Call 1 q12
description
Transcript of Call 1 q12
1Q12 Earnings Release Call
April 2012
Net Revenues
1Q11 1Q12
179,083
243,565
Net Revenues Growth (R$ thousand)
36.0%
14.4%
8.2%
3.6%
0.3% 0.3%59.2%
5.3%8.6%
73.2%
Gross Revenues Breakdown 1Q12Parking
Services
Key Money
Others
Transfer Fee
Base Rent
Overage Rent
Mall & Merchandising
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Net revenue grew by 36.0% in 1Q12 totaling R$243.6 million
NOI
Real Same-property
NOI increased by
10.7% over 1Q11
1Q11 1Q12
158,635
217,765
NOI growth (R$ thousand)
37.3%
1Q11 1Q12
150,128
172,353
Same Mall NOI Growth (R$ thousand)
14.8%
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NOI totaled R$217.8 million in 1Q12 reaching a NOI margin of 90.5%
EBITDA and FFO
1Q11 1Q12
140,602
203,114
Adjusted EBITDA Growth (R$ thousand)
44.5%
1Q11 1Q12
56,433
90,224
AFFO Growth (R$ thousand)
59.9%
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Adjusted EBITDA and AFFO increased 44.5% and 59.9%, respectively
Rents and Sales
SSS and SSR continue to increase at a strong pace
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
12.3% 12.0%9.9%
8.8% 8.6% 8.0%
10.1% 10.1% 9.7%
14.2% 14.3%15.2%
11.3%
SSR (%)
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
3.5%
6.4%5.1%
11.0%
16.2%
13.2%
16.6%
11.8%
8.7%10.0%
8.3% 8.8% 9.1%
SSS (%)
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Same Store Rent (%)
IGP-M (%)
Operational Highlights
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12
18.3%
22.3%22.5%
27.7% 28.1% 27.4%29.8%
27.3%24.9%
Renewals Leasing Spread (%)
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Renewals Leasing Spread surpassed 20% for the eigth consecutive quarter
Acquisitions
Projected NOI 1Q12 Actual NOI 1Q12
101,312
129,932
NOI of Acquisitions (R$ thousand)
28.2%
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We invested a total of R$88.3 million in acquisitions
Subsequent Acquisition – Rio Anil Shopping
Rio Anil Shopping
•The mall was opened two years ago, on April 2010.
•R$13,4 million in stabilized NOI to BRMALLS; • We acquired a 50% stake in the future expansion of Rio Anil. With the expansion, the mall should add 5.9 thousand m² in owned GLA to our portfolio;
• This is our 2nd mall in the state of Maranhão and our 6th in the Northeast region, strengthening even more our presence in the region.
• With the transitioning of the malls’ best practices to BRMALLS standard, the mall will present substantial improvements in leasing, qualifying the mix and reducing vacancy.
Rio Anil Shopping:
Total GLA: 26,292 m²
Owned GLA: 13,146 m²
Number of stores: 128
IRR (real and unleveraged): 13.1%
Owned NOI (1st year): R$10.9 million
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Sale of Stake – Shopping Pantanal
Shopping Pantanal
• We sold our 10% stake in Pantanal Shopping, on March 30, for R$45 million.
• This stake was acquired in 2007 for R$10.5 million.
•During the last years we received R$10.0 million in nominal cash flow.
•The sale represented a 5.2x multiple on invested capital and an IRR, real and unleveraged, of 36.3%.
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Subsequent Opening –Shopping Recife Expansion
Shopping Recife Expansion
• The expansion opened on April 19, on schedule and on budget.
•Stabilized NOI of R$4,8 milhões to BRMALLS;
•The project opened with 100.0% of its GLA leased.
•Highest sales/m² in our portfolio in this quarter
•0.5% net late payments throughout 2011.
• 100% occupancy for the current mall throughout 2011.
Shopping Recife Expansion:
Total GLA: 7,548.0 m²
Owned GLA: 2,324.8 m²
Number of stores in the expansion: 56
Parkings spaces: 523
BRMALLS stabilized NOI: R$4.8 million
IRR (real and unlevered): 29.7%
Cash on Cash (real and unleveraged): 37.3%
Opening date: April 19, 2012
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Greenfield Projects
Shopping Estação BH
•Total GLA (m²): 33,982
•Owned GLA (m²): 20,389
• % construction completion: 94.5%
• Leasing status: 97.1%
•IRR (real and unleveraged): 19.3%
•Opening date: 2Q12
São Bernardo
•Total GLA (m²): 42,914
•Owned GLA (m²): 25,748
•% construction completion: 53.0%
•Leasing status: 77.7%
•IRR (real and unleveraged): 16.5%
•Opening date: 4Q12
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Greenfield Projects
Shopping Londrina Norte
•Total GLA (m²): 32,337
•Owned GLA (m²): 22,636
•% construction completion: 83.0%
•Leasing status: 83.3%
•IRR (real and unleveraged): 13.0%
•Opening date: 4Q12
Catuaí Shopping Cascavel
•Total GLA(m²): 27,645
•Owned GLA (m²): 18,771
•% construction completion: 0.0%
•Leasing status: 2.3%
•IRR (real and unleveraged): 15.6%
•Opening date: 4Q13
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Greenfield Projects
Shopping Contagem
•Total GLA (m²): 33,702
•Owned GLA (m²): 23,591
•% construction completion: 0.0%
•Leasing status: 13.9%
•IRR (real and unleveraged): 16.7%
•Opening date: 4Q13
Shopping Vila Velha
•Total GLA (m²): 67,676
•Owned GLA (m²): 34,381
•% construction completion: 0.0%
•Leasing status: 47.2%
•IRR (real and unleveraged): 19.6%
•Opening date: 2Q14
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Greenfield Project - Guarujá
Guarujá Plaza Shopping:
• Guarujá Plaza Shopping will be opened in two phases: the first, with 25.2 thousand m² and the second 4.7 thousand m² of GLA.
• The date for the inauguration of the first phase of the project will be between 4Q13 and 2Q14, the second phase will open two years after the first.
• When opened, the mall will be the 13th of BRMALLS in the state of São Paulo.
• Guarujá Plaza Shopping raises our total number of greenfield projects to seven.
Guarujá Plaza Shopping:
Initial Total GLA: 25,187 m²
Initial Owned GLA: 16,372 m²
Ownership interest: 65.0%
Stores: 134
Parking spaces (1st phase): 1,500
NOI BRMLLS 1st year: R$15.3 million
NOI BRMALLS stabilized*: R$20.0 million
IRR (real and unleveraged)*: 16.4%
Opening date: 4Q13-2Q14
*Considers the 2nd phase
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Greenfield and Expansions
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Current Owned GLA
Owned GLA -Expansions
Owned GLA -Developments
Total Owned GLA
804,736
1,005,651
35,966
164,948
Owned GLA with Developments
We will be the first Brazilian mall company to surpass 1 million m² of owned GLA with our
development projects
Cash and Debt Position
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Cash Position Gross Debt Net Debt
619.1
(3,372.0) (2,752.8)
Cash Position and Net Debt (R$ million)
+37.0% vs 4Q11
5.2% vs 4Q11 +0.0% vs 4Q11
We ended the quarter with a cash position of R$619.1 million
Capital Structure
Long-term and diversified debt profile with an average duration of 12 years
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2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 onwards
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271 280
374354
260291 281
10989 79
855
Debt Amortization Schedule (R$ million)
Capital Markets
BRMALLS was up 31.3% in the quarter, surpassing the 13.7% increase of Ibovespa
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IBOV Index BRML3 BZ Equity
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