Institutional Presentation

Transcription

Institutional Presentation
3Q 2015
Agenda
Delivering profitable growth since the IPO
How Iguatemi will grow from 2015 onwards
Pipeline of Projects
Recent Greenfields, Expansions and PSV Swaps
Portfolio Overview
Appendix
Market Dynamic
Key Performance Indicators
Financial and Operational Indicators
Stock Market
Malls at a Glance
Iguatemi at a Glance
Highlights
Selected Assets
Portfolio comprised of 18 (1) shopping malls, 1
outlet and 3 commercial towers
Operations focused on the South and Southeast
regions of Brazil and A and B income classes
•
Only mall operator with a recognized brand
among the 50 most valuable brands in Brazil, for
the 7h consecutive year
JK Iguatemi
Iguatemi São Paulo
Iguatemi Campinas
Iguatemi Porto Alegre
Iguatemi Brasília
Iguatemi Alphaville
Pipeline of 3 outlet greenfields, 1 mall expansions
and 1 commercial tower under development
Solid growth rates: sales reached R$10.5 billion
in 2014, a 15.5% increase in comparison to 2013
Financial and Operational Highlights
Total GLA
715k sqm
Own GLA
440k sqm
Total Sales (2014)
SSS / SAS (2014)
Credit Rating
R$
10.5
Bn
7.8% / 8.0%
AA+
br S&P/ Fitch
(1) Considers Shopping Esplanada and Iguatemi Esplanada as 2 different malls.
3
SECTION 1
Delivering profitable growth since the IPO
Iguatemi created a platform to implement resilient
and sustained profitable growth
Pre-IPO: Creating
the Iguatemi brand
• Purchase of
Iguatemi São Paulo,
Brazil’s 1st shopping
mall
• Expansion to São
Paulo countryside
and Brazilian south
region
IPO: Accelerating
growth through
acquisitions
Follow-on: Building the platform for quality growth
(a new vintage of malls)
• IPO: Feb/2007, raising
• 1st follow-on: Nov/2009, raising R$410 M
• Acquisition of malls and
• New vintage of malls:
 State Capitals: Iguatemi Brasília, Iguatemi
R$550M
several stakes in the
existing portfolio
• Short-term
2nd follow-on: Apr/2013, raising R$425 M
Focus:
Acquisitions,
expansions and
outlets, decrease
on the leverage
ratio and costs
reduction
Alphaville and JK Iguatemi
 Interior: Iguatemi Ribeirão Preto, Iguatemi
Esplanada, Iguatemi São José do Rio Preto
• First multi-use
• Medium-Term
• Beginning of the expansions cycle
project in Brazil:
Market Place
New Growth
Cycle
• Announcement of new greenfields and expansions
• Entrance into the Premium Outlet Segment, creating
Focus:
Greenfields
a new vector of growth
380
454
282
215
237
278
213
120
115
203
137
348
298
164
425
235
151
69
1979
2006
2007
2008
(1) Adjusted for the sale of Boulevard Rio Iguatemi mall.
2009
EBITDA
2010
2011
2012
(1)
2013
2014
2018
Owned GLA
5
Quality growth resulted in increased
profitability per GLA
Own GLA (thousand sqm)
380
121
2006
425
Increased Own
GLA 3.5x
215
2009
2013
Net Income / sqm
17% CAGR
(R$ / sqm)
2014
Gross revenues (R$ mm)
520
121
2006
543
657
244
2009
2013
24% CAGR
Increased Revenues
5.4x
2014
2006
EBITDA (R$ mm)
348
69
2006
454
2013
2014
27% CAGR
Increased EBITDA
6.6x
151
2009
248
Net Income / share
(R$ / sqm)
2014
FFO (R$ mm)
238
50
2006
318
119
2009
2013
26% CAGR
Increased FFO
6.4x
2014
0.35
Net Income (R$ mm)
184
30
2006
230
29% CAGR
Increased Net
Income 7.7x
86
2009
2013
1.30
2014
2006
2014
6
Long-term and short-term guidance have been
consistently met since 2009
2009
Crescimento
de Receita
Líquida¹
Margem
EBITDA²
EBITDA
(R$ MM)
Dividendos
(R$ / Ação)
Permutas de
VGV R$ (MM)
2010
2011
2012
2013
2014
Guidance
Real
Guidance
Real
Guidance
Real
Guidance
Real
Guidance
Real
Guidance
Real
9% – 12%
14.5%
15% - 17%
21.2%
25% –30%
25%
25% - 30%
24.6%(1)
15%–20%
13,0%
N/A
27,1%
~70%
69.7%
70% - 72%
70.1%
70% - 72%
71.3%
~70%
72.5%(2)
70 - 72%
75%(³)
72%- 75%
77%
N/A
151,4
N/A
202,6
N/A
235
N/A
297,6
N/A
348(³)
450 - 500
454
N/A
0,32
N/A
0,37
N/A
0,38
N/A
0,40
N/A
0,32
0,32
0,34
N/A
N/A
N/A
N/A
N/A
N/A
20-30
27,4
20-30
30,1
20-30
22,5
454
152
69
2006
2009
2014
(1) Iguatemi’s Net revenue would have grown 27.7% in 2012 if Boulevard Rio Iguatemi had not been sold. Alternatively, if the net revenue from Boulevard Iguatemi
in both 2011 and 2012 were to be excluded, Iguatemi’s net revenue would have grown by 28.7% in 2012.
(2) Adjusted EBITDA Mg exclude Other Operational Revenue of R$ 108.2mn from the sale of Boulevard Rio Iguatemi.
(3) Iguatemi reached the implicit EBITDA indicated by Net Revenues and EBITDA Mg Guidance (implicit guidance of R$ 330–355mn vs real EBITDA of R$ 347.8mn).
7
Iguatemi reiterates its implicit
EBITDA guidance for 2015
Net Revenues Growth
12% - 15% in 2015
and
EBITDA Margin
76% - 79% in 2015
Net Revenues Growth (%)
12%
15%
Probable
Possible
Ebitda Margin (%)
Remote
76%
EBITDA
de R$ 502 M
EBITDA de
R$ 515 M
Implicit EBITDA Guidance for
2015: R$ 502-536 million
79%
EBITDA
de R$ 522 M
EBITDA
de R$ 536 M
8
How did Iguatemi grow?
