3Q16

Discussion Material
November 2016

3Q16
Disclaimer
This document may contain prospective statements, which are subject to risks and uncertainties as they were based
on expectations of the Companys management and on the information available. The Company has no obligation to
update said statements.
The words "anticipate, wish, "expect, foresee, intend, "plan, "predict, forecast, aim" and similar words are
intended to identify statements.
Forward-looking statements refer to future events which may or may not occur. Our future financial situation,
operating results, market share and competitive positioning may differ substantially from those expressed or
suggested by said forward-looking statements. Many factors and values that can establish these results are outside
the Companys control or expectation. The reader/investor should not make the decision to invest in Multiplan shares
based exclusively on the data disclosed on this report.

This document also contains information on future projects which could differ materially due to market conditions,
changes in law or government policies, changes in operational conditions and costs, changes in project schedules,
operating performance, demand by tenants and consumers, commercial negotiations or other technical and
economic factors. These projects may be altered in part or totally by the company with no previous warning.
For more detailed information, please check our Financial Statements, Reference Form (Formulrio de Referncia)
and other relevant information on our investor relations website ir.multiplan.com.br.
Note: All financial figures presented are in Brazilian Reais (R$).
2

3Q16
Market Penetration
Share of malls in retail sales 1 2

69%
62%
52%

10%

11%

13%

11%

10%

2000

2001

2002

17%

16%

14%

2003

2004
2000

2005
2001

18%

13%

2006
2002

18%

14%

2007
2003

18%
16%

2008
2004

19%

21%

23%

17%

18%

18%

2009

2010

2011

2005

2006

Mall penetration in the world

(m of GLA per 1,000 inhabitants ratio, 2011) 1 2

2007

25%

18%

2012
2008

53%

54%

52%

28%

19%

FR

21%

AU

2009

2010

US

2011

54

MX

28%

23%

MX

53%

AS
FR

CD
AU

Shopping centers in Brazil (Out-16) 1

Number of municipalities: 5,561 3

2,200

Municipalities
with a shopping
center 203

1,350
900

68

110

180

220

360

Source: Abrasce Associao Brasileira de Shopping Centers

Source: ICSC International Council of Shopping Centers (ICSC)
3 Source: IBGE Brazilian Statistics Bureau

Municipalities
without a
shopping center
5,358

1
2

3Q16
Multiplan at a Glance
High Productivity Portfolio

Recognized developer of top-of-mind shopping centers in regions with the

largest GDP in Brazil;
Full service Company that plans, develops, owns and manages one of the most
efficient shopping center portfolios in the country;
Long-term planning including expansions and mixed-use projects;
Top line growth and efficiency gains leading to a strong 5-year CAGR1 of 15.0%
in NOI and 6.2% in FFO.

Historical growth strategy breakdown

(% of total GLA2)

Greenfields
65%
Acquisitions
5%

A Seasoned 42-year Company

Proven track record in the real estate industry;
Management and control of its shopping centers, allowing great flexibility to
implement improvements;
18 shopping centers with an average interest of 73.8% and 775,561 sq.m. of
total GLA2, besides 2 office towers for lease.

Value Creation
Market capitalization of R$12.0 billion3, the largest among publicy traded real
estate companies in Brazil;
98% of occupancy rate (9M16);
5-year contracts, adjusted by inflation;
Development DNA: developed 95% of total GLA;
Potential mall expansion pipeline of over 150,000 sq.m. of GLA;
Landbank of 820,519 sq.m. to develop mixed-use projects.
1

CAGR: Compound Annual Growth Rate.

