Real Estate Central

RIO DE JANEIRO, Brazil, May 15 /PRNewswire/ — 1Q08 Highlights:

— In the first quarter of 2008, gross revenue increased 117.6% year-on-
year to R$71.8 million, while the six malls originally in the
portfolio on January 1st 2007 recorded organic gross revenue growth
of 18.1%;

— Consolidated NOI of the 31 malls in our portfolio totaled R$56.0
million in the first three months of 2008, 147.5% higher than recorded
in 1Q07, while the NOI margin improved from 83.7% to 85.8% in the same
period;

— Also in the first quarter, Same Property NOI increased 28.2% year-on-
year, primarily fueled by growth in the acquired malls, which totaled
37.0%. Growth of the original malls reached 18.2%;

— Adjusted 1Q08 EBITDA stood at R$47.4 million, an increase of 111.8%
over the same three months in 2007. The adjusted EBITDA margin also
improved substantially, climbing from 68.2% to 71.2% in the same
period;

— FFO (Funds from Operations) totaled R$19.4 million in the 1Q08, year-
on-year growth of 160.7%. The FFO margin increased from 24.0% to 29.2%;

— In the 1Q08, we acquired an additional 0.4% of Shopping Mueller,
increasing our stake in this mall to 10.4%. We also acquired an initial
35% interest in Shopping Osasco;

— In February, we signed a management agreement with Villa Daslu, in Sao
Paulo, which includes more than 70 stores and several renowned
international brands such as Gucci, Prada, Dior and others;

— We also rolled out the Oracle system in Villa Daslu. Currently, two
malls and our headquarters are totally integrated and we continue to
roll-out the system in our other malls;

— Also in the 1Q08, we began providing management and leasing services
for Shopping Recreio, in Rio de Janeiro;

— In March, we raised R$470 million from a CRI issue (receivable
certificates) with Banco Itau;

— We continue with a substantial cash position reaching R$ 993.6 million
and a comfortable debt profile in which 98.5% of our total debt matures
in more than 5 years;

— During the quarter, BRMALLS’ commercial team negotiated around 80
leasing contracts in shopping malls currently in our portfolio and 40
in our expansions/greenfield projects, which encompasses approximately
14,000 m(2) of GLA.

To read the full earnings release please access http://www.brmalls.com.br/ir


See Also

• Multiplan Announces Adjusted Net Income Growth of 31% to R$ 50.4 Million the 1Q08
• Life Insurance Company Achieves Notoriety with Unsavory Reputation
• Miracle Truss Steel Buildings Help You Save Money, Time And The Environment in An Inflated Economy

Source: Real Estate Newswire