Performing
selective
acquisitions
Implementing
Quality
Greenfields
Delivering
Top Execution
Strengthening
existing assets
9
EBITDA growth was achieved using several levers
EBITDA Growth Strategy (R$ mn)
46
454
PSV and Others
EBITDA 2014
166
57
61
56
69
EBITDA 2006
Organic Growth
Aquisitions of
Stakes
Aquisitions of New
Malls
Greenfields and
Expansions
10
Iguatemi delivered high quality greenfields
Performing
selective
acquisitions
Implementing
Quality
Greenfields
Delivering
Top Execution
Strengthening
existing assets
11
Maturing Malls outside capitals represent 23% of
Own GLA, but still only 8% of total Revenues
Portfolio
State
Opening
% IGTA
Date
Total GLA
(sqm)
Own GLA
(sqm)
Own
GLA (%)
Total Mall
"Own" Mall "Own" Mall 2014
Revenues 2014 2014 Revenues
Revenues
(R$ ‘000)
(R$mn)
(%)
Iguatemi Brasília
DF
2010
64%
32,302
20,673
5.6%
51.9
33.2
5.6%
Iguatemi Alphaville
SP
2011
78%
31,312
24,423
6.6%
39.7
31.0
5.3%
JK Iguatemi
SP
2012
64%
34,957
22,372
6.1%
106.1
67.9
11.5%
-
-
68%
98,571
67,468
18.3%
197.7
132.1
23.5%
Iguatemi Ribeirão Preto
SP
2013
88%
43,648
38,410
10.4%
25.0
22.0
3.7%
I Fashion Outlet NH
RS
2013
41%
20,115
8,247
2.2%
9.3
3.8
0.6%
Iguatemi Rio Preto
SP
2014
88%
43,649
38,411
10.4%
21.0
18.5
3.1%
Subtotal –
Maturing Malls 2013 - 2015
-
-
79%
107,412
85,068
23.1%
55.3
44.3
7.9%
Mature Malls
-
-
56%
388,546
216,000
58.6%
652.1
384.7
68.6%
Total
-
-
62%
594,529
368,536
100.0%
905.1
561.1
100.0%
Subtotal –
Maturing Malls, 2010 - 2012
Own GLA Breakdown
“Own” Mall Revenues Breakdown
Maturing Malls
2010 -2012
16.6%
Mature Malls
62.5%
Maturing Malls
2013 -2015
23.1%
Maturing Malls
2010 -2012
22.4%
Maturing Malls
2013 -2015
7.9%
Mature Malls
70.0%
12
Maturing greenfields outside capitals
still present significant upside
Assets inaugurated
in the last 5 years
JK Iguatemi
Opening
Date
Total GLA
2014
2014
Revenues
R$ ‘000
2014
Revenues
R$/sqm/year
2012
34,957
106,076
3,034
Subtotal –
São Paulo Capital
-
34,957
106,076
3,034
Iguatemi Brasília
2010
32,302
51,934
1,608
-
32,302
51,934
1,608
Iguatemi Alphaville
2011
31,312
39,704
1,268
2013
43,648
24,988
572
2014
43,649
30,299
694
-
118,609
94,991
801
iFashion Outlet Novo
Hamburgo
2013
20,115
9,327
464
Subtotal - Others
2013
20,115
9,327
464
205,983
262,328
1,274
(1)
Subtotal –
Interior
Total
3,034
3,277
Maturing Malls
Mature Malls
Other Capitals - 2014 Revenues (R$/sqm/year)
Subtotal –
Other Capitals
Iguatemi Rio Preto
São Paulo Capital – 2014 Revenues (R$/sqm/year)
1,608
1,583
Maturing Malls
Mature Malls
Interior - 2014 Revenues (R$/sqm/year)
1,187
801
Maturing Malls
Mature Malls
(1) Iguatemi Rio Preto (Inaugurated in June 2014): Revenues last 12 months.
13
Properties not aligned with our strategy of
“best assets, best locations”, were divested
2011 Revenues (R$/sqm/year)
Divestiture
Boulevard Iguatemi Rio
• Sold in 2012 for 18.3x NOI (5.6% cap rate)
1.432
• Property not aligned with Iguatemi’s strategy of having
the “Best Assets in the Best Locations”
-52%
687
Existing Assets
Total GLA
(sqm)
R$ / sqm /
year
26,100
687
Divestiture
14
2007 assets delivered strong
organic growth per sqm
Performing
selective
acquisitions
Implementing
Quality
Greenfields
Delivering
Top Execution
Strengthening
existing assets
15
2007 assets delivered strong organic growth
Assets that existed
prior to the IPO
Total GLA
2014
Revenue/ Revenue/
sqm
sqm
2007
2014
Revs/sqm
CAGR
2007-14
Total Revs
CAGR
2007-14
Iguatemi São Paulo
46,134
2,649
4,094
6.4%
8.7%
Market Place
26,940
800
1,878
13.0%
13.4%
Subtotal –
São Paulo Capital
73,074
1,915
3,277
8,0%
9,5%
Praia de Belas
47,205
1,122
1,168
0.6%
8.5%
38,926
1,314
2,107
7.0%
6.8%
Iguatemi Florianópolis
21,189
607
1,545
14.3%
15.1%
107,320
1,090
1,583
5,5%
8,6%
Iguatemi Campinas
54,321
892
1,762
10.2%
10.1%
Iguatemi São Carlos
22,323
181
454
14.0%
16.7%
Galleria
33,146
290
926
18.0%
23.6%
64,360
932
1,251
4.3%
19.8%
30,324
553
846
6.3%
18.8%
Subtotal - Interior
204,474
659
1,187
8.8%
15.3%
Torre Market Place
29,080
582
1,017
8.3%
8.3%
Boulevard Campinas
32,422
-
113
-
-
Subtotal - Others
61,502
-
540
-
-
Subtotal Other Capitals
Esplanada
(1)
Iguatemi Caxias
Total Revenues CAGR 2007 - 2014
São Paulo Capital
Other Capitals
Interior
9.5%
8.6%
15.3%
(1) Considers the Esplanada Complex, composed of Shopping Esplanada and Iguatemi Esplanada.
