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Rio de Janeiro, June 30th, 2020 - BR MALLS PARTICIPAÇÕES S.A., ("brMalls" or "Company"), hereby announces that, following the recommendations of public authorities and collaborating towards COVID-19 prevention, the Company has resumed the operation of another four malls in its portfolio: Shopping Recife (PE), on June 22nd, 2020, and Goiânia Shopping (GO), Shopping Araguaia (GO) and Shopping Iguatemi Caxias do Sul (RS) on June 23rd, 2020.
In addition, the Company informs that, as determined by public authorities, Center Shopping Uberlândia (MG) and Campinas Shopping (SP) had their activities temporarily suspended as of June 22nd, 2020, as well as Shopping Estação Cuiabá (MT), as of June 25th, and Shopping Piracicaba, as of June 29th, 2020, while delivery, drive-thru and essential services are still allowed in the malls.
Therefore, the Company has, on this date, 23 reopened malls, which are operating with restrictions to their opening hours. These malls represent 75.0% of the Company’s total GLA and 71.6% of its owned GLA, and represented 69.5% of the core portfolio’s NOI in 2019.
The Company remains attentive to the development of the crisis caused by Covid-19 and to the economy in general. The closing of stores and shopping malls for long periods of time affects our tenant’s business and, consequently, the Company’s business. Therefore, given that the end of the pandemic and the resumption of economic activities is unpredictable, decisions have been made on a month by month basis, according to how the crisis caused by Covid-19 develops. In this context, in June, the Company will maintain the commercial policy of temporary renegotiation of lease contracts that has been in place, that is:
(i) no base rent charges for tenants whose activities have been interrupted throughout the month or charges proportional to the days and hours of operation and who have remained compliant with the payment of condominium charges. Certain operations, where restrictions and the impacts of closures were not substantial, such as Markets, Banks, ATMs and Antennas, did not suffer changes in the amounts charged;
(ii) collection of the overage rent as per contract regarding non-physical or physical sales (where possible) during the period.
We will keep the market informed of developments in the Covid-19 pandemic and its impacts in the Company’s business.