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1
4Q08 Results
2
4Q08 Highlights
Outstanding operating results
� NOI reached R$94.5 million, a 39.4% growth over 4Q07 with NOI margin reaching 91.0% in the quarter
� Same-property NOI increased 27.0% year over year
� Adjusted EBITDA reached R$85.1 million, a 76.6% growth y-o-y and Adjusted EBITDA margin of 83.0%
� AFFO of R$65.5 million, a 212.2% growth over 4Q07
Strong Financial Position
Disciplined approach towards undergoing developments
� Four expansion projects will inaugurate in 2009, adding 16,300 m² of owned GLA and a stabilized NOI of R$ 13.0 million
� In 2009, we plan to begin the construction of two greenfield projects, Granja Vianna and Sete Lagoas, which has almost 50% of their GLA already leased
� We continue to work on the approval of our projects, which will be reassessed based on their leasing performance and the macroeconomic scenario
Leasing activities showed our tenants’ confidence
� Long-Term Debt Profile. with duration of more than 15 years
� R$758.5 million cash position invested at approximately 102.2% of the CDI rate
Strong Performance posted by our tenants
� Same Store Sales/m² growth of 8.8% in the quarter and of 10.6% in 2008
� Same Store Rent/m² growth of 13.4% in the quarter and of 11.2% in 2008
� 259 leasing agreements signed this quarter including renewals and new contracts (or 35,200 m² of GLA)
� Renewals leasing spreads of 14.6% and of 14.9% for new contracts
3
Operating Activities
NOI / m² (R$) Occupancy Rate
Despite the adverse macroeconomic scenario, we continue to see signs of good health...
Same-property NOI growth (R$ thousand) Rent/m² (R$)
92.1%
94.1% 94.0%
95.1%
96.1% 96.0%96.6% 96.7%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
1.6 p.p.
35,821
96,007 110,63342,89257,049
128,844
171,303
4Q07 4Q08 2007 2008
33.0%
27.0%
25.4%
18.4%
33.0%
15.2%
Acquired portfolio
Original portfolio
30,247
47 4549
67
54 5562
84
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
25.4%
4650 51
67
5460
64
84
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
25.4%
4
Operating Activities
... indicating the dominance of our portfolio and the resilience of the sector
SSS/m²
Same-Store Sales Breakdown
10.6%
8.8%
12.7%10.8%10.7%
1Q08 2Q08 3Q08 4Q08 2008
22.7%
9.9
8.1
3.2 2.6
4Q07 4Q08 2007 2008
20.6%
Sales(R$ billion)
9.9%
13.2%12.4%
13.8%
3.6%
6.4%
15.0%
5.0%
9.1%
7.2%
13.4%
9.6%10.7%
4.2%
-1.2%
Mid West Northeast North Southeast South
3Q08
4Q08
2008
3.5%
7.7%
15.5%
11.4% 11.6%
6.2%7.2%
6.2%
12.6%
8.3% 8.7%
6.3%
10.7%
7.6% 7.9%
Upper Class Upper
Middle Class
Middle Class Lower Middle Class
Lower Class
18.7%
10.0%
13.5%
8.6%
17.8%16%
20%
3%
13%
16.2%
6.4%4.7%
6.3%
14.8%
0.4%
Food Anchor Stores Leisure Mega Stores Satellite
Stores
5
Operating Activities
....fueled by satellites stores’ growth, which corresponds to 85% of rent revenues.