16
Iguatemi acquired 4 new assets and 18 stakes in
malls it already owned
Performing
selective
acquisitions
Implementing
Quality
Greenfields
Delivering
Top Execution
Strengthening
existing assets
17
Acquisitions since the IPO and Potential
Future Opportunities
Acquisition of Stakes in
Previously Owned Assets
Pátio Higienópolis
JK Iguatemi
Galleria Shopping
Iguatemi São Paulo
Iguatemi Campinas
Esplanada Shopping
Iguatemi Rio
Esplanada Shopping
Torre Market Place II
Torre Market Place I
Market Place
Esplanada Shopping
Iguatemi São Paulo
Esplanada Shopping
Iguatemi Rio
Iguatemi Rio
Proprietry Area (1)
Date
2015
2014
2013
2012
2011
2011
2011
2011
2011
2008
2008
2007
2007
2007
2007
2007
2007
2007
2007
2007
Acquisition of New Assets
Date
I Fashion Outlet NH
Esplanada Shopping
Galleria Shopping
2015
2013
2007
2007
TOTAL
%
GLA
Acquired (‘000 sqm)
8.4%
2.8
14.0%
4.9
50.0%
16.6
5.0%
1.0
7.0%
3.0
5.0%
2.7
4.8%
1.3
8.2%
2.1
3.4%
0.9
100.0%
13.4
100.0%
15.7
68.0%
17.7
2.3%
0.7
10.0%
2.0
11.0%
4.5
2.4%
0.7
3.0%
0.8
3.8%
1.5
30.0%
8,5
100.0%
3.7
Total
104.5
%
GLA
Acquired (‘000 sqm)
2.8%
1.0
41.0%
8.2
25.0%
7.1
50.0%
11.9
Total
28.2
132.8
Iguatemi São Paulo
27
JK Iguatemi
22
Iguatemi Alphaville
47k sqm
20
35k sqm
13
24
31k sqm
7
Iguatemi Campinas
51
Iguatemi Esplanada
22
35
11
11
30
38
5
44k sqm
Iguatemi Rio Preto
38
5
44k sqm
14
Praia de Belas
I Fashion Outlet NH
21k sqm
15
28
21
8
Iguatemi's GLA
30k sqm
12
34k sqm
30
25
32k sqm
20k sqm
12
4
Boulevard Iguatemi
47k sqm
29
Iguatemi Caxias 3
Iguatemi Brasília
39k sqm
25
18
6
64k sqm
22k sqm
73k sqm
7
27k sqm
GLA not Owned by Iguatemi
Total GLA not Owned by Iguatemi: 274,000 sqm
(1) Area in the Esplanada Mall owned by Iguatemi through a subsidiary.
18
SECTION 2
How will Iguatemi grow from 2015 onwards?
Iguatemi will continue to focus on high income
and fast growing segments…
Income Distribution – By Income Class (R$ billion)
CAGR
4,767
2007 - 2010 2010- 2030E
A Class
11%
13%
B Class
14%
11%
C Class
21%
9%
7%
7%
D/E Class
2007
3,289 3,332
3,100
A Class
18%
36%
D/E Class
41%
B Class
18%
C Class
23%
652
287
290
363
2007
390
427
637
2030E
805
D/E Class
21%
2010
A Class
B Class
C Class
A Class
33%
2030
D/E Class
56%
C Class
23%
B Class
23%
Income per Brackets: A: >US$ 4,706; B: >US$2,353 and < US$4,706; C: > US$1,176 and < US$2,353; D: > US$588 and < US$1,176; E: < US$588
Source: FGV and Ernst & Young projections.
20
… mainly in the South and Southeast regions…
State
SP
# of Malls
(1)
Own GLA (sqm)
12
369,991
RS
4
42,650
DF
1
20,673
SC
1
6,357
Campinas
Iguatemi Campinas
Galleria
Boulevard Iguatemi
Sorocaba
Brasília
DF
Iguatemi Brasília
São Paulo
Iguatemi São Paulo
JK Iguatemi
Market Place
Porto Alegre
SP
Alphaville
Praia de Belas
Iguatemi Alphaville
Caxias do Sul
Iguatemi Esplanada
São Carlos
Ribeirão Preto
Ribeirão Preto
Iguatemi Rio Preto
SC
Iguatemi Caxias
Novo Hamburgo
Outlet Novo Hamburgo
RS
Florianópolis
(1) Owned GLA in SP State includes, besides the 12 malls shown in the map, 3 commercial towers and proprietary land (full description in the following page).
21
… and with a solid footprint in São Paulo
Strategic Presence in the State of São Paulo
São Paulo’s GDP is significant within Brazil
São José do
Rio Preto
(1)
City of São Paulo
12%
441 KM
City of
São Paulo
São José do
Rio Preto
Ribeirão Preto
KM 441
KM 400
Iguatemi São
José do Rio Preto
Washington
Luiz Highway
Rest of Brazil
66%
Anhanguera
Highway
KM 240
Shopping Galleria
São Carlos
Iguatemi
São Carlos
KM 100
Iguatemi Campinas
Campinas
Highest GDP in the country (R$ bn)
357
KM 60
Iguatemi
Esplanada
Sorocaba
KM 111
Operating Malls
(1) Source: IBGE 2011.
Esplanada
Shopping
Greenfields
(1)
City of
São Paulo
Jundiaí
Raposo
Tavares
Highway
Rest of São
Paulo State
22%
Barueri
Castelo
Branco
Highway
KM 37
Iguatemi
Alphaville
Iguatemi SP
KM 0
Main Influence Area
155
JK Iguatemi
118
Market Place
Highways
São Paulo
Rio de Janeiro
Brasília
42
30
Belo Horizonte
Salvador
22
Iguatemi will continue strengthening
the Iguatemi brand…
Focus on consumer experience
19th highest rent in the world
• We differentiate ourselves by delivering new services,
innovative events and constant tenant mix improvements
• Only mall operator with a recognized brand among the 50
most valuable brands in Brazil, for the 8th consecutive
year
• Iguatemi became a synonym of mall in Brazil
Brand Recognition: High Value (1)
500
25th
22nd
450
31st
400
350
40th
472
473
449
38th
38th
349
42nd
300
23rd 8015 Banco do Brasil
340
250
200
150
100
50
100
0
2008 2009 2010 2011 2012 2013 2014 2015
Value (US$ mn)
Position
Rank
2014
Location
US$/sq ft/yr
1
Upper 5th Avenue (New York)
3,500
2
Causeway Bay (Hong Kong)
2,735
3
Avenue of Champs-Elysées (Paris)
1,556
4
New Bond Street (London)
1,216
5
Pitt Street Mall (Sydney)
1,016
6
Via Montenapoleone (Milan)
998
7
Ginza (Tokyo)
953
8
Myeongdong (Seoul)
932
Schincariol
9
Bahnhofstrasse (Zurich)
875
17
70
18
65
19
Casas Bahia
10
Stoleshnikov (Moscow)
557
Pão de Açúcar
11
Kohlmarkt (Vienna)
521
Vivo
12
Kaufingerstraße (Munich)
514
6020
Perdigão
13
Wangfujing (Beijing)
481
5521
22
50
Smiles
14
Portal de l'Angel (Barcelona)
380
Amil
15
Shopping Centre (Bogota)
368
16
Orchard Road (Singapore)
362
362
23 Iguatemi
104
Most Expensive Retail Locations in the World
7516
45
170
(2)
17
Karl Johans Gate (Oslo)
24
40
25
35
26
Vale
18
Kalverstraat (Amsterdam)
340
Anhanguera
19
Iguatemi Shopping (São Paulo)
319
3027
Seara
20
Bagdat Caddesi & Istiklal Street (Istanbul)
312
Totvs
(1) Source: Istoé Dinheiro – Most Valuable Brands in Brazil (2015).
