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4Q14

HIGHLIGHTS
 
Same-store rent (SSR) continued to post strong growth rates in 4Q14, returning to the double-digit pace, growing by 11.0% compared to 4Q13. In 2014 SSR increased 10.2% over 2013.
 
Same-store sales (SSS) also reported strong double-digit growth in the quarter, increasing 10.2% in 4Q14 compared to 4Q13 and full-year 2014 was up 7.8% compared to 2013.
 
Total sales at the Company’s malls in 4Q14 totaled R$ 1.5 billion, a 15.3% increase over 4Q13. In 2014 sales totaled R$ 4.7 billion, representing a 16.5% growth over the prior year.
 
Occupancy in our mature portfolio increased to 98.9% in 4Q14 versus 97.2% in 4Q13. Occupancy in our three newer malls also continued to improve substantially.
 
Late payments continued low at 3.2% in 4Q14.
 
Net revenue totaled R$ 86.6 million in 4Q14, a 10.6% increase over 4Q13. In 2014, net revenue was R$ 318.7 million, a 15.6% increase over 2013.
 
NOI came to R$ 83.4 million in 4Q14, an increase of 11.2% compared to 4Q13. Comparing 2014 with 2013, the NOI posted a 13.1% increase.
 
Adjusted EBITDA was R$ 63.8 million in 4Q14, 10.4% above 4Q13. In 2014, Adjusted EBITDA totaled R$ 226.7 million, a 9.6% increase over 2013.
 
Adjusted FFO totaled R$ 42.8 million in 4Q14, 11.8% above 4Q13.
 
The Company’s Board of Directors will propose the payment of dividends related to the 2014 fiscal year, totaling R$ 34.8 million or R$ 0.455 per share.