4Q11 Earnings Release Presentation

BRProperties

BRProperties 4Q11

Highlights

2

Financial

Highlights

Operating

Highlights

Leasing spreads (net of inflation) for renegotiations and new leases reached 33.7% and 39.3% in office

properties, respectively;

The financial vacancy totaled 1.7% at the end of 4Q11. Physical vacancy represented 0.9% of GLA at

the end of quarter. In terms of area, our office, industrial, and retail properties were 97.0%, 99.9%, and

100.0% occupied at the end of the quarter, respectively;

On December 12th, 2011, BR Properties concluded with BP Energy do Brasil Ltda. a lease contract for

the partial occupancy of Edifício Manchete. The Lease has a term of 60 months, and comprises 9.2

thousand m² of GLA, including 142 parking spaces.

As part of its portfolio recycling strategy, the Company concluded 11 sales throughout the year, which

totaled R$87.9 million. The loss of rental income in the year with the sales is of R$5.5 million;

On January 14th, 2012, BR Properties S.A. signed a Merger Agreement and Other Covenants, related to

the incorporation of One Properties by the Company. The merger was approved by BR Properties’

shareholders at the Company’s Extraordinary Shareholders’ Meeting, held on March 29th, 2012;

4Q11 Net Revenues totaled R$90.3 million, an increase of 25% in relation to 4Q10, when net revenues

came in at R$72.1 million;

Adjusted EBITDA of R$81.1 million in 4Q11, an increase of 33% over 4Q10 and an adjusted EBITDA

margin of 90%. 4Q11 EBITDA without adjustments totaled R$75.0 million, with an EBITDA margin of 83%;

Net Income totaled R$70.5 million at the end of 4Q11, impacted by a gain on appraisal of investment

properties of R$95.7 million (R$77.3 million net of taxes) and a non-cash financial expense resulting from

the FX variation of the principal on our dollar denominated perpetual debt of R$7.3 million. Therefore, a

reduction of 91% in relation to 4Q10;

Adjusted FFO (excluding non-cash net financial expenses) totaled R$35.3 million in 4Q11, with an FFO

margin of 39%;

BRProperties 4Q11

Portfolio

2011 Revenue Breakdown

Portfolio Breakdown

(% market value)

Portfolio Breakdown

(% GLA)

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Leasing97%

Services2%

Straight-line1%

44%

42%

14%

Office

Industrial

Retail

55%32%

9%4%

Off ice Industrial Retail Development

22%

57%

7%

13%

Off ice Industrial Retail Development

BRProperties 4Q11

2011 Portfolio Appraisal

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Composition of the BRPR’s Portfolio in Market Value (R$ mn)

Off ice Industrial Retail Development Total

2.892

5.254

1.723

426 212

Asset ClassSame Properties Appreciation

2010 x 2011

Office 15%

Industrial 11%

Retail 5%

Developments 27%

Total 13%

BRProperties 4Q11

Portfolio Recycling

5

As part of its recycling strategy, the Company concluded 11 sales throughout the year, which totaled

R$87.9 million. The loss of rental income in the year with the sales is of R$5.5 million

Total Revenue from Sales

(R$ thousand)

Average Exit

Cap Rate

87.916R$ 9,2%

In addition to the aforementioned sales, on March 12th, 2012, the Company completed the sale of Shopping

Paço do Ouvidor, acquired in December, 2010, as part of its strategy of portfolio recycling. The sale value of the

property was R$25.0 million, representing an exit cap rate of 9.5%.

Sold Properties Type QualityAcquisition

DateSale Date

Rental loss in 2011

(R$ thousand)

Athenas Office A Aug-07 Jan-11 3.468R$

Joaquim Floriano Office A Aug-07 Mar-11 1.719R$

Number One (cj. 32) Office A Aug-07 May-11 51R$

Number One (cj. 122) Office A Aug-07 Jun-11 33R$

Number One (cj. 123) Office A Aug-07 Jul-11 39R$

Berrini Office A Aug-07 Aug-11 107R$

Piraporinha Retail B Jul-07 Aug-11 41R$

Number One (cj. 101 e 102) Office A Aug-07 Nov-11 20R$

Midas Office A Aug-07 Dec-11 36R$

Network Empresarial Office A Aug-07 Dec-11 13R$

Number One(cj. 22 e 23) Office A Aug-07 Dec-11 10R$

TOTAL 5.537R$

BRProperties 4Q11

Financial Highlights

6

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

4Q10 4Q11 2010 2011

764.248

70.500

813.368

335.408

(91%)

(59%)

4Q10 4Q11 2010 2011

72.078 90.309

204.464

343.464 25%

68%

* Impacted in 4Q11 by a net gain on appraisal of investment

properties of R$77.3 million, and a non-cash financial expense

resulting from the FX variation of the principal on our dollar

denominated perpetual debt of R$7.3 million.