(2) Source: Cushman & Wakefield – Main Streets Across the World (2014-2015).
23
… and capturing the upside from its large landbank
Mall
(GLA sqm)
Real Estate
(PA sqm)
% Iguatemi
5,000
-
58.13%
Iguatemi Campinas - Site annex²
-
501,000
50.00%
Iguatemi Campinas - Boulevard
-
19,638
77.00%
-
32,000
36.00%
Iguatemi Porto Alegre - Site annex¹
22,000
29,022
24.00%
Iguatemi Esplanada
28,500
27,060
46.00%
5,000
-
37.80%
28,200
28,400
100.00%
Mall
Iguatemi São Paulo
Praia de Belas
Galleria
Market Place
600
-
100.00%
20,000
15,000
50.00%
Iguatemi Brasília
10,000
-
64.00%
Iguatemi Alphaville
12,600
-
78.00%
20,500
35,000
88.00%
Platinum Outlet
12,000
6,500
41.00%
Iguatemi Rio Preto
21,500
-
88.00%
-
23,000
88.00%
185,900
716,620
70.50%
I Fashion Outlet Santa Catarina¹
15,034
8,000
54.00%
I Fashion Outlet Nova Lima¹
15,000
8,000
54.00%
Jundiaí ¹
50,000
20,000
85.00%
I Fashion Outlet Paraná ¹
15,000
15,000
42.00%
Subtotal, malls under development
95,034
51,000
52.00%
280,934
767,620
58.80%
Iguatemi Rio Preto - Site annex³
Subtotal, malls in operation
Total
(1) Swapped land
(2) Swap Option + Preference/First Stake
(3) Swap Option
Nota: This landbank is indicative. Those projects are subject to changes, which can
alter coefficients and the usage of construction potential.
24
SECTION 3
Pipeline
PipelineofofProjects
Projects
Pipeline of Projects
Greenfields
Expansions
I Fashion
Outlet Santa
Catarina
I Fashion
Outlet
Paraná
I Fashion
Outlet
Nova Lima
Iguatemi
Porto Alegre
Iguatemi
Porto Alegre
Tower
Opening
Oct/17
2018
2019
Apr/16
Apr/16
GLA (sqm)
30,000
30,000
30,300
20,376
10,692
% Iguatemi
54%
42%
54%
36%
36%
% Leased
N/A
N/A
N/A
85%
N/A
% Constructed
N/A
N/A
N/A
72%
25%
26
Status
Iguatemi Porto Alegre (Expansion) - RS
Sep 2015
Sep 2015
The project has 72% of the construction completed and 85% of the GLA commercialized
27
Status
Iguatemi Porto Alegre Tower - RS
May 2015
Jun 2015
Sep 2015
Sep 2015
Constructed: 25%
28
Status
I Fashion Outlet Santa Catarina - SC
Sep 2015
Sep 2015
Sep 2015
Sep 2015
Ground/soil preparation phase.
29
SECTION 4
3
SECTION
Recent
Greenfields,
Expansions and PSV Swaps
Pipeline
of Projects
Owned GLA of 440 thousand sqm,
reaching 500 thousand sqm by 2019
Owned GLA (‘000 sqm)
~202 thousand sqm of own
GLA (46% of our actual
GLA) inaugurated in the
last 5 years
338
Acquisition of
a 8.4% stake
in Pátio
Higienópolis
Iguatemi Porto
Alegre Expansion
Iguatemi Porto
Alegre Tower
440
3
Current GLA
2015
11
I Fashion
Outlet Santa
Catarina
16
I Fashion Outlet
Nova Lima
I Fashion
Outlet Paraná
13
16
500
2018
2019
Total
Announced GLA
for 2019
-18
123
2006 (Pre IPO) Additional GLA
Sale of
Boulevard Rio
2016
2017
31
Expansion of Iguatemi São Paulo – SP
Main Plaza (May 2015) & Expansion (Sep 2015)
The expansion was inaugurated in September 2015, with 75% of its GLA leased.
