conference call 3q11

Download Conference Call 3Q11

Post on 28-Nov-2014

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  • 1. 3Q11 Earnings
  • 2. Net RevenuesIn 3Q11, Net Revenues totaled R$219.3 million, a 67.3% increase over 3Q10 Net Revenues Growth (R$ thousand) Gross Revenues Breakdown 3Q11 1.0% 597,833 Parking 0.4% 55.8% 65.8% Services 4.3% 72.1% 67.3% Key Money 8.1% 360,495 Others Transfer Fee 14.0% 219,333 Base Rent 7.1% 131,121 9.3% Overage Rent Mall & Merchandising Rent Base Rent Parking Overage Rent 3Q10 3Q11 9M10 9M11 Services Mall & Merchandising Key Money Others Transfer Fee 2
  • 3. NOINOI reached R$196.4 million in the quarter, a 66.4% increase over 3Q10. NOI growth (R$ thousand) Same Mall NOI Growth (R$ thousand) 22.7% 375,219 65.7% 530,844 20.4% 305,804 66.4% 320,323 196,370 140,872 116,994 117,980 3Q10 3Q11 9M10 9M11 3Q10 3Q11 9M10 9M11 3
  • 4. EBITDA and FFOWe ended the quarter with an adjusted EBITDA of R$175.5 million, a 70.8% increase. Adjusted EBITDA Growth (R$ thousand) Adjusted FFO Growth (R$ thousand) 9.5% 62.8% 476,555 235,485 215,102 292,749 26.5% 70.8% 175,487 93,466 102,734 73,899 3Q10 3Q11 9M10 9M11 3Q10 3Q11 9M10 9M11 4
  • 5. Net IncomeExcluding the negative impact of R$113.0 million of foreign exchange variation and the non-casheffects, net income totaled R$92.0 million, up 29.1% on 3Q10. Net Income Growth (R$ thousand) Adjusted Net Income Growth (R$ thousand) -11.6% 76.2% 264,770 205,850 181,946 -89.6% 29.1% 162,154 89,990 92,030 71,267 9,328 3Q10 3Q11 9M10 9M11 3Q10 3Q11 9M10 9M11 5
  • 6. Rent and Sales PerformanceRecord SSR of 14.3%, while SSS went up 8.3% in the quarter, showing a healthy performance ofour tenants, however impacted by a higher SSS base in 3Q10 of 16.6%. SSR (%) 14.3% 13.4% 14.2% 12.4% 12.3% 12.0% 9.5% 9.9% 10.1% 10.1% 9.7% 8.8% 8.6% 8.0% 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 SSS (%) 16.2% 16.6% 12.7% 13.2% 10.8% 11.0% 11.8% 10.0% 8.8% 8.7% 6.4% 8.3% 5.1% 3.5% 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 6
  • 7. Operating HighlightsRenewals Leasing Spread reached 29.8%, exceeding 20% for the 6th consecutive quarter. 98.2% excluding the malls that were acquired or Occupancy (%) opened in the Renewals Leasing Spread (%) last 12 months 98.5% 97.3% 97.6% 29.8% 96.8% 27.7% 28.1% 27.4% 22.3% 22.5% 94.0% 18.3% 14.7% 8.1% 3Q07 3Q08 3Q09 3Q10 3Q11 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 7
  • 8. AcquisitionsWe concluded in 3Q11 the increase in ownership in one mall and the acquisition of a portfoliowith two malls in operation. Owned GLA from Acquisitions on 3Q11 (m) NOI of Acquisitions (R$ thousand) 23.2% 96,099 20.2% 242,094 298,294 63,089