2. 2
1Q13 Results
Highlights
• Lease revenue totaled R$ 59.8 million, an increase of 38.6% over 1Q12 (R$ 43.2 million in 1Q12).
• FFO totaled R$ 42.5 million (R$ 2.62 / share) and Adjusted FFO totaled R$ 46.1 million (R$ 2.88 / share), 79.0%
higher than in 1Q12
• Net income for the period was R$ 37.7 million (R$ 2.30 / share), compared to R$ 24.4 million in 1Q12, an increase of
54.4%.
• Net equity reached R$ 3.2 billion (R$ 164.40 / share), increase of 63.2% compared to 4Q12, when the Fund’s equity
was R$ 1.9 billion. This increase results from the conclusion of the primary offering in February 2013.
• Earnings distributed in 1Q13 totaled R$ 36.2 million
• Portfolio's GLA amounted to 271,750 m2 .The variation of 8,104 m2 compared to December 2012 relates to the revision
of the areas of three properties using the BOMA method, the standard currently used for the leasing of corporate
space
• 13.4% of the portfolio of contracts, in terms of revenue contracted at the beginning of the period, had been
renegotiated or had added new locations, generating a leasing spread of 25.2%.
• The financial vacancy rate at the end of 1Q13 was 0.3%.
Note: (1) for the first quarter of 2013, the figures per share correspond to the sum of the monthly values by share based on the total number of shares at the end of each month
(11,000,000 shares for January and 19,224,537 shares for February and March).
3. 3
1Q13 Results
Highlights
• A new payout policy of R$ 11.52/share/year (R$ 0.96/share/month), a rise of 15.2% in relation to the 2012 payments
• Conclusion of the primary public offering
ￚ Net proceeds of R$ 1.2 billion
ￚ 8,224,537 new shares: the number of shares increased from 11.0 million to 19,2 million
ￚ The largest Fundo Imobiliário offering ever and attracted over 15,000 new investors to the BC Fund
ￚ New proceeds were invested in real estate fixed income, whose income is tax exempt for BC Fund, and the expected
returns above 7% per year
• Payment in advance of the debt originated from acquisition of Burity property, R$ 34.5 million with an interest rate of IGP-M +
8.6% a.a.
• Liquidity in the BMF&Bovespa reached a new level post offering, above R$ 7.0 million of ADTV
4. 4
Portfolio
GLA
The variation of 8,104 m2 compared to December 2012 relates to the revision of the areas of three properties using the BOMA
method, the standard currently used for the leasing of corporate space
• Adjustments in our portfolio GLA to the BOMA methodology
ￚ Current market standard
ￚ Promotes consistency and avoid ambiguity in the
measurement of leasable areas for sale and/or rent
ￚ Allows a better comparison between properties, taking
into account that space is used both for standalone
units as well as those that serve to provide general
condominium support services
By asset type
(based on the contracted lease revenue)
By location
(based on the contracted lease revenue)
AAA
41.6%
A
29.9%
B
28.5%
São Paulo
56.6%
Rio de
Janeiro
33.7%
Campinas
3.0%
Brasília
6.7%
Property 4Q12 1Q13 Var. m2 Var %
Montreal 5,679 6,439 760 13.4%
CENESP 45,506 49,129 3,623 8.0%
Eldorado Business Tower 33,403 37,124 3,721 11.1%
Others 179,058 179,058 0 0.0%
Total 263,646 271,750 8,104 3.1%
5. 5
Portfolio
Leasing Spread 1Q13
13.4% of the
portfolio
Renewals and Revisions
Monthly lease contracted revenue
(R$ million)
Inflation adjustment timetable for 2013
(% of the portfolio)
15.0
20.6 19.4 20.6
Mar-12 Mar-13 Dec-12 Mar-13
21%
25%
17%
37%
2Q13 4Q13 4Q13 1Q14
77%
1% 10%
3%
6%
58%
Under
review
In 3
months
In 6
months
In 12
months
In 24
months
Total next
24 months
100%
7.4%
25.2%
132.7%
Negotiated
Lease
Inflation Real Gain Overall Growth
+ 37.5%
+ 6.2%
6. 6
Financial Highlights
Lease Revenue
(R$ million)
Revenue
Financial Income
(R$ million)
Costs and Expenses
43.2
59.8
1Q12 1Q13
38.6%
-11.0
-17.1
1.2
8.0
-9.8 -9.1
1Q12 1Q13
Financial expenses Financial revenues Financial Income
(in R$ '000) 1Q12 1Q13
Revenue from properties 43,145 59,868
Rental income 43,171 59,817
(-) Provision: impairment of receivables (185) 0
Revenue from recovered income 0 0
Income from fines and interest received 159 56
Revenue from the sale of properties 0 0
Discounts granted 0 (5)
Adjustment to fair value 0 0
(in R$ '000) 1Q12 1Q13
Cost of Investment properties 0 0
Expenses over Properties (920) (1,135)
Comissions - (377)
Management of properties expenses (863) (515)
Condominium expenses (55) (206)
Maintenance (2) (37)Comissions
G&A (6,453) (10,093)
Consulting/Management fee (5,321) (7,702)
Administration fee - Fund (837) (2,255)
Other operating expenses (295) (136)
7. 7
Financial Highlights
Net Income and FFO
Net Income
(R$ million)
Net Income per share
(R$ / share)
24.4
37.7
1Q12 1Q13
+54.4%
2.22 2.30
1Q12 1Q13
+3.5%
(in R$ '000, unless otherwise indicated) 1Q12 1Q13 Var %
Net income 24,446 37,749 54.4%
(-) Adjustment at fair value 0 0 n/d
(+) Adjustment at fair value (minorities) 0 0 n/d
(-) Gains in the sale of properties 0 0 n/d
(-) Gains on sale / MTM - CRI and other FII shares 235 4,764 1927.2%
(+) Non-recurring expenses 0 0 n/d
(=) FFO 24,681 42,513 72.2%
FFO / share (R$ / share) (1)
2.24 2.62 16.8%
(+) Non-cash financial expenses 1,065 3,561 234.4%
(=) Adjusted FFO 25,746 46,074 79.0%
Adjusted FFO / share (R$ / share) (1) 2.34 2.88 23.0%
Note: (1) for the first quarter of 2013, the figures per share correspond to the sum of the monthly values by share based on the total number of shares at the end of each month
(11,000,000 shares for January and 19,224,537 shares for February and March).