32
Expansion of Iguatemi Campinas – SP
(Apr 2015)
33
Expansion of Iguatemi São Carlos – SP
(Jun 2014)
34
Iguatemi São José do Rio Preto – SP
(Apr 2014)
35
Iguatemi Esplanada – SP
(Nov 2013)
36
Expansion of Praia de Belas – RS
(Nov 2013)
37
Iguatemi Ribeirão Preto – SP
(Sep 2013)
38
I Fashion Outlet Novo Hamburgo – RS
(Sep 2013)
39
PSV Swaps on Iguatemi Ribeirão Preto
2Q11 – PSV Swap
(R$ 10.7 mn)
2 Commercial Towers
(25.8 thousand sqm)
Shopping Iguatemi
Ribeirão Preto
(43.6 thousand sqm of GLA)
40
PSV Swaps on Iguatemi Esplanada
4Q14 – PSV Swap
(R$ 9.3 mn)
3 Towers
(28.2 thousand sqm)
2Q12 – PSV Swap
(R$ 24.3 mn)
Commercial Tower I and II
(32 thousand sqm)
Shopping
Iguatemi Esplanada
(95.4 thousand sqm of
Commercial Area - 64.4
thousand sqm of GLA)
3Q14 – PSV Swap
(R$ 6.2 mn)
Hotel Hyatt Place
(11.6 thousand sqm)
3Q15 – PSV Swap
(R$ 6.8 mn)
Residential Tower
(15 thousand sqm)
41
PSV Swaps on Iguatemi São José do Rio Preto
4Q13 – PSV Swap
(R$ 8.5 mn)
Hyatt Hotel
1Q14 – PSV Swap
(R$ 7.0 mn)
3 Residential Towers
(17.4 thousand sqm)
1Q13 – PSV Swap
(R$ 14.1mn)
2 Commercial Towers
(22 thousand sqm)
Shopping Iguatemi
São José do Rio Preto
42
PSV Swaps on Galleria
(subsequent event)
Subsequent Event – PSV Swap
(R$ 12.4 MM)
Hotel Novotel
Galleria
43
SECTION 5
Portfolio
PipelineOverview
of Projects
Portfolio Overview
Opening Date
City
Iguatemi
Interest (%)
Iguatemi São Paulo
JK Iguatemi
Market Place
Iguatemi Alphaville
Iguatemi Campinas
Galleria
Iguatemi Esplanada (2)
Iguatemi Rio Preto
Proprietary Area (3)
1966
2012
1999
1995
2011
1980
1992
1991
1997
2013
2014
-
São Paulo
São Paulo
São Paulo
São Paulo
Barueri
Campinas
Campinas
Sorocaba
São Carlos
Ribeirão Preto
São José do Rio Preto
Sorocaba
58,13%
64,00%
11,20%
100,00%
78,00%
70,00%
100,00%
55,37%
50,00%
88,00%
88,00%
100,00%
47.322
34.957
34.100
26.940
31.312
73.492
33.146
64.360
22.323
43.648
43.649
3.678
27.508
22.372
3.819
26.940
24.423
51.444
33.146
35.636
11.162
38.410
38.411
3.678
4.094
3.034
3.077
1.878
1.268
1.762
926
1.251
454
572
481
-
3.807
2.488
2.879
1.716
1.067
1.570
811
1.084
338
454
344
-
Southeast Sub-total
Praia de Belas
Iguatemi Caxias
1983
1991
2007
1996
Porto Alegre
Porto Alegre
Florianópolis
Caxias do Sul
69,06%
36,00%
37,80%
30,00%
8,40%
458.927
38.926
47.205
21.189
30.324
316.951
14.013
17.843
6.357
2.547
2.107
1.168
1.545
846
2.021
959
1.445
782
29,61%
137.644
40.761
Iguatemi Brasília
2010
Brasília
64,00%
32.302
20.673
1.608
1.431
Federal District Sub-total
I Fashion Outlet Novo Hamburgo
Boulevard Iguatemi (4)
2013
-
Novo Hamburgo
Campinas
64,00%
41,00%
77,00%
32.302
20.115
32.422
20.673
8.247
24.965
464
-
296
-
63,22%
52.537
33.212
-
-
60,40%
100,00%
100,00%
58,13%
681.410
15.685
13.395
4.469
411.596
15.685
13.395
2.598
-
-
Towers Sub-total
94,42%
33.549
31.678
-
-
Total
62,00%
714.959
443.274
-
-
Mall
South Sub-total
Premium Outlet & Power Center Sub-total
Malls Sub-total
Market Place Tower I
Market Place Tower II
Iguatemi São Paulo Tower
(1)
(2)
(3)
(4)
1991
1992
2012
São Paulo
São Paulo
São Paulo
Total GLA
(sqm)
Iguatemi GLA
(sqm)
Revenues per
sqm (R$) (1)
-
NOI per sqm
(R$) (1)
-
As of December 31, 2014.
Iguatemi owns 37.99% of the Esplanada mall (27,663 sqm) and 65.71% of the expansion (36,697 sqm).
Area in the Esplanada Mall owned by Iguatemi through a subsidiary.
Boulevard is contiguous to the Iguatemi Campinas Mall.
45
APPENDIX A
Market Dynamics
The Brazilian market is still underpenetrated
Malls Share on Total Retail Sales
Mall Penetration (GLA/‘000 inhabitant)
1.466
69%
62%
54%
53%
Shopping Center Penetration in
Brazil (100%)
52%
48%
940
24%
SE
5%
7%
MW
S
NE
16%
N
28%
25%
399
250
231
180
150
69
Canada
South
Africa
USA
Mexico
Australia
France
Brazil
Canada
South
Africa
USA
Mexico
Australia
France
Brazil
Source: Abrasce and Company
(1) Brazil: As of 2014 / Other countries: as of 2011
Canada Australia
South
Africa
Italy
France
Germany Mexico
Brazil
47
The Shopping Center sector presented sound
growth over the past years…
Total GLA Evolution (mn sqm)
14.867
CAGR
8%
11.9
CAGR (%)
2007-12
CAGR (%)
2012-15
14.9
6.7%
7.8%
5.2
16%
7%
3.9
18%
13%
5.8
5%
6%
10.132
CAGR
5%
CAGR
10%
CAGR
29%
CAGR
24%
#
Malls
4.4
8.5
3.8
5.942
CAGR
14%
2.7
1.6
2.198
4.8
3.1
584
20
47
1966
1970
1980
1990
2000
2010
2015
1
4
20
79
280
453
585
(1)
#
Malls
2007
2012
2015
392
499
585
(2)
(3)
Top 9 Players
Other Important Players
Others
Source: Abrasce and Iguatemi.
(1) As of July 2015.
(2) Top 9 players: Iguatemi, Br Malls, Multiplan, Sonae Sierra, General Shopping, Aliansce, JCPM, Westfield, Brookfield, Ancar.
(3) Other Important Players: FUNCEF, JHSF, Soifer, Savoy, CCP, Participa, IRB, REP, Tenco, Terral, Grupo Tacla, Shopinvest, Zaffari, Sá Cavalcanti, PatioMix,
North Empreendimentos, Grupo Santa Isabel, Prosperitas, Grupo Lider, LGR, Previ.
48
…reaching, in 2014, a total of 520 shopping
centers (14 million sqm of GLA)
Total Malls and GLA distribution
North:
 25 Malls
 4.7% GLA
 5.2% of PIB
 R$14,179 PIB/per capita
Northeast:
76 Malls
 14.4% GLA
 13.6% of PIB
 R$ 11,044 PIB/per capita
North
Northeast
Midwest:
 47 Malls
 8.9% GLA
 9.8% of PIB
Midwest
Southeast
South
Southeast:
 290 Malls
 55.1% GLA
 55.2% of PIB
South:
 89 Malls
 16.9% GLA
 16.2% of PIB
Source: Abrasce (Jul/2015), IBGE (2013).
