1. 3Q13 Earnings Release Presentation

2. Highlights
3Q13 HIGHLIGHTS AND SUBSEQUENT EVENTS
• 3Q13 net revenues totaled R$236.6 million, an increase of 41% over 3Q12, when net revenues came in at R$168.0 million. The significant
growth resulted from additional rental revenues of properties delivered throughout the last twelve months;
• 3Q13 adjusted EBITDA of R$218.2 million, a 47% increase over 3Q12, and adjusted EBITDA margin of 92%;
• 3Q13 net income totaled R$89.6 million, impacted by a gain on appraisal of investment properties of R$44.4 million;
• 3Q13 adjusted FFO, excluding non-cash expenses, totaled R$74.7 million, a 171% increase over 3Q12, and adjusted FFO margin of 32%;
• The Company ended 3Q13 with a 5.2x Net Debt/Adjusted EBITDA, a reduction of 29% relative to 3Q12, when the ratio was 7.3x. The cash
position totaled R$839.7 million, a 213% increase over the same period of last year;
• In August, the Company amortized a R$258 million loan which cost was CDI + 1.50% p.a.;
• Average net of inflation leasing spread (office + industrial) reached 1.7% in 3Q13, representing an increase of R$102 thousand a month in
rent revenues;
• At the end of October, financial and physical vacancy were at 9.7% and 4.9%, respectively. Excluding the recently delivered Paulista
Building and the JK Towers, currently under lease-up, stabilized financial and physical vacancy would drop to 3.2% and 2.8%, respectively;
• The Company leased-up 12,773 sqm throughout the quarter, representing a R$866 thousand increment in rent revenues on a monthly
basis;
• 3 asset sales were completed in 3Q13: Pateo Bandeirates Building was sold for R$442.0 million, representing a cap rate of 8.4%; Plaza
Centenário Building was sold for R$13.7 million, representing a cap rate of 9.6%; and Galpão (warehouse) Sorocaba was sold for R$26.4
million, representing 10.2% cap rate. BR Properties has sold its entire stake in the 3 properties;
• Lastly, the Company delivered DP Louveira 7, a high-quality fully leased major warehouse located 70km from São Paulo Capital.
3Q13
2

3. Portfolio
Portfolio Market Value
3Q13 Revenue Breakdown
Asset sales in the amount
of R$482.1 million
64%
Straight-line 4%
Leasing 95%
6%
Services 1%
11.715
1Q12
12.968
13.552
2Q12
3Q12
13.840
14.096
14.031
13.759
30%
4Q12
1Q13
2Q13
3Q13
Portfolio Breakdown
(% market value)
Portfolio Breakdown
(% GLA)
5%
5%
18%
25%
49%
14%
63%
21%
Of f ice AAA
Of f ice
Industrial
Of f ice AAA
Retail
3
Of f ice
Industrial
Retail
3Q13

4. Portfolio Recycling
The company completed 3 asset sales in the amount of R$482.1 million at an average cap rate of
8.5%
Pateo Bandeirantes
Type: Class AAA Office
City: São Paulo / SP
Gross Leasable Area: 17,458 sqm
Sale Price: R$442.0 million
Cap Rate: 8.4%
Galpão Sorocaba
Type: Industrial
City: Sorocaba / SP
Gross Leasable Area: 14,797 sqm
Sale Price: R$26.4 million
Cap Rate: 10.2%
Plaza Centenário
Type: Class A Office
City: Curitiba / SP
Gross Leasable Area: 3,366 sqm
Sale Price: R$13.7 million
Cap Rate: 9.6%
3Q13
4

5. Financial Highlights
Net Revenues (R$ thousand)
Net Income* (R$ thousand)
(78%)
63%
41%
(65%)
700.716
1.044.336
430.159
168.031
236.575
259.234
230.295
89.555
3Q12
3Q13
9M12
9M13
3Q12
3Q13
9M12
9M13
* 3Q12 Net Income was largely impacted by a gain on
appraisal of investment properties of R$382.7million, after the
acquisition of One Properties.
3Q13
5

