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4Q17

HIGHLIGHTS:

• Tenants’ sales continued to recover in 4Q17 and totaled R$1.5 billion, representing a year-over-year growth of 4.9%. In 2017, tenants’ sales reached R$4.9 billion, growing 6.8% over 2016. 

• Same-store sales (SSS) increased 3.9% in 4Q17, also reflecting the ongoing economic recovery. The full-year SSS index grew 5.8% in 2017 over the previous year, the strongest of the last three years.

• Same-store rents (SSR) grew 4.9% in the fourth quarter of 2017, benefiting from healthy fixed rent growth and a strong double-digit turnover rent increase. Full-year SSR increased 6.0% over 2016, also the strongest of the last three years.

• The occupancy rate stood at 93.6%, stable compared to 3Q17.

• Late payments decreased to 4.9%, from 5.5% in 3Q17.

• Net revenues totaled R$94.8 million in the fourth quarter of 2017, 1.8% higher than in 4Q16. The combination of higher parking and rent revenues, as well as lower discounts, influenced revenues growth. In 2017, net revenues reached R$354.9 million, a 3.7% increase. Excluding one-time fees charged to parking operators of R$5 million recorded in 4Q16, net revenues would have increased 7.6% in 4Q17 and 5.2% in 2017.

• EBITDA grew 8.2% in 4Q17, totaling R$72.0 million, led by higher revenues and lower operating costs. This represents the highest quarterly EBITDA recorded by the Company ever. EBITDA closed 2017 at R$253.2 million, representing a 5.6% increase over 2016.

• Solid operating results and lower financial expenses led the FFO to a 16.4% year-over-year growth, at R$48.5 million, also the highest quarterly FFO of Sonae Sierra Brasil’s history. The FFO reached R$164.6 million in 2017, 17.4% higher than in 2016.