GLA: Gross Leasable Area.
2 Share price of R$63.20 on September 30th, 2016 (Bloomberg).
4 Over Companys properties (18 shopping centers and 2 office towers).
5 % of Gross Leasable Area of shopping centers and office towers.
Source: Multiplan
3

Offices for lease

10%

Expansions
20%

Interest, management and control in

properties
19/20

19/20
75.7%

Managed
properties 4

Properties with
interest of 50%
4
or more

Portfolio 5
ownership

3Q16
Properties Portfolio
Shopping center in operation
Tow er for lease in operation
Shopping center under development

AL

Braslia - DF
ParkShopping
ParkShopping Corporate

DF
MG
SP

Curitiba, Paran State

ParkShoppingBarigi

Porto Alegre
Rio Grande do Sul State

BarraShoppingSul
Canoas,
Rio Grande do Sul State
ParkShoppingCanoas

PR

RS

Macei, Alagoas State

Parque Shopping Macei

Belo Horizonte, Minas Gerais State

Ptio Savassi
DiamondMall
BH Shopping
Rio de Janeiro, Rio de Janeiro State

RJ

BarraShopping
New York City Center
VillageMall
ParkShoppingCampoGrande

So Paulo, So Paulo State

ShoppingAnliaFranco
MorumbiShopping
ShoppingVilaOlmpia
Morumbi Corporate
Jundia, So Paulo State
JundiaShopping

Ribeiro Preto, So Paulo State

Shopping Santa rsula
RibeiroShopping
So Caetano, So Paulo State
ParkShoppingSoCaetano
Source: Multiplan

3Q16
Control Position

Ownership structure on September 30th, 2016

Mgmt. + Treasury
0.7%

Free Float
41.9%

OTPP
28.8%

Common
Stocks
22.6%

Preferred
Stocks
6.2%

MTP+Peres 2
28.6%

1 OTPP:
2

Ontario Teachers Pension Plan.

MTP + Peres: shares owned directly or indirectly by Mr. And Mrs. Peres.

Source: Multiplan

3Q16
A Seasoned Company with a Proven Track Record
Evolution of GLA and occupancy rate at shopping centers portfolio
Number of
Shopping
Centers:

99.1%

94.5%

97.6%

97.4%

90.7%

18

10

863

392

IPO

1985 Sep-16 shopping center average occupancy rate

Source: Multiplan

Sep-16

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

1987

1986

1985

1984

1983

1982

1981

1980

1979

19

1979 Sep-16 total GLA (000 m2)

3Q16
Diversified Revenues
Gross revenue breakdown in 9M16
Others
0.6%
Real Estate for Sale
0.6%

Base rent
89.9%

Parking
15.0%
Rental Revenue
69.3%

Key Money
1.1%
Services
10.5%

Merchandising
6.9%

Overage
3.2%

Straight Line Effect

2.9%

Rental revenue breakdown (R$)

1,100.0 M

97.4%

96.6%

96.9%

98.6%

98.2%

97.9%

98.1%

900.0 M

98.7%

801.3 M

98.3%

861.6 M

97.7%

100.0%

898.4 M

95.0%
90.0%

679.0 M

700.0 M

85.0%

561.9 M
500.0 M

360.2 M
300.0 M

80.0%

486.3 M

239.4 M

75.0%

416.1 M

295.3 M

100.0 M

84.2%

83.2%

(100.0 M)

2007

2008

85.8%

84.7%

2009

2010

86.2%

87.3%

88.6%

88.7%

88.9%

89.4%

70.0%
65.0%

60.0%
55.0%

Source: Multiplan

Base Rent

Merchandising

2011

2012
Overage

2013

2014

2015

Average Occupancy Rate (%)

Sep-16 (LTM) 50.0%

3Q16
Diversified Revenues

% of Rental Revenues

Rental Revenue Diversification: Top Retail Chains Sep-16 (LTM)

26%
24%
22%
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
-

Top 25:
21.6%
Top 10:
12.0%

10

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

Number of Retail Chains

Tenants with more than one store in

Multiplans portfolio (% of GLA)