6. Financial Highlights
Adjusted EBITDA (R$ thousand)
92%
88%
88%
93%
73%
47%
651.488
376.546
148.297
3Q12
218.151
3Q13
9M12
9M13
Adjusted EBITDA Margin
EBITDA Composition
Net Income (loss)
(+) Deferred Taxes
(+) Income and Social Contribution Taxes
(-) Minority Interest
(+) Depreciation
(+) Net Financial Result
EBITDA
EBITDA Margin
3Q13
89.555
(18.278)
29.125
3.086
50
139.526
243.064
103%
3Q12
259.234
150.588
17.293
(620)
103.507
530.002
315%
var %
-65%
-112%
68%
n/a
-108%
35%
-54%
-213 p.p.
9M13
230.295
29.469
50.821
(3.511)
274
450.567
757.916
108%
9M12
1.044.336
648.611
34.382
210
304.340
2.031.879
472%
var %
-78%
-95%
48%
n/a
31%
48%
-63%
-364 p.p.
Adjusted EBITDA Composition
EBITDA
(-) Gain (Loss) on Appraisal of Investment Properties
(-) Gain (Loss) on Sale of Investment Properties
(+) Other Operating Income
(+) Stock options
(+) Bonus Provision
Adjusted EBITDA
Adjusted EBITDA Margin
3Q13
243.064
(44.449)
548
17.452
387
1.149
218.151
92%
3Q12
530.002
(382.650)
(2.156)
1.218
735
1.149
148.297
88%
var %
-54%
-88%
-125%
1333%
-47%
0%
47%
4 p.p.
9M13
757.916
(133.269)
(1.702)
23.662
1.435
3.447
651.488
93%
9M12
2.031.879
(1.667.045)
6.369
(898)
2.795
3.447
376.546
88%
var %
-63%
-92%
-127%
-2734%
-49%
0%
73%
5 p.p.
6
3Q13

7. Financial Highlights
Adjusted FFO (R$ thousand)
16%
32%
19%
34%
196%
171%
240.681
81.191
74.674
27.539
3Q12
3Q13
9M12
9M13
Adjusted FFO Margin
Adjusted FFO Composition
Net Income (loss)
(+) Deferred Taxes
(+) Income Taxes on Property Sales
(+) PIS/Cofins (Revenue Taxes) on Property Sales
(-) Gain (Loss) on Appraisal of Investment Properties
(-) Gain (Loss) on Sale of Investment Properties
(+) Non-cash Losses on Exchange Rate Variation
(-) Non-cash Gains on Exchange Rate Variation
(+) Non-cash Variations on Derivative Instruments
(-) Minority Interest
Adjusted FFO
Adjusted FFO Margin
3Q13
89.555
(18.278)
15.821
16.936
(44.449)
548
45.463
(41.590)
7.581
3.086
74.674
32%
3Q12
259.234
150.588
172
(382.650)
(2.156)
7.964
(5.613)
27.539
16%
var %
-65%
-112%
n/a
9771%
-88%
-125%
471%
641%
n/a
n/a
171%
15 p.p.
9M13
230.295
29.469
16.453
17.125
(133.269)
(1.702)
118.773
(64.603)
31.651
(3.511)
240.681
34%
9M12
1.044.336
648.611
3.052
1.239
(1.667.045)
6.369
98.823
(54.194)
81.191
19%
var %
-78%
-95%
439%
1283%
-92%
-127%
20%
19%
n/a
n/a
196%
15 p.p.
3Q13
7

8. Indebtedness
3Q13 Net Debt (R$ mn)
4.950
3Q13 Debt Profile
1%
5.369
840
4.530
6%
11%
TR
CDI
IGPM
INPC
IPCA
43%
409
10
ST Debt
Obligations
f or
Acquisitions
40%
LT Debt
Total Debt
Cash
Net Debt
Indebtedness
Short Term Loans and Financing
Loans and Financing
Perpetual Bond
Derivative Instruments
Payables for Acquisition of Real Estate
Long Term Loans and Financing
Loans and Financing
Perpetual Bond
Gross Debt
Cash and Cash Equivalents
Net Debt
Portfolio Value
Gross Debt / Portfolio Value (Loan to Value)
Net Debt / Portfolio Value (Loan to Value)
Adjusted EBITDA / Net Financial Expenses *
Duration (years)
Unsecured Debt / Total Debt
3Q13
419.014
343.937
65.371
9.706
4.950.385
4.364.953
585.432
5.369.399
839.730
4.529.669
13.759.034
39%
33%
1,7x
4,4
30%
* Considering Net Financial Expenses (ex. non-cash variations)
8
2Q13
679.678
603.183
64.949
11.547
5.003.863
4.422.211
581.652
5.683.541
660.598
5.022.943
14.096.206
40%
36%
2,0x
4,4
28%
var %
-38%
-43%
1%
n/a
-16%
-1%
-1%
1%
-6%
27%
-10%
-2%
-1 p.p.
-3 p.p.
-14%
0%
2 p.p.
3Q13

