RIO DE JANEIRO, Nov. 3, 2010 /PRNewswire-FirstCall/ -- BRMALLS Participacoes S.A. (Bovespa: BRML3), the largest integrated shopping mall company in Brazil, announces today its results for the third quarter of 2010 (3Q10). All the financial and operational information below is in Reais (R$), and comparisons refer to the third quarter of 2009 (3Q09), except where otherwise indicated.
Highlights of the 3Q10 Results:
- Net revenues totaled R$131.1 million in 3Q10, 32.1% up from 3Q09. Year-to-date, net revenues reached R$360.5 million, a 31.8% increase over 2009;
- Net operating income (NOI) was R$118.0 million in 3Q10, 29.2% more than the R$91.3 million achieved in the same quarter last year. Year-to-date 2010 NOI is R$320.3 million, up 25.9% from 9M09. As for the same-property NOI, it increased 23.4% in the quarter, the biggest increase since 4Q08;
- Adjusted EBITDA amounted to R$102.7 million, an increase of 27.4% over the R$80.6 million posted in 3Q09. In the first 9 months of the year, adjusted EBITDA came to R$292.7 million, 33.8% up over the same period last year;
- Adjusted FFO totaled R$73.9 million in 3Q10, a 13.3% increase over R$65.2 million in 3Q09. Year-to-date AFFO is R$215.1 million, compared to R$146.0 million in 9M09;
- In 3Q10 occupancy again reached record levels, making a new Company high of 98.5% of the total GLA;
- In this quarter our renewals leasing spread was 22.5% and our new contracts leasing spread was 19.9%, among which we highlight the expansions leasing spread, which reached 33.7%, driven by the tenants' demand for space in our malls;
- We had record performance of same-store sales, which increased 16.6% in 3Q10, while same-store rent went up 10.1%, an improvement over the last quarter;
- We completed two more acquisitions in the quarter, Crystal Plaza Shopping in the city of Curitiba and Center Shopping in Uberlandia, and we increased our stake in Minas Shopping and Shopping ABC, totaling R$273.0 million in acquisitions in 3Q10 and R$492.0 million year-to-date;
- On October 5th we inaugurated Shopping Sete Lagoas with 100% of its GLA already leased adding 16,400 m2 of total GLA and 11,400 m2 of owned GLA. The inauguration was very successful, and the mall drew 40,000 customers on the opening day alone;
- In the Extraordinary Shareholders' Meeting that took place on September 23rd, a 2:1 stock split was approved, doubling the number of shares of the Company, thereby increasing our shareholder base;
- At the October 15 Debenture Holders' Meeting, a change in the covenant of our debentures was approved, increasing our leverage limit from 2.75 times Net Debt/EBITDA to 3.8 times. Also, the debenture holders approved the exclusion of the perpetual bond from the definition of Net Debt in the debenture clauses;
- The risk rating agencies Standard & Poor's and Fitch raised our credit ratings on national and global scale. S&P raised to brA+ on national scale and reaffirmed BB- on global scale, while Fitch raised to BB and AA- on global and national scales, respectively.
ABOUT BRMALLS
BRMALLS is the largest integrated mall company in Brazil, with a portfolio of 38 malls, comprising 1,131.8 thousand m2 of GLA and 533.4 thousand m2 of owned GLA. BRMALLS is the only shopping mall company in Brazil with nationwide presence and targeting all income segments.
SOURCE BRMALLS Participacoes
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