49
APPENDIX B
Key Performance Indicators
Key Performance Indicators (KPIs)
On-going Business
Projects under
implementation
EBITDA
REVENUES PER SQM
EBITDA MARGIN
CAPEX OF THE PROJECTS
Future growth
GLA negotiated
(expansions, greenfields &
acquisitions)
LEASING SPREAD
51
APPENDIX C
Financial and Operational Indicators
Strong revenues growth over the past three years
Gross Revenues Annual Breakdown (R$ mm)
657
520
463
12%
16%
Rent Revenues Annual Breakdown (R$ mm)
CAGR
11%
Others
+17,7%
17%
Parking
+21,4%
Mgmt Fee
+18,3%
11%
6%
16%
9%
352
5%
309
6%
9%
8%
66%
67%
Rent
84%
2014
+21,0%
Overage
+6,5%
Minimum
Rent
+19,9%
9%
7%
68%
2013
7%
Temp Rent
+19,0%
82%
2012
Growth
437
2012
83%
2013
2014
53
Strong gross and rent revenues growth on a
year over year basis
3Q15 Rental Revenues (R$ million)
3Q15 Total Revenues (R$ million)
7.4%
177,8
165,6
10%
16%
5%
VARIANCE %
10%
Others
-3.1%
17%
Parking
15.0%
Mgmt Fee
11.0%
5%
67%
69%
Rent
3Q14
7.0%
7.0%
118,0
9%
7%
110,2
10%
7%
9M15 Total Revenues (R$ million)
Temp Rent
0.7%
Overage
5.6%
Minimum
Rent
7.7%
84%
83%
3Q14
3Q15
VARIANCE %
3Q15
9M15 Rental Revenues (R$ million)
10.5%
469,9
10%
16%
5%
68%
9Q14
519,1
10%
17%
6%
67%
9Q15
VARIANCE %
Others
7.4%
Parking
16.1%
Mgmt Fee
15.2%
Rent
9.2%
9.2%
315,1
9%
8%
82%
9Q14
343,9
9%
7%
83%
VARIANCE %
Temp Rent
5.1%
Overage
8.7%
Minimum
Rent
9.6%
54
9Q15
54
Along with a decrease in costs and expenses
Expenses (R$ mm)
Expenses (R$ mm)
17
83
20%
79
19%
Others
-17.5%
8%
20%
5%
Services
Stock Options
-27.1%
-42.5%
50%
56%
3Q14
3Q15
23%
26%
26%
67
CAGR
25%
20%
Others
-9.4%
Services
-5.4%
Variance
14
Personnel
29%
21%
13%
10%
8%
Stock Options
-30.4%
52
Variance
44
25%
41%
2012
2012
-7.1%
35%
2013
2013
47%
2014
2014
Personnel
-2.1%
20%
Others
-33.1%
7%
16%
5%
Services
Stock Options
-38.0%
-42.5%
45%
59%
Personnel
+12.7%
9M14
9M14
9M15
9M15
22%
55
Economic and Financial Performance (1/2)
Management Information
(1)
Consolidated P&L account, (R$ ’000)
2014
2013
2012
2014 x 2013
2013 x 2012
657,064
519,707
462,634
26.4%
12.3%
-67,46
-55,957
-52,113
20.6%
7.4%
Net revenue
589,604
463,75
410,521
27.1%
13.0%
Costs and expenses
-180,965
-173,829
-165,625
4.1%
5,0%
45,694
57,868
160,865
-21.0%
-64,0%
454,333
347,789
405,761
30.6%
-14,3%
77.1%
75,00%
98.9%
210 bps
-2,380 bps
Depreciation and amortization
-87,435
-54,088
-40,667
61.7%
33.0%
EBIT
366,898
293,701
365,094
24.9%
-19,6%
62.2%
63,30%
88.9%
-110 bps
-2,560 bps
-112,911
-62,906
-49,225
79.5%
27.8%
Income tax and Social Contribution tax
-23,278
-46,51
-47,561
-50.0%
-2.2%
Net profit
230,709
184,285
268,308
25.2%
-31.3%
Net margin
39.1%
39,70%
65.4%
-60 bps
-2,570 bps
318,144
238,373
308,975
33.5%
-22.9%
54.0%
51,40%
75.3%
260 bps
-2,390 bps
454,333
347,789
297,556
30.6%
16.9%
77.1%
75,00%
72.5%
210 bps
250 bps
Gross revenue
Taxes and discounts
Other operational revenues (expenses)
EBITDA
EBITDA Margin
EBIT Margin
Financial revenues (expenses)
FFO
FFO margin
Adjusted EBITDA
(2)
Adjusted EBITDA Margin
(2)
(1) Reports the 50.0% interest in JK Iguatemi consolidated, proportionately, line by line, in the Profit and loss account.
(2) Ebitda and Ebitda margin adjusted by the sale of Shopping Boulevard Rio Iguatemi.
56
Economic and Financial Performance (2/2)
Management Information
Consolidated P&L account, (R$ ’000)
3Q15
3Q14
%
9M15
9M14
%
177,761
165,590
7.4%
519,083
469,915
10.5%
-18,139
-17,615
3.0%
-54,029
-46,894
15.2%
159,622
147,975
7.9%
465,054
423,021
9.9%
Costs and Expenses
-44,276
-45,850
-3.4%
-135,727
-133,973
1.3%
Other Operational Revenues
19,384
10,324
87.8%
30,444
22,101
37.7%
134,730
112,449
19.8%
359,771
311,149
15.6%
84.4%
76.0%
840 bps
77.4%
73.6%
380 bps
-25,918
-23,180
11.8%
-75,438
-63,578
18.7%
108,812
89,269
21.9%
284,333
247,572
14.8%
68.2%
60.3%
780 bps
61.1%
58.5%
260 bps
Financial Revenue (Expenses)
-40,123
-31,485
27.4%
-106,025
-73,258
44.7%
Income Tax and Social Contribution Tax
-10,247
9,298
-210.2%
-26,837
-8,963
199.4%
Net Profit
58,442
67,082
-12.9%
151,471
165,351
-8.4%
Net Margin
36.6%
45.3%
-870 bps
32.6%
39.1%
-650 bps
FFO
84,360
90,262
-6.5%
226,909
228,928
-0.9%
FFO Margin
52.9%
61.0%
-810 bps
48.8%
54.1%
-530 bps
Gross Revenue
Taxes and Discounts
Net Revenue
EBITDA
EBITDA Margin
Depreciation and Amortization
EBIT
EBIT Margin
(1) Reports the 50.0% interest in JK Iguatemi consolidated, proportionately, line by line, in the Profit and loss account.
(2) Ebitda and Ebitda margin adjusted by the sale of Shopping Boulevard Rio Iguatemi.