9. Indebtedness
Debt Amortization Schedule (R$ million)
Net Debt / Adjusted EBITDA
895
9,7x
785
7,8x
7,0x
512
6,7x
6,0x
4,9x
332
335
5,7x
5,6x
5,5x
3,7x
266
7,3x
3,2x
5,2x
3,4x
186
94
65
2013
2014
2015
2016
2017
2018
2019
2020
2021
75
2022
70
2023
72
64
2024
2025
0,6x
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
Principal
Net Debt/EBITDA
Loan to Value: Gross and Net
Interest Coverage Ratio
3,5x
3,0x
2,7x
2,5x
2,4x
2,5x
2,1x
2,0x
1,6x
1,4x
1,5x 1,5x
1,7x
38%
1,7x
40%
40%
45%
43%
42% 41%
40%
39%
37% 38% 39%
35%
34%
24%
1,1x
36%
4%
23% 21%
36%
35%
30%
21%
40%
34% 36%
34%
39%
33%
21%
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13
LTV Gross Debt
EBITDA / Net Financial Expenses
LTV Net Debt
3Q13
9

10. Interest Rates
Variation of BRPR Average Cost of Debt vs Variation of CDI Rate (bps)
99
71
(46)
11
(62)
10
(10)
3Q12 - 0 Base
4Q12
(23)
1Q13
2Q13
Variation of BRPR Average Cost of Debt
BRPR Cost of Debt vs Interest Rates
BRPR Average Cost of Debt
Variation QoQ (bps)
CDI Rate
Variation QoQ (bps)
3Q12
11,53%
7,36%
-
3Q13
Variation of CDI Rate (bps)
4Q12
10,91%
(62)
6,90%
(46)
1Q13
10,81%
(10)
7,01%
11
2Q13
10,57%
(23)
7,72%
71
3Q13
10,67%
10
8,71%
99
Impact of Interest Rates Hike in FFO
Total Debt - 3Q13
5.401.044
Nominal Average Cost of Debt - 3Q13
10,67%
Annual Pro-Forma Interest Expenses
576.291
Table below assumes a 100 bps increase in the CDI Rate
Total Debt - 3Q13
5.401.044
Nominal Average Cost of Debt - 3Q13 (Post Increase)
11,09%
Annual Pro-Forma Interest Expenses
598.967
Annual Post Tax Impact in FFO *
(14.966)
* Tax Rate of 34%
Sensitivity Analysis
CDI Rate
BRPR Average Cost of Debt
Variation on BRPR Debt (bps)
Reduction
-300 bps -200 bps -100 bps
9,43%
9,84%
10,26%
-125 bps -83 bps -42 bps
10
3Q13
8,71%
10,67%
0 bps
100 bps
11,09%
42 bps
Increase
200 bps 300 bps
11,51% 11,92%
83 bps 125 bps
3Q13

11. Operating Highlights
Leasing Spreads
Leasing Spread
3Q13
Leasing Spread - Office
8,8%
Renegotiated GLA (sqm)
3Q12
22,3%
9M13
9M12
10,2%
25,7%
27.827
12.997
38.249
53.038
5%
3%
6%
11%
% Office portfolio
Gain/(Loss) of Monthly Rent (R$ thousand)
345
Leasing Spread - Industrial
-11,5%
Renegotiated GLA (sqm)
148
484
727
18,0%
-7,9%
7,3%
121.630
24.521
149.647
87.156
% Industrial portfolio
10%
2%
12%
8%
Gain/(Loss) of Monthly Rent (R$ thousand)
Leasing Spread - Retail
Renegotiated GLA (sqm)
% Retail portfolio
(243)
n/a
0%
77
n/a
0%
(201)
n/a
0%
110
n/a
0%
Gain/(Loss) of Monthly Rent (R$ thousand)
-
-
Lease Contracts
5.8 Years
Build-to-Suit Contracts
-
Duration
All Contracts
-
7.2 Years
Lease Contract Expiration Schedule
(% Revenues)
Lease Contract 3 Year Market Alignment
Schedule (% Revenues)
11%
75%
32%
5%
2013
12%
4%
8%
2014
2015
2013
>2016
15%
2014
2015
>2016
3Q13
11

