Sao Carlos Reports 73% Growth in 1Q12 Net Income vs. 1Q11

USA - English

• Brazil - Português

SAO PAULO, May 7, 2012 /PRNewswire/ -- Sao Carlos Empreendimentos e Participacoes SA (BM&FBovespa: SCAR3) announces today its results for the first quarter of 2012.

• NET INCOME grew 73% vs. 1Q11 to R$20.4 million in 1Q12;
• GROSS REVENUE FROM LEASES grew 25% vs. 1Q11 and totaled R$ 63.8 million in 1Q12. On a same-property basis, the increase was approximately 21%;
• EBITDA of R$ 50.7 million, up 30% vs. 1Q11 and with margin of 46%; we calculate the recurring EBITDA at 87%;
• FFO grew 51% vs. 1Q11 and reached R$27.1 million in 1Q12, with margin of 46% of net revenue;
• ACQUISITION OF THE CENTRO EMPRESARIAL DO ACO in 1Q12, for R$192 million; the Company also acquired the CENTRO EMPRESARIAL URCA building in April 2012 for R$45 million;
• Portfolio's physical and financial VACANCY RATE of 1.3% and 1.2% respectively at March 2012 end;
• Pro forma CASH BALANCE of R$210 million at March 2012 end, allied with good leverage capacity;
• PORTFOLIO'S ESTIMATED VALUE grew from R$ 2.23 billion in March 2011 to R$ 3.19 billion in March 2012, and to the current value of R$ 3.24 billion;
• NAV grew 40% vs. March 2011 to R$2.38 billion, or R$41.4/share, at March/12 end.

To download the "1Q12 Earnings Release", please access our website: www.scsa.com.br/ir, and to listen to our conference call on the 1Q12 results use the information below:

ENGLISH (MAY 8, 2012, TUESDAY)
11:00 A.M. (NEW YORK TIME)
12:00 P.M. (BRASILIA TIME)
TEL: +1 (516) 300-1066
CODE: SAO CARLOS

Investor Relations Department
Phone: (55 11) 3048-5413
E-mail: [email protected]

Sao Carlos is one of the main companies in the sector of investment and administration of commercial properties in Brazil. Our goal is to maximize rental revenues from the company's real estate, the assets' renting potential and the portfolio's market value. Our business strategy includes the investment in new commercial properties, reform and maintenance of our real estate, optimization of condominium administration and sale of properties that already attained maturation. We currently have a portfolio which includes mainly office buildings and retail stores located in the States of Sao Paulo and Rio de Janeiro.

SOURCE Sao Carlos Empreendimentos e Participacoes S.A.

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