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1Q14

HIGHLIGHTS
 
Same-store rent (SSR) continued to post double-digit growth rates in 1Q14, increasing 10.1% compared to 1Q13
 
Total sales at the Company’s operating malls in 1Q14 totaled R$ 1.0 billion, an 18.7% increase over 1Q13
 
Same-store sales (SSS) increased by 7.9% in 1Q14 over 1Q13
 
Occupancy at 97.3% in 1Q14 remained strong and practically stable q-o-q and    y-o-y, excluding recently opened malls
 
Net revenue totaled R$ 74.3 million in 1Q14, a 14.8% increase over 1Q13
 
NOI came to R$ 69.9 million in 1Q14, an increase of 9.2% compared to 1Q13
 
Adjusted EBITDA was R$ 50.5 million in 1Q14, 1.4% above 1Q13
 
Adjusted FFO totaled R$ 29.8 million in 1Q14
 
In March 2014 the Company started to lease the expansion of Franca Shopping and the Parque D. Pedro Shopping’s refurbishment is progressing rapidly