2. Highlights
1Q11 Net Revenues came in at R$ 77.8 million, an increase of 121% in relation to 1Q10, when it came
in at R$ 35.3 million;
Financial
Adjusted EBITDA of R$ 69.9 million at the end of 1Q11, an increase of 137% over the same period of
Highlights
last year, and an Adjusted EBITDA margin of 90%;
Adjusted FFO in 1Q11 totaled R$ 23.9 million, with an Adjusted FFO margin of 31%;
Leasing spreads for renegotiations totaled 21.5% and 22.6%, and for new lease up of vacant areas
totaled 15.5% and 11.1% in office and industrial properties, respectively;
Our financial vacancy decreased from 8.1% in 4Q10 to 6.2% at the end of 1Q11, whereas our
stabilized financial vacancy, which excludes Ed. Jacarandá, TNU, and Ventura II, came in at 1.5%;
We have included the “built to suit” project DP Louveira 7 property to our development pipeline, a
logistics and distribution warehouse located in the Louveira, one of the main distribution hubs in São
Paulo state. Delivery of the building is estimated for 2012;
Operating
Highlights On January 19th, 2011, the Company concluded an additional perpetual bond issuance in the amount
of US$ 85 million, offered to qualified institutional investors. The perpetual bond has a call option at par
after the 5th year, and will pay 9% interest per year, paid quarterly;
We raised approximately R$ 235.5 million in long term real estate financing linked to TR. This type of
financing represents 75% of the Company’s total debt;
After the most recent index rebalancing concluded by BM&F Bovespa, the Company has been
included in the portfolios of the Small Cap and Real Estate equity indexes.
BRProperties 2 1Q11
6. Debt
1Q11 Net Debt (R$ mn) 1Q11 Debt Index Breakdown
1.948 2.114 446
1.668 23%
2% TR
IGPM
140 26 CDI
75%
ST Debt Obligations LT Debt Total Debt Cash Net Debt
f or
Acquisitions
Debt Service Schedule (R$ mn)
Principal
331 Interest
128 128 157
161 178
68
156
154 141
118 144 131 118 103 87 26
64 14
38 24 18
2 0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
BRProperties 6 1Q11
7. Operating Highlights
Our financial vacancy came in at 6.2% in the end of 1Q11; excluding the buildings CBOP - Jacarandá,
TNU, and Ventura Towers II, our financial vacancy would drop to 1.5%.
Vacancy Breakdown Financial Vacancy per Segment
6,9%
8,1%
5,5% Of f ice
6,2% Industrial
Physical Retail
Financial
3,8%
3,1%
1,4% 1,5% 1,2%
0,72%
0,0% 0,0%
4Q10 1Q11 1Q11 (Ex Ventura, CBOP 4Q10 1Q11
& TNU)
Vacancy per Property 1Q11
Property Type Financial Physical
Raja Hills Office 0,02% 0,02%
CBOP - Jacarandá Office 1,82% 0,93%
TNU Office 0,67% 0,30%
São José Office 0,12% 0,07%
Icomap Office 0,06% 0,06%
Ed. Com. Indaiatuba Office 0,61% 0,56%
Ventura II Office 2,20% 0,42%
Total Office 5,5% 2,4%
BP Jundiaí Industrial 0,04% 0,10%
Piraporinha Industrial 0,68% 0,59%
Total Industrial 0,72% 0,69%
Total Portfolio 6,2% 3,1%
BRProperties 7 1Q11
8. Operating Highlights
Renegotiations New Leases
15,5%
21,5% 22,6%
12,8%
11,1%
Of f ice Of f ice
Industrial 5,2% Industrial
2,0%
0,0%
1Q10 1Q11 1Q10 1Q11
Leasing Spread * 1Q11 1Q10 var %
Leasing Spread (Renegotiations) - Office 21,5% 0,0% -
Leasing Spread (Renegotiations) - Warehouse 22,6% 2,0% 1016%
Leasing Spread (Renegotiations) - Retail n/a n/a n/a
Renegotiated Area - Office (sqm) 14.674 - 0%
Renegotiated Area - Warehouse (sqm) 14.798 6.569 125%
Renegotiated Area - Retail (sqm) n/a n/a n/a
Leasing Spread (New Leases) - Office 15,5% 5,2% 197%
Leasing Spread (New Leases) - Warehouse 11,1% 12,8% -13%
Leasing Spread (New Leases) - Retail n/a n/a n/a
New Leased Area - Office (sqm) 8.343 8.523 -2%
New Leased Area - Warehouse (sqm) 12.889 5.283 144%
New Leased Area - Retail (sqm) n/a n/a n/a
* Leasing spreads are net of inflation
BRProperties 8 1Q11
11. Stock Performance
Currently, 99% of BR Properties’s shares are in free float
60%
BRPR3
50%
GP Investments Ibovespa
7,3% Wellington 40% 39,31%
Management
30%
5,4%
20%
BlackRock
5,1% 10%
Laugar S.A. 0%
4,2% (7,00%)
-10%
Silverpeak
1,3% -20%
Management
0,9% -30%
Number of shares: 139,753,919
Market Value: R$ 2.5 billion
Other
75,9% Average Daily Vol. (30d): R$ 12.2 million
* As of May 11th, 2011
Stock Performance (BRPR3) 1Q11 1Q10 var %
Total Number of Shares * 139.511.953 139.107.272 0,3%
Free Float (%) 99% 52% 90,4%
Stock Price (average for the period) 17,32 12,97 33,5%
Stock Price (end of period) 17,15 12,92 32,7%
Market Cap end of period (R$ million) 2.393 1.797 33,1%
Average Daily Trading Volume (R$ million) 8,29 10,17 -18,5%
Average Daily Traded Shares 478.877 792.712 -39,6%
Average Daily negotiations 455 282 61,3%
* Company began trading its shares on the Bovespa in 03/08/2010
BRProperties 11 1Q11