Evolution of delinquency rate

4.5%

Tenants with
one store
19%

Tenants with
more than one
store + Internat.
81%

4.0%
3.1%

2.4%

1.9%

3.6%
2.4%

3Q15

4Q15

1Q16

2Q16

1.1%

3Q16

Gross Delinquency Rate

Net Delinquency Rate
Source: Multiplan

3Q16

Diversified Revenues
Operational efficiency sales
(US$/sq.f) Sep-16 (LTM)

Operational efficiency rent

(US$/sq.f) Sep-16 (LTM)

752
+73.1%

41

551

24
344

USA
Shopping
Centers 2015 1

353

Brazilian
Multiplan
Multiplan
shopping
(Anchor +
(Satellite) centers - Sep- Satellite) - Sep-16 (LTM) 3
3
16 (LTM)2 3 Sep-16 (LTM)

Brazilian shopping
Multiplan's
centers 2
shopping centers

Store Segment GLA Distribution Sep-16

USA 4

Multiplan
Food Court,
Gourmet Area
and Minimarkets
14%

Home &
Office
8%
Apparel
36%

Food Court,
Gourmet Area
and Minimarkets
21%

Home &
Office
7%

Apparel
50%

Miscellaneous
18%

Miscellaneous
11%

Services
23%

Source: ICSC International Council of Shopping Centers

2 Source: Abrasce Associao Brasileira de Shopping Centers.
3 Sep-16 final Exchange rate of R$3.2624 / US$ (Bloomberg).
4 Source: ICSC International Council of Shopping Centers and JLL Jones Lang LaSalle.
1

Source: Multiplan

Services
11%

10

3Q16
Tenant Mix Management
Turnover in GLA and as % of total GLA (%)
5.2%
5.2%

31,003
31,003
2.1%
2.1%
2012
2012

5.1%
5.1%

6.0%
6.0%

4.8%
4.8%

35,438
35,438

4.3%
4.3%

34,001
34,001

1.9%
1.9%

30,727
30,727
1.7%
1.7%

1.3%
1.3%

2013
2013

2014
2014

Turnover GLA (m)

Turnover GLA (m)

SAS and SSS spread (%)

2015
2015

Turnover (%)
Turnover (%)

1.5%

5.0%
5.0%

3.9%
3.9%

3.0%
3.0%

27,613
27,613

0.5%

2.0%
2.0%

2.4%
2.4%
9M16
9M16

1.4%

1.1%

4.0%
4.0%

0.1%

1.0%
1.0%

2012

2013

2014

2015

9M16

SAS and SSS Spread (%)

Vacancy (%)
Vacancy (%)

Breakdown of the mall GLA turnover by retail segment 9M16

2007
38,8%

2007

2015

38,8%

37,1%

22,4% 22,6%

2015

2007

51.7% 37,1%
38,8%
37,1%

2015

Out

In
2007

2015

38,8%
37,1%
22,4% 22,6%
20,9% 21,1%
20,9% 21,1%
22,6%
22,4%
20,9% 21,1%

30.4%
8,0%

10,7%

26.2%

10,7%
10,0% 8,6%
10,0%
22,6%
22,4%
8,0%
8,6%
21,1%
10,7%20,9% 10,0%
8,6%
8,0%

21.3%

Apparel

15.2%
Services
Miscellaneous
Food
Court &
14.5%
Services Apparel Miscellaneous
Food Court
&
Home & Office
Gourmet Area
Gourmet Area
Apparel
Services
Miscellaneous
Food Court &
Gourmet Area
Apparel

Apparel
Source: Multiplan

Food Court & Gourmet

Area

Services

Home & Office

10,7%
17.2%

Home & Office

Miscellaneous

Miscellaneous

8,0%

13.3%

10,0% 8,6%
2007
38,8%

5.3%
Food Court &
Gourmet Area

Services

Home & Office

2015

37,1%

4.9%

Home & Office

22,4% 22,6%

20,9% 21,1%

11

3Q16
Operational Performance
Same Store and Same Area Sales growth (YoY)

