-- Gross revenues totaled R$102.6 million in 3Q09, an increase of 15.8% over 3Q08; and R$290.0 million year-to-date, 21.3% over the first nine months of 2008. -- Consolidated NOI totaled R$85.8 million in 3Q09, 15.3% higher than in 3Q08, and R$243.9 million in 9M09, an increase of 87.8% year-over-year. The NOI margin also increased from 90.8% in 3Q08 to 91.4% in 3Q09, and from 89.8% for 9M08 to 92.0% for 9M09. Also in 3Q09, same-property NOI increased 12.5% over 3Q08, while in 9M09 same-property climbed 16.0% year-over-year. -- Adjusted EBITDA stood at R$75.5 million in 3Q09, an increase of 24.2% over 3Q08 and the adjusted EBITDA margin improved substantially, widening from 73.6%, in 3Q08, to 80.2% in 3Q09. Year-to-date adjusted EBITDA totaled R$211.8 million, up 31.6% over 9M08, while the adjusted EBITDA margin increased from 72.7% to 79.7%. -- We ended the quarter with net income of R$65.2 million, versus a net loss of R$22.6 million in 3Q08, and a 3Q09 net margin of 69.2%. Net income in the first nine months of 2009 totaled R$168.7 million, compared to a net loss of R$30.1 million for 9M08, accompanied by a margin of 63.4%. Earnings per share (EPS) stood at R$0.32 in 3Q09 and R$0.83 year-to-date. -- FFO totaled R$79.1 million in 3Q09, an R$73.6 million increase over the same period last year, and R$211.2 million in 9M09. AFFO (Adjusted Funds from Operations) totaled R$58.8 million in 3Q09, an increase of 58.8% over 3Q08 and R$150.5 million in 9M09, an increase of 125.6% over 9M08. AFFO/share came to R$0.29 in the third quarter and R$0.74 in the first nine months. -- Two new expansions were inaugurated in 3Q09 -- Shopping Goiânia and Norte Shopping -- totaling 8,500 m2 of GLA. By the end of 2009, we will also inaugurate the expansion of Ilha Plaza, which will add 2.4 thousand m2 of GLA to the mall, 100% of which has already been leased. -- After obtaining all the necessary licenses and having leased more than 60% of GLA, we began construction of the Granja Vianna and Sete Lagoas projects, with a total GLA of 46 thousand m2. Both projects have an expected real unleveraged IRR of more than 17%. The Company raised construction financing with Banco Santander S.A. in the amount of R$94.6 million, over 12 years and at a cost equivalent to IGP-M + 8.30%, for the Granja Vianna development, reaching a real leveraged IRR of 22% p.a. -- In November, we began the construction of Shopping Tamboré expansion, which will add 14,682 m2 of GLA, of which 79% is already leased and increasing the size of the mall by almost 50%. In October we entered into an agreement with Itaú-Unibanco S.A. to issue CRIs (Certificates of Real Estate Receivables) totaling R$92.5 million over 12 years with an equivalent cost of IGP-M + 7.75%. -- The Company signed 366 leasing contracts in 3Q09, versus 352 in 2Q09, 65 of which related to our greenfields and expansions projects. Renewal and new contract leasing spreads of our existing malls averaged 8.1% and 16.7%, respectively. -- In July, we concluded one more follow-on share offering, with the issuance of 30.3 million common shares on the Bovespa, raising R$ 446 million. The offering increased our free float to 64.4%. After the offering our shares have negotiated on average R$ 12.7 million per day compared to R$5.3 million prior to the offering.
Contact Information: Antonio Quirino BRMALLS Investor Relations Company: +55 21 3138 9992 Cell: +55 21 8152 2140 BB: +55 21 9461 1404 Email: antonio.quirino@brmalls.com.br Website: www.brmalls.com.br/ir