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. 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
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
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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. 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. 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
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. 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. 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. 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. 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