Same Store Sale – (2008 vs. 2007)
Rent Breakdown per Segment (2008) Satellites Stores’ Breakdown
14.8%
6.4%
16.2%
6.3%
4.7%
Satellite Anchor Food Megastore Leisure
13.0%
34.9%
9.6%
38.8%
3.6%
Food
Clothing
Shoes
Leisure
Others
4.5%
85.2%
10.3%
Anchor
Megastore
Satellite
6
Leasing Activities
Leasing activities remain intense underlining store-owners continue with appetite for growth
Number of Contracts
Rent/m²(New Contracts vs. Current Portfolio)
406
106
512
378
104
482159
49208
9M08 4Q08 2008
943
259 1,202
Negotiated GLA (‘000 m²)
34.4 42.6
33.151.3
48.9
8.7
57.78.3
18.2
9M08 4Q08 2008
116.4
35.2 151.6
11.2%
13.4%12.4%
9.5%8.3%
1Q08 2Q08 3Q08 4Q08 2008
SSR/m²
65.5
80.8
BRMALLS Portfolio
(Average 2008)
Negotiated Contracts
(Average 2008)
23.3%
New Contracts - Greenfields Projects and Expansions
Renewals - Existing MallsNew Contracts - Existing Malls
78,445
151,649 147,616131,378 127,815
51,690 48,880
90,710
424,109
40,303
82,88186,739
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 *
7
Solid Financial Position
Debt IndexesCash Position
� R$758.5 million at the close of 2008
� Investments yielding 102.2% of the CDI rate
Our funding strategy was extremely assertive, leaving us comfortable with a solid cash position in the current scenario of reduced liquidity
* Assuming, for illustrative purposes only, last payment of the perpetual bond due in 2020
Non cash effect of the foreign exchange variation
� Hedge through simple financial instruments, without resorting to speculative derivatives
� No cash loss risks from Real-dollar FX variation in the next 3.75 years
Amortization Schedule (Principal) R$ thousand
Debt
� Long Term Debt Profile with an average cost of IGP-M+7.4%
� Well distributed amortization schedule, without debt maturing in2009 and 2010
* Does not consider the hedge operation
IPCA
21%
IGP-M
12%
TR
35%R$
0.2%
US$
28%
CDI
4%
*
Growth Drivers
Acquisitions
Acquisitions concluded in 2007: NOI (R$ thousand)
Acquisitions concluded in 2008: NOI (R$ thousand)
Expansions’ Status
� 9 programmed expansions
� 72,100 m² of owned GLA, corresponding to a 16.8% increase in current GLA
� R$ 67 million in stabilized NOI (3rd year)
� Remaining Capex of R$ 336 million until 2012, with the disbursement of only 25% in 2009
� 4 inaugurations in 2009:
- 16,300 m² increase in owned GLA
- R$13 million in stabilized NOI
100% LEASED
89% LEASED
IguatIguat Caxias do Caxias do SulSul
GoiâniaGoiânia ShoppingShopping
48% LEASED
49% LEASED
Greenfield Projects’ Status
� 5 programmed projects
� 117,800 m² of owned GLA, corresponding to a 27.5% increase in current GLA
� R$ 92 million in stabilized NOI (3rd year)
� Remaining Capex of R$ 483 million until 2013, with the disbursement of only 13% in 2009
Granja Granja ViannaVianna
SeteSete LagoasLagoas
10,452
12,805
Projected NOI (Jan - Dec 08) Real NOI (Jan - Dec 08)
22.5%
134,.162
163,061
Projected NOI (Jan - Dec 08) Real NOI (Jan - Dec 08)
21.5%
102,502
323,884
75,513
207,039
4Q07 4Q08 2007 2008
56.4%
35.7%
9
4Q08 Financial Highlights
Net Revenues (R$ ‘000) Gross Profit (R$ ‘000) and Margin (%)
