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1Q13 Earnings Release Presentation

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Page 1: 1 q13 br properties   nova apresentaçao

1Q13 Earnings Release Presentation

Page 2: 1 q13 br properties   nova apresentaçao

1Q13

Highlights

2

1Q13 HIGHLIGHTS AND SUBSEQUENT EVENTS

• 1Q13 net revenues totaled R$225.9 million, an increase of 123% over 1Q12, when net revenues came in at R$101.2 million. The

significant growth resulted from additional rental revenues of the new properties;

• 1Q13 adjusted EBITDA of R$212.1 million, a 136% increase over 1Q12 and adjusted EBITDA margin of 94%;

• 1Q13 net income totaled R$90.9 million, impacted by the net gain on appraisal of investment properties and other non-cash items;

• 1Q13 adjusted FFO excluding non-cash expenses totaled R$77.2 million and adjusted FFO margin of 34%;

• During 1Q13, the Company obtained leasing spreads (net of inflation) of 17.3% in office buildings and 5.4% in industrial properties;

• Financial vacancy rate was 8.9%, while physical vacancy rate came in at 4.7%. Excluding the recently delivered JK Complex - Towers

D&E, currently under lease-up, financial vacancy would drop to 3.1%;

• In March, the Company executed with Caixa Econômica Federal a non-residential lease agreement of Edifício Paulista. The lease has

a term of 64 months and involves the occupancy of 6,904 sqm of gross leasable area. The property is currently 66% leased;

• In 1Q13, Fitch Ratings upgraded the Company’s ratings to ‘AA-‘ and ‘BB’ in national and global scale, respectively;

• In March, BR Properties finalized its second issuance of commercial papers, raising R$260.0 million in a single tranche at CDI + 0.80%

p.a. maturing in 180 days;

• After the most recent index rebalancing concluded by BM&F Bovespa, the Company has been included in the IBOVESPA equity

index. BRPR3’s initial weight is 0.69%.

Page 3: 1 q13 br properties   nova apresentaçao

1Q13

Portfolio

1Q13 Revenue Breakdown

Portfolio Breakdown

(% market value) Portfolio Breakdown

(% GLA)

3

Portfolio Market Value

18%

14%

63%

5%

Off ice AAA Off ice Industrial Retail

50%

21%

24%

5%

Off ice AAA Off ice Industrial Retail

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

4.751 4.918 5.142 5.254

11.71512.968 13.552 13.840 14.031

Services 1%

Straight-line 9% Leasing 90%

62%

32%

7%

Page 4: 1 q13 br properties   nova apresentaçao

1Q13

1Q12 1Q13

452.713

90.893

(80%)

Financial Highlights

4

Net Revenues (R$ thousand) Net Income* (R$ thousand)

* 1Q12 Net Income was largely impacted by a gain on

appraisal of investment properties of R$729.9 million

1Q12 1Q13

101.192

225.927

123%

Page 5: 1 q13 br properties   nova apresentaçao

1Q13

5

Financial Highlights

Adjusted EBITDA (R$ thousand)

89%94%

Adjusted EBITDA Margin

1Q12 1Q13

89.745

212.091

136%

Adjusted EBITDA Composition 1Q13 1Q12 var %

Gross Profit 225.927 101.192 123%

(-) General and Administrative Expenses (15.647) (13.884) 13%

(+) Bonus Provision 1.149 1.149 0%

(+) Stock options 661 1.288 -49%

Adjusted EBITDA 212.091 89.745 136%

Adjusted EBITDA Margin 94% 89% 5 p.p.

Page 6: 1 q13 br properties   nova apresentaçao

1Q13

6

Financial Highlights

Adjusted FFO (R$ thousand)

5%21% 32% 34%

Adjusted FFO Margin

19%

2Q12 3Q12 4Q12 1Q13

8.482

34.830

64.679 77.236

311%

86%

Adjusted FFO Composition 1Q13

Net Income (loss) 90.893

Deferred Taxes 30.837

Taxes on Property Sales -

Gain (Loss) on Appraisal of Investment Properties (48.876)

Gain (Loss) on Sale of Investment Properties -

Non-cash Losses on Exchange Rate Variation 11.204

Non-cash Gains on Exchange Rate Variation (19.471)

Non-cash Variations on Derivative Instruments 18.644

Minority Interest (5.994)

Adjusted FFO 77.236

Adjusted FFO Margin 34%

Page 7: 1 q13 br properties   nova apresentaçao

1Q13

Indebtedness

1Q13 Net Debt (R$ mn) 1Q13 Debt Profile

7

ST Debt Obligations for

Acquisitions

LT Debt Total Debt Cash Net Debt

931

5.540

4.769

11

4.599 771

42%

39%

12%

1%

6%TR

CDI

IGPM

INPC

IPCA

Net Debt 1Q13 4Q12 var %

Short Term Loans and Financing 941.695 689.778 37%

Loans and Financing 871.586 616.995 41%

Perpetual Bond 59.033 61.777 -4%

Derivative Instruments - - n/a

Payables for Acquisition of Real Estate 11.076 11.006 1%

Long Term Loans and Financing 4.598.686 4.573.133 1%

Loans and Financing 4.070.176 4.038.535 1%

Perpetual Bond 528.510 534.598 -1%

Gross Debt 5.540.381 5.262.912 5%

Cash and Cash Equivalents 771.193 573.570 34%

Net Debt 4.769.188 4.689.342 2%

Portfolio Value 14.031.097 13.839.530 1%

Gross Debt / Portfolio Value (Loan to Value) 39% 38% 1 p.p.