12. Operating Highlights
Vacancy Evolution
Financial Vacancy per Segment
10,3%
Physical
10,8%
10,0%
9,2%
10,5%
Financial
Industrial
9,7%
8,9%
Of f ice
Retail
5,5%
4,0%
4,7%
5,3%
4,9%
2,6%
0,5%
4Q12
1Q13
2Q13
3Q13
October
2Q13
0,0%
0,5%
0,0%
3Q13
0,5%
0,0%
October
Vacancy per Property
3Q13
Property
Ed. Jacarandá
Ventura - West Tower
Icomap
RB115
Manchete
JK Complex - Towers D&E
Cidade Jardim
Paulista
Santo Antonio
Raja Hills
Brasília
Total Office
BP Jandira
BP Jundiaí
DP Louveira #9
BBP Barão de Mauá-Brahms
Gaia Terra Andiroba
Cond.Ind.SJC
Total Industrial
Total Portfolio
Type
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Office
Industrial
Industrial
Industrial
Industrial
Industrial
Industrial
Financial
0,1%
0,3%
0,0%
0,1%
1,2%
5,5%
0,6%
1,3%
0,0%
0,1%
0,6%
10,0%
0,1%
0,1%
0,1%
0,0%
0,1%
0,0%
0,5%
10,5%
12
Physical
0,1%
0,1%
0,1%
0,1%
0,5%
1,7%
0,2%
0,5%
0,0%
0,1%
0,4%
3,8%
0,2%
0,4%
0,4%
0,1%
0,3%
0,1%
1,6%
5,3%
October
Financial
Physical
0,1%
0,1%
0,3%
0,1%
0,0%
0,1%
0,1%
0,1%
1,2%
0,5%
5,5%
1,7%
0,6%
0,2%
1,0%
0,4%
0,0%
0,0%
0,1%
0,1%
0,2%
0,1%
9,2%
3,3%
0,1%
0,2%
0,1%
0,4%
0,1%
0,4%
0,0%
0,1%
0,1%
0,3%
0,0%
0,1%
0,5%
1,6%
9,7%
4,9%
3Q13

13. Capital Markets
Stock Performance – 9M13
15%
ADTV
BR Properties
Ibovespa
80.000.000
70.000.000
5%
60.000.000
50.000.000
-5%
40.000.000
-15%
30.000.000
20.000.000
-25%
10.000.000
-35%
Jan-13
Feb-13
Mar-13
Stock Performance (BRPR3)
Total Number of Shares
Apr-13
May-13
Jun-13
3Q13
3Q12
Jul-13
var %
Jul-13
Sep-13
Aug-13
9M13
9M12
var %
312.653.445
310.307.396
1%
312.653.445
310.307.396
1%
99%
99%
0%
99%
99%
0%
Stock Price (average for the period)
18,92
23,80
-20%
21,51
22,48
-4%
Stock Price (end of period)
19,70
26,45
-26%
19,70
26,45
-26%
Market Cap end of period (R$ million)
6.159
8.208
-25%
6.159
8.208
-25%
Free Float (%)
Average Daily Trading Volume (R$ million)
Average Daily Traded Shares
Average Daily negotiations
41,49
24,77
2.207.791
1.057.065
6.456
4.074
68%
109%
58%
43,60
27,79
57%
2.103.783
1.237.891
70%
6.493
3.550
83%
3Q13
13

14. IR Contacts
Investor Relations
Pedro Daltro
CFO & Investor Relations Officer
Marcos Haertel
Investor Relations Manager
Gabriel Barcelos
Investor Relations Analyst
Phone: (55 11) 3201-1000
Email: ri@brpr.com.br
www.brpr.com.br/ri
3Q13
14