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1Q19

HIGHLIGHTS

• Tenants’ sales at our malls grew 3.8% y-o-y in 1Q19, totaling R$1.2 billion, as all of our malls reported sales increase in the period, in spite of the late easter in 2019. 

• Same-store sales (SSS) closed the 1Q19 with a 2.3% increase, led by the performance of satellite stores, specially service operations.

• Same-store rents (SSR) had a solid 6.6% growth in 1Q19, led by the continuous temporary discounts decrease allied with higher leasing spreads on renewals.

• Passeio das Águas Shopping’s continued to led the occupancy rate growth, which grew to the 95% mark, 170 bps higher than in 1Q18.

• The net delinquency rate continued to decrease, closing the quarter at 1.7%, the lowest level of the last two years.

• We continued to post solid net revenues growth in 1Q19, which totaled R$77.0 million, 6.4% higher in comparison with the same period of 2018, led by an overall increase of our revenues allied with lower temporary discounts.

• EBITDA totaled R$53.8 million in the quarter, a 7.8% growth compared to 1Q18, while the FFO grew 21.4%, reaching R$33.6 million in the period.

• Net income increased 17.3% y-o-y in 1Q19, reaching R$29.2 million.

• In April 2019, Sonae Sierra Brasil concluded the acquisition of an additional 30.0% ownership interest in Plaza Sul Shopping. With this acquisition, the Company’s ownership interest in Plaza Sul increased to 90.0%, adding 7.1 thousand sqm to the Company's total owned GLA.