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
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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
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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
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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%.
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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
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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
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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
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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
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