15.8%

14.6%
11.1%

9.3%

8.9%

15.9%
10.3%
2007

2008

12.4%

7.2%
2009

2010

8.9%
8.4%

7.6%
2011

2012

Same Area Sales

9.0%

7.5%

7.9%

7.4%

3.6%

3.3%

2.2%

1.8%

2013

2014

2015

9M16

Same Store Sales

12.0%

10.3%

9.6%

9.5%

7.7%

7.0%
6.6%

10.0% 9.7%

9.4%

7.5%

9.4%

8.8%

7.7%

8.0%

9.3%

8.8%

7.4%
Same
Store Rent
5.7%growth (YoY)
8.3%

8.2%

8.1%

8.5% 6.8%
14.1%

8.1%

5.8%

8.4%

7.6%

6.7%
8.3%

9.4%
6.1%

5.7%
2.8%

7.9%
4.3%

1.2%

2.7%
0.6%

1Q11
2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13
4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
10.4%2Q13 3Q13
10.6%
9.6%
9.4%
8.8%
6.7%
7.4%
6.9%

Average Real SSR

2007
Real SSR growth

5.7%
1

2008

2009

2010

2011

2012

2013

1.5%

5.7%

5.0%

4.0%

2.5%

2014

2015

9M16

2.4%

(2,6%)

2.5%

Real SSR considering the IGP-DI adjustment effect in each period.

Source: Multiplan

3.0%

5 years: 3.2%
Since IPO: 3.5%

12

3Q16
Financial Highlights
Net Operating Income (NOI) (R$) and
margin (%) evolution

Rental Revenue Evolution (R$)

CAGR: +12.6%

CAGR: +6.2%
861.6 M

90
0000

801.3 M

934.8 M

+6.2%

+3.3%

80
0000

70
0000

679.0 M

846.1 M

631.9 M

595.1 M

60
0000

691.3 M

50
0000

84.7%

665.5 M

687.8 M

87.4%

89.3%

89.1%

86.5%

2014

2015

9M15

9M16

40
0000

30
0000

2013

2014

2015

9M15

9M16

2013

Consolidated EBITDA (R$) and

margin (%) evolution

Net Income (R$) and

margin (%) evolution

CAGR: +13.7%

793.7 M

CAGR: +12.8%

789.2 M

70.2%

Source: Multiplan

561.9 M

578.6 M

71.5%

70.7%

284.6 M

29.1%

2014

362.2 M

+1.0%
224.5 M

226.8 M

28.6%

27.7%

9M15

9M16

72.7%

62.4%

2013

368.1 M

+3.0%

610.7 M

2015

9M15

9M16

2013

32.6%

33.4%

2014

2015

13

3Q16
Evolution of Margins Since the IPO

100.0%

80.0%
60.0%

88.7%

87.4%

70.9%

72.1%

46.8%

47.1%

31.5%

32.6%

Sep-15
(LTM)

Sep-16
(LTM)

78.1%

57.6%
48.9%

40.0%
20.0%
1.1%
0.0%

Sep-07
(LTM)

Sep-08
(LTM)

NOI Margin

Source: Multiplan

Sep-09
(LTM)

Sep-10
(LTM)

EBITDA Margin

Sep-11
(LTM)

Sep-12
(LTM)

Sep-13
(LTM)

FFO Margin

Sep-14
(LTM)

Net Income Margin

14

3Q16
Historical Performance of Multiplans Results
(R$ million)
1,245
1,227
1,185
1,046
994
642
346

427

916 957

725

694

498

429 476
205 255

Gross Revenue

786

709 786

806

578 643
433

570

332

192 234

354 390

290 334

Net Operating Income

178

EBITDA

489 496 478 519 526

244 248

FFO

Sep-07 (LTM)

Sep-08 (LTM)

Sep-09 (LTM)

Sep-10 (LTM)

Sep-11 (LTM)

Sep-12 (LTM)

Sep-13 (LTM)

Sep-14 (LTM)