57
Operational Indicators (part 1)
SSS
8,4%
7,5%
8,1%
8,9%
7,3%
8,0%
8,0%
8,1%
8,1%
6,8%
7,4%
8,1%
8,2%
6,9%
7,2%
6,0%
4,6%
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
9,2%
9,1%
3Q14
4Q14
8,6%
8,7%
1Q15
2Q15
3Q15
SSR
14,1%
10,0%
3Q11
9,0%
4Q11
10,9%
10,1%
8,1%
1Q12
2Q12
8,1%
3Q12
8,8%
4Q12
8,8%
1Q13
2Q13
8,4%
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
8,1%
1Q15
6,8%
2Q15
5,5%
3Q15
58
SAS
11,4%
10,2%
10,9%
9,1%
7,5%
9,9%
8,1%
8,4%
7,3%
8,2%
7,6%
8,3%
8,2%
7,1%
7,3%
6,2%
4,7%
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
SAR
14,5%
11,4%
11,3%
9,6%
3Q11
4Q11
11,4%
8,1%
1Q12
2Q12
9,0%
3Q12
9,3%
9,4%
4Q12
1Q13
2Q13
10,8%
8,5%
3Q13
4Q13
1Q14
9,3%
2Q14
8,8%
3Q14
8,9%
4Q14
8,1%
1Q15
6,8%
2Q15
5,4%
3Q15
59
Occupancy Rate
97%
97%
97%
96%
96%
96%
95%
96%
97%
96%
95%
95%
95%
95%
96%
95%
94%
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
12%
12%
12%
11%
12%
12%
1Q14
2Q14
3Q14
4Q14
2Q15
3Q15
Occupancy Cost
12%
11%
10%
3Q11
4Q11
1Q12
11%
2Q12
11%
3Q12
11%
4Q12
12%
1Q13
11%
11%
2Q13
3Q13
11%
4Q13
13%
1Q15
60
Iguatemi has a comfortable Cash Position
Debt
09/30/2015
06/30/2015
420.078
368.660
Debt
-2.038.055
-1.868.763
Net Cash (Debt)
-1.617.977
-1.500.103
502.948
480.673
3,2x
3,1x
Cash and Savings
EBITDA (LTM)
Net Debt / EBITDA
Debt Profile
Debt amortization (R$ million)
301
254
166
149
58
15
266
286
221
149
Others
5%
261
60
199
TJLP
14%
TR
15%
200
64
74
86
66
19
19
19
19
19
4
CDI
66%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Financing
Debentures
61
APPENDIX D
Stock Market
Performance IGTA x IBOV
LTM
Stockholding Structure
Jereissati Participações
Number of Shares (’000)
% of Total
90,801,522
51.4%
1,441,248
0.8%
18,021,602
10.2%
172,700
0.1%
Outros
66,174,506
37.5%
Total
176,611,578
100.0%
La Fonte Telecom
Petros
Treasury
IGTA 3Q15
(1)
Iguatemi x Ibovespa (Feb/2007 - Actual)
250
Final Price
R$ 20.55
Highest Price
R$ 26.45
Lower Price
R$ 19.35
Depreciation in 3Q15
-19.51%
Depreciation in 2015
-13.35%
Number of Shares
200
150
100
176,611,578
Market Cap (R$ million)
R$ 3.6
Average Daily Liquidity
13,070,329
50
IGUATEMI
0
fev-07
(1)
Source: Economática – base date 09/30/2015
set-07
mai-08
dez-08
jul-09
mar-10
out-10
jun-11
jan-12
set-12
IBOVESPA
abr-13
nov-13
jul-14
fev-15
out-15
63
Properties for Investment
2009
2010
2011
2012
2013
Total
Total
Total
Total
Total
Malls in
Operation
Greenfields /
Expansions
Total
Value of 100% of mall
5.849
7.340
8.678
10.531
11.401
12.536
77
12.613
Iguatemi Equity
interest
3.288
4.181
5.258
6.118
6.862
7.606
41
7.647
Total GLA (‘000 sqm)
628
672
704
704
768
773
Owned GLA (‘000 sqm)
376
420
451
434
470
484
79.255
79.255
79.255
158.510
176.612
176.612
Price per Share
R$ 32,44
R$ 40,32
R$ 34,32
R$ 25,50
R$ 22,32
R$ 27,25
NAV per Share
41,5
52,8
66,3
34,6
39,1
39,1
Total Shares
7,647
5,247
45.7%
2014
NAV Multiples
2013
2014
Cap Rate
6.6%
6.6%
NOI (R$ mm)
697.3
825.9
NOI Multiple²
15.2x
15.2x
(2)
3,629
Market Cap
(1) Base Date: 09/30/2015.
(2) Malls in Operation.
EV
NAV
64
APPENDIX E
Malls at a Glance
Iguatemi São Paulo at a Glance
Total GLA
47,322 sqm
Own GLA
27,508 sqm
Revenues
(1)
R$
Revenues/sqm
NOI
(1)
R$
(1)
NOI/sqm
R$
Mn
4,094/sqm
R$
(1)
189
176 Mn
3,807/sqm
Ownership Structure
Main Retail Brands
Outros
37%
IGTA
58%
Funcesp
5%
(1) As of December 31, 2014. The Total GLA considered in this calculation is 46,134 (prior to the 1,188 sqm expansion delivered in 2015).
66
JK Iguatemi at a Glance
Total GLA
34,957 sqm
Own GLA
22,372
Revenues
(1)
Revenues/sqm
NOI
106
R$
(1)
R$
(1)
(1)
R$
Mn
3,034/sqm
R$
NOI/sqm
sqm
87 Mn
2,488/sqm
Ownership Structure
Main Retail Brands
TIAA-Cref
36%
IGTA
64%
(1) As of December 31, 2014.
67
Pátio Higienópolis at a Glance
34,100 sqm
Total GLA
3,819 sqm
Own GLA(2)
Revenues
(1)
Revenues/sqm
NOI
R$
(1)
R$
(1)
NOI/sqm
105
3,077/sqm
R$
(1)
R$
Mn
98 Mn
2,879/sqm
Ownership Structure
Outros
13,7%
Main Retail Brands
IGTA
11,2%
FI SPH
25,0%
Brookfield
50,1%
(2) Considering the second aquisition of 8,4% announced in October, 2015.
