SAO PAULO, Aug. 13 /PRNewswire-FirstCall/ -- Sao Carlos Empreendimentos e Participacoes SA (BM&FBovespa: SCAR3) announces today its results for the second quarter (2Q10) and first half (6M10) of 2010.
-- The 2Q10 Adjusted EBITDA and FFO Margins, of 87% and 46% respectively, figure once again among the highest ratios of the income property segment; -- Gross revenue with leases increased by approximately 4% between 2Q09 and 2Q10, on a same-property basis; -- Acquisition of the Sul America building and one additional floor of the Itaim Center building at cap rates higher than those of the disposals of 8 retail stores and the Sacadura Cabral building, 2Q10; -- The Company continued the construction work of tower D in the Centro Administrativo Rio Negro, and the retrofit of the Venezuela 43 building; -- The Company continues with a strong cash balance of R$397 million (net debt of R$339 million); and -- At the close of 2Q10, the market value of Sao Carlos's real estate portfolio was estimated at R$1.63 billion (CB Richard Ellis appraisal as of September 2009, adjusted for acquisitions and disposals through June 2010), with low average financial vacancy - 3.4% - and the Company's NAV was estimated at R$ 1.29 billion, or R$22.4/share.
To access the full "2Q10 Earnings Release", please access our website: http://www.scsa.com.br/ir and to listen to our conference call on the 2Q10 results use the information below:
ENGLISH (AUGUST 16, 2010, MONDAY) 11:00 A.M. (NEW YORK TIME) 12:00 P.M. (BRASILIA TIME) TEL: +1 (412) 858-4600 CODE: SAO CARLOS Investor Relations Department Phone: (55 11) 3048-5413 E-mail: dri@scsa.com.br About Sao Carlos
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.
Sao Carlos
CONTACT: Investor Relations Department, +011-55-11-3048-5413,
dri@scsa.com.br
Web Site: http://www.scsa.com.br/ir