Sep-15 (LTM)

Sep-16 (LTM)

Sep-07
(LTM)

Sep-08
(LTM)

Sep-09
(LTM)

Sep-10
(LTM)

Sep-11
(LTM)

Sep-12
(LTM)

Sep-13
(LTM)

Sep-14
(LTM)

Sep-15
(LTM)

Gross Revenue

346

427

498

642

725

994

1,046

1,185

1,227

1,245

+259.3%

+15.3%

Net Operating Income

205

255

332

429

476

570

694

786

916

957

+367.5%

+18.7%

EBITDA

192

234

290

334

433

578

643

709

786

806

+320.1%

+17.3%

FFO

178

244

248

354

390

489

496

478

519

526

+196.1%

+12.8%

64

171

177

262

368

356

301

349

364

+10,243.5%

+67.4%

R$ m illion

Net Income

Source: Multiplan

Sep-16 Chg. % (Sep-16 CAGR % (Sep-16 /

(LTM)
/Sep-07)
Sep-07)

15

3Q16
Debt and Cash
Cash generation and debt position (R$)
as of September 30, 2016

Multiplan debt indices

on September 30, 2016

Debt breakdown on
September 30, 2016

2,612.5M

1,932.7M

Net Debt
= 2.40x
EBITDA (LTM)

Financial Position Analysis

Sep. 30, 2016

Net Debt/EBITDA

2.40x

Gross Debt/EBITDA

3.24x

EBITDA/ Net Financial Expenses

4.09x

Net Debt/Fair Value

805.8M

679.8M

Gross Debt

Net Debt

EBITDA
(LTM)

CDI
57.6%

0.60x

Net Debt/Market Cap

16.1%

Weighted Average Maturity (Months)

Cash

TR
36.9%

12.5%

Total Debt/Shareholders Equity

526.2M

IGP-M Others
TJLP
0.3% 2.2%
3.0%

49

FFO (LTM)

All of Multiplans debt is in local

currency Brazilian Reais

Weighted average cost of funding vs. Selic rate (% p.a.)

9.34%
9.00%
Sep-13

10.00%

10.75%

11.00%

9.87%

10.41%

10.50%

10.54%

Dec-13

Mar-14

Jun-14

Sep-14

11.00%

11.75%

10.96%
Dec-14

12.75%
11.53%

Mar-15

Multiplan Cost of Funding (gross debt)

EBITDA and Net Financial Expenses are the sum of the last 12 months
Source: Multiplan and BCB (Banco Central do Brasil)

13.75%

12.29%

Jun-15

14.25%
12.81%

Sep-15

14.25%

14.25%

14.25%

14.25%

13.09%

13.22%

13.23%

13.50%

Dec-15

Mar-16

Jun-16

Sep-16

Selic Rate

16

3Q16
Debt Amortization Schedule and Covenants
Covenants

Evolution of Net Debt/EBITDA and its lowest covenant

4.00x
3.25x

3.25x

4.00x

Covenant

3.50x

Net Debt/EBITDA
EBITDA/Net Financial Expenses
Total Debt/Total Asset
EBITDA Margin
Total Debt/Shareholders Equity

3.03x
2.44x

2.36x

2.44x

2.40x

Limit

Sep-16

<= 4.00x
>= 2.00x
<= 0.50x
>=20.0%
<= 1.00x

2.40x
4.09x
0.35x
70.5%
0.60x

Total debt with financial covenants

2012

2013

2014

2015

Lowest Covenant

Debt
Volume
1,519.7 M
1,084.1 M
95.7 M
95.7 M
44.6 M

Status
Comply
Comply
Comply
Comply
Comply

1,615.4 M

Sep-16

Net Debt / EBITDA

Debt amortization schedule (R$)

Debt amortization schedule (%)