BRProperties 4Q11 7

Financial Highlights

Adjusted FFO (R$ thousand)

Adjusted EBITDA (R$ thousand) EBITDA (no adjustments) (R$ thousand)

4Q10 4Q11 2010 2011

61.006 81.119

178.660

310.495

74%

33%

85%

90%

87%

90%

Adjusted EBITDA Margin

82%

83% 84% 86%

EBITDA Margin4Q10 4Q11 2010 2011

58.883 74.961

172.493

294.405

71%

27%

4Q10 4Q11 2010 2011

23.999 35.289

71.982

106.013

47%

47%

33% 39% 35%31%

Adjusted FFO Margin

BRProperties 4Q11

Debt

4Q11 Net Debt (R$ mn) 4Q11 Debt Index Breakdown

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71%2%

27%TR

IGPM

CDI

Net Debt 4Q11 3Q11 var %

Short Term Loans and Financing 198.731 186.751 6%

Loans and Financing 128.902 114.606 12%

Perpetual Bond 54.988 54.360 1%

Derivative Instruments 836 2.771 -70%

Payables for Acquisition of Real Estate 14.006 15.013 -7%

Long Term Loans and Financing 1.938.406 1.981.595 -2%

Loans and Financing 1.445.960 1.479.887 -2%

Perpetual Bond 492.446 501.708 -2%

Gross Debt 2.137.137 2.168.346 -1%

Cash and Cash Equivalents 1.032.350 1.072.533 -4%

Net Debt 1.104.787 1.095.813 1%

Portfolio Value 5.253.543 5.142.182 2%

Gross Debt / Portfolio Value (Loan to Value) 41% 42% -4%

Net Debt / Portfolio Value (Loan to Value) 21% 21% -1%

Net Debt / Annualized Adjusted EBITDA 3,4x 3,2x 6%

Adjusted EBITDA / Net Financial Expenses * 2,5x 2,7x -8%

Duration (years) ** 5,7 5,9 -2%

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

** Considers the amortization of the perpetual bond in 2023

ST Debt Obligations for

Acquisitions

LT Debt Total Debt Cash Net Debt

185

2.137

1.105

14

1.938 1.032

BRProperties 4Q11

Debt

9

Debt Service Schedule (R$ million)

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

128 130159 163 180

334

157 156128

26 14

199 186174 156 140

117

92 78

63

5552

Interest

Principal

Loan to Value: Gross and Net Adjusted EBITDA/ Net Financial Expenses

& Net Debt/ Adjusted EBITDA

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

2,5x

3,5x

2,4x2,1x

1,4x1,6x

2,7x 2,5x

0,6x

3,7x

4,9x

7,0x

6,0x5,5x

3,2x3,4x

DSC ratio ND/EBITDA

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

38% 40%

24%

40%45% 43% 42% 41%

4%23% 21%

36% 36%35%

21% 21%

LTV Gross Debt LTV Net Debt

BRProperties 4Q11 10

Operating Highlights

Market Alignments New Leases

Leasing Spread - Market Alignments* 4Q11 4Q10 var % 2011 2010 var %

Leasing Spread - Office 33,7% 7,6% 342% 26,5% 12,8% 108%

Leasing Spread - Warehouse n/a n/a n/a 20,6% 7,1% 192%

Leasing Spread - Retail n/a n/a n/a 15,8% n/a n/a

Renegotiated Area - Office (sqm) 25.696 331 7670% 75.800 3.820 1884%

Renegotiated Area - Warehouse (sqm) - - n/a 15.581 17.899 -13%

Renegotiated Area - Retail (sqm) - - n/a 97.435 - n/a

Leasing Spread - New Leases* 4Q11 4Q10 var % 2011 2010 var %

Leasing Spread - Office 39,3% 10,1% 287% 28,9% 9,1% 219%

Leasing Spread - Warehouse n/a n/a n/a 15,6% 13,6% 15%

Leasing Spread - Retail n/a n/a n/a n/a n/a n/a

Leased Area - Office (sqm) 25.429 20.805 22% 52.473 45.760 15%

Leased Area - Warehouse (sqm) - - n/a 18.019 26.919 -33%

Leased Area - Retail (sqm) - - n/a - - n/a

* Leasing spreads are net of inflation

4Q10 4Q11 2010 2011

7,6%

33,7%

12,8%

26,5%

n/a n/a

7,1%

20,6%

n/a n/a n/a

15,8% Office

Industrial

Retail

4Q10 4Q11 2010 2011

10,1%

39,3%

9,1%

28,9%

n/a n/a

13,6%15,6%

n/a n/a n/a n/a

Office

Industrial

Retail

BRProperties 4Q11

Operating Highlights

11

Financial Vacancy per Segment

We registered a financial vacancy of 1.7% and a physical vacancy of 0.9%.

