With equity stakes in six shopping centers in Brazil, Brookfield’s portfolio in the sector totals 230,000 sqm of gross leasable area, representing approximately BRL 1.5 billion in assets under management.
The portfolio comprises Pátio Paulista, Pátio Higienópolis, West Plaza and Raposo malls in the city of São Paulo and Rio Sul and Madureira malls in the city of Rio de Janeiro.
With the acquisition of General Growth Properties (GGP), acquired in its entirety by Brookfield Property Partners in August 2018, Shopping Leblon was incorporated into group assets in Brazil; however, the mall’s results were not consolidated into the accounts for the year. Shopping Leblon has approximately 26,000 sqm of gross leasable area with more than 190 stores and is located in one of the most prestigious areas in Rio de Janeiro.
The portfolio (excluding Shopping Leblon) reported BRL 4.4 billion in 2018. Total revenues from the company’s mall operations were BRL 438.8 million, 9.5% higher than the preceding fiscal year. On a same store sales basis (maintaining the same comparative basis and excluding expansions and new tenants) sales increased by 1.5%, while rental income was up 1.6%. The occupancy rate for the developments was 96.3%, one of the highest since 2014, while delinquency rates declined to 1.2%, the lowest in the same time period.
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|Gross Leasable Proprietary Area (sqm)||121,176||122,407||122,341||122,240||129,802||130,753||130,742|
|Gross Leasable Area 100% (sqm)*||210,197||212,009||211,877||211,742||227,249||229,480||228,960|
|Total Sales 100% (BRL billions)*||3.5||3.7||4.0||4.0||4.0||4.3||4.4|
|Total Revenues (BRL million)||322.8||339.6||364.3||373.7||374.2||400.6||438.8|
|Same store sales – annual variation||4.1%||3.9%||3.5%||-1.3%||-2.0%||1.5%||1.5%|
|Same store rentals – annual variation||8.8%||8.5%||7.3%||5.9%||6.9%||5.0%||1.6%|
|Occupancy cost as a % of sales||12.6%||13.1%||11.9%||12.2%||12.5%||12.4%||12.1%|
* Valores referentes a 100% dos ativos, não incluindo Shopping Leblon.
numbers / highlights
billion in assets under management
sqm of leasable area*
* Amounts relate to 100% of the assets, excluding Shopping Leblon.