4Q16
3.9%

4Q16

11 M 27 M
10
0 M

2017

2017
11.1%
>2020
25.7%

20
0 M

263 M

2018

2019
30.4%

50
0 M

2020

60
0 M

70
0 M

80
0 M

12 M 359 M
594 M

196 M

2021

2020
15.1%

40
0 M

27 M 291 M

347 M

2019

2018
13.7%

30
0 M

103 M

65 M

199 M

228 M

199 M

793 M

395 M

228 M

2022

105 M

105 M

2023

105 M

105 M

2024

95 M

Loans and financing (banks)

Obligations from acquisition of goods (land and minority interest)

EBITDA and Net Financial Expenses are the sum of the last 12 months
Source: Multiplan

2025

139 M

95 M

Debentures
139 M

17

3Q16
Fair Value and Debt Analysis
as of September 2016
Fair Value of Investm ent properties and indebtedness
(R$ m illion)

Septem ber
2016

Shopping Centers and office towers in operation

14,888 M

Future Projects (announced)

240 M

Future Projects (not announced)

358 M

Total Fair Value

15,485 M

Gross Debt

2,613 M

Cash and Equivalents

680 M

Net Debt

1,933 M

Gross Debt / Fair Value

16.9%

Net Debt / Fair Value

12.5%

Unencumbered
Total GLA

5 Encumbered
properties
25%

Encumbered
GLA
19%
Unencumbered
GLA
81%

Funding Breakdown (R$)

Unencumbered
properties

15 Unencumbered
properties
75%

Unsecured debt

To be drawn
123 M

Receivables only
4%

Unsecured
Debt
63%

Properties /
receivables
33%

Drawn
2,612 M

Source: Multiplan

18

3Q16
Value Reserve
Evolution of Fair Value (R$)
Landbank Potential Projects

Future projects (not disclosed)

Properties under development (disclosed)
Properties in operation

Fair
Value

Shopping Center

% Multiplan

Land Area

Potential Area
Pro
for Sale2

15.0 B

BarraShoppingSul

100%

159,587 m

304,515 m Hot

12.5 B

JundiaShopping

100%

4,500 m

11,616 m Off

10.0 B

ParkShoppingBarigi

94%

28,214 m

43,376 m Apa

ParkShoppingCampoGrande

90%

317,755 m

92,774 m Off

n.a.

18,721 m

22,457 m Hot

ParkShoppingSoCaetano

100%

36,948 m

138,000 m Off

Parque Shopping Macei

50%

86,699 m

182,665 m Off

100%

102,295 m

138,749 m Hot

36%

29,800 m

89,600 m Res

100%

36,000 m

34,038 m Off

83%

820,519 m

17.5 B

15.5 B

7.5 B

5.0 B

ParkShoppingCanoas

2.5 B
0.0 B
2010

2011

2012

2013

2014

2015

Sep-16

RibeiroShopping

Growth of Fair Value, NOI and owned GLA

(Base 100: 2010)
Fair Value - properties in operation
NOI - properties in operation
Owned GLA - properties in operation

ShoppingAnliaFranco
VillageMall
Total

1,057,790 m

217

222

166

168

169

Calculated according to CPC 28. Details are available in the September 30, 2016 Financial Statements
and 3Q16 Earnings Report.

162

160

154

This information is merely informative for the better understanding of the Companys growth potential and
should not be considered as a commitment to develop the aforementioned projects, which may be changed
or cancelled without prior notice.