Net Debt / Portfolio Value (Loan to Value) 34% 34% 0 p.p.

Adjusted EBITDA / Net Financial Expenses * 1,7x 1,5x 11%

Duration (years) 4,4 4,8 -9%

* Considering Net Financial Expenses (ex. non-cash variations)

Page 8: 1 q13 br properties   nova apresentaçao

1Q13

Indebtedness

8

Debt Amortization Schedule (R$ million)

Loan to Value: Gross and Net Debt Service Coverage

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

645

819

298

457522

342 343

192

96 76 71 72 60

Principal

Net Debt / EBITDA

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

0,6x

3,7x

4,9x

7,0x

6,0x5,5x

3,2x 3,4x

9,7x

7,8x7,3x

6,7x

5,6x

Net Debt/EBITDA

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

2,5x

3,5x

2,4x2,1x

1,4x1,6x

2,7x2,5x

3,0x

1,1x

1,5x 1,5x1,7x

EBITDA / Net Financial Expenses

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13

38% 40%

24%

40%45% 43% 42% 41% 40% 39% 37% 38%

39%

4%23% 21%

36% 36%35%

21% 21%

30%35% 34% 34%

34%

LTV Gross Debt LTV Net Debt

Page 9: 1 q13 br properties   nova apresentaçao

1Q13

9

Operating Highlights

Leasing Spreads

Lease Contract Expiration Schedule

(% Revenues)

Lease Contract 3 Year Market Alignment

Schedule (% Revenues)

2013 2014 2015 >2016

7%8%

12%

73%

2013 2014 2015 >2016

21%

26%

43%

10%

Leasing Spread 1Q13 1Q12

Leasing Spread - Office 17,3% 35,5%

Renegotiated GLA (sqm) 7.252 22.893

% Office portfolio 1% 6%

Leasing Spread - Warehouse 5,4% 1,7%

Renegotiated GLA (sqm) 13.626 59.764

% Warehouse portfolio 1% 5%

Leasing Spread - Retail n/a n/a

Renegotiated GLA (sqm) - -

% Retail portfolio 0% 0%

Lease Contracts Duration

All Contracts 5.9 Years

Build-to-Suit Contracts 7.0 Years

Page 10: 1 q13 br properties   nova apresentaçao

1Q13

Operating Highlights

10

Financial Vacancy per Segment Vacancy Evolution

2Q12 3Q12 4Q12 1Q13

1,9%

3,2%2,6%

4,7%

1,3%

4,5%4,0%

8,9%Physical

Financial

4Q12 1Q13

3,6%

8,3%

0,4% 0,6%0,0% 0,0%

Off ice

Industrial

Retail

Property Type Financial Physical

CBOP - Jacarandá Office 0,1% 0,1%

Ventura - Torre Oeste Office 0,1% 0,02%

Icomap Office 0,01% 0,02%

JK Complex - Towers D&E Office 5,8% 1,80%

Cidade Jardim Office 0,6% 0,2%

Paulista Office 1,5% 0,5%

São José Office 0,0% 0,0%

Raja Hills Office 0,1% 0,1%

Brasília Office 0,1% 0,1%

Total Office 8,3% 2,9%

BP Jandira Industrial 0,1% 0,5%

BP Jundiaí Industrial 0,1% 0,3%

DP Louveira #9 Industrial 0,1% 0,4%

BBP CEA Topázio Industrial 0,0% 0,1%

BBP Barão de Mauá Industrial 0,0% 0,1%

Gaia Terra Andiroba Industrial 0,1% 0,3%

Cond.Ind.SJC Industrial 0,0% 0,1%

Total Industrial 0,6% 1,8%

Total Portfolio 8,9% 4,7%

Impacted in 580 bps by

the delivery of JK

Complex – Towers D&E

Page 11: 1 q13 br properties   nova apresentaçao

1Q13

Capital Markets

11

Stock Performance – 1Q13

Stock Performance (BRPR3) 1Q13 1Q12 var %

Total Number of Shares 311.612.894 309.817.416 1%

Free Float (%) 99% 99% 0%

Stock Price (average for the period) 25,01 20,58 22%

Stock Price (end of period) 22,40 23,44 -4%

Market Cap end of period (R$ million) 6.980 7.262 -4%

Average Daily Trading Volume (R$ million) 33,60 22,30 51%

Average Daily Traded Shares 1.354.205 1.067.426 27%

Average Daily negotiations 5.319 3.026 76%

-

5.000.000

10.000.000

15.000.000

20.000.000

25.000.000

30.000.000

35.000.000

40.000.000

-20%

-15%

-10%

-5%

0%

5%

10%

Jan-13 Jan-13 Jan-13 Feb-13 Feb-13 Feb-13 Mar-13 Mar-13 Mar-13

ADTV

BR Properties

Ibovespa

Page 12: 1 q13 br properties   nova apresentaçao

1Q13

IR Contacts

Pedro Daltro

CFO & Investor Relations Officer

Marcos Haertel

Investor Relations Manager

Gabriel Barcelos

Investor Relations Analyst

Phone: (55 11) 3201-1000

Email: [email protected]

www.brpr.com.br/ri

12

Investor Relations