Adj EBITDA (R$ ‘000) and Margin (%) AFFO (R$ ‘000)
248,503
48,180
85,102
140,560
83.0%
63.8%67.9%
76.7%
4Q07 4Q08 2007 2008
76.6%
76.8%
61,669
87,406
158,603
268,746
83.0%
76.6%81.7%
83.3%
4Q07 4Q08 2007 2008
41.7%
69.4%
78,815
20,988
147,431
65,523
4Q07 4Q08 2007 2008
212.2%
87.1%
1
4Q08 Results
2
4Q08 Highlights
Outstanding operating results
� NOI reached R$94.5 million, a 39.4% growth over 4Q07 with NOI margin reaching 91.0% in the quarter
� Same-property NOI increased 27.0% year over year
� Adjusted EBITDA reached R$85.1 million, a 76.6% growth y-o-y and Adjusted EBITDA margin of 83.0%
� AFFO of R$65.5 million, a 212.2% growth over 4Q07
Strong Financial Position
Disciplined approach towards undergoing developments
� Four expansion projects will inaugurate in 2009, adding 16,300 m² of owned GLA and a stabilized NOI of R$ 13.0 million
� In 2009, we plan to begin the construction of two greenfield projects, Granja Vianna and Sete Lagoas, which has almost 50% of their GLA already leased
� We continue to work on the approval of our projects, which will be reassessed based on their leasing performance and the macroeconomic scenario
Leasing activities showed our tenants’ confidence
� Long-Term Debt Profile. with duration of more than 15 years
� R$758.5 million cash position invested at approximately 102.2% of the CDI rate
Strong Performance posted by our tenants
� Same Store Sales/m² growth of 8.8% in the quarter and of 10.6% in 2008
� Same Store Rent/m² growth of 13.4% in the quarter and of 11.2% in 2008
� 259 leasing agreements signed this quarter including renewals and new contracts (or 35,200 m² of GLA)
� Renewals leasing spreads of 14.6% and of 14.9% for new contracts
3
Operating Activities
NOI / m² (R$) Occupancy Rate
Despite the adverse macroeconomic scenario, we continue to see signs of good health...
Same-property NOI growth (R$ thousand) Rent/m² (R$)
92.1%
94.1% 94.0%
95.1%
96.1% 96.0%96.6% 96.7%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
1.6 p.p.
35,821
96,007 110,63342,89257,049
128,844
171,303
4Q07 4Q08 2007 2008
33.0%
27.0%
25.4%
18.4%
33.0%
15.2%
Acquired portfolio
Original portfolio
30,247
47 4549
67
54 5562
84
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
25.4%
4650 51
67
5460
64
84
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08
25.4%
4
Operating Activities
... indicating the dominance of our portfolio and the resilience of the sector
SSS/m²
Same-Store Sales Breakdown
10.6%
8.8%
12.7%10.8%10.7%
1Q08 2Q08 3Q08 4Q08 2008
22.7%
9.9
8.1
3.2 2.6
4Q07 4Q08 2007 2008
20.6%
Sales(R$ billion)
9.9%
13.2%12.4%
13.8%
3.6%
6.4%
15.0%
5.0%
9.1%
7.2%
13.4%
9.6%10.7%
4.2%
-1.2%
Mid West Northeast North Southeast South
3Q08
4Q08
2008
3.5%
7.7%
15.5%
11.4% 11.6%
6.2%7.2%
6.2%
12.6%
8.3% 8.7%
6.3%
10.7%
7.6% 7.9%
Upper Class Upper
Middle Class
Middle Class Lower Middle Class
Lower Class
18.7%
10.0%
13.5%
8.6%
17.8%16%
20%
3%
13%
16.2%
6.4%4.7%
6.3%
14.8%
0.4%
Food Anchor Stores Leisure Mega Stores Satellite
Stores
5
Operating Activities
....fueled by satellites stores’ growth, which corresponds to 85% of rent revenues.
