News

BRMALLS ANNOUNCES 1Q15 EARNINGS RELEASE

Highlights:

• 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 thousandof 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.

Conference Call:

English:

May 6th, 2015
02:00 p.m. US ET (03:00 p.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=N24019821

Replay:
+55 11 3127-4999
Recording ID: 20089235

http://extranet.voitel.com.br/audiocasting/Audiocasting_Acesso.aspx?Pag=Ondemand&NameRoom=N24019821

Portuguese:

May 6th, 2015
01:00 p.m. US ET (02:00 p.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=N24019820

Replay:
+55 11 3127-4999
Recording ID: 46508933

http://extranet.voitel.com.br/audiocasting/Audiocasting_Acesso.aspx?Pag=Ondemand&NameRoom=N24019820

BR MALLS PARTICIPAÇÕES S.A.
Investor Relations Officer
Frederico da Cunha Villa

ABOUT BRMALLS

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.