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4Q12

 

HIGHLIGHTS
 
Net revenue totaled R$ 70.7 million in 4Q12, a 14.9% increase over 4Q11. In 2012, net revenue totaled R$ 256.9 million, a 17.2% increase over 2011. 
 
Adjusted EBITDA totaled R$ 57.4 million in 4Q12, a 16.9% increase compared to the same period of last year. Adjusted EBITDA margin reached 81.2% in the quarter, a record high for the Company. In 2012, Adjusted EBITDA increased by 18.0%, reaching R$ 199.3 million.
 
Adjusted FFO totaled R$ 40.4 million in 4Q12 with a 57.2% margin. In 2012, Adjusted FFO totaled R$ 155.6 million with a 60.6% margin.
 
NOI totaled R$ 69.5 million in 4Q12, an increase of 13.6% over 4Q11. In 2012, NOI totaled R$ 251.2 million, an 18.8% increase over 2011.
 
Same-store rent (SSR) increased by 11.7% in 4Q12 compared to 4Q11. In 2012, SSR grew by 11.6% over 2011.
 
Same-store sales (SSS) increased by 6.4% in 4Q12 over 4Q11. In 2012, SSS grew 8.3% compared to 2011.
 
Total sales in our eight operating malls reached R$ 1.1 billion in 4Q12, a 13.1% increase over 4Q11. In 2012, sales totaled R$ 3.6 billion, an increase of 16.5% over 2011.
 
Construction loans were renegotiated and the average cost of debt was reduced to 9.95%.