News

BRMALLS ANNOUNCES 2Q14 EARNINGS RELEASE

Highlights of the Second Quarter of 2014 and Events After the Reporting Period:

. Net revenue of R$332.5 million, increasing 5.4% from the prior-year period. Excluding the malls divested in the last 12 months, net revenues increased 6.9% from 2Q13.

. NOI of R$309.4 million, increasing 6.6% from 2Q13. The NOI margin in the period was 92.0%, an increase of 60 bps compared to 2Q13. Excluding our recently divested properties, NOI recorded an 8.1% yoy growth.

. Adjusted EBITDA of R$267.8 million in the quarter, increasing by 7.0% from the prior-year period. The EBITDA margin in the period was 80.5%, which represents a growth of 110 bps over 2Q13.

. Adjusted FFO of R$108.6 million in the quarter with a 32.7% margin.

. Net income of R$298.7 million, an increase of 61.8% over 2Q13.

. Total sales reached R$5.4 billion in the quarter, a 6.8% growth over the second quarter of 2013. Excluding the three properties divested, total sales were up 13.1% yoy.

. Same-store sales was up 7.5% and same-store rent grew by 8.6%.

. Occupancy cost decreased 10 bps reaching 10.4% in 2Q14 compared to 2Q13 and decreased 70 bps in 2Q14 when compared to 1Q14.

. The occupancy rate of our malls was 97.3%. 29 out of the 49 malls in our portfolio, reached an occupancy rate over 98%.

. We divested our entire interest in Big Shopping for R$11.4 million, reducing our total GLA in 17,241 m² and our owned GLA in 2,241 m².

. In 2Q14 we inaugurated 3 expansions: Shopping Piracicaba, Shopping Recife and São Luís Shopping. Together they increased our total GLA by 39.9 thousand m² and our owned GLA by 10.0 thousand m². We estimate that these three expansion projects will generate R$10.3 million in stabilized NOI for BRMALLS.

Please Click Here, to access the 2Q14 Earnings Release:

Conference Call:

English:

August 5th, 2014
10:00 a.m. US ET (11:00 a.m. Brazil)

Phone number:
+55 11 3127-4971
+55 11 3728-5971
1-516-300-1066 (U.S phone number):

Webcast:
http://extranet.voitel.com.br/audiocasting/Audiocasting_Acesso.aspx?Pag=Participante&NameRoom=N24013502

Replay:
+55 11 3127-4999
Recording ID: 22641593

URL:http://extranet.voitel.com.br/audiocasting/Audiocasting_Acesso.aspx?Pag=Ondemand&NameRoom=N24013502

Portuguese:

August 5th, 2014
09:00 a.m. US ET (10:00 a.m. Brazil)

Phone numbers:
+55 11 3127-4971
+55 11 3728-5971

Webcast:
http://extranet.voitel.com.br/audiocasting/Audiocasting_Acesso.aspx?Pag=Participante&NameRoom=N24013497

Replay:
+55 11 3127-4999
Recording ID: 29763469

URL:http://extranet.voitel.com.br/audiocasting/Audiocasting_Acesso.aspx?Pag=Ondemand&NameRoom=N24013497