Same Store Sale – (2008 vs. 2007)
Rent Breakdown per Segment (2008) Satellites Stores’ Breakdown
14.8%
6.4%
16.2%
6.3%
4.7%
Satellite Anchor Food Megastore Leisure
13.0%
34.9%
9.6%
38.8%
3.6%
Food
Clothing
Shoes
Leisure
Others
4.5%
85.2%
10.3%
Anchor
Megastore
Satellite
6
Leasing Activities
Leasing activities remain intense underlining store-owners continue with appetite for growth
Number of Contracts
Rent/m²(New Contracts vs. Current Portfolio)
406
106
512
378
104
482159
49208
9M08 4Q08 2008
943
259 1,202
Negotiated GLA (‘000 m²)
34.4 42.6
33.151.3
48.9
8.7
57.78.3
18.2
9M08 4Q08 2008
116.4
35.2 151.6
11.2%
13.4%12.4%
9.5%8.3%
1Q08 2Q08 3Q08 4Q08 2008
SSR/m²
65.5
80.8
BRMALLS Portfolio
(Average 2008)
Negotiated Contracts
(Average 2008)
23.3%
New Contracts - Greenfields Projects and Expansions
Renewals - Existing MallsNew Contracts - Existing Malls
78,445
151,649 147,616131,378 127,815
51,690 48,880
90,710
424,109
40,303
82,88186,739
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 *
7
Solid Financial Position
Debt IndexesCash Position
� R$758.5 million at the close of 2008
� Investments yielding 102.2% of the CDI rate
Our funding strategy was extremely assertive, leaving us comfortable with a solid cash position in the current scenario of reduced liquidity
* Assuming, for illustrative purposes only, last payment of the perpetual bond due in 2020
Non cash effect of the foreign exchange variation
� Hedge through simple financial instruments, without resorting to speculative derivatives
� No cash loss risks from Real-dollar FX variation in the next 3.75 years
Amortization Schedule (Principal) R$ thousand
Debt
� Long Term Debt Profile with an average cost of IGP-M+7.4%
� Well distributed amortization schedule, without debt maturing in2009 and 2010
* Does not consider the hedge operation
IPCA
21%
IGP-M
12%
TR
35%R$
0.2%
US$
28%
CDI
4%
*
Growth Drivers
Acquisitions
Acquisitions concluded in 2007: NOI (R$ thousand)
Acquisitions concluded in 2008: NOI (R$ thousand)
Expansions’ Status
� 9 programmed expansions
� 72,100 m² of owned GLA, corresponding to a 16.8% increase in current GLA
� R$ 67 million in stabilized NOI (3rd year)
� Remaining Capex of R$ 336 million until 2012, with the disbursement of only 25% in 2009
� 4 inaugurations in 2009:
- 16,300 m² increase in owned GLA
- R$13 million in stabilized NOI
100% LEASED
89% LEASED
IguatIguat Caxias do Caxias do SulSul
GoiâniaGoiânia ShoppingShopping
48% LEASED
49% LEASED
Greenfield Projects’ Status
� 5 programmed projects
� 117,800 m² of owned GLA, corresponding to a 27.5% increase in current GLA
� R$ 92 million in stabilized NOI (3rd year)
� Remaining Capex of R$ 483 million until 2013, with the disbursement of only 13% in 2009
Granja Granja ViannaVianna
SeteSete LagoasLagoas
10,452
12,805
Projected NOI (Jan - Dec 08) Real NOI (Jan - Dec 08)
22.5%
134,.162
163,061
Projected NOI (Jan - Dec 08) Real NOI (Jan - Dec 08)
21.5%
102,502
323,884
75,513
207,039
4Q07 4Q08 2007 2008
56.4%
35.7%
9
4Q08 Financial Highlights
Net Revenues (R$ ‘000) Gross Profit (R$ ‘000) and Margin (%)
Adj EBITDA (R$ ‘000) and Margin (%) AFFO (R$ ‘000)
248,503
48,180
85,102
140,560
83.0%
63.8%67.9%
76.7%
4Q07 4Q08 2007 2008
76.6%
76.8%
61,669
87,406
158,603
268,746
83.0%
76.6%81.7%
83.3%
4Q07 4Q08 2007 2008
41.7%
69.4%
78,815
20,988
147,431
65,523
4Q07 4Q08 2007 2008
212.2%
87.1%