2. 1Q13
Highlights
2
1Q13 HIGHLIGHTS AND SUBSEQUENT EVENTS
• 1Q13 net revenues totaled R$225.9 million, an increase of 123% over 1Q12, when net revenues came in at R$101.2 million. The
significant growth resulted from additional rental revenues of the new properties;
• 1Q13 adjusted EBITDA of R$212.1 million, a 136% increase over 1Q12 and adjusted EBITDA margin of 94%;
• 1Q13 net income totaled R$90.9 million, impacted by the net gain on appraisal of investment properties and other non-cash items;
• 1Q13 adjusted FFO excluding non-cash expenses totaled R$77.2 million and adjusted FFO margin of 34%;
• During 1Q13, the Company obtained leasing spreads (net of inflation) of 17.3% in office buildings and 5.4% in industrial properties;
• Financial vacancy rate was 8.9%, while physical vacancy rate came in at 4.7%. Excluding the recently delivered JK Complex - Towers
D&E, currently under lease-up, financial vacancy would drop to 3.1%;
• In March, the Company executed with Caixa Econômica Federal a non-residential lease agreement of Edifício Paulista. The lease has
a term of 64 months and involves the occupancy of 6,904 sqm of gross leasable area. The property is currently 66% leased;
• In 1Q13, Fitch Ratings upgraded the Company’s ratings to ‘AA-‘ and ‘BB’ in national and global scale, respectively;
• In March, BR Properties finalized its second issuance of commercial papers, raising R$260.0 million in a single tranche at CDI + 0.80%
p.a. maturing in 180 days;
• After the most recent index rebalancing concluded by BM&F Bovespa, the Company has been included in the IBOVESPA equity
index. BRPR3’s initial weight is 0.69%.
4. 1Q13
1Q12 1Q13
452.713
90.893
(80%)
Financial Highlights
4
Net Revenues (R$ thousand) Net Income* (R$ thousand)
* 1Q12 Net Income was largely impacted by a net gain on
appraisal of investment properties of R$729.9 million
1Q12 1Q13
101.192
225.927
123%
