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SOURCE Sao Carlos Empreendimentos e Participacoes S.A.
Company closes the year with a portfolio value of R$3.7 billion, 23% up from 2011
SAO PAULO, March, 18, 2013 /PRNewswire/ -- Sao Carlos Empreendimentos (BM&FBovespa: SCAR3), one of Brazil's leading commercial real estate investment and management companies, posted net income of R$221 million in 2012, its highest ever annual figure and 129% more than in the previous year, while adjusted EBITDA climbed by 21% to R$214 million.
Gross revenue from leases totaled R$275 million in 2012, 21% higher than in 2011, and R$70.8 million in 4Q12, an 11% year-on-year improvement. "This growth primarily reflects real increases due to renovations and leasing agreement revisions, as well as the properties acquired in the period. It is also worth highlighting the delivery of Centro Empresarial Regiao Portuaria building retrofit", explained Sao Carlos' CEO, Felipe Goes.
The year-end cash balance stood at R$365 million, representing a buying power of around R$1.2 billion, assuming a 70% leverage ratio for acquisition financing.
The Company added five new buildings to its portfolio in 2012, one in Sao Paulo and four in Rio de Janeiro, totaling R$300 million, with an average stabilized cap rate of 14.2%. Given the favorable sector cycle and the liquidity offered by real estate investment funds throughout the year, Sao Carlos undertook substantial sales of mature assets totaling R$307 million: Centro Administrativo Rio Negro, in Alphaville, for R$233 million, and seven retail street stores in the state of Rio de Janeiro for R$74 million.
To download the full version of our "4Q12 Earnings Release", please access our website at www.scsa.com.br/ir
CONFERENCE CALL English (March 19, 2013, Tuesday) 11:00 a.m. (New York) 12:00 p.m. (Brasilia) Phone: 1-412-317-6776 Code: Sao Carlos
About Sao Carlos
Sao Carlos is one of the leading companies in Brazil's commercial real estate investment and management sector
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