2014

2015

Sep-16

197
163
143
120
100
2010
Source: Multiplan

111
111
2011

140
138

2012

160
145

2013

19

3Q16
Properties Portfolio
Portfolio 3Q16

Opening

Operating shopping centers

BH Shopping
1979
RibeiroShopping
1981
BarraShopping
1981
MorumbiShopping
1982
ParkShopping
1983
DiamondMall
1996
New York City Center
1999
ShoppingAnliaFranco
1999
ParkShoppingBarigi
2003
Ptio Savassi
2004
ShoppingSantarsula
1999
BarraShoppingSul
2008
ShoppingVilaOlmpia
2009
ParkShoppingSoCaetano
2011
JundiaShopping
2012
ParkShoppingCampoGrande
2012
VillageMall
2012
Parque Shopping Macei
2013
Subtotal operating Shopping Centers
Operating office tower
ParkShopping Corporate
2012
Morumbi Corporate
2013
Subtotal operating office towers
Total properties for lease
Shopping center under development
ParkShoppingCanoas
2017
Subtotal shopping center under development
Expansions under development
RibeiroShopping Medical Center Exp.
2016
Ptio Savassi - Exp. II - Phase 2
2017
Subtotal expansions under development
Total portfolio

State

Multiplan
%1

Avg. Total GLA

Sales (LTM) 2
(3Q16)

24,545 R$/m
12,599 R$/m
28,781 R$/m
31,614 R$/m
21,977 R$/m
28,642 R$/m
9,950 R$/m
21,541 R$/m
19,231 R$/m
21,920 R$/m
7,802 R$/m
15,338 R$/m
16,318 R$/m
15,225 R$/m
13,556 R$/m
11,642 R$/m
22,551 R$/m
10,325 R$/m
19,136 R$/m

Avg.
Rent (LTM) 3 Occupancy
Rate (3Q16)

MG
SP
RJ
SP
DF
MG
RJ
SP
PR
MG
SP
RS
SP
SP
SP
RJ
RJ
AL

80.0%
80.0%
51.1%
65.8%
61.7%
90.0%
50.0%
30.0%
84.0%
96.5%
62.5%
100.0%
60.0%
100.0%
100.0%
90.0%
100.0%
50.0%
73.8%

47,154 m
68,658 m
78,213 m
56,102 m
53,524 m
21,386 m
22,257 m
51,719 m
52,243 m
19,255 m
23,057 m
73,001 m
28,370 m
39,253 m
34,407 m
43,486 m
25,704 m
37,498 m
775,286 m

2,134 R$/m
915 R$/m
2,576 R$/m
2,758 R$/m
1,692 R$/m
2,245 R$/m
681 R$/m
1,696 R$/m
1,189 R$/m
1,610 R$/m
331 R$/m
771 R$/m
1,123 R$/m
1,078 R$/m
832 R$/m
862 R$/m
1,209 R$/m
725 R$/m
1,433 R$/m

97.9%
96.5%
99.3%
99.8%
97.4%
99.8%
100.0%
98.0%
97.8%
99.4%
90.6%
99.1%
93.2%
99.0%
95.6%
95.1%
96.4%
92.9%
97.4%

DF
SP

50.0%
100.0%
92.4%
75.7%

13,360 m
74,198 m
87,558 m
862,844 m

20.8%
92.1%

RS

80.0%
80.0%

48,000 m
48,000 m

73.3%

SP
MG

TBD
96.5%
TBD
TBD

4,181 m
2,300 m
6,481 m
917,325 m

89.0%
100.0%

1 Multiplans

ownership does not consider in this presentation the recent acquisitions in BarraShopping and MorumbiShopping announced in September and November 2016.
2 Sales per m: Sales/m calculation considers only the GLA from stores that report sales, and excludes sales from kiosks, since they are not counted in the total GLA.
3 Rent per m: Sum of base and overage rents charged from tenants divided by its occupied GLA. It is worth noting that this GLA includes stores that are already leased but are not yet operating (i.e., stores
that are being readied for opening).
Source: Multiplan

20

3Q16

IR Contact
Armando dAlmeida Neto
CFO and IRO

Hans Melchers
Investor Relations and Planning Director

Franco Carrion
Investor Relations Manager

Leandro Vignero
Investor Relations Analyst

Daniela Mostaert
Investor Relations Analyst

Tel.: +55 (21) 3031-5600

Fax: +55 (21) 3031-5322
E-mail: ri@multiplan.com.br
ir.multiplan.com.br

21