Sao Carlos reports net income of R$ 221 million and revenue from leases
increase of 21% in 2012
Company closes the year with a portfolio value of R$3.7 billion, 23% up from
SAO PAULO, March, 18, 2013
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
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
English (March 19, 2013, Tuesday)
11:00 a.m. (New York)
12:00 p.m. (Brasilia)
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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SOURCE Sao Carlos Empreendimentos e Participacoes S.A.
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