2. 2Q13
Highlights
2
2Q13 HIGHLIGHTS
• 2Q13 net revenues totaled R$238.2 million, an increase of 48% over 2Q12, when net revenues came in at R$160.9 million. The significant
growth resulted from additional rental revenues of properties delivered throughout the last twelve months;
• 2Q13 adjusted EBITDA of R$221.2 million, a 52% increase over 2Q12 and adjusted EBITDA margin of 93%;
• 2Q13 net income totaled R$49.8 million, impacted by the net gain on appraisal of investment properties and other non cash items;
• 2Q13 adjusted FFO excluding non-cash expenses totaled R$88.8 million, a 947% increase over 2Q12 and adjusted FFO margin of 37%;
• During 2Q13, the Company obtained leasing spreads (net of inflation) of 15.3% in office buildings and 14.6% in industrial properties;
• Financial vacancy rate was 10.8%, while physical vacancy rate came in at 5.5%. Excluding the recently delivered Ed. Paulista and the JK
Towers, currently under lease-up, stabilized financial and physical vacancy would drop to 3.6% and 3.1%, respectively;
• During 2Q13 the Company renegotiated R$983.6 million of TR-linked debt along the quarter, reducing its average cost from TR +
10.36% p.a. to TR + 9.39% p.a.;
• Standard & Poor’s altered its outlook on BR Properties from neutral to positive;
• In May, the company concluded its third issuance of non-convertible unsecured local debentures, raising R$450.0 million in a single
tranche at CDI + 0.80% p.a. maturing in three years, and fully amortized at the end of the period;
• Also in May, the company prepaid the R$260.0 million commercial papers issued in 2Q13, utilizing part of the proceeds from its third
issuance of non-convertible local debentures;
• In June, the Company delivered another major project of its portfolio, the first phase of Gaia Terra - Galpão Andiroba, located in Jarinu –
SP, currently 75% let.
4. 2Q13
Financial Highlights
4
Net Revenues (R$ thousand) Net Income* (R$ thousand)
* 2Q12 Net Income was largely impacted by a gain on
appraisal of investment properties of R$554.5million, after the
acquisition of One Properties.
2Q12 2Q13 6M12 6M13
160.935
238.214 262.128
464.141
48%
77%
2Q12 2Q13 6M12 6M13
332.390
49.847
785.103
140.740
(85%)
(82%)
10. 2Q13
Operating Highlights
10
Financial Vacancy per Segment
Vacancy Evolution
Impacted in 720 bps
by the delivery of the
JK Towers and Ed.
Paulista
1Q13 2Q13
8,3%
10,3%
0,6% 0,5%0,0% 0,0%
Office
Industrial
Retail
* An area of 9,214 sqm for the Manchete Building was
returned by the tenant in the second half of June/13. As a
penalty fee for early termination of the contract, BR Properties
received an amount of R$10.9 million, representing 6.3
monthly rents. The vacant area is currently under lease-up.
Property Type Financial Physical
Ed. Jacarandá Office 0,1% 0,1%
Ventura - Torre Oeste Office 0,3% 0,1%
Icomap Office 0,03% 0,05%
RB115 Office 0,1% 0,1%
Manchete * Office 1,2% 0,5%
JK Complex - Towers D&E Office 5,5% 1,7%
Cidade Jardim Office 0,6% 0,2%
Paulista Office 1,8% 0,6%
Santo Antonio Office 0,03% 0,03%
Raja Hills Office 0,1% 0,2%
Brasília Office 0,6% 0,4%
Total Office 10,3% 4,0%
BP Jandira Industrial 0,1% 0,2%
BP Jundiaí Industrial 0,1% 0,3%
DP Louveira #9 Industrial 0,1% 0,4%
BBP CEA Topázio Industrial 0,05% 0,1%
BBP Barão de Mauá-Brahms Industrial 0,04% 0,1%
Gaia Terra Andiroba Industrial 0,1% 0,3%
Cond.Ind.SJC Industrial 0,03% 0,1%
Total Industrial 0,5% 1,5%
Total Portfolio 10,8% 5,5%
3Q12 4Q12 1Q13 2Q13
3,2%
2,6%
4,7%
5,5%
4,5%
4,0%
8,9%
10,8%Physical
Financial
11. 2Q13
Capital Markets
11
Stock Performance – 6M13
-
10.000.000
20.000.000
30.000.000
40.000.000
50.000.000
60.000.000
70.000.000
80.000.000
-35%
-25%
-15%
-5%
5%
15%
Jan-13 Jan-13 Feb-13 Feb-13 Mar-13 Mar-13 Apr-13 Apr-13 May-13 May-13 Jun-13 Jun-13
ADTV
BR Properties
Ibovespa
Stock Performance (BRPR3) 2Q13 2Q12 var % 6M13 6M12 var %
Total Number of Shares 312.653.445 310.307.396 1% 312.653.445 310.307.396 1%
Free Float (%) 99% 99% 0% 99% 99% 0%
Stock Price (average for the period) 20,91 23,02 -9% 22,89 21,80 5%
Stock Price (end of period) 19,00 23,70 -20% 19,00 23,70 -20%
Market Cap end of period (R$ million) 5.940 7.354 -19% 5.940 7.354 -19%
Average Daily Trading Volume (R$ million) 55,14 36,51 51% 44,73 29,40 52%
Average Daily Traded Shares 2.698.460 1.592.098 69% 2.048.370 1.329.762 54%
Average Daily negotiations 7.594 4.074 86% 6.493 3.550 83%