8. 8
Financial Highlights
Indebtedness
LTV
(%)
Amortization Schedule
(R$ million)
(in R$ '000) Cost Term 4Q12 1Q13
Liabilities from acquisition of properties 537,339 504,151
Burity IGP-M + 8.6% 10 years 34,685 0
Brazilian Financial Center TR + 10.05% 5 years 73,998 72,196
Eldorado Business Center TR + 12.2% 10 years 126,539 126,539
Oi Portfolio IGP-M + 7.0% 17 years 302,117 305,416
Liabilities from funding 102,439 100,265
Hicham II IPCA+ 8.74% 8 years 12,572 12,470
Brazilian Financial Center TR + 10.20% 10 years 89,867 87,795
Gross Debt 639,778 604,416
(-) Cash and Financial investments (28,847) (1,233,283)
(-) Shares of Other FIIs (Market) (41,716) (37,850)
Net Debt 569,215 (666,717)
24.5%
15.8%
4T12 1T13
-8.7 p.p.
8.8 26.7
67.4
26.7
474.8
2013 2014 2015 2016 + 2017
9. 9
Financial Highlights
Payout
Payout Evolution
(R$ / share)
Primary Offering – Payout to new shareholdres (R$ / new share)
Settlement date 22 - Jan - 13 6 - Feb – 13 21 – Feb – 13
Fixed income earnings R$ 0.860 R$ 0.429 R$ 0.078
Prop. earnings Feb/13 R$ 0.137 R$ 0.137 R$ 0.137
TOTAL R$ 0.997 R$ 0.566 R$ 0.215
From March onwards, all
shareholders are entitled to the
same earnings as defined by the
current payout policy of R$
0.96/share/month.
0.50
0.67
0.83
0.96
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
10. 10
Market Performance
Market Value vs. Book Value Return
60
80
100
120
140
160
180
Dec-10 Feb-11 Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13
Base100=Dec/2012
BC Fund BC Fund (payout adj.) IBOVESPA
103.79
146.90
154.64
162.51
176.08
164.40
100.30
100.61
114.00
151.00 155.10
149.65
-3%
-32%
-26%
-7% -12% -9%
Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13
Book value (a)
Trading value (b)
(b) / (a) -1
70.3%
17.1%
-1.5%
-17.8%
-12.6%
-7.5%
-40% -20% 0% 20% 40% 60% 80%
Last 24 M
Last 12 M
Last 3 M
BRCR11
IBOVESPA
12. 12
0
20
40
60
80
100
120
140
160
180
200
220
Alphaville Barra
funda
Berrini Faria
Lima
Itaim Marginal Paulista Verbo
Divino
Vila
Olimpia
0
20
40
60
80
100
120
140
160
180
200
220
240
Alphaville Barra
funda
Berrini Faria
Lima
Itaim Marginal Paulista Verbo
Divino
Vila
Olimpia
Market and Opportunities
New Inventory in São Paulo
Alphaville
BC Fund properties New inventory delivered in 2012
New inventory expected for 2013 New inventory expected for 2014
Cargill
CENESP (1)
BFC
Transa
tlântico (1)
Class A – Lease per m2
Eldorado
Classe AAA – Lease per m2
Cargill
Transatlântico
CENESP
Volkswagen
Burity
BFC
Eldorado
R$/m2R$/m2
Source: Jones Lang LaSalle (as of 4Q12) and BTG Pactual
Nota: (1) Assets classified as B. Included in the chart for reference.
Lease range Average BC Fund properties
13. 13
Summary of Indicators
Financial Highlights (in millions of R$, unless otherwise indicated) 1Q12 1Q13 Var %
Lease Revenue 43.2 59.8 38.6%
Net Income 24.4 37.7 54.4%
Net Income per share (R$ / share) (1)
2.22 2.30 3.5%
FFO 24.7 42.5 72.2%
FFO / share (R$ / share) (1) 2.24 2.62 16.8%
Adjusted FFO 25.7 46.1 79.0%
Adj. FFO / share (R$ / share) (1) 2.34 2.88 23.0%
Shareholders Equity 1,707.1 3,160.5 85.1%
Shareholders Equity / share (R$ / share) 155.19 164.40 5.9%
Gross Debt 381.7 604.4 58.4%
Net Debt 322.7 (666.7) -306.6%
Operational Highlights 1Q12 1Q13 Var %
Portfolio GLA (m2) 190,436 271,750 42.7%
Lease Contracted Monthly Revenue (R$ million) 15.0 20.6 37.5%
Vacancy - in R$ (EoP) 0.3% 0.3% 2.7%
Deliquency 0.4% 0.0% -42.9%
Leasing Spread 0.0% 25.2% 25.2 p.p.
% of portfolio (in terms of lease revenue) 0.0% 13.4% 13.4 p.p.
Note: (1) for the first quarter of 2013, the figures per share correspond to the sum of the monthly values by share based on the total number of shares at the end of each month
(11,000,000 shares for January and 19,224,537 shares for February and March).
