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BRMALLS Announces 3Q12 Earnings Release

RIO DE JANEIRO, Nov. 13, 2012 /PRNewswire/ --

3Q12 Highlights and Subsequent Events:

  • In the third quarter of 2012, net revenue reached R$278.4 million, increasing 26.9%, while net revenue in the first nine months of the year grew by 31.8% to R$787.8 million.
  • Net operating income (NOI) was R$257.1 million in 3Q12, increasing 30.9% from 3Q11, with NOI margin of 91.3% in the period. In 9M12, NOI was R$719.9 million, or 35.6% higher than in the year-ago period. Same mall NOI grew 16.4% compared to 3Q11.
  • Adjusted EBITDA was R$223.1 million in 3Q12, increasing 27.1% on the year-ago period. In 9M12, adjusted EBITDA amounted to R$643.2 million, increasing 35.0% on the same nine-month period of 2011.
  •  Net income reached R$100.7 million on 3Q12, growing 979.5% compared to 3Q11. In the 9M12 net income reached R$675.9 million, up 271.5%.
  •  FFO in the quarter was R$98.8 million, increasing 817.8% from 3Q11. Adjusted FFO was R$95.3 million, growing 1.9% from R$93.5 million in 3Q11.
  • Same-store rent increased 9.0% in 3Q12, while same-store sales grew 6.2%. Total sales in the quarter reached R$4.7 billion.
  •  In 3Q12, the renewal leasing spread increased 27.0%, while the new contract leasing spread rose 19.9%.
  • Occupancy reached 97.9%, the best rate in the last 6 quarters. Late payments was 3.7%, representing a downfall for the third consecutive quarter.
  • During the quarter, we announced the acquisition of a 45.0% interest in Shopping Plaza Macae, which added 10.2 thousand m² of owned GLA and will generate a stabilized NOI of R$4.8 million.
  • After 3Q12 we announced the acquisition of 100% of Shopping Capim Dourado. With this acquisition we expect to increase our NOI (including service revenue) over the next 12 months by R$15.9 million and expand our owned GLA by 29.1 thousand m².
  • On November 1st, we opened the Londrina Norte Shopping, which increased our owned GLA by 23.1 thousand m². We expect the shopping mall to generate R$16.3 million in stabilized NOI for the Company. In addition to Londrina Norte Shopping, in 4Q12, we will also open Shopping Sao Bernardo, which will add another 25.7 thousand m² in owned GLA to the portfolio.
  • Subsequent to 3Q12, we opened the expansion at Center Shopping Uberlandia, which added 2.0 thousand m² in total GLA to the mall and is expected to generate R$2.0 million in stabilized NOI for the Company. We also announced the expansion of Shopping Piracicaba, which will add 16.2 thousand m² to the mall, in which we hold an interest of 36.9%. This expansion should generate R$7.0 million in stabilized NOI for the Company.
  • We concluded the sale of our 40.0% interest in Shopping Jardim Sul to the Shopping Jardim Sul Real Estate Fund (JRDM11B).
  • After 3Q12, we issued the retap of our second perpetual bond, raising an additional US$175 million above par priced at 108.5, which represents a yield to maturity of 7.834%. We also issued a CRI CVM 400 raising R$500 million, issued in two series, a 12 year tranche at IPCA + 3.96% and a 15 year at IPCA + 4.27%. Both offerings are part of the company's liability management strategy, reducing our average cost of debt.

Conference Call:

English:
November 13th , 2012
9:00 a.m. US ET (12h00 Brazil)
Dial-In: +55 11 3301-3000
Replay: +55 11 3127-4999
Passcode: 87019570

Webcast:
http://www.mediatown.com.br/prnewswire/player/?id=1010

Portuguese:
November 13th, 2012
8:00 a.m. US ET (11h00 Brazil)
Dial-In: +55 11 3301-3000
Replay: +55 11 3127-4999
Passcode: 11402272

Webcast:
http://www.mediatown.com.br/prnewswire/player/?id=1009

ABOUT BRMALLS

BRMALLS is the largest integrated mall company in Brazil, with a portfolio of 50 malls, comprising 1,577.7 thousand m² of GLA and 896.7 thousand m² of owned GLA. BRMALLS is the only shopping mall company in Brazil with nationwide presence and targeting all income segments.

SOURCE BRMALLS

About PR Newswire
Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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