68
Market Place at a Glance
Total GLA
26,940 sqm
Own GLA
26,940 sqm
Revenues
(1)
Revenues/sqm
NOI
R$
(1)
R$
(1)
NOI/sqm
R$
Ownership Structure
Mn
1,878/sqm
R$
(1)
51
46 Mn
1,716/sqm
Main Retail Brands
IGTA
100%
69
Iguatemi Alphaville at a Glance
Total GLA
31,312 sqm
Own GLA
24,423 sqm
Revenues
(1)
R$
Revenues/sqm
NOI
(1)
R$
(1)
NOI/sqm
R$
Ownership Structure
Mn
1,268/sqm
R$
(1)
40
33 Mn
1,067/sqm
Main Retail Brands
Takaoka
22%
IGTA
78%
70
Iguatemi Campinas at a Glance
Total GLA
73,492 sqm
Own GLA
51,444 sqm
Revenues
(1)
R$
Revenues/sqm
NOI
(1)
R$
R$
(1)
R$
Mn
1,762/sqm
(1)
NOI/sqm
96
85 Mn
1,570/sqm
Ownership Structure
Main Retail Brands
FEAC
30%
IGTA
70%
(1) As of December 31, 2014. The Total GLA considered in this calculation is 54,321 (prior to the 19,171 sqm expansion delivered in 2015).
71
Galleria at a Glance
Total GLA
33,146 sqm
Own GLA
33,146 sqm
Revenues
(1)
Revenues/sqm
NOI
R$
(1)
R$
(1)
NOI/sqm
R$
Ownership Structure
Mn
926/sqm
R$
(1)
31
27 Mn
811/sqm
Main Retail Brands
IGTA
100%
72
Iguatemi Esplanada at a Glance
Total GLA
64,360 sqm
Own GLA
35,636 sqm
Revenues
(1)
Revenues/sqm
NOI
R$
(1)
R$
(1)
(1)
R$
Previ BB
34%
70 Mn
1,084/sqm
Ownership Structure
IRB
6%
Mn
1,251/sqm
R$
NOI/sqm
81
Main Retail Brands
Outros
6%
IGTA
54%
73
Iguatemi São Carlos at a Glance
Total GLA
22,323 sqm
Own GLA
11,162 sqm
Revenues
(1)
Revenues/sqm
NOI
R$
(1)
R$
R$
(1)
R$
Mn
454/sqm
(1)
NOI/sqm
10
8 Mn
338/sqm
Ownership Structure
Main Retail Brands
Sobloco
50%
IGTA
50%
74
Iguatemi Ribeirão Preto at a Glance
Total GLA
43,648 sqm
Own GLA
38,410 sqm
Revenues
(1)
Revenues/sqm
NOI
R$
(1)
R$
(1)
(1)
R$
Ownership Structure
Retiro do
Ipê
4%
WTB
2%
Mn
572/sqm
R$
NOI/sqm
25
20 Mn
454/sqm
Main Retail Brands
Bianp
Serviços
1%
Vila do
Ipê
5%
IGTA
88%
75
Iguatemi São José do Rio Preto at a Glance
Total GLA
43,649 sqm
Own GLA
38,411 sqm
Revenues
(1)
Revenues/sqm
NOI
R$
(1)
R$
(1)
NOI/sqm
R$
Ownership Structure
Mn
481/sqm
R$
(1)
21
15 Mn
344/sqm
Main Retail Brands
Beny
Haddad
12%
IGTA
88%
76
Iguatemi Porto Alegre at a Glance
Total GLA
38,926 sqm
Own GLA
14,013 sqm
Revenues
(1)
Revenues/sqm
NOI
R$
(1)
R$
(1)
(1)
R$
Mn
2,107/sqm
R$
NOI/sqm
82
79 Mn
2,021/sqm
Ownership Structure
Main Retail Brands
LGR
14%
Maiojama
14%
ANCAR
36%
IGTA
36%
77
Praia de Belas at a Glance
Total GLA
47,205 sqm
Own GLA
17,843 sqm
Revenues
(1)
Revenues/sqm
NOI
R$
(1)
R$
R$
(1)
R$
45 Mn
959/sqm
Ownership Structure
Belsul
5%
Mn
1,168/sqm
(1)
NOI/sqm
55
Main Retail Brands
Nora
Teixeira
4%
Nova
Vicenza
15%
IGTA
38%
Participa
18%
IRB
20%
78
Iguatemi Florianópolis at a Glance
Total GLA
21,189 sqm
Own GLA
6,357 sqm
Revenues
(1)
Revenues/sqm
NOI
R$
(1)
R$
R$
(1)
R$
Mn
1,545/sqm
(1)
NOI/sqm
33
31 Mn
1,445/sqm
Ownership Structure
Main Retail Brands
IGTA
30%
PRONTA
70%
79
Iguatemi Caxias at a Glance
Total GLA
30,324 sqm
Own GLA
2,547 sqm
Revenues
(1)
R$
Revenues/sqm
NOI
(1)
R$
(1)
NOI/sqm
R$
Mn
846/sqm
R$
(1)
26
24 Mn
782/sqm
Ownership Structure
Main Retail Brands
IGTA
8%
Outros
30%
BR Malls
46%
Maiojama
16%
80
Iguatemi Brasília at a Glance
Total GLA
32,302 sqm
Own GLA
20,673 sqm
Revenues
(1)
Revenues/sqm
NOI
R$
(1)
R$
(1)
(1)
R$
Mn
1,608/sqm
R$
NOI/sqm
52
46 Mn
1,431/sqm
Ownership Structure
Main Retail Brands
Paulo
Octavio
36%
IGTA
64%
81
Outlet Novo Hamburgo at a Glance
Total GLA
20,115 sqm
Own GLA
8,247 sqm
Revenues
(1)
R$
Revenues/sqm
NOI
(1)
R$
R$
(1)
R$
Mn
464/sqm
(1)
NOI/sqm
9
6 Mn
296/sqm
Ownership Structure
Main Retail Brands
São José
10%
IGTA
41%
Credit
Suisse
49%
82
IR Contact
Cristina Betts
CFO and Investor Relations Officer
Gunther Schrappe
Strategic Planning and Investor Relations Director
Carina Carreira
Investor Relations Coordinator
Elisa Manzato
Investor Relations Analyst
Jessica Tedesco
Investor Relations Analyst
Phone: (+55 11) 3137-6872
e-mail: [email protected]
www.iguatemi.com.br
Statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Iguatemi
Empresa de Shopping Centers S.A. (IESC), eventually expressed in this release, are merely projections and, as such, are based exclusively on the
expectations of Iguatemi's management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such
statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian
economy and the industry, among other factors and are, therefore, subject to change without prior notice.
IGUATEMI EMPRESA DE
SHOPPING CENTERS S.A.

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