real and unleveraged): 16.2%
•Opening: 4Q13
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12. Greenfield Projects
Shopping Vila Velha
•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): 35,320
•Owned GLA(m²): 24,724
•% Developed: 0.0%
•Leasing Status: 0.0%
•IRR (real and unleveraged): 17.3%
•Opening:4Q13
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13. Greenfield and Expansion Projects
BRMALLS will add 36.3 thousand m² through expansions and 147,4 thousand m² through
greenfield projects.
Owned GLA Evolution (Greenfield and Expansions)
981,965
147,434
36,343
798,188
Owned GLA Owned GLA - Owned GLA - GF Future Owned GLA
Expansions
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14. Cash and Debt Position
BRMALLS ended 4Q11 with a cash position of R$452.0 million.
Cash Position and Net Debt (R$ million)
41.0% vs 3Q11
+50.0% vs 3Q11
7.7% vs 3Q11
452.0
(3,204.0) (2,752.0)
Cash Position Gross Debt Net Debt
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15. Debt Profile
Long-term and diversified debt profile with an average duration of 13 years
Debt Amortization Schedule (R$ million)
871
382
360
265 269 269
176 170 161
111
92 78
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
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16. Capital Markets
In 2011 BRMALLS stock had a 7.0% upside, against a downfall of 18,1% of the Bovespa Index.
130
120
110
7.0%
100
90 BRMALLS
80 IBOVESPA
70 -18.1%
60
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