BRMALLS Announces 1Q12 Earnings Release

USA - English

• Brazil - Português

RIO DE JANEIRO, April 26, 2012 /PRNewswire/ -- BRMALLS (BM&FBOVESPA: BRML3).

1Q12 Highlights and Subsequent Events:

• Net revenue grew by 36.0% in 1Q12 totaling R$243.6 million;
• Net operating income (NOI) totaled R$217.8 million in 1Q12, 37.3% higher than 1Q11, accompanied by a NOI margin of 90.5%. Same-property NOI climbed by 14.8% over 1Q11.
• Adjusted EBITDA totaled R$203.1 million in 1Q12, 44.5% up on the same period last year, accompanied by an adjusted EBITDA margin of 83.4%, up by 4.1 p.p.
• FFO came to R$116.1 million in 1Q12, a 93.2% improvement over 1Q11. Adjusted FFO totaled R$90.2 million, 59.9% above the R$56.4 million recorded in 1Q11.
• Same-store rent moved up by 11.3% in the first quarter, while same-store sales grew by 9.1%.
• Our renewal and new contract leasing spreads averaged 24.9% and 20.3%, respectively.
• In 1Q12, we acquired a 33.0% interest in Shopping Itau Power. The acquisition is expected to contribute with an NOI over the next 12 months of R$9.8 million, representing an IRR of 14.2%. Moreover, in April, the Company also acquired a 50.0% interest in Shopping Rio Anil.
• On April 19th, we inaugurated the expansion of Shopping Recife, adding 7,548 m2 of total GLA, which is expected to generate R$4.8 million of stabilized NOI.
• On April 9th, we announced a joint venture with Simon Property Group, the world's largest developer of outlet centers, to develop Outlets in Brazil. The first project is expected to be located in the state of Sao Paulo and is scheduled to open in 2013.
• In February 2012, we concluded our 2nd issuance of non-convertible debentures, raising R$405.0 million in two tranches, R$165.8 million at CDI + 0.94% p.a. maturing in five years and R$239.3 million at the IPCA +6.4% p.a., maturing in seven years.
• Moody's gave BRMALLS a corporate and debenture rating of Aa2.br on the domestic scale and Ba1 on the global scale, both with a stable outlook.
• We were informed by the CEO of the Company, Carlos Medeiros, that he no longer is a part of GP Investments neither as a shareholder nor as an executive. Carlos Medeiros, therefore, reinforces his long term commitment with BRMALLS, remaining President of the Company for indefinite time

Conference Call:
English:
April 27th, 2012
10:00 a.m. US ET (11h00 Brazil)
Tel: +55 11 3301-3000
Replay: +55 (11) 3127-4999
Passcode: 34704192
Webcast:
http://www.mediatown.com.br/prnewswire/player/?id=850

Portuguese:
April 27th, 2012
09:00 a.m. US ET (10h00 Brazil)
Tel: +55 11 3301-3000
Replay: +55 (11) 3127-4999
Passcode: 34704192
Webcast:
http://www.mediatown.com.br/prnewswire/player/?id=849

ABOUT BRMALLS

BRMALLS is the largest integrated mall company in Brazil, with a portfolio of 46 malls, comprising 1,449.5 thousand m2 of GLA and 817.9 thousand m2 of owned GLA. BRMALLS is the only shopping mall company in Brazil with nationwide presence and targeting all income segments.

BRMALLS Investor Relations
T: +55 21 3138-9900
[email protected]

SOURCE BR Malls Participacoes