RIO DE JANEIRO, Aug. 1, 2011 /PRNewswire/ -- BRMALLS (BM&FBovespa: BRML3):
2Q11 Highlights:
- Net revenues totaled R$199.4 million in 1Q11, up 62.1%, and R$378.5 million for the year to date, 65.0% over the same period the previous year.
- Net operating income (NOI) totaled R$176.0 million in 2Q11, an increase of 61.0% over 2Q10, for a NOI margin of 90.4% for the quarter. Year-to-date NOI was R$334.5 million, 65.3% higher than for the same period in 2010. Same-property NOI grew 22.5% in 2Q11, compared to 2Q10.
- Adjusted EBITDA amounted to R$160.5 million, an increase of 58.3% over 2Q10, for an adjusted EBITDA margin of 80.5%. Year-to-date adjusted EBITDA amounted to R$301.1 million, 58.4% higher than for the same period in 2010.
- In 2Q11, Net Income was R$115.4 million, up 56.3% year over year. FFO in 2Q11 amounted to R$118.9 million, a 55.5% increase over R$76.5 million in 2Q10. Year-to-date adjusted FFO reached R$179.0 million;
- Our malls continue to achieve high occupancy rates, averaging 97.7% of total GLA occupied in 2Q11. Of the 41 malls in which we hold an interest, 17 achieved occupancy rates of over 99.0% of GLA. Excluding the malls acquired and inaugurated in the last 12 months, the occupancy rate was 98.3% for the quarter.
- Renewal leasing spreads reached 27.4% and new contract leasing spreads 19.3%, reflecting the high demand from tenants for new spaces;
- Record same-store rent increased 14.2%, while same-store sales went up 10.0% for the quarter, showing healthy performance from our tenants;
- We concluded a primary public offering of 42.5 million shares (including the over-allotment lot) amounting to R$731 million at a price of R$17.20 per share. The proceeds will be used for acquiring interests in shopping malls.
- We acquired Shopping Paralela in Salvador, Bahia, on April 29, adding 37,800 m² to our owned GLA and a first-year estimated NOI of R$22.2 million.
- During the quarter, we inaugurated Via Brasil Shopping and the expansion of Shopping Tambore, adding 30,100 m² to our owned GLA and a stabilized NOI of R$34.3 million.
Conference Call:
English:
August 2nd, 2011 - Tuesday
10:00 am US ET (11h00 Brazil)
Telephones:
Calls from Brazil: +55 11 3301-3000
Calls from abroad: +1 866-866-2673
Replay: +55 11 3127-4999
Code: 25746580
Webcast:
http://www.mediatown.com.br/prnewswire/player/?id=683
Portuguese:
August 2nd, 2011 - Tuesday
09:00 am US ET (10h00 Brazil)
Telephone.: +55 11 3301-3000
Replay: +55 11 3127-4999
Code: 51716209
Webcast:
http://www.mediatown.com.br/prnewswire/player/?id=682
ABOUT BRMALLS
BRMALLS is the largest integrated mall company in Brazil, with a portfolio of 41 malls, comprising 1,260.0 thousand m² of GLA and 674.1 thousand m² of owned GLA. BRMALLS is the only shopping mall company in Brazil with nationwide presence and targeting all income segments.
SOURCE BR Malls Participacoes
