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BRMALLS ANNOUNCES 1Q15 EARNINGS RELEASE
• In the first quarter of 2015 net revenue was R$339.9 million, increasing by 5.4% from the same quarter of 2014. Excluding the malls divested in the last 12 months*, net revenue increased by 8.6% in 1Q15.
• NOI was R$311.4 million in 1Q15, increasing by 5.7% from 1Q14. NOI margin in the period was 91.2%, 0.6p.p above the margin in 1Q14 and the highest first quarter margin in the history of the company. Same Mall NOI reached a 8.6% growth over 1Q14.
• In 1Q15, adjusted EBITDA grew by 3.5%, compared to the same quarter of 2014, reaching R$263.1 million. Adjusted EBITDA margin in the quarter was 77.4%. Excluding the effects of sold assets* over the last 12 months, EBITDA grew by 6.5%.
• Adjusted FFO grew by 43.3% from 1Q14 to reach R$114.5 million in the quarter. AFFO margin reached 33.7% in 1Q15, an increase of 8.9p.p over 1Q14.
• Adjusted Net Income increased by 45.0% from 1Q14 reaching R$112.0 million in the quarter.
• Total sales in the shopping malls of BRMALLS totaled to R$5.1 billion in the first quarter of 2015, increasing by 0.5% from the same period of 2014. Excluding the malls divested in the last 12 months*, total sales grew by 7.6%.
• Same store rent grew by 7.6% in 1Q15 and same store sales grew by 5.9% from 1Q14.
• In 1Q15, we registered a leasing spread for contract renewals of 12.3% and a leasing spread for new contracts of 12.9%.
• Our average occupancy rate was 97.2%. Our 10 most representative malls in terms of NOI had an average occupancy rate of 98.2%.
• Also after the reporting period, we inaugurated the expansion of Shopping Campinas. The expansion added 4.9 thousand m² of total and owned GLA. We estimate that the expansion project will generate R$3.9 million in stabilized NOI for BRMALLS. The project inaugurated with a 94.0% occupation rate.
*Assets divested: Shopping Ilha Plaza, Iguatemi Belém, Metro Tatuapé, Big Shopping, Mueller and Fashion Mall.
Please Click Here, to access the 1Q15 Earnings Release.
May 6th, 2015
May 6th, 2015
BR MALLS PARTICIPAÇÕES S.A.
BRMALLS is the largest integrated mall company in Brazil, with a portfolio of 48 malls, comprising 1,695.8 thousand m² of GLA and 992.3 thousand m² of owned GLA. BRMALLS is the only shopping mall company in Brazil with nationwide presence and targeting all income segments.