Vacancy Breakdown

2Q11 3Q11 4Q11

1,5%

0,9% 0,9%

2,3%

1,5%1,7%

Physical

Financial

3Q11 4Q11

1,5%1,6%

0,0% 0,0%0,0% 0,0%

Office

Industrial

Retail

Vacancy per Property 4Q11

Property Type Financial Physical

CBOP - Jacarandá Office 1,1% 0,6%

Bolsa do Rio Office 0,3% 0,1%

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

Total Office 1,6% 0,8%

BP Jundiaí Industrial 0,04% 0,1%

Total Industrial 0,04% 0,1%

Total Portfolio 1,7% 0,9%

BRProperties 4Q11

% Revenues

% GLA

% GLA

% Revenues

12

Operating Highlights

2012 2013 2014 >2015

7% 16%

13%

64%

2012 2013 2014 >2015

6% 28%

19%

47%

2012 2013 2014 >2015

33%

24%

42%

1%

2012 2013 2014 >2015

52%

19%

28%

0%

Lease Contract 3 Year Market Alignment Schedule

Lease Contract Expiration Schedule

BRProperties 4Q11

Operating Highlights

13

Property Management Revenues

(R$ thousand)

Number of Managed Properties Managed Properties Nº GLA

Athenas 1 6.718

Gloria 1 8.436

Henrique Schaumann 1 14.125

Joaquim Floriano 1 3.899

Mairynk Veiga (MV9) 1 12.511

Santo Antonio 1 5.017

São José 1 5.080

Icomap 1 9.164

Vargas 1 14.809

Panamerica Park 9 45.020

Ouvidor 1 6.284

CBOP - Ed. Jacarandá 1 31.954

TNU 1 27.931

BP Jundiaí 1 53.343

Cond. Indl. São José dos Campos 1 73.382

BP Jandira 2 34.304

BP Itapevi 1 33.526

RB 115 1 11.516

Plaza Centenário 1 3.366

Ed. Comercial Indaiatuba 1 11.335

TOTAL 29 411.720

4Q10 4Q11

26

29

+3

4Q10 4Q11 2010 2011

1.002 1.736

3.608

6.467 73%

79%

BRProperties 4Q11

Capital Markets

14

* As of March 28th, 2012

Current number of shares: 180,003,919

Market Value: R$ 4.2 billion

Average Daily Vol. (30d): R$ 27.4 million

Stock Performance (BRPR3) 4Q11 4Q10 var % 2011 2010 var %

Total Number of Shares 180.003.919 139.511.953 29,0% 180.003.919 139.511.953 29%

Free Float (%) 99% 99% 0,0% 99% 99% 0%

Stock Price (average for the period) 17,93 17,46 2,7% 17,54 14,36 22%

Stock Price (end of period) 18,50 18,16 1,9% 18,50 18,16 2%

Market Cap end of period (R$ million) 3.330,1 2.533,5 31,4% 3.330,1 2.533,5 31%

Average Daily Trading Volume (R$ million) 14,75 12,73 15,9% 12,63 7,38 71%

Average Daily Traded Shares 824.364 721.413 14,3% 720.685 486.667 48%

Average Daily negotiations 1.936 457 323,6% 1.152 240 380%

GIC6,4%

GP 5,6%

Schroders5,1%

Laugar3,3%

Management & Board

0,7%

Other79,0%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

mar-11 abr-11 mai-11 jun-11 jul-11 ago-11 set-11 out-11 nov-11 dez-11 jan-12 fev-12

BRPR3

IBOV

IMOB

BRProperties 4Q11

IR Contacts

Investor Relations

Pedro Daltro

CFO & Investor Relations Officer

Leonardo Fernandes

Investor Relations Manager

Marcos Haertel

Investor Relations Analyst

Phone: (55 11) 3201-1000

Email: ri@brpr.com.br

www.brpr.com.br/ri

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