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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.
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
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.
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